Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Text Block]

16. Subsequent Events

a)

On July 25, 2014 the Company issued 9,600,000 units of the Company at a price per unit of $1.25 for gross proceeds of $12,000,000 before offering costs of approximately $1,035,000. Each Unit was comprised of one share of the Company's common stock, and one half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional share of the Company's common stock for a period of 30 months following the closing of the offering at an exercise price of $1.60, subject to acceleration provisions.

b)

On July 17, 2014, based upon an earlier analysis, the Company decided to reduce acreage leased by the Arkose Mining Venture reducing annual holding costs by approximately $138,000.