Searchlight Minerals (SRCH) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 12, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	Searchlight Minerals Corp.
Entity Central Index Key	1,084,226
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	SRCH
Entity Common Stock, Shares Outstanding		345,600,029

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash	$ 1,567,572	$ 453,744
Prepaid expenses	62,044	87,325
Total current assets	1,629,616	541,069
Property and equipment, net	5,728,730	6,301,953
Restricted cash	0	227,345
Reclamation bond and deposits, net	14,566	14,566
Total non-current assets	135,242,324	136,030,358
Total assets	136,871,940	136,571,427
Current liabilities
Accounts payable and accrued liabilities	1,410,582	1,151,183
Accounts payable - related party	442,656	348,916
VRIC payable, current portion - related party	698,144	657,295
Convertible debt, net of discount	0	3,252,212
Derivative liability - convertible debt	0	590,536
Derivative warrant liability	0	53,141
Total current liabilities	2,551,382	6,053,283
Long-term liabilities
VRIC payable, net of current portion - related party	0	40,849
Deferred tax liability	48,224,926	48,224,926
Total long-term liabilities	48,224,926	48,265,775
Total liabilities	50,776,308	54,319,058
Commitments and contingencies - Note 11
Stockholders' equity
Common stock, $0.001 par value; 400,000,000 shares authorized, 345,600,029 and 154,306,537 shares, respectively, issued and outstanding	345,599	154,306
Additional paid-in capital	180,927,812	164,590,647
Accumulated deficit	(95,177,779)	(82,492,584)
Total stockholders' equity	86,095,632	82,252,369
Total liabilities and stockholders' equity	136,871,940	136,571,427
Slag Project [Member]
Current assets
Slag project	121,886,636	121,874,102
Smelter Site and Slag Pile [Member]
Current assets
Land	5,916,150	5,916,150
Remaining Amount [Member]
Current assets
Land	$ 1,696,242	$ 1,696,242

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	345,600,029	154,306,537
Common stock, shares outstanding	345,600,029	154,306,537

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses
Administrative - Clarkdale site	0	31,252	0	63,822
(Gain) on asset disposition	0	0	0	(2,548)
Depreciation	286,557	356,955	573,223	715,337
Total operating expenses	1,435,482	1,166,533	2,627,722	2,794,515
Loss from operations	(1,435,482)	(1,166,533)	(2,627,722)	(2,794,515)
Other income (expense)
Rental revenue	3,400	5,100	8,500	10,200
Loss on conversion of notes payable	(324,159)	0	(8,437,121)	0
Change in fair value of derivative liabilities	0	780,910	(748,988)	528,317
Interest expense	(185,111)	(137,283)	(880,489)	(273,655)
Interest and dividend income	370	620	625	660
Total other income (expense)	(505,500)	649,347	(10,057,473)	265,522
Loss before income taxes	(1,940,982)	(517,186)	(12,685,195)	(2,528,993)
Income tax (expense) benefit	0	475,447	0	1,117,685
Net loss	(1,940,982)	(41,739)	(12,685,195)	(1,411,308)
Comprehensive loss	$ (1,940,982)	$ (41,739)	$ (12,685,195)	$ (1,411,308)
Loss per common share - basic and diluted
Net loss	$ (0.01)	$ 0	$ (0.04)	$ (0.01)
Weighted average common shares outstanding -
Basic	314,348,672	150,169,878	306,099,010	147,403,371
Diluted	314,348,672	150,169,878	306,099,010	147,403,371
All Other [Member]
Operating expenses
Mineral exploration and evaluation expenses	$ 504,592	$ 614,312	$ 947,020	$ 1,095,814
General and administrative	561,170	81,112	956,599	696,123
Related Party Transactions [Member]
Operating expenses
Mineral exploration and evaluation expenses	45,000	45,360	90,000	120,360
General and administrative	$ 38,163	$ 37,542	$ 60,880	$ 105,607

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (12,685,195)	$ (1,411,308)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	573,223	715,337
Stock based compensation	13,800	51,007
Stock based expenses	0	41,588
(Gain) on asset dispositions and impairment	0	(2,548)
Loss incurred in connection with conversion of notes payable and accrued interest	8,437,121	0
Amortization of prepaid expense	0	166,626
Amortization of debt financing fees and debt discount	816,788	128,633
Deferred income taxes	0	(1,117,685)
Change Loss (Gain) in fair value of derivative liabilities	748,988	(528,317)
Accounts payable settlement	0	(378,136)
Changes in operating assets and liabilities:
Restricted cash	0	(227,345)
Prepaid expenses	25,281	(180,510)
Accounts payable and accrued liabilities	467,678	707,308
Net cash used in operating activities	(1,602,316)	(2,035,350)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property and equipment dispositions	0	457,548
Purchase of property and equipment	0	(4,786)
Net cash provided by investing activities	0	452,762
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock issuance	2,488,800	3,195,450
Stock issuance costs	0	(12,704)
Cash restricted for debt collateral	227,344	0
Net cash provided by financing activities	2,716,144	3,182,746
NET CHANGE IN CASH	1,113,828	1,600,158
CASH AT BEGINNING OF PERIOD	453,744	584,976
CASH AT END OF PERIOD	1,567,572	2,185,134
SUPPLEMENTAL INFORMATION
Interest paid, net of capitalized amounts	0	15,926
Income taxes paid	0	0
Non-cash investing and financing activities:
Common stock issued in satisfaction of accrued interest and convertible notes payable	14,025,859	0
Conversion of notes payable and accrued interest	(4,196,073)	0
Accrued Liabilities [Member]
Non-cash investing and financing activities:
Common stock issued in satisfaction of accrued interest	$ 0	$ 129,115

