Shoshone Silver/Gold Mining (SHSH) 10-Q 2 Jun 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	3 Months Ended
	Dec. 31, 2013
Document and Entity Information [Abstract]	'
Entity Registrant Name	'Shoshone Silver/Gold Mining Co.
Document Type	'10-Q
Current Fiscal Year End Date	'--09-30
Entity Common Stock, Shares Outstanding	60,088,371
Entity Public Float	$0
Amendment Flag	'false
Entity Central Index Key	'0001126703
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'No
Entity Filer Category	'Smaller Reporting Company
Entity Well-known Seasoned Issuer	'No
Document Period End Date	31-Dec-13
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Sep. 30, 2013
CURRENT ASSETS	'	'
Cash and cash equivalents	$1,693	$2,346
Notes receivable (net of discount)	418,207	413,065
Total Current Assets	419,900	415,411
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, plant and equipment	271,296	271,296
Accumulated depreciation	-176,851	-166,282
Total Property Plant and Equipment	94,445	105,014
MINERAL AND MINING PROPERTIES	853,447	853,447
OTHER ASSETS	'	'
Notes receivable (net of discount)	1,384,317	1,367,297
Investments - available for sale	151,821	274,958
Total Other Assets	1,536,138	1,642,255
TOTAL ASSETS	2,903,930	3,016,127
CURRENT LIABILITIES	'	'
Accounts payable	70,703	39,003
Accrued expenses	620,284	340,284
Notes payable	42,365	42,365
Total Current Liabilities	733,352	421,652
Total Liabilities	733,352	421,652
STOCKHOLDERS' EQUITY	'	'
Common stock, 200,000,000 shares authorized, $0.10 par value; 60,088,371and 60,088,371 shares issued and outstanding	6,008,837	6,008,837
Additional paid-in capital	4,625,738	4,625,738
Common stock discount	-62,000	-62,000
Treasury stock	-232,116	-232,116
Accumulated deficits during exploration stage	-6,238,308	-5,937,547
Accumulated deficit prior to exploration stage	-1,667,482	-1,667,482
Accumulated other comprehensive income (loss)	-264,091	-140,955
Total Stockholders' Equity	2,170,578	2,594,475
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$2,903,930	$3,016,127

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Dec. 31, 2013	Sep. 30, 2013
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value (in Dollars per share)	$0.10	$0.10
Common stock, shares issued	60,088,371	60,088,371
Common stock, shares outstanding	60,088,371	60,088,371

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) (USD $)	3 Months Ended		168 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
OPERATING EXPENSES	'	'	'
General and administrative	$293,663	$36,371	$3,241,485
Professional fees	17,076	26,912	1,489,777
Depreciation	10,570	42,398	1,103,809
Mining and exploration expenses	1,432	31,527	4,402,967
Other income, net	'	'	19,243
Total Operating Expenses	322,741	137,208	10,257,281
OTHER INCOME (EXPENSES)	'	'	'
Net gain (loss) on disposal of assets	'	'	5,166,557
Net other income/expense	'	'	1,407,192
Net gain (loss) on investments	'	'	-90,742
Dividend and interest income	22,162	20,102	545,147
Interest expense	-182	-3,357	-23,071
Settlement expense	'	'	-921,196
Impairment expense	'	'	-2,064,914
Total Other Income (Expenses)	21,980	16,745	4,018,973
INCOME (LOSS) BEFORE INCOME TAXES	-300,761	-120,463	-6,238,308
NET INCOME (LOSS)	-300,761	-120,463	-6,238,308
OTHER COMPREHENSIVE INCOME (LOSS)	'	'	'
Unrealized holding gain (loss) on investments	-123,136	-3,697	-264,091
NET COMPREHENSIVE INCOME (LOSS)	($423,897)	($124,160)	($6,502,399)
NET INCOME (LOSS) PER COMMON SHARE,	'	'	'
BASIC AND DILUTED (in Dollars per share)	($0.01)	$0	'
WEIGHTED AVERAGE NUMBER OF	'	'	'
BASIC AND DILUTED (in Shares)	60,088,371	57,799,482	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (unaudited) (USD $)	3 Months Ended	168 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income (loss)	($120,463)	($6,238,308)
Adjustments to reconcile net income (loss) to net cash used by operations:	'	'
Amortization of note receivable discount	-20,102	-387,161
Investments issued for services	'	139,900
Bad debt expense	'	-59,794
Common stock issued for mining and exploration expenses	'	308,100
Common stock issued for services	'	662,396
Depreciation and amortization expense	42,398	1,142,377
Net (gain) loss on disposal of assets	'	-5,991,828
Other than temporary impairment of properties and investments	'	2,064,914
Net (gain) loss on investments	'	771,864
Settlement expense	'	786,196
Treasury stock	'	-5,298
Changes in assets and liabilities:	'	'
Change in accounts payable	-10,854	-20,543
Change in accrued liabilities	-101,581	616,300
Change in deposits and prepaids	198	28,748
Change in other assets	'	208,714
Net cash used in operating activities	-210,404	-5,973,423
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Advances on notes receivable	'	-111,022
Related party receivables	'	-638,000
Payments on notes receivable	'	582,846
Payments on related party receivables	'	332,498
Proceeds from sale of fixed assets	'	18,501
Proceeds from sale of mineral properties	'	2,961,897
Proceeds from sale of investments	'	5,175,602
Purchase of fixed assets	'	-1,098,341
Purchase of mineral properties	-7,280	-204,752
Purchases of investments	'	-4,259,939
Net cash provided (used) by investing activities	-7,280	2,759,290
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Treasury stock repurchase	-17,665	-70,539
Net proceeds from sale of stock	'	3,017,557
Net proceeds from short-term loans	'	203,125
Note payable	'	125,000
Payment on note payable	-15,484	-119,306
Net cash (used in) provided by financing activities	-33,149	3,155,837
Net increase (decrease) in cash	-250,833	-58,296
Cash, beginning of period	271,564	59,989
Cash, end of period	20,731	1,693
SUPPLEMENTAL CASH FLOW DISCLOSURES:	'	'
Interest expense paid	2,698	13,881
NON-CASH INVESTING AND FINANCING ACTIVITIES:	'	'
Forgiveness of payables for asset purchase	'	60,000
Investment exchanged for assets	'	2,269,350
Stock issued for assets	558,000	3,077,966
Stock issued for services	'	539,333
Note receivable exchanged for assets	'	2,093,775
Note payable exchanged for assets	'	108,156
Investment exchanged for stock	'	296,296
Investment for settlement expense	'	$786,196

