NOTE 6. DEBT

6 Months Ended

May 31, 2014

Debt Disclosure [Abstract]

NOTE 6. DEBT

	At May 31, 2014			At November 30,  2013
Convertible notes	$	14,309		$	13,570
Promissory note		74,174			71,728
		88,483			85,298
Less: current portion		(14,309	)		—
	$	74,174		$	85,298

Scheduled minimum debt repayments are $nil for the remainder of 2014, $15,829 in 2015, $nil in 2016 through 2018, and $74,174 thereafter. The carrying value of the debt approximates fair value.

Convertible notes

The remaining $15,829 principal amount of the original $95,000 in unsecured senior convertible notes issued by the Company on March 26, 2008 are due on May 1, 2015 and have been classified as a current liability.  Changes in the carrying value of the Convertible notes (“Notes”) are summarized as follows:

	Six months ended May 31,
	2014		2013
Balance – beginning of period	$	13,570	$	73,606
Repurchases of Notes		—		(58,017	)
Accretion expense		739		2,472
Balance – end of period	$	14,309	$	18,061

The following table provides the net amounts recognized in the Condensed Consolidated Balance Sheets related to the Notes:

	At May 31, 2014			At November 30,  2013
Principal amount	$	15,829			$	15,829
Unamortized debt discount		(1,520	)			(2,259	)
		14,309				13,570
Embedded derivative		58				83
Net carrying amount	$	14,367			$	13,653

Promissory note

As part of the Donlin Gold LLC agreement, the Company agreed to reimburse Barrick for a portion of their expenditures incurred from April 1, 2006 to November 30, 2007 out of the Company’s share of future mine production cash flow. The Company has a promissory note payable to Barrick for $51,600, plus interest at a rate of US prime plus 2%, amounting to $22,574 in accrued interest since the inception of the promissory note.