International Tower Hill Mines (THM) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 27, 2015
Document Information [Line Items]
Entity Registrant Name	INTERNATIONAL TOWER HILL MINES LTD
Entity Central Index Key	1,134,115
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		116,313,638

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current
Cash and cash equivalents	$ 7,908,605	$ 13,521,473
Prepaid expenses and other	214,271	242,058
Total current assets	8,122,876	13,763,531
Property and equipment	31,835	37,128
Capitalized acquisition costs	55,204,041	55,204,041
Total assets	63,358,752	69,004,700
Current liabilities
Accounts payable	178,506	270,488
Accrued liabilities	492,166	878,682
Total current liabilities	670,672	1,149,170
Non-current liabilities
Derivative liability	14,200,000	14,700,000
Total liabilities	14,870,672	15,849,170
Shareholders’ equity
Share capital, no par value; authorized 500,000,000 shares; 116,313,638 shares issued and outstanding at September 30, 2015 and December 31, 2014	243,692,185	243,692,185
Contributed surplus	33,887,559	33,439,249
Accumulated other comprehensive income	773,344	2,196,252
Deficit	(229,865,008)	(226,172,156)
Total shareholders’ equity	48,488,080	53,155,530
Total liabilities and shareholders’ equity	$ 63,358,752	$ 69,004,700

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	116,313,638	116,313,638
Common Stock, Shares, Outstanding	116,313,638	116,313,638

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating expenses
Consulting fees	$ 82,091	$ 114,361	$ 340,463	$ 232,650
Depreciation	1,754	3,950	5,293	11,844
Insurance	68,137	71,923	206,222	205,206
Investor relations	19,209	28,925	112,289	197,356
Mineral property exploration	727,477	557,735	1,957,019	1,957,849
Office	6,144	14,290	24,255	51,324
Other	4,675	5,424	15,427	22,755
Professional fees	63,572	86,711	189,185	321,558
Regulatory	40,444	14,853	139,812	102,025
Rent	36,733	56,520	121,719	165,811
Travel	41,064	33,582	80,706	89,441
Wages and benefits	657,914	782,868	1,962,707	2,802,423
Total operating expenses	(1,749,214)	(1,771,142)	(5,155,097)	(6,160,242)
Other income (expenses)
Gain on foreign exchange	334,228	186,038	905,123	301,598
Interest income	7,497	14,198	38,122	46,017
Unrealized gain/(loss) on derivative	400,000	400,000	500,000	(300,000)
Other income	0	0	19,000	0
Total other income	741,725	600,236	1,462,245	47,615
Net loss for the period	(1,007,489)	(1,170,906)	(3,692,852)	(6,112,627)
Other comprehensive income (loss)
Unrealized income/(loss) on marketable securities	5,272	(5,799)	(8,895)	(17,651)
Exchange difference on translating foreign operations	(583,280)	(385,516)	(1,414,013)	(518,383)
Total other comprehensive income (loss) for the period	(578,008)	(391,315)	(1,422,908)	(536,034)
Comprehensive loss for the period	$ (1,585,497)	$ (1,562,221)	$ (5,115,760)	$ (6,648,661)
Basic and fully diluted loss per share	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.06)
Weighted average number of shares outstanding	116,313,638	98,068,638	116,313,638	98,068,638

CONDENSED CONSOLIDATED INTERIM5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2013	$ 53,171,181	$ 236,401,096	$ 32,153,864	$ 3,021,281	$ (218,405,060)
Balance (in shares) at Dec. 31, 2013		98,068,638
Stock based compensation	1,140,879	$ 0	1,140,879	0	0
Unrealized loss on available-for-sale securities	(17,651)	0	0	(17,651)	0
Exchange difference on translating foreign operations	(518,383)	0	0	(518,383)	0
Net loss	(6,112,627)	0	0	0	(6,112,627)
Balance at Sep. 30, 2014	47,663,399	$ 236,401,096	33,294,743	2,485,247	(224,517,687)
Balance (in shares) at Sep. 30, 2014		98,068,638
Private placement	7,315,917	$ 7,315,917	0	0	0
Private placement (in shares)		18,245,000
Share issuance costs	(24,828)	$ (24,828)	0	0	0
Stock based compensation	144,506	0	144,506	0	0
Unrealized loss on available-for-sale securities	(7,066)	0	0	(7,066)	0
Exchange difference on translating foreign operations	(281,929)	0	0	(281,929)	0
Net loss	(1,654,469)	0	0	0	(1,654,469)
Balance at Dec. 31, 2014	53,155,530	$ 243,692,185	33,439,249	2,196,252	(226,172,156)
Balance (in shares) at Dec. 31, 2014		116,313,638
Stock based compensation	448,310	$ 0	448,310	0	0
Unrealized loss on available-for-sale securities	(8,895)	0	0	(8,895)	0
Exchange difference on translating foreign operations	(1,414,013)	0	0	(1,414,013)	0
Net loss	(3,692,852)	0	0	0	(3,692,852)
Balance at Sep. 30, 2015	$ 48,488,080	$ 243,692,185	$ 33,887,559	$ 773,344	$ (229,865,008)
Balance (in shares) at Sep. 30, 2015		116,313,638