NOTE_1_DESCRIPTION_OF_BUSINESS

NOTE 1: DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements Disclosure [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	NOTE 1: DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
	Description of Business
	Shoshone Silver/Gold Mining Company (an exploration stage company) ("the Company" or "Shoshone") was incorporated under the laws of the State of Idaho on August 4, 1969, under the name of Sunrise Mining Company and was engaged in the business of mining.  On January 22, 1970, the Company's name was changed to Shoshone Silver Mining Company and subsequently changed to Shoshone Silver/Gold Mining Company in 2011.   During the last ten years, the Company's focus broadened to include resource management and sales of mineral and timber interests.
	Beginning in fiscal 2000, the Company entered into an exploration stage.  The Company has acquired, traded, sold and held hundreds of mineral and mining properties since entering the exploration stage.
	The Company's year-end is September 30.
	Basis of Presentation
	The foregoing unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim consolidated financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X as promulgated by the Securities and Exchange Commission.  Accordingly, these financial statements do not include all of the disclosures required by accounting principles generally accepted in the United States of America for complete financial statements.  These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended September 30, 2013, included in the Company's Annual Report on Form 10-K which was filed with the SEC on April 11, 2014.
	In the opinion of management, the unaudited interim consolidated financial statements furnished herein include all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the results for the interim periods presented.  Operating results for the three-month period ended December 31, 2013, are not necessarily indicative of the results that may be expected for the year ending September 30, 2014.

