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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2012
SUBSEQUENT EVENTS [Text Block]

24. SUBSEQUENT EVENTS

In January 2013, the Company entered into a cathode sales agreement (the “Sales Agreement”) effective January 1, 2013, with Red Kite Master Fund Limited (“Red Kite”) for 100% of the copper cathode production from the Johnson Camp Mine, given the expiry of the long term copper cathode sales agreement between the parties that was in place from February 1, 2008 through December 31, 2012. The Sales Agreement runs through March 31, 2013 with renewable extensions by mutual agreement of both parties. Pursuant to the Sales Agreement, Red Kite will accept delivery of the cathodes at the Johnson Camp Mine, and pricing will be based on the COMEX price for high-grade copper on the date of sale.

On March 20, 2013, the Company entered into an amending agreement with Red Kite with respect to the above-referenced Sales Agreement, which extended the term of such agreement from March 31, 2013 until June 30, 2013. As per the original terms of the Sales Agreement, the Sales Agreement may be renewed by mutual agreement of both parties.