INVESTMENT IN MINERA LI

3 Months Ended

Sep. 30, 2016

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 4. INVESTMENT IN MINERA LI

The Company’s equity investment at September 30, 2016 and June 30, 2016 relates to its 49% investment in Minera Li. The activity of the investment for the three months ended September 30, 2016 and 2015 is as follows:

	September 30, 2016		September 30, 2015
Opening balance - July 1, 2016 and 2015	$	6,779,337	$	7,336,375
Less: Equity in loss of Minera Li		(65,120)		(213,384)
Closing balance – September 30, 2016 and 2015	$	6,714,217	$	7,122,991

Summarized Financial Information of Minera Li

Set out below is the summarized financial information of Minera Li, which is accounted for using the equity method. The information reflects the amounts presented in the financial statements of Minera Li adjusted for differences in accounting policies between the Company and Minera Li. Our share of income and losses from our equity method investment in Minera Li is included in loss from Minera Li equity investment in the consolidated statements of operations.

Summarized Balance Sheets

	September 30, 2016		June 30, 2016
Current assets	$	12,106	$	47,973
Non-current assets		17,383,642		17,383,067
Total assets	$	17,395,748	$	17,431,040

Current liabilities	$	1,967,663	$	1,870,056
Equity		15,428,085		15,560,984
Total liabilities and equity	$	17,395,748	$	17,431,040

Summarized Statements of Operations

	Three months ended		Three months ended
	September 30, 2016		September 30, 2015
Revenue	$	-	$	-
Operating expenses:
Exploration expenses		(42,857)		(357,238)
General & administrative expenses		(90,042)		(78,240)
Total operating expenses		(132,899)		(435,478)
Net loss	$	(132,899)	$	(435,478)