White Mountain Titanium (WMTM) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 10, 2015
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Trading Symbol	wmtm
Entity Registrant Name	WHITE MOUNTAIN TITANIUM CORP
Entity Central Index Key	1,284,766
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		96,114,442
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current
Cash	$ 1,822,572	$ 949,806
Prepaid expenses	269,793	89,631
Receivables	25,275	25,468
Total Current Assets	2,117,640	1,064,905
Property and Equipment	237,642	278,015
Mineral Properties	651,950	651,950
Total Assets	3,007,232	1,994,870
Current
Accounts payable and accrued liabilities	227,656	317,515
Total Liabilities	227,656	317,515
Stockholders' Equity
Preferred Stock and Paid-in Capital in Excess of $0.001 Par Value 100,000,000 shares authorized Nil (2014 - Nil) shares issued and outstanding	0	0
Common Stock and Paid-in Capital in Excess of $0.001 Par Value 500,000,000 shares authorized 95,739,442 (2014 - 85,905,392) shares issued and outstanding	60,904,030	57,211,235
Accumulated Deficit	(58,124,454)	(55,533,880)
Total Stockholders' Equity	2,779,576	1,677,355
Total Liabilities and Stockholders' Equity	$ 3,007,232	$ 1,994,870

Condensed Consolidated Interim3

Condensed Consolidated Interim Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued
Preferred Stock, shares outstanding
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, shares issued	95,739,442	85,905,392
Common Stock, shares outstanding	95,739,442	85,905,392

Condensed Consolidated Interim4

Condensed Consolidated Interim Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Expenses
Advertising and promotion	$ 152,657	$ 5,486	$ 245,346	$ 13,484
Amortization	20,707	92,545	41,398	185,009
Bank charges and interest	5,365	3,694	9,573	7,710
Consulting fees	184,928	171,477	239,136	311,617
Consulting fees - directors and officers	393,127	125,536	592,627	407,366
Exploration	216,395	419,002	678,065	964,547
Filing fees	9,390	4,262	17,952	10,196
Insurance	11,800	10,034	20,908	19,194
Investor relations	5,755	20,163	32,393	20,163
Licenses and taxes, net	2,035	2,132	2,177	(37,921)
Management fees	75,525	77,228	124,445	212,456
Office	16,141	18,397	32,492	42,928
Professional fees	104,288	57,980	193,152	140,482
Rent	55,842	42,111	110,350	78,513
Research and development	0	0	0	8,197
Staff salaries and benefits	16,248	23,829	35,846	23,829
Telephone	7,445	7,899	12,618	17,056
Transfer agent fees	1,983	1,647	3,247	3,663
Travel and vehicle	56,442	68,451	122,531	125,842
Loss Before Other Items	(1,336,073)	(1,151,873)	(2,514,256)	(2,554,331)
Foreign Exchange	(71,989)	(15,453)	(76,318)	(27,420)
Interest Income	0	18	0	40
Net Loss and Comprehensive Loss for Period	$ (1,408,062)	$ (1,167,308)	$ (2,590,574)	$ (2,581,711)
Basic and Diluted Loss Per Common Share	$ (0.02)	$ (0.01)	$ (0.03)	$ (0.03)
Weighted Average Number of Shares of Common Stock Outstanding	90,654,018	79,035,941	88,389,508	76,585,005

Condensed Consolidated Statemen

Condensed Consolidated Statements of Interim Stockholders Equity - 6 months ended Jun. 30, 2015 - USD ($)	Shares of Common Stock [Member]	Common Stock and Paid-In Capital in Excess of Par Value [Member]	Accumulated Deficit [Member]	Total
Beginning Balance at Dec. 31, 2014		$ 57,211,235	$ (55,533,880)	$ 1,677,355
Beginning Balance (Shares) at Dec. 31, 2014	85,905,392
Stock-based compensation		442,295		442,295
Stock-based compensation (Shares)	1,159,050
Shares issued for services		135,000		135,000
Shares issued for services (shares)	300,000
Private placements net of issuance cost		3,115,500		3,115,500
Private placements net of issuance cost (shares)	8,375,000
Net loss for the period			(2,590,574)	(2,590,574)
Ending Balance at Jun. 30, 2015		$ 60,904,030	$ (58,124,454)	$ 2,779,576
Ending Balance (Shares) at Jun. 30, 2015	95,739,442