CONDENSED CONSOLIDATED INTERIM6

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Loss for the period	$ (3,692,852)	$ (6,112,627)
Add items not affecting cash:
Depreciation	5,293	11,844
Stock based compensation	448,310	1,140,879
Unrealized (gain) loss on derivative liability	(500,000)	300,000
Changes in non-cash items:
Accounts receivable	84,838	(2,746)
Prepaid expenses and other	(10,994)	(25,933)
Accounts payable and accrued liabilities	(461,699)	(832,054)
Cash used in operating activities	(4,127,104)	(5,520,637)
Investing Activities
Change in restricted cash	0	30,477
Capitalized acquisition costs	0	(30,477)
Cash used in investing activities	0	0
Effect of foreign exchange on cash	(1,485,764)	(543,361)
Decrease in cash and cash equivalents	(5,612,868)	(6,063,998)
Cash and cash equivalents, beginning of the period	13,521,473	13,925,601
Cash and cash equivalents, end of the period	$ 7,908,605	$ 7,861,603

GENERAL INFORMATION, NATURE AND

GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	1. GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS International Tower Hill Mines Ltd. (“ITH” or the "Company") is incorporated under the laws of British Columbia, Canada. The Company’s head office address is 2300-1177 West Hastings Street, Vancouver, British Columbia, Canada. International Tower Hill Mines Ltd. consists of ITH and its wholly owned subsidiaries Tower Hill Mines, Inc. (“TH Alaska”) (an Alaska corporation), Tower Hill Mines (US) LLC (“TH US”) (a Colorado limited liability company), Livengood Placers, Inc. (“LPI”) (a Nevada corporation), and 813034 Alberta Ltd. (an Alberta corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At September 30, 2015, the Company was in the exploration stage and controls a 100% interest in its Livengood Gold Project in Alaska, U.S.A. The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue, and has significant cash requirements to meet its administrative overhead and maintain its mineral property interests. The recoverability of amounts shown for capitalized acquisition costs is dependent on several factors. These include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of the Livengood Gold Project, and future profitable production or proceeds from disposition of capitalized acquisition costs. The success of the above initiatives cannot be assured. In the event that the Company is unable to obtain the necessary financing, it may be necessary to defer certain discretionary expenditures and other planned activities.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	2. BASIS OF PRESENTATION These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2014 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at September 30, 2015 and the results of its operations for the nine months then ended. Operating results for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The 2014 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. On October 29, 2015, the Board approved the condensed consolidated interim financial statements dated September 30, 2015. Basis of consolidation These consolidated financial statements include the accounts of ITH and its wholly owned subsidiaries TH Alaska, TH US, LPI and 813034 Alberta Ltd. All intercompany transactions and balances have been eliminated.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	3. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the short-term maturity of these financial instruments. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: · Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; · Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and · Level 3 – Inputs that are not based on observable market data. Fair value as at September 30, 2015 Level 1 Level 2 Financial assets: Marketable securities $ 9,706 $ - Total $ 9,706 $ - Financial liabilities: Derivative liability (Note 6) $ - $ 14,200,000 Total $ - $ 14,200,000 Fair value as at December 31, 2014 Level 1 Level 2 Financial assets: Marketable securities $ 26,894 $ - Total $ 26,894 $ - Financial liabilities: Derivative liability (Note 6) $ - $ 14,700,000 Total $ - $ 14,700,000

CAPITALIZED ACQUISITION COSTS

CAPITALIZED ACQUISITION COSTS	9 Months Ended
	Sep. 30, 2015
Mineral Industries Disclosures [Abstract]
Mineral Industries Disclosures [Text Block]	4. CAPITALIZED ACQUISITION COSTS Capitalized acquisition costs Amount Balance, December 31, 2014 $ 55,204,041 Acquisition costs - Balance, September 30, 2015 $ 55,204,041 September 30, September 30, 2015 2014 Exploration costs: Aircraft services $ 4,185 $ 10,286 Assay 9,984 6,397 Drilling - 117,743 Environmental 509,274 748,667 Equipment rental 33,862 43,097 Field costs 140,355 181,194 Geological/geophysical 717,073 18,539 Land maintenance & tenure 496,968 525,972 Legal 18,262 250,223 Surveying and mapping - 26,502 Transportation and travel 27,056 29,229 Total expenditures for the period $ 1 ,957,019 $ 1,957,849 Livengood Gold Project Property The Livengood Gold Project property is located in the Tintina gold belt approximately 113 kilometers (70 miles) northwest of Fairbanks, Alaska. The property consists of land leased from the Alaska Mental Health Trust, a number of smaller private mineral leases, Alaska state mining claims purchased or located by the Company and patented ground held by the Company. Details of the leases are as follows: a) a lease of the Alaska Mental Health Trust mineral rights having a term beginning July 1, 2004 and extending 19 125 2.5 5.0 0.5 1.0 326,967 1,975,890 b) a lease of federal unpatented lode mining claims having an initial term of ten years commencing on April 21, 2003 and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $ 50,000 2 3 1 1,000,000 50,000 580,000 c) a lease of patented lode mining claims having an initial term of ten years commencing January 18, 2007, and continuing for so long thereafter as advance minimum royalties are paid. The lease requires an advance minimum royalty of $ 20,000 25,000 3 1,000,000 500,000 500,000 3 20,000 145,000 d) a lease of unpatented federal lode mining and federal unpatented placer claims having an initial term of ten years commencing on March 28, 2007, and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $ 15,000 250,000 125,000 120 125,000 2 1,000,000 15,000 98,000 Title to mineral properties The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps to verify title to mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company, there can be no assurance that such title will ultimately be secured.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	5. ACCRUED LIABILITIES September 30, December 31, 2015 2014 Accrued liabilities $ 412,153 $ 334,423 Accrued severance 21,500 390,659 Accrued salaries and benefits 58,513 153,600 Total accrued liabilities $ 492,166 $ 878,682 Accrued liabilities at September 30, 2015 include accruals for general corporate costs and project costs of $ 40,228 371,925 74,413 260,010

