Comstock (LODE) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Entity Registrant Name	Comstock Mining Inc.
Entity Central Index Key	1,120,970
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		178,871,356

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 3,587,349	$ 1,663,170
Accounts receivable	155,448	24,642
Inventories (Note 2)	202,613	450,951
Stockpiles and mineralized material on leach pads (Note 2)	800,073	1,322,211
Prepaid expenses and other current assets (Note 3)	2,777,889	2,188,053
Total current assets	7,523,372	5,649,027
MINERAL RIGHTS AND PROPERTIES, Net	7,205,081	7,205,081
PROPERTIES, PLANT AND EQUIPMENT, Net (Note 4)	24,372,631	26,596,859
RECLAMATION BOND DEPOSIT	2,622,544	2,642,804
RETIREMENT OBLIGATION ASSET (Note 5)	899,621	1,107,120
OTHER ASSETS	12,000	12,000
TOTAL ASSETS	42,635,249	43,212,891
CURRENT LIABILITIES:
Accounts payable	3,270,111	1,964,371
Accrued expenses (Note 6)	1,089,571	1,639,526
Long-term debt and capital lease obligations – current portion (Note 7)	6,398,794	8,538,336
Total current liabilities	10,758,476	12,142,233
LONG-TERM LIABILITIES:
Long-term debt and capital lease obligations (Note 7)	4,440,255	4,759,213
Long-term reclamation liability (Note 5)	6,874,013	6,827,568
Other liabilities	708,884	724,407
Total long-term liabilities	12,023,152	12,311,188
Total liabilities	$ 22,781,628	$ 24,453,421
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ EQUITY:
Common stock, $.000666 par value, 3,950,000,000 shares authorized, 175,167,711 and 159,917,711 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 116,662	$ 106,505
Additional paid-in capital	222,851,889	217,716,500
Accumulated deficit	(203,114,930)	(199,063,535)
Total stockholders’ equity	19,853,621	18,759,470
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 42,635,249	$ 43,212,891

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.000666	$ 0.000666
Common stock, shares authorized	3,950,000,000	3,950,000,000
Common stock, shares issued	175,167,711	159,917,711
Common stock, shares outstanding	175,167,711	159,917,711

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES
Revenue - Mining	$ 1,980,764	$ 5,927,174
Revenue - real estate	39,757	110,243
Total revenues	2,020,521	6,037,417
COST AND EXPENSES
Costs applicable to mining revenue	1,415,921	3,717,911
Real estate operating costs	52,429	200,027
Exploration and mine development	2,627,592	603,194
Mine claims and costs	296,433	421,065
Environmental and reclamation	372,696	623,154
General and administrative	1,085,108	2,145,234
Total cost and expenses	5,850,179	7,710,585
LOSS FROM OPERATIONS	(3,829,658)	(1,673,168)
OTHER INCOME (EXPENSE)
Interest expense	(553,605)	(223,673)
Other income (expense), net	331,868	3,185,955
Total other income (expense), net	(221,737)	2,962,282
NET INCOME (LOSS) BEFORE INCOME TAXES	(4,051,395)	1,289,114
INCOME TAXES	0	0
NET INCOME (LOSS)	(4,051,395)	1,289,114
DIVIDENDS ON CONVERTIBLE PREFERRED STOCK		(898,832)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (4,051,395)	$ 390,282
Net income (loss) per common share – basic (in dollars per share)	$ (0.02)	$ 0.01
Net income (loss) per common share – diluted (in dollars per share)	$ (0.02)	$ 0.01
Weighted average common shares outstanding — basic	162,851,273	82,492,914
Weighted average common shares outstanding — diluted	162,851,273	136,101,769

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES:
Net income (loss)	$ (4,051,395)	$ 1,289,114
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, amortization and depletion	1,692,631	1,913,505
Stock payments and stock-based compensation		44,400
Accretion of reclamation liability	46,445	63,959
Gain on sale of properties, plant, and equipment	(539,370)	(12,723)
Amortization of debt discounts and issuance costs	188,305	86,973
Payment of interest expense and sales tax with common stock	98,736	0
Loss on payment of debt obligation with common stock	150,166	0
Net change in fair values of derivatives		14,055
Changes in operating assets and liabilities:
Accounts receivable	(130,806)	281,304
Inventories	248,338	(72,326)
Stockpiles and mineralized material on leach pads	522,138	(76,993)
Prepaid expenses	(170,415)	(357,457)
Other assets		6,471
Accounts payable	1,805,740	24,480
Accrued expenses and other liabilities	(565,478)	(2,995,264)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(704,965)	209,498
INVESTING ACTIVITIES:
Proceeds from sale of properties, plant and equipment	787,421	77,035
Purchase of mineral rights and properties, plant and equipment	(178,025)	(3,083,301)
Decrease/(increase) in reclamation bond deposit	20,260	(100,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	629,656	(3,106,266)
FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations	(1,836,058)	(2,652,164)
Proceeds from long-term debt obligations	925,000	$ 4,419,392
Proceeds from the issuance of common stock	3,500,000
Common stock issuance costs	(589,454)
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,999,488	$ 1,767,228
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,924,179	(1,129,540)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,663,170	5,308,804
CASH AND CASH EQUIVALENTS, END OF PERIOD	3,587,349	4,179,264
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	276,729	177,141
Supplemental disclosure of non-cash investing and financing activities:
Additions to reclamation liability and retirement obligation asset	0	659,295
Issuance of common stock for properties, plant and equipment	0	$ 16,049
Issuance of common stock for settlement of long-term debt obligations	2,235,000
Dividends paid in common stock (par value)		$ 1,723
Issuance of long-term debt obligations for purchase of mineral rights and properties, plant and equipment		175,015
Vested restricted common stock (par value)		40
Properties, plant and equipment purchases in accounts payable		588,890
Property sold as payment of accounts payable	$ 500,000	$ 0

