Note 5 - Assets Held for Sale

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Asset Held for Sale [Text Block]

NOTE

5

– ASSETS HELD FOR SALE

During the

third

quarter of

2015,

the Company reclassified its non-core Atlas Mine properties, located in and around Mullan, Idaho, from property and equipment to assets held for sale as the Company began exploring various strategic options to further monetize the value of the land and any associated mineral resources.

In

December

2015,

the Company put

four

parcels owned in Idaho up for auction. Three of the

four

properties sold but settled in

January

2016

for a gross sales price of

$172,948.

The Company received net process of

$155,187,

net of

$17,761

of selling expenses. On

April

21,

2016,

the Company sold the

fourth

parcel for gross proceeds of

$418,000.

The Company received net process of

$380,000,

net of a

10%

buyer’s premium paid to the auction firm, J.P. King.