Condensed Consolidated interim6

Condensed Consolidated interim Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net loss for period	$ (2,590,574)	$ (2,581,711)
Items not involving cash
Amortization	41,398	185,009
Stock-based compensation	442,295	82,456
Common stock issued for services	135,000	306,600
Changes in non-cash working capital
Prepaid expenses	(180,164)	(130,017)
Receivables	195	11,944
Accounts payable and accrued liabilities	(103,859)	(325,165)
Cash Used in Operating Activities	(2,255,709)	(2,450,884)
Investing Activities
Additions to property and equipment	(1,025)	(1,857)
Cash Used in Investing Activities	(1,025)	(1,857)
Financing Activities
Issuance of common stock for cash	3,129,500	1,860,000
Due to related party	0	124,747
Cash Provided by Financing Activities	3,129,500	1,984,747
Inflow (outflow) of Cash	872,766	(467,994)
Cash, Beginning of Period	949,806	2,056,996
Cash, End of Period	1,822,572	1,589,002
Supplemental Cash Flow Information
Share issuance costs included in accounts payable	$ 14,000	$ 0

NATURE OF BUSINESS, BASIS OF PR

NATURE OF BUSINESS, BASIS OF PRESENTATION AND GOING CONCERN	6 Months Ended
	Jun. 30, 2015
NATURE OF BUSINESS, BASIS OF PRESENTATION AND GOING CONCERN [Text Block]	1. NATURE OF BUSINESS, BASIS OF PRESENTATION AND GOING CONCERN White Mountain Titanium Corporation, through its subsidiaries, (collectively, the “Company”) is in the business of exploring for titanium deposits or reserves on its Cerro Blanco mining concessions. The Company is an exploration stage company and its principal business is to advance exploration and development activities on the Cerro Blanco rutile (titanium dioxide) Property (“Cerro Blanco”) located in Region III of northern Chile. The accompanying condensed consolidated interim financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at June 30, 2015 and for the period then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States (“US”) generally accepted accounting principles (“US GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s December 31, 2014, Annual Report on Form 10-K filed with the US Securities and Exchange Commission (“SEC”) on March 30, 2015. The organization and business of the Company, accounting policies followed by the Company, other than the recently adopted accounting pronouncements discussed below and other information are contained in the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2014 filed as part of the Company’s December 31, 2014 Annual Report on Form 10-K. The results of operations for the period ended June 30, 2015 are not necessarily indicative of the operating results for the full year. These condensed consolidated interim financial statements have been prepared by management on the basis of US GAAP applicable to a going concern, which assumes the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The Company has an accumulated deficit of $58,124,454 at June 30, 2015 (December 31, 2014 - $55,533,880), has not yet commenced revenue-producing operations, and has significant expenditure requirements to continue to advance its exploration and development activities on the Cerro Blanco property. Management intends to raise additional capital through stock issuance to finance operations. However, there is no assurance that management will be successful in its future financing activities.

RECENTLY ADOPTED ACCOUNTING PRO

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENT	6 Months Ended
	Jun. 30, 2015
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENT [Text Block]	2. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENT The following accounting pronouncement was adopted by the Company: Effective January 1, 2015, the Company adopted the Financial Accounting Standards Board (“FASB”) issued update No. 2014-10 Development Stage Entities. 275 810-10-15-16 810-10-15-14

