NOTE 5. INVESTMENT IN GALORE CREEK

12 Months Ended

Nov. 30, 2015

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

NOTE 5. INVESTMENT IN GALORE CREEK

The Galore Creek project is owned by the Galore Creek Partnership (GCP), a partnership in which Teck and the Company each own a 50% interest. GCP has a board of four directors, with two members selected by Teck and two members selected by the Company. All significant decisions related to GCP require the approval of Teck and the Company.

GCP prepares its financial statements under International Financial Reporting Standards, as issued by the IASB and presents its financial statements in Canadian dollars. In accounting for its investment in GCP, the Company converts and presents reported amounts in accordance with US GAAP and in U.S. dollars.

Changes in the Company's investment in GCP are summarized as follows:

	Years ended November 30,
	2015			2014			2013
Balance – beginning of period	$	283,247		$	305,735		$	335,086
Share of losses
Mineral property expenditures		(147	)		(442	)		(4,580	)
Care and maintenance expense		(884	)		(1,499	)		(2,444	)
Gain on sale of equipment		639			—			—
Depreciation		—			—			(6,328	)
		(392	)		(1,941	)		(13,352	)
Funding		508			2,063			6,638
Exploration tax credit		107			(693	)		(1,352	)
Foreign currency translation		(40,564	)		(21,917	)		(21,285	)
Balance – end of period	$	242,906		$	283,247		$	305,735

The following amounts represent the Company's 50% share of the assets and liabilities of GCP presented in U.S. dollars and in accordance with U.S. GAAP. As a result of recording the Company's investment at fair value in June 2011, the carrying value of the Company's 50% interest in GCP is higher than 50% of the book value of GCP. Therefore, the Company's investment does not equal 50% of the net assets recorded by GCP:

	At November 30,
	2015			2014
Current assets: Cash, prepaid expenses and other receivables	$	497		$	386
Non-current assets: Mineral property		218,532			254,991
Current liabilities: Accounts payable and accrued liabilities		(365	)		(360	)
Non-current liabilities: Payables and decommissioning liabilities		(7,162	)		(8,268	)
Net assets	$	211,502		$	246,749