6. COMMON STOCK AND WARRANTS

9 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6.COMMON STOCK AND WARRANTS

a) Common Stock:

FY 2014 Activity

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 compensation 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 compensation 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 compensation at a fair value, based on the quoted market price of common shares, of $0.15 per share.

FY 2015 Activity

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 compensation 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 compensation at a fair value, based on the quoted market price of common shares, of $0.16 per share.

In December 2014, the Company approved the award of 135,000 common shares for compensation at a fair value, based on the quoted market price of common shares, of $0.15 per share.

In January 2015, the Company approved the award of 13,605 common shares for compensation at a fair value, based on the quoted market price of common shares, of $0.147 per share.  The expense was recorded as common stock payable.

In March 2015, the Company approved the award of 44,445 and 9,000 common shares for compensation at a fair value, based on the quoted market price of common shares, of $0.135 and $0.11 per share, respectively.  The expense was recorded as common stock payable.

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, 2014 through March 31, 2015		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	September 1, 2016*
	666,667		0.30	March 4, 2017
	1,627,500		0.25	November 1, 2016

*These warrants were set to expire on March 1, 2015.  In January 2015, the Company extended the expiration date of these warrants an additional 18 months, to September 1, 2016.