6. MINERAL PROPERTY COMMITMENTS - RELATED PARTY

3 Months Ended

Sep. 30, 2014

Mineral Industries Disclosures Related Pary [Abstract]

Mineral Industries Disclosures Related Pary

6.MINERAL PROPERTY COMMITMENTS - RELATED PARTY

For the following properties, the related party is a shareholder (not an officer or director) who exercises voting rights over 9.3% percent of the Company's common stock.  The Company has satisfied its work commitments on all three properties.  Work commitments include, but are not limited to, annual claim fees, exploration, mapping, sampling, and administration costs.

Klondike North Property.  On October 24, 2011, the Company entered into an Exploration and Mining Lease and Option to Purchase Agreement for the Klondike North Property, which consists of 12 unpatented lode-mining claims located on Bureau of Land Management lands in the Klondike Mining District, Esmerelda County, Nevada.  The Company has the right to conduct all customary mineral exploration activities in return for the following commitments:

Advanced Royalty Payments

Date	Payment Amount			Common Shares
Upon execution of Agreement	$	-			500,000
First Anniversary of the Agreement		10,000			-
Second Anniversary of the Agreement		20,000	*		-
Third Anniversary of the Agreement		30,000			-
Fourth Anniversary of the Agreement		40,000			-
Fifth through the tenth Anniversary		50,000			-
Eleventh Anniversary and thereafter		100,000			-

The Company valued the 500,000 shares issued for the above acquisition of mineral rights at $0.02, based on the most recent sale of common shares, and recorded $10,000 as mineral property in the fiscal year ended June 30, 2012.

*The Company, with agreement from the sellers, satisfied its Second Anniversary obligation with 200,000 shares of common stock issued with a fair value of $0.10 per share in the fiscal year ended June 30, 2014.

Work Commitment

Lease Year	Amount
First Lease Year	$	5,000
Second Lease Year		25,000
Third Lease Year		50,000
Fourth Lease Year		75,000
Fifth Lease Year and thereafter		100,000

Divide Property.  On February 21, 2012, the Company entered into an Exploration and Mining Lease and Option to Purchase Agreement for the Divide Property, which consists of 10 unpatented lode-mining claims located on Bureau of Land Management lands in the Divide Mining District, Esmerelda County, Nevada.  The Company has the right to conduct all customary mineral exploration activities in return for the following commitments:

Advanced Royalty Payments

Date	Payment Amount			Common Shares
Upon execution of Agreement	$	-			100,000
First Anniversary of the Agreement		10,000	*		-
Second Anniversary of the Agreement		20,000			-
Third Anniversary of the Agreement		30,000			-
Fourth Anniversary of the Agreement		40,000			-
Fifth Anniversary and thereafter		50,000			-

The Company valued the 100,000 shares issued for the above acquisition of mineral rights at $0.02, based on the most recent sale of common shares, and recorded $2,000 as mineral property in the fiscal year ended June 30, 2012.

*The Company, with agreement from the sellers, satisfied its First Anniversary obligation with a $5,000 payment in cash and 50,000 shares of common stock issued with a fair value of $0.10 per share in the fiscal year ended June 30, 2013.

Work Commitment

Lease Year	Amount
First Lease Year	$	5,000
Second Lease Year		25,000
Third Lease Year		50,000
Fourth Lease Year		75,000
Fifth Lease Year and thereafter		100,000

Eagleville Property.  On July 27, 2012, the Company entered into an Exploration and Mining Lease and Option to Purchase Agreement for the Eagleville Property, which consists of 58 unpatented lode-mining claims located on Bureau of Land Management lands in the Eagleville Mining District, Mineral County, Nevada.  The Company has the right to conduct all customary mineral exploration activities in return for the following commitments:

Advanced Royalty Payments

Date	Payment Amount			Common Shares
Upon execution of Agreement	$	6,000			300,000
On or prior to the 1st Anniversary of the Agreement		15,000	*		150,000
On or prior to the 2nd Anniversary of the Agreement		20,000	**		150,000
On or prior to the 3rd Anniversary of the Agreement		30,000			-
On or prior to the 4th Anniversary of the Agreement		40,000			-
On or prior to the 5th through the 10th Anniversary		50,000			-
On or prior to the 11th Anniversary and thereafter		100,000			-

The Company valued the 300,000 shares issued for the above acquisition of mineral rights at $0.10, based on the most recent sale of common shares, and recorded $30,000 as mineral property in the fiscal year ended June 30, 2013.

*The Company, with agreement from the sellers, satisfied its First Anniversary obligation with a $5,000 payment in cash and 100,000 shares of common stock issued with a fair value of $0.10 per share in the fiscal year ended June 30, 2014.

**The Company, with agreement from the sellers, satisfied its Second Anniversary obligation with an additional 150,000 shares of common stock issued with a fair value of $0.12 per share in the fiscal year ended June 30, 2015 in lieu of the cash requirement.

Work Commitment

Lease Year	Amount
First Lease Year	$	5,000
Second Lease Year		10,000
Third Lease Year		25,000
Fourth Lease Year		50,000
Fifth Lease Year and thereafter		100,000