DESCRIPTION OF BUSINESS, HISTOR

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES	NOTE 1 – DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES Since the Company’s involvement in the Clarkdale Slag Project began, the goal has been to demonstrate the economic feasibility of the project by determining a commercially viable method to extract precious and base metals from the slag material. The Company has not yet realized any revenues from its planned operations. Upon the location of commercially minable reserves, the Company plans to prepare for mineral extraction and enter the development stage. In February 2005, the Company announced its reorganization from a biotechnology research and development company to a company focused on the development and acquisition of mineral properties and its Board of Directors approved a change in its name from Phage to "Searchlight Minerals Corp.” effective June 23, 2005. If the Company continues to incur operating losses and does not raise sufficient additional capital, material adverse events may occur including, but not limited to: a reduction in the nature and scope of the Company’s operations; and the Company’s inability to fully implement its current business plan. There can be no assurance that the Company will successfully improve its liquidity position. The accompanying consolidated financial statements do not reflect any adjustments that might be required resulting from the adverse outcome relating to this uncertainty. As of June 30, 2016, the Company had cumulative net losses of $ 95,177,779 12,685,195 1,602,316 921,766 To address ongoing liquidity constraints, the Company continues to seek additional sources of capital through the issuance of equity, debt financing or a combination of both. The Company has reduced general and administrative expenses and elected to defer payment of certain obligations. Cash conservation measures include, but are not limited to, the deferred payment where available of outsourced consulting fees, current and future board fees, certain officer salaries, certain monthly professional fees, and the Verde River Iron Company, LLC (“VRIC”) monthly payable. These activities have reduced the required cash outlay of the Company’s business significantly. The Company is focused on continuing to reduce costs and obtaining additional funding. There is no assurance that such funding will be available on terms acceptable to the Company, or at all. If the Company raises additional funds by selling additional shares of capital stock, securities convertible into shares of capital stock or the issuance of convertible debt, the ownership interest of the Company’s existing common stock holders will be diluted. These condensed consolidated financial statements have been prepared without audit in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments and disclosures necessary for the fair presentation of the Company's Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015; the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015; and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015. The Company’s balance sheet at December 31, 2015, is derived from the audited financial statements at that date. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on April 5, 2016. 3 15 - The Company reviews and evaluates its long-lived assets for impairment at each balance sheet date due to its planned exploration stage losses and documents such impairment testing. Mineral properties in the exploration stage are monitored for impairment based on factors such as the Company’s continued right to explore the property, exploration reports, drill results, technical reports and continued plans to fund exploration programs on the property. The tests for long-lived assets in the exploration, development or production stage that would have a value beyond proven and probable reserves would be monitored for impairment based on factors such as current market value of the mineral property and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net cash flows expected to be generated by the asset, including evaluating its reserves beyond proven and probable amounts. The Company's policy is to record an impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable either by impairment or by abandonment of the property. The impairment loss is calculated as the amount by which the carrying amount of the assets exceeds its fair value. The derivative liability is measured at fair value on a recurring basis with changes reported in other income (expense). Fair value is determined using a model which incorporates estimated probabilities and inputs calculated by both the Binomial Lattice model and present values. The debt discount is amortized to non-cash interest expense using the effective interest method over the life of the notes. If a conversion of the underlying note occurs, a proportionate share of the unamortized amount is immediately expensed. Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised. The Company is in the exploration stage and is unable to determine the estimated timing of expenditures relating to reclamation accruals. It is reasonably possible that the ultimate cost of reclamation and remediation could change in the future and that changes to these estimates could have a material effect on future operating results as new information becomes known. Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The Company’s financial instruments consist of the VRIC payable, derivative liabilities (described in Notes 5 and 7) and convertible notes (described in Note 6). The VRIC payable and the convertible notes are classified within Level 2 of the fair value hierarchy. The fair value of the VRIC payable approximates carrying value as the imputed interest rate is considered to approximate a market interest rate. The fair value of the convertible notes approximates carrying value as the interest rate is considered to approximate a market interest rate. The Company calculates the fair value of its derivative liabilities using various models which are all Level 3 inputs. The fair value of the derivative warrant liability (described in Note 5) is calculated using the Binomial Lattice model, and the fair value of the derivative liability - convertible notes (described in Note 7) is calculated using a model which incorporates estimated probabilities and inputs calculated by both the Binomial Lattice model and present values. The change in fair value of the derivative liabilities is classified in other income (expense) in the condensed consolidated statement of operations. The Company generally does not use derivative financial instruments to hedge exposures to cash flow, market or foreign currency risks. There have been no changes in the valuation techniques used for the derivative liabilities. The Company does not have any non-financial assets or liabilities that it measures at fair value. During the six months ended June 30, 2016 and 2015, there were no transfers of assets or liabilities between levels. 72,384,390 63,779,506 The fair value of performance-based stock option grants is determined on their grant date through the use of the Binomial Lattice option pricing model. The total value of the award is recognized over the requisite service period only if management has determined that achievement of the performance condition is probable. The requisite service period is based on management’s estimate of when the performance condition will be met. Changes in the requisite service period or the estimated probability of achievement can materially affect the amount of stock-based compensation recognized in the financial statements. The Company follows the liability method of accounting for income taxes. This method recognizes certain temporary differences between the financial reporting basis of liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset as measured by the statutory tax rates in effect. The effect of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. In March 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-09, “Improvements on Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted. The standard will be effective for the Company beginning January 1, 2017. The Company is currently evaluating the impact to its condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new standard is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. The standard will be effective for the Company beginning January 1, 2019. The Company is currently evaluating the impact to its condensed consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies income tax accounting. The update requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This update is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. Adoption of the new guidance is not expected to have an impact on the condensed consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”, which simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption was permitted. We adopted the provisions of ASU 2015-03 on a retrospective basis for our annual period ended December 31, 2015. The retrospective adoption of this standard resulted in the reclassification of approximately $ 0.1 In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about and Entity’s Ability to Continue as a Going Concern”. This update requires management of public and private companies to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. The Company is currently evaluating the impact to its condensed consolidated financial statements.

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
RESTRICTED CASH	NOTE 2 – RESTRICTED CASH At December 31, 2015, restricted cash amounted to $ 227,345 227,345

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2016
PROPERTY AND EQUIPMENT [Abstract]
PROPERTY AND EQUIPMENT	NOTE 3 – PROPERTY AND EQUIPMENT June 30, 2016 December 31, 2015 Cost Accumulated Net Book Cost Accumulated Net Book Furniture and fixtures $ 38,255 $ (38,110) $ 145 $ 38,255 $ (37,963) $ 292 Lab equipment 249,061 (249,061) - 249,061 (249,061) - Computers and equipment 71,407 (64,548) 6,859 71,407 (61,644) 9,763 Vehicles 47,675 (46,508) 1,167 47,675 (46,158) 1,517 Slag conveyance equipment 300,916 (300,916) - 300,916 (300,916) - Demo module building 6,630,063 (4,858,371) 1,771,692 6,630,063 (4,526,867) 2,103,196 Grinding circuit 913,679 (26,667) 887,012 913,679 (21,667) 892,012 Extraction circuit 938,352 (556,503) 381,849 938,352 (462,668) 475,684 Leaching and filtration 1,300,618 (1,300,618) - 1,300,618 (1,300,618) - Fero-silicate storage 4,326 (2,379) 1,947 4,326 (2,163) 2,163 Electrowinning building 1,492,853 (821,069) 671,784 1,492,853 (746,426) 746,427 Site improvements 1,677,844 (778,026) 899,818 1,677,844 (715,775) 962,069 Site equipment 360,454 (356,011) 4,443 360,454 (353,638) 6,816 Construction in progress 1,102,014 - 1,102,014 1,102,014 - 1,102,014 $ 15,127,517 $ (9,398,787) $ 5,728,730 $ 15,127,517 $ (8,825,564) $ 6,301,953 Depreciation expense was $ 286,557 356,955 573,223 715,337

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2016
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	NOTE 4 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES June 30, 2016 December 31, Trade accounts payable $ 541,677 $ 589,657 Accrued compensation and related taxes 811,102 435,469 Accrued interest 57,803 126,057 $ 1,410,582 $ 1,151,183 Amounts due to related parties are discussed in Note 12.

DERIVATIVE WARRANT LIABILITY

DERIVATIVE WARRANT LIABILITY	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE WARRANT LIABILITY	NOTE 5 – DERIVATIVE WARRANT LIABILITY Related to a private placement completed on November 12, 2009, the Company issued 6,341,263 November 12, 2012 1.85 The Company determined that the warrants were not afforded equity classification because the warrants are not considered to be indexed to the Company’s own stock due to the anti-dilution provisions. In addition, the Company determined that the anti-dilution provisions shield the warrant holders from the dilutive effects of subsequent security issuances and therefore the economic characteristics and risks of the warrants are not clearly and closely related to the Company’s common stock. Accordingly, the warrants are treated as a derivative liability and are carried at fair value. On various dates commencing in November since 2012, the latest being March 18, 2016, the Company’s Board of Directors unilaterally determined, without any negotiations with the warrant holders to amend these private placement warrants. The expiration date of the warrants was extended for approximately one year at each extension. The current expiration date is November 30, 2017 June 30, Risk-free interest rate 0.64% - 0.87% Expected volatility 122.95% - 176.27% Expected life (years) 1 - 1.75 As of June 30, 2016, the cumulative adjustment to the warrants was as follows: (i) the exercise price was adjusted from $ 1.85 0.59 0.58 10,859,777 6,392,803 4,466,974 4,252,883 0.59 20,006,807 9,147,029 June 30, December 31, 2015 Beginning balance $ (53,141) $ - Adjustment to warrants (104,075) - Change in fair value 157,216 (53,141) Ending balance $ - $ (53,141) June 30, December 31, Expected volatility 122.95% - 176.27% 30.46% - 141.15% Risk-free interest rate 0.45% - 0.84% 0.00% - 0.65% Expected life (years) 0.75 - 1.75 0.10 - 0.90 Suboptimal exercise factor 2.0 2.5 The expected volatility is based on the historical volatility levels on the Company’s common stock. The risk-free interest rate is based on the implied yield available on US Treasury zero-coupon issues over equivalent lives of the options. The expected life is impacted by all of the underlying assumptions and calibration of the Company’s model. Significant increases or decreases in inputs would result in a significantly lower or higher fair value measurement.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	6 Months Ended
	Jun. 30, 2016
Convertible Debt [Abstract]
CONVERTIBLE NOTES	NOTE 6 – CONVERTIBLE NOTES On September 18, 2013, the Company completed a private placement of secured convertible notes (the “Notes”) resulting in gross proceeds of $ 4,000,000 0.40 7 9 The Company was not able to incur additional secured indebtedness or other indebtedness with a maturity prior to that of the Notes without the written consent of the holders of the majority-in-interest of the Notes. In the event of a change of control of the Company, the Notes would have become due and payable at 120 600,000 69,000 At December 31, 2015, the Notes were convertible into 10,433,333 0.39 During the six months ended June 30, 2016, Luxor, on behalf of itself and certain of its affiliates (collectively, the “Luxor Group”), demanded repayment from the Company, of all of the outstanding principal and interest owing on the Luxor Group’s Secured Convertible Promissory Notes, each dated September 18, 2013 (the “Luxor Notes”). Lacking sufficient funds to make such repayments, on March 18, 2016 the Company agreed, pursuant to an Amendment to Secured Convertible Promissory Note, dated September 18, 2013, to allow the Luxor Group to convert all of the outstanding principal amount and accrued but unpaid interest owing on the Luxor Notes into shares of the Company’s common stock, at a rate of $ 0.035 2,600,000 91,000 76,885,714 12,128,708 6,998,571 On March 18, 2016, Martin Oring, one of our directors and our Chief Executive Officer, and members of his family, pursuant to Amendments to Convertible Promissory Notes, dated March 18, 2016, provided us with Conversion Notices whereby they elected to convert all of the principal and accrued but unpaid interest owing on their Secured Convertible Promissory Notes (“Oring Notes”), each dated September 18, 2013, into shares of the Company’s common stock at a rate of $ 0.035 414,000 14,491 12,242,600 1,114,391 On March 17, 2016 the Board of Directors of the Company approved an offer to the remaining nine holders of the Secured Convertible Promissory Notes. The offer, effective March 18, 2016, included the conversion of principal and interest outstanding as of March 18, 2016 at a rate of $ 0.035 1,055,000 21,583 31,037,855 324,159 As a result of the aforementioned conversions, as of June 30, 2016 all the Secured Convertible Promissory Notes and associated accrued interest have been converted and cancelled. At issuance, the fair value of the compound derivative was $ 1,261,285 126,446 June 30, December 31, Convertible notes at face value $ 4,069,000 $ 4,069,000 Conversion of notes at face value (4,069,000) - Unamortized discount and deferred financing fees - (816,788) Convertible notes, net of discount $ - $ 3,252,212 Three months ended Six months ended June 30, June 30, June 30, June 30, Interest rate at 7% $ 667 $ 71,204 $ 63,702 $ 142,395 Amortization of debt discount 168,106 58,817 744,058 116,531 Amortization of deferred financing fees 16,338 6,108 72,729 12,102 Total interest expense on convertible notes $ 185,111 $ 136,129 $ 880,489 $ 271,028 Included in amortization of debt discount for the three and six months ended June 30, 2016 is expense of $ 738,748 4,069,000

