Form 10-Q

0001376474-16-000898.txt : 20161114 0001376474-16-000898.hdr.sgml : 20161111 20161114115331 ACCESSION NUMBER: 0001376474-16-000898 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161114 DATE AS OF CHANGE: 20161114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAGELLAN GOLD Corp CENTRAL INDEX KEY: 0001515317 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 273566922 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54658 FILM NUMBER: 161992410 BUSINESS ADDRESS: STREET 1: 60 SEAL WALK DRIVE P O BOX 114 CITY: THE SEA RANCH STATE: CA ZIP: 95497 BUSINESS PHONE: 707-884-3766 MAIL ADDRESS: STREET 1: 60 SEAL WALK DRIVE P O BOX 114 CITY: THE SEA RANCH STATE: CA ZIP: 95497 10-Q 1 mgc_10q.htm FORM 10-Q Form 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

T QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2016

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 333-174287

MAGELLAN GOLD CORPORATION

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation or organization)

27-3566922

(IRS Employer Identification Number)

2010A Harbison Drive #312, Vacaville, CA

(Address of principal executive offices)

95687

(Zip Code)

Registrant's telephone number, including area code: (707) 884-3766

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes T No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o

Smaller reporting company T

(Do not check if a smaller

reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No T

On November 14, 2016, there were 63,530,548 shares of the registrant’s common stock, $.001 par value, issued and outstanding.

PART I. FINANCIAL INFORMATION


MAGELLAN GOLD CORPORATION
CONSOLIDATED BALANCE SHEETS

				September 30, 2016	December 31, 2015
ASSETS				(unaudited)
Current Assets
	Cash and cash equivalents			$ 4,022	$ 867
	Prepaid expenses			36,500	559
	Deposit receivable with BLM			8,639	-
	Deferred compensation			-	20,833

			Total current assets	49,161	22,259

Mineral rights, net of impairment				323,200	323,200
Deposit - Rio Silver				12,000	-
Deposit with BLM				-	8,639
Prepaid expenses				29,792	-
Investment in Rio Silver equity securities, at cost				59,753	-

Total assets				$ 473,906	$ 354,098

LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
	Accounts payable			$ 51,173	$ 34,425
	Accrued liabilities			35,297	2,859
	Line of credit - related party			932,500	887,500
	Accrued interest - related parties			146,235	103,986
	Accrued interest			804	4,054
	Notes payable - related party			100,000	65,000
	Convertible note payable			33,020	51,532
	Derivative liability			121,750	65,940

			Total current liabilities	1,420,779	1,215,296

Shareholders' deficit:
	Preferred shares, $.001 par value, 25,000,000 shares
		authorized, no shares issued and outstanding		-	-
	Common shares - $0.001 par value; 100,000,000
		shares authorized, 63,468,048 and 48,869,091
		shares issued and outstanding		63,468	48,869
	Additional paid-in capital			739,859	424,292
	Accumulated deficit			(1,750,200)	(1,369,103)
Shareholders' deficit				(946,873)	(895,942)
	Noncontrolling interest in subsidiary			-	34,744
Total shareholders' deficit				(946,873)	(861,198)

Total liabilities and shareholders' deficit				$ 473,906	$ 354,098

See accompanying notes to the unaudited consolidated financial statements


MAGELLAN GOLD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

		Three Months Ended September 30,			Nine Months Ended September 30,
		2016	2015		2016	2015

Operating expenses:
	Exploration costs	$ 15,056	$ 13,337	$ 34,220		$ 17,496
	General and administrative expenses	91,309	60,967	231,983		133,736

	Total operating expenses	106,365	74,304	266,203		151,232

Operating loss		(106,365)	(74,304)		(266,203)	(151,232)

Other income (expense):
	Interest expense	(15,684)	(14,498)	(46,387)		(40,995)
	Gain (loss) on change in derivative liability	70,680	(8,270)		(75,854)	(16,890)

Net loss		(51,369)	(97,072)		(388,444)	(209,117)

Net loss attributible to noncontrolling interest		-	(14,561)		(7,347)	(15,899)

Net loss attributible to common shareholders		$ (51,369)	$ (82,511)		$ (381,097)	$ (193,218)

Basic and diluted net loss per common
	share	$ (0.00)	$ (0.00)	$ (0.01)		$ (0.00)

Basic and diluted weighted-average
	common shares outstanding	63,031,918	48,869,091	54,355,788		48,869,091

See accompanying notes to the unaudited consolidated financial statements


MAGELLAN GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
			Nine Months Ended September 30,
			2016	2015
Operating activities:
	Net loss		$ (388,444)	$ (209,117)
	Adjustments to reconcile net loss to net cash used in operating activities:
		Amortization of prepaid investor relations contract	2,708	-
		Amortization of deferred compensation	20,833	16,667
		Loss on change in derivative liability	75,854	16,890
	Changes in operating assets and liabilities:
		Prepaid expenses and other assets	(3,441)	(4,109)
		Accounts payable and accrued expenses	49,186	18,680
		Accrued interest	43,887	33,745

	Net cash used in operating activities		(199,417)	(127,244)

Investing activities:
	Payment of deposit on investment in mineral properties		(12,000)	-
	Purchase of Rio Silver equity securities		(59,753)	-

	Net cash used in investing activities		(71,753)	-

Financing activities:
	Advances on line of credit - related party		45,000	130,000
	Proceeds from advances from related parties		12,650	5,350
	Payments on advances from related parties		(12,650)	(8,200)
	Proceeds from note payable - related party		35,000	-
	Proceeds from sale of common stock and warrants		194,325	-

	Net cash provided by financing activities		274,325	127,150

Net increase (decrease) in cash			3,155	(94)
Cash at beginning of period			867	94

Cash at end of period			$ 4,022	$ -

Supplemental disclosure of cash flow information
	Cash paid for interest		$ 2,500	$ 7,250
	Cash paid for income taxes		$ -	$ -

Supplemental disclosure of non-cash investing and financing activities:
	Conversion of debt to common stock		$ 23,400	$ -
	Reclassification of derivative liability to APIC		$ 20,044	$ -
	Common stock issued for prepaid services contract		$ 65,000	$ -
	Common stock issued for buyout of non-controlling interest		$ 27,398	$ -
	Common stock of subsidiary issued in exchange for executive services		$ -	$ 50,000

See accompanying notes to the unaudited consolidated financial statements

MAGELLAN GOLD CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 – Organization, Basis of Presentation, and Continuance of Operations

Organization and Nature of Operations

Magellan Gold Corporation (“we” “our”, “us”, the “Company” or “Magellan”) was incorporated on September 28, 2010, under the laws of the State of Nevada. Our principal business is the acquisition and exploration of mineral resources. We have not presently determined whether the properties to which we have mining rights contain mineral reserves that are economically recoverable.

On September 30, 2014, we formed and organized a new wholly-owned subsidiary, Gulf+Western Industries, Inc., a Nevada corporation (“Gulf+Western” or “G+W”), to own and operate our Silver District mining interests. On October 1, 2014 we completed the transfer of those assets from Magellan to G+W. Effective December 31, 2014 Magellan pledged all its ownership interest in G+W to Mr. John D. Gibbs, a significant shareholder in the Company, as security for outstanding amounts under a line of credit agreement between Magellan and Mr. Gibbs.

On June 1, 2015, we transferred 15% of our ownership interest in G+W to Dr. W. Pierce Carson (Dr. Carson), in exchange for one year of service as President, Chief Executive Officer and Director of G+W. As a result of the transaction, Magellan’s ownership interest in G+W was reduced to 85%. The transaction was valued at $50,000 representing compensation for the one-year period from June 2015 through May 2016. On June 1, 2016 Magellan entered into a one-year employment agreement with Dr. Carson in which he assumes the positions of President and Chief Executive Officer of Magellan. As a result, Mr. John Power resigned his positions as President and Chief Executive Officer concurrent with the execution of Dr. Carson’s employment agreement. Mr. Power has retained the positions of Chief Financial Officer and Director of Magellan. Dr. Carson was appointed a Director of Magellan effective June 30, 2016.

In July 2016, the Company completed a share exchange with Dr. Carson in which Dr. Carson surrendered his 15% interest in G+W in exchange for 8,623,957 shares of Magellan Gold Corporation. As a result of this transaction, G+W became a wholly owned subsidiary of Magellan Gold Corporation.

On October 24, 2016, the Company entered into a Mining Option Agreement (the “Option Agreement”) between and among Rio Silver Inc., a Canadian company (“Rio Silver”), Minera Rio Plata S.A.C., a Peruvian company and subsidiary of Rio Silver (“Minera”), and Magellan Gold Peru S.A.C., a Peruvian company and wholly owned subsidiary of the Company (“Magellan Peru”) pursuant to which Rio Silver through Minera, shall grant to the Company the sole and exclusive option to acquire an undivided 50% interest in and to property located in central Peru. This, and related transactions are discussed further below in Note 11 – Letter of Intent with Rio Silver, Inc., and Note 12 – Subsequent Events.

Under the terms of the Agreement, the Company has the right to earn an undivided 50% interest in the Niñobamba Silver/Gold Project in central Peru. To earn its 50% interest, the Company must spend $2.0 million in exploration over three years. The Niñobamba project is comprised of four concessions that total 31 square kilometers (7,660 acres). As announced September 12, 2016, three of the concessions were recently acquired from a Peruvian company owned jointly by Newmont Mining Corporation and Southern Peru Copper Corporation.

In connection with the Rio Silver transaction, the Company is obliged to subscribe to two private placement unit financings in Rio Silver, each for aggregate proceeds of Cdn$75,000. The Company completed the first unit private placement on August 23, 2016. The second unit private placement is expected to close in January 2017.

Our primary focus is to continue evaluation of our properties, and possibly to acquire additional mineral rights and conduct additional exploration, development and permitting activities. Our mineral lease payments, permitting applications and exploration and development efforts will require additional capital. We rely upon the sale of our securities as well as advances and loans from executive management and significant shareholders to fund our operations as we have not generated any revenue.

Basis of Presentation

We prepare our financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended September 30, 2016 are not necessarily indicative of the results for the full year. While we believe that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto contained in our annual report on Form 10-K for the year ended December 31, 2015.

Our consolidated financial statements include our accounts and the accounts of our subsidiary, Gulf + Western Industries, Inc. All intercompany transactions and balances have been eliminated.

Liquidity and Going Concern

Our consolidated financial statements have been prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during the next fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial statements and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be unable to continue as a going concern. At September 30, 2016, we had not yet generated any revenues or achieved profitable operations and we have accumulated losses of $1,750,200. We expect to incur further losses in the development of our business, all of which casts substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern depends on our ability to generate future profits and/or to obtain the necessary financing to meet our obligations arising from normal business operations when they come due.

On December 31, 2015 we amended our credit agreement with Mr. John Gibbs, a related party, to increase the borrowing limit to $1,000,000, which provides the Company an additional $67,500 available under the credit line at September 30, 2016. As part of the 2014 amendment, we pledged our ownership interest in our subsidiary, G+W, which owns all our ownership interests in the Silver District properties, as security for all amounts outstanding under the credit agreement.

In June 2016, we closed a private placement of our securities in which we sold 4,875,000 units consisting of common stock and warrants and realized net proceeds of $194,325. The funds were generally used for working capital as well as to fund efforts to expand our portfolio of exploration opportunities.

We anticipate that additional funding will be in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common stock.

Note 2 – Mineral Rights and Properties

As of September 30, 2016 and December 31, 2015, our mineral rights and properties consist of the following:


	September 30, 2016	December 31, 2015
Silver District Claims	$ 323,200	$ 323,200
Sacramento Mountains Project	-	-
	$ 323,200	$ 323,200

Silver District

In August 2012, we entered into an option agreement with Columbus Exploration f/k/a Columbus Silver Corporation, which granted us the right to acquire all of Columbus’ interest in its Silver District properties located in La Paz County, Arizona. We paid Columbus an initial $63,200 on signing of the option and a further $50,000 in December 2012. We paid other patented and unpatented mining claim purchase and lease obligations in 2013 and 2014 to maintain the project claims and leases in good standing. On September 30, 2014, we paid an additional $100,000 to Columbus Exploration to acquire all of Columbus’ interest in its Silver District properties located in La Paz County, Arizona. The properties acquired from Columbus were assigned into our subsidiary Gulf+Western Industries, Inc. and our total acquisition cost capitalized was $323,200.

The Silver District property consists of 110 unpatented lode and mill site mining claims, six patented lode claims, and an Arizona State Exploration Permit, all of which are held directly or under lease agreements, totaling over 2,000 acres. Certain of the claims are subject to third party net smelter royalties and/or net profits of varying percentages.

In August 2016, we renewed the BLM lode and mill site claims in La Paz County, Arizona with the Bureau of Land Management and these claims will remain in good standing through August 31, 2017. Additionally, in both August 2016 and 2015, we made advance minimum royalty payments of $10,000 to a third party landowner on the Red Cloud lease, which includes the Red Cloud Patented claim and two BLM lode claims. In September 2015 we obtained approval to assume and expand the Arizona State Exploration Permit to approximately 334.85 acres on the Arizona State section that comprises part of our Silver District land package and we are in the process of renewing this lease for another year.

On July 9, 2015, G+W entered into two Lease and Purchase Agreements (“Agreements”) with an individual that grant the Company certain exploration and mining rights for two patented lode claims located in the Silver District, La Paz County, Arizona. The Agreements provide for scheduled variable annual advance minimum royalty payments to the lessor. In addition, the Agreements have an initial term of 20 years, and provide for the purchase of the properties for $125,000 each during the term of the lease, net of any advance royalty payments made up to the date of the purchase. The Company paid the initial advance royalty payments totaling $3,000 and advance royalty payments of $1,000 in July 2016 to maintain these agreements. Due to an uncertainty associated with the clarification of the legal title for these two patented lode claims, these payments have not been capitalized as mining rights, and therefore are included in exploration costs during the period in which the obligation was due.

Sacramento Mountains Project

The Sacramento Mountains Project is located in the northwest corner of the Sacramento Mountains approximately 10 miles WNW of Needles, California. In October 2012, Magellan staked fifty (50) unpatented lode mining claims totaling approximately 1,000 acres, in which we have a 100% unencumbered interest, on Federal Bureau of Land Management “BLM”) land, and in January 2013 filed the claims with the BLM. In August 2015, we renewed 14 of these claims with the BLM, and these claims will remain in good standing through August 31, 2016.

A plan of operation for a limited exploration drill program was submitted and approved by the BLM in 2013. As of the date of this report, we have not decided to proceed with a drilling program. Our permit expires in February 2017. During 2013, we paid $8,639 to the BLM representing a deposit for potential reclamation of proposed drilling sites should we decide to carry out exploratory drilling on our Sacramento Mountains project. The deposit is included in current and other non-current assets in the accompanying consolidated balance sheets at September 30, 2016 and December 31, 2015, respectively as deposits with BLM.

On February 12, 2016, the White House announced President Obama had designated three national monuments in southern California covering 1.8 million acres of federal lands. The Company is in the process of determining what effect this new designation may have on its Sacramento Mountains Project. As a result of this development, we have requested the return of our deposit in the amount $8,639 and did not renew our BLM claims in August 2016 that comprise the Sacramento project and have abandoned this project.

Note 3 - Fair Value of Financial Instruments

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date.

Level 2— Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

Level 3— Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:


	Fair Value at	Fair Value Measurement at September 30, 2016
	September 30, 2016	Level 1	Level 2	Level 3

Derivative conversion option liability	$ 121,750	$ —	$ —	$ 121,750


	Carrying Value at	Fair Value Measurement at December 31, 2015
	December 31, 2015	Level 1	Level 2	Level 3

Derivative conversion option liability	$ 65,940	$ —	$ —	$ 65,940

A summary of the activity of the derivative liability is shown below:


Balance, December 31, 2015		$ 65,940
Reclassification of derivative liability to APIC		(20,044)
Mark to market adjustments at September 30, 2016		75,854
Balance, September 30, 2016		$ 121,750

The carrying values for cash and cash equivalents, prepaid assets, deferred compensation, accounts payable and accrued liabilities, related party line of credit and notes payable approximate their fair value due to their short maturities.

Note 4 – Line of Credit – Related Party

Effective December 31, 2012, we entered into a line of credit arrangement with John D. Gibbs, a significant investor, to facilitate timely cash flows for the Company’s operations. The line of credit originally provided for a maximum balance of $250,000, accrued interest at 6% annually, and matured on December 31, 2014.

On December 31, 2013 we amended our credit agreement with Mr. Gibbs to increase the borrowing limit under the line of credit to $750,000. All other terms of the credit agreement, including the interest rate and maturity date remained unchanged.

On December 31, 2014, we again amended the credit agreement to increase the borrowing limit to $900,000 and extend the maturity date to December 31, 2015. As part of the 2014 amendment and the subsequent appointment of Dr. Pierce Carson as the President, CEO and Director of G+W effective June 1, 2015, we had pledged all of our 85% equity interest in G+W, which owns the Silver District properties, as security for all amounts outstanding under the credit agreement. In July 2016, we completed a share exchange with Dr. Carson to re-acquire the 15% interest in G+W, and therefore at September 30, 2016 our entire 100% interest in G+W remains pledged as security for outstanding amounts under this credit agreement.

On December 31, 2015 we again amended the credit agreement to increase the borrowing limit to $1,000,000, which provides the Company an additional $112,500 available under the credit line at December 31, 2015. The amendment also extends the maturity date to December 31, 2016. The line of credit amendment does not have an accounting impact.

During the nine months ended September 30, 2016 and 2015, draws totaling $45,000 and $130,000, respectively, were made and were primarily used to fund working capital and certain obligations due to maintain our mining rights and properties. At September 30, 2016 a total of $932,500 was outstanding under this line of credit. In addition, a total of $143,751 of interest has been accrued on this obligation and is included in Interest payable - related parties on the accompanying consolidated balance sheet at September 30, 2016.

