0000949353-12-000021.txt : 20120120 0000949353-12-000021.hdr.sgml : 20120120 20120120163702 ACCESSION NUMBER: 0000949353-12-000021 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20111130 FILED AS OF DATE: 20120120 DATE AS OF CHANGE: 20120120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALAIS RESOURCES INC CENTRAL INDEX KEY: 0001044650 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-29392 FILM NUMBER: 12537373 BUSINESS ADDRESS: STREET 1: PO BOX 653 STREET 2: 4415 CARIBOU ROAD CITY: NEDERLAND STATE: CO ZIP: 80466-0653 BUSINESS PHONE: 303-258-3806 MAIL ADDRESS: STREET 1: PO BOX 653 STREET 2: 4415 CARIBOU ROAD CITY: NEDERLAND STATE: CO ZIP: 80466-0653 10-Q/A 1 f10q-amd1_calais.htm FORM 10-Q AMD 1 CALAIS f10q-amd1_calais.htm


 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------------------
FORM 10-Q/A
Amendment No. 1
 
(Mark One)
 
     
[X]
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended November 30, 2011
     
[   ]
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from _______ to ______
 
Commission file number: 0-29392
 
CALAIS RESOURCES INC.
(Exact name of registrant as specified in its charter)
     
British Columbia
(State or other jurisdiction of
incorporation or organization)
 
98-0434111
(IRS Employer
Identification No.)
     
4415 Caribou Road P.O. Box 653
Nederland, Colorado
(Address of principal executive offices)
 
80466-0653
(Zip Code)
 
Registrant’s telephone number, including area code: (303) 258-3806
 

Not applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X]  No [ ]

Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes[X]  No [  ]

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [  ]  Accelerated filer [  ]   Non-accelerated filer [  ]  Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes [  ]  No [X]
 
As of January 13, 2012 the registrant had 163,446,422 shares of common stock outstanding.
 

 
 

 

Explanatory Note

This Amendment No. 1 to Calais Resource Inc.’s (the “Company”) Quarterly Report on Form 10-Q for the period ended November 30, 2011 (“Form 10-Q”), as filed with the Securities and Exchange Commission on January 19, 2012, is being filed solely to correct an issue with Exhibit 101 to the Form 10-Q, which prevented Exhibit 101 from being accepted with the original Form 10-Q filing.

No changes have been made to the Form 10-Q other than the furnishing of Exhibit 101 described above.

 
 
2

 
TABLE OF CONTENTS

   
Page
Part I – Financial Information
 
 
Item 1. Financial Statements.
4
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
14
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
18
 
Item 4. Controls and Procedures.
18
     
Part II – Other Information
 
 
Item 1. Legal Proceedings.
20
 
Item 1A. Risk Factors.
20
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
20
 
Item 3.  Defaults Upon Senior Securities.
21
 
Item 4. (Removed and Reserved).
21
 
Item 5. Other Information.
21
 
Item 6. Exhibits.
21
     
 
Signatures
22





 
3

 

PART I – FINANCIAL INFORMATION.
 
CALAIS RESOURCES INC.
(A Mining Company in the Exploration Stage)
CONSOLIDATED BALANCE SHEETS
 
   
As of
 
   
11/30/2011
   
5/31/2011
 
ASSETS
 
(unaudited)
       
Current assets
           
Cash and cash equivalents
  $ 91,869     $ 913,182  
Inventories
    18,894       -  
Prepaid expenses and other assets
    39,898       39,961  
Total current assets
    150,661       953,143  
                 
Restricted cash
    15,400       15,400  
Note receivable
    60,000       60,000  
Fixed assets, net
    28,870       15,313  
Total assets
  $ 254,931     $ 1,043,856  
                 
LIABILITIES
               
Current Liabilities
               
Accounts payable and accrued liabilities
  $ 1,265,566     $ 1,631,568  
Convertible debentures, current portion
    -       702,964  
Notes payable and current portion of long-term debt
    10,253,878       10,253,878  
Total current liabilities
    11,519,444       12,588,410  
                 
Royalty interest
    150,000       150,000  
Convertible debentures, long-term
    724,399       -  
Environmental remediation liabilities
    50,000       50,000  
Total liabilities
    12,443,843       12,788,410  
                 
Shareholders' Deficit
               
Common stock, no par value, unlimited shares authorized,
162,196,422 and 149,184,986 shares issued and outstanding as of
November 30, 2011 and May 31, 2011, respectively
    37,503,729       35,866,729  
Deficit accumulated in the exploration stage
    (49,485,477 )     (47,371,579 )
Accumulated other comprehensive loss
    (207,164 )     (239,704 )
Total Shareholders' Deficit
    (12,188,912 )     (11,744,554 )
                 
Total Liabilities and Shareholders' Deficit
  $ 254,931     $ 1,043,856  
 
See accompanying notes to the unaudited consolidated financial statements.

 
4

 

CALAIS RESOURCES INC.
(A Mining Company in the Exploration Stage)
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
   
 
         
December 30, 1986
 
   
Three Months Ended
November 30,
   
Six Months Ended
November 30,
     (inception) through  
   
2011
   
2010
   
2011
   
2010
   
November 30, 2011
 
                               
Revenues
  $ 76,023     $ -     $ 76,023     $ -     $ 76,023  
                                         
Operating Costs and Expenses
                                       
Costs applicable to sales
    239,383       -       547,203       -       547,203  
General and administrative
    789,598       449,430       1,234,491       634,027       13,549,468  
Exploration and mine development
    21,189       42,238       40,126       58,176       12,422,079  
Depreciation and amortization
    2,478       99       2,578       99       205,280  
Total operating costs and expenses
    1,052,648       491,767       1,824,398       692,302       26,724,030  
                                         
Loss from Operations
    (976,625 )     (491,767 )     (1,748,375 )     (692,302 )     (26,648,007 )
                                         
Other (income) and expenses
                                       
Loss on impairment
    -       -       -       -       9,808,572  
Loss (gain) on settlement of debts
    107,685       (292,718 )     107,685       (312,932 )     (3,281,057 )
Interest and financing fees
    203,738       209,891       410,898       423,423       14,850,243  
Foreign currency transaction loss
    3,078       110       3,485       110       1,371,356  
Other (income) expense
    (10 )     (156 )     (156,545 )     (155 )     88,356  
Total other (income) and expenses
    314,491       (82,873 )     365,523       110,446       22,837,470  
                                         
Loss before income taxes
    (1,291,116 )     (408,894 )     (2,113,898 )     (802,748 )     (49,485,477 )
Income tax expense (benefit)
    -       -       -       -       -  
Net loss
    (1,291,116 )     (408,894 )     (2,113,898 )     (802,748 )     (49,485,477 )
                                         
Other comprehensive income (loss) - foreign
                                       
    currency translation adjustments
    34,106       (153,850 )     32,540       (166,282 )     (207,164 )
                                         
Comprehensive loss
    (1,257,010 )     (562,744 )     (2,081,358 )     (969,030 )     (49,692,641 )
                                         
Basic and diluted weighted-average number of
                                       
common shares outstanding
    155,926,235       100,618,432       154,801,699       92,973,040          
Basic and diluted loss per common share
  $ (0.01 )   $ (0.00 )   $ (0.01 )   $ (0.01 )        


See accompanying notes to the unaudited consolidated financial statements.