DERIVATIVE LIABILITY - CONVERTI

DERIVATIVE LIABILITY - CONVERTIBLE NOTES	6 Months Ended
	Jun. 30, 2016
Derivative Liability And Convertible Debt [Abstract]
DERIVATIVE LIABILITY - CONVERTIBLE NOTES	NOTE 7 – DERIVATIVE LIABILITY – CONVERTIBLE NOTES As further discussed in Note 6, the Company had issued $ 4,069,000 0.39 The Notes had several embedded conversion and redemption features. The Company determined that two of the features were required to be bifurcated and accounted for under derivative accounting as follows: 1. The embedded conversion feature included a provision for the adjustment to the conversion price if the Company issued common stock or common stock equivalents at a price less than the exercise price. Derivative accounting was required for this feature due to this anti-dilution provision. 2. One embedded redemption feature required the Company to pay 120 June 30, December 31, Expected volatility 20.57% – 222.29% 101.46 – 139.57% Risk-free interest rate 0.29% – 1.04% 0.92 - 1.31% Expected life (years) 1.0 – 2.51 2.0 – 2.75 Suboptimal exercise factor 1.0 – 2.0 2.5 The expected volatility was based on the historical volatility levels on the Company’s common stock. The risk-free interest rate was based on the implied yield available on US Treasury zero-coupon issues over equivalent lives of the options. The expected life was impacted by all of the underlying assumptions and calibration of the Company’s model. Significant increases or decreases in inputs would result in a significantly lower or higher fair value measurement. June 30, December 31, Beginning balance $ 590,536 $ 1,218,619 Conversion of convertible debt (1,694,693) - Change in fair value 1,104,157 (628,083) Ending balance $ - $ 590,536

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2016
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	NOTE 8 – STOCKHOLDERS’ EQUITY During the six months ended June 30, 2016, the Company’s stockholders’ equity activity consisted of the following: a) On March 18, 2016, the Company issued 76,885,714 0.035 2,600,000 91,000 6,998,571 b) On March 18, 2016, the Company issued 12,242,600 0.035 414,000 14,491 1,114,391 c) On March 18, 2016, the Company completed a private placement offering with the Luxor Group for proceeds of $ 1,500,000 42,857,143 0.035 12,128,708 d) On March 17, 2016, the Board of Directors has also authorized, subject to stockholder approval, which has yet to occur certain amendments to our Articles of Incorporation and Amended and Restated Bylaws that, would increase the number of authorized shares of our capital stock. e) On March 31, 2016, the Company issued 18,750 0.08 f) On April 27, 2016, the Company issued 31,037,855 0.035 1,055,000 21,583 324,159 g) On May 23, 2016, the Company completed a private placement offering with various qualified investors for proceeds of $ 988,800 28,251,430 0.035 During the six months ended June 30, 2015, the Company’s stockholders’ equity activity consisted of the following: a) As of June 30, 2015, the Company had received $ 700,400 5,714,285 0.35 0.50 775,400 b) b) On May 21, 2015, the Company completed a private placement offering for gross proceeds of $ 995,050 2,843,000 0.35 0.50 five c) On March 23, 2015, the Company’s Board of Directors approved a private placement offering for gross proceeds of $ 1,500,000 4,250,000 0.3529 0.50 d) On March 18, 2015, the Company issued 516,460 0.25 129,115 Shares Underlying Exercise Price Expiration Date 3,410,526 $ 0.58 November 2017 5,736,501 0.59 November 2017 7,042,387 1.85 November 2017 3,000,000 0.375 June 2017 316,752 0.30 September 2019 2,197,496 0.30 October 2019 1,000,000 0.30 November 2019 1,498,750 0.30 December 2019 3,981,000 0.50 December 2019 4,250,000 0.50 March 2020 2,843,000 0.50 May 2020 2,215,429 0.50 July 2020 327,900 0.50 September 2020 27,067 0.58 November 2017 44,816 0.59 November 2017 2,750,045 0.58 November 2017 4,641,296 0.59 November 2017 687,511 0.58 November 2017 1,139,968 0.59 November 2017 592,682 0.58 November 2017 976,393 0.59 November 2017 48,679,519

STOCKHOLDER RIGHTS AGREEMENT

STOCKHOLDER RIGHTS AGREEMENT	6 Months Ended
	Jun. 30, 2016
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDER RIGHTS AGREEMENT	NOTE 9 – STOCKHOLDER RIGHTS AGREEMENT The Company adopted a Stockholder Rights Agreement (the “Rights Agreement”) in August 2009 to protect stockholders from attempts to acquire control of the Company in a manner in which the Company’s Board of Directors determines is not in the best interest of the Company or its stockholders. Under the Rights Agreement, each currently outstanding share of the Company’s common stock includes, and each newly issued share will include, a common share purchase right. The rights are attached to and trade with the shares of common stock and generally are not exercisable. The rights will become exercisable if a person or group acquires, or announces an intention to acquire, 15 15 26 49.83

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10 – INCOME TAXES The Company is a Nevada corporation and is subject to federal and Arizona income taxes. Nevada does not impose a corporate income tax. The Company recognized no income tax expense for the period ended June 30, 2016 as compared to June 30, 2015. The Company has recorded a full valuation allowance for any income tax benefits recognized in the current period. The effective tax rate for the period ended June 30, 2016 was 0 38 The Company and its subsidiaries file income tax returns in the United States. These tax returns are subject to examination by taxation authorities provided the years remain open under the relevant statutes of limitations, which may result in the payment of income taxes and/or decreases in its net operating losses available for carryforward. The Company has losses from inception to date, and thus all years remain open for examination. While the Company believes that its tax filings do not include uncertain tax positions, the results of potential examinations or the effect of changes in tax law cannot be ascertained at this time. The Company does not have any tax returns currently under examination by the Internal Revenue Service.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 – COMMITMENTS AND CONTINGENCIES Severance agreements 80,000 Clarkdale Slag Project royalty agreement - NMC 5 50 50 2.5 Purchase consideration Clarkdale Slag Project a) The Company has agreed to pay VRIC $ 6,400,000 b) The Company has agreed to pay VRIC a minimum annual royalty of $ 500,000 2.5 500,000 500,000 c) The Company has agreed to pay VRIC an additional amount of $ 3,500,000 The Advance Royalty shall continue for a period of ten years from the Agreement Date or until such time that the Project Royalty shall exceed $ 500,000 On July 25, 2011, the Company and NMC entered into an amendment (the “Third Amendment”) to the assignment agreement between the parties dated June 1, 2005. Pursuant to the Third Amendment, the Company agreed to pay Advance Royalties to NMC of $ 15,000 1,320,000 660,000 Total Advance Royalty fees were $ 45,000 90,000 Development agreement The timing of the development of the Road is to be within two years of the effective date of the agreement. The effective date shall be the later of (i) 30 days from the approving resolution of the agreement by the Town Council, (ii) the date on which the Town of Clarkdale obtains a connection dedication from separate property owners who have land that will be utilized in construction of the Road, or (iii) the date on which the Town of Clarkdale receives the proper effluent permit. The contingencies outlined in (ii) and (iii) above are beyond control of the Company. The Company estimates the initial cost of construction of the Road to be approximately $ 3,500,000 1,200,000 Registration Rights Agreement 1.0 3.0 121,500