Note 5 – Notes Payable – Related Party

In August 2011, we entered into an unsecured loan from John Power, the Company’s Chief Financial Officer, evidenced by a $20,000 promissory note. The promissory note bears interest at 6% per annum and is payable on demand with thirty days’ notice from the lender. During the second quarter of 2014, the Company made payments totaling $5,000 to pay down the principal balance of the note. At December 31, 2015 and September 30, 2016, the Note balance was $15,000.

In January 2014, we entered into an additional unsecured loan from Mr. Power, evidenced by a $50,000 promissory note. The promissory note bears interest at 6.75% per annum and is payable on demand with thirty days’ notice from the lender. At both December 31, 2015 and September 30, 2016, the Note balance was $50,000.

Effective September 30, 2016, we entered into an additional unsecured loan from Mr. Power, evidenced by a $35,000 promissory note. The promissory note bears interest at 6.00% per annum and is payable on demand with thirty days’ notice from the lender. At September 30, 2016 the Note balance was $35,000.

During the nine months ended September 30, 2016, the Company paid $2,500 representing accrued interest on the above promissory notes. A total of $2,484 of unpaid interest has accrued on these promissory notes and is included in Accrued interest - related parties on the accompanying consolidated balance sheet at September 30, 2016.

Note 6 – Convertible Notes Payable

On October 1, 2014, we issued a convertible promissory note to a provider of legal services in the original principal amount of approximately $51,532. The note was issued to evidence the Company’s indebtedness for legal services previously rendered. Interest accrues quarterly on the outstanding principal and interest balance of the Note at 6% per annum. The principal plus accrued and unpaid interest is due upon five days’ written demand of the note holder. The note is unsecured.

The note principal and accrued interest is convertible at any time into shares of common stock at a conversion price of $0.039, which represented the closing bid price of the common stock on the OTC Bulletin Board on the date of issuance.

On April 6, 2016 the Note holder elected to convert a total of $23,400, consisting of $18,512 of principal and $4,888 of accrued interest. The conversion resulted in the issuance of 600,000 shares of the Company’s common stock. As of September 30, 2016 the remaining note balance was $33,020. As a result of the conversion, a total of $20,044 of the derivative liability associated with the note as discussed below, was reclassified to additional paid in capital on the conversion date.

The note contains certain anti-dilution provisions that would reduce the conversion price should the Company issue common stock equivalents at a price less than the note conversion price. Accordingly, the conversion features of the note are considered a discount to the note. However, since the note is payable upon demand by the note holder, the value of the discount was considered interest expense at the time of its inception. The note is evaluated quarterly, and upon any quarterly valuations in which the value of the discount changes we recognize a gain or loss due to a decrease or increase, respectively, in the fair value of the derivative liability. On September 30, 2016 the fair value of the derivative liability was determined to be $121,750, resulting in a gain on change of the derivative liability of $70,680 three months ended September 30, 2016, and a loss of $75,854 for the nine months ended September 30, 2016. On September 30, 2015 the fair value of the derivative liability was determined to be $47,410, resulting in a loss on change of the derivative liability of $8,270 and $16,890 for the three and nine months ended September 30, 2015, respectively.

We estimate the fair value of this derivative at each balance sheet date until such time the note is paid or converted in full.

We estimated the fair value of the derivative at September 30, 2016 and December 31, 2015 using the Black-Scholes option pricing model, which includes assumptions for expected dividends, expected share price volatility, risk-free interest rate, and expected life of the note. Our expected volatility assumption is based on our historical weekly closing price of our stock over a period equivalent to the expected remaining life of the note.

The following table summarizes the assumptions used to value the derivative liability at September 30, 2016:


Fair value assumptions – derivative:		September 30, 2016
Risk free interest rate		0.59%
Expected term (years)		1.0
Expected volatility		134%
Expected dividends		0%

The following table summarizes the assumptions used to value the derivative liability at December 31, 2015:


Fair value assumptions – derivative:		December 31, 2015
Risk free interest rate		0.65%
Expected term (years)		1.0
Expected volatility		155%
Expected dividends		0%

A total of $804 (net of accrued interest converted), and $4,054 of interest had accrued on the note at September 30, 2016 and December 31, 2015, respectively, and is included in Accrued interest on the accompanying consolidated balance sheets.

Note 7 – Equity

Sale of common stock and warrants: In June 2016, we completed a private placement of equity securities in which we sold 4,875,000 units priced at $0.04 per unit. Each unit was comprised of one share of common stock, one Class A warrant and one Class B warrant. Each Class A warrant entitles the holder to purchase one share of common stock at a price of $0.07 per share in cash, and expire December 30, 2016. Each Class B warrant entitles the holder to purchase one share of common stock at a price of $0.10 per share, exercisable in either cash or pursuant to a cashless exercise. All warrants include anti-dilution rights for stock splits, stock dividends and the sale of substantially all the Company’s assets. We allocated the proceeds of the offering to additional paid-in capital based on the relative fair values of the equity instruments at the dates of the sale transactions in the following manner: common stock issued at 49%, the Class A warrants at 29%, and the Class B warrants at 22%.

The sale was concluded on June 30, 2016 and resulted in net proceeds of $194,325, which were net of $675 of direct offering costs. The funds received were generally used for general working capital as well as to fund our efforts to expand our portfolio of exploration opportunities.

Acquisition of non-controlling interest in operating subsidiary: In June 2015 we transferred 15% of our ownership interest in G+W to Dr. W. Pierce Carson (Dr. Carson), in exchange for one year of service as President, Chief Executive Officer and Director of G+W. As a result of the transaction, Magellan’s ownership interest in G+W was reduced to 85%. The transaction was valued at $50,000 representing compensation for the one-year period from June 2015 through May 2016. In July 2016, the Company completed a share exchange with Dr. Carson in which Dr. Carson surrendered his 15% interest in G+W in exchange for 8,623,957 shares of Magellan Gold Corporation. As a result of this transaction, G+W became a wholly owned subsidiary of Magellan Gold Corporation.

Investor Relations contract: On September 1, 2016 the Company executed an Investor Relations Engagement Agreement (“Agreement”) with Intuitive Pty Ltd (“Intuitive”), an investor relations firm located in Australia. The Agreement provides for Intuitive to undertake an investor relations and communications program that will focus on potential investors outside the United States. The term of the Agreement runs for two years beginning on September 1, 2016. As consideration for the services, the Company issued 500,000 shares of its common stock. The transaction was valued at $65,000 based on the $0.13 per share closing price of the Company’s common stock on September 1, 2016. The transaction is being amortized monthly over the life of the Agreement. For both the three and nine months ended September 30, 2016 a total of $2,708 was charged to general and administrative expenses. The balance of the contract is included in prepaid expenses on the accompanying balance sheet at September 30, 2016.

Note 8 - Commitments and Contingencies

As part of our acquisition of the Silver District properties from Columbus Exploration, we assumed the Red Cloud lease whose initial term expires in August 2026. The lease requires annual advance minimum royalty payments of $10,000 through the term of the lease due on the annual anniversary of the agreement. The lease is also subject to a 2% net production royalty to be paid to the lessor from the sale of precious metals extracted from the leased property. In order to maintain the BLM lode and mill site claims, annual payments are required before the end of August of each year. Payments are also due annually on two patented claims we leased in July 2015 and on our Arizona State Minerals Exploration Permit. As of September 30, 2016, all of these claims and leases are in good standing.

Note 9 – Executive Employment Agreement:

On June 1, 2016 we executed an employment agreement with Dr. Carson in which he assumed the positions of President and Chief Executive Officer of Magellan Gold Corporation. The agreement also provided that Dr. Carson be appointed a Director of Magellan Gold Corporation, and effective June 30, 2016, Dr. Carson was appointed a Director of Magellan. The term of the agreement covers the period from June 1, 2016 to May 31, 2017. Prior to expiration of the initial term, Magellan and Dr. Carson may agree to extend the Term under new terms of compensation and conditions of employment, it being agreed that any such extension must be in writing signed by both parties.

During the term of the agreement, Magellan shall pay Dr. Carson a base salary in equal semi-monthly installments less required withholding and other applicable taxes. Dr. Carson’s salary shall be set at $6,667 per month during the three-month period from June 1, 2016 through August 31, 2016, and thereafter at $10,000 per month during the nine-month period from September 1, 2016 through May 31, 2017. Until such time as Magellan is properly funded, Magellan may defer and accrue salary owed. If not properly funded before the end of the Term, Magellan may at its option issue Magellan shares as settlement of the accrued salary liability. A total of $30,001 and $2,796 of salary and associated payroll tax obligations pursuant to the agreement, respectively, had been accrued on this obligation and is included in accrued liabilities on the accompanying consolidated balance sheet at September 30, 2016.

Dr. Carson shall have the right to voluntarily terminate his employment with Magellan during the term. To effect such voluntary termination, Dr. Carson shall provide Magellan at least 60 days advanced written notice of such termination. Upon termination, Dr. Carson shall be paid his base salary through the date of termination, including any amount that may have been deferred and accrued.

The agreement supersedes the previous agreement of June 1, 2015, in which the Company appointed Dr. Carson to the positions of President, Chief Executive Officer and a Director of G+W. In connection with his appointment, the Company assigned to Dr. Carson restricted shares of G+W common stock representing 15% of the total issued and outstanding shares of G+W in return for one year of his services. The Company determined the value of the transaction at $50,000, which was recorded as deferred compensation to be amortized monthly over the initial one-year term of the employment agreement. As of September 30, 2016 the entire deferred compensation had been fully amortized. For the nine months ended September 30, 2016 compensation expense resulting from this transaction totaling $20,833 is included in general and administrative expenses in the accompanying consolidated statement of operations. No compensation expense associated with this transaction was recorded for the three months ended September 30, 2016. For the three and nine months ended September 30, 2015 we recognized $12,500 and $16,667, respectively, of compensation expense resulting from this transaction.

Note 10 – Related Party Transactions

Conflicts of Interests

Athena Silver Corporation (“Athena”) is a company under common control. Mr. Power is also a director and CEO of Athena. Mr. Gibbs is a significant investor in both Magellan and Athena. Magellan and Athena are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.

Silver Saddle Resources, LLC is also a company under common control. Mr. Power and Mr. Gibbs are significant investors and managing members of Silver Saddle. Magellan and Silver Saddle are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.

The existence of common ownership and common management could result in significantly different operating results or financial position from those that could have resulted had Magellan, Athena and Silver Saddle been autonomous.

Management Fees

The Company maintains a month-to-month management agreement with Mr. Power requiring a monthly payment, in advance, of $2,500 as consideration for his services to Magellan.

Management fees to Mr. Power totaling $7,500 and $22,500 for each of the three and nine months ended September 30, 2016 and 2015, respectively, are included in general and administrative expenses in our consolidated statement of operations. At both September 30, 2016 and December 31, 2015, $2,500 of these fees had not been paid and are included in Accrued liabilities on the accompanying consolidated balance sheet.

Accrued Interest - Related Parties

Accrued interest due to related parties is included in our consolidated balance sheets as follows:


	September 30, 2016	December 31, 2015
Accrued interest payable - Mr. Power	$ 2,484	$ 1,775
Accrued interest payable - Mr. Gibbs	143,751	102,211
	$ 146,235	$ 103,986

During the nine months ended September 30, 2016, we paid a total of $2,500 to Mr. Power representing unpaid accrued interest on notes payable. During the year ended December 31, 2015, we paid a total of $7,250 to Mr. Power representing unpaid accrued interest on notes payable. No amounts have been paid to Mr. Gibbs in either 2016 or 2015 for outstanding accrued interest on the line of credit.

Advances Payable – Related Party

We borrowed and repaid non-interest bearing advances from/to related parties as follows:


	Nine Months Ended September 30, 2016
	Advances	Repayments
Mr. Power	$ 12,650	$ 12,650


	Nine Months Ended September 30, 2015
	Advances	Repayments
Mr. Power	$ 5,350	$ 8,200

At both September 30, 2016 and December 31, 2015, no short-term advances from related parties were outstanding.

The Company also utilizes a credit card owned by Mr. Power to pay travel and other obligations when the availability of cash is limited or the timing of the payments is considered critical. No amounts were outstanding on this credit card at either September 30, 2016 or December 31, 2015.

Note 11 – Letter of Intent with Rio Silver, Inc.

As a condition of the LOI, the Company paid a refundable $12,000 deposit. This payment was recorded as a deposit and included on the accompanying consolidated balance sheet at September 30, 2016. On October 24, 2016 the Company signed the Mining Option Agreement (“Agreement”) as discussed in Note 12. The Agreement provides that the deposit shall be applied to obligations under the Agreement.

In addition to the deposit, the Company is obliged to subscribe to two private placement unit financings in Rio Silver, each for aggregate proceeds of Cdn$75,000. The Company completed the first unit private placement on August 23, 2016. The first placement unit included one share of Rio Silver common stock and one warrant to purchase one share of Rio Silver common stock for Cdn$0.05. The cost of the units totaled USD $59,753 and was recorded as an investment in Rio Silver equity securities and included on the accompanying consolidated balance sheet at September 30, 2016.

Note 12 – Subsequent Events

Mining Option Agreement: On October 24, 2016, the Company entered into a Mining Option Agreement (“Agreement”) between and among Rio Silver Inc., a Canadian company, Minera Rio Plata S.A.C., a Peruvian company and subsidiary of Rio Silver, and Magellan Gold Peru S.A.C., a Peruvian company and wholly owned subsidiary of the Company pursuant to which Rio Silver through Minera, shall grant to the Company the sole and exclusive option to acquire an undivided 50% interest in and to property located in central Peru.

In connection with the Rio Silver transaction, the Company is obliged to subscribe to two private placement unit financings in Rio Silver, each for aggregate proceeds of Cdn$75,000. The Company completed the first unit private placement on August 23, 2016, and the second unit private placement is required to close within the next ninety days after the signing of the definitve agreement which occurred on Oct 24, 2016.

Investor Awareness and Mangagement Services Agreement: On October 24, 2016, the Company entered into an Investor Awareness Services and Management Agreement with Mining Clip, LLC and Ariston Capital Corp. dated October 15, 2016, to provide additional investor relations services. The Mining Clip Agreement terminates on January 15, 2017 and will renew for additional periods of three months each unless terminated by either party. In addition to a monthly cash retainer, the Company will issue an aggregate of 62,500 shares of common stock every 90 days until the Mining Clip Agreement is terminated.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We use the terms “Magellan,” “we,” “our,” and “us” to refer to Magellan Gold Corporation.

The following discussion and analysis provides information that management believes is relevant for an assessment and understanding of our results of operations and financial condition. This information should be read in conjunction with our audited financial statements, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and our interim unaudited condensed financial statements and notes thereto included with this report in Part I, Item 1.

Forward-Looking Statements

Some of the information presented in this Form 10-Q constitutes “forward-looking statements”. These forward-looking statements include, but are not limited to, statements that include terms such as “may,” “will,” “intend,” “anticipate,” “estimate,” “expect,” “continue,” “believe,” “plan,” or the like, as well as all statements that are not historical facts. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from current expectations. Although we believe our expectations are based on reasonable assumptions within the bounds of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially from expectations.

All forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made.

Overview

We were incorporated on September 28, 2010, in Nevada. Our principal business is the acquisition and exploration of mineral resources. We have not presently determined whether the properties to which we have mineral rights contain mineral reserves that are economically recoverable.

We have only had limited operations to date and we rely upon the sale of our securities and borrowings from significant investors to fund our operations, as we have not generated any revenue.

In August 2012, we entered into an option agreement and subsequently purchased the “Silver District” project consisting of 85 unpatented lode mining claims, 4 patented lode claims, a Arizona State Exploration Permit of 154.66 acres and 23 unpatented mill site claims, totaling over 2,000 acres in La Paz County, Arizona. Since our acquisition, we have increased our land position in the Silver District by staking two unpatented lode mining claims, leased two additional patented claims and have increased our Arizona State Exploration Permit to 334.85 acres.

On September 30, 2014, we formed and organized a new wholly-owned subsidiary, Gulf + Western Industries, Inc., a Nevada corporation (“Gulf+Western” or “G+W”), to own our Silver District mining interests. On October 1, 2014 we completed the transfer of those assets from Magellan to G+W. At the time of the transfer, Magellan owned all the outstanding common stock of G+W. Effective December 31, 2014, Magellan pledged all its ownership interest in G+W to Mr. John D. Gibbs, a significant shareholder in the Company, as security for outstanding amounts under a line of credit agreement between Magellan and Mr. Gibbs. As of September 30, 2016, the total amount owed under the credit agreement was $1,076,251, which includes $932,500 of principal and $143,751 of accrued interest.

On June 1, 2015, we transferred 15% of our ownership interest in G+W to Dr. Pierce Carson in exchange for one year of service as President, Chief Executive Officer and Director of G+W. As a result of the transaction, Magellan’s ownership interest in G+W was reduced to 85%. The transaction was valued at $50,000 representing deferred compensation for the one-year period June 2015, through May 2016. On June 1, 2016 Magellan entered into a one-year employment agreement with Dr. Carson in which he assumes the positions of President and Chief Executive Officer of Magellan. As a result, Mr. John Power resigned his positions as President and Chief Executive Officer concurrent with the execution of Dr. Carson’s employment agreement. Mr. Power has retained the positions of Chief Financial Officer and Director of Magellan. Dr. Carson was appointed a Director of Magellan effective June 30, 2016.

On October 24, 2016, the Company entered into a Mining Option Agreement (“Agreement”) between and among Rio Silver Inc., a Canadian company (“Rio Silver”), Minera Rio Plata S.A.C., a Peruvian company and subsidiary of Rio Silver (“Minera”), and Magellan Gold Peru S.A.C., a Peruvian company and wholly owned subsidiary of the Company (“Magellan Peru”) pursuant to which Rio Silver through Minera, shall grant to the Company the sole and exclusive option to acquire an undivided 50% interest in and to property located in central Peru. Under the terms of the Agreement, the Company has the right to earn an undivided 50% interest in the Niñobamba Silver/Gold Project in central Peru. To earn its 50% interest, the Company must spend $2.0 million in exploration over three years. The Niñobamba project is comprised of four concessions that total 31 square kilometers (7,660 acres).

