2.4.0.8000110 - Disclosure - Note 6 - Commitments and Contingenciestruefalsefalse1false falsefalseD120701_130630http://www.sec.gov/CIK0001407583duration2012-07-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes2false 2us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Note 6 Commitments and Contingencies   Effective November 1, 2011, the Company entered into a sub-lease agreement for the lease of premises in Toronto, Ontario, Canada, for a term of 54 months.  The Company has its head office at these premises, which is approximately 1,400 square feet.  The annual base rent commitment for the Toronto head office space is CAD $48,084.   Effective February 8, 2012, the Company entered into a lease agreement for the lease of premises in Sparks, Nevada, USA, for a term of 12 months, and terminating on January 31, 2013.  The lease agreement was amended such that the term was extended for a further 24 months, and terminating on January 31, 2015.  The Company has its field office at these premises, which is approximately 5,500 square feet.  The annual base rent commitment for the Sparks field office space is USD $29,727 for the period from February 1, 2013 to January 31, 2014, and USD $30,624 for the period from February 1, 2014 to January 31, 2015.   As at June 30, 2013, the Company had a commitment, for the above noted leases, of USD $177,390 remaining.   The following table outlines the remaining lease commitment at the end of the next five fiscal years based on the leases that are currently entered into by the Company:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="140" valign="top" style='width:104.65pt;padding:0in 5.4pt 0in 5.4pt'> Year </td> <td width="279" valign="top" style='width:208.95pt;padding:0in 5.4pt 0in 5.4pt'> Total Lease Commitment </td> </tr> <tr align="left"> <td width="140" valign="top" style='width:104.65pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt'> 2013 </td> <td width="279" valign="top" style='width:208.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt'> $177,390 </td> </tr> <tr align="left"> <td width="140" valign="top" style='width:104.65pt;padding:0in 5.4pt 0in 5.4pt'> 2014 </td> <td width="279" valign="top" style='width:208.95pt;padding:0in 5.4pt 0in 5.4pt'> $101,610 </td> </tr> <tr align="left"> <td width="140" valign="top" style='width:104.65pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt'> 2015 </td> <td width="279" valign="top" style='width:208.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt'> $38,066 </td> </tr> <tr align="left"> <td width="140" valign="top" style='width:104.65pt;padding:0in 5.4pt 0in 5.4pt'> 2016 and thereafter </td> <td width="279" valign="top" style='width:208.95pt;padding:0in 5.4pt 0in 5.4pt'> $0 </td> </tr> </table> </div>   On September 16, 2013, the Company announced that it had become aware that the Company and its Chief Executive Officer have been named as defendants in a proposed class action lawsuit filed against Robert Genovese, certain individuals alleged to have collaborated with Mr. Genovese, and an offshore investment firm allegedly controlled by Mr. Genovese.  The action contains various claims alleging violations of the United States Securities Exchange Act of 1934 and rules thereunder relating to anomalous trading activity and fluctuations in the Companys share price from August through October 2012. The plaintiff purports to bring suit on behalf of all who purchased or otherwise acquired the Companys common shares from April 1, 2008, through and including October 5, 2012.   The complaint was filed in the United States District Court for the Southern District of Florida.   The Companys registered agent in the State of Nevada was served with the complaint on September 18, 2013.  As of the date of filing of this Form 10-K, the Companys Chief Executive Officer had not been served with the complaint.   The Company and its Chief Executive Officer intend to fully investigate the complaint and will undertake a vigorous defence.   Additionally, in the normal course of operations, certain other contingencies may arise relating to legal actions undertaken against the Company. In the opinion of management, the outcome of such potential legal actions will not have a material adverse effect on the Company's results of operations, liquidity, or its financial position.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for commitments and contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 false0Note 6 - Commitments and ContingenciesfalseNote 6 - Commitments and ContingenciesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.libertysilvercorp.com/20130630/role/idr_DisclosureNote6CommitmentsAndContingencies12