Costs Incurred

Costs to acquire and explore the Original Properties and Additional Properties were as follows:



	Three Months Ended March 31,				Nine Months Ended March 31,				Period from Inception (October 15, 2009)
	2013		2012		2013		2012		to March 31, 2013
Acquisition of mineral interests	$	—	$	—	$	200,000	$	—	$	1,208,886
Exploration costs, claim rentals, and minimum royalties	278,415		124,903		4,576,952		1,995,480		11,900,613
Total costs incurred	$	278,415	$	124,903	$	4,776,952	$	1,995,480	$	13,109,499

The Tetlin Lease has a ten year term beginning July 2008 with an option to renew for an additional ten years, or so long as we initiate and continue conducting mining operations on the Tetlin Lease. Originally, the Tetlin Lease allowed us to only renew 50% of the acreage, but in December 2012, we paid the Tetlin Village Council $200,000 in exchange for removing this 50% restriction. We are now able to renew all 675,000 acres in 2018.