FINANCIAL INSTRUMENTS AND RISKS

FINANCIAL INSTRUMENTS AND RISKS	6 Months Ended
	Jun. 30, 2015
FINANCIAL INSTRUMENTS AND RISKS [Text Block]	3. FINANCIAL INSTRUMENTS AND RISKS (a) The Company has classified its financial instruments as follows: Cash – as held-for-trading The carrying amounts of the Company’s financial instruments approximate their respective fair values due to the short maturities of these instruments. The three levels of the fair value hierarchy are described below: • Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and • Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). (b) Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge its contractual obligations. The Company mitigates credit risk by maintaining its cash with high credit quality US, Canadian, Chilean and Chinese financial institutions. (c) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required for operations and anticipated investing and financing activities. The Company’s cash at June 30, 2015 and December 31, 2014 totaled $1,822,572 and $949,806, respectively. At June 30, 2015 and December 31, 2014, the Company had accounts payable and accrued liabilities of $227,656, and $317,515, respectively, all of which fall due in the next fiscal quarter. (d) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign currency risk and other price risk. (i) Interest rate risk Interest rate risk consists of two components: (a) To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk. (b) To the extent that changes in prevailing market interest rates differ from the interest rate in the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk. The Company’s cash consists of cash held in bank accounts. Due to the short term nature of these financial instruments, fluctuations in market interest rates do not have a significant impact on estimated fair values on cash flows associated with interest income as of June 30, 2015. (ii) Foreign currency risk The Company is exposed to foreign currency risk to the extent expenditures incurred or funds received and balances maintained by the Company are denominated in currencies other than the US dollar (primarily Canadian dollars (“CAD”), Chilean pesos (“CLP”) and Chinese yuan (“RMB”)). As at June 30, 2015, the Company has net monetary assets of $30,274 (December 31, 2014 - net monetary liabilities of $19,536) denominated in CAD, net monetary liabilities of $75,233 (December 31, 2014 - $155,120) denominated in CLP, net monetary assets of $369,629 (December 31, 2014 - $44,938) denominated in Hong Kong dollars (“HKD”), and net monetary assets of $20,711 (December 31, 2014 - $122,760) denominated in RMB. As at June 30, 2015, the Company’s sensitivity analysis suggests that a change in the absolute rate of exchange in CAD, RMB and HKD by 10% will not have a material effect on the Company’s business, financial condition and results of operations, and a change in the absolute rate of exchange in CLP by 6% will also not have a material impact. The Company has not entered into any foreign currency contracts to mitigate this risk. (iii) Other price risk Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is not exposed to other price risk.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2015
PROPERTY AND EQUIPMENT [Text Block]	4. PROPERTY AND EQUIPMENT June 30, 2015 Accumulated Cost Amortization Net Land held for future development $ 83,958 $ - $ 83,958 Vehicles 129,439 115,320 14,119 Office furniture and fixtures 175,048 73,548 101,500 Office equipment 33,575 17,044 16,531 Computer equipment 7,553 7,553 - Computer software 68,995 68,995 - Field equipment 154,088 132,554 21,534 $ 652,656 $ 415,014 $ 237,642 December 31, 2014 Accumulated Cost Amortization Net Land held for future development $ 83,958 $ - $ 83,958 Vehicles 129,439 106,221 23,218 Office furniture and fixtures 175,048 57,173 117,875 Office equipment 32,609 14,283 18,326 Computer equipment 7,553 7,553 - Computer software 68,995 68,995 - Field equipment 154,029 119,391 34,638 $ 651,631 $ 373,616 $ 278,015

