Annual reports filed by certain Canadian issuers pursuant to Section 15(d) and Rule 15d-4

Income taxes (Tables)

v2.4.0.6
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of income taxes at the statutory Canadian income tax rate to net income taxes included in the accompanying statements of operations is as follows:

 

    Year     Year     Year  
    ended     ended     ended  
    December 31,     December 31,     December 31,  
    2012     2011     2010  
    $     $     $  
                   
Loss before income taxes             (16,256,876 )     (16,418,088 )
                         
Statutory rate             28.3 %     31.0 %
Expected recovery of income tax             (4,592,567 )     (5,089,607 )
Effect of foreign tax rate differences             (1,282,168 )     (885,716 )
Non-deductable amounts             145,000       531,119  
Effect of changes in future tax rates             84,690       124,105  
Effect of change in foreign exchange rates             (473,752 )     973,249  
Effect of other differences             161,145       -  
Effect of tax return true-up items             (75,181 )     -  
Change in valuation allowance             6,032,833       4,346,850  
                         
Recovery of future income taxes     -       -       -  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of the Company’s deferred tax assets and liabilities are as follows:
 
    Year     Year     Year  
    ended     ended     ended  
    December 31,     December 31,     December 31,  
    2012     2011     2010  
    $     $     $  
                   
Future income tax assets                        
Tax benefit of capitalized mineral property costs             13,068,000       11,978,000  
Net operating loss carry forwards             21,630,000       16,688,000  
Less: valuation allowance     -       (34,698,000 )     (28,666,000 )
                         
      -       -       -  
                         
Future income tax liabilities                        
Asset basis differences     -       -          
                         
Net deferred tax asset (future income tax liability)     -       -       -