 
5

 

CALAIS RESOURCES INC.
(A Mining Company in the Exploration Stage)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
   
Six Months Ended November 30,
   
December 30, 1986 (inception) through 
November 30,
 
   
2011
   
2010
   
2011
 
Cash flows from operating activities:
                 
   Net loss
  $ (2,113,898 )   $ (802,748 )   $ (49,485,477 )
    Adjustments to reconcile net loss to net cash used in operating activities:
                       
      Accretion expense
    -       -       105,655  
      Amortization of deferred financing costs
    -       -       3,369,936  
      Depreciation and depletion
    2,578       99       203,613  
      Non-cash interest expense
    209,031       411,639       12,048,931  
      Loss on impairment of mineral properties
    -       -       8,824,989  
      Loss on impairment of investment
    -       -       983,583  
      Common shares issued in connection with trust deed modification
    -       -       90,000  
      Common shares issued in connection with debt settlement
    -       -       1,048,053  
      Common shares issued for services
    138,500       50,000       1,662,941  
      Warrants cancelled for services
    -       -       (18,173 )
      Warrants issued in connection with debt restructure
    -       -       155,007  
      Loss (gain) recognized in connection with debt settlement
    107,685       (314,877 )     (2,991,161 )
      Gain on sale of property, plant and equipment
    (156,500 )     -       (151,627 )
      Loss on disposal of property, plant and equipment
    -       -       8,040,143  
      Loss on abandonment of mineral properties
    -       -       300,600  
      Loss on default of exploration development agreement
    -       -       456,090  
      Loss on foreign exchange
    3,485       110       1,690,126  
      Environmental remediation liability
    -       -       50,000  
  Changes in operating assets and liabilities:
                       
    Increase in inventories
    (18,894 )     -       (18,894 )
    Decrease (increase) in prepaid expenses
    63       (36,205 )     (81,240 )
    (Decrease) increase in accounts payable and other current liabilities
    (575,035 )     94,122       1,942,994  
    Decrease (increase) in other operating assets and liabilities
    -       11,082       (202,668 )
Net cash used in operating activities
    (2,402,985 )     (586,778 )     (11,976,579 )
                         
Cash flows from investing activities:
                       
   Purchase of mineral properties & equipment
    -       -       (17,481,692 )
   Dispositions of equipment
    156,500       -       317,852  
   Net additions to equipment
    (16,135 )     (5,464 )     (199,677 )
   Deferred exploration expenditures
    -       -       (143,071 )
   Deposit on equipment
    -       -       (17,880 )
   Acquisition of shares of subsidiary
    -       -       (715,932 )
   Advance to subsidiary
    -       -       (177,875 )
   Payable under option agreement
    -       -       716,481  
   Refundable deposit on purchase of shares of subsidiary
    -       -       (73,847 )
Net cash (used in) provided by investing activities
    140,365       (5,464 )     (17,775,641 )

See accompanying notes to the unaudited consolidated financial statements.

 
6

 

CALAIS RESOURCES INC.
(A Mining Company in the Exploration Stage)
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(UNAUDITED)


   
Six Months Ended November 30,
   
December 30, 1986 (inception) through November 30,
 
   
2011
   
2010
   
2011
 
                   
Cash flows from financing activities:
                 
   Proceeds from sale of common shares
  $ 1,498,500     $ 1,806,300     $ 23,303,579  
   Proceeds from sale of private equity
    -       -       345,000  
   Proceeds from borrowings long term-debt
    -       -       17,029,960  
   Proceeds from borrowing on shareholder note
    -       -       282,000  
   Repayments of long term debt
    -       -       (11,902,794 )
   Repayments of debt - convertible debentures
    (57,193 )     (45,500 )     (529,817 )
   Advances to affiliated companies, shareholders and directors
    -       -       (106,730 )
   Restricted cash
    -       -       (31,789 )
   Share subscriptions received in advance
    -       -       518,415  
Net cash provided by financing activities
    1,441,307       1,760,800       28,907,824  
                         
Effect of foreign exchange
    -       -       936,263  
                         
Net change in cash and cash equivalents
    (821,313 )     1,168,558       91,869  
Cash at beginning of period
    913,182       27,919       -  
Cash at end of period
  $ 91,869     $ 1,196,477     $ 91,869  
                         
                         
Supplemental Cash Flow Information
                       
     Interest expense paid in cash
  $ 201,866     $ 11,783     $ 1,405,199  
     Interest received
  $ -     $ -     $ 3,999  
Non-cash financing and investing activity:
                       
     Debt restructuring - warrants issued
  $ -     $ -     $ 412,407  
     Common shares issued in connection with debt restructuring and settlement of accrued   liabilities
  $ -     $ 1,216,049     $ 4,987,140  
     Common shares issued for acquisition of property
  $ -     $ -     $ 32,500  
     Shares issued for mineral  property development
  $ -     $ -     $ 96,315  
     Shares issued for repayment of shareholder advances
  $ -     $ -     $ 9,240,146  


See accompanying notes to the unaudited consolidated financial statements.

 
7

 

CALAIS RESOURCES INC.
(A Mining Company in the Exploration Stage)
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
November 30, 2011
 
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION
 
Calais Resources Inc. was incorporated under the laws of the Province of British Columbia, Canada, on December 30, 1986.  Calais Resources Inc. and its subsidiaries (collectively with its subsidiaries, referred to herein as “Calais”, “we”, “us” or “our”) are currently in the process of exploring various mineral interests, primarily gold and silver.  We are headquartered in Colorado and have mining interests in Colorado and Nevada.
 
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").  The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  The more significant areas requiring the use of management estimates and assumptions relate to the valuation of deferred tax assets accruals for liabilities and the fair value of financial instruments.  We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances.  Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions.
 
Our activities to date have primarily consisted of raising capital and acquiring and exploring our mining interests.  We have had no significant revenue in our history.  Accordingly, we are considered to be in the exploration stage.
 
Our fiscal year end is May 31st.  Through May 31, 2004, we reported our financial information using Canadian Generally Accepted Accounting Principles (“Canadian GAAP”) using the Canadian dollar as our functional and reporting currency.  During the fiscal year ended May 31, 2005, we changed our reporting basis to the United States Generally Accepted Accounting Principles (“U.S. GAAP”) and our functional and reporting currency to the United States dollar (“U.S. dollar”).  Accordingly, historical cumulative financial information included in this Quarterly Report on Form 10-Q has been restated using U.S. GAAP with a functional and reporting currency of the U.S. dollar, unless otherwise noted.  All references herein to “$” and “US$” refer to U.S. dollars.  Unless otherwise specified, all dollar amounts are expressed in United States dollars.  All references to Common Shares refer to shares of our common stock (without par value) unless otherwise indicated.
 
These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.
 
NOTE 2 – LIQUIDITY
 
As of November 30, 2011, we had a working capital deficit of $11,368,783, and for the six months then ended cash used in operating activities amounted to $2,402,985.  To date, we have generated only nominal revenues from operations ($76,023) and have incurred losses since inception resulting in a deficit accumulated during the development stage of $49,485,477 through November 30, 2011.  Further losses are anticipated as we continue to be in the exploration stage, as defined in ASC Topic 915, Development Stage Entities.
 
Our ability to continue as a going concern depends upon our ability to generate profitable operations in the future and/or to raise additional funds through equity or debt financing.  Since inception, we have raised $24,166,994 through the issuance of equity securities and $17,311,960 through the issuance of debt instruments, which has been used primarily to provide operating funds, repay long-term debt, and acquire mineral interests.  Subsequent to November 30, 2011, we have acquired an additional $100,000 through financing, as described more fully in Note
 
 
 
8

 
 
12.  On December 1, 2011, the Brigus note (See Note 5) matured and we have not made payment as of the date of these financial statements.  There is no assurance that we will be able to obtain additional funding when needed, or that such funding, if available, can be obtained on terms acceptable to us or at all.  If we cannot obtain needed funds for implementing our mine plan after completion of the feasibility study, we may be forced to curtail or cease our activities.  Equity financing, if available, may result in substantial dilution to existing stockholders. All of these factors cause substantial doubt about our ability to continue as a going concern.  These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event we cannot continue as a going concern.
 
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Inventories

Stockpiled ore inventories represent mineralized material that has been mined and hauled to the surface from our Cross Mine.  This inventoried stockpile is ready for shipping for further processing by an outside source.  Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method).

Ore stockpile inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale.  Write-downs of stockpiled ore inventories, resulting from net realizable value impairments, are reported as a component of production costs applicable to sales. The current portion of ore stockpiles is determined based on the expected amounts to be processed within the next 12 months.  Ore stockpile inventories not expected to be processed within the next 12 months, if any, are classified as long-term.  At November 30, 2011, all ore stockpile inventories were classified as current.

Accrued Vacation

Our full-time employees are entitled to paid vacation, depending on job classification, length of service, and other factors.  A liability has been recorded in the accompanying financial statements for accrued vacation leave.

Revenue Recognition

We have generated limited income from the sale of gold from our ores processed at an offsite third party mill facility.  Revenues from the sale of minerals are recognized when the ores are processed by the third party.

Foreign Currency

We have recorded amounts payable related to a convertible debenture that is denominated in Canadian dollars.  As of November 30, 2011 and May 31, 2011, adjustments resulting from liabilities denominated in a foreign currency have been reported as other comprehensive income in our financial statements.
 
Impairment of Long-Lived Assets
 
We review and evaluate long-lived assets for impairment at least once per year, or more often when events or changes in circumstances indicate that the related carrying amounts may not be recoverable.  During the six months ended November 30, 2011 and 2010, we did not record any impairment expense.

