5. CENTRAL NEVADA EXPLORATION PROGRAM and EARN-IN AGREEMENT

12 Months Ended

Jun. 30, 2015

Disclosure Text Block [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

5. CENTRAL NEVADA EXPLORATION PROGRAM and EARN-IN AGREEMENT

In the first calendar quarter of 2014, the Company completed a private placement and signed a letter of intent to enter into an exploration program agreement with Coeur Mining Inc. ("Coeur").  Coeur purchased 1,333,333 units at $0.15 per unit, for a total of $200,000.  Each unit consists of one common share and one warrant.  Two warrants plus $0.30 allow Coeur to purchase one common share.  The warrants expire in March 2017.  At June 30, 2015, Coeur owned 9.92% of the Company's shares.

On October 2, 2014, the Company signed the definitive Exploration Program Agreement (the "Agreement") with Coeur. The Agreement calls for Coeur to fund a Central Nevada Exploration Program within a specified Area of Interest for a three-year period.  During the Agreement period, Coeur will have the right to select target properties identified and acquired or appropriated by IDAH, and earn a 60% interest in the target properties by meeting certain minimum investment and other requirements, with the option to acquire an additional 20% or 40%, giving Coeur 80% or 100% ownership. Prior to selection of any target properties, Coeur will pay certain consulting and field-related costs associated with the Program, along with a 10% administrative fee to the Company.  The Company recognized exploration service income of $175,752 and $46,255 for the years ended June 30, 2015 and 2014, respectively, for exploration costs and administrative fees.

On October 21, 2014, the Company signed an Earn-In Option Agreement (the "Earn-In") with Coeur for the Klondyke area, Nevada.  Pursuant to the terms of the Earn-In, Coeur may exercise its option to acquire an initial 60% interest in the target properties by spending a minimum of $2 million in exploration and development expenses on the target properties over a 3-year period and completing a NI 43-101 compliant Technical Report. During the Earn-In period, Coeur has the option to acquire the Company's entire interest in the target properties, subject to terms of the Earn-In. Upon completion of the earn-in requirements, the parties will form a limited liability company for purposes of further exploration, development, and mining of the target properties, with Coeur having a 60% membership interest and the Company having a 40% membership interest. Within 60 days following the formation of the limited liability company, Coeur may exercise an option to acquire an additional 20% of the outstanding ownership interest by meeting certain minimum investment and other requirements.  Coeur may then acquire the remaining 20% ownership for a purchase price to be determined by a qualified third-party valuation firm reasonably acceptable to both Coeur and the Company.  As operator, the Company will conduct the exploration, development, and related work at the target properties under budgets approved by Coeur.