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	Interim Financial Statements Basis of Presentation The interim condensed consolidated financial statements of Comstock Mining Inc. ("Comstock", "Company", "we", "our" or "us") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . During the three months ended March 31, 2016 , the Company shipped 1,702 ounces of gold, resulting in recognized revenue of approximately $2.0 million . During the three months ended March 31, 2016 , the Company shipped 29,438 ounces of silver, for approximately $0.4 million . Silver is accounted for as a by-product credit in costs applicable to mining revenue for financial reporting purposes. Liquidity and Management Plans The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern which considers the realization of assets and discharge of liabilities in the normal course of business and does not include any adjustments that might result from the outcome of uncertainties noted below. The Company has recurring net losses from operations and an accumulated deficit of $203.1 million at March 31, 2016 . For the three -month period ended March 31, 2016 , the Company recognized a net loss of $4.1 million and used cash in operations of $0.7 million . As of March 31, 2016 , the Company had cash and cash equivalents of $3.6 million , current assets of $7.5 million and current liabilities of $10.8 million , resulting in current liabilities in excess of current assets of approximately $3.2 million . On March 31, 2016, the Company completed an underwritten public offering of 10,000,000 shares of its common stock. Gross proceeds to the Company from this offering are approximately $3.5 million before deducting underwriting commissions and other offering expenses paid by the Company. As described in Note 13, on April 13, 2016, the Company also completed the sale of additional 1,500,000 shares of the Company's common stock for additional gross proceeds of approximately $525,000 . The Company’s current capital resources include cash and cash equivalents and other working capital resources, cash generated through operations, and existing financing arrangements including a lease financing agreement and the previously drawn revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC (“Auramet”), which outstanding balance of $1.2 million was fully paid off on April 1, 2016, from part of the proceeds from the sale of the Company’s common stock on March 31, 2016. Under the Revolving Credit Facility, the Company may have borrowings of up to $10 million outstanding at any given time, subject to satisfying certain conditions and obtaining certain consents. The Revolving Credit Facility has a maturity of April 28, 2018, and allows for re-advances on the facility up to the $10 million availability. The Company has financed its exploration, development, and start up activities principally from the sale of equity securities and, to a lesser extent, debt financing. While the Company has been successful in the past in obtaining the necessary capital to support its operations, including registered equity financings from its existing shelf registration, borrowings, or other means, there is no assurance that the Company will be able to obtain additional equity capital or other financing, if needed. The Company believes it will have sufficient funds to sustain its operations during the next 12 months as a result of the sources of funding detailed above. Future production rates and gold prices below management’s expectations would adversely affect the Company’s results of operations, financial condition and cash flows. If the Company was unable to obtain any necessary additional funds, this could have an immediate material effect on liquidity and could raise substantial doubt about the Company’s ability to continue as a going concern. In such case, the Company could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or sell certain assets or businesses. There can be no assurance that the Company would be able to take any of such actions on favorable terms, in a timely manner or at all. Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to valuation of inventories, stockpiles and mineralized material on leach pads, the estimated useful lives and valuation of plant and equipment, mineral rights, deferred tax assets, derivative assets and liabilities, reclamation liabilities, stock-based compensation and payments, and contingent liabilities. Comprehensive Income The only component of comprehensive loss for the three months ended March 31, 2016 and 2015 was net loss. Income Taxes We recognize deferred tax assets and liabilities based on differences between the consolidated financial statement carrying amounts and tax bases of certain recorded assets and liabilities and for tax loss carry forwards. Realization of deferred tax assets is dependent upon our ability to generate sufficient future taxable earnings. Where it is more likely than not that some portion or all of the deferred tax asset will not be realized, we have provided a valuation allowance. The Company has provided a full valuation allowance at March 31, 2016, and December 31, 2015, for its net deferred tax assets as it cannot conclude it is more likely than not that they will be realized. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB), issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 affects any entity that enters into a lease, with some specified scope exceptions. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early application is permitted for all entities. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements, which will require right of use assets and lease liabilities be recorded in the consolidated balance sheet for operating leases. In May 2014, the FASB issued ASU 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard was originally effective for fiscal years beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, that defers the effective date of ASU 2014-09 for all entities by one year to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing, which is an amendment that clarifies the following two aspects of the new five-step revenue recognition model: identifying performance obligations and the licensing implementation guidance. The effective date and transition requirements for the amendments in this Update are the same as ASU 2015-014. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. The Company reclassified its asset retirement obligation expenses from Mining Claims Cost to Environmental and Reclamation line item in the consolidated statements of operations. As a result of this change, Mining Claims Cost line item was reduced by $343,042 , and Environmental and Reclamation increased by the aforementioned amounts.

Inventories, Stockpiles and Min

Inventories, Stockpiles and Mineralized Material on Leach Pads	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories, Stockpiles and Mineralized Material on Leach Pads	Inventories, Stockpiles and Mineralized Material on Leach Pads Inventories, stockpiles and mineralized materials on leach pads consisted of the following: March 31, 2016 December 31, 2015 In-process $ 202,613 $ 249,130 Finished goods — 201,821 Total inventories $ 202,613 $ 450,951 Stockpiles $ — $ — Mineralized material on leach pads 800,073 1,322,211 Total stockpiles and mineralized material on leach pads $ 800,073 $ 1,322,211 Total $ 1,002,686 $ 1,773,162 At March 31, 2016 , the Company’s estimate of recoverable gold ounces on the leach pad increased from previously estimated 85% to 87.5% . This change increased our recoverable gold ounces in mineralized material placed on leach pad during the quarter ended March 31, 2016 , by approximately 1,317 and, as a result, inventories and stockpiles and mineralized material on leach pad increased and costs applicable to mining revenue decreased by approximately $0.3 million .