Use of Estimates and Significant Estimates

Certain amounts in our financial statements are based upon significant estimates including environmental remediation obligations, accrued liabilities and a provision for income taxes.  Actual results could materially differ from those estimates.
 
 
 
9

 
Reclassifications

Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the presentation in the current period financial statements.

Recent Accounting Pronouncements

The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board (“FASB”), the SEC, and the Emerging Issues Task Force (“EITF”), to determine the impact of new pronouncements on U.S. GAAP and the impact on the Company. 

In January 2010, the FASB issued ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820), which requires reporting entities to make new disclosures about recurring or nonrecurring fair value measurements including significant transfers into and out of Level 1 and Level 2 fair value measurements and information on purchases, sales, issuances, and settlements on a gross basis in the reconciliation of Level 3 fair value measurements. ASU 2010-6 is effective for annual reporting periods beginning after December 15, 2009, except for Level 3 reconciliation disclosures which are effective for annual periods beginning after December 15, 2010. We do not have any assets or liabilities classified as Level 3. We have adopted the Level 1 and Level 2 amendments accordingly. As the update only pertained to disclosures, it had no impact on our financial position, results of operations, or cash flows upon adoption.

In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220) – Presentation of Comprehensive Income (“ASU 2011-05”). ASU 2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 (November 30, 2012 for the Company).  We do not expect the adoption of ASU 2011-05 to have a material impact on our results of operations, financial condition, or cash flows.

In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220) – Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (“ASU 2011-12”).  ASU 2011-12 defers changes in Update 2011-05 that relate to the presentation of reclassification adjustments.  ASU 2011-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 (November 30, 2012 for the Company).  We do not expect the adoption of ASU 2011-12 to have a material impact on our results of operations, financial condition, or cash flows.

NOTE 4 – MINERAL INTERESTS

There were no material changes to our mineral properties from those disclosed in the audited annual consolidated financial statements for the year ended May 31, 2011.
 
During the six months ended November 30, 2011, we began test mining operations at our Cross mine.  We have begun test processing at an out of state facility. We have incurred $547,203 in costs associated with these operations, and have generated revenues of $76,203 for the six months ended November 30, 2011.
 
On August 11, 2011, we renewed a convertible debenture payable to Aardvark Agencies Inc. “AAI” which contained repurchase rights for interests in our Caribou properties, including the price payable for the reacquisition (a total of Cdn$747,728) and AAI’s right to convert that debenture before it is paid (Note 6).
 
NOTE 5 – DEBT
 
As of November 30, 2011 and May 31, 2011, we had one outstanding note payable (the “Brigus Note”) in the amount of $10,253,878.  The original maturity date for the note was February 1, 2011.  On January 15, 2011, we received forbearance under the terms of an agreement effectively extending the maturity date of the debt to June 30, 2011.  On June 8, 2011, we and the note holder extended the maturity of the note through October 31, 2011.  In
 
 
 
10

 
 
connection with this forbearance we paid the note holder $1,000,000 which was applied against interest due on the promissory notes.  On October 24, 2011, we and the note holder further extended the maturity of the note through December 1, 2011.  In connection with this forbearance we paid the note holder $200,000 which was applied against interest due on the notes.  The note bears interest at 8% and is secured by a lien on our Caribou property.

We continue to explore financing opportunities related to the December 1, 2011 maturity date of the Brigus Note.  As of November 30, 2011 and May 31, 2011, we have accrued interest in the amount of $299,033 and $1,090,001, respectively.
 
NOTE 6 – DEBENTURES
 
A summary of convertible debentures outstanding is as follows:

   
November 30,
2011
   
May 31,
2011
 
Debenture
  $ 724,399     $ 702,964  
Less: Current portion
    -       (702,964 )
Long-term portion
  $ 724,399     $ -  

This debenture is unsecured, non-interest bearing, and initially matured in May 2011.  This debenture is owned by Marlowe Harvey who was the President and a director of ours until he resigned as President in 2000 and as a director in November 2003.  The debenture is convertible into common stock at $1.23 in Canadian Dollars at the holder’s discretion and contains no restrictive covenants.
 
This debenture matured in May 2011.  On August 11, 2011 the convertible debenture was renewed for a period of ten years maturing on August 31, 2021.  All terms contained in the debenture agreement remain consistent with the original note.
 
NOTE 7 – SHAREHOLDERS’ DEFICIT
 
Common Stock   -   We have authorized an unlimited number of common shares of our no par value common stock.  Common shares outstanding as of November 30, 2011 and May 31, 2011 were 162,196,422 and 149,184,986, respectively.
 
Transactions involving our common stock during the six months ended November 30, 2011 were as follows:
 
·  
We raised $1,498,500 in cash from accredited investors for the sale of units comprising 11,626,668 shares of restricted common stock and warrants to purchase 5,813,335 common shares.  The common stock prices ranged from $0.10 to $0.20 per share and the warrants have an exercise price from $0.20 to $0.30 per share with expiration dates of June 2012 through September 2013.
 
·  
In connection with the issuance of some of the shares mentioned above, as compensation for consulting services we issued 1,385,000 shares of restricted common stock at $0.10 and warrants to purchase 125,000 common shares at an exercise price of $0.30 which expire October 2012.
 

 
11

 
 
NOTE 8 – COMMON STOCK WARRANTS
 
The following table summarizes information about outstanding stock purchase warrants as of November 30, 2011:

   
Number of Warrants 
Outstanding
Exercise
Price
Outstanding as of May 31, 2011
 
31,498,196
$0.12-$0.25
Issued
 
 5,938,335
$0.20-$0.30
Expirations
 
-
 
Balance at November 30, 2011   37,436,531  $0.12-$0.30
 
Exercise Price
   
Number of Shares
   
Remaining Contractual Life in Years
   
Exercise Price Times Number of Shares
 
Weighted Average Exercise Price
  $0.12       20,923,296       1.2     $ 2,510,795    
  $0.12       7,000,000       2.4       840,000    
  $0.12       1,249,900       9.7       149,988    
  $0.20       5,655,000       0.8       1,131,000    
  $0.25       233,335       1.8       58,334    
  $0.25       875,000       8.1       218,750    
  $0.30       1,500,000       0.6       450,000    
          37,436,531             $ 5,358,867  
$0.14
 
NOTE 9 – LOSS PER SHARE
 
Basic loss per share is computed by dividing income available to common stockholders by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential of securities that could share in our earnings. All of the common shares underlying warrants outstanding as of November 30, 2011 and 2010 were excluded from diluted weighted average shares outstanding for each of the respective years because their effects were considered anti-dilutive.
 
NOTE 10 – RELATED PARTY TRANSACTIONS
 
We have frequent transactions with related parties, employees and shareholders holding more than 10% of our outstanding common stock.  Transactions involving related parties during the six months ended November 30, 2011 were as follows:
 
·      
Our notes payable balance as of November 30, 2011 consisted of one note payable to Brigus Gold Corp. (“Brigus”).  When this note was consummated in February 2010, the counterparty to this note was Apollo Gold Corp., a predecessor of Brigus.  Our current CEO, R. David Russell, was the CEO of Apollo Gold Corp. at that time.
·     
From time to time, our President and Vice President of Corporate Development incur expenses on behalf of the Company and are reimbursed by us.  As of November 30, 2011, included in accounts payable are amounts due to the officers as reimbursement.  These amounts are not considered to be material.
·     
The Canadian-dollar denominated convertible debenture (Note 6) is owned by a company related to a shareholder and former director.
 
NOTE 11 – COMMITMENTS AND CONTINGENCIES
 
There have been no material changes to our obligations as described in our annual report on Form 10-K issued in connection with the fiscal year ended May 31, 2011.  We may from time to time become subject to various claims and litigation.  The Company vigorously defends its legal position when these matters arise.  The Company is
 
 
12

 
 
neither a party to, nor the subject of, any material pending legal proceeding nor to the knowledge of the Company are there any such legal proceedings threatened against the Company.
 
The Company filed its brief in support of the petition by the September 16, 2011 due date.  The SEC filed its brief in opposition by the October 17, 2011 due date and the Company filed its reply brief by the October 31, 2011 due date.  Because the Petition for Review has been filed, the Initial Decision shall not become final until the Commission rules on the Petition.

The British Columbia Securities Commission (“BCSC”) has issued comment letters on the Application and the Company has responded to those comments.  The latest comment letter is dated October 28, 2011 and the Company has filed a response to that letter.
 
