6. STOCKHOLDERS' EQUITY, COMMON STOCK AND WARRANTS

9 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6.   COMMON STOCK AND WARRANTS

a) Common Stock:

In July 2013, the Company issued 100,000 common shares pursuant to a mining lease agreement at a fair value, based on the most recent sale of common shares, of $0.10 per share. The Company accounted for $10,000 as mineral properties.

In October 2013, the Company issued 200,000 common shares for services at a fair value, based on the most recent sale of common shares, of $0.10 per share.

In November 2013, the Company issued 200,000 common shares pursuant to a mining lease agreement at a fair value, based on the most recent sale of common shares, of $0.10 per share.  The Company accounted for $20,000 as mineral properties.

During the nine months ended March 31, 2014, the Company sold 2,040,000 common shares at $0.10 per share for proceeds of $204,000.

In March 2014, the Company issued 300,000 common shares for services at a fair value, based on the most recent sale of common shares, of $0.10 per share.

In March 2014, the Company sold 1,333,333 common shares at $0.15 per share for proceeds of $200,000 (see note 5).

b)Warrants

	Number of Warrants		Equivalent Common Shares		Weighted Average Exercise Price*
Outstanding at June 30, 2012		1,600,000		800,000	$	0.25
Issued		1,325,000		662,500		0.25
Exercised		-		-		-
Expired		-		-		-
Outstanding at June 30, 2013		2,925,000		1,462,500	$	0.25
Issued		666,667		666,667		0.30
Exercised		-		-		-
Expired		-		-		-
Outstanding at March 31, 2014		3,591,667		2,129,167	$	0.26

The warrants that are issued and outstanding as at March 31, 2014 are as follows:

Equivalent Common Shares	Exercise Price*	Expiration Date
1,462,500	$ 0.25	March 1, 2015
666,667	0.30	March 4, 2017

*For the warrants outstanding as of June 30, 2013, two warrants plus $0.25 will allow the holder to acquire one share of common stock.  For the warrants issued after June 30, 2013, one warrant plus $0.30 will allow the holder to acquire one share of common stock.