DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2012

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

NOTE 3 – DISCONTINUED OPERATIONS

The Company permanently discontinued its contract mining operations at the Atlas Mine near Mullan, Idaho as of December 31, 2008. The Company identified assets attributed to the discontinued operation that were being held for sale in the amount of $445,180 as of June 30, 2012 and December 31, 2011. During the third quarter of 2012, after unsuccessfully marketing the mine for sale, the Company reclassified this asset from held for sale to land and mining property as the Company is exploring various strategic options to further monetize the value of the land and any associated mineral resources. Upon transfer, the carrying value of the mine was tested for impairment, noting fair value exceeded the carrying value and therefore no impairment was necessary. For the years ended December 31, 2012 and 2011, the Company recorded property taxes related to the mine of $5,830 and $5,202, respectively included in other expenses.

Income (loss) from discontinued contract mining operations for the years ended December 31, 2011 and 2010 was calculated as follows:

	2011			2010
General and administrative expenses	$	(910	)	$	(12,962	)
Payment of prior year income taxes					(550	)
Collection of previously recorded bad debt					234,524
Gain on settlement of debts					27,192
Gain (loss) on disposal of assets					2,500
Loss on impairment of assets		(4,862	)		(126,876	)
Income (loss) from discontinued operations	$	(5,772	)	$	123,828

During the year ended December 31, 2011 the mining and timber property located in northern Idaho was impaired by $4,862. For the year ended December 31, 2010, an impairment of the remainder of equipment held for sale in the amount of $126,876 was recorded.