DERIVATIVE LIABILITY

DERIVATIVE LIABILITY	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Fair Value [Text Block]	6. DERIVATIVE LIABILITY During 2011, the Company acquired certain mining claims and related rights in the vicinity of the Livengood Gold Project located near Fairbanks, Alaska. The aggregate consideration was $ 13,500,000 23,148 720 At initial recognition on December 13, 2011 the derivative liability was valued at $ 23,100,000 1,332 The fair value of the derivative liability and the estimated Average Gold Price are as follows: Average Gold Total Price ($/oz.) Derivative value at December 31, 2014 $ 14,700,000 $ 1,356 Unrealized gain for the period (500,000) Derivative value at September 30, 2015 $ 14,200,000 $ 1,332

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	7. SHARE CAPITAL Authorized 500,000,000 common shares without par value. At September 30, 2015 and December 31, 2014 there were 116,313,638 shares issued and outstanding. Share issuances There were no share issuances during the nine months ended September 30, 2015. Stock options The Company adopted an incentive stock option plan in 2006, as amended September 19, 2012 and reapproved on May 28, 2015 at the Company’s Annual General Meeting (the “2006 Plan”). The essential elements of the 2006 Plan provide that the aggregate number of common shares of the Company’s capital stock that may be made issuable pursuant to options granted under the 2006 Plan may not exceed 10% of the number of issued shares of the Company at the time of the granting of the options. Options granted under the 2006 Plan will have a maximum term of ten years. The exercise price of options granted under the 2006 Plan shall be fixed in compliance with the applicable provisions of the TSX Company Manual in force at the time of grant and, in any event, shall not be less than the closing price of the Company’s common shares on the TSX on the trading day immediately preceding the day on which the option is granted, or such other price as may be agreed to by the Company and accepted by the Toronto Stock Exchange. Options granted under the 2006 Plan vest immediately, unless otherwise determined by the directors at the date of grant. During the nine months ended September 30, 2015, the Company granted incentive stock options to certain officers, employees and consultants of the Company to purchase a total of 2,135,200 common shares in the capital stock of the Company. The options will vest as to one-third on the grant date, one-third on the first anniversary and one-third on the second anniversary. The following table presents the options granted by the Company during the nine months ended September 30, 2015: Options Granted During the Nine Months Ended September 30, 2015 Number of Exercise Grant Date Expiry Date Options Price (C$) March 16, 2015 March 16, 2023 1,260,000 $ 1.00 March 16, 2015 March 16, 2023 845,200 $ 0.50 June 9, 2015 June 9, 2023 30,000 $ 1.00 A summary of the status of the stock option plan as of September 30, 2015 and December 31, 2014 and changes is presented below: Nine Months Ended Year Ended September 30, 2015 December 31, 2014 Weighted Weighted Average Average Number of Exercise Price Number of Exercise Price Options (C$) Options (C$) Balance, beginning of the period 5,854,000 $ 2.68 5,493,000 $ 3.57 Granted 2,135,200 $ 0.80 2,480,000 $ 1.00 Forfeited - - (600,000) $ 3.17 Cancelled (1,561,000) $ 4.53 (1,519,000) $ 2.97 Balance, end of the period 6,428,200 $ 1.61 5,854,000 $ 2.68 The weighted average remaining life of options outstanding at September 30, 2015 was 5.28 September 30, 2015 December 31, 2014 Exercise Number of Exercise Number of Expiry Date Price (C$) Options Exercisable Price (C$) Options Exercisable August 23, 2016 - - - $ 8.07 600,000 600,000 January 9, 2017 $ 4.60 30,000 30,000 $ 4.60 30,000 30,000 August 24, 2017 $ 3.17 1,775,000 1,775,000 $ 3.17 2,275,000 2,275,000 March 14, 2018 $ 2.18 344,000 344,000 $ 2.18 469,000 312,660 February 25, 2022 $ 1.11 1,030,000 686,666 $ 1.11 1,360,000 453,333 February 25, 2022 $ 0.73 684,000 456,000 $ 0.73 690,000 230,000 March 10, 2022 $ 1.11 430,000 286,666 $ 1.11 430,000 143,333 March 16, 2023 $ 1.00 1,260,000 419,999 $ - - - March 16, 2023 $ 0.50 845,200 281,733 $ - - - June 9, 2023 $ 1.00 30,000 10,000 $ - - - 6,428,200 4,290,064 5,854,000 4,044,326 Weighted average grant- Number of date fair value Non-vested options: options (C$) Outstanding at December 31, 2014 1,809,674 $ 0.49 Granted 2,135,200 $ 0.25 Cancelled (112,000) $ 0.45 Vested (1,694,738) $ 0.40 Outstanding at September 30, 2015 2,138,136 $ 0.34 At September 30, 2015 there was unrecognized compensation expense of C$ 287,737 0.90 Share-based payments During the nine month 2,135,200 435,213 448,309 During the nine month period ended September 30, 2014, the Company granted 2,480,000 1,109,921 1,140,879 September 30, December 31, 2015 2014 Expected life of options 6 years 6 years Risk-free interest rate 0.97 % 1.83 % Annualized volatility 80.60 % 81.02 % Dividend rate 0.00 % 0.00 % Exercise price (C$) $ 0.80 $ 1.00 The expected volatility used in the Black-Scholes option pricing model is based on the historical volatility of the Company’s shares.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	8. SEGMENT AND GEOGRAPHIC INFORMATION Canada United States Total September 30, 2015 Capitalized acquisition costs $ - $ 55,204,041 $ 55,204,041 Property and equipment 9,782 22,053 31,835 Current assets 7,525,571 597,305 8,122,876 Total assets $ 7,535,353 $ 55,898,399 $ 63,358,752 December 31, 2014 Capitalized acquisition costs $ - $ 55,204,041 $ 55,204,041 Property and equipment 10,477 26,651 37,128 Current assets 13,003,412 760,119 13,763,531 Total assets $ 13,013,889 $ 55,990,811 $ 69,004,700 September 30, September 30, Three months ended 2015 2014 Net gain/(loss) for the period – Canada $ 8,703 $ (285,338) Net loss for the period - United States (1,016,192) (885,568) Net loss for the period $ (1,007,489) $ (1,170,906) September 30, September 30, Nine months ended 2015 2014 Net loss for the period – Canada $ (303,255) $ (1,723,042) Net loss for the period - United States (3,389,597) (4,389,585) Net loss for the period $ (3,692,852) $ (6,112,627)