NOTE 12 – SUBSEQUENT EVENTS
 
We have evaluated all of our activity and have concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the unaudited consolidated financial statements, except as disclosed below.
 
Common Stock

Since November 30, 2011, we issued 1,000,000 shares of our restricted common stock and 500,000 warrants to purchase our common shares for net cash proceeds of $100,000.

 
13

 
 
 
ITEM 2.
  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Cautionary Statement Regarding Forward-Looking Statements

The following discussion and analysis should be read in conjunction with the accompanying financial statements and related notes included elsewhere in this report.  It contains forward looking statements that reflect our future plans, estimates, beliefs and expected performance.  The forward looking statements are dependent upon events, risks and uncertainties that may be outside our control.  Our actual results could differ materially from those discussed in these forward looking statements.
 
In our effort to make the information in this report more meaningful, this Quarterly Report on Form 10-Q and documents incorporated by reference herein (or otherwise made by us or on our behalf) contain both historical and forward-looking statements. Such forward-looking statements are not based on historical facts, but rather reflect the current expectations of our management concerning future results and events. Forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “plan,” “goal” or other similar words or variations that convey the uncertainty of future events or outcomes.   These statements are based on the beliefs and assumptions of our management based on information currently available to us. These statements by their nature are subject to certain risks, uncertainties and assumptions and will be influenced by various factors, some of which are beyond our control.  Actual results could vary materially from future results expressed or implied by such forward-looking statements.  Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation, the following risk factors:

 
 
our ability to execute against our plans;
 
 
our ability to continue as a going concern;
 
 
the possible loss of our interest in our Caribou properties if we do not meet our debt obligations;
 
 
the potential that we will not obtain good title to our Manhattan project;
 
 
the volatility and low trading volume of our common stock;
 
 
our ability to secure additional capital;
 
 
the possibility we may never achieve significant mineral production;
 
 
the future dilution to our shareholders from future capital-raising activities and payments to employees, directors and consultants;
 
 
the possibility our Board of Directors may issue authorized and unissued shares of common stock and preferred stock;
 
 
the effects the penny stock rules may have on the trading of our stock;
 
 
our dependence on a few key employees;
 
 
the influence of a few large shareholders on our business;
 
 
risks associated with our incorporation in Canada;
 
 
our lack of experience in mining and selling minerals;
 
 
operational and environmental risks associated with the mining industry;
 
 
the effect of government regulations on our business;
 
 
lack of clear title to our mineral prospects;
 
 
the fact our mineral interests are not yet proven;
 
 
fluctuation in the prices of gold and silver; and
 
 
the limited liquidity in our common stock due to a cease trade order issued by the British Columbia Securities Commission in February 2005 and an administrative action initiated by the Securities and Exchange Commission to revoke our registration as a reporting company under the Securities Exchange Act of 1934.
 
All forward-looking statements speak only as of the date made.  All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.  Except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.


 
14

 
Executive Summary

We are a mineral exploration company engaged directly and indirectly through subsidiaries, in the acquisition and exploration of minerals and metals, primarily gold and silver.  Our business is currently in the exploratory or exploration stage as defined by Accounting Standards Codification (“ASC”) 915-10 and SEC Industry Guide 7 and, to date, our activities have not included development or significant mining operations.  Our primary property is the Caribou project (advanced exploration stage) located in Nederland, Colorado; we also have properties in Nye County, Nevada.
 
Recent Events
 
Mining and Milling Operations

During the six months ended November 30, 2011, we began test mining operations at our Cross mine.  We have begun test processing at an out of state facility.  We have incurred $547,203 in costs associated with these operations, and have generated revenues of $76,203 for the six months ended November 30, 2011.
 
Note Payable

On January 15, 2011, we received forbearance under the terms of an agreement effectively extending the maturity date of our 8% $10,253,878 note payable through June 30, 2011.  This note was originally due on February 1, 2011 and is secured by a lien on our Caribou property.  On June 8, 2011, we and Brigus Gold Corp. (“Brigus”) extended the maturity under the forbearance to October 31, 2011, under the provision that we pay Brigus at least $1,000,000 on or before June 30, 2011, which would be applied against interest due on the promissory note covered by the Forbearance Agreement.  We paid Brigus $1,000,000 on June 8, 2011 thereby extending the maturity date to October 31, 2011.  On October 24, 2011, we and Brigus further extended the maturity to December 1, 2011.  In connection with this additional forbearance we paid Brigus $200,000 which was applied against interest due on the promissory notes.  As of the date of this report, we had not repaid the Brigus note nor otherwise reached an agreement to extend the note or otherwise settle it.  We are in discussion with Brigus and others to negotiate the repayment of the Brigus note, however, we cannot guarantee that a satisfactory agreement will be reached between Calais and Brigus or any other parties.

Common Stock

During the quarter ended November 30, 2011, we have issued 8,351,668 shares of our restricted common stock as follows:
·     
6,966,668 for cash proceeds of $720,000
·     
1,385,000 for consulting services valued at $138,500

Since November 30, 2011, we have issued 1,000,000 shares of our restricted common stock and 500,000 warrants to purchase our common shares for net proceeds of $100,000.

New Chief Financial Officer

On October 26, 2011, we appointed Brent E. Timmons as Vice President of Finance and Chief Financial Officer.  Mr. Timmons is a Certified Public Accountant and has 16 years of professional experience, with six years in mining. Mr. Timmons had been with Brigus from April 2005 to September 2011, serving as Vice President and Controller from April 2007 to September 2011.  He was an officer of Brigus when the notes payable due to Brigus were assumed from Elkhorn Goldfields LLC.

Interim Financial Statements

The financial information with respect to the three and six months ended November 30, 2011 and 2010, discussed below, is unaudited.  In the opinion of management, such information contains all adjustments, consisting only of
 

 
15

 
normal recurring accruals, necessary for a fair presentation of the results for such periods.  The results of operations for interim periods are not necessarily indicative of the results of operations for the full fiscal years.
 
Results of Operations

During the three months and six months ended November 30, 2011, we generated net losses of $1,291,116 and $2,113,898, respectively, compared to net losses of $408,894 and $802,748 during the three and six month prior periods ended November 30, 2010.  The increases in net losses of $882,222 (216%) and $1,311,150 (163%) result from the start of test mining operations at our Cross mine, as well as higher wages and benefits expense and higher consulting and professional fees in 2011 as compared to 2010, as discussed further below.  In addition, we recognized a gain on settlement of debts in 2010 compared to a loss on such activity in 2011.

Revenues

During the three and six months ended November 30, 2011, we recorded $76,023, our first mineral sales in our history.  Revenues were from the sale of 48.2 ounces of payable gold at an offsite mill at an average price of $1,576 per ounce of gold.  The 48.2 ounces were processed from 112 dry tons of ore at a grade of 0.448 ounces per ton at a 96% recovery rate.

Costs applicable to Sales

During the prior quarter ended August 31, 2011, we resumed test mining operations at our Cross mine.  Consequently, for the three and six months ended November 30, 2011, we incurred costs applicable to sales of $239,383 and $547,203, respectively, as compared to $nil in the corresponding 2010 periods.  The increase in costs applicable to sales increased during the 2011 period as we began ore extraction on our Cross property.  Included in these costs are waste ore removal and mine development costs that must be expensed immediately under generally accepted accounting principles in the U.S. since we report no proven or probable reserves.

General and Administrative Expense

For the three and six months ended November 30, 2011, general and administrative expense was $789,598 and $1,234,491, respectively, as compared to $449,430 and $634,027 in the corresponding 2010 periods.  The increases of $340,168 (76%) and $600,464 (95%) was due to increased consulting and professional fees and increased wages and benefits expense, as discussed below.

Consulting and professional fees.  For the three and six months ended November 30, 2011, consulting and professional fees were $327,151 and $566,309, respectively, compared to $309,698 and $394,183 in the corresponding 2010 periods.  The increases of $17,453 (6%) and $172,126 (44%) is related primarily to accounting and legal services as we continued the process of attempting to regain compliance with our SEC and Canadian reporting requirements.

Wages and benefits expense. For the three and six months ended November 30, 2011, wages and benefits expense amounted to $393,382 and $525,345, respectively, compared to $81,111 and $162,229 in the corresponding 2010 periods.  The increases are a result of the addition of our CEO and Chairman of the Board in January 2011 and renegotiating certain officer’s contracts in September 2011, which included the recognition of a full calendar year of accrued vacation as of November 30, 2011 for those officers.

