6. COMMON STOCK AND WARRANTS

6 Months Ended

Dec. 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 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 October 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 $0.17 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 5).

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 common shares, of $0.15 per share.

In July 2014, the Company issued 300,000 common shares pursuant to a mining lease agreement at a fair value, based on the quoted market price of common shares, of $0.12 per share.

In November 2014, the Company issued 11,350 common shares for services at a fair value, based on the quoted market price of common shares, of $0.15 per share.

In November 2014, the Company approved the award of 50,000 common shares for services at a fair value, based on

the quoted market price of common shares, of $0.16 per share.  The expense was recorded as common stock payable, and the shares were issued in January, 2015.

In December 2014, the Company approved the award of 135,000 common shares for services at a fair value, based on the quoted market price of common shares, of $0.15 per share.  The expense was recorded as common stock payable, and the shares were issued in January, 2015.

b)    Warrants

	Warrants to Purchase Common Shares		Weighted Average Exercise Price*
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, and December 31, 2014		3,756,667	$	0.26

The warrants that are issued and outstanding as at December 31, 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.