COMMITMENTS

COMMITMENTS	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	9. COMMITMENTS The following table discloses, as of September 30, 2015, the Company’s contractual obligations including anticipated mineral property payments and work commitments. Under the terms of the Company’s mineral property purchase agreements, mineral leases and the terms of the unpatented mineral claims held by it, the Company is required to make certain scheduled acquisition payments, incur certain levels of expenditures, make lease or advance royalty payments, make payments to government authorities and incur assessment work expenditures as summarized in the table below in order to maintain and preserve the Company’s interests in the related mineral properties. If the Company is unable or unwilling to make such payments or incur such expenditures, it is likely that the Company would lose or forfeit its rights to acquire or hold the related mineral properties. Payments Due by Year 2020 and 2015 2016 2017 2018 2019 beyond Total Livengood Property Purchase (1) $ - $ - $ 14,200,000 $ - $ - $ - $ 14,200,000 Mineral Property Leases (2) - 416,872 421,850 426,902 437,031 442,236 2,144,891 Mining Claim Government Fees - 114,445 114,445 114,445 114,445 114,445 572,225 Total $ - $ 531,317 $ 14,736,295 $ 541,347 $ 551,476 $ 556,681 $ 16,917,116 1. The amount payable on January 12, 2017 of $ 14,200,000 2. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	10. RELATED PARTY TRANSACTIONS In December 2011, in accordance with a Stock and Asset Purchase Agreement (the “Agreement”) between the Company, Alaska/Nevada Gold Mines, Ltd. (“AN Gold Mines”) and the Heflinger Group, the Company acquired certain mining claims and related rights in the vicinity of the Livengood Gold Project located near Fairbanks, Alaska. The Company’s derivative liability, as described in Note 6 above, represents the remaining consideration for the purchase of these claims and related rights and is payable in January 2017. Under the Agreement, the payment is due 70 30 Mr. Hanneman was appointed Chief Operating Officer of the Company on March 26, 2015. Mr. Hanneman is a partner of the general partner, as well as a limited partner, of AN Gold Mines and holds an 11.9

FAIR VALUE OF FINANCIAL INSTR17

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Fair value as at September 30, 2015 Level 1 Level 2 Financial assets: Marketable securities $ 9,706 $ - Total $ 9,706 $ - Financial liabilities: Derivative liability (Note 6) $ - $ 14,200,000 Total $ - $ 14,200,000 Fair value as at December 31, 2014 Level 1 Level 2 Financial assets: Marketable securities $ 26,894 $ - Total $ 26,894 $ - Financial liabilities: Derivative liability (Note 6) $ - $ 14,700,000 Total $ - $ 14,700,000

CAPITALIZED ACQUISITION COSTS (

CAPITALIZED ACQUISITION COSTS (Tables)	9 Months Ended
	Sep. 30, 2015
Mineral Industries Disclosures [Abstract]
Capitalized Acquisition Costs Mineral Properties [Table Text Block]	The Company had the following activity related to capitalized acquisition costs: Capitalized acquisition costs Amount Balance, December 31, 2014 $ 55,204,041 Acquisition costs - Balance, September 30, 2015 $ 55,204,041
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	The following table presents costs incurred for exploration and evaluation activities for the nine months ended September 30, 2015 and September 30, 2014: September 30, September 30, 2015 2014 Exploration costs: Aircraft services $ 4,185 $ 10,286 Assay 9,984 6,397 Drilling - 117,743 Environmental 509,274 748,667 Equipment rental 33,862 43,097 Field costs 140,355 181,194 Geological/geophysical 717,073 18,539 Land maintenance & tenure 496,968 525,972 Legal 18,262 250,223 Surveying and mapping - 26,502 Transportation and travel 27,056 29,229 Total expenditures for the period $ 1 ,957,019 $ 1,957,849

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	The following table presents the accrued liabilities balances at September 30, 2015 and December 31, 2014. September 30, December 31, 2015 2014 Accrued liabilities $ 412,153 $ 334,423 Accrued severance 21,500 390,659 Accrued salaries and benefits 58,513 153,600 Total accrued liabilities $ 492,166 $ 878,682