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: March 31, 2016 December 31, 2015 Land and property deposits $ 1,298,355 $ 1,169,285 Lease obligation deposits 609,106 231,000 Other 870,428 787,768 Total prepaid expenses and other current assets $ 2,777,889 $ 2,188,053

Properties, Plant and Equipment

Properties, Plant and Equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Properties, Plant and Equipment	Properties, Plant and Equipment The Company has sold land and equipment with a book value of approximately $0.7 million for the three months ended March 31, 2016 . During the three months ended March 31, 2016 , and 2015, the Company recognized depreciation expense of $1.5 million and $1.6 million , respectively.

Long-Term Reclamation Liability

Long-Term Reclamation Liability and Retirement Obligation Asset	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Long-Term Reclamation Liability and Retirement Obligation Asset	Long-Term Reclamation Liability and Retirement Obligation Asset Following is a reconciliation of the aggregate reclamation liability associated with our reclamation plan for our mining projects: March 31, 2016 December 31, 2015 Long-term reclamation liability — beginning of period $ 6,827,568 $ 5,908,700 Additional obligations incurred — 659,295 Accretion of reclamation liability 46,445 259,573 Long-term reclamation liability — end of period $ 6,874,013 $ 6,827,568 Following is a reconciliation of the aggregate retirement obligation asset associated with our reclamation plan for our mining projects: March 31, 2016 December 31, 2015 Retirement obligation asset — beginning of period $ 1,107,120 $ 1,619,101 Additional obligations incurred — 659,295 Amortization of retirement obligation asset (207,499 ) (1,171,276 ) Retirement obligation asset — end of period $ 899,621 $ 1,107,120

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following: March 31, 2016 December 31, 2015 Accrued Board of Directors fees 304,331 251,000 Accrued payroll 188,859 174,640 Accrued production royalties 155,873 120,332 Accrued vendor liabilities 82,094 633,282 Accrued personal property tax — 115,907 Other accrued expenses 358,414 344,365 Total accrued expenses $ 1,089,571 $ 1,639,526

Long-Term Debt and Capital Leas

Long-Term Debt and Capital Lease Obligations	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt and Capital Lease Obligations	Long-Term Debt and Capital Lease Obligations Long-term debt and capital lease obligations consisted of the following: Note Description March 31, 2016 December 31, 2015 Note Payable (Auramet Facility) $ 1,200,000 $ 1,600,000 Note Payable (Caterpillar Equipment) 2,465,416 2,679,723 Note Payable (V&T) 675,000 750,000 Note Payable (Dayton Property "Golden Goose") 493,527 489,212 Note Payable (Donovan Property) 386,188 414,389 Note Payable (Hard Rock Nevada) 325,000 — Note Payable (White House) 279,737 281,139 Notes Payable - Other 242,222 259,419 Note Payable (Gold Hill Hotel) 254,267 259,173 Note Payable (Railroad & Gold Property) 102,984 110,725 Note Payable (Daney) — 1,139,834 Lease Obligation (Varilease) 3,233,732 3,556,479 Capital Lease Obligation (Caterpillar Equipment) 1,098,267 1,652,934 Capital Lease Obligation (Kimball) 82,709 104,522 Subtotal 10,839,049 13,297,549 Less current portion (6,398,794 ) (8,538,336 ) Long-term portion of long-term debt and capital lease obligations $ 4,440,255 $ 4,759,213 Long-Term Debt Obligations Auramet Facility On March 6, 2015, the Company entered into an amended and restated $5 million revolving credit facility (the “Revolving Credit Facility”) with Auramet, pursuant to which the Company may borrow up to $5 million , subject to satisfying certain conditions and obtaining certain consents. On March 6, 2015, the Company drew $5 million (the “Note”), representing cash proceeds of approximately $4.4 million , net of prepaid interest and fees of approximately $0.6 million recognized as a component of prepaid expenses and other current assets in the consolidated balance sheets and amortized over the life of the payment terms using the effective interest rate method. The Note will be repaid through 25 semi-monthly cash payments of $200,000 beginning April 30, 2015, and ending April 30, 2016, with total principal and interest obligations not exceeding $5 million . Interest is payable at 9.5% per annum, and was paid in advance on the closing date of the Note. On December 28, 2015, the Company and Auramet agreed to increase the facility up to $10 million and extended the facility from the current maturity of February 6, 2017 to April 28, 2018. The indebtedness under the Revolving Credit Facility is secured by a security interest in certain real estate owned by the Company within the Company’s starter mine and a first priority security interest in all personal property of the Company and its wholly-owned subsidiary Comstock Mining LLC, subject to any existing or future Permitted Liens (as defined under the Revolving Credit Facility). The proceeds from the Note were primarily used for an accelerated construction schedule for rerouting State Route 342, located in the Company’s Lucerne Resource Area, the first phase of which was completed in early June 2015, and the second phase was completed in November 2015. The Note contains a covenant that requires the Company to maintain a minimum liquidity balance of $1 million (including cash and cash equivalents, plus 90% of the value of any doré that has been picked up by a secured carrier but not yet paid for, as of any date of determination). The Note additionally contains customary representations, warranties, affirmative covenants, negative covenants, and events of default, as well as conditions to borrowings. The $1.2 million outstanding on March 31, 2016 was fully paid off on April 1, 2016, from part of the proceeds from the sale of the Company’s common stock on March 31, 2016. Daney On August 31, 2015, the Company entered into a note in the amount of $1.8 million for the purchase of land and buildings. The note does not bear interest. Upon entering into the note, the Company issued 1,538,462 shares of common stock to the noteholder as partial payment on the note. In January 2016, the note was extended for nine months. During the three months ended March 31, 2016 , the Company issued 3,000,000 shares of common stock to the noteholder as payment on the note. If proceeds from the sale of such stock by the noteholder are less than the principal amount payable, then the Company will owe the noteholder any unpaid balance. Hard Rock Nevada On March 7, 2016, the Company entered into a short-term note with Hard Rock Nevada, an entity owned by an employee of the Company in the amount of $325,000 . The note does not bear interest and repayment was satisfied in full on April 1, 2016. Initiation and other fees, costs and expenses associated with this borrowing totaled $20,245 . Lease Obligations Varilease Finance Inc. On May 12, 2015, the Company entered into a master lease agreement with Varilease Finance Inc. in which the Company obtained capital financing under a sale-leaseback transaction in the amount of $5 million. Due to certain types of continuing involvement, the Company was precluded from applying sale-leaseback accounting and has accounted for the transaction under the financing method. The Company's obligations under the Varilease agreement are secured by an interest in the Company's processing equipment in exchange for 24 monthly payments of $247,830 totaling the cash proceeds of $5 million and applicable interest. On February 1, 2016, the Company entered into an amended agreement with Varilease Finance Inc. in which 2,250,000 shares of common stock were issued in satisfaction of lease payment obligations.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity In March 2016, the Company raised $3.5 million in gross proceeds (approximately $3.0 million net of issuance cost) through an underwritten public offering of 10 million shares of common stock at a price per share of $0.35 under the Company’s Registration Statement on Form S-3. During the three months ended March 31, 2016 , the Company incurred additional expenses related to common stock issuance of approximately $0.1 million . During the three months ended March 31, 2016 , the Company issued 3,000,000 shares of common stock to the Daney noteholder as payment on the note. During the three months ended March 31, 2016 , the Company issued 2,250,000 shares of common stock to Varilease Finance Inc. The shares were issued in satisfaction of lease payment obligations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table presents our liabilities measured at fair value on a recurring basis: Fair Value Measurements at December 31, 2015 Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Note payable (Daney Ranch Property) $ 1,139,834 $ — $ 1,139,834 $ — Total Liabilities $ 1,139,834 $ — $ 1,139,834 $ — We had no assets measured at fair value on a non-recurring basis at March 31, 2016 and December 31, 2015 . During the three months ended March 31, 2016 and twelve months ended December 31, 2015 , there were no transfers of assets or liabilities between Level 1, Level 2, or Level 3. Note payable (Daney Ranch Property) - The note payable is valued as the difference between the $1.8 million face amount, reduced by the proceeds to be received by the noteholder from the sale of the 1,538,462 shares of common stock to be sold through October 2016 by the noteholder. The Company has estimated the proceeds to be received upon the sale of the common stock by the noteholder using the Black-Scholes model with various observable inputs. These inputs include contractual terms, stock price, volatility, dividend yield, and risk free interest rates. Because the inputs are all observable market-based inputs, this instrument is classified within Level 2 of the valuation hierarchy.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic earnings per share are computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if stock options, warrants, and convertible securities were exercised or converted into common stock. The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share: Three Months Ended 2016 2015 Numerator: Net income (loss) $ (4,051,395 ) $ 1,289,114 Preferred stock dividends — (898,832 ) Net income (loss) available to common shareholders $ (4,051,395 ) $ 390,282 Denominator: Basic weighted average shares outstanding 162,851,273 82,492,914 Effect of dilutive securities — 53,608,855 Diluted weighted average shares outstanding 162,851,273 136,101,769 Net income (loss) per common share: Basic $ (0.02 ) $ 0.01 Diluted $ (0.02 ) $ 0.01 The following table includes the number of common stock equivalent shares that are not included in the computation of diluted income and (loss) per share, because the inclusion of such shares would be anti-dilutive or certain performance conditions have not been achieved. March 31, 2016 2015 Stock options and warrants 50,000 50,000 Restricted stock 1,662,000 1,796,600 1,712,000 1,846,600