Other General and Administrative Expenses. Additional increases in general and administrative expenses during fiscal 2011 of $69,067 and $142,836 for the three and six months ended November 30, 2011, respectively, related to increased expenses primarily attributable to the increase in day to day operations of the company and insurance coverage.


 
16

 
Other Income and Expenses

Gain on sale of assets.  During the six months ended November 30, 2011, the Company sold fully depreciated and idle assets for $156,500 in cash proceeds.  The Company recognized the full amount as a gain on sale of assets in its first quarter financial statements, due to the write-down and full depreciation of all assets to zero in prior periods.
 
Interest and financing fees.  For the three and six months ended November 30, 2011, interest and financing fees were $203,738 and $410,898, respectively, compared to $209,891 and $423,423 in the corresponding 2010 periods.  The interest is related to the Brigus notes.

Liquidity

Because we have not yet commenced our intended primary operations and are not yet generating significant revenues from any source, our liquidity is completely reliant on our ability to generate cash through capital-raising activities.  During the six months ended November 30, 2011, we issued 11,626,668 shares of our common stock for cash proceeds of $1,498,500.
 
Net cash flows from operating, investing and financing activities for the six months ended November 30, 2011 and 2010 were as follows:
 
    2011     2010  
Net cash used in operating activities   $ (2,402,985 )   $ (586,778 )
Net cash provided by (used in) investing activities   $ 140,365     $ (5,464 )
Net cash provided by financing activities   $ 1,441,307     $ 1,760,800  
 
As of November 30, 2011, we had a working capital deficit of $11,368,783 and cash of $91,869 while at May 31, 2011 we had a working capital deficit of $11,635,267 and cash of $913,182.  The working capital deficits are primarily attributable to the fact that we have no significant revenues from operations and continue to incur expenses.  We do not expect our working capital deficit to decrease significantly or cash balance to increase significantly in the near future.
 
Net cash used in operating activities.  Net cash used in operating activities of $2,402,985 and $586,778 for the six month periods ended November 30, 2011 and 2010, respectively, are attributable to our net income adjusted for non-cash charges as presented in the consolidated statements of cash flows and changes in working capital as discussed above.

Net cash provided by investing activities.  Net cash provided from investing activities of $140,365 and ($5,464) for the six month periods ended November 30, 2011 and 2010, respectively, resulted primarily from the 2011 sale of fully depreciated and idle equipment.

Net cash provided by financing activities.  Net cash provided by financing activities of $1,441,307 and $1,760,800 for the six month periods ended November 30, 2011 and 2010, respectively, was primarily related to proceeds received from the sale of common stock, partially offset by repayments on convertible debentures.

Going Concern

The report of our independent registered public accounting firm on the financial statements as of and for the year ended May 31, 2011, includes an explanatory paragraph relating to the significant doubts about our ability to continue as a going concern.  As of November 30, 2011, we had an accumulated deficit of $49.5 million and have a working capital deficit of approximately $11.4 million.  We require significant additional funding to commence our plan of operation. Our ability to establish ourselves as a going concern is dependent upon our ability to obtain additional funding in order to finance our planned operations.  If we are unable to raise funds to repay or to otherwise settle the Brigus note, we may need to curtail current test mining activities at the Cross Mine.

 
 
17

 
 
Plan of Operation
 
For the remainder of our 2012 fiscal year and into 2013, our primary goals are to regain compliance with the SEC and British Columbia Securities Commission (“BCSC”) so that we can apply for a revocation of a 2004 Cease Trade Order from the BCSC.  We intend to continue to raise capital so that we may further explore extraction from our properties which began in August 2011, thereby bringing us out of the exploration stage.  We cannot anticipate our exact cash requirements for the remainder of the fiscal year.  We currently have delinquent debt obligations of  approximately $10.5 principal and interest that was due December 1, 2011 to Brigus and we require a significant amount of capital to continue test mining at our Cross mine.  We are in discussions with Brigus and others to negotiate the repayment of the Brigus note, however, we cannot guarantee that a satisfactory agreement will be reached between Calais and Brigus or any other parties.  In addition, we have ongoing lease payments on our mining properties and general and administrative expenses coupled with compliance related expenses.  We will continue to need to raise capital to fund our operations and to continue to exist.
 
Off-Balance Sheet Arrangements

We do not have off-balance sheet arrangements.

Critical Accounting Policies and Estimates

For a discussion of accounting policies that we consider critical to our business operations and understanding of our results of operations, and that affect the more significant judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements, see Item 7.  “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” contained in our annual report on Form 10-K for the year ended May 31, 2011 and incorporated by reference herein.
 
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
 
Not required by Form 10-Q for Smaller Reporting Companies.
 
ITEM 4. CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
Disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

During the fiscal period covered by this report, our management, with the participation of the Principal Executive Officer and Principal Financial Officer of the Company, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act.  Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that, as of November 30, 2011, our disclosure controls and procedures are effective to ensure that information require to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the required time periods and are designed to ensure that information required to be disclosed is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 
18

 
 
Changes in Internal Control over Financial Reporting

During the fiscal quarter ended November 30, 2011, we hired a Chief Financial Officer who is now our Principal Financial Officer, while previously, the Principal Executive Officer was also acting Principal Financial Officer.  We also hired qualified accounting staff to maintain our books and records, while previously, we relied on outside consultants to perform these responsibilities.  The changes to our internal control over financial reporting during the quarter ended November 30, 2011 increased our oversight of our books and records and increased the segregation of duties to better control our assets.

 
19

 
 
PART II – OTHER INFORMATION
 
ITEM 1.  LEGAL PROCEEDINGS.
 
There have been no changes to the disclosure contained in our annual report on Form 10-K for the fiscal year ended May 31, 2011, except as follows:

Securities and Exchange Commission Proceedings

The United States Securities and Exchange Commission (“SEC”) issued an order suspending trading in the common stock of Calais Resources Inc. (the “Company”) for the period from February 24, 2011 through March 9, 2011 because it had been delinquent in the filing of periodic reports since 2004.  Also on February 24, 2011, the SEC issued an order instituting public administrative proceedings against the Company pursuant to Section 12(j) of the Securities Exchange Act of 1934 (the “Exchange Act”) to suspend for a period not exceeding twelve months or revoke the registration of the Company’s common stock under Section 12 of the Exchange Act.

On July 25, 2011, the Administrative Law Judge issued an Initial Decision ordering revocation of the registration of the Company’s common stock under the Exchange Act.

On August 12, 2011, the Company filed a Petition for Review of the Initial Decision with the SEC.  On August 17, 2011, the SEC granted the Company’s petition for review and the Company filed its brief in support of the petition by the September 16, 2011 due date.  The SEC filed its brief in opposition by the  October 17, 2011 due date and the Company filed its reply brief by the October 31, 2011 due date.  Because the Petition for Review has been filed, the Initial Decision shall not become final until the Commission rules on the Petition.

British Columbia Securities Commission Proceedings

The Company filed a Revocation Application under National Policy 12-202 with the British Columbia Securities Commission (“BCSC”), seeking to revoke the cease trade order that has been in place since February 2005.  The BCSC has issued comment letters on the Application and the Company has responded to those comments.  The latest comment letter is dated October 28, 2011 and the Company has filed a response to that letter.
 
ITEM 1A. RISK FACTORS.
 
An investment in our common stock involves a number of significant risks.  There have been no material changes to the risk factors contained in our Annual Report on Form 10-K for the year ended May 31, 2011.  We caution the reader to carefully consider such risk factors, which are more thoroughly described in the section entitled “Risk Factors” under Item 1A of our Annual Report on Form 10-K for the year ended May 31, 2011 as well as any other Risk Factors described in subsequent filings with the Securities and Exchange Commission.
 
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
 
       
Warrants
 
Date of Sale
 
Name of Purchaser
 
Title of Securities
Shares of Stock
Number of Warrants
Exercise
Prices
Expiration Date
Consideration ($)
09/11
6 accredited investors
Common Stock
3,966,668
1,983,335
$0.20-$0.25
09/12-09/13
420,000
   (a)
10/11
4 accredited investors
Common Stock
2,000,000
1,000,000
$0.20
10/12
200,000
   (a)
11/11
1 accredited investor
Common Stock
1,000,000
500,000
$0.20
11/12
100,000
   (a)
10/11
1 consultant
Common Stock
250,000
125,000
$0.30
10/12
25,000
   (b)
11/11
2 consultants
Common Stock
1,135,000
-
n/a
n/a
113,500
   (b)
(a) Issued for cash consideration.
(b) Issued as compensation for consulting services.