Our primary focus during the next twelve months, and depending on available resources, will be to further explore our mineral properties.

Results of Operations

Results of Operations for the three months Ended September 30, 2016 and 2015


		Three Months Ended September 30,
		2016	2015

Operating expenses:
	Exploration costs	$ 15,056	$ 13,337
	General and administrative expenses	91,309	60,967
	Total operating expenses	106,365	74,304

Operating loss		(106,365)	(74,304)

Other income (expense):
	Interest expense	(15,684)	(14,498)
	Loss on change in derivative liability	70,680	(8,270)
Net loss		$ (51,369)	$ (97,072)

Operating expenses

During the three months ended September 30, 2016, our total operating expenses were $106,365 as compared to $74,304 during the three months ended September 30, 2015.

During the three months ended September 30, 2016 we incurred $15,056 of exploration costs as compared to $13,337 in 2015. Exploration costs for the three months ended September 30, 2016 are comprised of $11,000 of royalty and lease payments associated with out Silver District claims, and approximately $4,000 of professional geologic expenses, also associated with our Silver District claims. Exploration costs for the three months ended September 30, 2015 are comprised of $13,000 of advance royalty payments associated with our Silver District claims and $337 of professional geologic expenses.

General and administrative expenses for the three months ended September 30, 2016 totaling $91,309 were comprised professional fees including accounting and audit fees of $11,011, legal fees totaling $4,970, management fees to Mr. Power totaling $7,500, other professional fees including investor relations and website fees of $14,000, and other expenses totaling $28,319 mainly comprised of travel expenses, rent, licenses and BLM claim renewal fees for the Silver District of $17,050 and other administrative related expenses.

In additon, on June 1, 2016 we executed an employment agreement with Dr. Carson in which Dr. Carson assumed the positions of President and Chief Executive Officer of Magellan Gold Corporation. The term of the agreement covers the period from June 1, 2016 to May 31, 2017. During the term of the agreement, Dr. Carson will be paid a base salary in equal semi-monthly installments. Dr. Carson’s salary is set at $6,667 per month during the three-month period from June 1, 2016 through August 31, 2016, and thereafter at $10,000 per month during the nine-month period from September 1, 2016 through May 31, 2017. A total of $25,509 representing Dr. Carson’s base salary and applicable payroll taxes was expensed and is included in general and administrative expenses for the three months ended September 30, 2016.

General and administrative expenses for the three months ended September 30, 2015 totaling $60,967 were comprised professional fees including accounting and audit fees of $9,508, legal fees totaling $5,635, management fees to Mr. Power totaling $7,500, other professional fees of $1,240, and other expenses totaling $24,584 mainly comprised of travel expenses, claim renewal and other fees paid to the BLM ($17,050 Silver District and $2,170 Sacramento Project), licenses and other administrative related expenses.

In addition, in June 2015, we transferred 15% of our ownership interest in G+W to Dr. Pierce Carson in exchange for one year of service as President, Chief Executive Officer and Director of G+W. The transaction was valued at $50,000 representing deferred compensation for the one-year period June 2015, through May 2016. General and administrative expenses for the three months ended September 30, 2015 includes $12,500 of compensation expense representing the amortization of deferred compensation for the three months ended September 30, 2015.

Interest expense for the three months ended September 30, 2016 and 2015 totaled $15,684 and $14,498, respectively, and is primarily attributable to our related party line of credit, which accrues interest at the rate of 6.0% per year, and our related party notes payable which accrue interest at a weighted average interest rate of 6.38%.

In addition, in October 2014 we converted certain amounts payable to a legal services provider into a Convertible Note Payable. Interest accrues quarterly on the outstanding principal and interest balances of the Note at 6% per annum.

The Note contains certain anti-dilution provisions that would reduce the conversion price should the Company issue common stock equivalents at a price less than the Note conversion price. Accordingly, the conversion features of the Note are considered a discount to the Note. The Note is evaluated quarterly, and upon any quarterly valuations in which the value of the discount changes, we recognize a gain or loss due to a decrease or increase, respectively, in the fair value of the derivative liability. As a result of this evaluation, for the three months ended September 30, 2016 we recorded a gain on the change in the derivative liability of $70,680, as compared to a loss on the change in the derivative liability of $8,270 for the three months ended September 30, 2015.

We estimated the fair value of the derivative at September 30, 2016 and December 31, 2015 using the Black-Scholes option pricing model, which includes assumptions for expected dividends, expected share price volatility, risk-free interest rate, and expected life of the Note. Our expected volatility assumption is based on our historical weekly closing price of our stock over a period equivalent to the expected remaining life of the Note.

The following table summarizes the assumptions used to value the derivative liability at September 30, 2016:


Fair value assumptions – derivative:		September 30, 2016
Risk free interest rate		0.59%
Expected term (years)		1.0
Expected volatility		134%
Expected dividends		0%

The following table summarizes the assumptions used to value the derivative liability at December 31, 2015:


Fair value assumptions – derivative:		December 31, 2015
Risk free interest rate		0.65%
Expected term (years)		1.0
Expected volatility		155%
Expected dividends		0%

Results of Operations for the nine months Ended September 30, 2016 and 2015


		Nine Months Ended September 30,
		2016	2015

Operating expenses:
	Exploration costs	$ 34,220	$ 17,496
	General and administrative expenses	231,983	133,736
	Total operating expenses	266,203	151,232

Operating loss		(266,203)	(151,232)

Other income (expense):
	Interest expense	(46,387)	(40,995)
	Loss on change in derivative liability	(75,854)	(16,890)
Net loss		$ (388,444)	$ (209,117)

Operating expenses

During the nine months ended September 30, 2016, our total operating expenses were $266,203 as compared to $151,232 during the nine months ended September 30, 2015.

During the nine months ended September 30, 2016 we incurred $34,220 of exploration costs as compared to $17,496 in 2015. Exploration costs for the nine months ended September 30, 2016 are primarily comprised of $11,860 of royalty and lease payments and legal title work associated with our Silver District claims, as well as $22,360 of geologic related expenses including a contracted ground magnetic survey, laboratory soil analysis and geologist consulting fees associated with our Silver District project. Exploration costs for the nine months ended September 30, 2015 are primarily comprised of $13,000 of advance royalty payments associated with our Silver District claims, and geologist fees associated with oversight of our holdings and review of potential opportunities.

General and administrative expenses for the nine months ended September 30, 2016 totaling $231,983 were comprised professional fees including accounting and audit fees of $38,637, legal fees totaling $20,388, management fees to Mr. Power totaling $22,500, executive compensation expense of $53,630, other professional fees including investor relations and website fees of $55,507, and other expenses totaling $41,321 mainly comprised of travel expenses, rent, licenses, BLM renewal fees, and other administrative related expenses.

On June 1, 2015, we transferred 15% of our ownership interest in G+W to Dr. Pierce Carson in exchange for one year of service as President, Chief Executive Officer and Director of G+W. The transaction was valued at $50,000 representing deferred compensation for the one-year period June 2015, through May 2016. Executive compensation expenses for the nine months ended September 30, 2016 includes $20,833 of compensation expense representing the amortization of the deferred compensation.

On June 1, 2016 we executed an employment agreement with Dr. Pierce Carson in which Dr. Carson assumed the positions of President and Chief Executive Officer of Magellan Gold Corporation. The term of the agreement covers the period from June 1, 2016 to May 31, 2017. During the term of the agreement, Dr. Carson will be paid a base salary in equal semi-monthly installments. Dr. Carson’s salary is set at $6,667 per month during the three-month period from June 1, 2016 through August 31, 2016, and thereafter at $10,000 per month during the nine-month period from September 1, 2016 through May 31, 2017. A total of $32,797 representing Dr. Carson’s base salary and applicable payroll taxes was expensed and is included in general and administrative expenses for the nine months ended September 30, 2016.

General and administrative expenses for the nine months ended September 30, 2015 totaling $133,736 were comprised professional fees including accounting and audit fees of $34,143, legal fees totaling $22,148, management fees to Mr. Power totaling $22,500, other professional fees of $5,998, and other expenses totaling $32,280 mainly comprised of travel expenses, claim renewal and other fees paid to the BLM ($17,050 Silver District and $2,170 Sacramento Project), licenses and other administrative related expenses. In addition, it includes executive compensation expense of $16,667 representing the amortization of the deferred compensation as discussed above.

Interest expense for the nine months ended September 30, 2016 and 2015 totaled $46,387 and $40,995, respectively, and is primarily attributable to our related party line of credit, which accrues interest at the rate of 6.0% per year, and our related party notes payable which accrue interest at a weighted average interest rate of 6.38%.

The Note contains certain anti-dilution provisions that would reduce the conversion price should the Company issue common stock equivalents at a price less than the Note conversion price. Accordingly, the conversion features of the Note are considered a discount to the Note. The Note is evaluated quarterly, and upon any quarterly valuations in which the value of the discount changes, we recognize a gain or loss due to a decrease or increase, respectively, in the fair value of the derivative liability. As a result of this evaluation, for the nine months ended September 30, 2016 and 2015, we recorded a loss on the change in the derivative liability of $75,854 and $16,890, respectively.

We estimated the fair value of the derivative at September 30, 2016 and December 31, 2015 using the Black-Scholes option pricing model, which includes assumptions for expected dividends, expected share price volatility, risk-free interest rate, and expected life of the Note. Our expected volatility assumption is based on our historical weekly closing price of our stock over a period equivalent to the expected remaining life of the Note.

The following table summarizes the assumptions used to value the derivative liability at September 30, 2016:


Fair value assumptions – derivative:		September 30, 2016
Risk free interest rate		0.59%
Expected term (years)		1.0
Expected volatility		134%
Expected dividends		0%

The following table summarizes the assumptions used to value the derivative liability at December 31, 2015:


Fair value assumptions – derivative:		December31, 2015
Risk free interest rate		0.65%
Expected term (years)		1.0
Expected volatility		155%
Expected dividends		0%

Liquidity and Capital Resources:

We intend to meet our cash requirements for the next 12 months primarily through the utilization of our line of credit, as well as the private placement of debt or equity instruments.

We maintain a line of credit arrangement with John D. Gibbs, a significant investor, to facilitate timely cash flows for the Company’s operations. This agreement was initiated in 2012 and has been amended at various times since its inception to increase the amount available under the credit line. In 2014, we amended the agreement to include a pledge of all our equity interests in G+W, which owns the Silver District properties, as security for all amounts outstanding under the credit agreement. As of September 30, 2016 the credit line had a borrowing limit of $1,000,000 and accrues interest at 6% per annum. At September 30, 2016 a total of $932,500 was outstanding under this line of credit. In addition, a total of $143,751 of interest has been accrued on this obligation.

In June 2016, we closed a private placement of our securities in which we sold 4,875,000 units consisting of common stock and warrants. We realized net proceeds totaling $194,325. The funds received were generally used for general working capital as well as to fund our efforts to expand our portfolio of exploration opportunities.

Our primary priority is to retain our reporting status with the SEC, which means that we will first ensure that we have sufficient capital to cover our legal and accounting expenses. Once these costs are accounted for, in accordance with how much financing we are able to secure, we will focus on further exploration and development of our mineral properties. We will likely not expend funds on the remainder of our planned activities unless we have the required capital.

Cash Flows

A summary of our cash provided by and used in operating, investing and financing activities is as follows:


	Nine Months Ended September 30,
	2016	2015
Net cash used in operating activities	$ (199,417)	$ (127,244)
Net cash used in investing activities	(71,753)	-
Net cash provided by financing activities	274,325	127,150

Net increase (decrease) in cash and cash equivalents	3,155	(94)
Cash and cash equivalents beginning of period	867	94
Cash and cash equivalents end of period	$ 4,022	$ 0

At September 30, 2016, we had $4,022 in cash and a $1,371,618 working capital deficit. This compares to cash of $867 and a working capital deficit of $1,193,037 at December 31, 2015.

Net cash used in operating activities during the nine months ended September 30, 2016 was $199,417 and was mainly comprised of our $388,444 net loss during the period, adjusted by a non-cash charge of $20,833 representing the amortization of deferred compensation, and the loss on an increase in our derivative liability of $75,854. In addition, it reflects a cash adjusted increase in prepaid expenses and other assets totaling $733, as well as increases in accounts payable and accrued expenses totaling $49,186, and increases in accrued interest totaling $43,887 representing accrued interest on our related party line of credit and related party and other notes payable.

Net cash used in operating activities during the nine months ended September 30, 2015 was $127,244 and was mainly comprised of our $209,117 net loss during the period, which was partially offset with the change in our derivative liability and the amortization of deferred compensation. We also had an increase in prepaid expenses of $4,109 as well as increases in accounts payable and accrued expenses totaling $18,680, and increases in accrued interest totaling $33,745 representing accrued interest on our related party line of credit and notes payable.

On June 30, 2016 the Company signed a non-binding Letter of Intent (“LOI”) with Rio Silver Inc., pursuant to which Magellan is granted the option to earn an undivided 50% interest in the Niñobamba Silver-Gold Property, located in Peru. The parties intend to replace the LOI with a definitive agreement containing industry standard terms following a 45-day due diligence period. As part of the agreement, the Company paid a refundable $12,000 deposit. This payment was recorded as a deposit and represents an investment activity during the nine months ended September 30, 2016.

In addition to the deposit, the Company is obliged to subscribe to two private placement unit financings in Rio Silver, each for aggregate proceeds of Cdn$75,000. The Company completed the first unit private placement on August 23, 2016. The first placement unit includes one share of Rio Silver common stock and one warrant to purchase one share of Rio Silver common stock for Cdn$0.05. The cost of the units totaled USD $59,753 and was recorded as an investment in Rio Silver equity securities.

We engaged in no investing activities during the nine months ended September 30, 2015.

During the nine months ended September 30, 2016, net cash provided by financing activities was $274,325, and included $45,000 of additional borrowings under our credit agreement with Mr. Gibbs, as well as $35,000 cash received from Mr. Power represented by a 6% note payable due December 31 2016. In addition, we received $12,650 in advances from Mr. Power, all of which were repaid during the period.

Also, in June 2016, we completed a private placement of equity securities in which we sold 4,875,000 units priced at $0.04 per unit. Each unit was comprised of one share of common stock, one Class A warrant and one Class B warrant. Each Class A warrant entitles the holder to purchase one share of common stock at a price of $0.07 per share in cash, and expire December 30, 2016. Each Class B warrant entitles the holder to purchase one share of common stock at a price of $0.10 per share, exercisable in either cash or pursuant to a cashless exercise. The sale was concluded on June 30, 2016 and resulted in net proceeds of $194,325, which were net of $675 of direct offering costs.

During the nine months ended September 30, 2015, net cash provided by financing activities was $127,150, which primarily reflects additional borrowings totaling $130,000 under our credit agreement with Mr. Gibbs. In addition, we received $5,350 and subsequently repaid $8,200 in outstanding advances made by Mr. Power.

Other non-cash transaction: On September 1, 2016 the Company executed an Investor Relations Engagement Agreement (“Agreement”) with Intuitive Pty Ltd (“Intuitive”), an investor relations firm located in Australia. The Agreement provides for Intuitive to undertake an investor relations and communications program that will focus on potential investors outside the United States. The term of the Agreement runs for two years beginning on September 1, 2016. As consideration for the services, the Company issued 500,000 shares of its common stock. The transaction was valued at $65,000 based on the $0.13 per share closing price of the Company’s common stock on September 1, 2016. The transaction is being amortized monthly over the life of the Agreement. For both the three and nine months ended September 30, 2016 a total of $2,708 was charged to general and administrative expenses. The balance of the contract is included in prepaid expenses on the accompanying balance sheet at September 30, 2016.

Off Balance Sheet Arrangements

We do not have and have never had any off-balance sheet arrangements.

Recent Accounting Pronouncements:

Recently issued Financial Accounting Standards Board Accounting Standards Codification guidance has either been implemented or is not significant to us.

Critical Accounting Policies

The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates, assumptions and judgments that affect the amounts reported in our financial statements. The accounting positions described below are significantly affected by critical accounting estimates.

We believe that the significant estimates, assumptions and judgments used when accounting for items and matters such as capitalized mineral rights, asset valuations, recoverability of assets, asset impairments, taxes, and other provisions were reasonable, based upon information available at the time they were made. Actual results could differ from these estimates, making it possible that a change in these estimates could occur in the near term.

Mineral Rights

We have determined that our mining rights meet the definition of mineral rights, as defined by accounting standards, and are tangible assets. As a result, our direct costs to acquire or lease mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with: leasing or acquiring patented and unpatented mining claims; leasing mining rights including lease signature bonuses, lease rental payments and advance minimum royalty payments; and options to purchase or lease mineral properties.

If we establish proven and probable reserves for a mineral property and establish that the mineral property can be economically developed, mineral rights will be amortized over the estimated useful life of the property following the commencement of commercial production or expensed if it is determined that the mineral property has no future economic value or if the property is sold or abandoned. For mineral rights in which proven and probable reserves have not yet been established, we assess the carrying values for impairment at the end of each reporting period and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

The net carrying value of our mineral rights represents the fair value at the time the mineral rights were acquired less accumulated depletion and any impairment losses. Proven and probable reserves have not been established for mineral rights as of September 30, 2016. No impairment loss was recognized during either the nine months ended September 30, 2016 and 2015.

Impairment of Long-lived Assets

We continually monitor events and changes in circumstances that could indicate that our carrying amounts of long-lived assets, including mineral rights, may not be recoverable. When such events or changes in circumstances occur, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets.

