2.4.0.8000090 - Disclosure - Note 4 - Mineral Propertytruefalsefalse1false falsefalseD120701_130630http://www.sec.gov/CIK0001407583duration2012-07-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes2false 2us-gaap_MineralIndustriesDisclosuresTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Note 4 - Mineral Property   Pursuant to a mineral property purchase agreement dated May 24, 2007, the Company acquired a 100% undivided right, title and interest in a mineral claim, located in Section 8 of T35N, R36E Mount Diablo Base Meridian in Elko County, within the state of Nevada for a cash payment of $10,000. The Company must annually renew the lease on the land with the state for $1,800 and has not renewed the lease as of fiscal year end, June 30, 2010. The lease has expired.   Since the Company had not established the commercial feasibility of the mineral claim, the acquisition costs had been capitalized. The Company has not depleted the mineral claims as no proven reserves have been found. The Company was not able to keep the mineral claim in good standing due to lack of funding. The Company allowed the mineral claim to lapse at the end of June 2009. At June 30, 2009, the Company determined that there was little, or no, possibility of the Company generating revenues related to the mining interests. This, coupled with the lapse of the mineral claims lease, was determined to be an impairment of the asset. As such, the Companys management determined to fully impair the mining interests, which was a charged to the Companys statements of operations in the amount of $11,800.   On March 29, 2010, the Company entered into an Exploration Earn-In Agreement (the Agreement) with AuEx Ventures, Inc., a Nevada corporation. The Agreement relates to the Trinity Silver property (the Property) located in Pershing County, Nevada, which consists of a total of approximately 10,020 acres, including 5,700 acres of fee land and 240 unpatented mining claims.   Under the Agreement, the Company may earn-in a 70% undivided interest in the Property during a 6-year period in consideration of (1) a signing payment of $25,000, which has been made and has been capitalized, (2) an expenditure of a cumulative total of $5,000,000 in exploration and development expenses on the Property by March 29, 2016, and (3) completion of a bankable feasibility study on the Property on or before the 7th anniversary date of the Agreement.  Item (1) has been completed by the Company, and the Company has satisfied item (2), and has reported its compliance as of March 29, 2013, which was the end of the third year from the inception of the Earn-in Agreement.   On October 15, 2012, the Company entered into and closed a Purchase Agreement (the Purchase Agreement) with Primus Resources, L.C. and James A. Freeman (collectively Seller) to acquire unpatented mining claims, Nevada BLM Serial No. 799907, 799908, 799909, 799910, and 799911 covering approximately 100 acres of property located adjacent to the former Trinity Silver mine on the Companys Trinity Project (the Hi Ho Properties). The Hi Ho Properties were previously the only acreage not controlled by the Company or its joint venture partner Renaissance Exploration Inc. in the Trinity Project. Under the terms of the Purchase Agreement, the Company provided cash consideration of US $250,000 and issued 2,583,333 restricted shares of common stock of the Company to Seller. In addition the Seller was granted a 2% net smelter royalty on future production from the Hi Ho Properties pursuant to the terms of a Deed With Reservation of Royalty Hi Ho Silver Claims.   In conjunction with the entry into the Purchase Agreement, the Company entered into a Registration Rights Agreement (the Registration Rights Agreement) with Seller, pursuant to which the Company agreed to file a registration statement on Form S-1 with the United States Securities and Exchange Commission, within thirty (30) days of the closing, which registers the common stock issued to the Seller pursuant to the Purchase Agreement. Pursuant to the Registration Rights Agreement the Company was obliged to pay Seller additional consideration as follows:   <ul type="disc" style='margin-top:0in'> <li style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify;text-autospace:ideograph-numeric ideograph-other'>if this registration statement was declared effective by the United States Securities Exchange Commission by March 1, 2013, Liberty Silver would issue an additional 277,778 Liberty Silver common shares to Primus, thereby increasing the total aggregate number of shares issued to 2,861,111 shares; or</li> </ul>   <ul type="disc" style='margin-top:0in'> <li style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify;text-autospace:ideograph-numeric ideograph-other'>if this registration statement was not declared effective by the United States Securities Exchange Commission (SEC) by March 1, 2013, Liberty Silver would pay Primus US $200,000. As well, if the five-day weighted average trading price of Liberty Silvers common shares on the Toronto Stock Exchange as of March 1, 2013 (the Market Price) exceeded US $0.72 per share, Liberty Silver would have issued an additional number of Liberty Silver common shares to Primus equal to (a) 277,778 less (b) US $200,000 divided by the Market Price.</li> </ul>   On March 1, 2013, the SEC declared the Companys registration statement, filed on Form S-1, effective and as such, the Company issued an additional 277,778 Liberty Silver common shares to Primus, pursuant to the Registration Rights Agreement.     The Trinity Project consists of a total of approximately 10,020 acres, including 5,676 acres of fee land and 253 unpatented mining claims.   The Company has completed some financing transactions, and continues to pursue additional financing opportunities in order to obtain the capital needed to fulfill its obligations under the terms of the Earn-In Agreement. There has been no mining of resources to date.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for mineral industries.No definition available.false0Note 4 - Mineral PropertyfalseNote 4 - Mineral PropertyUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.libertysilvercorp.com/20130630/role/idr_DisclosureNote4MineralProperty12