MINERAL PROPERTIES

MINERAL PROPERTIES	6 Months Ended
	Jun. 30, 2015
MINERAL PROPERTIES [Text Block]	5. MINERAL PROPERTIES Cerro Blanco On September 5, 2003, the Company, through its wholly-owned Chilean subsidiary, SCM White Mountain Titanium Chile (“White Mountain Chile”), entered into a purchase agreement with Compañía Contractual Mineral Ojos del Salado (“Ojos del Salado”), a wholly-owned Chilean subsidiary of Phelps Dodge Corporation, to acquire a 100% interest in nine exploration mining concessions, collectively known as Cerro Blanco. Cerro Blanco is located in Region III of northern Chile, approximately 24 miles, west of the city of Vallenar. Consideration for the purchase, including legal fees, was $651,950. The purchase agreement covering Cerro Blanco was originally entered into between Ojos del Salado and Dorado Mineral Resources NL (“Dorado”) on March 17, 2000. Under that agreement, Dorado purchased the mining exploration concessions from Ojos del Salado for $1,000,000, of which $350,000 was paid. A first mortgage and prohibitions against entering into other contracts regarding mining concessions without the prior written consent of Ojos del Salado had also been established in favor of Ojos del Salado. On September 5, 2003, White Mountain Chile assumed Dorado’s obligations under the purchase agreement, including the mortgage and prohibitions, with payment terms as described above. La Martina As a result of regional exploration carried out in January 2013, a new rutile prospect named La Martina has been discovered and staked in the Atacama, or Region III, geographic region of northern Chile. La Martina, which is located approximately 45 kilometres southwest of the city of Vallenar and 17 kilometres southwest of the Cerro Blanco project, consists of six registered exploration concessions. Concession fees and other costs incurred in staking the property have been expensed. Ownership in mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain claims, as well as the potential for problems arising from the frequent, ambiguous conveyance history characteristic of mineral properties. The Company has investigated ownership of its mineral properties, and to the best of its knowledge, ownership of its interests is in good standing. At present, the Company has determined that it has no material asset retirement obligations. Exploration expenditures incurred by the Company during the six months ended June 30, 2015 and 2014 were as follows: 2015 2014 Assaying $ 1,123 $ 2,085 Concession fees 72,330 101,775 Environmental 248,507 356,768 Equipment rental 6,383 7,734 Geological consulting fees 33,371 189,842 Site costs 296,719 297,243 Transportation 19,632 9,082 Exploration expenditures for period $ 678,065 $ 964,547