DERIVATIVE LIABILITY (Tables)

DERIVATIVE LIABILITY (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	The fair value of the derivative liability and the estimated Average Gold Price are as follows: Average Gold Total Price ($/oz.) Derivative value at December 31, 2014 $ 14,700,000 $ 1,356 Unrealized gain for the period (500,000) Derivative value at September 30, 2015 $ 14,200,000 $ 1,332

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule Of Share Based Compensation Stock Options Granted Activity [Table Text Block]	The following table presents the options granted by the Company during the nine months ended September 30, 2015: Options Granted During the Nine Months Ended September 30, 2015 Number of Exercise Grant Date Expiry Date Options Price (C$) March 16, 2015 March 16, 2023 1,260,000 $ 1.00 March 16, 2015 March 16, 2023 845,200 $ 0.50 June 9, 2015 June 9, 2023 30,000 $ 1.00
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the status of the stock option plan as of September 30, 2015 and December 31, 2014 and changes is presented below: Nine Months Ended Year Ended September 30, 2015 December 31, 2014 Weighted Weighted Average Average Number of Exercise Price Number of Exercise Price Options (C$) Options (C$) Balance, beginning of the period 5,854,000 $ 2.68 5,493,000 $ 3.57 Granted 2,135,200 $ 0.80 2,480,000 $ 1.00 Forfeited - - (600,000) $ 3.17 Cancelled (1,561,000) $ 4.53 (1,519,000) $ 2.97 Balance, end of the period 6,428,200 $ 1.61 5,854,000 $ 2.68
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Stock options outstanding are as follows: September 30, 2015 December 31, 2014 Exercise Number of Exercise Number of Expiry Date Price (C$) Options Exercisable Price (C$) Options Exercisable August 23, 2016 - - - $ 8.07 600,000 600,000 January 9, 2017 $ 4.60 30,000 30,000 $ 4.60 30,000 30,000 August 24, 2017 $ 3.17 1,775,000 1,775,000 $ 3.17 2,275,000 2,275,000 March 14, 2018 $ 2.18 344,000 344,000 $ 2.18 469,000 312,660 February 25, 2022 $ 1.11 1,030,000 686,666 $ 1.11 1,360,000 453,333 February 25, 2022 $ 0.73 684,000 456,000 $ 0.73 690,000 230,000 March 10, 2022 $ 1.11 430,000 286,666 $ 1.11 430,000 143,333 March 16, 2023 $ 1.00 1,260,000 419,999 $ - - - March 16, 2023 $ 0.50 845,200 281,733 $ - - - June 9, 2023 $ 1.00 30,000 10,000 $ - - - 6,428,200 4,290,064 5,854,000 4,044,326
Schedule of Nonvested Share Activity [Table Text Block]	A summary of the non-vested options as of September 30, 2015 and changes during the nine months ended September 30, 2015 is as follows: Weighted average grant- Number of date fair value Non-vested options: options (C$) Outstanding at December 31, 2014 1,809,674 $ 0.49 Granted 2,135,200 $ 0.25 Cancelled (112,000) $ 0.45 Vested (1,694,738) $ 0.40 Outstanding at September 30, 2015 2,138,136 $ 0.34
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following weighted average assumptions were used for the Black-Scholes option pricing model calculations: September 30, December 31, 2015 2014 Expected life of options 6 years 6 years Risk-free interest rate 0.97 % 1.83 % Annualized volatility 80.60 % 81.02 % Dividend rate 0.00 % 0.00 % Exercise price (C$) $ 0.80 $ 1.00

SEGMENT AND GEOGRAPHIC INFORM22

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The Company operates in a single reportable segment, being the exploration and development of mineral properties. The following tables present selected financial information by geographic location: Canada United States Total September 30, 2015 Capitalized acquisition costs $ - $ 55,204,041 $ 55,204,041 Property and equipment 9,782 22,053 31,835 Current assets 7,525,571 597,305 8,122,876 Total assets $ 7,535,353 $ 55,898,399 $ 63,358,752 December 31, 2014 Capitalized acquisition costs $ - $ 55,204,041 $ 55,204,041 Property and equipment 10,477 26,651 37,128 Current assets 13,003,412 760,119 13,763,531 Total assets $ 13,013,889 $ 55,990,811 $ 69,004,700 September 30, September 30, Three months ended 2015 2014 Net gain/(loss) for the period – Canada $ 8,703 $ (285,338) Net loss for the period - United States (1,016,192) (885,568) Net loss for the period $ (1,007,489) $ (1,170,906) September 30, September 30, Nine months ended 2015 2014 Net loss for the period – Canada $ (303,255) $ (1,723,042) Net loss for the period - United States (3,389,597) (4,389,585) Net loss for the period $ (3,692,852) $ (6,112,627)

COMMITMENTS (Tables)

COMMITMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	The following table assumes that the Company retains the rights to all of its current mineral properties, but does not exercise any lease purchase or royalty buyout options: Payments Due by Year 2020 and 2015 2016 2017 2018 2019 beyond Total Livengood Property Purchase (1) $ - $ - $ 14,200,000 $ - $ - $ - $ 14,200,000 Mineral Property Leases (2) - 416,872 421,850 426,902 437,031 442,236 2,144,891 Mining Claim Government Fees - 114,445 114,445 114,445 114,445 114,445 572,225 Total $ - $ 531,317 $ 14,736,295 $ 541,347 $ 551,476 $ 556,681 $ 16,917,116 1. The amount payable on January 12, 2017 of $ 14,200,000 2. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.

