DEFERRED REVENUE	9 Months Ended
Sep. 30, 2013
DEFERRED REVENUE [Text Block]	8. 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, 2013, the Company recognized $3,916 and $15,932 respectively, in revenue and recorded $23,943 and $102,350, 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, 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. As of September 30, 2013 and December 31, 2012, the total amount owed by the Company under the terms of the royalty agreement was $1,452,532 and $1,350,182, 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 $462,241 and $247,042 of interest as of September 30, 2013 and December 31, 2012, respectively, which is included within accrued interest on the condensed consolidated balance sheets. On October 18, 2012, the Company received $180,000 as an advance royalty payment from Texas Canyon, the producer of decorative rock and aggregate from the Company’s waste rock, in exchange for $204,000 of future royalties. On July 26, 2013 the Company received $200,000 as an advance royalty payment from Texas Canyon, the producer of decorative rock and aggregate from the Company’s waste rock, in exchange for future royalties on 173,913.04 tons of material, in consideration of a $0.35 per ton discount. The deferred revenue is being amortized to miscellaneous income as Texas Canyon sells the aggregate to a third party. During the three and nine month periods ended September 30, 2013, the Company recognized $61,697 and $195,805, respectively, in miscellaneous income. Total deferred revenue for both contracts is $4,799,298 and $4,661,371 as of September 30, 2013 and December 31, 2012, respectively. Deferred revenue of $17,878 is expected to be amortized to revenue over the next twelve months.

DEFERRED REVENUE

9 Months Ended

Sep. 30, 2013

8. 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, 2013, the Company recognized $3,916 and $15,932 respectively, in revenue and recorded $23,943 and $102,350, 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, 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.

As of September 30, 2013 and December 31, 2012, the total amount owed by the Company under the terms of the royalty agreement was $1,452,532 and $1,350,182, 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 $462,241 and $247,042 of interest as of September 30, 2013 and December 31, 2012, respectively, which is included within accrued interest on the condensed consolidated balance sheets.

On October 18, 2012, the Company received $180,000 as an advance royalty payment from Texas Canyon, the producer of decorative rock and aggregate from the Company’s waste rock, in exchange for $204,000 of future royalties. On July 26, 2013 the Company received $200,000 as an advance royalty payment from Texas Canyon, the producer of decorative rock and aggregate from the Company’s waste rock, in exchange for future royalties on 173,913.04 tons of material, in consideration of a $0.35 per ton discount. The deferred revenue is being amortized to miscellaneous income as Texas Canyon sells the aggregate to a third party. During the three and nine month periods ended September 30, 2013, the Company recognized $61,697 and $195,805, respectively, in miscellaneous income.

Total deferred revenue for both contracts is $4,799,298 and $4,661,371 as of September 30, 2013 and December 31, 2012, respectively. Deferred revenue of $17,878 is expected to be amortized to revenue over the next twelve months.