0001002014-14-000570.txt : 20141023 0001002014-14-000570.hdr.sgml : 20141023 20141023134020 ACCESSION NUMBER: 0001002014-14-000570 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141023 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141023 DATE AS OF CHANGE: 20141023 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: 141169568 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-10232014.htm IDAHO NORTH RESOURCES CORP. FORM 8-K (10/23/2014)


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 23, 2014 (October 21, 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 21, 2014, we entered into an Earn-In Agreement ("Agreement") with Coeur Explorations, Inc., ("Coeur") a wholly-owned subsidiary of Coeur Mining Inc. for the Klondyke area, Nevada.  The target properties specified in the Agreement are the first selected for earn-in by Coeur under the Central Nevada Exploration Program signed by the two parties on October 2, 2014.

Pursuant to the terms of the Agreement, for the Klondyke area, Coeur may exercise its option to acquire an initial 60% interest in the target properties by spending a minimum of $2 million in exploration and development expenses on the target properties over a 3-year period and completing a NI 43-101 compliant Technical Report. Upon completion of the earn-in requirements, the parties will form a limited liability company for purposes of further exploration, development, and mining of the target properties, with Coeur having a 60% membership interest and we will have a 40% membership interest. During the Agreement period, Coeur has the option to acquire our entire interest in the target properties, subject to terms of the Agreement. As operator, we will conduct the exploration, development, and related work at the target properties under budgets approved by Coeur.


ITEM 7.01                          REGULATION FD DISCLOSURE.

On October 22, 2014 we issued a press release and announced that we had finalized the Agreement with Coeur on October 21, 2014.


ITEM 9.01                          EXHIBITS.

Exhibit
Document Description
   
99.1
Press Release






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 23rd day of October 2014.

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



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

Idaho North Resources Enters into Earn-In Option Agreement with Coeur Mining


October 21, 2014 - Coeur d'Alene - Idaho North Resources (OTCQB:IDAH) ("IDAH" or "the Company") announced today that it has signed an Earn-In Option Agreement ("the Agreement") with Coeur Explorations, Inc., a wholly-owned subsidiary of Coeur Mining Inc. (NYSE:CDE) ("Coeur") for the Klondyke area, Nevada.

The target properties specified in the Agreement are the first selected for earn-in by Coeur under the Central Nevada Exploration Program announced earlier this month.  (For more details, please see the IDAH press release dated October 2, 2014.)

Pursuant to the terms of the Agreement, for the Klondyke area, Coeur may exercise its option to acquire an initial 60% interest in the target properties by spending a minimum of $2 million in exploration and development expenses on the target properties over a 3-year period and completing a NI 43-101 compliant Technical Report. Upon completion of the earn-in requirements, the parties will form a limited liability company for purposes of further exploration, development, and mining of the target properties, with Coeur having a 60% membership interest and IDAH having a 40% membership interest. During the Agreement period, Coeur has the option to acquire IDAH's entire interest in the target properties, subject to terms of the Agreement. As operator, IDAH will conduct the exploration, development, and related work at the target properties under budgets approved by Coeur.

"The Klondyke project represents an excellent silver-gold target for Coeur to explore in the world-class mining district of Tonopah, Nevada," comments Hans Rasmussen, Vice President Exploration for Coeur.  "Based on surface sampling results and geophysical data we believe this represents a high-quality target to drill as it fits our criteria for a minimum target size and grade."

IDAH President Mark Fralich stated, "We are very pleased to take this next step with Coeur, moving forward with the first target of our Exploration Program. We are confident that our ability to identify promising properties, combined with Coeur's funding and technical support, will generate superb opportunities for the discovery of world-class mineral deposits.  Our Exploration Program with Coeur adds great value to our Company and is non-dilutive to our shareholders."

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 and the Klondyke and Divide silver-gold projects near Tonopah. 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 a fully reporting company, 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.