NOTE_2_SUMMARY_OF_SIGNIFICANT_

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	This summary of significant accounting policies is presented to assist in understanding the financial statements.  The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity.  These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.
	Earnings Per Share
	The provisions of Topic 260 in the Accounting Standards Codification (ASC 260) provide the guidance for the calculation of "basic" and "diluted" earnings per share.  Basic earnings per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period.  Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share.
	At December 31, 2013 and at December 31, 2012, there were 6,000,000 and 7,556,667 common stock warrants outstanding which were not included in the calculation of earnings (loss) per share because they would have been anti-dilutive.
	Fair Value Measurements
	Topic 820 in the Accounting Standards Codification (ASC 820) defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. ASC 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances. In this standard, the FASB clarifies the principle that fair value should be based on the assumptions market participants would use when pricing the asset or liability. In support of this principle, ASC 820 establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy is as follows:
	·	Level 1 inputs — Unadjusted quoted process in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.
	·	Level 2 inputs — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
	·	Level 3 inputs — Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
	Investments in available-for-sale securities and investments in silver coins and bars are reported at fair value utilizing Level 1 inputs. For these investments, the Company obtains fair value from active markets.
	The Company's note receivable (net of discount) is reported at fair value utilizing Level 2 inputs.  The discounting of this note receivable utilized interest rates.
	The following table presents information about the Company's assets measured at fair value on a recurring basis as of December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.
						Fair Value Measurements
						At December 31, 2013, Using
						Quoted Prices
						In Active			Other		Significant
			Fair Value			Markets for			Observable		Unobservable
			December 31,			Identical Assets			Inputs		Inputs
	Description		2013			(Level 1)			(Level 2)		(Level 3)
	Investments – Available for Sale		$	151,821		$	151,821		$	-	$	-
	Securities
	Note Receivable (net of discount)			1,802,524			-			1,802,524		-
	Total Assets Measured at Fair Value		$	1,954,345		$	151,821		$	1,802,524	$	-
	Going Concern
	As shown in the accompanying financial statements, the Company typically has limited cash and limited revenues and has incurred an accumulated deficit of $7,905,790 from original inception through December 31, 2013.  These factors raise substantial doubt about the Company's ability to continue as a going concern.  Management intends to seek additional capital from new equity securities offerings that will provide funds needed to increase liquidity and fully implement its business plan.
	Historically, the Company has generally funded its operations with proceeds from the sale of marketable securities, royalty and option agreement payments, and from the sale of the Company's common stock.  Should the Company be unable to raise capital through any of these avenues, its business, financial position, results of operations and cash flow will likely be materially adversely impacted.  As such, substantial doubt as to the Company's ability to continue as a going concern remains as of the date of these financial statements.
	The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.  An estimated $900,000 is believed necessary to continue operations and increase development through the next twelve months.
	Currently, the Company anticipates raising most of the $900,000 needed through the issuance of common stock to private investors.  The timing and amount of capital requirements will depend on a number of factors, including demand for products and services, capital expenditures and revenues generated.
	Notes Receivable
	The Company's policy for notes receivable is to continue accruing interest income until it becomes likely that the note is uncollectible.  At that time, an allowance for bad debt would be established and interest would stop accruing.
	Principles of Consolidation
	The Company's consolidated financial statements include the accounts of the Company and its two wholly owned subsidiaries: Lakeview Consolidated Silver Mines, Inc. and Bohica Mining Corp. The inter-company accounts and transactions are eliminated upon consolidation.
	Reclassification
	Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation.
	These reclassifications had no effect on reported losses, total assets, or stockholders' equity as previously reported.
	Use of Estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period.  Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of Shoshone's financial position and results of operations.
	Provision for Taxes
	Topic 740 in the Accounting Standards Codification (ASC 740) prescribes recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.  At September 30, 2013, the Company had taken no tax positions that would require disclosure under ASC 740.
	Pursuant to ASC 740, income taxes are provided for based upon the liability method of accounting. Under this approach, deferred income taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end.  A valuation allowance is recorded against deferred tax assets if management does not believe the Company has met the "more likely than not" standard imposed by ASC 740 to allow recognition of such an asset.
	The significant components of the deferred tax assets at December 31, 2013 and September 30, 2013 were calculated at an estimated 34% federal income tax rate on net operating losses of $7,841,000 and $7,540,000, respectively and impairment of a long-lived asset not currently deductible for federal income tax purposes of $2,065,000.  The effects are as follows:
			December 31,			September 30,
			2013			2013
	Deferred Tax Assets
	Net operating loss carry-forward		$	1,964,000		$	1,860,000
	Recognized impairment of property			702,000			702,000
	Net deferred tax assets			2,666,000			2,562,000
	Deferred Tax Liabilities
	Installment income			(605,000	)		(605,000	)
	Depreciation			(10,000	)		(10,000	)
	Deferred tax liabilities			(615,000	)		(615,000	)
	Net deferred tax assets		$	2,051,000		$	1,947,000
	Valuation allowance			(2,051,000	)		(1,947,000	)
	Net deferred tax liabilities		$	-		$	-
	As management of the Company cannot determine that it is more likely than not that the Company will realize the cost of the deferred tax liability, valuation allowances equal to both the deferred tax liability and deferred tax asset have been established at December 31, 2013.  At December 31, 2013 and September 30, 2013, the Company had net operating loss carry-forwards of approximately $7,841,000 and $7,540,000, respectively, which expire in the years 2025 through 2032.
	At December 31, 2013, the Company had a total deferred tax liability of $615,000.  Of this amount $605,000 represents the total estimated taxes payable on the income from the note receivable on the sale of Bilbao concessions that is recognized under the full accrual method for financial statement purposes and the installment sale method for income tax purposes.  See Note 4.
	At December 31, 2013, the Company has a total deferred tax asset of $2,666,000 which relates to the Company's net operating loss carry-forward of $1,964,000 and impairment of long-lived assets of $702,000.  The change in the valuation allowance from September 30, 2013 and December 31, 2013 was $104,000.
	The Company may be assessed penalties and interest related to the underpayment of income taxes.  Such assessments would be treated as a provision of income tax expense on the financial statements.  For the years ended September 30, 2013 and September 30, 2012, no income tax expense has been realized as a result of operations and no income tax penalties and interest have been accrued related to uncertain tax positions.  The Company files income tax returns in the U.S. federal jurisdiction and in the State of Idaho. These filings are subject to a three year statute of limitations unless the returns have not been filed at which point the statute of limitations becomes indefinite.  No filings are currently under examination.  The Company is at least two years behind in tax filings.  No adjustments have been made to reduce the estimated income tax benefit at year end.  Any valuations relating to these income tax provisions will comply with U.S. generally accepted accounting principles.

