INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities

	2015		2014
Deferred tax assets:
Net operating loss carryforward	$	105,555	$	108,070
Mineral Properties		11,842		14,797
Other temporary differences		5,371		7,141
Total gross deferred tax assets		122,768		130,008
Less: valuation allowance		(122,768)		(129,794)
Net deferred tax assets	$	—	$	214
Deferred tax liabilities:
Investments	$	—	$	(214)
Acquired mineral property interests		(26,899)		(51,899)
Total deferred tax liabilities		(26,899)		(52,113)
Total net deferred tax liabilities	$	(26,899)	$	(51,899)

Schedule of reconciliation of the tax provision at statutory U.S. Federal and State income tax rates to the actual tax provision recorded in the financial statement

Expected tax recovery at	2015		2014		2013
Loss before income taxes	$	(45,010)		(419,113)		(201,107)
Statutory tax rate		34%		34%		34%
US Federal and State tax recovery at statutory rate	$	(15,303)	$	(142,498)	$	(68,376)
Reconciling items:
Equity pickup in MSC		(821)		1,850		(2,924)
Impairment of MSC		4,004		7,407		33,557
Revisions to prior year estimates		906		8,330		(19,016)
Adjustment for foreign tax rates		(1,230)		(1,803)		6,573
Other permanent differences		(15,694)		(14,760)		(11,296)
Unrealized foreign exchange rate (loss)/gain		9,389		19,444		(28,319)
NOL expired		1,215		10,268		1,711
Valuation allowance		(7,026)		4,592		34,725
Tax Recovery	$	(24,560)	$	(107,170)	$	(53,365)

Summary of changes in valuation allowance

For the year ended December 31,		Balance at Beginning of Period		Additions (a)		Deductions (b)		Balance at End of Period
2015	$	129,794	$	6,873	$	(13,899)	$	122,768
2014		125,202		11,514		(6,922)		129,794
2013		90,477		35,547		(822)		125,202

(a) The additions to valuation allowance mainly results from the Company and its subsidiaries incurring losses and exploration expenses for tax purposes which do not meet the more-likely-than-not criterion for recognition of deferred tax assets.

(b) The reductions to valuation allowance mainly results from expiration of the Company's tax attributes and foreign exchange reductions of tax attributes in Mexico and Argentina.

Summary of company’s non operating losses that can be applied against future taxable profit

Country	Type of Loss		Amount	Expiry Period
United States (a)	Non operating losses	$	158,974	2016-2035
Mexico	Non operating losses		57,822	2016-2025
Canada	Non operating losses		20,349	2016-2035
Argentina	Non operating losses		85,878	2016-2020

(a) The losses in the United States and Argentina are part of a multiple consolidating groups, and therefore, may be restricted in use to specific projects.