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5. Property, Plant and Equipment

12 Months Ended

Dec. 31, 2017

Notes

5. Property, Plant and Equipment

5. Property, Plant and Equipment

Property, plant and equipment at December 31, 2017 and 2016, consisted of the following:

		2017		2016
Mill
Mill land	$	225,289	$	225,289
Mill building		536,193		536,193
Milling equipment		4,192,940		4,192,940
		4,954,422		4,954,422
Less accumulated depreciation		(428,760)		(307,302)
Total mill		4,525,662		4,647,120
Building and equipment at cost		673,338		434,897
Less accumulated depreciation		(222,648)		(223,264)
Total building and equipment		450,690		211,633
Land
Bear Creek Land		266,934		266,934
Little Baldy Land		47,139		62,139
BOW		230,449		230,449
Eastern Star		250,817		250,817
Gillig		79,137		79,137
Highwater		40,133		40,133
Total Land		914,609		929,609
Total	$	5,890,961	$	5,788,362

During the year ended December 31, 2012, a lease agreement was entered into with Hecla Mining Company (“Hecla”) on the Company’s Little Baldy land holding. Under the agreement, Hecla has paid $15,000 in 2017 and $10,000 in 2016 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, 2017 and 2016.

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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 360
-URI http://asc.fasb.org/topic&trid=2155823

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