DEFERRED REVENUE	9 Months Ended
Sep. 30, 2012
DEFERRED REVENUE [Text Block]	7. DEFERRED REVENUE On March 31, 2009, the Company sold to Royal Gold (formerly known as IRC Nevada Inc.) a 2.5% net smelter royalty on the mineral production sold from the existing mineral rights at Johnson Camp. The net proceeds of the sale in the amount of $4,950,000 were recorded as deferred revenue and are being amortized to revenue over the life of the mine based on a “units of production” method. Amounts payable to Royal Gold, which are being calculated based on the revenue generated from the sale of copper, are expensed in the period incurred. During the three and nine month periods ended September 30, 2012, the Company recognized $7,587 and $23,416, respectively, in revenue and recorded $50,677 and $160,767, respectively, in royalty expense related to this royalty within the condensed consolidated statements of operations. During the three and nine month periods ended September 30, 2011, the Company recognized $11,398 and $36,448, respectively, in revenue and recorded $88,365 and $291,243, respectively, in royalty expense related to this royalty within the condensed consolidated statements of operations. Total deferred revenue is $4,661,645 and $4,685,060 as of September 30, 2012 and December 31, 2011, respectively. Deferred revenue of $24,586 is expected to be amortized to revenue over the next twelve months. As of September 30, 2012 and December 31, 2011, the total amount owed by the Company under the terms of the royalty agreement was $1,307,523 and $1,161,755, respectively, and is included in accounts payable on the condensed consolidated balance sheets. Furthermore, amounts greater than 30 days past due accrue interest at a rate of 12% per annum for which the Company has accrued $325,982 and $225,793 of interest as of September 30, 2012 and December 31, 2011, respectively, which is included within accrued interest on the condensed consolidated balance sheets.

DEFERRED REVENUE

9 Months Ended

Sep. 30, 2012

7. DEFERRED REVENUE

On March 31, 2009, the Company sold to Royal Gold (formerly known as IRC Nevada Inc.) a 2.5% net smelter royalty on the mineral production sold from the existing mineral rights at Johnson Camp. The net proceeds of the sale in the amount of $4,950,000 were recorded as deferred revenue and are being amortized to revenue over the life of the mine based on a “units of production” method. Amounts payable to Royal Gold, which are being calculated based on the revenue generated from the sale of copper, are expensed in the period incurred. During the three and nine month periods ended September 30, 2012, the Company recognized $7,587 and $23,416, respectively, in revenue and recorded $50,677 and $160,767, respectively, in royalty expense related to this royalty within the condensed consolidated statements of operations. During the three and nine month periods ended September 30, 2011, the Company recognized $11,398 and $36,448, respectively, in revenue and recorded $88,365 and $291,243, respectively, in royalty expense related to this royalty within the condensed consolidated statements of operations. Total deferred revenue is $4,661,645 and $4,685,060 as of September 30, 2012 and December 31, 2011, respectively.

Deferred revenue of $24,586 is expected to be amortized to revenue over the next twelve months. As of September 30, 2012 and December 31, 2011, the total amount owed by the Company under the terms of the royalty agreement was $1,307,523 and $1,161,755, respectively, and is included in accounts payable on the condensed consolidated balance sheets. Furthermore, amounts greater than 30 days past due accrue interest at a rate of 12% per annum for which the Company has accrued $325,982 and $225,793 of interest as of September 30, 2012 and December 31, 2011, respectively, which is included within accrued interest on the condensed consolidated balance sheets.

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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