GENERAL INFORMATION, NATURE A24

GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS (Details Textual)	Sep. 30, 2015
Livengood Property [Member]
General Information Nature And Continuance Of Operations [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%

FAIR VALUE OF FINANCIAL INSTR25

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Marketable securities	$ 9,706	$ 26,894
Total	9,706	26,894
Financial liabilities:
Derivative liability (note 6)	0	0
Total	0	0
Fair Value, Inputs, Level 2 [Member]
Financial assets:
Marketable securities	0	0
Total	0	0
Financial liabilities:
Derivative liability (note 6)	14,200,000	14,700,000
Total	$ 14,200,000	$ 14,700,000

CAPITALIZED ACQUISITION COSTS26

CAPITALIZED ACQUISITION COSTS (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Balance, at the beginning of the period	$ 55,204,041
Acquisition costs	0
Balance, at the end of the period	$ 55,204,041

CAPITALIZED ACQUISITION COSTS27

CAPITALIZED ACQUISITION COSTS (Details 1) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Exploration costs:
Aircraft services	$ 4,185	$ 10,286
Assay	9,984	6,397
Drilling	0	117,743
Environmental	509,274	748,667
Equipment rental	33,862	43,097
Field costs	140,355	181,194
Geological/geophysical	717,073	18,539
Land maintenance & tenure	496,968	525,972
Legal	18,262	250,223
Surveying and mapping	0	26,502
Transportation and travel	27,056	29,229
Total expenditures for the period	$ 1,957,019	$ 1,957,849

CAPITALIZED ACQUISITION COSTS28

CAPITALIZED ACQUISITION COSTS (Details Textual) - Livengood Property [Member]	9 Months Ended	102 Months Ended	104 Months Ended	135 Months Ended	149 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Alaska Mental Health Trust Mineral Rights [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	19 years
Mining Properties Lease Operating Expense	$ 326,967			$ 1,975,890
Minimum Royalty Payment Percentage	125.00%
Alaska Mental Health Trust Mineral Rights [Member] | Maximum [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	5.00%	5.00%	5.00%	5.00%	5.00%
Alaska Mental Health Trust Mineral Rights [Member] | Maximum [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	1.00%	1.00%	1.00%	1.00%	1.00%
Alaska Mental Health Trust Mineral Rights [Member] | Minimum [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	2.50%	2.50%	2.50%	2.50%	2.50%
Alaska Mental Health Trust Mineral Rights [Member] | Minimum [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	0.50%	0.50%	0.50%	0.50%	0.50%
Federal Unpatented Lode Mining Claims [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	10 years
Mining Properties Lease Operating Expense	$ 50,000				$ 580,000
Federal Unpatented Lode Mining Claims [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Portion Of Royalty To Be Purchased By The Entity	1.00%	1.00%	1.00%	1.00%	1.00%
Payments for Royalties	$ 1,000,000
Federal Unpatented Lode Mining Claims [Member] | Maximum [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	3.00%	3.00%	3.00%	3.00%	3.00%
Federal Unpatented Lode Mining Claims [Member] | Minimum [Member] | Advance Royalties [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Advance Royalties	$ 50,000	$ 50,000	$ 50,000	$ 50,000	$ 50,000
Federal Unpatented Lode Mining Claims [Member] | Minimum [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	2.00%	2.00%	2.00%	2.00%	2.00%
Patented Lode Claims [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	10 years
Portion Of Cash Payments Payable To Acquire Royalty Interests In Mining Properties	$ 500,000
Balance Portion Of Payments To Acquire Royalty Interests In Mining Properties Payable By Way Of Net Smelter Return	$ 500,000	$ 500,000	$ 500,000	$ 500,000	$ 500,000
Period Over Which Cash Payments To Acquire Royalty Interests In Mining Properties Are Payable	4 years
Payments for Royalties	$ 1,000,000
Mining Properties Lease Operating Expense	$ 20,000		$ 145,000
Patented Lode Claims [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Net Smelter Return Base For Payments To Acquire Royalty Interests In Mining Properties	3.00%	3.00%	3.00%	3.00%	3.00%
Royalty Percentage	3.00%	3.00%	3.00%	3.00%	3.00%
Patented Lode Claims [Member] | Minimum [Member] | Advance Royalties [Member] | On or Befor Each Anniversary [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Advance Royalties	$ 20,000	$ 20,000	$ 20,000	$ 20,000	$ 20,000
Patented Lode Claims [Member] | Minimum [Member] | Advance Royalties [Member] | On or Before Each Subsequent Anniversary [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Advance Royalties	$ 25,000	25,000	25,000	25,000	25,000
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	10 years
Advance Royalties	$ 15,000	15,000	15,000	15,000	15,000
Payments for Royalties	1,000,000
Mining Properties Lease Operating Expense	15,000	98,000
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Balance Portion Of Payments To Acquire Royalty Interests In Mining Properties Payable By Way Of Net Smelter Return	125,000	125,000	125,000	125,000	125,000
Amount Payable To Lessor On Positive Production Decision	250,000	250,000	250,000	250,000	250,000
Portion Of Amount Payable To Lessor On Positive Production Decision Within Prescribed Period Of Decision	$ 125,000	$ 125,000	$ 125,000	$ 125,000	$ 125,000
Royalty Percentage	2.00%	2.00%	2.00%	2.00%	2.00%
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims [Member] | Maximum [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Prescribed Period From Decision On Positive Production For Payment Of First Half Amount Payable To Lessor	120 days