Exploration Costs

Mineral exploration costs are expensed as incurred. When it has been determined that it is economically feasible to extract minerals and the permitting process has been initiated, exploration costs incurred to further delineate and develop the property are considered pre-commercial production costs and will be capitalized and included as mine development costs in our consolidated balance sheets.

Share-based Payments

We measure and recognize compensation expense or professional services expense for all share-based payment awards made to employees, directors and non-employee consultants based on estimated fair values. We estimate the fair value of stock options on the date of grant using the Black-Scholes-Merton option pricing model, which includes assumptions for expected dividends, expected share price volatility, risk-free interest rate, and expected life of the options. Our expected volatility assumption is based on our historical weekly closing price of our stock over a period equivalent to the expected life of the options.

We expense share-based compensation, adjusted for estimated forfeitures, using the straight-line method over the vesting term of the award for our employees and directors and over the expected service term for our non-employee consultants. We estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from our estimates. Our excess tax benefits, if any, cannot be credited to stockholders’ equity until the deduction reduces cash taxes payable; accordingly, we realized no excess tax benefits during any of the periods presented in the accompanying consolidated financial statements.

Income Taxes

We account for income taxes through the use of the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and for income tax carry-forwards. A valuation allowance is recorded to the extent that we cannot conclude that realization of deferred tax assets is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures:

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s (“SEC”) rules and forms, and that such information is accumulated and communicated to management, including John C. Power, our President who is also our Principal Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management’s control objectives.

Our management, with the participation of our CEO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based upon this evaluation, our CEO concluded that our disclosure controls and procedures were not effective as of such date as a result of a material weakness in our internal control over financial reporting due to lack of segregation of duties and a limited corporate governance structure as discussed in Item 9A of our Form 10-K for the fiscal year ended December 31, 2015.

While we strive to segregate duties as much as practicable, there is an insufficient volume of transactions at this point in time to justify additional full time staff. We believe that this is typical in many exploration stage companies. We may not be able to fully remediate the material weakness until we commence mining operations at which time we would expect to hire more staff. We will continue to monitor and assess the costs and benefits of additional staffing.

Changes in Internal Control Over Financial Reporting:

There were no changes in our internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in Item 1A. to Part I. of our Annual Report on Form 10-K for the year ended December 31, 2015.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

All sales of unregistered securities were reported on Form 8-K during the period.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 15, 2016.

MAGELLAN GOLD CORPORATION

By: /s/ W. Pierce Carson

W. Pierce Carson

President, Chief Executive Officer

(Principal Executive Officer),

By: /s/ John C. Power

John C. Power

Chief Financial Officer

(Principal Accounting Officer)

EX-31.1 2 mgc_ex31z1.htm CERTIFICATION Certification

Exhibit 31.1

CERTIFICATION

I, W. Pierce Carson, President and CEO (Principal Executive Officer), certify that:


	1.	I have reviewed this Quarterly Report on Form 10-Q of Magellan Gold Corporation;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

		(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

		(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

		(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

		(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

		(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 15, 2016				/s/ W. Pierce Carson
				W. Pierce Carson, President and CEO (Principal Executive Officer)

EX-31.2 3 mgc_ex31z2.htm CERTIFICATION Certification

Exhibit 31.2

CERTIFICATION

I, John C. Power, Chief Financial Officer, certify that:


	1.	I have reviewed this Quarterly Report on Form 10-Q of Magellan Gold Corporation;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

		(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

		(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

		(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

		(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

		(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 15, 2016				/s/ John C. Power
				John C. Power, Chief Financial Officer

EX-32.1 4 mgc_ex32z1.htm CERTIFICATION Certification

Exhibit 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Magellan Gold Corporation (the "Company") on Form 10-Q for the period ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, W. Pierce Carson, President and CEO (Principal Executive Officer) and John C. Power, Chief Financial Officer (Principal Accounting Officer) of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:


	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ W. Pierce Carson

W. Pierce Carson

President and CEO (Principal Executive Officer)

November 15, 2016

/s/ John C. Power

John C. Power

Chief Financial Officer (Principal Accounting Officer)

November 15, 2016

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Note 1 Organization, Basis of Presentation, and Continuance of Operations   Organization and Nature of Operations   Magellan Gold Corporation (we our, us, the Company or Magellan) was incorporated on September 28, 2010, under the laws of the State of Nevada. Our principal business is the acquisition and exploration of mineral resources. We have not presently determined whether the properties to which we have mining rights contain mineral reserves that are economically recoverable.   On September 30, 2014, we formed and organized a new wholly-owned subsidiary, Gulf+Western Industries, Inc., a Nevada corporation (Gulf+Western or G+W), to own and operate our Silver District mining interests. On October 1, 2014 we completed the transfer of those assets from Magellan to G+W. Effective December 31, 2014 Magellan pledged all its ownership interest in G+W to Mr. John D. Gibbs, a significant shareholder in the Company, as security for outstanding amounts under a line of credit agreement between Magellan and Mr. Gibbs.   On June 1, 2015, we transferred 15% of our ownership interest in G+W to Dr. W. Pierce Carson (Dr. Carson), in exchange for one year of service as President, Chief Executive Officer and Director of G+W. As a result of the transaction, Magellans ownership interest in G+W was reduced to 85%. The transaction was valued at $50,000 representing compensation for the one-year period from June 2015 through May 2016. On June 1, 2016 Magellan entered into a one-year employment agreement with Dr. Carson in which he assumes the positions of President and Chief Executive Officer of Magellan.  As a result, Mr. John Power resigned his positions as President and Chief Executive Officer concurrent with the execution of Dr. Carsons employment agreement. Mr. Power has retained the positions of Chief Financial Officer and Director of Magellan. Dr. Carson was appointed a Director of Magellan effective June 30, 2016.   In July 2016, the Company completed a share exchange with Dr. Carson in which Dr. Carson surrendered his 15% interest in G+W in exchange for 8,623,957 shares of Magellan Gold Corporation. As a result of this transaction, G+W became a wholly owned subsidiary of Magellan Gold Corporation.   On October 24, 2016, the Company entered into a Mining Option Agreement (the Option Agreement) between and among Rio Silver Inc., a Canadian company (Rio Silver), Minera Rio Plata S.A.C., a Peruvian company and subsidiary of Rio Silver (Minera), and Magellan Gold Peru S.A.C., a Peruvian company and wholly owned subsidiary of the Company (Magellan Peru) pursuant to which Rio Silver through Minera, shall grant to the Company the sole and exclusive option to acquire an undivided 50% interest in and to property located in central Peru. This, and related transactions are discussed further below in Note 11 Letter of Intent with Rio Silver, Inc., and Note 12 Subsequent Events.   Under the terms of the Agreement, the Company has the right to earn an undivided 50% interest in the Niñobamba Silver/Gold Project in central Peru. To earn its 50% interest, the Company must spend $2.0 million in exploration over three years. The Niñobamba project is comprised of four concessions that total 31 square kilometers (7,660 acres). As announced September 12, 2016, three of the concessions were recently acquired from a Peruvian company owned jointly by Newmont Mining Corporation and Southern Peru Copper Corporation.   In connection with the Rio Silver transaction, the Company is obliged to subscribe to two private placement unit financings in Rio Silver, each for aggregate proceeds of Cdn$75,000. The Company completed the first unit private placement on August 23, 2016. The second unit private placement is expected to close in January 2017.   Our primary focus is to continue evaluation of our properties, and possibly to acquire additional mineral rights and conduct additional exploration, development and permitting activities.  Our mineral lease payments, permitting applications and exploration and development efforts will require additional capital. We rely upon the sale of our securities as well as advances and loans from executive management and significant shareholders to fund our operations as we have not generated any revenue.   Basis of Presentation   We prepare our financial statements in accordance with accounting principles generally accepted in the United States (GAAP). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended September 30, 2016 are not necessarily indicative of the results for the full year. While we believe that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto contained in our annual report on Form 10-K for the year ended December 31, 2015.   Our consolidated financial statements include our accounts and the accounts of our subsidiary, Gulf + Western Industries, Inc. All intercompany transactions and balances have been eliminated.   Liquidity and Going Concern   Our consolidated financial statements have been prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during the next fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial statements and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be unable to continue as a going concern. At September 30, 2016, we had not yet generated any revenues or achieved profitable operations and we have accumulated losses of $1,750,200. We expect to incur further losses in the development of our business, all of which casts substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern depends on our ability to generate future profits and/or to obtain the necessary financing to meet our obligations arising from normal business operations when they come due.   On December 31, 2015 we amended our credit agreement with Mr. John Gibbs, a related party, to increase the borrowing limit to $1,000,000, which provides the Company an additional $67,500 available under the credit line at September 30, 2016. As part of the 2014 amendment, we pledged our ownership interest in our subsidiary, G+W, which owns all our ownership interests in the Silver District properties, as security for all amounts outstanding under the credit agreement.   In June 2016, we closed a private placement of our securities in which we sold 4,875,000 units consisting of common stock and warrants and realized net proceeds of $194,325. The funds were generally used for working capital as well as to fund efforts to expand our portfolio of exploration  opportunities.   We anticipate that additional funding will be in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common stock.

2010-09-28 Nevada

Basis of Presentation   We prepare our financial statements in accordance with accounting principles generally accepted in the United States (GAAP). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended September 30, 2016 are not necessarily indicative of the results for the full year. While we believe that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto contained in our annual report on Form 10-K for the year ended December 31, 2015.   Our consolidated financial statements include our accounts and the accounts of our subsidiary, Gulf + Western Industries, Inc. All intercompany transactions and balances have been eliminated.

Liquidity and Going Concern   Our consolidated financial statements have been prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during the next fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial statements and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be unable to continue as a going concern. At September 30, 2016, we had not yet generated any revenues or achieved profitable operations and we have accumulated losses of $1,750,200. We expect to incur further losses in the development of our business, all of which casts substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern depends on our ability to generate future profits and/or to obtain the necessary financing to meet our obligations arising from normal business operations when they come due.

Note 2 Mineral Rights and Properties   As of September 30, 2016 and December 31, 2015, our mineral rights and properties consist of the following:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="262" valign="bottom" style='width:196.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="17" valign="bottom" style='width:12.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="148" valign="bottom" style='width:110.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> September 30, 2016 </td> <td width="17" valign="bottom" style='width:12.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="160" valign="bottom" style='width:119.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> December 31, 2015 </td> </tr> <tr align="left"> <td width="262" valign="bottom" style='width:196.2pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Silver District Claims </td> <td width="17" valign="bottom" style='width:12.45pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="148" valign="bottom" style='width:110.75pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              323,200 </td> <td width="17" valign="bottom" style='width:12.45pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="160" valign="bottom" style='width:119.75pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                 323,200 </td> </tr> <tr align="left"> <td width="262" valign="bottom" style='width:196.2pt;padding:0in 5.4pt 0in 5.4pt'> Sacramento Mountains Project </td> <td width="17" valign="bottom" style='width:12.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="148" valign="bottom" style='width:110.75pt;padding:0in 5.4pt 0in 5.4pt'>                               - </td> <td width="17" valign="bottom" style='width:12.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="160" valign="bottom" style='width:119.75pt;padding:0in 5.4pt 0in 5.4pt'>                                  - </td> </tr> <tr align="left"> <td width="262" valign="bottom" style='width:196.2pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="17" valign="bottom" style='width:12.45pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="148" valign="bottom" style='width:110.75pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              323,200 </td> <td width="17" valign="bottom" style='width:12.45pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="160" valign="bottom" style='width:119.75pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                 323,200 </td> </tr> </table>   Silver District   In August 2012, we entered into an option agreement with Columbus Exploration f/k/a Columbus Silver Corporation, which granted us the right to acquire all of Columbus interest in its Silver District properties located in La Paz County, Arizona.  We paid Columbus an initial $63,200 on signing of the option and a further $50,000 in December 2012.  We paid other patented and unpatented mining claim purchase and lease obligations in 2013 and 2014 to maintain the project claims and leases in good standing.  On September 30, 2014, we paid an additional $100,000 to Columbus Exploration to acquire all of Columbus interest in its Silver District properties located in La Paz County, Arizona.   The properties acquired from Columbus were assigned into our subsidiary Gulf+Western Industries, Inc. and our total acquisition cost capitalized was $323,200.   The Silver District property consists of 110 unpatented lode and mill site mining claims, six patented lode claims, and an Arizona State Exploration Permit, all of which are held directly or under lease agreements, totaling over 2,000 acres. Certain of the claims are subject to third party net smelter royalties and/or net profits of varying percentages.   In August 2016, we renewed the BLM lode and mill site claims in La Paz County, Arizona with the Bureau of Land Management and these claims will remain in good standing through August 31, 2017. Additionally, in both August 2016 and 2015, we made advance minimum royalty payments of $10,000 to a third party landowner on the Red Cloud lease, which includes the Red Cloud Patented claim and two BLM lode claims.  In September 2015 we obtained approval to assume and expand the Arizona State Exploration Permit to approximately 334.85 acres on the Arizona State section that comprises part of our Silver District land package and we are in the process of renewing this lease for another year.   On July 9, 2015, G+W entered into two Lease and Purchase Agreements (Agreements) with an individual that grant the Company certain exploration and mining rights for two patented lode claims located in the Silver District, La Paz County, Arizona. The Agreements provide for scheduled variable annual advance minimum royalty payments to the lessor. In addition, the Agreements have an initial term of 20 years, and provide for the purchase of the properties for $125,000 each during the term of the lease, net of any advance royalty payments made up to the date of the purchase. The Company paid the initial advance royalty payments totaling $3,000 and advance royalty payments of $1,000 in July 2016 to maintain these agreements. Due to an uncertainty associated with the clarification of the legal title for these two patented lode claims, these payments have not been capitalized as mining rights, and therefore are included in exploration costs during the period in which the obligation was due.   Sacramento Mountains Project   The Sacramento Mountains Project is located in the northwest corner of the Sacramento Mountains approximately 10 miles WNW of Needles, California. In October 2012, Magellan staked fifty (50) unpatented lode mining claims totaling approximately 1,000 acres, in which we have a 100% unencumbered interest, on Federal Bureau of Land Management BLM) land, and in January 2013 filed the claims with the BLM. In August 2015, we renewed 14 of these claims with the BLM, and these claims will remain in good standing through August 31, 2016.   A plan of operation for a limited exploration drill program was submitted and approved by the BLM in 2013. As of the date of this report, we have not decided to proceed with a drilling program.   Our permit expires in February 2017.  During 2013, we paid $8,639 to the BLM representing a deposit for potential reclamation of proposed drilling sites should we decide to carry out exploratory drilling on our Sacramento Mountains project.  The deposit is included in current and other non-current assets in the accompanying consolidated balance sheets at September 30, 2016 and December 31, 2015, respectively as deposits with BLM.    On February 12, 2016, the White House announced President Obama had designated three national monuments in southern California covering 1.8 million acres of federal lands. The Company is in the process of determining what effect this new designation may have on its Sacramento Mountains Project. As a result of this development, we have requested the return of our deposit in the amount $8,639 and did not renew our BLM claims in August 2016 that comprise the Sacramento project and have abandoned this project.

<table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="262" valign="bottom" style='width:196.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="17" valign="bottom" style='width:12.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="148" valign="bottom" style='width:110.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> September 30, 2016 </td> <td width="17" valign="bottom" style='width:12.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="160" valign="bottom" style='width:119.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> December 31, 2015 </td> </tr> <tr align="left"> <td width="262" valign="bottom" style='width:196.2pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Silver District Claims </td> <td width="17" valign="bottom" style='width:12.45pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="148" valign="bottom" style='width:110.75pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              323,200 </td> <td width="17" valign="bottom" style='width:12.45pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="160" valign="bottom" style='width:119.75pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                 323,200 </td> </tr> <tr align="left"> <td width="262" valign="bottom" style='width:196.2pt;padding:0in 5.4pt 0in 5.4pt'> Sacramento Mountains Project </td> <td width="17" valign="bottom" style='width:12.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="148" valign="bottom" style='width:110.75pt;padding:0in 5.4pt 0in 5.4pt'>                               - </td> <td width="17" valign="bottom" style='width:12.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="160" valign="bottom" style='width:119.75pt;padding:0in 5.4pt 0in 5.4pt'>                                  - </td> </tr> <tr align="left"> <td width="262" valign="bottom" style='width:196.2pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="17" valign="bottom" style='width:12.45pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="148" valign="bottom" style='width:110.75pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              323,200 </td> <td width="17" valign="bottom" style='width:12.45pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="160" valign="bottom" style='width:119.75pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                 323,200 </td> </tr> </table>

