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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (CAD)
Total
Private placement
Initial public offering
Principal shares
At The Market
Common stock
Common stock
Private placement
Common stock
Initial public offering
Common stock
Principal shares
Common stock
At The Market
Additional paid-in capital
Additional paid-in capital
Private placement
Accumulated other comprehensive loss
Accumulated deficit during the exploration stage
Beginning Balance at May. 13, 1996                            
Shares issued:                            
Shares issued (in shares)             700,000              
Shares issued   168,722         168,722              
Net (loss) earnings (114,800)                         (114,800)
Ending Balance at Dec. 31, 1996 53,922         168,722               (114,800)
Beginning Balance (in shares) at Dec. 31, 1996           700,000                
Shares issued:                            
Exercise of share purchase warrants (in shares)           1,000,000                
Exercise of share purchase warrants 2,803,205         2,803,205                
Acquisition of mineral property interest (in shares)           1,000,000                
Acquisition of mineral property interest 2,065,500         2,065,500                
Finder's fee (in shares)           150,000                
Finder's fee 309,825         309,825                
Shares issued (in shares)   1,000,000 2,000,000 750,000     1,000,000 2,025,000 750,000          
Shares issued   2,253,793 590,570 7,500     1,932,554 590,570 7,500     321,239    
Net (loss) earnings (2,027,672)                         (2,027,672)
Ending Balance at Dec. 31, 1997 6,056,643         7,877,876         321,239     (2,142,472)
Ending Balance (in shares) at Dec. 31, 1997           6,625,000                
Shares issued:                            
Exercise of share purchase warrants (in shares)   100,000       100,000                
Exercise of share purchase warrants 300,000         332,124         (32,124)      
Acquisition of mineral property interest (in shares)           200,000                
Acquisition of mineral property interest 246,000         246,000                
Finder's fee (in shares)           150,000                
Finder's fee 224,250         224,250                
Net (loss) earnings (1,943,674)                         (1,943,674)
Ending Balance at Dec. 31, 1998 4,883,219         8,680,250         289,115     (4,086,146)
Ending Balance (in shares) at Dec. 31, 1998           7,075,000                
Consolidation of shares on a two for one basis (in shares)           (3,537,500)                
Shares issued:                            
Net (loss) earnings (2,378,063)                         (2,378,063)
Ending Balance at Dec. 31, 1999 2,505,156         8,680,250         289,115     (6,464,209)
Ending Balance (in shares) at Dec. 31, 1999           3,537,500                
Shares issued:                            
Net (loss) earnings (4,718,044)                         (4,718,044)
Ending Balance at Dec. 31, 2000 (2,212,888)         8,680,250         289,115     (11,182,253)
Ending Balance (in shares) at Dec. 31, 2000           3,537,500                
Shares issued:                            
Net (loss) earnings 2,427,256                         2,427,256
Ending Balance at Dec. 31, 2001 214,368         8,680,250         289,115     (8,754,997)
Beginning Balance (in shares) at Dec. 31, 2001           3,537,500                
Shares issued:                            
Exercise of share purchase warrants (in shares)           4,028,000                
Exercise of share purchase warrants 1,007,000         1,007,000                
Acquisition of mineral property interest (in shares)           4,500,000                
Acquisition of mineral property interest 3,600,000         3,600,000                
Exercise of stock options (in shares) 32,000         32,000                
Exercise of stock options 12,800         12,800                
Financing shares issued (in shares)           31,250                
Financing shares issued 35,000         35,000                
Shares issued (in shares)             4,824,500              
Shares issued   2,380,625         2,133,786         246,839    
Share issue costs (544,260)         (544,260)                
Stock based compensation 27,000                   27,000      
Net (loss) earnings (1,657,651)                         (1,657,651)
Ending Balance at Dec. 31, 2002 5,074,882         14,924,576         562,954     (10,412,648)
Ending Balance (in shares) at Dec. 31, 2002           16,953,250                
Shares issued:                            
Exercise of share purchase warrants (in shares) 294,500         294,500                
