5. COMMON STOCK AND WARRANTS

12 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

5.     COMMON STOCK AND WARRANTS

a) Common Stock:

In July 2012, the Company sold 1,325,000 common shares at $0.10 for gross proceeds of $132,500 ($109,425 net of $23,075 in offering costs).

In July 2012, the Company issued 300,000 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 $30,000 as mineral interests.

In February 2013, the Company issued 50,000 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 $5,000 as mineral interests.

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 interests.

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 interests.

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

In March 2014, the Company sold 1,333,333 common shares and warrants at $0.15 per unit for proceeds of $200,000 (see note 4).

During the twelve months ended June 30, 2014, the Company sold 3,100,000 common shares and warrants at $0.10 per unit for gross proceeds of $310,000 ($261,060 net of $48,940 in offering costs).  155,000 broker's warrants were issued at the same terms as the private placement.

In June 2014, the Company issued 50,000 common shares for services at a fair value, based on the quoted market price, of $0.15 per share.

b)Warrants

	Warrants to Purchase Common Shares		Weighted Average Exercise Price*
Outstanding at June 30, 2012		800,000	$	0.25
Issued		662,500		0.25
Exercised		-		-
Expired		-		-
Outstanding at June 30, 2013		1,462,500	$	0.25
Issued March 2014		666,667		0.30
Issued June 2014		1,627,500		0.25
Exercised		-		-
Expired		-		-
Outstanding at June 30, 2014		3,756,667	$	0.26

The warrants that are issued and outstanding as at June 30, 2014 are as follows:

Warrants to Purchase Common Shares	Exercise Price*	Expiration Date
1,462,500	$ 0.25	March 1, 2015
666,667	0.30	March 4, 2017
1,627,500	0.25	November 1, 2016

*For the warrants outstanding as of June 30, 2013 and the warrants issued in June 2014, two warrants plus $0.25 will allow the holder to acquire one share of common stock.  For the warrants issued in March 2014, two warrants plus $0.30 will allow the holder to acquire one share of common stock.