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,
	2015		2014		2015		2014
Acquisition of mineral interests	$	—	$	—	$	—	$	—
Exploration costs, claim rentals, and minimum royalties	318,779		254,174		613,515		6,874,708
Total costs incurred	$	318,779	$	254,174	$	613,515	$	6,874,708

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 the Company initiates and continues conducting mining operations on the Tetlin Lease. Originally, the Tetlin Lease allowed the Company to only renew 50% of the acreage, but in December 2012, the Company paid the Tetlin Village Council $200,000 in exchange for removing this 50% restriction. The Joint Venture Company is now able to renew its entire lease, consisting of 675,000, acres in July 2018.