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has minimum royalty obligations with certain of its mineral properties and leases. For most of the mineral properties and leases, the Company is subject to a range of royalty obligations once production commences. These royalties range from 0.5% to 5% of net smelter revenues (NSR) from minerals produced on the properties with the majority being under 3% . Some of the factors that will influence the amount of the royalties include ounces extracted and the price of gold. On March 28, 2016, the Company entered into a Drilling and Development Services for Common Stock Investment Agreement (the "Stock Investment Agreement") between the Company and American Mining & Tunneling, LLC and American Drilling Corp, LLC (collectively "AMT"), pursuant to which the Company agreed to issue up to 9,000,000 shares of the Company's common stock to AMT, in exchange for $5,000,000 in future underground mine development, drilling and mining services. When the AMT Shares are issued, they will be restricted shares subject to a six -month holding period by AMT, during which time the issued AMT Shares may not be sold. AMT has also agreed not to sell the shares at a per share price of less than $0.56 . The Stock Investment Agreement contains customary representations, warranties and agreements in connection with the issuance of the AMT Shares, and conditions to closing include the Company's obligation to file with NYSE MKT LLC a supplemental listing application relating to the AMT Shares that has been approved by NYSE MKT LLC. As of March 31, 2016, no shares have been issued. The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. From time to time, we are involved in lawsuits, claims, investigations and proceedings that arise in the ordinary course of business. There are no matters pending that we expect to have a material adverse impact on our business, results of operations, financial condition or cash flows.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our management organizes the Company into two operating segments, mining and real estate. Our mining segment consists of all activities and expenditures associated with mining. Our real estate segment consists of land, real estate rental properties and the Gold Hill Hotel. We evaluate the performance of our operating segments based on operating income (loss). All intercompany transactions have been eliminated, and intersegment revenues are not significant. Financial information relating to our reportable operating segments and reconciliation to the consolidated totals is as follows: Three Months Ended 2016 2015 Revenue Mining $ 1,980,764 $ 5,927,174 Real estate 39,757 110,243 Total revenue 2,020,521 6,037,417 Cost and Expenses Mining (5,797,750 ) (7,510,558 ) Real estate (52,429 ) (200,027 ) Total cost and expenses (5,850,179 ) (7,710,585 ) Operating Loss Mining (3,816,986 ) (1,583,384 ) Real estate (12,672 ) (89,784 ) Total loss from operations (3,829,658 ) (1,673,168 ) Other income (expense), net (221,737 ) 2,962,282 Net income (loss) $ (4,051,395 ) $ 1,289,114 Depreciation, Depletion and Amortization Mining $ 1,660,512 $ 1,890,108 Real estate 32,119 23,397 Total depreciation, amortization and depletion $ 1,692,631 $ 1,913,505 Capital Expenditures Mining $ 178,025 $ 3,508,351 Real estate — 14,663 Total capital expenditures $ 178,025 $ 3,523,014 As of March 31, As of December 31, 2016 2015 Assets Mining $ 41,500,677 $ 41,886,124 Real estate 1,134,572 1,326,767 Total assets $ 42,635,249 $ 43,212,891

