NOTE 6. DEBT

6 Months Ended

May. 31, 2015

Debt Disclosure [Abstract]

NOTE 6. DEBT

	At May 31, 2015		At November 30, 2014
Convertible notes	$	—	$	15,112
Promissory note		78,174		76,153
		78,174		91,265
Less: current portion		—		(15,112	)
	$	78,174	$	76,153

Scheduled minimum debt repayments are $nil for the remainder of 2015 through 2019, and $78,174 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 (“Notes”) issued by the Company on March 26, 2008 was repaid on May 1, 2015. Changes in the carrying value of the Notes are summarized as follows:

	Six months ended May 31,
	2015			2014
Balance – beginning of period	$	15,112		$	13,570
Accretion expense		717			739
Repayment of Notes		(15,829	)		—
Balance – end of period	$	—		$	14,309

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

	At May 31, 2015		At November 30, 2014
Principal amount	$	—	$	15,829
Unamortized debt discount		—		(717	)
Net carrying amount	$	—	$	15,112

Promissory note

As part of the agreement that led to the formation of Donlin Gold LLC, 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 $26,574 in accrued interest since the inception of the promissory note.