XML 30 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Statement of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash Flows From Operating Activities:    
Net loss $ (5,350,798) $ (6,153,849)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:    
Depreciation, depletion and amortization 489,987 857,941
Accretion expense on accrued reclamation costs 206,470 4,317
Amortization of debt issuance costs 172,985 125,151
Issuance of stock options for services rendered 103,695 49,647
Issuance of deferred stock units for services rendered 52,500 65,000
Loss on write-off of mineral lease option 10,980  
Unrealized loss on de-designation of copper derivatives as cash flow hedges   13,392,853
Unrealized gain on derivatives classified as trading securities (3,724,151) (5,816,694)
Changes in assets and liabilities:    
Accounts receivable 208,206 570,539
Inventories, stockpiles and ore on leach pads 2,259,171 (11,384,194)
Prepaid expenses and other assets (194,306) (6,735)
Accounts payable 702,745 4,655,194
Accrued expenses (326,576) 2,263,082
Accrued interest 1,706,547 (845,809)
Deferred revenue (25,050) (67,894)
Other liabilities (8,629) (10,266)
Copper derivatives settlement payable 3,900,410 1,903,881
Net Cash Provided (Used) By Operating Activities 184,186 (397,836)
Cash Flows From Investing Activities:    
Capital expenditures (538,320) (596,893)
Net Cash Used By Investing Activities (538,320) (596,893)
Cash Flows From Financing Activities:    
Proceeds from exercise of options   40,650
Principal payments on long-term debt (301,068)  
Principal payments on capital lease (8,683) (8,939)
Net Cash Provided (Used) By Financing Activities (309,751) 31,711
Net Decrease in Cash and Cash Equivalents (663,885) (963,018)
Cash and Cash Equivalents at Beginning of Period   1,298,138
Cash and Cash Equivalents at End of Period 456,138 335,120
Supplemental Disclosure of Cash Flow Information:    
Interest 341,079 105,817
Income taxes    
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Common stock issued in exchange for deferred stock units 2,804 853
Common stock issued for settlement of accounts payable 11,538  
Mark to market of cash flow hedges   (643,436)
Change in property and equipment financed by accounts payable (173,089) (339,138)
Change in depreciation expense allocated to inventory (60,865) 313,030
Change in depreciation expense allocated to stockpiles and ore on leach pads (164,317) 814,078
Refinancing of short term obligations with current maturities of long term debt   4,919,992
Refinancing of short term obligations with long term debt, less current maturities   3,274,129
Change in estimate of cash flows for asset retirement obligation $ (1,112,771)