SHARE CAPITAL (Tables)

12 Months Ended

May 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the status of the stock option plan as of May 31, 2016, and 2015, and changes during the years are presented below:

	2016				2015
	Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price
Balance, beginning of the year		7,396,334	$	0.94		6,175,234	$	0.84
Granted		1,650,000		0.48		1,575,000		1.34
Exercised		(245,334)		(0.50)		(18,900)		(0.50)
Forfeited		(820,000)		(0.94)		-		-
Expired		-		-		(335,000)		(1.00)
Balance, end of the year		7,981,000	$	0.85		7,396,334	$	0.94

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

Stock options outstanding are as follows:

	2016						2015
Expiry Date	Exercise Price		Number of Options		Exercisable at Year- End		Exercise Price		Number of Options		Exercisable at Year- End
July 29, 2016 (Note 14a))	$	0.50		219,100		219,100	$	0.50		464,434		464,434
November 17, 2016	$	0.67		210,000		210,000	$	0.67		210,000		210,000
January 23, 2017	$	1.10		50,000		50,000	$	1.10		50,000		25,000
May 1, 2017	$	0.73		50,000		50,000	$	0.73		50,000		25,000
May 29, 2017	$	0.92		300,000		300,000	$	0.92		300,000		300,000
September 19, 2017	$	0.96		2,016,900		2,016,900	$	0.96		2,436,900		2,436,900
October 29, 2017	$	0.96		100,000		100,000	$	0.96		100,000		100,000
August 16, 2018	$	0.76		2,120,000		2,120,000	$	0.76		2,420,000		1,611,720
September 8, 2019	$	1.40		1,265,000		842,490	$	1.40		1,365,000		454,545
September 9, 2020	$	0.46		640,000		213,120	$	-		-		-
November 13, 2020	$	0.49		1,010,000		336,330	$	-		-		-
				7,981,000		6,457,940				7,396,334		5,627,599

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The Company uses the fair value method for determining stock-based compensation for all options granted during the years. The fair value of options granted was $420,866 (2015 - $1,109,011), determined using the Black-Scholes option pricing model based on the following weighted average assumptions:

 

For the year ended May 31,	2016			2015
Risk-free interest rate		0.88	%		1.50	%
Expected life of options		5 years			4.62 years
Annualized volatility		72.33	%		69.21	%
Dividend yield		0	%		0.0	%
Exercise price	$	0.48		$	1.34
Fair value per share	$	0.26		$	0.70

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

Stock-based compensation has been allocated to the same expenses as cash compensation paid to the same employees or consultants, as follows:

For the year ended May 31,	2016		2015
Consulting fees	$	415,360	$	570,913
Exploration expenditures – Geological/geophysical		18,468		36,820
Investor relations		96,309		208,336
Professional fees		16,678		48,841
Wages and benefits		279,106		620,785
	$	825,921	$	1,485,695