323200

Note 3 - Fair Value of Financial Instruments   Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:   Level 1 Quoted market prices in active markets for identical assets or liabilities at the measurement date.   Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.   Level 3 Inputs reflecting managements best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.   A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.   Financial assets and liabilities measured at fair value on a recurring basis are summarized below:   <table border="0" cellspacing="0" cellpadding="0" width="660" style='border-collapse:collapse'> <tr style='height:28.65pt'> <td width="167" valign="bottom" style='width:125.15pt;padding:0;height:28.65pt'>   </td> <td width="7" valign="bottom" style='width:5.35pt;padding:0;height:28.65pt'>   </td> <td width="158" valign="bottom" style='width:118.65pt;padding:0;height:28.65pt'> Fair Value at </td> <td width="19" valign="bottom" style='width:14.35pt;padding:0;height:28.65pt'>   </td> <td width="309" colspan="5" valign="bottom" style='width:231.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:28.65pt'> Fair Value Measurement at September 30, 2016 </td> </tr> <tr style='height:13.9pt'> <td width="167" valign="bottom" style='width:125.15pt;padding:0;height:13.9pt'>   </td> <td width="7" valign="bottom" style='width:5.35pt;padding:0;height:13.9pt'>   </td> <td width="158" valign="bottom" style='width:118.65pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.9pt'> September 30, 2016 </td> <td width="19" valign="bottom" style='width:14.35pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.9pt'> Level 1 </td> <td width="7" valign="bottom" style='width:5.4pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.9pt'> Level 2 </td> <td width="7" valign="bottom" style='width:5.4pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.8pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.9pt'> Level 3 </td> </tr> <tr style='height:13.9pt'> <td width="167" valign="bottom" style='width:125.15pt;padding:0;height:13.9pt'>   </td> <td width="7" valign="bottom" style='width:5.35pt;padding:0;height:13.9pt'>   </td> <td width="158" valign="bottom" style='width:118.65pt;border:none;padding:0;height:13.9pt'>   </td> <td width="19" valign="bottom" style='width:14.35pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;border:none;padding:0;height:13.9pt'>   </td> <td width="7" valign="bottom" style='width:5.4pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;border:none;padding:0;height:13.9pt'>   </td> <td width="7" valign="bottom" style='width:5.4pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.8pt;border:none;padding:0;height:13.9pt'>   </td> </tr> <tr style='height:28.65pt'> <td width="167" valign="bottom" style='width:125.15pt;background:#B4FED9;padding:0;height:28.65pt'> Derivative conversion option liability </td> <td width="7" valign="bottom" style='width:5.35pt;background:#B4FED9;padding:0;height:28.65pt'>   </td> <td width="158" valign="bottom" style='width:118.65pt;background:#B4FED9;padding:0;height:28.65pt'> $ 121,750    </td> <td width="19" valign="bottom" style='width:14.35pt;background:#B4FED9;padding:0;height:28.65pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;background:#B4FED9;padding:0;height:28.65pt'> $     </td> <td width="7" valign="bottom" style='width:5.4pt;background:#B4FED9;padding:0;height:28.65pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;background:#B4FED9;padding:0;height:28.65pt'> $     </td> <td width="7" valign="bottom" style='width:5.4pt;background:#B4FED9;padding:0;height:28.65pt'>   </td> <td width="98" valign="bottom" style='width:73.8pt;background:#B4FED9;padding:0;height:28.65pt'> $ 121,750    </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="661" style='border-collapse:collapse'> <tr style='height:27.25pt'> <td width="166" valign="bottom" style='width:124.8pt;padding:0;height:27.25pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:27.25pt'>   </td> <td width="160" valign="bottom" style='width:120.2pt;padding:0;height:27.25pt'> Carrying Value at </td> <td width="19" valign="bottom" style='width:14.0pt;padding:0;height:27.25pt'>   </td> <td width="309" colspan="6" valign="bottom" style='width:232.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:27.25pt'> Fair Value Measurement at December 31, 2015 </td> </tr> <tr style='height:13.2pt'> <td width="166" valign="bottom" style='width:124.8pt;padding:0;height:13.2pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="160" valign="bottom" style='width:120.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.2pt'> December 31, 2015 </td> <td width="19" valign="bottom" style='width:14.0pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.2pt'> Level 1 </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.2pt'> Level 2 </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.2pt'> Level 3 </td> <td width="1" style='border:none;padding:0'> </td> </tr> <tr style='height:13.2pt'> <td width="166" valign="bottom" style='width:124.8pt;padding:0;height:13.2pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="160" valign="bottom" style='width:120.2pt;border:none;padding:0;height:13.2pt'>   </td> <td width="19" valign="bottom" style='width:14.0pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;padding:0;height:13.2pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;padding:0;height:13.2pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;padding:0;height:13.2pt'>   </td> <td width="1" style='border:none;padding:0'> </td> </tr> <tr style='height:27.25pt'> <td width="166" valign="bottom" style='width:124.8pt;background:#B4FED9;padding:0;height:27.25pt'> Derivative conversion option liability </td> <td width="6" valign="bottom" style='width:4.7pt;background:#B4FED9;padding:0;height:27.25pt'>   </td> <td width="160" valign="bottom" style='width:120.2pt;background:#B4FED9;padding:0;height:27.25pt'> $ 65,940    </td> <td width="19" valign="bottom" style='width:14.0pt;background:#B4FED9;padding:0;height:27.25pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;background:#B4FED9;padding:0;height:27.25pt'> $     </td> <td width="6" valign="bottom" style='width:4.7pt;background:#B4FED9;padding:0;height:27.25pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;background:#B4FED9;padding:0;height:27.25pt'> $     </td> <td width="6" valign="bottom" style='width:4.7pt;background:#B4FED9;padding:0;height:27.25pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;background:#B4FED9;padding:0;height:27.25pt'> $ 65,940    </td> <td width="1" style='border:none;padding:0'> </td> </tr> </table>     A summary of the activity of the derivative liability is shown below:   <table border="0" cellspacing="0" cellpadding="0" width="581" style='width:435.8pt;border-collapse:collapse'> <tr align="left"> <td valign="bottom" style='background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Balance, December 31, 2015 </td> <td width="24" valign="bottom" style='width:18.15pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="142" valign="bottom" style='width:106.4pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              65,940  </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'>       Reclassification of derivative liability to APIC </td> <td width="24" valign="bottom" style='width:18.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="142" valign="bottom" style='width:106.4pt;padding:0in 5.4pt 0in 5.4pt'>                 (20,044) </td> </tr> <tr align="left"> <td valign="bottom" style='background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>       Mark to market adjustments at September 30, 2016 </td> <td width="24" valign="bottom" style='width:18.15pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="142" valign="bottom" style='width:106.4pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>                   75,854  </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> Balance, September 30, 2016 </td> <td width="24" valign="bottom" style='width:18.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="142" valign="bottom" style='width:106.4pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'>   $            121,750  </td> </tr> </table>     The carrying values for cash and cash equivalents, prepaid assets, deferred compensation, accounts payable and accrued liabilities, related party line of credit and notes payable approximate their fair value due to their short maturities.

<table border="0" cellspacing="0" cellpadding="0" width="660" style='border-collapse:collapse'> <tr style='height:28.65pt'> <td width="167" valign="bottom" style='width:125.15pt;padding:0;height:28.65pt'>   </td> <td width="7" valign="bottom" style='width:5.35pt;padding:0;height:28.65pt'>   </td> <td width="158" valign="bottom" style='width:118.65pt;padding:0;height:28.65pt'> Fair Value at </td> <td width="19" valign="bottom" style='width:14.35pt;padding:0;height:28.65pt'>   </td> <td width="309" colspan="5" valign="bottom" style='width:231.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:28.65pt'> Fair Value Measurement at September 30, 2016 </td> </tr> <tr style='height:13.9pt'> <td width="167" valign="bottom" style='width:125.15pt;padding:0;height:13.9pt'>   </td> <td width="7" valign="bottom" style='width:5.35pt;padding:0;height:13.9pt'>   </td> <td width="158" valign="bottom" style='width:118.65pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.9pt'> September 30, 2016 </td> <td width="19" valign="bottom" style='width:14.35pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.9pt'> Level 1 </td> <td width="7" valign="bottom" style='width:5.4pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.9pt'> Level 2 </td> <td width="7" valign="bottom" style='width:5.4pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.8pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.9pt'> Level 3 </td> </tr> <tr style='height:13.9pt'> <td width="167" valign="bottom" style='width:125.15pt;padding:0;height:13.9pt'>   </td> <td width="7" valign="bottom" style='width:5.35pt;padding:0;height:13.9pt'>   </td> <td width="158" valign="bottom" style='width:118.65pt;border:none;padding:0;height:13.9pt'>   </td> <td width="19" valign="bottom" style='width:14.35pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;border:none;padding:0;height:13.9pt'>   </td> <td width="7" valign="bottom" style='width:5.4pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;border:none;padding:0;height:13.9pt'>   </td> <td width="7" valign="bottom" style='width:5.4pt;padding:0;height:13.9pt'>   </td> <td width="98" valign="bottom" style='width:73.8pt;border:none;padding:0;height:13.9pt'>   </td> </tr> <tr style='height:28.65pt'> <td width="167" valign="bottom" style='width:125.15pt;background:#B4FED9;padding:0;height:28.65pt'> Derivative conversion option liability </td> <td width="7" valign="bottom" style='width:5.35pt;background:#B4FED9;padding:0;height:28.65pt'>   </td> <td width="158" valign="bottom" style='width:118.65pt;background:#B4FED9;padding:0;height:28.65pt'> $ 121,750    </td> <td width="19" valign="bottom" style='width:14.35pt;background:#B4FED9;padding:0;height:28.65pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;background:#B4FED9;padding:0;height:28.65pt'> $     </td> <td width="7" valign="bottom" style='width:5.4pt;background:#B4FED9;padding:0;height:28.65pt'>   </td> <td width="98" valign="bottom" style='width:73.45pt;background:#B4FED9;padding:0;height:28.65pt'> $     </td> <td width="7" valign="bottom" style='width:5.4pt;background:#B4FED9;padding:0;height:28.65pt'>   </td> <td width="98" valign="bottom" style='width:73.8pt;background:#B4FED9;padding:0;height:28.65pt'> $ 121,750    </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="661" style='border-collapse:collapse'> <tr style='height:27.25pt'> <td width="166" valign="bottom" style='width:124.8pt;padding:0;height:27.25pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:27.25pt'>   </td> <td width="160" valign="bottom" style='width:120.2pt;padding:0;height:27.25pt'> Carrying Value at </td> <td width="19" valign="bottom" style='width:14.0pt;padding:0;height:27.25pt'>   </td> <td width="309" colspan="6" valign="bottom" style='width:232.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:27.25pt'> Fair Value Measurement at December 31, 2015 </td> </tr> <tr style='height:13.2pt'> <td width="166" valign="bottom" style='width:124.8pt;padding:0;height:13.2pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="160" valign="bottom" style='width:120.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.2pt'> December 31, 2015 </td> <td width="19" valign="bottom" style='width:14.0pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.2pt'> Level 1 </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.2pt'> Level 2 </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0;height:13.2pt'> Level 3 </td> <td width="1" style='border:none;padding:0'> </td> </tr> <tr style='height:13.2pt'> <td width="166" valign="bottom" style='width:124.8pt;padding:0;height:13.2pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="160" valign="bottom" style='width:120.2pt;border:none;padding:0;height:13.2pt'>   </td> <td width="19" valign="bottom" style='width:14.0pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;padding:0;height:13.2pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;padding:0;height:13.2pt'>   </td> <td width="6" valign="bottom" style='width:4.7pt;padding:0;height:13.2pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;border:none;padding:0;height:13.2pt'>   </td> <td width="1" style='border:none;padding:0'> </td> </tr> <tr style='height:27.25pt'> <td width="166" valign="bottom" style='width:124.8pt;background:#B4FED9;padding:0;height:27.25pt'> Derivative conversion option liability </td> <td width="6" valign="bottom" style='width:4.7pt;background:#B4FED9;padding:0;height:27.25pt'>   </td> <td width="160" valign="bottom" style='width:120.2pt;background:#B4FED9;padding:0;height:27.25pt'> $ 65,940    </td> <td width="19" valign="bottom" style='width:14.0pt;background:#B4FED9;padding:0;height:27.25pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;background:#B4FED9;padding:0;height:27.25pt'> $     </td> <td width="6" valign="bottom" style='width:4.7pt;background:#B4FED9;padding:0;height:27.25pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;background:#B4FED9;padding:0;height:27.25pt'> $     </td> <td width="6" valign="bottom" style='width:4.7pt;background:#B4FED9;padding:0;height:27.25pt'>   </td> <td width="99" valign="bottom" style='width:74.05pt;background:#B4FED9;padding:0;height:27.25pt'> $ 65,940    </td> <td width="1" style='border:none;padding:0'> </td> </tr> </table>

121750 0 0 121750 65940 0 0 65940   <table border="0" cellspacing="0" cellpadding="0" width="581" style='width:435.8pt;border-collapse:collapse'> <tr align="left"> <td valign="bottom" style='background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Balance, December 31, 2015 </td> <td width="24" valign="bottom" style='width:18.15pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="142" valign="bottom" style='width:106.4pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              65,940  </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'>       Reclassification of derivative liability to APIC </td> <td width="24" valign="bottom" style='width:18.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="142" valign="bottom" style='width:106.4pt;padding:0in 5.4pt 0in 5.4pt'>                 (20,044) </td> </tr> <tr align="left"> <td valign="bottom" style='background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>       Mark to market adjustments at September 30, 2016 </td> <td width="24" valign="bottom" style='width:18.15pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="142" valign="bottom" style='width:106.4pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>                   75,854  </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> Balance, September 30, 2016 </td> <td width="24" valign="bottom" style='width:18.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="142" valign="bottom" style='width:106.4pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'>   $            121,750  </td> </tr> </table>

65940

-20044 75854

121750

Note 4 Line of Credit Related Party   Effective December 31, 2012, we entered into a line of credit arrangement with John D. Gibbs, a significant investor, to facilitate timely cash flows for the Companys operations. The line of credit originally provided for a maximum balance of $250,000, accrued interest at 6% annually, and matured on December 31, 2014.   On December 31, 2013 we amended our credit agreement with Mr. Gibbs to increase the borrowing limit under the line of credit to $750,000. All other terms of the credit agreement, including the interest rate and maturity date remained unchanged.   On December 31, 2014, we again amended the credit agreement to increase the borrowing limit to $900,000 and extend the maturity date to December 31, 2015. As part of the 2014 amendment and the subsequent appointment of Dr. Pierce Carson as the President, CEO and Director of G+W effective June 1, 2015, we had pledged all of our 85% equity interest in G+W, which owns the Silver District properties, as security for all amounts outstanding under the credit agreement.  In July 2016, we completed a share exchange with Dr. Carson to re-acquire the 15% interest in G+W, and therefore at September 30, 2016 our entire 100% interest in G+W remains pledged as security for outstanding amounts under this credit agreement.   On December 31, 2015 we again amended the credit agreement to increase the borrowing limit to $1,000,000, which provides the Company an additional $112,500 available under the credit line at December 31, 2015. The amendment also extends the maturity date to December 31, 2016. The line of credit amendment does not have an accounting impact.   During the nine months ended September 30, 2016 and 2015, draws totaling $45,000 and $130,000, respectively, were made and were primarily used to fund working capital and certain obligations due to maintain our mining rights and properties. At September 30, 2016 a total of $932,500 was outstanding under this line of credit. In addition, a total of $143,751 of interest has been accrued on this obligation and is included in Interest payable - related parties on the accompanying consolidated balance sheet at September 30, 2016.

Effective December 31, 2012, we entered into a line of credit arrangement with John D. Gibbs, a significant investor, to facilitate timely cash flows for the Companys operations.

2012-12-31

John D. Gibbs, a significant investor

accrued interest at 6% annually

100% equity interest in G+W, which owns the Silver District properties

1000000

112500

45000

130000

932500

143751

Note 5 Notes Payable Related Party   In August 2011, we entered into an unsecured loan from John Power, the Companys Chief Financial Officer, evidenced by a $20,000 promissory note. The promissory note bears interest at 6% per annum and is payable on demand with thirty days notice from the lender. During the second quarter of 2014, the Company made payments totaling $5,000 to pay down the principal balance of the note.  At December 31, 2015 and September 30, 2016, the Note balance was $15,000.   In January 2014, we entered into an additional unsecured loan from Mr. Power, evidenced by a $50,000 promissory note. The promissory note bears interest at 6.75% per annum and is payable on demand with thirty days notice from the lender. At both December 31, 2015 and September 30, 2016, the Note balance was $50,000.   Effective September 30, 2016, we entered into an additional unsecured loan from Mr. Power, evidenced by a $35,000 promissory note. The promissory note bears interest at 6.00% per annum and is payable on demand with thirty days notice from the lender. At September 30, 2016 the Note balance was $35,000.   During the nine months ended September 30, 2016, the Company paid $2,500 representing accrued interest on the above promissory notes. A total of $2,484 of unpaid interest has accrued on these promissory notes and is included in Accrued interest - related parties on the accompanying consolidated balance sheet at September 30, 2016.

unsecured

John Power, the Companys Chief Financial Officer

20000

0.0600

payable on demand with thirty days notice from the lender

15000

unsecured

Mr. Power

50000

0.0675

payable on demand with thirty days notice from the lender

50000

unsecured

Mr. Power

35000

0.0600

payable on demand with thirty days notice from the lender

35000

2500

2484 Note 6 Convertible Notes Payable   On October 1, 2014, we issued a convertible promissory note to a provider of legal services in the original principal amount of approximately $51,532. The note was issued to evidence the Companys indebtedness for legal services previously rendered. Interest accrues quarterly on the outstanding principal and interest balance of the Note at 6% per annum. The principal plus accrued and unpaid interest is due upon five days written demand of the note holder. The note is unsecured.   The note principal and accrued interest is convertible at any time into shares of common stock at a conversion price of $0.039, which represented the closing bid price of the common stock on the OTC Bulletin Board on the date of issuance.   On April 6, 2016 the Note holder elected to convert a total of $23,400, consisting of $18,512 of principal and $4,888 of accrued interest. The conversion resulted in the issuance of 600,000 shares of the Companys common stock. As of September 30, 2016 the remaining note balance was $33,020.  As a result of the conversion, a total of $20,044 of the derivative liability associated with the note as discussed below, was reclassified to additional paid in capital on the conversion date.   The note contains certain anti-dilution provisions that would reduce the conversion price should the Company issue common stock equivalents at a price less than the note conversion price. Accordingly, the conversion features of the note are considered a discount to the note. However, since the note is payable upon demand by the note holder, the value of the discount was considered interest expense at the time of its inception.  The note is evaluated quarterly, and upon any quarterly valuations in which the value of the discount changes we recognize a gain or loss due to a decrease or increase, respectively, in the fair value of the derivative liability. On September 30, 2016 the fair value of the derivative liability was determined to be $121,750, resulting in a gain on change of the derivative liability of $70,680 for the three months ended September 30, 2016, and a loss of $75,854 for the nine months ended September 30, 2016. On September 30, 2015 the fair value of the derivative liability was determined to be $47,410, resulting in a loss on change of the derivative liability of $8,270 and $16,890 for the three and nine months ended September 30, 2015, respectively.   We estimate the fair value of this derivative at each balance sheet date until such time the note is paid or converted in full.   We estimated the fair value of the derivative at September 30, 2016 and December 31, 2015 using the Black-Scholes option pricing model, which includes assumptions for expected dividends, expected share price volatility, risk-free interest rate, and expected life of the note.  Our expected volatility assumption is based on our historical weekly closing price of our stock over a period equivalent to the expected remaining life of the note.   The following table summarizes the assumptions used to value the derivative liability at September 30, 2016:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0'> Fair value assumptions derivative: </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;border:none;border-bottom:solid windowtext 1.0pt;padding:0'> September 30, 2016 </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;border:none;background:#B4FED9;padding:0'> Risk free interest rate </td> <td width="18" valign="bottom" style='width:13.65pt;background:#B4FED9;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;border:none;background:#B4FED9;padding:0'>                      0.59% </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;padding:0'> Expected term (years) </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;padding:0'>                         1.0   </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;background:#B4FED9;padding:0'> Expected volatility </td> <td width="18" valign="bottom" style='width:13.65pt;background:#B4FED9;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;background:#B4FED9;padding:0'>                       134% </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;padding:0'> Expected dividends </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;padding:0'>                           0% </td> </tr> </table>     The following table summarizes the assumptions used to value the derivative liability at December 31, 2015:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0'> Fair value assumptions derivative: </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;border:none;border-bottom:solid windowtext 1.0pt;padding:0'> December 31, 2015 </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;border:none;background:#B4FED9;padding:0'> Risk free interest rate </td> <td width="18" valign="bottom" style='width:13.65pt;background:#B4FED9;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;border:none;background:#B4FED9;padding:0'>                        0.65% </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;padding:0'> Expected term (years) </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;padding:0'>                           1.0   </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;background:#B4FED9;padding:0'> Expected volatility </td> <td width="18" valign="bottom" style='width:13.65pt;background:#B4FED9;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;background:#B4FED9;padding:0'>                         155% </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;padding:0'> Expected dividends </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;padding:0'>                             0% </td> </tr> </table>     A total of $804 (net of accrued interest converted), and $4,054 of interest had accrued on the note at September 30, 2016 and December 31, 2015, respectively, and is included in Accrued interest on the accompanying consolidated balance sheets.