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 12 – RELATED PARTY TRANSACTIONS NMC 15,000 The Company has an existing obligation to pay NMC a royalty consisting of 2.5 Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Reimbursement of expenses $ - $ 360 $ - $ 360 Consulting services provided - - - 30,000 Advance royalty payments 45,000 45,000 90,000 90,000 Mineral and exploration expense – related party $ 45,000 $ 45,360 $ 90,000 $ 120,360 The Company had outstanding balances due to NMC of $ 278,725 188,725 Cupit, Milligan, Ogden & Williams, CPAs Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Accounting support services $ 32,548 $ 32,541 $ 50,474 $ 95,605 Direct benefit to CFO $ 11,066 $ 9,437 $ 17,161 $ 27,725 The Company had an outstanding balance due to CMOW of $ 208,931 158,457 Financial Consulting Services 2,063,143 0.50 258,553 Ireland Inc. Total rent expense incurred to Ireland was $ 5,202 10,404 5,001 10,002 1,734 Luxor 142,665,754 18,525,032 As of June 30, 2016, no amounts were payable to Luxor. During the six months ended June 30, 2016, the Company recognized a loss on conversion of $ 6,998,571 2,691,000 76,885,714 During the six months ended June 30, 2016, The Luxor Group purchased from the Company 42,857,143 0.035 1,500,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS The Company has evaluated events through August 12, 2016, and has determined there are no material subsequent events.

DESCRIPTION OF BUSINESS, HIST19

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Description of business	Since the Company’s involvement in the Clarkdale Slag Project began, the goal has been to demonstrate the economic feasibility of the project by determining a commercially viable method to extract precious and base metals from the slag material. The Company has not yet realized any revenues from its planned operations. Upon the location of commercially minable reserves, the Company plans to prepare for mineral extraction and enter the development stage.
History	History In February 2005, the Company announced its reorganization from a biotechnology research and development company to a company focused on the development and acquisition of mineral properties and its Board of Directors approved a change in its name from Phage to "Searchlight Minerals Corp.” effective June 23, 2005.
Going concern	Going concern If the Company continues to incur operating losses and does not raise sufficient additional capital, material adverse events may occur including, but not limited to: a reduction in the nature and scope of the Company’s operations; and the Company’s inability to fully implement its current business plan. There can be no assurance that the Company will successfully improve its liquidity position. The accompanying consolidated financial statements do not reflect any adjustments that might be required resulting from the adverse outcome relating to this uncertainty. As of June 30, 2016, the Company had cumulative net losses of $ 95,177,779 12,685,195 1,602,316 921,766 To address ongoing liquidity constraints, the Company continues to seek additional sources of capital through the issuance of equity, debt financing or a combination of both. The Company has reduced general and administrative expenses and elected to defer payment of certain obligations. Cash conservation measures include, but are not limited to, the deferred payment where available of outsourced consulting fees, current and future board fees, certain officer salaries, certain monthly professional fees, and the Verde River Iron Company, LLC (“VRIC”) monthly payable. These activities have reduced the required cash outlay of the Company’s business significantly. The Company is focused on continuing to reduce costs and obtaining additional funding. There is no assurance that such funding will be available on terms acceptable to the Company, or at all. If the Company raises additional funds by selling additional shares of capital stock, securities convertible into shares of capital stock or the issuance of convertible debt, the ownership interest of the Company’s existing common stock holders will be diluted.
Basis of presentation	Basis of presentation These condensed consolidated financial statements have been prepared without audit in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments and disclosures necessary for the fair presentation of the Company's Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015; the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015; and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015. The Company’s balance sheet at December 31, 2015, is derived from the audited financial statements at that date. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on April 5, 2016.
Principles of consolidation	Principles of consolidation
Use of estimates	Use of estimates
Capitalized interest cost	Capitalized interest cost
Mineral properties	Mineral properties
Mineral exploration and development costs	Mineral exploration and development costs
Property and equipment	Property and equipment 3 15
Impairment of long-lived assets	Impairment of long-lived assets - The Company reviews and evaluates its long-lived assets for impairment at each balance sheet date due to its planned exploration stage losses and documents such impairment testing. Mineral properties in the exploration stage are monitored for impairment based on factors such as the Company’s continued right to explore the property, exploration reports, drill results, technical reports and continued plans to fund exploration programs on the property. The tests for long-lived assets in the exploration, development or production stage that would have a value beyond proven and probable reserves would be monitored for impairment based on factors such as current market value of the mineral property and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net cash flows expected to be generated by the asset, including evaluating its reserves beyond proven and probable amounts. The Company's policy is to record an impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable either by impairment or by abandonment of the property. The impairment loss is calculated as the amount by which the carrying amount of the assets exceeds its fair value.
Deferred financing fees	Deferred financing fees
Convertible notes - derivative liabilities	Convertible notes – derivative liabilities The derivative liability is measured at fair value on a recurring basis with changes reported in other income (expense). Fair value is determined using a model which incorporates estimated probabilities and inputs calculated by both the Binomial Lattice model and present values. The debt discount is amortized to non-cash interest expense using the effective interest method over the life of the notes. If a conversion of the underlying note occurs, a proportionate share of the unamortized amount is immediately expensed.
Reclamation and remediation costs	Reclamation and remediation costs Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised. The Company is in the exploration stage and is unable to determine the estimated timing of expenditures relating to reclamation accruals. It is reasonably possible that the ultimate cost of reclamation and remediation could change in the future and that changes to these estimates could have a material effect on future operating results as new information becomes known.
Fair value of financial instruments	Fair value of financial instruments Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The Company’s financial instruments consist of the VRIC payable, derivative liabilities (described in Notes 5 and 7) and convertible notes (described in Note 6). The VRIC payable and the convertible notes are classified within Level 2 of the fair value hierarchy. The fair value of the VRIC payable approximates carrying value as the imputed interest rate is considered to approximate a market interest rate. The fair value of the convertible notes approximates carrying value as the interest rate is considered to approximate a market interest rate. The Company calculates the fair value of its derivative liabilities using various models which are all Level 3 inputs. The fair value of the derivative warrant liability (described in Note 5) is calculated using the Binomial Lattice model, and the fair value of the derivative liability - convertible notes (described in Note 7) is calculated using a model which incorporates estimated probabilities and inputs calculated by both the Binomial Lattice model and present values. The change in fair value of the derivative liabilities is classified in other income (expense) in the condensed consolidated statement of operations. The Company generally does not use derivative financial instruments to hedge exposures to cash flow, market or foreign currency risks. There have been no changes in the valuation techniques used for the derivative liabilities. The Company does not have any non-financial assets or liabilities that it measures at fair value. During the six months ended June 30, 2016 and 2015, there were no transfers of assets or liabilities between levels.
Per share amounts	Per share amounts 72,384,390 63,779,506
Stock-based compensation	Stock-based compensation The fair value of performance-based stock option grants is determined on their grant date through the use of the Binomial Lattice option pricing model. The total value of the award is recognized over the requisite service period only if management has determined that achievement of the performance condition is probable. The requisite service period is based on management’s estimate of when the performance condition will be met. Changes in the requisite service period or the estimated probability of achievement can materially affect the amount of stock-based compensation recognized in the financial statements.
Income taxes	Income taxes The Company follows the liability method of accounting for income taxes. This method recognizes certain temporary differences between the financial reporting basis of liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset as measured by the statutory tax rates in effect. The effect of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized.
Recent accounting standards	Recent accounting standards In March 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-09, “Improvements on Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted. The standard will be effective for the Company beginning January 1, 2017. The Company is currently evaluating the impact to its condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new standard is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. The standard will be effective for the Company beginning January 1, 2019. The Company is currently evaluating the impact to its condensed consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies income tax accounting. The update requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This update is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. Adoption of the new guidance is not expected to have an impact on the condensed consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”, which simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption was permitted. We adopted the provisions of ASU 2015-03 on a retrospective basis for our annual period ended December 31, 2015. The retrospective adoption of this standard resulted in the reclassification of approximately $ 0.1 In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about and Entity’s Ability to Continue as a Going Concern”. This update requires management of public and private companies to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. The Company is currently evaluating the impact to its condensed consolidated financial statements.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2016
PROPERTY AND EQUIPMENT [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: June 30, 2016 December 31, 2015 Cost Accumulated Net Book Cost Accumulated Net Book Furniture and fixtures $ 38,255 $ (38,110) $ 145 $ 38,255 $ (37,963) $ 292 Lab equipment 249,061 (249,061) - 249,061 (249,061) - Computers and equipment 71,407 (64,548) 6,859 71,407 (61,644) 9,763 Vehicles 47,675 (46,508) 1,167 47,675 (46,158) 1,517 Slag conveyance equipment 300,916 (300,916) - 300,916 (300,916) - Demo module building 6,630,063 (4,858,371) 1,771,692 6,630,063 (4,526,867) 2,103,196 Grinding circuit 913,679 (26,667) 887,012 913,679 (21,667) 892,012 Extraction circuit 938,352 (556,503) 381,849 938,352 (462,668) 475,684 Leaching and filtration 1,300,618 (1,300,618) - 1,300,618 (1,300,618) - Fero-silicate storage 4,326 (2,379) 1,947 4,326 (2,163) 2,163 Electrowinning building 1,492,853 (821,069) 671,784 1,492,853 (746,426) 746,427 Site improvements 1,677,844 (778,026) 899,818 1,677,844 (715,775) 962,069 Site equipment 360,454 (356,011) 4,443 360,454 (353,638) 6,816 Construction in progress 1,102,014 - 1,102,014 1,102,014 - 1,102,014 $ 15,127,517 $ (9,398,787) $ 5,728,730 $ 15,127,517 $ (8,825,564) $ 6,301,953