Exercise of share purchase warrants 73,625         73,625                
Shares issued (in shares)   700,000         700,000              
Shares issued   840,000         638,838         201,162    
Share issue costs (19,932) (19,932)       (19,932)                
Stock based compensation 531,000                   531,000      
Net (loss) earnings (1,352,679)                         (1,352,679)
Ending Balance at Dec. 31, 2003 5,146,896         15,617,107         1,295,116     (11,765,327)
Ending Balance (in shares) at Dec. 31, 2003           17,947,750                
Shares issued:                            
Exercise of share purchase warrants (in shares)   161,000       213,500                
Exercise of share purchase warrants 254,625         300,892         (46,267)      
Exercise of stock options (in shares)           250,000                
Exercise of stock options 130,000         157,000         (27,000)      
Shares issued (in shares)             2,234,400              
Shares issued   2,297,676         2,122,269         175,407    
Share issue costs (183,512)         (183,512)                
Stock based compensation 941,478                   941,478      
Net (loss) earnings (2,994,702)                         (2,994,702)
Ending Balance at Dec. 31, 2004 5,592,461         18,013,756         2,338,734     (14,760,029)
Ending Balance (in shares) at Dec. 31, 2004           20,645,650                
Shares issued:                            
Exercise of share purchase warrants (in shares)   23,000       1,743,000                
Exercise of share purchase warrants 1,539,000         1,543,844         (4,844)      
Exercise of stock options (in shares)           165,500                
Exercise of stock options 92,400         124,364         (31,964)      
Shares issued (in shares)             4,075,800              
Shares issued   4,039,430         3,266,095         773,335    
Stock based compensation 303,415         (184,660)         488,075      
Net (loss) earnings (4,402,715)                         (4,402,715)
Ending Balance at Dec. 31, 2005 7,163,991         22,763,399         3,563,336     (19,162,744)
Ending Balance (in shares) at Dec. 31, 2005           26,629,950                
Shares issued:                            
Exercise of share purchase warrants (in shares)           3,227,000                
Exercise of share purchase warrants 3,414,500         4,182,991         (768,491)      
Acquisition of mineral property interest (in shares)           40,000                
Acquisition of mineral property interest 88,000         88,000                
Exercise of stock options (in shares)           306,000                
Exercise of stock options 214,200         325,530         (111,330)      
Shares issued (in shares)             5,725,000              
Shares issued   11,705,000         10,760,355         944,645    
Share issue costs (248,512)         (248,512)                
Stock based compensation 992,400                   992,400      
Net (loss) earnings (7,241,228)                         (7,241,228)
Ending Balance at Dec. 31, 2006 16,088,351         37,871,763         4,620,560     (26,403,972)
Ending Balance (in shares) at Dec. 31, 2006           35,927,950                
Shares issued:                            
Exercise of share purchase warrants (in shares)           3,395,605                
Exercise of share purchase warrants 8,696,523         10,777,930         (2,081,407)      
Acquisition of mineral property interest (in shares)           7,764,109                
Acquisition of mineral property interest 27,028,505         25,000,431         2,028,074      
Exercise of stock options (in shares)           595,000                
Exercise of stock options 790,900         1,485,415         (694,515)      
Shares issued (in shares)             2,000,000              
Shares issued   5,400,000         5,400,000              
Share issue costs (28,000)         (28,000)                
Stock based compensation 1,502,912                   1,502,912      
Unrealized (gain) loss on investments (120,000)                       (120,000)  
Adjustment of future income tax liability to mineral properties (note 2(p)) (389,955)                         (389,955)
Net (loss) earnings (10,666,106)                         (10,666,106)
Ending Balance at Dec. 31, 2007 48,303,130         80,507,539         5,375,624   (120,000) (37,460,033)
Ending Balance (in shares) at Dec. 31, 2007           49,682,664                
Shares issued:                            
Exercise of share purchase warrants (in shares)           108,500                
Exercise of share purchase warrants 154,999         364,404         (209,405)      