2014-10-01

promissory note

51532

The note was issued to evidence the Companys indebtedness for legal services previously rendered.

0.0600

0.039

23400

600000

33020

anti-dilution provisions that would reduce the conversion price should the Company issue common stock equivalents at a price less than the note conversion price

121750 70680 75854 47410 8270 16890   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0'> Fair value assumptions derivative: </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;border:none;border-bottom:solid windowtext 1.0pt;padding:0'> September 30, 2016 </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;border:none;background:#B4FED9;padding:0'> Risk free interest rate </td> <td width="18" valign="bottom" style='width:13.65pt;background:#B4FED9;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;border:none;background:#B4FED9;padding:0'>                      0.59% </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;padding:0'> Expected term (years) </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;padding:0'>                         1.0   </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;background:#B4FED9;padding:0'> Expected volatility </td> <td width="18" valign="bottom" style='width:13.65pt;background:#B4FED9;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;background:#B4FED9;padding:0'>                       134% </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;padding:0'> Expected dividends </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;padding:0'>                           0% </td> </tr> </table>     The following table summarizes the assumptions used to value the derivative liability at December 31, 2015:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0'> Fair value assumptions derivative: </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;border:none;border-bottom:solid windowtext 1.0pt;padding:0'> December 31, 2015 </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;border:none;background:#B4FED9;padding:0'> Risk free interest rate </td> <td width="18" valign="bottom" style='width:13.65pt;background:#B4FED9;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;border:none;background:#B4FED9;padding:0'>                        0.65% </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;padding:0'> Expected term (years) </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;padding:0'>                           1.0   </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;background:#B4FED9;padding:0'> Expected volatility </td> <td width="18" valign="bottom" style='width:13.65pt;background:#B4FED9;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;background:#B4FED9;padding:0'>                         155% </td> </tr> <tr align="left"> <td width="327" valign="bottom" style='width:245.55pt;padding:0'> Expected dividends </td> <td width="18" valign="bottom" style='width:13.65pt;padding:0'>   </td> <td width="158" valign="bottom" style='width:1.65in;padding:0'>                             0% </td> </tr> </table>

0.0059

P1Y

1.3400

0.0000

0.0065

P1Y

1.5500

0.0000

804 4054

Note 7 Equity   Sale of common stock and warrants: In June 2016, we completed a private placement of equity securities in which we sold 4,875,000 units priced at $0.04 per unit. Each unit was comprised of one share of common stock, one Class A warrant and one Class B warrant. Each Class A warrant entitles the holder to purchase one share of common stock at a price of $0.07 per share in cash, and expire December 30, 2016. Each Class B warrant entitles the holder to purchase one share of common stock at a price of $0.10 per share, exercisable in either cash or pursuant to a cashless exercise. All warrants include anti-dilution rights for stock splits, stock dividends and the sale of substantially all the Companys assets. We allocated the proceeds of the offering to additional paid-in capital based on the relative fair values of the equity instruments at the dates of the sale transactions in the following manner: common stock issued at 49%, the Class A warrants at 29%, and the Class B warrants at 22%.   The sale was concluded on June 30, 2016 and resulted in net proceeds of $194,325, which were net of $675 of direct offering costs. The funds received were generally used for general working capital as well as to fund our efforts to expand our portfolio of exploration opportunities.   Acquisition of non-controlling interest in operating subsidiary: In June 2015 we transferred 15% of our ownership interest in G+W to Dr. W. Pierce Carson (Dr. Carson), in exchange for one year of service as President, Chief Executive Officer and Director of G+W.  As a result of the transaction, Magellans ownership interest in G+W was reduced to 85%.  The transaction was valued at $50,000 representing compensation for the one-year period from June 2015 through May 2016. In July 2016, the Company completed a share exchange with Dr. Carson in which Dr. Carson surrendered his 15% interest in G+W in exchange for 8,623,957 shares of Magellan Gold Corporation. As a result of this transaction, G+W became a wholly owned subsidiary of Magellan Gold Corporation.   Investor Relations contract: On September 1, 2016 the Company executed an Investor Relations Engagement Agreement (Agreement) with Intuitive Pty Ltd (Intuitive), an investor relations firm located in Australia. The Agreement provides for Intuitive to undertake an investor relations and communications program that will focus on potential investors outside the United States. The term of the Agreement runs for two years beginning on September 1, 2016. As consideration for the services, the Company issued 500,000 shares of its common stock. The transaction was valued at $65,000 based on the $0.13 per share closing price of the Companys common stock on September 1, 2016. The transaction is being amortized monthly over the life of the Agreement. For both the three and nine months ended September 30, 2016 a total of $2,708 was charged to general and administrative expenses. The balance of the contract is included in prepaid expenses on the accompanying balance sheet at September 30, 2016.

4875000

0.04

194325

675

G+W

1.0000

2016-09-01

500000

0.13

Note 8 - Commitments and Contingencies   As part of our acquisition of the Silver District properties from Columbus Exploration, we assumed the Red Cloud lease whose initial term expires in August 2026. The lease requires annual advance minimum royalty payments of $10,000 through the term of the lease due on the annual anniversary of the agreement. The lease is also subject to a 2% net production royalty to be paid to the lessor from the sale of precious metals extracted from the leased property. In order to maintain the BLM lode and mill site claims, annual payments are required before the end of August of each year. Payments are also due annually on two patented claims we leased in July 2015 and on our Arizona State Minerals Exploration Permit. As of September 30, 2016, all of these claims and leases are in good standing.

Note 9 Executive Employment Agreement:   On June 1, 2016 we executed an employment agreement with Dr. Carson in which he assumed the positions of President and Chief Executive Officer of Magellan Gold Corporation. The agreement also provided that Dr. Carson be appointed a Director of Magellan Gold Corporation, and effective June 30, 2016, Dr. Carson was appointed a Director of Magellan. The term of the agreement covers the period from June 1, 2016 to May 31, 2017. Prior to expiration of the initial term, Magellan and Dr. Carson may agree to extend the Term under new terms of compensation and conditions of employment, it being agreed that any such extension must be in writing signed by both parties.   During the term of the agreement, Magellan shall pay Dr. Carson a base salary in equal semi-monthly installments less required withholding and other applicable taxes. Dr. Carsons salary shall be set at $6,667 per month during the three-month period from June 1, 2016 through August 31, 2016, and thereafter at $10,000 per month during the nine-month period from September 1, 2016 through May 31, 2017. Until such time as Magellan is properly funded, Magellan may defer and accrue salary owed.  If not properly funded before the end of the Term, Magellan may at its option issue Magellan shares as settlement of the accrued salary liability. A total of $30,001 and $2,796 of salary and associated payroll tax obligations pursuant to the agreement, respectively, had been accrued on this obligation and is included in accrued liabilities on the accompanying consolidated balance sheet at September 30, 2016.   Dr. Carson shall have the right to voluntarily terminate his employment with Magellan during the term. To effect such voluntary termination, Dr. Carson shall provide Magellan at least 60 days advanced written notice of such termination. Upon termination, Dr. Carson shall be paid his base salary through the date of termination, including any amount that may have been deferred and accrued.   The agreement supersedes the previous agreement of June 1, 2015, in which the Company appointed Dr. Carson to the positions of President, Chief Executive Officer and a Director of G+W. In connection with his appointment, the Company assigned to Dr. Carson restricted shares of G+W common stock representing 15% of the total issued and outstanding shares of G+W in return for one year of his services. The Company determined the value of the transaction at $50,000, which was recorded as deferred compensation to be amortized monthly over the initial one-year term of the employment agreement. As of September 30, 2016 the entire deferred compensation had been fully amortized. For the nine months ended September 30, 2016 compensation expense resulting from this transaction totaling $20,833 is included in general and administrative expenses in the accompanying consolidated statement of operations. No compensation expense associated with this transaction was recorded for the three months ended September 30, 2016. For the three and nine months ended September 30, 2015 we recognized $12,500 and $16,667, respectively, of compensation expense resulting from this transaction.

30001

2796

the Company assigned to Dr. Carson restricted shares of G+W common stock representing 15% of the total issued and outstanding shares of G+W in return for one year of his services. The Company determined the value of the transaction at $50,000, which was recorded as deferred compensation to be amortized monthly over the initial one-year term of the employment agreement.

50000

20833

12500

16667

Note 10 Related Party Transactions   Conflicts of Interests   Athena Silver Corporation (Athena) is a company under common control. Mr. Power is also a director and CEO of Athena. Mr. Gibbs is a significant investor in both Magellan and Athena. Magellan and Athena are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.   Silver Saddle Resources, LLC is also a company under common control. Mr. Power and Mr. Gibbs are significant investors and managing members of Silver Saddle. Magellan and Silver Saddle are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.   The existence of common ownership and common management could result in significantly different operating results or financial position from those that could have resulted had Magellan, Athena and Silver Saddle been autonomous.   Management Fees   The Company maintains a month-to-month management agreement with Mr. Power requiring a monthly payment, in advance, of $2,500 as consideration for his services to Magellan.   Management fees to Mr. Power totaling $7,500 and $22,500 for each of the three and nine months ended September 30, 2016 and 2015, respectively, are included in general and administrative expenses in our consolidated statement of operations. At both September 30, 2016 and December 31, 2015, $2,500 of these fees had not been paid and are included in Accrued liabilities on the accompanying consolidated balance sheet.   Accrued Interest - Related Parties   Accrued interest due to related parties is included in our consolidated balance sheets as follows:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="297" valign="bottom" style='width:223.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> September 30, 2016 </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> December 31, 2015 </td> </tr> <tr align="left"> <td width="297" valign="bottom" style='width:223.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Accrued interest payable - Mr. Power </td> <td width="149" valign="bottom" style='width:112.05pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                  2,484 </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                  1,775 </td> </tr> <tr align="left"> <td width="297" valign="bottom" style='width:223.0pt;padding:0in 5.4pt 0in 5.4pt'> Accrued interest payable - Mr. Gibbs </td> <td width="149" valign="bottom" style='width:112.05pt;padding:0in 5.4pt 0in 5.4pt'>                   143,751 </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;padding:0in 5.4pt 0in 5.4pt'>                   102,211 </td> </tr> <tr align="left"> <td width="297" valign="bottom" style='width:223.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              146,235 </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              103,986 </td> </tr> </table>   During the nine months ended September 30, 2016, we paid a total of $2,500 to Mr. Power representing unpaid accrued interest on notes payable.  During the year ended December 31, 2015, we paid a total of $7,250 to Mr. Power representing unpaid accrued interest on notes payable. No amounts have been paid to Mr. Gibbs in either 2016 or 2015 for outstanding accrued interest on the line of credit.   Advances Payable Related Party   We borrowed and repaid non-interest bearing advances from/to related parties as follows:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="315" colspan="3" valign="bottom" style='width:236.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Nine Months Ended September 30, 2016 </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Advances </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'> Repayments </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Mr. Power </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:double windowtext 2.25pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                12,650 </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border:none;border-bottom:double windowtext 2.25pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                12,650 </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" colspan="3" valign="bottom" style='width:112.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Nine Months Ended September 30, 2015 </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Advances </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'> Repayments </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Mr. Power </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:double windowtext 2.25pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                  5,350 </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border:none;border-bottom:double windowtext 2.25pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                  8,200 </td> </tr> </table>     At both September 30, 2016 and December 31, 2015, no short-term advances from related parties were outstanding.   The Company also utilizes a credit card owned by Mr. Power to pay travel and other obligations when the availability of cash is limited or the timing of the payments is considered critical. No amounts were outstanding on this credit card at either September 30, 2016 or December 31, 2015.

7500

22500

2500

<table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="297" valign="bottom" style='width:223.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> September 30, 2016 </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> December 31, 2015 </td> </tr> <tr align="left"> <td width="297" valign="bottom" style='width:223.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Accrued interest payable - Mr. Power </td> <td width="149" valign="bottom" style='width:112.05pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                  2,484 </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                  1,775 </td> </tr> <tr align="left"> <td width="297" valign="bottom" style='width:223.0pt;padding:0in 5.4pt 0in 5.4pt'> Accrued interest payable - Mr. Gibbs </td> <td width="149" valign="bottom" style='width:112.05pt;padding:0in 5.4pt 0in 5.4pt'>                   143,751 </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;padding:0in 5.4pt 0in 5.4pt'>                   102,211 </td> </tr> <tr align="left"> <td width="297" valign="bottom" style='width:223.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              146,235 </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $              103,986 </td> </tr> </table>

2484

1775

143751

102211

146235

103986

2500 7250 0 0   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="315" colspan="3" valign="bottom" style='width:236.05pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Nine Months Ended September 30, 2016 </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Advances </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'> Repayments </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Mr. Power </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:double windowtext 2.25pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                12,650 </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border:none;border-bottom:double windowtext 2.25pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                12,650 </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" colspan="3" valign="bottom" style='width:112.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Nine Months Ended September 30, 2015 </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Advances </td> <td width="16" valign="bottom" style='width:12.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'> Repayments </td> </tr> <tr align="left"> <td width="148" valign="bottom" style='width:111.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'> Mr. Power </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.0pt;border:none;border-bottom:double windowtext 2.25pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                  5,350 </td> <td width="16" valign="bottom" style='width:12.0pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="149" valign="bottom" style='width:112.05pt;border:none;border-bottom:double windowtext 2.25pt;background:#B4FED9;padding:0in 5.4pt 0in 5.4pt'>   $                  8,200 </td> </tr> </table> 12650 12650 5350 8200 0 0 Note 11 Letter of Intent with Rio Silver, Inc.   On June 30, 2016 the Company signed a non-binding Letter of Intent (LOI) with Rio Silver Inc., pursuant to which Magellan is granted the option to earn an undivided 50% interest in the Niñobamba Silver-Gold Property, located 330 kilometers southeast of Lima in the Department of Ayacucho, Peru.   As a condition of the LOI, the Company paid a refundable $12,000 deposit. This payment was recorded as a deposit and included on the accompanying consolidated balance sheet at September 30, 2016. On October 24, 2016 the Company signed the Mining Option Agreement (Agreement) as discussed in Note 12. The Agreement provides that the deposit shall be applied to obligations under the Agreement.   In addition to the deposit, the Company is obliged to subscribe to two private placement unit financings in Rio Silver, each for aggregate proceeds of Cdn$75,000. The Company completed the first unit private placement on August 23, 2016. The first placement unit included one share of Rio Silver common stock and one warrant to purchase one share of Rio Silver common stock for Cdn$0.05. The cost of the units totaled USD $59,753 and was recorded as an investment in Rio Silver equity securities and included on the accompanying consolidated balance sheet at September 30, 2016. 12000

59753

Note 12 Subsequent Events   Mining Option Agreement: On October 24, 2016, the Company entered into a Mining Option Agreement (Agreement) between and among Rio Silver Inc., a Canadian company, Minera Rio Plata S.A.C., a Peruvian company and subsidiary of Rio Silver, and Magellan Gold Peru S.A.C., a Peruvian company and wholly owned subsidiary of the Company pursuant to which Rio Silver through Minera, shall grant to the Company the sole and exclusive option to acquire an undivided 50% interest in and to property located in central Peru.   Under the terms of the Agreement, the Company has the right to earn an undivided 50% interest in the Niñobamba Silver/Gold Project in central Peru. To earn its 50% interest, the Company must spend $2.0 million in exploration over three years. The Niñobamba project is comprised of four concessions that total 31 square kilometers (7,660 acres).   In connection with the Rio Silver transaction, the Company is obliged to subscribe to two private placement unit financings in Rio Silver, each for aggregate proceeds of Cdn$75,000. The Company completed the first unit private placement on August 23, 2016, and the second unit private placement is required  to close within the next ninety days after the signing of the definitve agreement which occurred on Oct 24, 2016.   Investor Awareness and Mangagement Services Agreement: On October 24, 2016, the Company entered into an Investor Awareness Services and Management Agreement with Mining Clip, LLC and Ariston Capital Corp. dated October 15, 2016, to provide additional investor relations services. The Mining Clip Agreement terminates on January 15, 2017 and will renew for additional periods of three months each unless terminated by either party.  In addition to a monthly cash retainer, the Company will issue an aggregate of 62,500 shares of common stock every 90 days until the Mining Clip Agreement is terminated.