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2016, the Company fully repaid the outstanding revolving credit facility of $1.2 million . On April 1, 2016, the Company closed escrow on the sale of two properties with a sales price of $600,000 . The proceeds of $600,000 from the sale were used to reduce accounts payable. On April 13, 2016, the Company completed the sale of an additional 1,500,000 shares of the Company's common stock to the underwriter from the Company's recent public offering of common stock that closed on March 31, 2016. The sale was completed pursuant to the underwriter's exercise of the over-allotment option granted in connection with the public offering. The total number of shares sold in the offering including the over-allotment option was 11,500,000 shares resulting in gross proceeds of approximately $4 million .

Interim Financial Statements (P

Interim Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to valuation of inventories, stockpiles and mineralized material on leach pads, the estimated useful lives and valuation of plant and equipment, mineral rights, deferred tax assets, derivative assets and liabilities, reclamation liabilities, stock-based compensation and payments, and contingent liabilities.
Income Taxes	Income Taxes We recognize deferred tax assets and liabilities based on differences between the consolidated financial statement carrying amounts and tax bases of certain recorded assets and liabilities and for tax loss carry forwards. Realization of deferred tax assets is dependent upon our ability to generate sufficient future taxable earnings. Where it is more likely than not that some portion or all of the deferred tax asset will not be realized, we have provided a valuation allowance.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB), issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 affects any entity that enters into a lease, with some specified scope exceptions. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early application is permitted for all entities. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements, which will require right of use assets and lease liabilities be recorded in the consolidated balance sheet for operating leases. In May 2014, the FASB issued ASU 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard was originally effective for fiscal years beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, that defers the effective date of ASU 2014-09 for all entities by one year to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing, which is an amendment that clarifies the following two aspects of the new five-step revenue recognition model: identifying performance obligations and the licensing implementation guidance. The effective date and transition requirements for the amendments in this Update are the same as ASU 2015-014. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation.

Inventories, Stockpiles and M20

Inventories, Stockpiles and Mineralized Material on Leach Pads (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories, stockpiles and mineralized materials on leach pads consisted of the following: March 31, 2016 December 31, 2015 In-process $ 202,613 $ 249,130 Finished goods — 201,821 Total inventories $ 202,613 $ 450,951 Stockpiles $ — $ — Mineralized material on leach pads 800,073 1,322,211 Total stockpiles and mineralized material on leach pads $ 800,073 $ 1,322,211 Total $ 1,002,686 $ 1,773,162

Prepaid Expenses and Other Cu21

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: March 31, 2016 December 31, 2015 Land and property deposits $ 1,298,355 $ 1,169,285 Lease obligation deposits 609,106 231,000 Other 870,428 787,768 Total prepaid expenses and other current assets $ 2,777,889 $ 2,188,053

Long-Term Reclamation Liabili22

Long-Term Reclamation Liability and Retirement Obligation Asset (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Other Noncurrent Liabilities	Following is a reconciliation of the aggregate reclamation liability associated with our reclamation plan for our mining projects: March 31, 2016 December 31, 2015 Long-term reclamation liability — beginning of period $ 6,827,568 $ 5,908,700 Additional obligations incurred — 659,295 Accretion of reclamation liability 46,445 259,573 Long-term reclamation liability — end of period $ 6,874,013 $ 6,827,568
Schedule of Asset Retirement Obligations	Following is a reconciliation of the aggregate retirement obligation asset associated with our reclamation plan for our mining projects: March 31, 2016 December 31, 2015 Retirement obligation asset — beginning of period $ 1,107,120 $ 1,619,101 Additional obligations incurred — 659,295 Amortization of retirement obligation asset (207,499 ) (1,171,276 ) Retirement obligation asset — end of period $ 899,621 $ 1,107,120

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consisted of the following: March 31, 2016 December 31, 2015 Accrued Board of Directors fees 304,331 251,000 Accrued payroll 188,859 174,640 Accrued production royalties 155,873 120,332 Accrued vendor liabilities 82,094 633,282 Accrued personal property tax — 115,907 Other accrued expenses 358,414 344,365 Total accrued expenses $ 1,089,571 $ 1,639,526

Long-Term Debt and Capital Le24

Long-Term Debt and Capital Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-Term Debt and Capital Lease Obligations	Long-term debt and capital lease obligations consisted of the following: Note Description March 31, 2016 December 31, 2015 Note Payable (Auramet Facility) $ 1,200,000 $ 1,600,000 Note Payable (Caterpillar Equipment) 2,465,416 2,679,723 Note Payable (V&T) 675,000 750,000 Note Payable (Dayton Property "Golden Goose") 493,527 489,212 Note Payable (Donovan Property) 386,188 414,389 Note Payable (Hard Rock Nevada) 325,000 — Note Payable (White House) 279,737 281,139 Notes Payable - Other 242,222 259,419 Note Payable (Gold Hill Hotel) 254,267 259,173 Note Payable (Railroad & Gold Property) 102,984 110,725 Note Payable (Daney) — 1,139,834 Lease Obligation (Varilease) 3,233,732 3,556,479 Capital Lease Obligation (Caterpillar Equipment) 1,098,267 1,652,934 Capital Lease Obligation (Kimball) 82,709 104,522 Subtotal 10,839,049 13,297,549 Less current portion (6,398,794 ) (8,538,336 ) Long-term portion of long-term debt and capital lease obligations $ 4,440,255 $ 4,759,213

