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COMMITMENTS
3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments Disclosure [Text Block]
9.
COMMITMENTS
 
The following table discloses, as of March 31, 2016, the Company’s contractual obligations including anticipated mineral property payments and work commitments. Under the terms of the Company’s mineral property purchase agreements, mineral leases and the terms of the unpatented mineral claims held by it, the Company is required to make certain scheduled acquisition payments, incur certain levels of expenditures, make lease or advance royalty payments, make payments to government authorities and incur assessment work expenditures as summarized in the table below in order to maintain and preserve the Company’s interests in the related mineral properties. If the Company is unable or unwilling to make any such payments or incur any such expenditure, it is likely that the Company would lose or forfeit its rights to acquire or hold the related mineral properties. 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 in Calendar Year
 
 
 
2016
 
2017
 
2018
 
2019
 
2020
 
2021 and 
beyond
 
Total
 
Livengood Property Purchase(1)
 
$
-
 
$
14,600,000
 
$
-
 
$
-
 
$
-
 
$
-
 
$
14,600,000
 
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
 
$
15,136,295
 
$
541,348
 
$
546,477
 
$
556,682
 
$
561,966
 
$
17,839,085
 
 
1.
The amount payable on January 12, 2017 of $14,600,000 represents the fair value of the Company’s derivative liability as at March 31, 2016 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 level of work that 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.