0001002014-14-000550.txt : 20141002 0001002014-14-000550.hdr.sgml : 20141002 20141002140124 ACCESSION NUMBER: 0001002014-14-000550 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141001 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141002 DATE AS OF CHANGE: 20141002 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Idaho North Resources Corp. CENTRAL INDEX KEY: 0001543395 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: ID FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55045 FILM NUMBER: 141135751 BUSINESS ADDRESS: STREET 1: 2555 WEST PALAIS DRIVE CITY: COEUR D'ALENE STATE: ID ZIP: 83815 BUSINESS PHONE: 509-928-7604 MAIL ADDRESS: STREET 1: 2555 WEST PALAIS DRIVE CITY: COEUR D'ALENE STATE: ID ZIP: 83815 8-K 1 idah8k-10012014.htm IDAHO NORTH RESOURCES CORP. FORM 8-K (10-01-2014)



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

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
October 2, 2014 (October 2, 2014)

IDAHO NORTH RESOURCES CORP.
(Exact name of registrant as specified in its charter)

IDAHO
(State or other jurisdiction of incorporation)

000-55045
(Commission File No.)

1220 Big Creek Road
Kellogg, ID  83837
(Address of principal executive offices and Zip Code)

(509) 928-7604
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[   ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
[   ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
[   ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
[   ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





ITEM 1.01                          ENTRY INTO A MATERIALLY DEFINITIVE AGREEMENT.

On October 1, 2014, we entered into an Exploration Program Agreement ("Agreement") with Coeur Explorations, Inc., an Idaho corporation ("Coeur").  The purpose of the Agreement is to conduct exploration within an area of interest in Central Nevada; identify, select, acquire, and/or appropriate potential mining properties; and evaluate the possible development and mining of such properties.  The term of the Agreement expires on March 11, 2017, unless sooner terminated by either party and may be extended by mutual agreement.

During the Agreement period, Coeur will have the right to select target properties identified and acquired or appropiated by us and earn up to 80% interest in the target properties by meeting certain minimum investment and other requirements. Prior to selection of any target properties, Coeur will pay certain consulting and field-related costs associated with the Program, along with a 10% administrative fee to us.

We will operate the program.  As program operator, we will conduct various exploration activities to identify and acquire or appropriate potential precious metals properties within the area of interest. These properties will be presented to Coeur for review for potential development. If Coeur accepts a proposed property, it may acquire a 60% interest in that property by investing a total of $2 million over a 3-year period and completing a NI 43-101 compliant Technical Report.  Upon Coeur completing its acquisition of the 60% interest, it may acquire an additional 20% interest, or 80% total, by investing a minimum of $2 million per year until completion of a Preliminary Economic Analysis (PEA).  A joint venture would then be formed between Coeur and IDAH, the guidelines for which are spelled out in the Agreement.


ITEM 7.01                          REGULATION FD DISCLOSURE.

On October 2, 2014 we issued a press release and announced that we had finalized the Agreement with Coeur on October 1, 2014.


ITEM 9.01                          EXHIBITS.

Exhibit
Document Description
 
 
99.1
Press Release









-2-

 


SIGNATURES

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 hereunto duly authorized.

Dated this 2nd day of October 2014.

 
IDAHO NORTH RESOURCES CORP.
 
 
 
BY:
ERIK PANKE
 
 
Erik Panke, CFO













 
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EX-99.1 2 exh99-1.htm PRESS RELEASE
Exhibit 99.1

Idaho North Resources Finalizes Central Nevada
Exploration Program Agreement with Coeur Mining


October 2, 2014 - Coeur d'Alene - Idaho North Resources (OTCQB:IDAH) ("IDAH" or "the Company") is pleased to announce that today the Company has signed a definitive Exploration Program Agreement ("Agreement") with Coeur Mining Inc. (NYSE:CDE) ("Coeur"). The Agreement calls for Coeur to fund a Central Nevada Exploration Program (the "Program") within a specified Area of Interest for a three-year period.  During the Agreement period, Coeur will have the right to select target properties identified and acquired or appropiated by IDAH, and earn up to 80% interest in the target properties by meeting certain minimum investment and other requirements. Prior to selection of any target properties, Coeur will pay certain consulting and field-related costs associated with the Program, along with a 10% administrative fee to IDAH.

"In an effort to grow our pipeline of early-stage exploration, and eventually development projects, this Agreement allows us more eyes and boots on the ground, and more exposure to eventual discovery in the mineral-rich Central Nevada area," comments Hans Rasmussen, Vice President, Exploration for Coeur.  "I have confidence in Idaho North's knowledge of this part of the world – they have a strong track record for discovery."

IDAH President Mark Fralich stated, "We are very pleased to finalize this Agreement with the largest U.S.-based silver miner, Coeur Mining. Our preliminary work with Coeur this summer under our previously-announced Letter of Intent has been very promising and we look forward to continued collaboration with them under the Agreement. Through Coeur's funding of the Program, our central Nevada exploration efforts will provide our shareholders exposure to potential discovery in a world class mining camp."

IDAH will operate the Program under the direction of Tom Callicrate, Consulting Geologist to the Company and lead member of its Technical Advisory Committee.  As program operator, the Company will conduct various exploration activities to assist with identifying and acquiring or appropriating potential precious metals properties within the Area of Interest. These properties will be presented to Coeur for review for potential development. If Coeur accepts a proposed property, it may acquire a 60% interest in that property by investing a total of $2 million over a 3-year period and completing a NI 43-101 compliant Technical Report.  Upon Coeur completing its acquisition of the 60% interest, it may acquire an additional 20% interest, or 80% total, by investing a minimum of $2 million per year until completion of a Preliminary Economic Analysis (PEA).  A joint venture would then be formed between Coeur and IDAH, the guidelines for which are spelled out in the Agreement.



Coeur is the largest U.S. based primary silver producer with forecast 2014 production of at least 17-million ounces of silver and 225,000 ounces of gold. Coeur has exploration and mining projects throughout the Americas, including its longest-running operation, the Rochester silver-gold mine near Lovelock, Nevada.

Coeur owns 10.07 percent of IDAH. There are 13,244,333 common shares of IDAH outstanding (17,001,000 fully diluted).

About Idaho North Resources
Idaho North Resources is a U.S. based junior company exploring for gold, silver, and base metals in Nevada. The Company has long-term lease options on the Eagleville gold-silver project south of Fallon, Nevada and the Klondike and Divide silver-gold projects near Tonopah, Nevada.  The Company also recently finalized an Exploration Program Agreement with Coeur Mining, under which Coeur will fund, and have exclusive earn-in rights, to certain of the Company's central Nevada projects. Idaho North Resources is listed on the OTCQB under the symbol IDAH.

For more information please contact:
Mark A. Fralich, President
Phone: (503) 313-2586 cell - (509) 928-7604 office
E-Mail: mafralich@gmail.com or info@idahonorthresources.com
Website: www.idahonorthresources.com

This news release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. There are many factors that could cause actual results to differ from those anticipated.