ACCOUNTS PAYABLE AND ACCRUED 21

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2016
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Trade accounts payable $ 541,677 $ 589,657 Accrued compensation and related taxes 811,102 435,469 Accrued interest 57,803 126,057 $ 1,410,582 $ 1,151,183

DERIVATIVE WARRANT LIABILITY (T

DERIVATIVE WARRANT LIABILITY (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative [Line Items]
Schedule Of Fair Value Assumptions Warrants	With respect to the March 18, 2016 extension, the Company did not recognize any additional expense as the fair values of the warrants were calculated at zero using the Binomial Lattice model with the following assumptions: June 30, Risk-free interest rate 0.64% - 0.87% Expected volatility 122.95% - 176.27% Expected life (years) 1 - 1.75
Schedule of Assumptions used to Establish Valuation of Warrants	The Company estimates the fair value of the derivative liabilities by using the Binomial Lattice pricing-model, with the following assumptions used for the six months ended June 30, 2016 and the year ended December 31, 2015: June 30, December 31, Expected volatility 122.95% - 176.27% 30.46% - 141.15% Risk-free interest rate 0.45% - 0.84% 0.00% - 0.65% Expected life (years) 0.75 - 1.75 0.10 - 0.90 Suboptimal exercise factor 2.0 2.5
Warrant [Member]
Derivative [Line Items]
Schedule of Changes in Fair Value of Derivative Liabilities	The following table sets forth the changes in the fair value of derivative liability for the six months ended June 30, 2016 and the year ended December 31 2015: June 30, December 31, 2015 Beginning balance $ (53,141) $ - Adjustment to warrants (104,075) - Change in fair value 157,216 (53,141) Ending balance $ - $ (53,141)

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	6 Months Ended
	Jun. 30, 2016
Convertible Debt [Abstract]
Convertible Debt	The carrying value of the convertible debt, net of discount was comprised of the following: June 30, December 31, Convertible notes at face value $ 4,069,000 $ 4,069,000 Conversion of notes at face value (4,069,000) - Unamortized discount and deferred financing fees - (816,788) Convertible notes, net of discount $ - $ 3,252,212
Schedule Of Notes Payable	Interest expense related to the Notes included the following for the three and six months ended June 30, 2016 and June 30, 2015: Three months ended Six months ended June 30, June 30, June 30, June 30, Interest rate at 7% $ 667 $ 71,204 $ 63,702 $ 142,395 Amortization of debt discount 168,106 58,817 744,058 116,531 Amortization of deferred financing fees 16,338 6,108 72,729 12,102 Total interest expense on convertible notes $ 185,111 $ 136,129 $ 880,489 $ 271,028

DERIVATIVE LIABILITY - CONVER24

DERIVATIVE LIABILITY - CONVERTIBLE NOTES (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Schedule Of Fair Value Assumptions	Assumptions used for the six months ended June 30, 2016 and the year ended December 31, 2015 included redemption and conversion estimates/behaviors, estimates regarding future anti-dilutive financing agreements and the following other significant estimates: June 30, December 31, Expected volatility 20.57% – 222.29% 101.46 – 139.57% Risk-free interest rate 0.29% – 1.04% 0.92 - 1.31% Expected life (years) 1.0 – 2.51 2.0 – 2.75 Suboptimal exercise factor 1.0 – 2.0 2.5
Convertible Notes Payable [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Schedule Of Derivative Liabilities At Fair Value	The following table sets forth the changes in the fair value of the derivative liability for the six months ended June 30, 2016 and the year ended December 31, 2015: June 30, December 31, Beginning balance $ 590,536 $ 1,218,619 Conversion of convertible debt (1,694,693) - Change in fair value 1,104,157 (628,083) Ending balance $ - $ 590,536

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
STOCKHOLDERS' EQUITY [Abstract]
Schedule Of Outstanding Warrants Issued To Investors To Purchase Common Stock	Shares Underlying Exercise Price Expiration Date 3,410,526 $ 0.58 November 2017 5,736,501 0.59 November 2017 7,042,387 1.85 November 2017 3,000,000 0.375 June 2017 316,752 0.30 September 2019 2,197,496 0.30 October 2019 1,000,000 0.30 November 2019 1,498,750 0.30 December 2019 3,981,000 0.50 December 2019 4,250,000 0.50 March 2020 2,843,000 0.50 May 2020 2,215,429 0.50 July 2020 327,900 0.50 September 2020 27,067 0.58 November 2017 44,816 0.59 November 2017 2,750,045 0.58 November 2017 4,641,296 0.59 November 2017 687,511 0.58 November 2017 1,139,968 0.59 November 2017 592,682 0.58 November 2017 976,393 0.59 November 2017 48,679,519

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Nanominerals Corporation [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The following table provides details of transactions between the Company and NMC for the three and six months ended; Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Reimbursement of expenses $ - $ 360 $ - $ 360 Consulting services provided - - - 30,000 Advance royalty payments 45,000 45,000 90,000 90,000 Mineral and exploration expense – related party $ 45,000 $ 45,360 $ 90,000 $ 120,360
Cupit Milligan Ogden Williams Certified Public Accountants [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The following table provides details of transactions between the Company and CMOW and the direct benefit to Mr. Williams for the three and six months ended: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Accounting support services $ 32,548 $ 32,541 $ 50,474 $ 95,605 Direct benefit to CFO $ 11,066 $ 9,437 $ 17,161 $ 27,725

DESCRIPTION OF BUSINESS, HIST27

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Organization And Summary Of Significant Accounting Policies [Line Items]
Retained Earnings (Accumulated Deficit)	$ (95,177,779)		$ (95,177,779)		$ (82,492,584)
Net loss	(1,940,982)	$ (41,739)	(12,685,195)	$ (1,411,308)
Cash flows from operating activities			(1,602,316)	$ (2,035,350)
Working Capital Deficit	$ 921,766		$ 921,766
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			72,384,390	63,779,506
Accounting Standards Update 2015-03 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets					$ 100,000
Minimum [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives			3 years
Maximum [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives			15 years

RESTRICTED CASH (Additional Inf

RESTRICTED CASH (Additional Information) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents	$ 0		$ 227,345
Increase (Decrease) in Restricted Cash	0	$ 227,345
Convertible Notes Payable [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Increase (Decrease) in Restricted Cash	$ 227,345

PROPERTY AND EQUIPMENT (Additio

PROPERTY AND EQUIPMENT (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 286,557	$ 356,955	$ 573,223	$ 715,337