NOTE_3_PROPERTY_AND_EQUIPMENT

NOTE 3: PROPERTY AND EQUIPMENT	3 Months Ended
	Dec. 31, 2013
PROPERTY, PLANT AND EQUIPMENT [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	NOTE 3:   PROPERTY AND EQUIPMENT
	Property and equipment are stated at cost.  Depreciation begins on the date an asset is placed in service using the straight-line method over the asset's estimated useful life.
	The useful lives of property, plant and equipment for purposes of computing depreciation are three to thirty-one and one-half years. The following is a summary of property, equipment, and accumulated depreciation at December 31, 2013 and September 30, 2013:
		December 31,			September 30,
		2013			2013
	Administrative:
	Equipment	$	11,296		$	11,296
	Subtotal		11,296			11,296
	Warren:
	Building		-			-
	Equipment		260,000			260,000
	Subtotal		260,000			260,000
	Total		271,296			271,296
	Less:  Accumulated Depreciation		(176,851	)		(166,282	)
	Property, Plant & Equipment, net	$	94,445		$	105,014
	Depreciation expense was $10,570 for the three-month period ended December 31, 2013, and $42,398 for the comparable period of the prior fiscal year.
	The Company evaluates the recoverability of property and equipment when events and circumstances indicate that such assets might be impaired.  The Company determines impairment by comparing the undiscounted future cash flows estimated to be generated by these assets to their respective carrying amounts.
	Maintenance and repairs are expensed as incurred.  Replacements and betterments are capitalized.  The cost and related reserves of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in results of operations.

NOTE_4_NOTES_RECEIVABLE

NOTE 4: NOTES RECEIVABLE	3 Months Ended
	Dec. 31, 2013
Receivables, Policy [Policy Text Block] [Abstract]	'
Receivables, Policy [Policy Text Block]	'
	NOTE 4:   NOTES RECEIVABLE
	On August 11, 2008, the Company sold 100% of the common stock of its wholly owned subsidiary in Mexico, Shoshone Mexico, S.A. de C.V, to Xtierra Resources, Ltd ("Xtierra").  The Company's interest in the Bilbao concessions in Zacatecas, Mexico was included in this sale.   In exchange for the stock and its interest in the Bilbao concessions, the Company received net cash proceeds of $2,497,990 and a non-interest bearing note receivable for $2,500,000.
	A discounted payment of $450,000 was made on the note in July 2009.   The remaining balance of $2,000,000 is to be paid in four consecutive equal annual installments to begin at the time of the commencement of construction of any mine developed on the Bilbao concessions but in any event will be due and payable no later than August 11, 2019.
	Since the note does not bear interest, the Company imputes interest at a rate of 5%.  Accordingly the Company recorded a note discount of $634,637. During the three month period ending December 31, 2013, $22,162 of interest income was realized through the amortization of this discount.
	The balance on this note receivable (net of discount) was $1,802,524 at December 31, 2013. A $500,000 payment is expected to be received in August 2014, the current portion, net of discount is $418,207, and the long term portion, net of discount is $1,384,317.

NOTE_5_INVESTMENTS

NOTE 5: INVESTMENTS	3 Months Ended
	Dec. 31, 2013
Investments Schedule [Abstract]	'
Investment [Text Block]	'
	NOTE 5:   INVESTMENTS
	Over the years Shoshone has invested in marketable securities and in silver coins and bars.  The Company accounts for these as available-for-sale securities.  Amounts are reported at fair value as determined by quoted market prices, with unrealized gains and losses excluded from earnings and reported separately as a component of stockholders' equity. The cost of securities sold is based on the specific identification method.
	Unrealized gains and losses are recorded on the statements of operations as other comprehensive income (loss) and on the balance sheet as other accumulated comprehensive income.
	Black Mountain Resources is traded on both the Australian Securities Exchange ("ASX") and the London Alternative Investment Market ("AIM"), the Company uses the ASX for valuation purposes.
	The following summarizes the Company's investments-available for sale securities at December 31, 2013:
	Investment	Quantity		Cost		Market Value
	Available for Sale Securities:
	Gold Crest Mines		495,100	$	639	$	4,951
	Lucky Friday Extension		5,000		250		150
	New Jersey Mining		52,857		12,686		4,757
	Black Mountain Resources		2,000,000		402,338		141,963
	Total		2,552,957	$	415,913	$	151,821
	The Company's net change in accumulated other comprehensive income (loss) was $123,136 during the three months ended December 31, 2013. This change principally reflects adjustments for unrealized gains and losses on the Company's available-for-sale investments that are held by the Company.   The $123,136 is recorded on Shoshone's statements of operations as other comprehensive income (loss) and the change is reflected in the change in accumulated other comprehensive income on  Shoshone's balance sheets from September 30, 2013 to December 31, 2013.
	The following summarizes the Company's investments at September 30, 2013:
	Investment	Quantity		Cost		Market Value
	Available for Sale Securities:
	Gold Crest Mines		495,100	$	639	$	9,902
	Lucky Friday Extension		5,000		250		350
	New Jersey Mining		52,857		12,686		3,964
	Black Mountain Resources		2,000,000		402,338		260,742
	Total at September 30, 2012		2,552,957	$	415,913	$	274,958
	The Company's net annual change in accumulated other comprehensive income (loss) was $148,747 during the fiscal year ended September 30, 2013.  This change includes both adjustments for previously unrealized gains and losses on investments sold during the year and the unrealized gains and losses on the Company's available-for-sale investments that are still held by the Company.   The $148,747 is recorded on Shoshone's statements of operations as other comprehensive income (loss) and the change is reflected in the change in accumulated other comprehensive income on Shoshone's balance sheets from September 30, 2012 to September 30, 2013.
	The Company sold 3,000,000 shares of Black Mountain Resources valued at $380,216 during the quarter ended March 31, 2013.  In September 2013, 6,000,000 shares of Black Mountain Resources (BMZ) valued at $786,853 were given to SGS Acquisition Company Limited in settlement for certain damage claims.