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Jun. 30, 2015
CAPITAL STOCK [Text Block]	6. CAPITAL STOCK (a) Common stock During the six months ended June 30, 2015, the Company closed the sale of 8,375,000 second tranche units (the “Second Tranche Units”). The sale of the units was pursuant to a Binding Memorandum of Understanding (the “MOU”) the Company entered into with Grand Agriculture Investment Limited (the “Investor”) dated December 3, 2013, amended September 11, 2014, whereby the Investor agreed to purchase a total of 20,000,000 Second Tranche Units. The sale price for the 8,375,000 Second Tranche Units was $0.40 per unit for gross proceeds of $3,350,000. Each Second Tranche Unit consists of one share of common stock and 90% of one warrant to purchase one share of common stock at $0.55 exercisable immediately upon issuance through December 31, 2017 (the “Second Tranche Warrants”). The Company is required to pay $234,500 in finder’s commissions, of which $14,000 is included in accounts payable and accrued liabilities. In March and June 2015, the Company issued 300,000 shares of common stock to a marketing and consulting service provider as non-cash compensation in exchange for services. Those shares were measured at a fair value of $0.45 per common share. (b) Stock options The Company has a stock option plan, adopted in 2005, and a stock option/stock issuance plan, adopted in 2010, which has been replaced by a stock incentive plan adopted in June 2015 (individually, the “2005 Plan” and the “2015 Plan”, respectively, and, collectively, the “Plans”). Under the Plans, the Company is authorized to grant options to executive officers and directors, employees and consultants of the Company. The 2005 Plan was originally authorized to grant 3,140,000 shares; and the 2015 Plan was originally authorized to issue 4,901,740 shares, which amount is increased at the end of each year to represent 10% of the total outstanding shares at year-end, up to a maximum of 3,800,000. The terms of any stock options granted under the 2005 Plan may not exceed five years and the exercise price of any stock option granted may not be discounted below the maximum discount permitted under the policies of the Toronto Stock Exchange. The terms of any stock options granted under the 2015 Plan may not exceed ten years and the exercise price of any stock option plan is fixed by the plan administrator. The Company originally also adopted a management compensation pool for the benefit of officers, directors and employees of the Company. The pool will consist of 1% of the outstanding shares at the end of each year. The compensation pool program is incorporated into the 2015 Plan. The following table represents service-based stock option activity during the six months ended June 30, 2015 and the year ended December 31, 2014: June 30, 2015 December 31, 2014 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Outstanding - beginning of period 1,225,000 $ 0.55 150,000 $ 1.30 Granted 300,000 0.45 1,075,000 0.45 Expired (150,000 ) 1.30 - - Outstanding – end of period 1,375,000 $ 0.45 1,225,000 $ 0.55 Exercisable – end of period 1,375,000 $ 0.45 1,225,000 $ 0.55 As at June 30, 2015 and December 31, 2014, the following stock options were outstanding: Exercise June 30, December 31, Expiry Date Price 2015 2014 February 15, 2015 $ 1.30 - 150,000 October 2, 2017 $ 0.45 375,000 375,000 December 31, 2017 $ 0.45 1,000,000 700,000 1,375,000 1,225,000 The shares under option at June 30, 2015 had an intrinsic value of $nil (December 31, 2014 - $nil) and a weighted average remaining contractual life of 2.44 (December 31, 2014 - 3) years. (c) Stock-based compensation In May 2015, the Company issued 859,050 shares of common stock out of the Company’s 2014 compensation pool to directors, officers, and employees based on 2014 performance. In addition, the Company issued 300,000 shares of common stock to a former executive director for the completion of an Environmental Impact Statement(“EIS”) and participation of the Company’s 2014 compensation pool. The stock-based compensation includes stock options granted in March 2015 and amortization of common stock shares issuable upon the market performance of the Company’s stock. The remaining unamortized balance of $166,929 (December 31, 2014 - $204,232) will be amortized through December 2015 and July 2019. (d) Warrants During the six months ended June 30, 2015, the Company issued warrants to purchase 7,537,500 shares of common stock, as part of a private placement offering (Note 6 (a)). Each whole warrant is exercisable at $0.55 per share until December 31, 2017. Details of stock purchase warrant activity for the period ended June 30, 2015 and the year ended December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Weighted Weighted Average Average Number Exercise Number Exercise of Warrants Price of Warrants Price Outstanding - beginning of period 21,487,585 $ 0.55 12,762,585 $ 0.69 Issued 7,537,500 0.55 10,725,000 0.55 Cancelled - - (2,000,000 ) (1.50 ) Outstanding - end of period 29,025,085 $ 0.55 21,487,585 $ 0.55 As at June 30, 2015 and December 31, 2014, the following warrants were outstanding: June 30, December 31, Expiry Date Exercise Price 2015 2014 December 31, 2015 $ 0.65 1,770,328 1,770,328 December 31, 2015 $ 0.65 910,534 910,534 December 31, 2015 $ 0.65 2,367,437 2,367,437 December 31, 2016 $ 0.45 5,714,286 5,714,286 December 31, 2017 $ 0.65 600,000 600,000 December 31, 2017 $ 0.55 4,500,000 4,500,000 December 31, 2017 $ 0.55 5,625,000 5,625,000 December 31, 2017 $ 0.55 7,537,500 - 29,025,085 21,487,585

