Note 7 - Mine Operating Agreement	12 Months Ended
Dec. 31, 2015
Notes to Financial Statements
Mine Operating Agreement [Text Block]	NOTE 7 - MINE OPERATING AGREEMENT During August 2010, LKA entered into a Mine Operating Agreement (Operating Agreement) with Coal Creek Construction (Coal Creek). The Operating Agreement calls for Coal Creek to provide mine operating services, including mining and underground construction, blasting, c r ushing , bagging, hauling, loading and transporting of gold enriched vein material and associated waste material to locations specified by LKA in the vicinity of the property, maintenance of roads to the Property and working areas for the mining of the Property . Per the Operating Agreement, Coal Creek is to pay all Mine Operator Services Expenses and is entitled to reimbursement for such expenses from LKA provided LKA has received sufficient monies from gold sales. LKA is responsible for payment of costs associated with vehicles it provides for the Project (including insurance and maintenance) property and production taxes, mining claim assessments or fees, personnel and consultants hired by LKA, claim and permit filings, and reclamation bonds. LKA shall also pay all liabilities associated with the Property which were incurred prior to the date of the Operating Agreement . In exchange for providing Mine Operator Services , Coal Creek is entitled to a payment equal to twenty percent of the project's net profits, or Net Smelter Receipts less deductions for Mine Operator Services, Royalties and Project-related Expenses, provided that Coal Creek has performed its service obligations and is current with its financial obligations and all other terms of its agreement with LKA . During and as of the years ended December 31, 2015 and 2014, LKA paid Coal Creek $431,822 and $725,602 for Mine Operator Services and accrued an additional $9,770 and $122,742 in remaining reimbursable expense related to gold shipments, respectively.

NOTE 7 - MINE OPERATING AGREEMENT

During August 2010, LKA entered into a Mine Operating Agreement (Operating Agreement) with Coal Creek Construction (Coal Creek). The Operating Agreement calls for Coal Creek to provide mine operating services, including mining and underground construction, blasting, c

ushing

bagging, hauling, loading and transporting of gold enriched vein material and associated waste material to locations specified by LKA in the vicinity of the property, maintenance of roads to the Property and working areas for the mining of the Property

Per the Operating Agreement, Coal Creek is to pay all Mine Operator Services Expenses

and is entitled to reimbursement for such expenses from LKA

provided LKA has received sufficient monies from gold sales. LKA is responsible for payment of costs associated with vehicles it provides for the Project (including insurance and maintenance) property and production taxes, mining claim assessments or fees, personnel and consultants hired by LKA, claim and permit filings, and reclamation bonds. LKA shall also pay all liabilities associated with the Property which were incurred prior to the date of the Operating Agreement

In exchange for providing Mine Operator Services

Coal Creek is entitled to a payment equal to twenty percent of the project's net profits, or Net Smelter Receipts less deductions for Mine Operator Services, Royalties and Project-related Expenses, provided that Coal Creek has performed its service obligations and is current with its financial obligations and all other terms of its agreement with LKA

. During and as of the years ended December 31, 2015 and 2014, LKA paid Coal Creek $431,822 and $725,602 for Mine Operator Services and accrued an additional $9,770 and $122,742 in remaining reimbursable expense related to gold shipments, respectively.