Note 4 - Property, Mineral Rights and Equipment

12 Months Ended

Sep. 30, 2013

Notes

Note 4 - Property, Mineral Rights and Equipment:

NOTE 4 – PROPERTY, MINERAL RIGHTS AND EQUIPMENT:

The following is a summary of property, mineral rights and equipment and accumulated depreciation at September 30, 2013 and 2012:

	Expected Useful Lives (years)		2013		2012
Mineral rights – South Eureka	-	$	13,329,842	$	13,241,342
Mineral rights – Other	-		626,000		285,000
Equipment and vehicles	2-5		185,692		185,692
Office equipment and furniture	3-7		70,150		70,150
Land	-		51,477		51,477
Total property, mineral rights and equipment			14,263,161		13,833,661
Less accumulated depreciation			(225,377)		(197,588)
Property, mineral rights and equipment, net		$	14,037,784	$	13,636,073

Equipment and vehicles, expected useful lives in years	2-5
Office equipment and furniture, expected useful lives in years	3-7

Depreciation expense from continuing operations for the years ended September 30, 2013 and 2012 was $27,789 and $51,019, respectively.