 
20

 
We relied upon the exemption from registration contained in Section 4(2) of the Securities Act, as these persons were deemed to be sophisticated with respect to the investment in the securities due to their financial condition and involvement in our business and had access to the kind of information which registration would disclose.
 
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
 
None.
 
ITEM 4. (REMOVED AND RESERVED)
 
None.
 
ITEM 5. OTHER INFORMATION.
 
None.
 
ITEM 6. EXHIBITS.
 
Exhibit Number
 
Description
     
10.1
 
Extension Agreement with Brigus Gold Corp. dated October 24, 2011 (1)
10.2
 
Employment Agreement with Brent E. Timmons dated October 26, 2011 (1)
31.1
 
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.
31.2
 
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.
32
 
Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act.
101*  
Financial statements from the Quarterly Report on Form 10-Q of Calais Resources Inc. for the quarter ended November 30, 2011, formatted in XBRL: (i) the Consolidated Balance Sheet; (ii) the Consolidated Statement of Operations; (iii) the Consolidated Statement of Cash Flows; and (iv) the Notes to Unaudited Consolidated Financial Statements tagged as blocks of text.
     
(1)           Incorporated by reference to the exhibits filed with the registrant’s current report on Form 8-K dated October 24, 2011, filed October 28, 2011.
 
*   In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
 

 
21

 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
  CALAIS RESOURCES INC.  
       
January 20, 2012
By:
/s/ David K. Young  
    David K. Young  
    President, Chief Operating Officer  
       
       
January 20, 2012 By: /s/ Brent E. Timmons  
    Brent E. Timmons  
    Vice President of Finance and Chief Financial Officer  
 
 
 
 
 
 
 
 
 
 
22
 


 
EX-31.1 2 exh31-1_certification.htm EXH 31-1 CERTIFICATION exh31-1_certification.htm
 


 
EXHIBIT 31.1
CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David K. Young, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A of Calais Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
Date:  January 20, 2012
/s/ David K. Young
 
 
David K. Young
 
 
President, Chief Operating Officer
(Principal Executive Officer)
 
 
 


 
EX-31.2 3 exh31-2_certification.htm EXH 31-2 CERTIFICATION exh31-2_certification.htm
 


 
EXHIBIT 31.2
CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent E. Timmons, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A of Calais Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
Date:  January 20, 2012
 /s/ Brent E. Timmons
 
 
Brent E. Timmons
 
 
Vice President of Finance and Chief Financial Officer
 
 
 


 
EX-32 4 exh32-certification.htm EXH 32 CERTIFICATION exh32-certification.htm
 


 
EXHIBIT 32.1


CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350 AS ADOPTED BY
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report on Form 10-Q of Calais Resources Inc. (the “Company”) for the quarter ended November 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that:

 
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
 
 
 
 
Date:  January 20, 2012
/s/ David K. Young
 
 
David K. Young
 
 
President, Chief Operating Officer
 

Date:  January 20, 2012
/s/ Brent E. Timmons
 
 
Brent E. Timmons
 
 
Vice President of Finance and Chief Financial Officer
 


 
 


 
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MINERAL INTERESTS
6 Months Ended
Nov. 30, 2011
Mineral Interest Disclosure [Abstract]  
Mineral Interest Disclosure [Text Block]
NOTE 4 – MINERAL INTERESTS
 
There were no material changes to our mineral properties from those disclosed in the audited annual consolidated financial statements for the year ended May 31, 2011.
 
During the six months ended November 30, 2011, we began test mining operations at our Cross mine.  We have begun test processing at an out of state facility. We have incurred $547,203 in costs associated with these operations, and have generated revenues of $76,203 for the six months ended November 30, 2011.
 
On August 11, 2011, we renewed a convertible debenture payable to Aardvark Agencies Inc. “AAI” which contained repurchase rights for interests in our Caribou properties, including the price payable for the reacquisition (a total of Cdn$747,728) and AAI’s right to convert that debenture before it is paid (Note 6).

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Nov. 30, 2011
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Inventories
 
Stockpiled ore inventories represent mineralized material that has been mined and hauled to the surface from our Cross Mine.  This inventoried stockpile is ready for shipping for further processing by an outside source.  Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method).
 
Ore stockpile inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale.  Write-downs of stockpiled ore inventories, resulting from net realizable value impairments, are reported as a component of production costs applicable to sales. The current portion of ore stockpiles is determined based on the expected amounts to be processed within the next 12 months.  Ore stockpile inventories not expected to be processed within the next 12 months, if any, are classified as long-term.  At November 30, 2011, all ore stockpile inventories were classified as current.
 
Accrued Vacation
 
Our full-time employees are entitled to paid vacation, depending on job classification, length of service, and other factors.  A liability has been recorded in the accompanying financial statements for accrued vacation leave.
 
Revenue Recognition
 
We have generated limited income from the sale of gold from our ores processed at an offsite third party mill facility.  Revenues from the sale of minerals are recognized when the ores are processed by the third party.
 
Foreign Currency
 
We have recorded amounts payable related to a convertible debenture that is denominated in Canadian dollars.  As of November 30, 2011 and May 31, 2011, adjustments resulting from liabilities denominated in a foreign currency have been reported as other comprehensive income in our financial statements.
 
Impairment of Long-Lived Assets
 
We review and evaluate long-lived assets for impairment at least once per year, or more often when events or changes in circumstances indicate that the related carrying amounts may not be recoverable.  During the six months ended November 30, 2011 and 2010, we did not record any impairment expense.
 
Use of Estimates and Significant Estimates
 
Certain amounts in our financial statements are based upon significant estimates including environmental remediation obligations, accrued liabilities and a provision for income taxes.  Actual results could materially differ from those estimates.
 
Reclassifications
 
Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the presentation in the current period financial statements.
 
Recent Accounting Pronouncements
 
The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board (“FASB”), the SEC, and the Emerging Issues Task Force (“EITF”), to determine the impact of new pronouncements on U.S. GAAP and the impact on the Company. 
 
In January 2010, the FASB issued ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820), which requires reporting entities to make new disclosures about recurring or nonrecurring fair value measurements including significant transfers into and out of Level 1 and Level 2 fair value measurements and information on purchases, sales, issuances, and settlements on a gross basis in the reconciliation of Level 3 fair value measurements. ASU 2010-6 is effective for annual reporting periods beginning after December 15, 2009, except for Level 3 reconciliation disclosures which are effective for annual periods beginning after December 15, 2010. We do not have any assets or liabilities classified as Level 3. We have adopted the Level 1 and Level 2 amendments accordingly. As the update only pertained to disclosures, it had no impact on our financial position, results of operations, or cash flows upon adoption.
 
In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220) – Presentation of Comprehensive Income (“ASU 2011-05”). ASU 2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 (November 30, 2012 for the Company).  We do not expect the adoption of ASU 2011-05 to have a material impact on our results of operations, financial condition, or cash flows.
 
In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220) – Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (“ASU 2011-12”).  ASU 2011-12 defers changes in Update 2011-05 that relate to the presentation of reclassification adjustments.  ASU 2011-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 (November 30, 2012 for the Company).  We do not expect the adoption of ASU 2011-12 to have a material impact on our results of operations, financial condition, or cash flows.
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Nov. 30, 2011
May 31, 2011
ASSETS    
Cash and cash equivalents $ 91,869 $ 913,182
Inventories 18,894 0
Prepaid expenses and other assets 39,898 39,961
Total current assets 150,661 953,143
Restricted cash 15,400 15,400
Note receivable 60,000 60,000
Fixed assets, net 28,870 15,313
Total assets 254,931 1,043,856
LIABILITIES    
Accounts payable and accrued liabilities 1,265,566 1,631,568
Convertible debentures, current portion 0 702,964
Notes payable and current portion of long-term debt 10,253,878 10,253,878
Total current liabilities 11,519,444 12,588,410
Royalty interest 150,000 150,000
Convertible debentures, long-term 724,399 0
Environmental remediation liabilities 50,000 50,000
Total liabilities 12,443,843 12,788,410
Shareholders' Deficit    
Common stock, no par value, unlimited shares authorized, 162,196,422 and 149,184,986 shares issued and outstanding as of November 30, 2011 and May 31, 2011, respectively 37,503,729 35,866,729
Deficit accumulated in the exploration stage (49,485,477) (47,371,579)
Accumulated other comprehensive loss (207,164) (239,704)
Total Shareholders' Deficit (12,188,912) (11,744,554)
Total Liabilities and Shareholders' Deficit $ 254,931 $ 1,043,856
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION AND BASIS OF PRESENTATION
6 Months Ended
Nov. 30, 2011
Accounting Policies [Abstract]  
Business Description and Basis of Presentation [Text Block]
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION
 
Calais Resources Inc. was incorporated under the laws of the Province of British Columbia, Canada, on December 30, 1986.  Calais Resources Inc. and its subsidiaries (collectively with its subsidiaries, referred to herein as “Calais”, “we”, “us” or “our”) are currently in the process of exploring various mineral interests, primarily gold and silver.  We are headquartered in Colorado and have mining interests in Colorado and Nevada.
 
