Restatement of Financial Statements

12 Months Ended

Dec. 31, 2012

Restatement of Financial Statements [Text Block]

17.

Restatement

The Company has restated the December 31, 2011, consolidated financial statements to expense certain costs previously capitalized as construction in progress. The Company has determined that its capitalization of these expenditures was not fully in accordance with the U.S. Securities and Exchange Commission’s Industry Guide 7. As a result, the Company amended and restated the consolidated financial statements for the year ended December 31, 2011, to reflect $2,934,357 of costs previously capitalized as construction in progress, to exploration expenses.

The following tables reflect the adjustment and restated amounts:

Consolidated Balance Sheet	December 31, 2011
	As Reported		Adjustment		As Restated
	$		$		$
ASSETS
Construction in Progress	9,754,067		(2,934,357	)	6,819,710
Total Assets	48,648,543		(2,934,357	)	45,714,186
STOCKHOLDER’S EQUITY
Deficit Accumulated During the
Exploration Stage	(98,562,700	)	(2,934,357	)	(101,497,057	)
Total Stockholders’ Equity	45,391,213		(2,934,357	)	42,456,856
Total Equity	45,503,429		(2,934,357	)	42,569,072
Total Liabilities and Stockholders’ Equity	48,648,543		(2,934,357	)	45,714,186

Consolidated Statement of Operations	Year Ended December 31, 2011
	As Reported		Adjustment		As Restated
	$		$		$
Mineral property expenditures	2,505,624		2,934,357		5,439,981
Total Operating Expenses	15,769,154		2,934,357		18,703,511
Loss from continuing operations	(15,689,989	)	(2,934,357	)	(18,624,346	)
Net Loss and comprehensive loss	(15,689,989	)	(2,934,357	)	(18,624,346	)
Net loss Attributable to the Company	(15,119,566	)	(2,934,357	)	(18,053,923	)
Net Loss Per Share – Basic and Diluted	(0.20	)	(0.04	)	(0.24	)

Consolidated Statement of Cash Flows	Year Ended December 31, 2011
	As Reported		Adjustment		As Restated
	$		$		$
Operating Activities
Net Loss	(15,689,989	)	(2,934,357	)	(18,624,346	)
Net Cash Used in Operating Activities	(8,765,229	)	(2,934,357	)	(11,699,586	)
Investing Activities
Investment in property and equipment	(7,918,524	)	2,934,357		(4,984,167	)
Net Cash Used in Investing Activities	(7,941,910	)	2,934,357		(5,007,553	)