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Cost	$ 15,127,517	$ 15,127,517
Accumulated Depreciation	(9,398,787)	(8,825,564)
Net Book Value	5,728,730	6,301,953
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Cost	38,255	38,255
Accumulated Depreciation	(38,110)	(37,963)
Net Book Value	145	292
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	249,061	249,061
Accumulated Depreciation	(249,061)	(249,061)
Net Book Value	0	0
Computers and equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	71,407	71,407
Accumulated Depreciation	(64,548)	(61,644)
Net Book Value	6,859	9,763
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Cost	47,675	47,675
Accumulated Depreciation	(46,508)	(46,158)
Net Book Value	1,167	1,517
Slag conveyance equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	300,916	300,916
Accumulated Depreciation	(300,916)	(300,916)
Net Book Value	0	0
Demo module building [Member]
Property, Plant and Equipment [Line Items]
Cost	6,630,063	6,630,063
Accumulated Depreciation	(4,858,371)	(4,526,867)
Net Book Value	1,771,692	2,103,196
Grinding circuit [Member]
Property, Plant and Equipment [Line Items]
Cost	913,679	913,679
Accumulated Depreciation	(26,667)	(21,667)
Net Book Value	887,012	892,012
Extraction circuit [Member]
Property, Plant and Equipment [Line Items]
Cost	938,352	938,352
Accumulated Depreciation	(556,503)	(462,668)
Net Book Value	381,849	475,684
Leaching and filtration [Member]
Property, Plant and Equipment [Line Items]
Cost	1,300,618	1,300,618
Accumulated Depreciation	(1,300,618)	(1,300,618)
Net Book Value	0	0
Fero-silicate storage [Member]
Property, Plant and Equipment [Line Items]
Cost	4,326	4,326
Accumulated Depreciation	(2,379)	(2,163)
Net Book Value	1,947	2,163
Electrowinning building [Member]
Property, Plant and Equipment [Line Items]
Cost	1,492,853	1,492,853
Accumulated Depreciation	(821,069)	(746,426)
Net Book Value	671,784	746,427
Site improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	1,677,844	1,677,844
Accumulated Depreciation	(778,026)	(715,775)
Net Book Value	899,818	962,069
Site equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	360,454	360,454
Accumulated Depreciation	(356,011)	(353,638)
Net Book Value	4,443	6,816
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Cost	1,102,014	1,102,014
Accumulated Depreciation	0	0
Net Book Value	$ 1,102,014	$ 1,102,014

ACCOUNTS PAYABLE AND ACCRUED 31

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Accounts Payable And Accrued Liabilities [Line Items]
Trade accounts payable	$ 541,677	$ 589,657
Accrued compensation and related taxes	811,102	435,469
Accrued interest	57,803	126,057
Accounts payable and accrued liabilities	$ 1,410,582	$ 1,151,183

DERIVATIVE WARRANT LIABILITY (A

DERIVATIVE WARRANT LIABILITY (Additional Information) (Details) - $ / shares	Nov. 12, 2009	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	May 21, 2015	Mar. 25, 2015	Jun. 07, 2012
Derivative [Line Items]
Exercise price of warrant		$ 1.85
Private Placement [Member]
Derivative [Line Items]
Shares of common stock that can be purchased by the warrants	6,341,263
Exercise price of warrant	$ 1.85	$ 0.59		$ 0.50	$ 0.50	$ 0.50
Warrants expiration date	Nov. 12, 2012
Warrants issued		20,006,807	9,147,029
Private Placement [Member] | All Other Warrants [Member]
Derivative [Line Items]
Exercise price of warrant		$ 0.58
Warrant [Member]
Derivative [Line Items]
Warrants expiration date			Nov. 30, 2017
Luxor Capital Partners LP [Member] | Private Placement [Member]
Derivative [Line Items]
Total number of warrants that anti dilution rights were waived on							4,252,883
Exercise price of warrant							$ 0.59
Scenario Cumulative Adjustment [Member] | Private Placement [Member]
Derivative [Line Items]
Shares of common stock that can be purchased by the warrants		10,859,777
Scenario Cumulative Adjustment [Member] | Private Placement [Member] | All Other Warrants [Member]
Derivative [Line Items]
Shares of common stock that can be purchased by the warrants		4,466,974
Scenario Cumulative Adjustment [Member] | Luxor Capital Partners LP [Member] | Private Placement [Member]
Derivative [Line Items]
Shares of common stock that can be purchased by the warrants		6,392,803

DERIVATIVE WARRANT LIABILITY (S

DERIVATIVE WARRANT LIABILITY (Schedule of Fair Value of Warrants) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Minimum [Member]
Derivative [Line Items]
Risk-free interest rate	0.29%	0.92%
Expected volatility	20.57%	101.46%
Expected life (years)	1 year	2 years
Maximum [Member]
Derivative [Line Items]
Risk-free interest rate	1.04%	1.31%
Expected volatility	222.29%	139.57%
Expected life (years)	2 years 6 months 4 days	2 years 9 months
Warrant [Member] | Minimum [Member]
Derivative [Line Items]
Risk-free interest rate	0.64%
Expected volatility	122.95%
Expected life (years)	1 year
Warrant [Member] | Maximum [Member]
Derivative [Line Items]
Risk-free interest rate	0.87%
Expected volatility	176.27%
Expected life (years)	1 year 9 months

DERIVATIVE WARRANT LIABILITY (C

DERIVATIVE WARRANT LIABILITY (Changes in Fair Value of Derivative Liabilities) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Beginning balance	$ (53,141)	$ 0
Adjustment to warrants	(104,075)	0
Change in fair value	157,216	(53,141)
Ending balance	$ 0	$ (53,141)

DERIVATIVE WARRANT LIABILITY 35

DERIVATIVE WARRANT LIABILITY (Assumptions Used to Estimates Fair Value of Derivative Liabilities) (Details) - Warrant [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Suboptimal exercise factor	2	2.5
Minimum [Member]
Derivative [Line Items]
Expected volatility	122.95%	30.46%
Risk-free interest rate	0.45%	0.00%
Expected life (years)	9 months	1 month 6 days
Maximum [Member]
Derivative [Line Items]
Expected volatility	176.27%	141.15%
Risk-free interest rate	0.84%	0.65%
Expected life (years)	1 year 9 months	10 months 24 days

CONVERTIBLE NOTES (Additional I

CONVERTIBLE NOTES (Additional Information) (Details)	1 Months Ended					3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 27, 2016USD ($)$ / sharesshares	Mar. 18, 2016USD ($)$ / sharesshares	Mar. 17, 2016USD ($)$ / shares	Sep. 18, 2014USD ($)	Sep. 18, 2013USD ($)$ / shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)
Debt Conversion [Line Items]
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 0.035
Debt Conversion, Converted Instrument, Shares Issued | shares	31,037,855						76,885,714
Notes Payable Additional Issuance				$ 69,000		$ (4,069,000)	$ (4,069,000)		$ 0
Derivative Liability						$ 0	0		590,536	$ 1,218,619
Debt Conversion, Converted Instrument, Amount							$ 14,025,859	$ 0
Class of Warrant or Right, Outstanding | shares						48,679,519	48,679,519
Induced Conversion of Convertible Debt Expense	$ 324,159
Conversion of notes payable and accrued interest							$ (4,196,073)	$ 0
Convertible Notes Payable						$ 0	0		3,252,212
Interest Payable						$ 57,803	57,803		$ 126,057
Management [Member]
Debt Conversion [Line Items]
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 0.035
Debt Conversion, Converted Instrument, Shares Issued | shares		12,242,600
Induced Conversion of Convertible Debt Expense		$ 1,114,391
Luxor Capital Partner Lp [Member]
Debt Conversion [Line Items]
Debt Conversion, Converted Instrument, Amount							$ 91,000
Class of Warrant or Right, Outstanding | shares						12,128,708	12,128,708
Convertible Notes Payable [Member]
Debt Conversion [Line Items]
Proceeds from Convertible Debt					$ 4,000,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					7.00%
Debt Instrument, Debt Default, Percentage Of Interest					9.00%
Percentage Of Principal Balance Payable Upon Change Of Control				120.00%
Additional Secured Indebtedness Amount				$ 600,000
Debt Instrument, Convertible, Conversion Price | $ / shares			$ 0.035		$ 0.40	$ 0.035	$ 0.035		$ 0.39
Debt Conversion, Converted Instrument, Shares Issued | shares									10,433,333
Deferred Finance Costs, Noncurrent, Net						$ 126,446	$ 126,446
Derivative Liability						1,261,285	1,261,285
Debt Conversion, Converted Instrument, Amount							2,600,000
Conversion of notes payable and accrued interest							4,069,000
Convertible Notes Payable	1,055,000
Interest Payable			$ 21,583
Debt Instrument, Convertible, Number of Equity Instruments			31,037,855
Convertible Notes Payable [Member] | Interest Expense [Member]
Debt Conversion [Line Items]
Amortization of Debt Discount (Premium)						$ 738,748	570,642
Convertible Notes Payable [Member] | Luxor Capital Partner Lp [Member]
Debt Conversion [Line Items]
Induced Conversion of Convertible Debt Expense							$ 6,998,571
Convertible Promissory Notes, Principal [Member]
Debt Conversion [Line Items]
Conversion of notes payable and accrued interest	1,055,000
Convertible Promissory Notes, Principal [Member] | Management [Member]
Debt Conversion [Line Items]
Conversion of notes payable and accrued interest		414,000
Convertible Promissory Notes, Interest [Member]
Debt Conversion [Line Items]
Conversion of notes payable and accrued interest	$ 21,583
Convertible Promissory Notes, Interest [Member] | Management [Member]
Debt Conversion [Line Items]
Conversion of notes payable and accrued interest		$ 14,491