LOSS PER SHARE

LOSS PER SHARE	6 Months Ended
	Jun. 30, 2015
LOSS PER SHARE [Text Block]	7. LOSS PER SHARE Potentially dilutive securities not included in diluted weighted average shares outstanding include shares underlying 1,375,000 in outstanding options and 29,025,085 in outstanding warrants.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2015
COMMITMENTS [Text Block]	8. COMMITMENTS On December 4, 2013, the Company entered into a $10,000,000 financing by means of the binding MOU with the Investor. Pursuant to the MOU, the Company closed the sales of 5,714,286 First Tranche Units and 11,250,000 Second Tranche Units, for total gross proceeds of $6,500,000. During six months ended June 30, 2015, the Company closed an additional sale of 8,375,000 Second Tranche Units (Note 6(a)). The Company expects additional sales of 375,000 Second Tranche Units, pursuant to the MOU, to complete the sale of the Second Tranche Units. In connection with the completion of the sale of the Second Tranche Units, the Company has agreed to grant to the Investor at no additional cost warrants to purchase up to 6,000,000 shares of common stock at $0.55 per share exercisable immediately upon issuance and through December 31, 2017 (the “Bonus Warrants”). The Bonus Warrants will be in a form substantially identical to the Second Tranche Warrants.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
SUBSEQUENT EVENTS [Text Block]	9. SUBSEQUENT EVENTS Management has evaluated subsequent events through August 10, 2015, which represents the date the condensed consolidated financial statements were issued. The following subsequent events have occurred: • On August 5, 2015, we received $150,000 from the sale of 375,000 Second Tranche Units, which, pursuant to the MOU, completed the sales of Second Tranche Units. We are obligated to pay finder's commissions in amount of $10,500. • On August 6, 2015, in connection with the closing of the sale of 375,000 Second Tranche Units, we granted to Grand Agriculture Investment Limited warrants at no additional cost to purchase up to 6,000,000 shares of the Company's common stock at $0.55 per share exercisable immediately upon issuance and through December 31, 2017. These warrants are in a form identical to the Second Tranche Units Warrants.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Property and Equipment [Table Text Block]	June 30, 2015 Accumulated Cost Amortization Net Land held for future development $ 83,958 $ - $ 83,958 Vehicles 129,439 115,320 14,119 Office furniture and fixtures 175,048 73,548 101,500 Office equipment 33,575 17,044 16,531 Computer equipment 7,553 7,553 - Computer software 68,995 68,995 - Field equipment 154,088 132,554 21,534 $ 652,656 $ 415,014 $ 237,642	December 31, 2014 Accumulated Cost Amortization Net Land held for future development $ 83,958 $ - $ 83,958 Vehicles 129,439 106,221 23,218 Office furniture and fixtures 175,048 57,173 117,875 Office equipment 32,609 14,283 18,326 Computer equipment 7,553 7,553 - Computer software 68,995 68,995 - Field equipment 154,029 119,391 34,638 $ 651,631 $ 373,616 $ 278,015

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2015
Exploration Expenditures Incurred [Table Text Block]	2015 2014 Assaying $ 1,123 $ 2,085 Concession fees 72,330 101,775 Environmental 248,507 356,768 Equipment rental 6,383 7,734 Geological consulting fees 33,371 189,842 Site costs 296,719 297,243 Transportation 19,632 9,082 Exploration expenditures for period $ 678,065 $ 964,547

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	6 Months Ended
	Jun. 30, 2015
Service-Based Stock Option Activity [Table Text Block]	June 30, 2015 December 31, 2014 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Outstanding - beginning of period 1,225,000 $ 0.55 150,000 $ 1.30 Granted 300,000 0.45 1,075,000 0.45 Expired (150,000 ) 1.30 - - Outstanding – end of period 1,375,000 $ 0.45 1,225,000 $ 0.55 Exercisable – end of period 1,375,000 $ 0.45 1,225,000 $ 0.55
Stock Options Outstanding [Table Text Block]	Exercise June 30, December 31, Expiry Date Price 2015 2014 February 15, 2015 $ 1.30 - 150,000 October 2, 2017 $ 0.45 375,000 375,000 December 31, 2017 $ 0.45 1,000,000 700,000 1,375,000 1,225,000
Stock Purchase Warrant Activity [Table Text Block]	June 30, 2015 December 31, 2014 Weighted Weighted Average Average Number Exercise Number Exercise of Warrants Price of Warrants Price Outstanding - beginning of period 21,487,585 $ 0.55 12,762,585 $ 0.69 Issued 7,537,500 0.55 10,725,000 0.55 Cancelled - - (2,000,000 ) (1.50 ) Outstanding - end of period 29,025,085 $ 0.55 21,487,585 $ 0.55
Share Purchase Warrants Outstanding [Table Text Block]	June 30, December 31, Expiry Date Exercise Price 2015 2014 December 31, 2015 $ 0.65 1,770,328 1,770,328 December 31, 2015 $ 0.65 910,534 910,534 December 31, 2015 $ 0.65 2,367,437 2,367,437 December 31, 2016 $ 0.45 5,714,286 5,714,286 December 31, 2017 $ 0.65 600,000 600,000 December 31, 2017 $ 0.55 4,500,000 4,500,000 December 31, 2017 $ 0.55 5,625,000 5,625,000 December 31, 2017 $ 0.55 7,537,500 - 29,025,085 21,487,585