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents our liabilities measured at fair value on a recurring basis: Fair Value Measurements at December 31, 2015 Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Note payable (Daney Ranch Property) $ 1,139,834 $ — $ 1,139,834 $ — Total Liabilities $ 1,139,834 $ — $ 1,139,834 $ —

Net Income (Loss) Per Common 26

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator used in Basic and Diluted Computation of New Loss Per Share	The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share: Three Months Ended 2016 2015 Numerator: Net income (loss) $ (4,051,395 ) $ 1,289,114 Preferred stock dividends — (898,832 ) Net income (loss) available to common shareholders $ (4,051,395 ) $ 390,282 Denominator: Basic weighted average shares outstanding 162,851,273 82,492,914 Effect of dilutive securities — 53,608,855 Diluted weighted average shares outstanding 162,851,273 136,101,769 Net income (loss) per common share: Basic $ (0.02 ) $ 0.01 Diluted $ (0.02 ) $ 0.01
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table includes the number of common stock equivalent shares that are not included in the computation of diluted income and (loss) per share, because the inclusion of such shares would be anti-dilutive or certain performance conditions have not been achieved. March 31, 2016 2015 Stock options and warrants 50,000 50,000 Restricted stock 1,662,000 1,796,600 1,712,000 1,846,600

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Financial Information Relating to Reportable Operating Segments and Reconciliation to Condensed Consolidated Totals	Financial information relating to our reportable operating segments and reconciliation to the consolidated totals is as follows: Three Months Ended 2016 2015 Revenue Mining $ 1,980,764 $ 5,927,174 Real estate 39,757 110,243 Total revenue 2,020,521 6,037,417 Cost and Expenses Mining (5,797,750 ) (7,510,558 ) Real estate (52,429 ) (200,027 ) Total cost and expenses (5,850,179 ) (7,710,585 ) Operating Loss Mining (3,816,986 ) (1,583,384 ) Real estate (12,672 ) (89,784 ) Total loss from operations (3,829,658 ) (1,673,168 ) Other income (expense), net (221,737 ) 2,962,282 Net income (loss) $ (4,051,395 ) $ 1,289,114 Depreciation, Depletion and Amortization Mining $ 1,660,512 $ 1,890,108 Real estate 32,119 23,397 Total depreciation, amortization and depletion $ 1,692,631 $ 1,913,505 Capital Expenditures Mining $ 178,025 $ 3,508,351 Real estate — 14,663 Total capital expenditures $ 178,025 $ 3,523,014 As of March 31, As of December 31, 2016 2015 Assets Mining $ 41,500,677 $ 41,886,124 Real estate 1,134,572 1,326,767 Total assets $ 42,635,249 $ 43,212,891

Interim Financial Statements (D

Interim Financial Statements (Details)	Apr. 13, 2016USD ($)shares	Apr. 01, 2016USD ($)	Mar. 31, 2016USD ($)shares	Mar. 31, 2016USD ($)oz	Mar. 31, 2015USD ($)	Apr. 13, 2016USD ($)shares	Dec. 31, 2015USD ($)	Dec. 28, 2015USD ($)	Mar. 06, 2015USD ($)	Dec. 31, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ounces of gold sold during the period | oz				1,702
Gold revenue				$ 1,980,764	$ 5,927,174
Ounces of silver sold during the period | oz				29,438
Silver sales				$ 400,000
Retained earnings (accumulated deficit)			$ (203,114,930)	(203,114,930)			$ (199,063,535)
Net income (loss)				(4,051,395)	1,289,114
Net cash provided by (used in) operating activities				(704,965)	209,498
Cash and cash equivalents			3,587,349	3,587,349	$ 4,179,264		1,663,170			$ 5,308,804
Current assets			7,523,372	7,523,372			5,649,027
Current liabilities			10,758,476	10,758,476			$ 12,142,233
Current liabilities in excess of current assets			$ (3,200,000)	(3,200,000)
Line of Credit Facility [Line Items]
Common stock issued during period (in shares) | shares			10,000,000
Proceeds from issuance of common stock, gross			$ 3,500,000
Proceeds from the issuance of common stock				3,500,000
Mine claims and costs				296,433	$ 421,065
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility, borrowing capacity									$ 5,000,000
Note Payable (Auramet Facility) | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility, borrowing capacity			$ 10,000,000	10,000,000				$ 10,000,000
Subsequent Event
Line of Credit Facility [Line Items]
Common stock issued during period (in shares) | shares	1,500,000					11,500,000
Proceeds from the issuance of common stock	$ 525,000					$ 4,000,000
Subsequent Event | Note Payable (Auramet Facility) | Revolving Credit Facility
Line of Credit Facility [Line Items]
Repayments of lines of credit		$ 1,200,000
Reclassification, Effect
Line of Credit Facility [Line Items]
Mine claims and costs				$ (343,042)

Inventories, Stockpiles and M29

Inventories, Stockpiles and Mineralized Material on Leach Pads (Details)	3 Months Ended
	Mar. 31, 2016USD ($)oz	Dec. 31, 2015USD ($)
Inventory Disclosure [Abstract]
In-process	$ 202,613	$ 249,130
Finished goods	0	201,821
Total inventories	202,613	450,951
Stockpiles	0	0
Mineralized material on leach pads	800,073	1,322,211
Total stockpiles and mineralized material on leach pads	800,073	1,322,211
Total	$ 1,002,686	$ 1,773,162
Estimated recoverable gold ounces in stockpiles and leach pads (as a percent)	87.50%	85.00%
Increase of gold ounces in stockpiles and on leach pad due to change in estimate (in ounces) | oz	1,317
Decrease in cost of mining revenue due to change in estimate	$ 300,000