CONVERTIBLE NOTES (Schedule of

CONVERTIBLE NOTES (Schedule of Carrying value of the Convertible debt) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Sep. 18, 2014
Debt Conversion [Line Items]
Convertible notes at face value	$ 4,069,000	$ 4,069,000
Conversion of notes at face value	(4,069,000)	0	$ 69,000
Unamortized discount and deferred financing fees	0	(816,788)
Convertible notes, net of discount	$ 0	$ 3,252,212

CONVERTIBLE NOTES (Schedule o38

CONVERTIBLE NOTES (Schedule of Components and amounts of effective interest rate) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Conversion [Line Items]
Amortization of deferred financing fees			$ 816,788	$ 128,633
Notes Payable, Other Payables [Member]
Debt Conversion [Line Items]
Interest rate at 7%	$ 667	$ 71,204	63,702	142,395
Amortization of debt discount	168,106	58,817	744,058	116,531
Amortization of deferred financing fees	16,338	6,108	72,729	12,102
Total interest expense on convertible notes	$ 185,111	$ 136,129	$ 880,489	$ 271,028

DERIVATIVE LIABILITY - CONVER39

DERIVATIVE LIABILITY - CONVERTIBLE NOTES (Additional Information) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Apr. 27, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instrument, Convertible, Conversion Price		$ 0.035
Private Placement [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Proceeds from Issuance of Long-term Debt, Total	$ 4,069,000
Debt Instrument, Convertible, Conversion Price	$ 0.39
Percentage Of Principal Balance Payable Upon Change Of Control	120.00%

DERIVATIVE LIABILITY - CONVER40

DERIVATIVE LIABILITY - CONVERTIBLE NOTES (Schedule of Other Significant Estimates) (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Suboptimal exercise factor		$ 2.5
Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Expected volatility	222.29%	139.57%
Risk-free interest rate	1.04%	1.31%
Expected life (years)	2 years 6 months 4 days	2 years 9 months
Suboptimal exercise factor	$ 2
Minimum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Expected volatility	20.57%	101.46%
Risk-free interest rate	0.29%	0.92%
Expected life (years)	1 year	2 years
Suboptimal exercise factor	$ 1

DERIVATIVE LIABILITY - CONVER41

DERIVATIVE LIABILITY - CONVERTIBLE NOTES (Schedule of Fair Value of the Derivative Liability) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Derivative Liability And Convertible Debt [Line Items]
Beginning balance	$ 590,536	$ 1,218,619
Conversion of convertible debt	(1,694,693)	0
Change in fair value	1,104,157	(628,083)
Ending balance	$ 0	$ 590,536

STOCKHOLDERS' EQUITY (Additiona

STOCKHOLDERS' EQUITY (Additional Information) (Details) - USD ($)	1 Months Ended							3 Months Ended		6 Months Ended
	May 23, 2016	Apr. 27, 2016	Mar. 31, 2016	Mar. 18, 2016	Jun. 30, 2015	May 21, 2015	Mar. 25, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 18, 2015	Jun. 07, 2012	Nov. 12, 2009
Stockholders Equity Note [Line Items]
Class of Warrant or Right, Outstanding								48,679,519		48,679,519
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 1.85		$ 1.85
Proceeds from Issuance of Private Placement						$ 995,050
Debt Conversion, Converted Instrument, Shares Issued		31,037,855								76,885,714
Conversion of notes payable and accrued interest										$ (4,196,073)	$ 0
Debt Instrument, Convertible, Conversion Price		$ 0.035
Debt Conversion, Converted Instrument, Amount										14,025,859	0
Loss On Conversion Of Notes Payable								$ 324,159	$ 0	$ 8,437,121	$ 0
Induced Conversion of Convertible Debt Expense		$ 324,159
Management [Member]
Stockholders Equity Note [Line Items]
Debt Conversion, Converted Instrument, Shares Issued				12,242,600
Debt Instrument, Convertible, Conversion Price				$ 0.035
Induced Conversion of Convertible Debt Expense				$ 1,114,391
Director [Member]
Stockholders Equity Note [Line Items]
Stock Issued During Period, Shares, New Issues			18,750
Share Price			$ 0.08
Luxor Capital Partners LP [Member]
Stockholders Equity Note [Line Items]
Class of Warrant or Right, Outstanding				12,128,708
Debt Conversion, Converted Instrument, Amount				$ 2,600,000
Loss On Conversion Of Notes Payable				6,998,571
Luxor Capital Partners LP [Member] | Accrued Interest [Member]
Stockholders Equity Note [Line Items]
Debt Conversion, Converted Instrument, Amount				91,000
Oring note holders [Member]
Stockholders Equity Note [Line Items]
Debt Conversion, Converted Instrument, Amount				414,000
Loss On Conversion Of Notes Payable				1,114,391
Oring note holders [Member] | Accrued Interest [Member]
Stockholders Equity Note [Line Items]
Debt Conversion, Converted Instrument, Amount				14,491
Convertible Promissory Notes, Principal [Member]
Stockholders Equity Note [Line Items]
Conversion of notes payable and accrued interest		1,055,000
Convertible Promissory Notes, Principal [Member] | Management [Member]
Stockholders Equity Note [Line Items]
Conversion of notes payable and accrued interest				414,000
Convertible Promissory Notes, Interest [Member]
Stockholders Equity Note [Line Items]
Conversion of notes payable and accrued interest		$ 21,583
Convertible Promissory Notes, Interest [Member] | Management [Member]
Stockholders Equity Note [Line Items]
Conversion of notes payable and accrued interest				$ 14,491
Common Stock [Member]
Stockholders Equity Note [Line Items]
Shares Issued, Price Per Share												$ 0.25
Shares, Issued												516,460
Common Stock [Member] | Convertible Debt [Member]
Stockholders Equity Note [Line Items]
Shares Issued, Price Per Share				$ 0.035
Shares, Issued				76,885,714
Common Stock [Member] | Convertible Debt [Member] | Management [Member]
Stockholders Equity Note [Line Items]
Shares Issued, Price Per Share				$ 0.035
Shares, Issued				12,242,600
Private Placement [Member]
Stockholders Equity Note [Line Items]
Warrant Expiration Period						5 years
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 0.50	$ 0.50	$ 0.50	$ 0.59	$ 0.50	$ 0.59	$ 0.50			$ 1.85
Shares Issued, Price Per Share	$ 0.035
Proceeds from Issuance of Private Placement	$ 988,800				$ 775,400		$ 1,500,000
Common Stock Units Issued During Period						2,843,000	4,250,000
Common Stock Unit Price Per Share						$ 0.35	$ 0.3529
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable					$ 700,400				$ 700,400		$ 700,400
Stock Issued During Period, Shares, Other					5,714,285
Sale of Stock, Price Per Share					$ 0.35				$ 0.35		$ 0.35
Debt Instrument, Convertible, Conversion Price								$ 0.39		$ 0.39
Stock Issued During Period, Shares, New Issues	28,251,430
Private Placement [Member] | Luxor Capital Partners LP [Member]
Stockholders Equity Note [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights													$ 0.59
Shares Issued, Price Per Share				$ 0.035
Stock Issued During Period, Shares, New Issues				42,857,143
Stock Issued During Period, Value, New Issues				$ 1,500,000

