Exploration Costs

6 Months Ended

Jun. 30, 2012

Exploration Costs [Abstract]

EXPLORATION COSTS

4. EXPLORATION COSTS

Exploration costs relate to the search for mineral deposits with economic potential. Exploration costs are expensed as incurred. GeoCam gained exclusive rights for the exploitation of the cobalt and nickel deposits with the granting of a Mining Convention by the government of Cameroon on August 1, 2002. The Mining Convention grants GeoCam the exclusive rights to mine, process, and export cobalt, nickel and related substances from lands subject to a Mining Permit, which was granted by decree on April 11, 2003. The Mining Convention, which has a primary term of 25 years, sets forth all legal and fiscal provisions governing the mining operation. It is renewable under certain conditions in 10-year increments for the life of the resource. In addition to exploration through GeoCam, our New Ventures group provides a pipeline of opportunities for future growth through grassroots exploration.

The following is a summary of the exploration costs incurred by the Company:

	Three Months Ended				Six Months Ended				Unaudited Period from November 16, 1994 (inception) to June 30,  2012
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Cameroon Africa:
Property evaluation	$	196	$	1,075	$	575	$	2,480	$	53,451
Office costs		526		1,289		931		2,070		30,636
		722		2,364		1,506		4,550		84,087
Other Projects:
Colorado/Wyoming		—		20		2		57		2,068
Arizona		119		169		210		255		1,505
New Mexico		33		69		105		207		666
New Caledonia		244		208		423		368		2,284
Papua New Guinea		40		87		63		169		329
Other		21		8		21		9		444
		457		561		824		1,065		7,296
Total Exploration Costs	$	1,179	$	2,925	$	2,330	$	5,615	$	91,383