Annual report pursuant to Section 13 and 15(d)

CASH FLOWS FROM OPERATING ACTIVITIES

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CASH FLOWS FROM OPERATING ACTIVITIES (USD $)
 12 Months Ended 81 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss for the period $ (901,558) $ (2,320,962) $ (17,276,208)
Items not requiring an outlay of cash:      
Issue of shares for services 0 430,500 584,500
Stock based compensation for options and warrants (included in general and administration expenses) 0 289,670 5,556,406
Loss on cancellation of common stock 0 0 34,400
Amortization of plant and equipment 10,786 8,976 40,359
Amortization of debt discount 18,798 0 18,798
Amortization of deferred financing cost 24,244 0 24,244
Changes in non-cash working capital:      
Prepaid expenses and other receivables (69,285) (7,247) (107,704)
Accounts payable and accrued liabilities* (253,806) [1] 95,912 [1] 533,835 [1]
NET CASH USED IN OPERATING ACTIVITIES (1,170,821) (1,503,151) (10,591,370)
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of Plant and Equipment 0 (8,252) (58,773)
NET CASH USED IN INVESTING ACTIVITIES 0 (8,252) (58,773)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net Proceeds from issuance of common shares 160,000 1,692,500 9,819,150
Proceeds from convertible debentures 878,328 0 878,328
Cancellation of common stock 0 0 (50,000)
Exercise of stock options 0 10,800 117,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,038,328 1,703,300 10,764,978
NET INCREASE (DECREASE) IN CASH FOR THE YEAR (132,493) 191,897 114,835
Cash, beginning of Year 247,328 55,431 0
CASH, END OF YEAR 114,835 247,328 114,835
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:      
INCOME TAXES PAID 0 0 0
INTEREST PAID $ 0 $ 0 $ 0
[1] * Excludes the credit of $35,160 to accrued liability resulting from deferred financing (a non cash item)