2016-10-24

the Company entered into a Mining Option Agreement (Agreement) between and among Rio Silver Inc., a Canadian company, Minera Rio Plata S.A.C., a Peruvian company and subsidiary of Rio Silver, and Magellan Gold Peru S.A.C., a Peruvian company

2016-10-24

the Company entered into an Investor Awareness Services and Management Agreement with Mining Clip, LLC and Ariston Capital Corp.

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Proceeds from note payable - related party Common Stock, Shares, Outstanding Noncontrolling interest in subsidiary Business Acquisition, Acquiree Debt Conversion, Description Debt Instrument, Name Reclassification of derivative liability to APIC {1} Reclassification of derivative liability to APIC Represents the monetary amount of Reclassification of derivative liability to APIC, during the indicated time period. Sacramento Mountains Project Represents the Sacramento Mountains Project, during the indicated time period. Statement [Table] Organization, Basis of Presentation, and Continuance of Operations: Common stock issued for prepaid services contract Represents the monetary amount of Common stock issued for prepaid services contract, during the indicated time period. Amortization of deferred compensation Amortization of deferred compensation Basic and diluted weighted-average common shares outstanding Total current liabilities Total current liabilities Event 1 Represents the Event 1, during the indicated time period. Accrued Salaries, Current Debt Conversion, Converted Instrument, Amount Debt Instrument, Convertible, Conversion Price Debt Instrument [Axis] Proceeds from Lines of Credit Line of Credit Facility, Collateral Common stock of subsidiary issued in exchange for executive services Represents the monetary amount of Common stock of subsidiary issued in exchange for executive services, during the indicated time period. Net increase (decrease) in cash Net increase (decrease) in cash Payment of deposit on investment in mineral properties Payment of deposit on investment in mineral properties Changes in operating assets and liabilities: Deferred compensation Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents Registrant Name Subsequent Event Type Management Fee Payable Related Party Fair Value Assumptions, Expected Term Debt Conversion, Original Debt, Interest Rate of Debt Unsecured loan 2 from John Power Represents the Unsecured loan 2 from John Power, during the indicated time period. Summary of Change in Derivative Liability Represents the textual narrative disclosure of Summary of Change in Derivative Liability, during the indicated time period. Liquidity and Going Concern Organization, Consolidation and Presentation of Financial Statements Note 11 - Deposit Represents the textual narrative disclosure of Note 11 - Deposit, during the indicated time period. Related Party Transactions Note 9 - Executive Employment Agreement: Supplemental disclosure of non-cash investing and financial activities Proceeds from advances from related parties Proceeds from advances from related parties Represents the monetary amount of Proceeds from advances from related parties, during the indicated time period. Exploration costs Preferred Stock, Shares Issued Line of credit - related party Accrued liabilities Mineral rights, net of impairment Amendment Description Fiscal Year End Subsequent Event, Date Deferred Compensation Arrangement with Individual, Description Line of Credit Facility, Remaining Borrowing Capacity Tables/Schedules Note 3 - Fair Value of Financial Instruments Represents the textual narrative disclosure of Note 3 - Fair Value of Financial Instruments, during the indicated time period. Common stock issued for buyout of non-controlling interest Represents the monetary amount of Common stock issued for buyout of non-controlling interest, during the indicated time period. Conversion of debt to common stock Proceeds from sale of common stock Purchase of Rio Silver equity securities Purchase of Rio Silver equity securities Increase (Decrease)in prepaid expenses and other assets Net Income (Loss) Net Income (Loss) Accounts payable Current with reporting Subsequent Event, Description Notes Payable Line of Credit Facility, Maximum Borrowing Capacity Derivative Liabilities, Mark to Market Adjustment Represents the monetary amount of Derivative Liabilities, Mark to Market Adjustment, during the indicated time period. Net cash provided by financing activities Net cash provided by financing activities Financing activities: Investing activities: Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities General and administrative expenses Preferred Stock, Par or Stated Value Per Share Accrued Payroll Taxes, Current Sale of Stock, Price Per Share Derivative Liability, Fair Value Represents the monetary amount of Derivative Liability, Fair Value, as of the indicated date. Line of Credit Facility, Description Derivative Liabilities, Beginning Balance Derivative Liabilities, Beginning Balance Derivative Liabilities, Ending Balance Fair Value, Inputs, Level 2 Silver District Claims Represents the Silver District Claims, during the indicated time period. Subsequent Events Notes Common Stock, Shares, Issued Common shares Event 2 Represents the Event 2, during the indicated time period. Accrued interest paid Represents the monetary amount of Accrued interest paid, during the indicated time period. Other Commitments, Description Line of Credit Facility, Initiation Date Note 5 - Notes Payable - Related Parties: Note 2 - Mineral Rights and Properties: Amortization of prepaid investor relations contract Amortization of prepaid investor relations contract Total liabilities and shareholders' deficit Total liabilities and shareholders' deficit Accrued interest Deposits with BLM Period End date SEC Form Registrant CIK Advances from Related Parties Represents the monetary amount of Advances from Related Parties, during the indicated time period. Sale of Stock, Number of Shares Issued in Transaction Remaining Note Balance Represents the monetary amount of Remaining Note Balance, as of the indicated date. ConvertiblePromissoryNoteMember Represents the ConvertiblePromissoryNoteMember, during the indicated time period. Debt Instrument, Face Amount Line of Credit Facility, Affiliated Borrower Property, Plant and Equipment, Type Schedule of non-interest bearing advances from and repayments to related parties Represents the textual narrative disclosure of Schedule of non-interest bearing advances from and repayments to related parties, during the indicated time period. Interest expense Interest expense Other Nonoperating Income (Expense) {1} Other Nonoperating Income (Expense) Common Stock, Shares Authorized Additional paid-in capital Shareholders' deficit: Prepaid expenses {1} Prepaid expenses Deposit with Rio Silver Represents the monetary amount of Deposit with Rio Silver, as of the indicated date. Prepaid expenses Amendment Flag Subsequent Event Type [Axis] Interest Payable, Current G+W Represents the G+W, during the indicated time period. Represents the monetary amount of AccruedUnpaidInterestRelatedParties, as of the indicated date. Represents the monetary amount of Represents the monetary amount of AccruedUnpaidInterestRelatedParties, as of the indicated date., as of the indicated date. Disclosure of Compensation Related Costs, Share-based Payments Note 4 - Line of Credit - Related Parties: Cash paid for income taxes Payments on advances from related parties Payments on advances from related parties Operating expenses: Common Stock, Par or Stated Value Per Share Total assets Total assets Filer Category Debt Instrument, Convertible, Terms of Conversion Feature Debt Instrument, Collateral Deposit Liabilities, Accrued Interest Property, Plant and Equipment, Type [Axis] Note 6 - Convertible Notes Payable: Represents the liability arising from derivative conversion options, as of the indicated date. Net cash used in investing activities Net cash used in investing activities Operating activities: Basic and diluted net loss per common share Revenue Preferred Stock, Shares Outstanding Accumulated deficit Accrued interest - related parties Document Fiscal Year Focus Number of common stock shares outstanding Mr. Power Represents the Mr. Power, during the indicated time period. Sale of Stock, Transaction Date Capital Units, Cost to Investors Debt Conversion, Original Debt, Type of Debt Debt Instrument, Payment Terms Derivative conversion option liability Represents the monetary amount of Derivative conversion option liability, as of the indicated date. Entity Incorporation, Date of Incorporation Schedule of Financial Assets and Liabilities measured at fair value on a recurring basis Basis of Presentation Note 7 - Equity Supplemental disclosure of cash flow information Proceeds from advances on line of credit - related party Proceeds from advances on line of credit - related party Represents the monetary amount of Proceeds from advances on line of credit - related party, during the indicated time period. Increase (Decrease) in Derivative Liability Increase (Decrease) in Derivative Liability Current liabilities: Well-known Seasoned Issuer Details Advances outstanding from related parties Represents the monetary amount of Advances outstanding from related parties, as of the indicated date. Related Party [Axis] Business Acquisition, Percentage of Voting Interests Acquired Business Acquisition, Name of Acquired Entity Fair Value Assumptions, Expected Dividend Rate Unsecured loan from John Power Represents the Unsecured loan from John Power, during the indicated time period. Note 10 - Related Party Transactions Increase (Decrease) in accrued Interest Increase (Decrease) in accrued Interest Net loss attributable to common shareholders Net loss attributable to common shareholders Convertible note payable Notes payable - related parties Repayments of Advances to Related Parties Represents the monetary amount of Repayments of Advances to Related Parties, during the indicated time period. Business Acquisition [Axis] Gain on Change of Derivative Liability, Fair Value Represents the monetary amount of Gain on Change of Derivative Liability, Fair Value, during the indicated time period. Debt Instrument, Issuer Unsecured Loan 3 From John Power Represents the Unsecured Loan 3 From John Power, during the indicated time period. Line of Credit Facility, Interest Rate Description Fair Value, Inputs, Level 1 Schedule of assumptions used to value the derivative Note discount Represents the monetary amount of the Derivative Warrant Liability as of the indicated date. Adjustments to reconcile net loss to net cash used in operating activities: Operating loss Operating loss Total shareholders' deficit Total shareholders' deficit Investment in Rio Silver equity securities, at cost ASSETS Trading Symbol Payment for Management Fee Private placement of equity securities, price per share Represents the per-share monetary value of PrivatePlacementOfEquitySecuritiesPricePerShare, during the indicated time period. Accrued Interest, Derivative Note Represents the monetary amount of Accrued Interest, Derivative Note, as of the indicated date. Fair Value Hierarchy EX-101.PRE 9 mgc-20160930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.SCH 10 mgc-20160930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000340 - Disclosure - Note 7 - Equity: Sale of common stock and warrants (Details) link:presentationLink link:definitionLink link:calculationLink 000370 - Disclosure - Note 8 - Commitments and Contingencies (Details) link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - Note 3 - Fair Value of Financial Instruments link:presentationLink link:definitionLink link:calculationLink 000230 - Disclosure - Note 6 - Convertible Notes Payable: Schedule of assumptions used to value the derivative Note discount (Tables) link:presentationLink link:definitionLink link:calculationLink 000150 - Disclosure - Note 10 - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 000330 - Disclosure - Note 6 - Convertible Notes Payable: Schedule of assumptions used to value the derivative Note discount (Details) link:presentationLink link:definitionLink link:calculationLink 000250 - 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Document and Entity Information - $ / shares		9 Months Ended
Document and Entity Information - $ / shares	Nov. 14, 2016	Sep. 30, 2016
Details
Registrant Name		MAGELLAN GOLD Corp
Registrant CIK		0001515317
SEC Form		10-Q
Period End date		Sep. 30, 2016
Fiscal Year End		--12-31
Trading Symbol		mgc
Number of common stock shares outstanding	63,530,548
Entity Listing, Par Value Per Share	$ 0.001
Filer Category		Smaller Reporting Company
Current with reporting		Yes
Voluntary filer		No
Well-known Seasoned Issuer		No
Amendment Flag		false
Document Fiscal Year Focus		2016
Document Fiscal Period Focus		Q3

XML 12 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (September 30, 2016 Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 4,022	$ 867
Prepaid expenses	36,500	559
Deposit receivable with BLM	8,639	0
Deferred compensation	0	20,833
Total current assets	49,161	22,259
Mineral rights, net of impairment	323,200	323,200
Deposit with Rio Silver	12,000	0
Deposits with BLM	0	8,639
Prepaid expenses	29,792	0
Investment in Rio Silver equity securities, at cost	59,753	0
Total assets	473,906	354,098
Current liabilities:
Accounts payable	51,173	34,425
Accrued liabilities	35,297	2,859
Line of credit - related party	932,500	887,500
Accrued interest - related parties	146,235	103,986
Accrued interest	804	4,054
Notes payable - related parties	100,000	65,000
Convertible note payable	33,020	51,532
Derivative liability	121,750	65,940
Total current liabilities	1,420,779	1,215,296
Shareholders' deficit:
Preferred shares	0	0
Common shares	63,468	48,869
Additional paid-in capital	739,859	424,292
Accumulated deficit	(1,750,200)	(1,369,103)
Total Magellan shareholders' deficit	(946,873)	(895,942)
Total liabilities and shareholders' deficit	473,906	354,098
Noncontrolling interest in subsidiary	0	34,744
Total shareholders' deficit	$ (946,873)	$ (861,198)

XML 13 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (September 30, 2016 Unaudited) - Parenthetical - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	63,468,048	48,869,091
Common Stock, Shares, Outstanding	63,468,048	48,869,091

XML 14 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating expenses:
Exploration costs	$ 15,056	$ 13,337	$ 34,220	$ 17,496
General and administrative expenses	91,309	60,967	231,983	133,736
Total operating expenses	106,365	74,304	266,203	151,232
Operating loss	(106,365)	(74,304)	(266,203)	(151,232)
Other Nonoperating Income (Expense)
Interest expense	(15,684)	(14,498)	(46,387)	(40,995)
Loss on change in derivative liability	70,680	(8,270)	(75,854)	(16,890)
Net Income (Loss)	(51,369)	(97,072)	(388,444)	(209,117)
Net loss attributable to noncontrolling interest	0	(14,561)	(7,347)	(15,899)
Net loss attributable to common shareholders	$ (51,369)	$ (82,511)	$ (381,097)	$ (193,218)
Basic and diluted net loss per common share	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.00)
Basic and diluted weighted-average common shares outstanding	63,031,918	48,869,091	54,355,788	48,869,091

XML 15 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net Income (Loss)	$ (388,444)	$ (209,117)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of prepaid investor relations contract	2,708	0
Amortization of deferred compensation	20,833	16,667
Increase (Decrease) in Derivative Liability	75,854	16,890
Changes in operating assets and liabilities:
Increase (Decrease)in prepaid expenses and other assets	(3,441)	(4,109)
Increase (Decrease) in accounts payable and accrued expenses	49,186	18,680
Increase (Decrease) in accrued Interest	43,887	33,745
Net Cash Provided by (Used in) Operating Activities	(199,417)	(127,244)
Investing activities:
Payment of deposit on investment in mineral properties	(12,000)	0
Purchase of Rio Silver equity securities	(59,753)	0
Net cash used in investing activities	(71,753)	0
Financing activities:
Proceeds from advances on line of credit - related party	45,000	130,000
Proceeds from advances from related parties	12,650	5,350
Payments on advances from related parties	(12,650)	(8,200)
Proceeds from note payable - related party	35,000	0
Proceeds from sale of common stock	194,325	0
Net cash provided by financing activities	274,325	127,150
Net increase (decrease) in cash	3,155	(94)
Cash and cash equivalents	867	94
Cash and cash equivalents	4,022	0
Supplemental disclosure of cash flow information
Cash paid for interest	2,500	7,250
Cash paid for income taxes	0	0
Supplemental disclosure of non-cash investing and financial activities
Conversion of debt to common stock	23,400	0
Reclassification of derivative liability to APIC	20,044	0
Common stock issued for prepaid services contract	65,000	0
Common stock issued for buyout of non-controlling interest	27,398	0
Common stock of subsidiary issued in exchange for executive services	$ 0	$ 50,000

XML 16 R6.htm IDEA: XBRL DOCUMENT

Organization, Basis of Presentation, and Continuance of Operations

9 Months Ended

Sep. 30, 2016

Notes

Organization, Basis of Presentation, and Continuance of Operations:

Note 1 – Organization, Basis of Presentation, and Continuance of Operations

Organization and Nature of Operations

Basis of Presentation

Our consolidated financial statements include our accounts and the accounts of our subsidiary, Gulf + Western Industries, Inc. All intercompany transactions and balances have been eliminated.

Liquidity and Going Concern

We anticipate that additional funding will be in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common stock.

XML 17 R7.htm IDEA: XBRL DOCUMENT

Note 2 - Mineral Rights and Properties

9 Months Ended

Sep. 30, 2016

Notes

Note 2 - Mineral Rights and Properties:

Note 2 – Mineral Rights and Properties

As of September 30, 2016 and December 31, 2015, our mineral rights and properties consist of the following:

	September 30, 2016	December 31, 2015
Silver District Claims	$ 323,200	$ 323,200
Sacramento Mountains Project	-	-
	$ 323,200	$ 323,200

Silver District

Sacramento Mountains Project

XML 18 R8.htm IDEA: XBRL DOCUMENT

Note 3 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2016

Notes

Note 3 - Fair Value of Financial Instruments

Note 3 - Fair Value of Financial Instruments

Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair Value at	Fair Value Measurement at September 30, 2016
	September 30, 2016	Level 1	Level 2	Level 3

Derivative conversion option liability	$ 121,750	$ —	$ —	$ 121,750

	Carrying Value at	Fair Value Measurement at December 31, 2015
	December 31, 2015	Level 1	Level 2	Level 3

Derivative conversion option liability	$ 65,940	$ —	$ —	$ 65,940

A summary of the activity of the derivative liability is shown below:

Balance, December 31, 2015		$ 65,940
Reclassification of derivative liability to APIC		(20,044)
Mark to market adjustments at September 30, 2016		75,854
Balance, September 30, 2016		$ 121,750

XML 19 R9.htm IDEA: XBRL DOCUMENT

Note 4 - Line of Credit - Related Parties

9 Months Ended

Sep. 30, 2016

Notes

Note 4 - Line of Credit - Related Parties:

Note 4 – Line of Credit – Related Party

XML 20 R10.htm IDEA: XBRL DOCUMENT

Note 5 - Notes Payable - Related Parties

9 Months Ended

Sep. 30, 2016

Notes

Note 5 - Notes Payable - Related Parties:

Note 5 – Notes Payable – Related Party

XML 21 R11.htm IDEA: XBRL DOCUMENT

Note 6 - Convertible Notes Payable

9 Months Ended

Sep. 30, 2016

Notes

Note 6 - Convertible Notes Payable:

Note 6 – Convertible Notes Payable

The note contains certain anti-dilution provisions that would reduce the conversion price should the Company issue common stock equivalents at a price less than the note conversion price. Accordingly, the conversion features of the note are considered a discount to the note. However, since the note is payable upon demand by the note holder, the value of the discount was considered interest expense at the time of its inception. The note is evaluated quarterly, and upon any quarterly valuations in which the value of the discount changes we recognize a gain or loss due to a decrease or increase, respectively, in the fair value of the derivative liability. On September 30, 2016 the fair value of the derivative liability was determined to be $121,750, resulting in a gain on change of the derivative liability of $70,680 for the three months ended September 30, 2016, and a loss of $75,854 for the nine months ended September 30, 2016. On September 30, 2015 the fair value of the derivative liability was determined to be $47,410, resulting in a loss on change of the derivative liability of $8,270 and $16,890 for the three and nine months ended September 30, 2015, respectively.