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities [Line Items]
Accrued liabilities	$ 412,153	$ 334,423
Accrued severance	21,500	390,659
Accrued salaries and benefits	58,513	153,600
Total accrued liabilities	$ 492,166	$ 878,682

ACCRUED LIABILITIES (Details Te

ACCRUED LIABILITIES (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities [Line Items]
Accrued General Corporate Cost Current	$ 40,228	$ 74,413
Accrued Project Cost Current	$ 371,925	$ 260,010

DERIVATIVE LIABILITY (Details)

DERIVATIVE LIABILITY (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)$ / Ounce-oz	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / Ounce-oz	Sep. 30, 2014USD ($)
Derivatives, Fair Value [Line Items]
Derivative value at December 31, 2014			$ 14,700,000
Unrealized gain for the period	$ 400,000	$ 400,000	500,000	$ (300,000)
Derivative value at September 30, 2015	$ 14,200,000		$ 14,200,000
Average Gold Price at December 31, 2014 | $ / Ounce-oz			1,356
Average Gold Price at September 30, 2015 | $ / Ounce-oz	1,332		1,332

DERIVATIVE LIABILITY (Details T

DERIVATIVE LIABILITY (Details Textual)	Sep. 30, 2015USD ($)$ / Ounce-oz	Dec. 31, 2014$ / Ounce-oz	Dec. 31, 2011USD ($)	Dec. 13, 2011USD ($)
Derivative [Line Items]
Derivative Liability Value On Initial Recognition				$ 23,100,000
Forward Curve Assumption Based Estimated Average Gold Price Per Ounce Of Gold | $ / Ounce-oz	1,332	1,356
Livengood Gold Project, Alaska
Derivative [Line Items]
Aggregate Consideration For The Claims And Rights			$ 13,500,000
Contingent Payment	$ 23,148
Average Gold Price For The Determine Contingent Payment	$ 720

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - CAD / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted during the period (in shares)	2,135,200	2,480,000	2,480,000
Exercise Price granted (in Canadian dollars per share)	CAD 0.25
March 16, 2015 1.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted during the period (in shares)	1,260,000
Exercise Price granted (in Canadian dollars per share)	CAD 1
Share Based Compensation Arrangement By Share Based Payment Award Grant Date	Mar. 16, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date	Mar. 16, 2023
March 16, 2015 0.50
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted during the period (in shares)	845,200
Exercise Price granted (in Canadian dollars per share)	CAD 0.5
Share Based Compensation Arrangement By Share Based Payment Award Grant Date	Mar. 16, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date	Mar. 16, 2023
June 9, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted during the period (in shares)	30,000
Exercise Price granted (in Canadian dollars per share)	CAD 1
Share Based Compensation Arrangement By Share Based Payment Award Grant Date	Jun. 9, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date	Jun. 9, 2023

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1) - CAD / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Number of Options
Balance, beginning of the period (in shares)	5,854,000	5,493,000	5,493,000
Granted (in shares)	2,135,200	2,480,000	2,480,000
Forfeited (in shares)	0		(600,000)
Cancelled (in shares)	(1,561,000)		(1,519,000)
Balance, end of the period (in shares)	6,428,200		5,854,000
Weighted Average Excercise Price
Balance, beginning of the period (in Canadian dollars per share)	CAD 2.68	CAD 3.57	CAD 3.57
Granted (in Canadian dollars per share)	0.8		1
Forfeited (in Canadian dollars per share)	0		3.17
Cancelled (in Canadian dollars per share)	4.53		2.97
Balance, end of the period (in Canadian dollars per share)	CAD 1.61		CAD 2.68

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2) - CAD / shares	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	6,428,200	5,854,000
Exercisable (in shares)	4,290,064	4,044,326
Exercise Price Aug 23,2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 0	CAD 8.07
Number of Options (in shares)	0	600,000
Exercisable (in shares)	0	600,000
Expiry Date	Aug. 23, 2016
Exercise Price January 9, 2017
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 4.6	CAD 4.6
Number of Options (in shares)	30,000	30,000
Exercisable (in shares)	30,000	30,000
Expiry Date	Jan. 9, 2017
Exercise Price August 24,2017
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 3.17	CAD 3.17
Number of Options (in shares)	1,775,000	2,275,000
Exercisable (in shares)	1,775,000	2,275,000
Expiry Date	Aug. 24, 2017
Exercise Price March 14,2018
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 2.18	CAD 2.18
Number of Options (in shares)	344,000	469,000
Exercisable (in shares)	344,000	312,660
Expiry Date	Mar. 14, 2018
Exercise Price February 25, 2022 $ 1.11
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 1.11	CAD 1.11
Number of Options (in shares)	1,030,000	1,360,000
Exercisable (in shares)	686,666	453,333
Expiry Date	Feb. 25, 2022
Exercise Price February 25, 2022 $ 0.73
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 0.73	CAD 0.73
Number of Options (in shares)	684,000	690,000
Exercisable (in shares)	456,000	230,000
Expiry Date	Feb. 25, 2022
Exercise Price March 10, 2022
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 1.11	CAD 1.11
Number of Options (in shares)	430,000	430,000
Exercisable (in shares)	286,666	143,333
Expiry Date	Mar. 10, 2022
Exercise Price March 16, 2023 $ 1.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 1	CAD 0
Number of Options (in shares)	1,260,000	0
Exercisable (in shares)	419,999	0
Expiry Date	Mar. 16, 2023
Exercise Price March 16, 2023 $ 0.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 0.5	CAD 0
Number of Options (in shares)	845,200	0
Exercisable (in shares)	281,733	0
Expiry Date	Mar. 16, 2023
Exercise Price June 9, 2023
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 1	CAD 0
Number of Options (in shares)	30,000	0
Exercisable (in shares)	10,000	0
Expiry Date	Jun. 9, 2023

