Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 6 Months Ended 87 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss for the period $ (600,640) $ (492,631) $ (17,876,848)
Items not requiring an outlay of cash:      
Issue of shares for services 0 0 584,500
Stock based compensation for options and warrants (included in general and administration expenses) 213,440 0 5,769,846
Recovery of accounts payable (215,143) 0 (215,143)
Loss on cancellation of common stock 0 0 34,400
Amortization of plant and equipment 4,686 5,393 45,045
Amortization of debt discount 15,451 4,441 34,249
Amortization of deferred financing cost 10,916 6,647 35,160
Changes in non-cash working capital:      
Prepaid expenses and other receivables (30,760) 4,399 (138,464)
Accounts payable and accrued liabilities* (205,646) (65,889) 328,189
NET CASH USED IN OPERATING ACTIVITIES (807,696) (537,640) (11,399,066)
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of Plant and Equipment (5,079) 0 (63,852)
NET CASH USED IN INVESTING ACTIVITIES (5,079) 0 (63,852)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net proceeds from issuance of common shares 0 160,000 9,819,150
Proceeds from convertible debentures 880,000 196,500 1,758,328
Cancellation of common stock 0 0 (50,000)
Exercise of stock options 0 0 117,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 880,000 356,500 11,644,978
NET INCREASE (DECREASE) IN CASH FOR THE PERIOD 67,225 (181,140) 182,060
Cash, beginning of period 114,835 247,328 0
CASH, END OF PERIOD 182,060 66,188 182,060
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:      
INCOME TAXES PAID 0 0 0
INTEREST PAID $ 0 $ 0 $ 0