Note 5 - Notes Payable

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

- NOTES PAYABLE

Notes payable at

March

31,

2017

and

December

31,

2016

consist of the following:

	March 31, 2017			December 31, 2016

Note payable for equipment, payable $1,339 monthly, including interest (a)	$	24,365		$	28,033
Note payable for mine site vehicle, payable $628 monthly (b)		3,770			5,655
Note payable to an insurance company, payable $6,460 monthly, including interest (c)		31,967			51,679
Note payable to an insurance company, payable $16,297 monthly, including interest (d)		97,042			161,855

		157,144			247,222
Less: Current Portion		(147,934	)		(234,149	)

Notes Payable, Long-Term Portion	$	9,210		$	13,073

(a)

October

31,

2014,

the Company purchased mining equipment for

$65,120

by paying a deposit and issuing a note in the amount of

$57,900

with an interest rate of

5.2%.

The note is collateralized by the mining equipment with payments of

$1,339

for

months, which started on

November

30,

2014.

(b)

September

20,

2012,

the Company purchased a vehicle for the mine site for

$37,701

by issuing a non-interest bearing note. The note is collateralized by the vehicle with payments of

$628

for

months, which started on

October

20,

2012.

(c)

The Company signed a note payable with an insurance company dated

October

17,

2016

for liability insurance, due in monthly installments, including interest at

4.15%.

(d)

The Company signed a note payable with an insurance company dated

October

17,

2016

for liability insurance, due in monthly installments, including interest at

2.60%.

The following is a schedule of the principal maturities on these notes as of

March

31,

2017:

April 2017 - March 2018	$	147,934
April 2019 - March 2019		9,210

Total Notes Payable	$	157,144

During the

three

months ended

March

31,

2017

and

2016,

the Company's interest payments totaled

$1,527

and

$1,296,

respectively.