We estimate the fair value of this derivative at each balance sheet date until such time the note is paid or converted in full.

The following table summarizes the assumptions used to value the derivative liability at September 30, 2016:

Fair value assumptions – derivative:		September 30, 2016
Risk free interest rate		0.59%
Expected term (years)		1.0
Expected volatility		134%
Expected dividends		0%

The following table summarizes the assumptions used to value the derivative liability at December 31, 2015:

Fair value assumptions – derivative:		December 31, 2015
Risk free interest rate		0.65%
Expected term (years)		1.0
Expected volatility		155%
Expected dividends		0%

XML 22 R12.htm IDEA: XBRL DOCUMENT

Note 7 - Equity

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note

Note 7 - Equity

Note 7 – Equity

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

XML 23 R13.htm IDEA: XBRL DOCUMENT

Note 8 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2016

Notes

Note 8 - Commitments and Contingencies:

Note 8 - Commitments and Contingencies

XML 24 R14.htm IDEA: XBRL DOCUMENT

Note 9 - Executive Employment Agreement

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments

Note 9 - Executive Employment Agreement:

Note 9 – Executive Employment Agreement:

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 25 R15.htm IDEA: XBRL DOCUMENT

Note 10 - Related Party Transactions

9 Months Ended

Sep. 30, 2016

Related Party Transactions

Note 10 - Related Party Transactions

Note 10 – Related Party Transactions

Conflicts of Interests

Management Fees

The Company maintains a month-to-month management agreement with Mr. Power requiring a monthly payment, in advance, of $2,500 as consideration for his services to Magellan.

Accrued Interest - Related Parties

Accrued interest due to related parties is included in our consolidated balance sheets as follows:

	September 30, 2016	December 31, 2015
Accrued interest payable - Mr. Power	$ 2,484	$ 1,775
Accrued interest payable - Mr. Gibbs	143,751	102,211
	$ 146,235	$ 103,986

Advances Payable – Related Party

We borrowed and repaid non-interest bearing advances from/to related parties as follows:

	Nine Months Ended September 30, 2016
	Advances	Repayments
Mr. Power	$ 12,650	$ 12,650

	Nine Months Ended September 30, 2015
	Advances	Repayments
Mr. Power	$ 5,350	$ 8,200

At both September 30, 2016 and December 31, 2015, no short-term advances from related parties were outstanding.

XML 26 R16.htm IDEA: XBRL DOCUMENT

Note 11 - Deposit

9 Months Ended

Sep. 30, 2016

Notes

Note 11 - Deposit

Note 11 – Letter of Intent with Rio Silver, Inc.

XML 27 R17.htm IDEA: XBRL DOCUMENT

Note 12 - Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events

Note 12 - Subsequent Events

Note 12 – Subsequent Events

In connection with the Rio Silver transaction, the Company is obliged to subscribe to two private placement unit financings in Rio Silver, each for aggregate proceeds of Cdn$75,000. The Company completed the first unit private placement on August 23, 2016, and the second unit private placement is required to close within the next ninety days after the signing of the definitve agreement which occurred on Oct 24, 2016.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Organization, Basis of Presentation, and Continuance of Operations: Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements

Basis of Presentation

Basis of Presentation

Our consolidated financial statements include our accounts and the accounts of our subsidiary, Gulf + Western Industries, Inc. All intercompany transactions and balances have been eliminated.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Organization, Basis of Presentation, and Continuance of Operations: Liquidity and Going Concern (Policies)

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements

Liquidity and Going Concern

Liquidity and Going Concern

XML 30 R20.htm IDEA: XBRL DOCUMENT

Note 2 - Mineral Rights and Properties: Schedule of Mineral Rights (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of Mineral Rights

	September 30, 2016	December 31, 2015
Silver District Claims	$ 323,200	$ 323,200
Sacramento Mountains Project	-	-
	$ 323,200	$ 323,200

XML 31 R21.htm IDEA: XBRL DOCUMENT

Note 3 - Fair Value of Financial Instruments: Schedule of Financial Assets and Liabilities measured at fair value on a recurring basis (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of Financial Assets and Liabilities measured at fair value on a recurring basis

	Fair Value at	Fair Value Measurement at September 30, 2016
	September 30, 2016	Level 1	Level 2	Level 3

Derivative conversion option liability	$ 121,750	$ —	$ —	$ 121,750

	Carrying Value at	Fair Value Measurement at December 31, 2015
	December 31, 2015	Level 1	Level 2	Level 3

Derivative conversion option liability	$ 65,940	$ —	$ —	$ 65,940

XML 32 R22.htm IDEA: XBRL DOCUMENT

Note 3 - Fair Value of Financial Instruments: Summary of Change in Derivative Liability (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Summary of Change in Derivative Liability

Balance, December 31, 2015		$ 65,940
Reclassification of derivative liability to APIC		(20,044)
Mark to market adjustments at September 30, 2016		75,854
Balance, September 30, 2016		$ 121,750

XML 33 R23.htm IDEA: XBRL DOCUMENT

Note 6 - Convertible Notes Payable: Schedule of assumptions used to value the derivative Note discount (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of assumptions used to value the derivative Note discount

Fair value assumptions – derivative:		September 30, 2016
Risk free interest rate		0.59%
Expected term (years)		1.0
Expected volatility		134%
Expected dividends		0%

The following table summarizes the assumptions used to value the derivative liability at December 31, 2015:

Fair value assumptions – derivative:		December 31, 2015
Risk free interest rate		0.65%
Expected term (years)		1.0
Expected volatility		155%
Expected dividends		0%

XML 34 R24.htm IDEA: XBRL DOCUMENT

Note 10 - Related Party Transactions: Schedule of Accounts payable, accrued liabilities and accrued interest payable to related parties (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of Accounts payable, accrued liabilities and accrued interest payable to related parties

	September 30, 2016	December 31, 2015
Accrued interest payable - Mr. Power	$ 2,484	$ 1,775
Accrued interest payable - Mr. Gibbs	143,751	102,211
	$ 146,235	$ 103,986

XML 35 R25.htm IDEA: XBRL DOCUMENT

Note 10 - Related Party Transactions: Schedule of non-interest bearing advances from and repayments to related parties (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of non-interest bearing advances from and repayments to related parties

	Nine Months Ended September 30, 2016
	Advances	Repayments
Mr. Power	$ 12,650	$ 12,650

	Nine Months Ended September 30, 2015
	Advances	Repayments
Mr. Power	$ 5,350	$ 8,200

XML 36 R26.htm IDEA: XBRL DOCUMENT

Organization, Basis of Presentation, and Continuance of Operations (Details)	9 Months Ended
	Sep. 30, 2016
Details
Entity Incorporation, Date of Incorporation	Sep. 28, 2010
Entity Incorporation, State Country Name	Nevada

XML 37 R27.htm IDEA: XBRL DOCUMENT

Note 2 - Mineral Rights and Properties: Schedule of Mineral Rights (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Mineral rights, net of impairment	$ 323,200	$ 323,200
Silver District Claims
Mineral rights, net of impairment	323,200	323,200
Sacramento Mountains Project
Mineral rights, net of impairment	$ 0	$ 0

XML 38 R28.htm IDEA: XBRL DOCUMENT

Note 3 - Fair Value of Financial Instruments: Schedule of Financial Assets and Liabilities measured at fair value on a recurring basis (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Derivative conversion option liability	$ 121,750	$ 65,940
Fair Value, Inputs, Level 1
Derivative conversion option liability	0	0
Fair Value, Inputs, Level 2
Derivative conversion option liability	0	0
Fair Value, Inputs, Level 3
Derivative conversion option liability	$ 121,750	$ 65,940

XML 39 R29.htm IDEA: XBRL DOCUMENT

Note 3 - Fair Value of Financial Instruments: Summary of Change in Derivative Liability (Details)	9 Months Ended
	Sep. 30, 2016 USD ($)
Details
Derivative Liabilities, Beginning Balance	$ 65,940
Reclassification of derivative liability to APIC	(20,044)
Derivative Liabilities, Mark to Market Adjustment	75,854
Derivative Liabilities, Ending Balance	$ 121,750

XML 40 R30.htm IDEA: XBRL DOCUMENT

Note 4 - Line of Credit - Related Parties (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Details
Line of Credit Facility, Description	Effective December 31, 2012, we entered into a line of credit arrangement with John D. Gibbs, a significant investor, to facilitate timely cash flows for the Company’s operations.
Line of Credit Facility, Initiation Date	Dec. 31, 2012
Line of Credit Facility, Affiliated Borrower	John D. Gibbs, a significant investor
Line of Credit Facility, Interest Rate Description	accrued interest at 6% annually
Line of Credit Facility, Collateral	100% equity interest in G+W, which owns the Silver District properties
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 112,500
Proceeds from Lines of Credit	45,000	$ 130,000
Line of credit - related party	932,500		$ 887,500
Deposit Liabilities, Accrued Interest	$ 143,751

XML 41 R31.htm IDEA: XBRL DOCUMENT

Note 5 - Notes Payable - Related Parties (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Cash paid for interest	$ 2,500	$ 7,250
Represents the monetary amount of AccruedUnpaidInterestRelatedParties, as of the indicated date.	$ 2,484
Unsecured loan from John Power
Debt Instrument, Collateral	unsecured
Debt Instrument, Issuer	John Power, the Company’s Chief Financial Officer
Debt Instrument, Face Amount	$ 20,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Payment Terms	payable on demand with thirty days’ notice from the lender
Notes Payable	$ 15,000		$ 15,000
Unsecured loan 2 from John Power
Debt Instrument, Collateral	unsecured
Debt Instrument, Issuer	Mr. Power
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	6.75%
Debt Instrument, Payment Terms	payable on demand with thirty days’ notice from the lender
Notes Payable	$ 50,000		$ 50,000
Unsecured Loan 3 From John Power
Debt Instrument, Collateral	unsecured
Debt Instrument, Issuer	Mr. Power
Debt Instrument, Face Amount	$ 35,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Payment Terms	payable on demand with thirty days’ notice from the lender
Notes Payable	$ 35,000

XML 42 R32.htm IDEA: XBRL DOCUMENT

Note 6 - Convertible Notes Payable (Details) - USD ($)	3 Months Ended		9 Months Ended
Note 6 - Convertible Notes Payable (Details) - USD ($)	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Conversion of debt to common stock			$ 23,400	$ 0
Accrued Interest, Derivative Note	$ 804		$ 804		$ 4,054
ConvertiblePromissoryNoteMember
Debt Conversion, Original Debt, Issuance Date of Debt			Oct. 01, 2014
Debt Conversion, Original Debt, Type of Debt			promissory note
Conversion of debt to common stock			$ 51,532
Debt Conversion, Description			The note was issued to evidence the Company’s indebtedness for legal services previously rendered.
Debt Conversion, Original Debt, Interest Rate of Debt			6.00%
Debt Instrument, Convertible, Terms of Conversion Feature			The note principal and accrued interest is convertible at any time into shares of common stock at a conversion price of $0.039, which represented the closing bid price of the common stock on the OTC Bulletin Board on the date of issuance.
Debt Instrument, Convertible, Conversion Price	$ 0.039		$ 0.039
Debt Conversion, Converted Instrument, Amount			$ 23,400
Debt Conversion, Converted Instrument, Shares Issued			600,000
Remaining Note Balance	$ 33,020		$ 33,020
Debt Instrument, Restrictive Covenants			anti-dilution provisions that would reduce the conversion price should the Company issue common stock equivalents at a price less than the note conversion price
Derivative Liability, Fair Value	121,750	$ 47,410	$ 121,750	47,410
Gain on Change of Derivative Liability, Fair Value	$ 70,680
Loss on Change of Derivative Liability, Fair Value		$ 8,270	$ 75,854	$ 16,890

XML 43 R33.htm IDEA: XBRL DOCUMENT

Note 6 - Convertible Notes Payable: Schedule of assumptions used to value the derivative Note discount (Details) - ConvertiblePromissoryNoteMember	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assumptions, Risk Free Interest Rate	0.59%	0.65%
Fair Value Assumptions, Expected Term	1 year	1 year
Fair Value Assumptions, Expected Volatility Rate	134.00%	155.00%
Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%

XML 44 R34.htm IDEA: XBRL DOCUMENT

Note 7 - Equity: Sale of common stock and warrants (Details)	9 Months Ended
	Sep. 30, 2016 USD ($) $ / shares
Details
Proceeds from Issuance of Private Placement	$ 4,875,000
Private placement of equity securities, price per share \| $ / shares	$ 0.04
Capital Units, Net Amount	$ 194,325
Capital Units, Cost to Investors	$ 675

XML 45 R35.htm IDEA: XBRL DOCUMENT

Note 7 - Equity: Acquisition of non-controlling interest in operating subsidiary (Details) - G+W	9 Months Ended
	Sep. 30, 2016
Business Acquisition, Name of Acquired Entity	G+W
Business Acquisition, Percentage of Voting Interests Acquired	100.00%

XML 46 R36.htm IDEA: XBRL DOCUMENT

Note 7 - Equity: Investor Relations contract (Details)	9 Months Ended
Note 7 - Equity: Investor Relations contract (Details)	Sep. 30, 2016 $ / shares shares
Details
Sale of Stock, Transaction Date	Sep. 01, 2016
Sale of Stock, Number of Shares Issued in Transaction \| shares	500,000
Sale of Stock, Price Per Share \| $ / shares	$ 0.13

XML 47 R37.htm IDEA: XBRL DOCUMENT

Note 8 - Commitments and Contingencies (Details)	9 Months Ended
Note 8 - Commitments and Contingencies (Details)	Sep. 30, 2016
Details
Other Commitments, Description	As part of our acquisition of the Silver District properties from Columbus Exploration, we assumed the Red Cloud lease whose initial term expires in August 2026. The lease requires annual advance minimum royalty payments of $10,000 through the term of the lease due on the annual anniversary of the agreement.

XML 48 R38.htm IDEA: XBRL DOCUMENT

Note 9 - Executive Employment Agreement (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Details
Accrued Salaries, Current		$ 30,001
Accrued Payroll Taxes, Current		$ 2,796
Deferred Compensation Arrangement with Individual, Description		the Company assigned to Dr. Carson restricted shares of G+W common stock representing 15% of the total issued and outstanding shares of G+W in return for one year of his services. The Company determined the value of the transaction at $50,000, which was recorded as deferred compensation to be amortized monthly over the initial one-year term of the employment agreement.
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued		$ 50,000
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 12,500	$ 20,833	$ 16,667

XML 49 R39.htm IDEA: XBRL DOCUMENT

Note 10 - Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Advances outstanding from related parties	$ 0		$ 0		$ 0
Mr. Power
Payment for Management Fee	7,500	$ 7,500	22,500	$ 22,500
Management Fee Payable	$ 2,500		2,500		2,500
Accrued interest paid			2,500		7,250
Mr. Gibbs
Accrued interest paid			$ 0		$ 0

XML 50 R40.htm IDEA: XBRL DOCUMENT

Note 10 - Related Party Transactions: Schedule of Accounts payable, accrued liabilities and accrued interest payable to related parties (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accrued interest	$ 804	$ 4,054
Mr. Power
Interest Payable, Current	2,484	1,775
Mr. Gibbs
Interest Payable, Current	143,751	102,211
Accrued interest	$ 146,235	$ 103,986

XML 51 R41.htm IDEA: XBRL DOCUMENT

Note 10 - Related Party Transactions: Schedule of non-interest bearing advances from and repayments to related parties (Details) - Mr. Power - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Advances from Related Parties	$ 12,650	$ 5,350
Repayments of Advances to Related Parties	$ 12,650	$ 8,200

XML 52 R42.htm IDEA: XBRL DOCUMENT

Note 11 - Deposit (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Details
Deposit with Rio Silver	$ 12,000	$ 0
Investment in Rio Silver equity securities, at cost	$ 59,753	$ 0

XML 53 R43.htm IDEA: XBRL DOCUMENT

Note 12 - Subsequent Events (Details)	9 Months Ended
Note 12 - Subsequent Events (Details)	Sep. 30, 2016
Event 1
Subsequent Event, Date	Oct. 24, 2016
Subsequent Event, Description	the Company entered into a Mining Option Agreement (“Agreement”) between and among Rio Silver Inc., a Canadian company, Minera Rio Plata S.A.C., a Peruvian company and subsidiary of Rio Silver, and Magellan Gold Peru S.A.C., a Peruvian company
Event 2
Subsequent Event, Date	Oct. 24, 2016
Subsequent Event, Description	the Company entered into an Investor Awareness Services and Management Agreement with Mining Clip, LLC and Ariston Capital Corp.

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