NOTE_6_LEASE_AGREEMENT

NOTE 6: LEASE AGREEMENT	3 Months Ended
	Dec. 31, 2013
Lease Agreement [Abstract]	'
Lease Agreement	'
	NOTE 6: LEASE AGREEMENT
	In July 2012, the Company sold a lease option on its Lakeview millsite to Black Mountain Resources ("BMZ"), an Australian company, for $550,000 of cash.  On February 14, 2013, the Company executed a Lease and Sale Agreement (the "Agreement") with an effective date of January 31, 2013, with Magenta Mountain Mining Corp ("MMM"), a subsidiary corporation of Black Mountain Resources Limited ("BMZ"). BMZ is an Australian company listed for trading on the Australian Securities Exchange. MMM is an Idaho corporation and is not listed for trading anywhere. Under the Agreement, the Company leased to MMM the Lakeview Mill ("the Mill"), and sold patented and unpatented mining claims known as the historic Weber Mine and historic Keep Cool Mine ("Mineral Properties")
	The primary term of the lease is fifteen years and will automatically extend for a further two successive terms of fifteen years each, unless the Company is notified in writing at least thirty days prior to the expiration of the primary term. MMM is required to pay a net $10 per ton milling charge for each ton of ore processed, apart from ore mined from the Mineral Properties and will make minimum toll payments of $250,000 for years eleven through fifteen. MMM will be responsible for all maintenance on and capital improvements to the Mill.  Additionally, they will advance the costs of site clean-up and repair to a tailings dam and will offset these costs against toll milling fees payable to the Company.
	The Lease also grants to MMM a preemptive right and right of first refusal to acquire our other interests in our mining claims located in the Lakeview Mining District and the Coeur d'Alene Mining District of Idaho.
	The Company received 11,000,000 shares of the common stock of BMZ in consideration for the Agreement valued at $2,209,350 and was recorded as a sale of the properties.  A gain of $978,992 was recognized on the transaction.  This transaction was a temporary and transitional event in which the Company exceeded the normal equity holdings limit of 20% of BMZ.  Because we knew it was to be a transitionary and temporary event, the accounting was not changed and continued to be treated as available for sale securities.  The Company was never in a position to exercise control or to change our normal methods of accounting.  Shortly thereafter, the Company sold 3,000,000 shares of BMZ, dropping them below the normal equity holding limit of 20%.
	All future royalties and revenues will be recognized in the periods received.

NOTE_7_COMMON_STOCK

NOTE 7: COMMON STOCK	3 Months Ended
	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	NOTE 7:   COMMON STOCK
	The Company is authorized to issue 200,000,000 shares of $0.10 par value common stock.  All shares have equal voting rights, are non-assessable and have one vote per share.  Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company.
	The Company did not issue any shares of its common stock during the three-month period ended December 31, 2013.
	During the three-month period ended December 31, 2012, the Company issued 6,200,000 shares of its common stock in exchange for all of the outstanding stock of Bohica Mine Corp., a Colorado corporation with assets in the San Francisco Mining District in Beaver County, Utah.  The properties owned by Bohica consist of a 50% interest in the past producing Imperial Mine and a 100% interest in 55 unpatented mining claims adjacent to the Imperial Mine.
	Additionally, during the three-month period ended December 31, 2012, the Company issued 666,667 shares of its common stock to discharge a fiscal year-end obligation payable ("Stock Issuable") in the amount of $66,667.

NOTE_8_STOCK_OPTIONS_AND_WARRA

NOTE 8: STOCK OPTIONS AND WARRANTS	3 Months Ended
	Dec. 31, 2013
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding [Abstract]	'
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding	'
	NOTE 8:  STOCK OPTIONS AND WARRANTS
	During fiscal 2011, the Company issued 7,816,667 non-detachable warrants to purchase an equal number of the Company's common stock in connection with the sale of 7,816,667 shares in private placements.   260,000 warrants, which were exercisable at $0.20 per share, expired on March 20, 2012.  The Company issued 7,556,667 two year warrants exercisable at $0.25 per share, of these 6,000,000 were extended three years and the exercise price was lowered to $0.10 pursuant to a settlement agreement. The remaining 1,556,667 expired on August 1, 2013.
	There were no warrants or stock options issued in fiscal 2012, 2013, or in the current period ending December 31, 2013.