NATURE OF BUSINESS, BASIS OF 19

NATURE OF BUSINESS, BASIS OF PRESENTATION AND GOING CONCERN (Narrative) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accumulated deficit	$ 58,124,454	$ 55,533,880

FINANCIAL INSTRUMENTS AND RIS20

FINANCIAL INSTRUMENTS AND RISKS (Narrative) (Details)

6 Months Ended

Jun. 30, 2015USD ($)

Jun. 30, 2015CAD

Jun. 30, 2015CLP

Jun. 30, 2015HKD

Jun. 30, 2015CNY (¥)

Dec. 31, 2014USD ($)

Dec. 31, 2014CAD

Dec. 31, 2014CLP

Dec. 31, 2014HKD

Dec. 31, 2014CNY (¥)

Jun. 30, 2014USD ($)

Dec. 31, 2013USD ($)

Cash

$ 1,822,572

$ 949,806

$ 1,589,002

$ 2,056,996

Accounts payable and accrued liabilities

$ 227,656

$ 317,515

Net monetary assets

CAD 30,274

HKD 369,629

¥ 20,711

HKD 44,938

¥ 122,760

Net monetary liabilities

CLP 75,233

CAD 19,536

CLP 155,120

Chilean Pesos [Member]

Change in exchange rate

6.00%

Canadian Dollar, Chinese Yuan and Hong Kong Dollar [Member]

Change in exchange rate

10.00%

MINERAL PROPERTIES (Narrative)

MINERAL PROPERTIES (Narrative) (Details) - USD ($)	Sep. 05, 2003	May. 17, 2000
Purchase of mining exploration, total amount		$ 1,000,000
Purchase of mining exploration, cash paid		$ 350,000
Subsidiaries [Member]
Acquired interest rate percentage	100.00%
Number of exploration mining concessions	9
Purchase consideration including legal fee	$ 651,950

