Derivative Gains And Losses

12 Months Ended

Dec. 31, 2011

Derivative, Gain (Loss) on Derivative, Net [Abstract]

Derivative Gains And Losses

DERIVATIVE GAINS AND LOSSES

The derivative mark-to-market (gains)/losses recorded in the Consolidated Statements of Operations are comprised of the following amounts:

	For the years ended December 31,
	2011			2010			2009
Riverstone Resources, Inc. - warrants	$	(177	)	$	(216	)	$	(139	)
Gold forward price contracts	19,453			1,066			3,677
Derivative (gain)/loss	$	19,276		$	850		$	3,538
Realized (gain)/loss	19,453			1,066			3,677
Unrealized (gain)/loss	(177		)	(216		)	(139		)
Derivative loss (gain)/loss	$	19,276		$	850		$	3,538

RIVERSTONE RESOURCES INC. - WARRANTS

In the first quarter of 2008, we received 2 million warrants from Riverstone Resources Inc. (“Riverstone”) as partial payment for the right to earn an ownership interest in our exploration projects in Burkina Faso. These warrants were exercisable through January 2012 at Cdn$0.45. In January 2012, the Riverstone warrants were exercised.

GOLD PRICE DERIVATIVES

In January 2011, we entered into a series of put and call contracts covering 76,800 ounces of future gold production between February and December 2011. The contracts were spread evenly in each week over this period and structured as cashless collars with a floor of $1,200 per ounce and a cap of $1,457 per ounce. In early February 2011, we entered into a second set of put and call contracts covering 75,200 ounces of future gold production between February and December 2011. The contracts were spread evenly in each week during this period and structured as cashless collars with a floor of $1,200 per ounce and a cap of $1,503 per ounce. As of December 31, 2011, there were no outstanding contracts.