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5. Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2015
Notes |
5. Property, Plant and Equipment | 5. Property, Plant and Equipment Property, plant and equipment at December 31, 2015 and 2014, consisted of the following:
|  | 2015 |  | 2014
Mill land | $ | 225,289 | $ | 225,289
Mill building |  | 536,193 |  | 536,193
Milling equipment |  | 4,209,440 |  | 4,001,751
|  | 4,970,922 |  | 4,763,233
Less accumulated depreciation |  | (285,420) |  | (152,151)
Total mill |  | 4,685,502 |  | 4,611,082
Building and equipment at cost |  | 362,188 |  | 252,348
Less accumulated depreciation |  | (217,738) |  | (216,926)
Total building and equipment |  | 144,450 |  | 35,442
Bear Creek Land |  | 196,204 |  | 150,000
Little Baldy Land |  | 72,139 |  | 82,139
BOW Land |  | 230,449 |  | 230,449
Eastern Star Land |  | 250,817 |  | 425,817
Gillig Land |  | 79,137 |  | 79,137
Highwater Land |  | 40,133 |  | 40,133
Total Land |  | 868,879 |  | 1,007,675
Total | $ | 5,698,831 | $ | 5,654,199
During the year ended December 31, 2015 and 2014 $16,295 and $25,021, respectively in interest was capitalized in conjunction with the mill expansion project. During the year ended December 31, 2012, a lease agreement was entered into with Hecla Mining Company on the Company’s Little Baldy land holding. Under the agreement, Hecla has paid $10,000 each year in 2015 and 2014, respectively, to the Company for the option to obtain NJMC’s interest in the land. The Company has recorded these lease payments as a reduction in the carrying value of the land for the years ended December 31, 2015 and 2014. For year ended December 31, 2014, milling and other equipment include assets under capital lease amounting to $91,625. The lease is being amortized over its terms. Accumulated amortization at December 31, 2014 was $91,625. The lease was concluded in September 2014 and the equipment title was transferred to the Company for no additional consideration. During the year ended December 31, 2014, the Company entered into a purchase and sale agreement to acquire the Eastern Star Elk City property for $425,000. The agreement called for a down payment of $125,000 in April 2014 and a promissory note for the balance at 5% per annum. As scheduled, the next payment of $125,000 was made on August 15, 2014. Final payment of $175,000 was due on July 15, 2015. The agreement was structured such that the Company could opt to not make the final payment and receive title to parcels of the Elk City property covered by the first two payments. The Company opted out of making the final payment and has received title to the property for which payment has been made.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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