NOTE_9_NONMONETARY_EXCHANGES

NOTE 9: NON-MONETARY EXCHANGES	3 Months Ended
	Dec. 31, 2013
Nonmonetary Transactions [Abstract]	'
Nonmonetary Transactions Disclosure [Text Block]	'
	NOTE 9:   NON-MONETARY EXCHANGES
	There were no non-monetary exchanges during the quarter ended December 31, 2013.
	The Company issued 6,200,000 shares of its common stock in the quarter ended December 31, 2012 in order to acquire all of the outstanding stock of Bohica Mine Corp., a Colorado corporation whose assets principally consisted of a 50% interest in the past producing Imperial Mine (7 patented claims) and a 100% interest in the 55 unpatented mining claims adjacent to the Imperial Mine.  This transaction is further described in Note 8.
	During fiscal 2012, the Company agreed to issue 666,667 shares of its common stock to acquire three patented mining claims ("the Scheller claims") in Shoshone County, Idaho.  In the month after receiving the Scheller claims, the Company traded the claims together with its Bullion Group claims in exchange for seven patented surface only claims ("the Campbell Midvale claims") located in Shoshone County.  The Company issued the aforementioned shares of its common stock in the quarter ended December 31, 2012.

NOTE_10_COMMITMENTS_CONTINGENC

NOTE 10: COMMITMENTS & CONTINGENCIES	3 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	NOTE 10:   COMMITMENTS & CONTINGENCIES
	Environmental Issues
	The Company is engaged in mineral exploration and may become subject to certain liabilities as they relate to environmental cleanup of mining sites or other environmental restoration.
	Although the minerals exploration and mining industries are inherently speculative and subject to complex environmental regulations, the Company is unaware of any pending litigation or of any specific past or prospective matters which could impair the value of its mining claims.

NOTE_11_SUBSEQUENT_EVENTS

NOTE 11: SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	NOTE 11:   SUBSEQUENT EVENTS
	In February 2014, the Company issued 30,000,000 shares of its common stock, pursuant to a Purchase and Sale Agreement, to Iron Eagle Acquisitions, Inc. for the Grey Eagle Mine Consisting of 294 acres of patented mining claims located in Siskiyou County, California.  This transaction is considered a related party transaction since  the companies have officers and directors in common.

NOTE_2_SUMMARY_OF_SIGNIFICANT_1

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	'
					Fair Value Measurements
					At December 31, 2013, Using
					Quoted Prices
					In Active			Other		Significant
		Fair Value			Markets for			Observable		Unobservable
		December 31,			Identical Assets			Inputs		Inputs
	Description	2013			(Level 1)			(Level 2)		(Level 3)
	Investments – Available for Sale	$	151,821		$	151,821		$	-	$	-
	Securities
	Note Receivable (net of discount)		1,802,524			-			1,802,524		-
	Total Assets Measured at Fair Value	$	1,954,345		$	151,821		$	1,802,524	$	-
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	'
		December 31,			September 30,
		2013			2013
	Deferred Tax Assets
	Net operating loss carry-forward	$	1,964,000		$	1,860,000
	Recognized impairment of property		702,000			702,000
	Net deferred tax assets		2,666,000			2,562,000
	Deferred Tax Liabilities
	Installment income		(605,000	)		(605,000	)
	Depreciation		(10,000	)		(10,000	)
	Deferred tax liabilities		(615,000	)		(615,000	)
	Net deferred tax assets	$	2,051,000		$	1,947,000
	Valuation allowance		(2,051,000	)		(1,947,000	)
	Net deferred tax liabilities	$	-		$	-

NOTE_3_PROPERTY_AND_EQUIPMENT_

NOTE 3: PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Dec. 31, 2013
PROPERTY, PLANT AND EQUIPMENT [Abstract]	'
Property, Plant and Equipment [Table Text Block]	'
		December 31,			September 30,
		2013			2013
	Administrative:
	Equipment	$	11,296		$	11,296
	Subtotal		11,296			11,296
	Warren:
	Building		-			-
	Equipment		260,000			260,000
	Subtotal		260,000			260,000
	Total		271,296			271,296
	Less:  Accumulated Depreciation		(176,851	)		(166,282	)
	Property, Plant & Equipment, net	$	94,445		$	105,014