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").  The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  The more significant areas requiring the use of management estimates and assumptions relate to the valuation of deferred tax assets accruals for liabilities and the fair value of financial instruments.  We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances.  Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions.
 
Our activities to date have primarily consisted of raising capital and acquiring and exploring our mining interests.  We have had no significant revenue in our history.  Accordingly, we are considered to be in the exploration stage.
 
Our fiscal year end is May 31st.  Through May 31, 2004, we reported our financial information using Canadian Generally Accepted Accounting Principles (“Canadian GAAP”) using the Canadian dollar as our functional and reporting currency.  During the fiscal year ended May 31, 2005, we changed our reporting basis to the United States Generally Accepted Accounting Principles (“U.S. GAAP”) and our functional and reporting currency to the United States dollar (“U.S. dollar”).  Accordingly, historical cumulative financial information included in this Quarterly Report on Form 10-Q has been restated using U.S. GAAP with a functional and reporting currency of the U.S. dollar, unless otherwise noted.  All references herein to “$” and “US$” refer to U.S. dollars.  Unless otherwise specified, all dollar amounts are expressed in United States dollars.  All references to Common Shares refer to shares of our common stock (without par value) unless otherwise indicated.
 
These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.
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XML 19 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
LIQUIDITY
6 Months Ended
Nov. 30, 2011
Liquidity [Abstract]  
Liquidity [Text Block]
NOTE 2 – LIQUIDITY
 
As of November 30, 2011, we had a working capital deficit of $11,368,783, and for the six months then ended cash used in operating activities amounted to $2,402,985.  To date, we have generated only nominal revenues from operations ($76,023) and have incurred losses since inception resulting in a deficit accumulated during the development stage of $49,485,477 through November 30, 2011.  Further losses are anticipated as we continue to be in the exploration stage, as defined in ASC Topic 915, Development Stage Entities.
 
Our ability to continue as a going concern depends upon our ability to generate profitable operations in the future and/or to raise additional funds through equity or debt financing.  Since inception, we have raised $24,166,994 through the issuance of equity securities and $17,311,960 through the issuance of debt instruments, which has been used primarily to provide operating funds, repay long-term debt, and acquire mineral interests.  Subsequent to November 30, 2011, we have acquired an additional $100,000 through financing, as described more fully in Note
 
12.  On December 1, 2011, the Brigus note (See Note 5) matured and we have not made payment as of the date of these financial statements.  There is no assurance that we will be able to obtain additional funding when needed, or that such funding, if available, can be obtained on terms acceptable to us or at all.  If we cannot obtain needed funds for implementing our mine plan after completion of the feasibility study, we may be forced to curtail or cease our activities.  Equity financing, if available, may result in substantial dilution to existing stockholders. All of these factors cause substantial doubt about our ability to continue as a going concern.  These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event we cannot continue as a going concern.
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS [Parenthetical]
Nov. 30, 2011
May 31, 2011
Common stock, shares issued 162,196,422 149,184,986
Common stock, shares outstanding 162,196,422 149,184,986
XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
6 Months Ended
Nov. 30, 2011
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
NOTE 12 – SUBSEQUENT EVENTS
 
We have evaluated all of our activity and have concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the unaudited consolidated financial statements, except as disclosed below.
 
Common Stock
 
Since November 30, 2011, we issued 1,000,000 shares of our restricted common stock and 500,000 warrants to purchase our common shares for net cash proceeds of $100,000.
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
DOCUMENT AND ENTITY INFORMATION
6 Months Ended
Nov. 30, 2011
Jan. 13, 2012
Entity Registrant Name CALAIS RESOURCES INC  
Entity Central Index Key 0001044650  
Current Fiscal Year End Date --05-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol caauf  
Entity Common Stock, Shares Outstanding   163,446,422
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Nov. 30, 2011  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended 299 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Revenues $ 76,023 $ 0 $ 76,023 $ 0 $ 76,023
Operating Costs and Expenses          
Costs applicable to sales 239,383 0 547,203 0 547,203
General and administrative 789,598 449,430 1,234,491 634,027 13,549,468
Exploration and mine development 21,189 42,238 40,126 58,176 12,422,079
Depreciation and amortization 2,478 99 2,578 99 205,280
Total operating costs and expenses 1,052,648 491,767 1,824,398 692,302 26,724,030
Loss from Operations (976,625) (491,767) (1,748,375) (692,302) (26,648,007)
Other (income) and expenses          
Loss on impairment 0 0 0 0 9,808,572
Loss (gain) on settlement of debts 107,685 (292,718) 107,685 (312,932) (3,281,057)
Interest and financing fees 203,738 209,891 410,898 423,423 14,850,243
Foreign currency transaction loss 3,078 110 3,485 110 1,371,356
Other (income) expense (10) (156) (156,545) (155) 88,356
Total other (income) and expenses 314,491 (82,873) 365,523 110,446 22,837,470
Loss before income taxes (1,291,116) (408,894) (2,113,898) (802,748) (49,485,477)
Income tax expense (benefit) 0 0 0 0 0
Net loss (1,291,116) (408,894) (2,113,898) (802,748) (49,485,477)
Other comprehensive income (loss) - foreign currency translation adjustments 34,106 (153,850) 32,540 (166,282) (207,164)
Comprehensive loss $ (1,257,010) $ (562,744) $ (2,081,358) $ (969,030) $ (49,692,641)
Basic and diluted weighted-average number of common shares outstanding (in shares) 155,926,235 100,618,432 154,801,699 92,973,040 0
Basic and diluted loss per common share (in dollars per share) $ (0.01) $ 0 $ (0.01) $ (0.01)  
XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHAREHOLDERS' DEFICIT
6 Months Ended
Nov. 30, 2011
Stockholders Equity Note [Abstract]  
Stockholders Equity Note Disclosure Excluding Common Stock Warrants [Text Block]
NOTE 7 – SHAREHOLDERS’ DEFICIT
 
Common Stock   -   We have authorized an unlimited number of common shares of our no par value common stock.  Common shares outstanding as of November 30, 2011 and May 31, 2011 were 162,196,422 and 149,184,986, respectively.
 
Transactions involving our common stock during the six months ended November 30, 2011 were as follows:
 
·  
We raised $1,498,500 in cash from accredited investors for the sale of units comprising 11,626,668 shares of restricted common stock and warrants to purchase 5,813,335 common shares.  The common stock prices ranged from $0.10 to $0.20 per share and the warrants have an exercise price from $0.20 to $0.30 per share with expiration dates of June 2012 through September 2013.
 
·  
In connection with the issuance of some of the shares mentioned above, as compensation for consulting services we issued 1,385,000 shares of restricted common stock at $0.10 and warrants to purchase 125,000 common shares at an exercise price of $0.30 which expire October 2012.
XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
DEBENTURES
6 Months Ended
Nov. 30, 2011
Debt Disclosure [Abstract]  
Debenture Disclosure [Text Block]
NOTE 6 – DEBENTURES
 
A summary of convertible debentures outstanding is as follows:
 
   
November 30,
2011
   
May 31,
2011
 
Debenture
  $ 724,399     $ 702,964  
Less: Current portion
    -       (702,964 )
Long-term portion
  $ 724,399     $ -  
 
This debenture is unsecured, non-interest bearing, and initially matured in May 2011.  This debenture is owned by Marlowe Harvey who was the President and a director of ours until he resigned as President in 2000 and as a director in November 2003.  The debenture is convertible into common stock at $1.23 in Canadian Dollars at the holder’s discretion and contains no restrictive covenants.
 