STOCKHOLDERS' EQUITY (Schedule

STOCKHOLDERS' EQUITY (Schedule Of Outstanding Warrants Issued To Investors To Purchase Common Stock) (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	48,679,519
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 1.85
Class Of Warrant Or Right One [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	3,410,526
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.58
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Two [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	5,736,501
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.59
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Three [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	7,042,387
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 1.85
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Four [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	3,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.375
Class of Warrant or Right, Expiration Date of Warrants or Rights	June 2,017
Class Of Warrant Or Right Five [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	316,752
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.30
Class of Warrant or Right, Expiration Date of Warrants or Rights	September 2,019
Class Of Warrant Or Right Six [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	2,197,496
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.30
Class of Warrant or Right, Expiration Date of Warrants or Rights	October 2,019
Class Of Warrant Or Right Seven [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	1,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.30
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,019
Class Of Warrant Or Right Eight [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	1,498,750
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.30
Class of Warrant or Right, Expiration Date of Warrants or Rights	December 2,019
Class Of Warrant Or Right Nine [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	3,981,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.50
Class of Warrant or Right, Expiration Date of Warrants or Rights	December 2,019
Class Of Warrant Or Right Ten [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	4,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.50
Class of Warrant or Right, Expiration Date of Warrants or Rights	March 2,020
Class Of Warrant Or Right Eleven [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	2,843,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.50
Class of Warrant or Right, Expiration Date of Warrants or Rights	May 2,020
Class Of Warrant Or Right Twelve [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	2,215,429
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.50
Class of Warrant or Right, Expiration Date of Warrants or Rights	July 2,020
Class Of Warrant Or Right Thirteen [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	327,900
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.50
Class of Warrant or Right, Expiration Date of Warrants or Rights	September 2,020
Class Of Warrant Or Right Fourteen [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	27,067
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.58
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Fifteen [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	44,816
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.59
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right sixteen [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	2,750,045
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.58
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Seventeen [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	4,641,296
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.59
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Eighteen [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	687,511
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.58
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Nineteen [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	1,139,968
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.59
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Twenty [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	592,682
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.58
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017
Class Of Warrant Or Right Twenty One [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares	976,393
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.59
Class of Warrant or Right, Expiration Date of Warrants or Rights	November 2,017

STOCKHOLDER RIGHTS AGREEMENT (A

STOCKHOLDER RIGHTS AGREEMENT (Additional Information) (Details)	Jun. 30, 2016	Mar. 18, 2016
Stockholder Rights Agreement [Line Items]
Minimum Percentage Of Ownership Acquired Or To Be Acquired Upon Which Purchase Rights Become Exercisable	15.00%
Minimum [Member]
Stockholder Rights Agreement [Line Items]
Percentage Of Ownership Interests		15.00%
Luxor Capital Partners LP [Member]
Stockholder Rights Agreement [Line Items]
Percentage Of Ownership Interests	44.27%	49.83%
Luxor Capital Partners LP [Member] | Maximum [Member]
Stockholder Rights Agreement [Line Items]
Percentage Of Ownership Interests	26.00%

INCOME TAXES (Additional Inform

INCOME TAXES (Additional Information) (Details)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Percent, Total	0.00%	38.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Additional Information) (Details) - USD ($)	Jun. 07, 2012	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jul. 25, 2011	Dec. 31, 2010
Commitments and Contingencies Disclosure [Line Items]
Cash penalties as a percentage of purchase price paid by investors	1.00%
Long-term Construction Loan		$ 3,500,000		$ 3,500,000
Long-term Construction Loan, Current		1,200,000		1,200,000
Payments for Royalties		45,000	$ 45,000	90,000	$ 90,000
Employee Severance [Member]
Commitments and Contingencies Disclosure [Line Items]
Restructuring Reserve		$ 80,000		$ 80,000
Maximum [Member]
Commitments and Contingencies Disclosure [Line Items]
Cash penalties as a percentage of purchase price paid by investors	3.00%
Payment, Period	$ 121,500
Nanominerals Corporation [Member]
Commitments and Contingencies Disclosure [Line Items]
Advance royalty payment amount						$ 15,000	$ 660,000
Royalty payment percentage				2.50%
Clarkdale Slag Project [Member] | Nanominerals Corporation [Member]
Commitments and Contingencies Disclosure [Line Items]
Additional contingent payment							$ 1,320,000
Royalty payment percentage				2.50%
Clarkdale Slag Project [Member] | Nanominerals Corporation [Member] | Scenario, Previously Reported [Member]
Commitments and Contingencies Disclosure [Line Items]
Royalty payment percentage				5.00%
Joint venture ownership interest		50.00%		50.00%
Verde River Iron Company Limited Liability Company [Member] | Clarkdale Slag Project [Member]
Commitments and Contingencies Disclosure [Line Items]
Additional contingent payment		$ 6,400,000		$ 6,400,000
Advance royalty payment amount		500,000		500,000
The Minimum project royalty payments that should be made for the advance royalty not to remains payable		$ 500,000		$ 500,000
Royalty payment percentage				2.50%
Verde River Iron Company Limited Liability Company [Member] | Clarkdale Slag Project [Member] | Scenario, Previously Reported [Member]
Commitments and Contingencies Disclosure [Line Items]
Joint venture ownership interest		50.00%		50.00%
Verde River Iron Company Limited Liability Company [Member] | Clarkdale Slag Project [Member] | Minimum [Member]
Commitments and Contingencies Disclosure [Line Items]
Advance royalty payment amount		$ 500,000		$ 500,000
Verde River Iron Company Limited Liability Company [Member] | Clarkdale Slag Project [Member] | Royalty Payments [Member]
Commitments and Contingencies Disclosure [Line Items]
Additional contingent payment		500,000		500,000
Verde River Iron Company Limited Liability Company [Member] | Clarkdale Slag Project [Member] | Cash Flow [Member]
Commitments and Contingencies Disclosure [Line Items]
Additional contingent payment		$ 3,500,000		$ 3,500,000

RELATED PARTY TRANSACTIONS (Add

RELATED PARTY TRANSACTIONS (Additional Information) (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Apr. 27, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Sublease Rentals		$ 5,202		$ 5,001
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.85			$ 1.85
Common Stock, Shares, Outstanding		345,600,029			345,600,029		154,306,537
Debt Conversion, Converted Instrument, Shares Issued	31,037,855				76,885,714
Gains (Losses) on Restructuring of Debt					$ (8,437,121)	$ 0
Debt Conversion, Original Debt, Amount					$ (4,196,073)	0
Financial Consulting Services [Member]
Related Party Transaction [Line Items]
Class Of Warrant Or Right Grants In Period			2,063,143
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.50
Warrants and Rights Outstanding			$ 258,553
Warrant Expiration Period					5 years
Luxor Capital Partners LP [Member]
Related Party Transaction [Line Items]
Shares Issued, Price Per Share		$ 0.035			$ 0.035
Common Stock, Shares, Outstanding		142,665,754			142,665,754
Stock Issued During Period, Value, New Issues					$ 1,500,000
Stock Issued During Period, Shares, New Issues					42,857,143
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		18,525,032			18,525,032
Luxor Capital Partners LP [Member] | Convertible Promissory Notes [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Shares Issued					76,885,714
Gains (Losses) on Restructuring of Debt					$ 6,998,571
Debt Conversion, Original Debt, Amount					2,691,000
Nanominerals Corporation [Member]
Related Party Transaction [Line Items]
Fee and expenses incurred to related party					$ 15,000
Royalty payment percentage					2.50%
Due to Related Parties		$ 278,725			$ 278,725		$ 188,725
Cupit Milligan Ogden Williams Certified Public Accountants [Member]
Related Party Transaction [Line Items]
Fee and expenses incurred to related party		32,548		$ 32,541	50,474	95,605
Outstanding balance due to related party		$ 208,931			208,931		158,457
Ireland Inc [Member]
Related Party Transaction [Line Items]
Outstanding balance due to related party							$ 1,734
Operating Leases, Rent Expense, Sublease Rentals					$ 10,404	$ 10,002

RELATED PARTY TRANSACTIONS (Com

RELATED PARTY TRANSACTIONS (Company and NMC) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transactions [Member]
Related Party Transaction [Line Items]
Mineral and exploration expense - related party	$ 45,000	$ 45,360	$ 90,000	$ 120,360
Nanominerals Corporation [Member] | Reimbursements [Member]
Related Party Transaction [Line Items]
Fee and expenses incurred to related party	0	360	0	360
Nanominerals Corporation [Member] | Consulting Services Provided [Member]
Related Party Transaction [Line Items]
Fee and expenses incurred to related party	0	0	0	30,000
Nanominerals Corporation [Member] | Advance Royalty Payments [Member]
Related Party Transaction [Line Items]
Advance royalty payments	$ 45,000	$ 45,000	$ 90,000	$ 90,000

RELATED PARTY TRANSACTIONS (C49

RELATED PARTY TRANSACTIONS (Company and CMOW) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Cupit Milligan Ogden Williams Certified Public Accountants [Member]
Related Party Transaction [Line Items]
Fee and expenses incurred to related party	$ 32,548	$ 32,541	$ 50,474	$ 95,605
Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Fee and expenses incurred to related party	$ 11,066	$ 9,437	$ 17,161	$ 27,725