NOTE_5_INVESTMENTS_Tables

NOTE 5: INVESTMENTS (Tables)	3 Months Ended							12 Months Ended
	Dec. 31, 2013							Sep. 30, 2013
Investments Schedule [Abstract]	'							'
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	'							'
	Investment	Quantity		Cost		Market Value		Investment	Quantity		Cost		Market Value
	Available for Sale Securities:							Available for Sale Securities:
	Gold Crest Mines		495,100	$	639	$	4,951	Gold Crest Mines		495,100	$	639	$	9,902
	Lucky Friday Extension		5,000		250		150	Lucky Friday Extension		5,000		250		350
	New Jersey Mining		52,857		12,686		4,757	New Jersey Mining		52,857		12,686		3,964
	Black Mountain Resources		2,000,000		402,338		141,963	Black Mountain Resources		2,000,000		402,338		260,742
								Total at September 30, 2012		2,552,957	$	415,913	$	274,958
	Total		2,552,957	$	415,913	$	151,821

NOTE_2_SUMMARY_OF_SIGNIFICANT_2

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Accounting Policies [Abstract]	'	'	'
Warrants and Rights Outstanding	$6,000,000	'	$7,556,667
Retained Earnings (Accumulated Deficit)	7,905,790	'	'
Projected Cash Needs	900,000	'	'
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	'	34.00%	'
Operating Income (Loss)	7,841,000	7,540,000	'
Impairment of Long-Lived Assets Held-for-use	702,000	2,065,000	'
Operating Loss Carryforwards	7,841,000	7,540,000	'
Deferred Tax Liabilities, Net	615,000	'	'
Increase (Decrease) in Income Taxes Payable	605,000	'	'
Deferred Tax Assets, Net	2,666,000	2,562,000	'
Tax Credit Carryforward, Deferred Tax Asset	1,964,000	'	'
Deferred Tax Assets, Valuation Allowance	$104,000	($1,947,000)	'

NOTE_2_SUMMARY_OF_SIGNIFICANT_3

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Assets Measured at Fair Value (USD $)	Dec. 31, 2013	Sep. 30, 2013
Assets Measured at Fair Value [Abstract]	'	'
Investments b Available for Sale Securities	$151,821	$2,552,957
Note Receivable (net of discount)	1,802,524	'
Total Assets Measured at Fair Value	$1,954,345	'

NOTE_2_SUMMARY_OF_SIGNIFICANT_4

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Deferred Tax Assets (USD $)	3 Months Ended		12 Months Ended	168 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2013
Deferred Tax Assets	'	'	'	'
Net operating loss carry-forward	$1,964,000	'	$1,860,000	$1,964,000
Recognized impairment of property	702,000	'	2,065,000	'
Net deferred tax assets	2,666,000	'	2,562,000	2,666,000
Deferred Tax Liabilities	'	'	'	'
Installment income	-605,000	'	-605,000	-605,000
Depreciation	10,570	42,398	-10,000	1,103,809
Deferred tax liabilities	-615,000	'	-615,000	-615,000
Valuation allowance	$104,000	'	($1,947,000)	$104,000

NOTE_3_PROPERTY_AND_EQUIPMENT_1

NOTE 3: PROPERTY AND EQUIPMENT (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013
PROPERTY, PLANT AND EQUIPMENT [Abstract]	'	'
Depreciation, Depletion and Amortization	$10,570	$42,398

NOTE_3_PROPERTY_AND_EQUIPMENT_2

NOTE 3: PROPERTY AND EQUIPMENT (Details) - Property, Equipment and Accumulated Depreciation (USD $)	Dec. 31, 2013	Sep. 30, 2013
Administrative:	'	'
Equipment	$11,296	$11,296
Subtotal	11,296	11,296
Warren:	'	'
Equipment	260,000	260,000
Subtotal	260,000	260,000
Total	271,296	271,296
Less: Accumulated Depreciation	-176,851	-166,282
Property, Plant & Equipment, net	$94,445	$105,014

NOTE_4_NOTES_RECEIVABLE_Detail

NOTE 4: NOTES RECEIVABLE (Details) (USD $)	3 Months Ended		15 Months Ended
	Dec. 31, 2013	Sep. 30, 2008	Sep. 30, 2009	Aug. 11, 2019	Aug. 31, 2014	Sep. 30, 2013
Receivables, Policy [Policy Text Block] [Abstract]	'	'	'	'	'	'
Cash from Sale of Stock in Subsidiary	'	$2,497,990	'	'	'	'
Non-interest Bearing Note from Sale of Subsidiary	'	2,500,000	'	'	'	'
Payments for (Proceeds from) Loans Receivable	'	'	450,000	'	'	'
Notes, Loans and Financing Receivable, Net, Current	1,384,317	'	'	2,000,000	500,000	1,367,297
Loans Receivable with Fixed Rates of Interest	'	'	'	0.05	'	'
Notes Receivable, Fair Value Disclosure	634,637	'	'	'	'	'
Interest and Other Income	22,162	'	'	'	'	'
undefined	1,802,524	'	'	'	418,207	'
Notes, Loans and Financing Receivable, Net, Noncurrent	'	'	'	$1,384,317	'	'

