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Stock Based Compensation (Tables)

9 Months Ended

Mar. 31, 2013

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based Compensation Expense, Allocation of Recognized Period Costs

Stock-based compensation expense for the periods reflected was as follows:

		Three Months Ended March 31,								Nine Months Ended March 31,
		2013				2012				2013				2012
Stock-based compensation included in:
Exploration expenses (1)		$	57,982			$	12,022			$	293,206			$	46,305
Stock-based compensation expense (2)		127,540				38,454				858,164				154,430
Total stock-based compensation expense		$	185,522			$	50,476			$	1,151,370			$	200,735

(1) Related to restricted stock and stock option awards to the Company’s technical consultant, the owner of Avalon.

(2) Related to restricted stock and stock option awards to the Company’s directors and employees.

2010 Plan [Member] | Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock and Stock Options

A summary of the status of stock options granted under the 2010 Plan as of March 31, 2013 and changes during the nine months then ended, is presented in the table below:

		Nine Months Ended March 31, 2013
		Shares Under Options				Weighted Average Exercise Price
Outstanding, June 30, 2012		50,000				$	13.13
Granted - July 2012 (1)		100,000				$	10.25
Granted - December 2012 (2)		250,000				$	10.20
Exercised		—				$	—
Forfeited		—				$	—
Outstanding, end of period		400,000				$	10.58
Aggregate intrinsic value		$	—
Exercisable, end of period		171,667				$	10.97
Aggregate intrinsic value		$	—
Available for grant, end of period		506,094
Weighted average fair value per share of options granted during the period		$	5.34

X

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

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-Name Staff Accounting Bulletin (SAB)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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