3. South Mountain Project LLC	3 Months Ended
Mar. 31, 2015
Notes
3. South Mountain Project LLC	3. South Mountain Project LLC On November 8, 2012, the Company and Idaho State Gold Company, LLC (“ISGC”) formed the Owyhee Gold Trust, LLC, (“OGT”) a limited liability company. The Company’s contribution for its membership units was its South Mountain Mine property and related mining claims located in southwestern Idaho in Owyhee County which was valued at $479,477 at the date of contribution. As its initial contribution to OGT, ISGC was to fund operations totaling $18 million; or $8 million if the Company exercises its option to participate pro-rata after ISGC expends $8 million. Upon payment of $1 million, and a work commitment of $2 million in pre-determined qualifying expenditures not later than March 31, 2015, ISGC will receive 2,000 units representing a vested 25% ownership. As of March 31, 2015, the Company has not issued any ownership units. At March 31, 2015, the company is managing the joint venture and the project is on a care and maintenance status.

The entire disclosure for investments accounted for under the cost-method. The carrying amount of such investments may be adjusted, for example, distributions in excess of cost (return of capital) or for other-than-temporary impairments. The cost method and lower-of-cost or market, an adaptation of the cost method, is generally followed for most investments in noncontrolled corporations, in some corporate joint ventures, and to a lesser extent in unconsolidated subsidiaries in which the entity does not have the ability to exercise significant influence.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 325

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6872867&loc=d3e40691-111596

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