COMMITMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

The following table assumes that the Company retains the rights to all of its current mineral properties, but does not exercise any lease purchase or royalty buyout options:

	Payments Due by Year
	2016		2017		2018		2019		2020		2021 and beyond		Total
Livengood Property Purchase(1)	$	-	$	13,900,000	$	-	$	-	$	-	$	-	$	13,900,000
Mineral Property Leases(2)		381,872		421,850		426,903		432,032		442,237		447,521		2,552,415
Mining Claim Government Fees		114,445		114,445		114,445		114,445		114,445		114,445		686,670
Total	$	496,317	$	14,436,295	$	541,348	$	546,477	$	556,682	$	561,966	$	17,139,085

1. The amount payable in January 2017 of $13,900,000 represents the fair value of the Company’s derivative liability as at December 31, 2015 and will be revalued at each subsequent reporting period. See Note 6.

2. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the work for which will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.