Prepaid Expenses and Other Cu30

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Land and property deposits	$ 1,298,355	$ 1,169,285
Lease obligation deposits	609,106	231,000
Other	870,428	787,768
Total prepaid expenses and other current assets	$ 2,777,889	$ 2,188,053

Properties, Plant and Equipme31

Properties, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Disposition of Long-Lived Assets, Carrying Value	$ 0.7
Depreciation expense	$ 1.5	$ 1.6

Long-Term Reclamation Liabili32

Long-Term Reclamation Liability and Retirement Obligation Asset (Reconciliation of Aggregate Retirement Liability) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Mine Reclamation and Closing Liability [Roll Forward]
Long-term reclamation liability — beginning of period	$ 6,827,568	$ 5,908,700
Additional obligations incurred	0	659,295
Accretion of reclamation liability	46,445	259,573
Long-term reclamation liability — end of period	$ 6,874,013	$ 6,827,568

Long-Term Reclamation Liabili33

Long-Term Reclamation Liability and Retirement Obligation Asset (Reconciliation of Aggregate Retirement Asset) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Retirement obligation asset — beginning of period	$ 1,107,120	$ 1,619,101	$ 1,619,101
Additional obligations incurred	0	$ 659,295	659,295
Amortization of retirement obligation asset	(207,499)		(1,171,276)
Retirement obligation asset — end of period	$ 899,621		$ 1,107,120

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued Board of Directors fees	$ 304,331	$ 251,000
Accrued payroll	188,859	174,640
Accrued production royalties	155,873	120,332
Accrued vendor liabilities	82,094	633,282
Accrued personal property tax	0	115,907
Other accrued expenses	358,414	344,365
Total accrued expenses	$ 1,089,571	$ 1,639,526

Long-Term Debt and Capital Le35

Long-Term Debt and Capital Lease Obligations (Schedule of Long-Term Debt) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	May. 12, 2015
Debt Instrument [Line Items]
Subtotal	$ 10,839,049	$ 13,297,549
Less current portion	(6,398,794)	(8,538,336)
Long-term portion of long-term debt and capital lease obligations	4,440,255	4,759,213
Note Payable (Auramet Facility)
Debt Instrument [Line Items]
Subtotal	1,200,000	1,600,000
Note Payable (Caterpillar Equipment)
Debt Instrument [Line Items]
Subtotal	2,465,416	2,679,723
Note Payable (V&T)
Debt Instrument [Line Items]
Subtotal	675,000	750,000
Note Payable (Dayton Property Golden Goose)
Debt Instrument [Line Items]
Subtotal	493,527	489,212
Note Payable (Donovan Property)
Debt Instrument [Line Items]
Subtotal	386,188	414,389
Note Payable (Hard Rock Nevada)
Debt Instrument [Line Items]
Subtotal	325,000	0
Note Payable (White House)
Debt Instrument [Line Items]
Subtotal	279,737	281,139
Notes Payable - Other
Debt Instrument [Line Items]
Subtotal	242,222	259,419
Note Payable (Gold Hill Hotel)
Debt Instrument [Line Items]
Subtotal	254,267	259,173
Note Payable (Railroad & Gold Property)
Debt Instrument [Line Items]
Subtotal	102,984	110,725
Note Payable (Daney)
Debt Instrument [Line Items]
Subtotal	0	1,139,834
Lease Obligation (Varilease) | Capital Lease Obligations
Debt Instrument [Line Items]
Subtotal	3,233,732	3,556,479	$ 5,000,000
Capital Lease Obligation (Caterpillar Equipment) | Capital Lease Obligations
Debt Instrument [Line Items]
Subtotal	1,098,267	1,652,934
Capital Lease Obligation (Kimball) | Capital Lease Obligations
Debt Instrument [Line Items]
Subtotal	$ 82,709	$ 104,522

Long-Term Debt and Capital Le36

Long-Term Debt and Capital Lease Obligations (Long-Term Debt Obligations) (Details)	Apr. 01, 2016USD ($)	Mar. 07, 2016USD ($)	Feb. 01, 2016shares	Aug. 31, 2015USD ($)shares	May. 12, 2015USD ($)payment	Mar. 06, 2015USD ($)	Jan. 31, 2016	Mar. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)payment	Dec. 28, 2015USD ($)
Debt Instrument [Line Items]
Stock issued during period for purchase of assets (in shares) | shares								3,000,000
Capital lease obligations								$ 10,839,049	$ 13,297,549
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, borrowing capacity						$ 5,000,000
Amount outstanding on facility						5,000,000
Proceeds from lines of credit						4,400,000
Prepaid interest and fees						$ 600,000
Number of cash payments | payment									25
Periodic installments amount									$ 200,000
Total principal payment and interest									5,000,000
Revolving credit facility, interest rate (as a percent)						9.50%
Covenant compliance, minimum required liquidity amount						$ 1,000,000
Covenant compliance, percentage of dore value included in liquidity amount						90.00%
Note Payable (Auramet Facility)
Debt Instrument [Line Items]
Capital lease obligations								1,200,000	1,600,000
Note Payable (Auramet Facility) | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, borrowing capacity								10,000,000		$ 10,000,000
Amount outstanding on facility								1,200,000
Note Payable (Daney)
Debt Instrument [Line Items]
Term extension							9 months
Capital lease obligations								0	1,139,834
Note Payable (Hard Rock Nevada)
Debt Instrument [Line Items]
Short-term debt		$ 325,000
Debt issuance cost		$ 20,245
Capital lease obligations								$ 325,000	0
Lease Obligation (Varilease) | Capital Lease Obligations
Debt Instrument [Line Items]
Number of cash payments | payment					24
Shares of common stock issued to noteholder as payment on long-term debt | shares			2,250,000					2,250,000
Capital lease obligations					$ 5,000,000			$ 3,233,732	$ 3,556,479
Monthly payment amount					247,830
Proceeds from sale leaseback					$ 5,000,000
Additional Land and Buildings
Debt Instrument [Line Items]
Long term note				$ 1,800,000
Common Stock | Note Payable (Daney)
Debt Instrument [Line Items]
Shares of common stock issued to noteholder as payment on long-term debt | shares								3,000,000
Common Stock | Additional Land and Buildings
Debt Instrument [Line Items]
Stock issued during period for purchase of assets (in shares) | shares				1,538,462
Subsequent Event | Note Payable (Auramet Facility) | Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit	$ 1,200,000

