| STOCK PURCHASE WARRANTS [Text Block] |
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7.
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STOCK PURCHASE WARRANTS
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Year ended November 30, 2011
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The Company did not issue any stock purchase warrants during the year ended November 30, 2011.
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Year ended November 30, 2010
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On October 1, 2010, the Board cancelled 725,000 options issued to a director having an exercise price of $0.25 per share and expiring on various dates ranging from October 29, 2011 to January 4, 2015 and issued warrants to acquire 397,000 common shares exercisable at $0.20 per share with an expiry term of five years and 500,000 common shares in lieu thereof (see Note 6).
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On October 1, 2010, the Board cancelled 400,000 options issued to a director having an exercise price of $0.25 per share and expiring on various dates ranging from October 29, 2011 to June 30, 2014 and issued warrants to acquire 50,000 common shares exercisable at $0.20 per share with an expiry term of five years and 50,000 common shares in lieu thereof (see Note 6).
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On October 1, 2010, the Board cancelled 175,000 options issued to an officer having an exercise price of $0.25 per share and expiring on June 30, 2014 and issued warrants to acquire 175,000 common shares exercisable at $0.20 per share with an expiry term of five years (see Note 6).
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On October 1, 2010, the Board cancelled 300,000 options each for a total of 600,000 options issued to two consultants having an exercise price of $0.25 per share and expiring on June 30, 2014 and issued warrants to each to acquire 300,000 common shares exercisable at $0.20 per share for a total of 600,000 warrants with an expiry term of five years (see Note 6).
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Number of
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Warrants
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Exercise
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Expiry
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Granted
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Prices
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Date
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$
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Outstanding at November 30, 2008 and average exercise price
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423,950
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1.08
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Granted in year 2009
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788,000
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0.50
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6/15/2010
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Exercised
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-
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-
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Forfeited/Expired
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(106,950
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(2.81
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Cancelled
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-
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-
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Outstanding at November 30, 2009 and average exercise price
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1,105,000
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0.50
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Granted in year 2010
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1,222,000
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0.20
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10/1/2015
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Exercised
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-
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-
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Forfeited/Expired
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(1,038,000
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(0.50
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Cancelled
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-
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-
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Outstanding at November 30, 2010 and average exercise price
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1,289,000
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0.22
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Granted in year 2011
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-
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-
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Exercised
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-
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-
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Forfeited/Expired
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-
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-
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Cancelled
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-
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-
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Outstanding at November 30, 2011 and average exercise price
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1,289,000
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0.22
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Exercisable at November 30, 2011
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1,289,000
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0.22
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Exercisable at November 30, 2010
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1,289,000
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0.22
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The weighted average remaining contractual term of the total outstanding, and the total exercisable warrants were as follows:
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2011
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2010
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(Years)
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(Years)
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Total outstanding warrants
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3.9
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4.9
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Total exercisable warrants
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3.9
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4.9
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