Quarterly report pursuant to Section 13 or 15(d)

Interim Statements of Cash Flows

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Interim Statements of Cash Flows (USD $)
 9 Months Ended 90 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Aug. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss for the period $ (951,270) $ (697,811) $ (18,227,478)
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) 288,453 0 5,844,859
Recovery of accounts payable (215,143) 0 (215,143)
Loss on cancellation of common stock 0 0 34,400
Amortization of plant and equipment 11,827 8,089 52,186
Amortization of debt discount 19,256 11,419 38,054
Amortization of deferred financing cost 10,916 15,478 35,160
Changes in non-cash working capital:      
Prepaid expenses and other receivables 98,392 (60,346) (9,312)
Accounts payable and accrued liabilities* (144,217) (293,086) 389,618
NET CASH USED IN OPERATING ACTIVITIES (881,786) (1,016,257) (11,473,156)
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of Plant and Equipment (147,219) 0 (205,992)
NET CASH USED IN INVESTING ACTIVITIES (147,219) 0 (205,992)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net proceeds from issuance of common shares 400,000 160,000 10,219,150
Proceeds from convertible debentures* 910,000 678,328 1,788,328
Cancellation of common stock 0 0 (50,000)
Exercise of stock options 0 0 117,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,310,000 838,328 12,074,978
NET INCREASE (DECREASE) IN CASH FOR THE PERIOD 280,995 (177,929) 395,830
Cash, beginning of period 114,835 247,328 0
CASH, END OF PERIOD 395,830 69,399 395,830
SUPPLEMENTAL INFORMATION:      
INCOME TAXES PAID 0 0 0
INTEREST PAID $ 0 $ 0 $ 0