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2016	Feb. 01, 2016	Mar. 31, 2016	Mar. 31, 2016
Class of Stock [Line Items]
Proceeds from issuance of common stock, gross	$ 3.5
Proceeds from issuance of common stock, net of issuance costs			$ 3
Common stock issued during period (in shares)	10,000,000
Price per share (in dollars per share)	$ 0.35		$ 0.35	$ 0.35
Additional common stock issuance costs				$ (0.1)
Stock issued during period for purchase of assets (in shares)				3,000,000
Capital Lease Obligations | Lease Obligation (Varilease)
Class of Stock [Line Items]
Shares of common stock issued to noteholder as payment on long-term debt		2,250,000		2,250,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Aug. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Liabilities:
Stock issued during period for purchase of assets (in shares)		3,000,000
Fair Value, Measurements, Recurring
Liabilities:
Note payable (Daney Ranch Property)			$ 1,139,834
Total Liabilities			1,139,834
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Liabilities:
Note payable (Daney Ranch Property)			0
Total Liabilities			0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Liabilities:
Note payable (Daney Ranch Property)			1,139,834
Total Liabilities			1,139,834
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Liabilities:
Note payable (Daney Ranch Property)			0
Total Liabilities			$ 0
Additional Land and Buildings
Liabilities:
Long term note	$ 1,800,000
Common Stock | Additional Land and Buildings
Liabilities:
Stock issued during period for purchase of assets (in shares)	1,538,462

Net Income (Loss) Per Common 39

Net Income (Loss) Per Common Share (Reconciliation of Net Loss Per Share) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income (loss)	$ (4,051,395)	$ 1,289,114
Preferred stock dividends		(898,832)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (4,051,395)	$ 390,282
Denominator:
Basic weighted average shares outstanding	162,851,273	82,492,914
Effect of dilutive securities (in shares)	0	53,608,855
Diluted weighted average shares outstanding	162,851,273	136,101,769
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.02)	$ 0.01
Diluted (in dollars per share)	$ (0.02)	$ 0.01

Net Income (Loss) Per Common 40

Net Income (Loss) Per Common Share (Schedule of Excluded Common Stock Equivalent Shares) (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,712,000	1,846,600
Stock options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	50,000	50,000
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,662,000	1,796,600

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2016	Mar. 28, 2016	Mar. 31, 2016
Loss Contingencies [Line Items]
Percentage of royalty obligations			3.00%
Number of shares issued in exchange for services		9,000,000
Value of services exchanged for shares		$ 5
Holding period of shares issued in exchange for services		6 months
Minimum
Loss Contingencies [Line Items]
Percentage of royalty obligations			0.50%
Share price (in dollars per share) (at least)		$ 0.56
Maximum
Loss Contingencies [Line Items]
Percentage of royalty obligations			5.00%
American Mining & Tunneling, LLC and American Drilling Corp, LLC
Loss Contingencies [Line Items]
Number of shares issued in exchange for services	0

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2016USD ($)segments	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of operating segments | segments	2
Segment Reporting Information [Line Items]
Revenue	$ 2,020,521	$ 6,037,417
Cost and Expenses	(5,850,179)	(7,710,585)
LOSS FROM OPERATIONS	(3,829,658)	(1,673,168)
Other income (expense), net	(221,737)	2,962,282
NET INCOME (LOSS)	(4,051,395)	1,289,114
Depreciation, Depletion and Amortization	1,692,631	1,913,505
Capital Expenditures	178,025	3,523,014
Assets	42,635,249		$ 43,212,891
Mining
Segment Reporting Information [Line Items]
Revenue	1,980,764	5,927,174
Cost and Expenses	(5,797,750)	(7,510,558)
LOSS FROM OPERATIONS	(3,816,986)	(1,583,384)
Depreciation, Depletion and Amortization	1,660,512	1,890,108
Capital Expenditures	178,025	3,508,351
Assets	41,500,677		41,886,124
Real Estate
Segment Reporting Information [Line Items]
Revenue	39,757	110,243
Cost and Expenses	(52,429)	(200,027)
LOSS FROM OPERATIONS	(12,672)	(89,784)
Depreciation, Depletion and Amortization	32,119	23,397
Capital Expenditures	0	$ 14,663
Assets	$ 1,134,572		$ 1,326,767

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 13, 2016USD ($)shares	Apr. 01, 2016USD ($)property	Mar. 31, 2016shares	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Apr. 13, 2016USD ($)shares
Subsequent Event [Line Items]
Common stock issued during period (in shares) | shares			10,000,000
Proceeds from the issuance of common stock				$ 3,500,000
Subsequent Event
Subsequent Event [Line Items]
Number of properties sold | property		2
Proceeds from sale of properties		$ 600,000
Common stock issued during period (in shares) | shares	1,500,000					11,500,000
Proceeds from the issuance of common stock	$ 525,000					$ 4,000,000
Note Payable (Auramet Facility) | Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Repayments of lines of credit		$ 1,200,000