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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended 172 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
Operating Activities:      
Net Loss $ (2,886,579) $ (3,083,077) $ (24,550,629)
Adjustments required to reconcile net loss to net cash consumed by operating activities:      
Depreciation 20,702 13,037 88,630
Shares and warrants issued for services 345,000 883,111 8,142,555
Share and option based compensation 1,164,619 790,000 5,361,275
Amortization of debt discount 157,996 192,670 358,400
Debt reduction through legal settlements    (692,315) (692,315)
Bad debt expense       109,259
Accrued interest on convertible notes 199,099 435,836 862,110
Changes in operating assets and liabilities:      
Prepaid expenses and other assets 13,394 (63,072) (96,006)
Deposits 905    (4,469)
Accounts payable and accrued expenses 137,657 380,278 2,799,949
Accrued compensation 23,575 44,011 411,167
Net Cash Used in Operating Activities (823,632) (1,099,521) (7,210,074)
Investing Activities:      
Investment in mining rights       (201,588)
Loan to affiliated company       (361,275)
Repayment of loan by the affiliated company       253,000
Acquisition of equipment       (134,392)
Net Cash Used in Investing Activities       (444,255)
Financing Activities:      
Proceeds from sales of common stock 615,000 497,750 4,605,250
Proceeds from exercises of warrants 138,750    406,248
Proceeds from convertible notes    395,000 2,757,500
Loan from affiliated company       70,000
Repayment of loan from affiliated company       (68,000)
Loans from officers       117,700
Repayment of loans from officers       (117,700)
Net Cash Provided by Financing Activities 753,750 892,750 7,770,998
Net increase (decrease) in cash balance (69,882) (206,771) 116,669
Cash balance, beginning of period 186,551 393,322  
Cash balance, end of period $ 116,669 $ 186,551 $ 116,669