This debenture matured in May 2011.  On August 11, 2011 the convertible debenture was renewed for a period of ten years maturing on August 31, 2021.  All terms contained in the debenture agreement remain consistent with the original note.
XML 26 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS
6 Months Ended
Nov. 30, 2011
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
NOTE 10 – RELATED PARTY TRANSACTIONS
 
We have frequent transactions with related parties, employees and shareholders holding more than 10% of our outstanding common stock.  Transactions involving related parties during the six months ended November 30, 2011 were as follows:
 
·      
Our notes payable balance as of November 30, 2011 consisted of one note payable to Brigus Gold Corp. (“Brigus”).  When this note was consummated in February 2010, the counterparty to this note was Apollo Gold Corp., a predecessor of Brigus.  Our current CEO, R. David Russell, was the CEO of Apollo Gold Corp. at that time.
·     
From time to time, our President and Vice President of Corporate Development incur expenses on behalf of the Company and are reimbursed by us.  As of November 30, 2011, included in accounts payable are amounts due to the officers as reimbursement.  These amounts are not considered to be material.
·     
The Canadian-dollar denominated convertible debenture (Note 6) is owned by a company related to a shareholder and former director.
XML 27 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMON STOCK WARRANTS
6 Months Ended
Nov. 30, 2011
Stockholders Equity Note [Abstract]  
Common Stock Warrants [Text Block]
NOTE 8 – COMMON STOCK WARRANTS
 
The following table summarizes information about outstanding stock purchase warrants as of November 30, 2011:
 
   
Number of Warrants 
Outstanding
Exercise
Price
Outstanding as of May 31, 2011
 
31,498,196
$0.12-$0.25
Issued
 
 5,938,335
$0.20-$0.30
Expirations
 
-
 
Balance at November 30, 2011   37,436,531  $0.12-$0.30
 
Exercise Price
   
Number of Shares
   
Remaining Contractual Life in Years
   
Exercise Price Times Number of Shares
 
Weighted Average Exercise Price
  $0.12       20,923,296       1.2     $ 2,510,795    
  $0.12       7,000,000       2.4       840,000    
  $0.12       1,249,900       9.7       149,988    
  $0.20       5,655,000       0.8       1,131,000    
  $0.25       233,335       1.8       58,334    
  $0.25       875,000       8.1       218,750    
  $0.30       1,500,000       0.6       450,000    
          37,436,531             $ 5,358,867  
$0.14
XML 28 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
LOSS PER SHARE
6 Months Ended
Nov. 30, 2011
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
NOTE 9 – LOSS PER SHARE
 
Basic loss per share is computed by dividing income available to common stockholders by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential of securities that could share in our earnings. All of the common shares underlying warrants outstanding as of November 30, 2011 and 2010 were excluded from diluted weighted average shares outstanding for each of the respective years because their effects were considered anti-dilutive.
XML 29 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Nov. 30, 2011
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
NOTE 11 – COMMITMENTS AND CONTINGENCIES
 
There have been no material changes to our obligations as described in our annual report on Form 10-K issued in connection with the fiscal year ended May 31, 2011.  We may from time to time become subject to various claims and litigation.  The Company vigorously defends its legal position when these matters arise.  The Company is neither a party to, nor the subject of, any material pending legal proceeding nor to the knowledge of the Company are there any such legal proceedings threatened against the Company.
 
The Company filed its brief in support of the petition by the September 16, 2011 due date.  The SEC filed its brief in opposition by the October 17, 2011 due date and the Company filed its reply brief by the October 31, 2011 due date.  Because the Petition for Review has been filed, the Initial Decision shall not become final until the Commission rules on the Petition.
 
The British Columbia Securities Commission (“BCSC”) has issued comment letters on the Application and the Company has responded to those comments.  The latest comment letter is dated October 28, 2011 and the Company has filed a response to that letter.
XML 30 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended 299 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Cash flows from operating activities:      
Net loss $ (2,113,898) $ (802,748) $ (49,485,477)
Adjustments to reconcile net loss to net cash used in operating activities:      
Accretion expense 0 0 105,655
Amortization of deferred financing costs 0 0 3,369,936
Depreciation and depletion 2,578 99 203,613
Non-cash interest expense 209,031 411,639 12,048,931
Loss on impairment of mineral properties 0 0 8,824,989
Loss on impairment of investment 0 0 983,583
Common shares issued in connection with trust deed modification 0 0 90,000
Common shares issued in connection with debt settlement 0 0 1,048,053
Common shares issued for services 138,500 50,000 1,662,941
Warrants cancelled for services 0 0 (18,173)
Warrants issued in connection with debt restructure 0 0 155,007
Loss (gain) recognized in connection with debt settlement 107,685 (314,877) (2,991,161)
Gain on sale of property, plant and equipment (156,500) 0 (151,627)
Loss on disposal of property, plant and equipment 0 0 8,040,143
Loss on abandonment of mineral properties 0 0 300,600
Loss on default of exploration development agreement 0 0 456,090
Loss on foreign exchange 3,485 110 1,690,126
Environmental remediation liability 0 0 50,000
Changes in operating assets and liabilities:      
Increase in inventories (18,894) 0 (18,894)
Decrease (increase) in prepaid expenses 63 (36,205) (81,240)
(Decrease) increase in accounts payable and other current liabilities (575,035) 94,122 1,942,994
Decrease (increase) in other operating assets and liabilities 0 11,082 (202,668)
Net cash used in operating activities (2,402,985) (586,778) (11,976,579)
Cash flows from investing activities:      
Purchase of mineral properties & equipment 0 0 (17,481,692)
Dispositions of equipment 156,500 0 317,852
Net additions to equipment (16,135) (5,464) (199,677)
Deferred exploration expenditures 0 0 (143,071)
Deposit on equipment 0 0 (17,880)
Acquisition of shares of subsidiary 0 0 (715,932)
Advance to subsidiary 0 0 (177,875)
Payable under option agreement 0 0 716,481
Refundable deposit on purchase of shares of subsidiary 0 0 (73,847)
Net cash (used in) provided by investing activities 140,365 (5,464) (17,775,641)
Cash flows from financing activities:      
Proceeds from sale of common shares 1,498,500 1,806,300 23,303,579
Proceeds from sale of private equity 0 0 345,000
Proceeds from borrowings long term-debt 0 0 17,029,960
Proceeds from borrowing on shareholder note 0 0 282,000
Repayments of long term debt 0 0 (11,902,794)
Repayments of debt - convertible debentures (57,193) (45,500) (529,817)
Advances to affiliated companies, shareholders and directors 0 0 (106,730)
Restricted cash 0 0 (31,789)
Share subscriptions received in advance 0 0 518,415
Net cash provided by financing activities 1,441,307 1,760,800 28,907,824
Effect of foreign exchange 0 0 936,263
Net change in cash and cash equivalents (821,313) 1,168,558 91,869
Cash at beginning of period 913,182 27,919 0
Cash at end of period 91,869 1,196,477 91,869
Supplemental Cash Flow Information      
Interest expense paid in cash 201,866 11,783 1,405,199
Interest received 0 0 3,999
Non-cash financing and investing activity:      
Debt restructuring - warrants issued 0 0 412,407
Common shares issued in connection with debt restructuring and settlement of accrued liabilities 0 1,216,049 4,987,140
Common shares issued for acquisition of property 0 0 32,500
Shares issued for mineral property development 0 0 96,315
Shares issued for repayment of shareholder advances $ 0 $ 0 $ 9,240,146
XML 31 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
DEBT
6 Months Ended
Nov. 30, 2011
Debt Disclosure [Abstract]  
Debt Disclosure Excluding Debentures [Text Block]
NOTE 5 – DEBT
 
As of November 30, 2011 and May 31, 2011, we had one outstanding note payable (the “Brigus Note”) in the amount of $10,253,878.  The original maturity date for the note was February 1, 2011.  On January 15, 2011, we received forbearance under the terms of an agreement effectively extending the maturity date of the debt to June 30, 2011.  On June 8, 2011, we and the note holder extended the maturity of the note through October 31, 2011.  In
 
connection with this forbearance we paid the note holder $1,000,000 which was applied against interest due on the promissory notes.  On October 24, 2011, we and the note holder further extended the maturity of the note through December 1, 2011.  In connection with this forbearance we paid the note holder $200,000 which was applied against interest due on the notes.  The note bears interest at 8% and is secured by a lien on our Caribou property.
 
We continue to explore financing opportunities related to the December 1, 2011 maturity date of the Brigus Note.  As of November 30, 2011 and May 31, 2011, we have accrued interest in the amount of $299,033 and $1,090,001, respectively.
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