Acquisition of mineral property interest (in shares)           30,000                
Acquisition of mineral property interest 88,500         88,500                
Exercise of stock options (in shares) 395,000         479,000                
Exercise of stock options 733,250         1,186,462         (453,212)      
Shares issued (in shares)             14,521,500              
Shares issued   7,130,950         6,174,441         956,509    
Share issue costs (139,705)         (139,705)                
Stock based compensation 501,028                   501,028      
Unrealized (gain) loss on investments (502,225)                       (502,225)  
Investment write-down 622,225                       622,225  
Net (loss) earnings (16,165,394)                         (16,165,394)
Ending Balance at Dec. 31, 2008 40,726,758         88,181,641         6,170,544     (53,625,427)
Ending Balance (in shares) at Dec. 31, 2008           64,821,664                
Shares issued:                            
Exercise of share purchase warrants (in shares)   12,500,000       12,500,000                
Exercise of share purchase warrants 3,500,000         4,456,509         (956,509)      
Exercise of stock options (in shares) 33,333         33,333                
Exercise of stock options 21,651         32,815         (11,164)      
Stock based compensation 1,152,238                   1,152,238      
Unrealized (gain) loss on investments 53,850                       53,850  
Realized gain on sale of investments (53,850)                       (53,850)  
Net (loss) earnings (2,642,176)                         (2,642,176)
Ending Balance at Dec. 31, 2009 42,758,471         92,670,965         6,355,109     (56,267,603)
Ending Balance (in shares) at Dec. 31, 2009           77,354,997                
Shares issued:                            
Exercise of share purchase warrants (in shares)           12,500                
Exercise of share purchase warrants 10,000         14,024         (4,024)      
Public offerings (in shares)           17,738,666                
Public offerings 9,799,054         8,294,058         1,504,996      
Shares issued (in shares)             1,333,333              
Shares issued   800,000         514,365         285,635    
Share issue costs (1,218,918)         (1,431,027)         212,109      
Stock based compensation 838,601                   838,601      
Unrealized (gain) loss on investments 13,125                       13,125  
Net (loss) earnings (5,826,972)                         (5,826,972)
Ending Balance at Dec. 31, 2010 47,173,361         100,062,385         9,192,426   13,125 (62,094,575)
Ending Balance (in shares) at Dec. 31, 2010           96,439,496                
Shares issued:                            
Exercise of share purchase warrants (in shares)           8,611,356                
Exercise of share purchase warrants 9,271,320         10,849,874         (1,578,554)      
Exercise of stock options (in shares)           729,997                
Exercise of stock options 452,749         743,200         (290,451)      
Bought deal offering (in shares)           7,500,000                
Bought deal offering 11,742,000         11,742,000                
Shares issued (in shares)                   568,626        
Shares issued         1,518,845         1,518,845        
Share issue costs (990,900)         (990,900)                
Stock based compensation 3,626,687                   3,626,687      
Unrealized (gain) loss on investments 13,750                       13,750  
Net (loss) earnings (15,527,179)                         (15,527,179)
Ending Balance at Dec. 31, 2011 57,280,633         123,925,404         10,950,108   26,875 (77,621,754)
Ending Balance (in shares) at Dec. 31, 2011           113,849,475                
Shares issued:                            
Exercise of share purchase warrants (in shares)           1,533,650                
Exercise of share purchase warrants 1,226,921         1,644,074         (417,153)      
Exercise of stock options (in shares) 108,333         108,333                
Exercise of stock options 65,319         108,551         (43,232)      
Shares issued (in shares)                   69,110        
Shares issued         97,379         97,379        
Stock based compensation 1,145,824                   1,145,824      
Unrealized (gain) loss on investments 51,250                       51,250  
Currency translation adjustment (165,585)                       (165,585)  
Net (loss) earnings (7,299,639)                         (7,299,639)
Ending Balance at Jun. 30, 2012 52,402,102         125,775,408         11,635,547   (87,460) (84,921,393)
Ending Balance (in shares) at Jun. 30, 2012           115,560,568