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Going Concern and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

Going Concern And Significant Accounting Policies Tables

The Company calculates depreciation using the straight-line method with estimated useful life as follows:

Item		Useful Life
Vehicles		5 years
Mining equipments		10 years

Fair Value Measurement

The following table summarizes our financial instruments measured at fair value as of September 30, 2013:

	Fair Value Measurements at September 30, 2013
Liabilities:	Total		Level 1		Level 2		Level 3

Commodity derivative at fair value	$	2,901,500	$	2,901,500	$	-	$	-
Convertible notes at fair value	$	115,000	$	-	$	-	$	115,000

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details