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5. Property, Plant and Equipment

12 Months Ended

Dec. 31, 2018

Notes

5. Property, Plant and Equipment

5. Property, Plant and Equipment

Property, plant and equipment at December 31, 2018 and 2017, consisted of the following:

		2018		2017
Mill
Land	$	225,289	$	225,289
Building		536,193		536,193
Equipment		4,192,940		4,192,940
		4,954,422		4,954,422
Less accumulated depreciation		(557,502)		(428,760)
Total mill		4,396,920		4,525,662
Buildings and equipment
Buildings		124,677		80,000
Equipment		1,631,908		593,338
		1,756,585		673,338
Less accumulated depreciation		(453,625)		(222,648)
Total building and equipment		1,302,960		450,690
Land
Bear Creek		266,934		266,934
Little Baldy		-		47,139
BOW		230,449		230,449
Eastern Star		250,817		250,817
Gillig		79,137		79,137
Highwater		40,133		40,133
Total land		867,470		914,609
Total	$	6,567,350	$	5,890,961

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 paid $15,000 in 2017 for advanced royalty/lease payments to the Company. The Company recorded this payment as a reduction in the carrying value of the land for the year ended December 31, 2017.

In the second quarter of 2018 the Company sold property including the Little Baldy and Toboggan mineral properties to Hecla Mining Company for $3,000,000. This sale resulted in a net gain of $2,947,862 which was recognized in the second quarter of 2018.

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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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