SHARE CAPITAL (Details 3)

SHARE CAPITAL (Details 3)	9 Months Ended
	Sep. 30, 2015CAD / sharesshares
Number of options
Outstanding at December 31, 2014	1,809,674
Granted	2,135,200
Cancelled	(112,000)
Vested	(1,694,738)
Outstanding at September 30, 2015	2,138,136
Weighted average grant-date fair value
Outstanding at December 31, 2014 | CAD / shares	CAD 0.49
Granted | CAD / shares	0.25
Cancelled | CAD / shares	0.45
Vested | CAD / shares	0.40
Outstanding at September 30, 2015 | CAD / shares	CAD 0.34

SHARE CAPITAL (Details 4)

SHARE CAPITAL (Details 4) - CAD / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	6 years	6 years
Risk-free interest rate	0.97%	1.83%
Annualized volatility	80.60%	81.02%
Dividend rate	0.00%	0.00%
Exercise price (C$)	CAD 0.8	CAD 1

SHARE CAPITAL (Details Textual)

SHARE CAPITAL (Details Textual)	9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Dec. 31, 2014shares	Sep. 30, 2015CADshares
Stockholders Equity [Line Items]
Common Stock, Shares Authorized			500,000,000	500,000,000
Common Stock, Shares, Issued			116,313,638	116,313,638
Common Stock, Shares, Outstanding			116,313,638	116,313,638
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,135,200	2,480,000	2,480,000
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Authorized				10.00%
Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Fair Value | $	$ 435,213	$ 1,109,921
Allocated Share-based Compensation Expense | $	$ 448,309	$ 1,140,879
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | CAD				CAD 287,737
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	5 years 3 months 11 days
Equity Option [Member]
Stockholders Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,135,200

SEGMENT AND GEOGRAPHIC INFORM39

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Capitalized acquisition costs	$ 55,204,041	$ 55,204,041		$ 55,204,041
Property and equipment	31,835	37,128		31,835
Current assets	8,122,876	13,763,531		8,122,876
Total assets	63,358,752	69,004,700		63,358,752
Net gain/(loss) for the period	(1,007,489)	(1,654,469)	$ (1,170,906)	(3,692,852)	$ (6,112,627)
CANADA
Segment Reporting Information [Line Items]
Capitalized acquisition costs	0	0		0
Property and equipment	9,782	10,477		9,782
Current assets	7,525,571	13,003,412		7,525,571
Total assets	7,535,353	13,013,889		7,535,353
Net gain/(loss) for the period	8,703		(285,338)	(303,255)	(1,723,042)
UNITED STATES
Segment Reporting Information [Line Items]
Capitalized acquisition costs	55,204,041	55,204,041		55,204,041
Property and equipment	22,053	26,651		22,053
Current assets	597,305	760,119		597,305
Total assets	55,898,399	$ 55,990,811		55,898,399
Net gain/(loss) for the period	$ (1,016,192)		$ (885,568)	$ (3,389,597)	$ (4,389,585)

COMMITMENTS (Details)

COMMITMENTS (Details)	Sep. 30, 2015USD ($)
Recorded Unconditional Purchase Obligation [Line Items]
2,015	$ 0
2,016	531,317
2,017	14,736,295
2,018	541,347
2,019	551,476
2020 and beyond	556,681
Total	16,917,116
Livengood Property Purchase Obligation [Member]
Recorded Unconditional Purchase Obligation [Line Items]
2,015	0	[1]
2,016	0	[1]
2,017	14,200,000	[1]
2,018	0	[1]
2,019	0	[1]
2020 and beyond	0	[1]
Total	14,200,000	[1]
Mineral Property Leases Obligation [Member]
Recorded Unconditional Purchase Obligation [Line Items]
2,015	0	[2]
2,016	416,872	[2]
2,017	421,850	[2]
2,018	426,902	[2]
2,019	437,031	[2]
2020 and beyond	442,236	[2]
Total	2,144,891	[2]
Mining Claim Government Fees Obligation [Member]
Recorded Unconditional Purchase Obligation [Line Items]
2,015	0
2,016	114,445
2,017	114,445
2,018	114,445
2,019	114,445
2020 and beyond	114,445
Total	$ 572,225
[1]	The amount payable on January 12, 2017 of $14,200,000 represents the fair value of the Company’s derivative liability as at September 30, 2015 and will be revalued at each subsequent reporting period. See Note 6.
[2]	Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.

COMMITMENTS (Details Textual)

COMMITMENTS (Details Textual)	Sep. 30, 2015USD ($)
Livengood Property Purchase Obligation [Member]
Recorded Unconditional Purchase Obligation [Line Items]
Fair value of derivative liability	$ 14,200,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual)	1 Months Ended	9 Months Ended
	Dec. 31, 2011	Sep. 30, 2015
AN Gold Mines [Member]
Related Party Transaction [Line Items]
Payment Due To Related Party Percent	70.00%
Percentage of interest owned		11.90%
Heflinger Group [Member]
Related Party Transaction [Line Items]
Payment Due To Related Party Percent	30.00%