NOTE_5_INVESTMENTS_Details

NOTE 5: INVESTMENTS (Details) (USD $)	1 Months Ended	3 Months Ended
	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2013	Mar. 31, 2013
Investments Schedule [Abstract]	'	'	'	'
Other Comprehensive Income (Loss), Net of Tax	$148,747	($123,136)	'	'
Available-for-Sale Securities, Shares, Number Sold (in Shares)	'	'	6,000,000	3,000,000
Available-for-Sale Securities, Value, Settlement	'	'	$786,853	$380,216

NOTE_5_INVESTMENTS_Details_Sum

NOTE 5: INVESTMENTS (Details) - Summarizes Investments - Available-for-sale Securities (USD $)	Dec. 31, 2013	Sep. 30, 2013
Available for Sale Securities:	'	'
Gold Crest Mines	$495,100	$495,100
Lucky Friday Extension	5,000	5,000
New Jersey Mining	52,857	52,857
Black Mountain Resources	2,000,000	2,000,000
Total	$151,821	$274,958

NOTE_5_INVESTMENTS_Details_Sum1

NOTE 5: INVESTMENTS (Details) - Sumnmarizes Investments - Available-for-sale Securities (USD $)	Dec. 31, 2013	Sep. 30, 2013
Available for Sale Securities:	'	'
Gold Crest Mines	$495,100	$495,100
Lucky Friday Extension	5,000	5,000
New Jersey Mining	52,857	52,857
Black Mountain Resources	2,000,000	2,000,000
Total at September 30, 2012	$151,821	$2,552,957

NOTE_6_LEASE_AGREEMENT_Details

NOTE 6: LEASE AGREEMENT (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Sep. 30, 2012
Lease Agreement [Abstract]	'	'
Proceeds from Sales of Business, Affiliate and Productive Assets	'	$550,000
Acquisition of Properties, Consideration Received, Shares (in Shares)	11,000,000	'
Acquisition of Properties, Consideration Received, Value	2,209,350	'
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$978,992	'
Acquisition of Properties, Consideration Received, Shares Sold (in Shares)	3,000,000	'

NOTE_7_COMMON_STOCK_Details

NOTE 7: COMMON STOCK (Details) (USD $)	2 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2014	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2013	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'	'	'	'	'	'	'
Common Stock, Shares Authorized	'	'	'	'	'	200,000,000	200,000,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)	'	'	'	'	'	$0.10	$0.10
Stock Issued During Period, Shares, Acquisitions	30,000,000	'	6,200,000	'	666,667	'	'
Percentage of Ownership in Mining Property	'	50.00%	50.00%	'	'	'	'
Equity Method Investment, Ownership Percentage	'	100.00%	100.00%	100.00%	'	'	'
Number of Mining Claims (in Dollars)	$294	$55	$55	'	$3	'	'
Stock Issued During Period, Shares, Issued for Services	'	'	'	666,667	'	'	'
Stock Issued During Period, Value, Issued for Services (in Dollars)	'	'	'	$66,667	'	'	'

NOTE_8_STOCK_OPTIONS_AND_WARRA1

NOTE 8: STOCK OPTIONS AND WARRANTS (Details) (USD $)	3 Months Ended		24 Months Ended	36 Months Ended
	Mar. 20, 2012	Sep. 30, 2011	Dec. 31, 2013	Dec. 31, 2014
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding [Abstract]	'	'	'	'
Warrants, Total Number of Warrants Issued During Period	'	7,816,667	'	'
Stock Issued During Period, Shares, Issued for Cash	'	7,816,667	'	'
Warrants, Expired During Period	260,000	'	1,556,667	'
Warrant, Initial Warrant, Convertible Price Per Share (in Dollars)	$0.20	$0.25	'	'
Warrants, Remaining Number of Warrants Issued During Period	'	7,556,667	'	'
Warrants, Extended Exerecise Period of Warrants	'	'	'	6,000,000
Warrant, Reduced Conversion Price (in Dollars per share)	'	$0.10	'	'

NOTE_9_NONMONETARY_EXCHANGES_D

NOTE 9: NON-MONETARY EXCHANGES (Details) (USD $)	2 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2014	Dec. 31, 2012	Dec. 31, 2012	Sep. 30, 2012
Nonmonetary Transactions [Abstract]	'	'	'	'
Stock Issued During Period, Shares, Acquisitions (in Shares)	30,000,000	'	6,200,000	666,667
Percentage of Ownership in Mining Property	'	50.00%	50.00%	'
Number of Mining Claims	$294	$55	$55	$3
Equity Method Investment, Ownership Percentage	'	100.00%	100.00%	'

NOTE_11_SUBSEQUENT_EVENTS_Deta

NOTE 11: SUBSEQUENT EVENTS (Details) (USD $)	2 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2014	Dec. 31, 2012	Dec. 31, 2012	Sep. 30, 2012
Subsequent Events [Abstract]	'	'	'	'
Stock Issued During Period, Shares, Acquisitions	30,000,000	'	6,200,000	666,667
Number of Mining Claims	$294	$55	$55	$3