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11. Forward Gold Contracts (Details)
3 Months Ended
Mar. 31, 2017
Opyhir Holdings  
Option Indexed to Issuer's Equity, Settlement Alternatives On July 13, 2016, the Company entered into a forward gold contract with Ophir Holdings LLC ('Ophir'), a company owned by three of the Company’s officers, for net proceeds of $467,500 to fund startup costs at the Golden Chest. The contract calls for the Company to deliver a total of 500 ounces of gold to the purchasers in quarterly payments starting December 1, 2016 for a period of two years as gold is produced from the Golden Chest Mine and New Jersey Mill. Ophir agreed to delay receipt of its December 1, 2016 payment until 2017. During the quarter ended March 31, 2017, the Company paid the equivalent of 19.5 gold ounces to Ophir. At March 31, 2017, future gold deliveries are 293 ounces due in the remainder of 2017 and 187.5 ounces due in 2018.
GVC Capital  
Option Indexed to Issuer's Equity, Settlement Alternatives On July 29, 2016, the Company entered into forward gold contracts through GVC Capital LLC (“GVC”) for net proceeds of $772,806 to fund startup costs at the Golden Chest. The agreement calls for the Company to deliver a total of 904 ounces of gold to the purchasers in quarterly payments starting December 1, 2016 for a period of two years as gold is produced from the Golden Chest Mine and New Jersey Mill. During the quarter ended March 31, 2017, the Company paid the equivalent of 111.5 gold ounces to GVC. At March 31, 2017, future gold deliveries are 339 ounces due in the remainder of 2017 and 339 ounces due in 2018. The gold to be delivered does not need to be produced from the Golden Chest property. In addition, the counterparties can request cash payment instead of gold ounces for each quarterly payment. The cash payments are based on average gold prices for the applicable quarter. The contracts are accounted for as derivatives requiring their value to be adjusted to fair value each period end.