CAPITAL STOCK (Narrative) (Deta

CAPITAL STOCK (Narrative) (Details)	1 Months Ended	6 Months Ended		12 Months Ended
	May. 31, 2015shares	Jun. 30, 2015USD ($)$ / shares$ / warrantshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)$ / shares$ / warrantshares	Dec. 31, 2013$ / shares$ / warrantshares	Dec. 04, 2013USD ($)
Common Stock and Paid-In Capital in Excess of Par Value [Member]
Stock issued for services, value | $		$ 135,000
Share-Based Compensation [Member]
Unamortized stock-based compensation | $		$ 166,929		$ 204,232
Common Stock, Shares Authorized		500,000,000		500,000,000
Preferred Stock, Shares Authorized		100,000,000		100,000,000
Preferred stock, shares issued
Preferred stock designated, par value | $ / shares		$ 0.001		$ 0.001
Stock issued for services, value | $		$ 135,000
Warrant exercise price | $ / warrant		0.55		0.55	0.69
Stock option, Outstanding		1,375,000		1,225,000	150,000
Exercise Price | $ / shares		$ 0.45		$ 0.55	$ 1.30
Selling commissions for units sold | $		$ 234,500
Accounts payable and accrued liabilities | $		14,000	$ 0
Stock-based compensation | $		$ 442,295	$ 82,456
Price per share | $ / shares		$ 0.55
Shares to be issued upon exercise of warrants		7,537,500		10,725,000
Weighted average remaining contractual life		2 years 5 months 8 days		3 years
Intrinsic value | $		$ 0		$ 0
Binding MOU financing agreement | $						$ 10,000,000
Stock options granted		300,000		1,075,000
Warrants outstanding		29,025,085		21,487,585	12,762,585
Marketing and Consulting Services [Member]
Exercise Price | $ / shares		$ 0.45
Common stock issued for services, shares		300,000
Grand Agriculture Investment Limited [Member]
Number of common stock in each unit		1
Price per share | $ / shares		$ 0.55
Price per unit | $ / shares		$ 0.40
Total gross proceeds from units issued | $		$ 3,350,000
Percentage of warrant in each unit		90.00%
Directors, Officers, and Employees [Member]
Common stock issued for services, shares	859,050
Former Executive Director [Member]
Common stock issued for services, shares		300,000
Private Placement, Binding MOU [Member]
Units purchased					5,714,286
Private Placement, Binding MOU Second Tranche [Member]
Units purchased		8,375,000			11,250,000
Units agreed to be purchased		375,000
Private Placement, Binding MOU Second Tranche [Member] | Grand Agriculture Investment Limited [Member]
Number of units sold		8,375,000
Units agreed to be purchased		20,000,000
Stock Option [Member]
Percentage of outstanding shares at the end of each year, pool		1.00%
Warrant [Member]
Private placement units issued		7,537,500
Warrant exercisable price per share | $ / shares		$ 0.55
2005 Plan [Member]
Stock option authorized to grant		3,140,000
Stock option granted term		5 years
2010 Plan [Member]
Stock option authorized to grant		4,901,740
Increase in stock option authorized to grant as a percentage of total outstanding shares at year-end		10.00%
2010 Plan [Member] | Maximum [Member]
Additional stock option authorized to issue		3,800,000

LOSS PER SHARE (Narrative) (Det

LOSS PER SHARE (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015shares
Warrant [Member]
Potentially dilutive securities not included in diluted weighted average shares outstanding	29,025,085
Stock Option [Member]
Potentially dilutive securities not included in diluted weighted average shares outstanding	1,375,000

COMMITMENTS (Narrative) (Detail

COMMITMENTS (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2015
Gross proceeds from units issued	$ 6,500,000
Price per share		$ 0.55
Bonus warrants granted, shares to be issued		6,000,000
Grand Agriculture Investment Limited [Member]
Price per share		$ 0.55
Private Placement, Binding MOU [Member]
Units purchased	5,714,286
Private Placement, Binding MOU Second Tranche [Member]
Units purchased	11,250,000	8,375,000
Units agreed to be purchased		375,000
Private Placement, Binding MOU Second Tranche [Member] | Grand Agriculture Investment Limited [Member]
Units agreed to be purchased		20,000,000

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - Subsequent Event [Member] - Private Placement 2 [Member] - USD ($)	Aug. 06, 2015	Aug. 05, 2015
Number of common units sold		375,000
Proceeds from issuance of units		$ 150,000
Commission fee		$ 10,500
Grand Agriculture Investment Limited [Member]
Shares granted	6,000,000
Exercise price for warrants	$ 0.55

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Cost	$ 652,656	$ 651,631
Accumulated Amortization	415,014	373,616
Net	237,642	278,015
Vehicles [Member]
Cost	129,439	129,439
Accumulated Amortization	115,320	106,221
Net	14,119	23,218
Office furniture & fixtures [Member]
Cost	175,048	175,048
Accumulated Amortization	73,548	57,173
Net	101,500	117,875
Office equipment [Member]
Cost	33,575	32,609
Accumulated Amortization	17,044	14,283
Net	16,531	18,326
Computer equipment [Member]
Cost	7,553	7,553
Accumulated Amortization	7,553	7,553
Net	0	0
Computer software [Member]
Cost	68,995	68,995
Accumulated Amortization	68,995	68,995
Net	0	0
Field equipment [Member]
Cost	154,088	154,029
Accumulated Amortization	132,554	119,391
Net	21,534	34,638
Land held for future development [Member]
Cost	83,958	83,958
Accumulated Amortization	0	0
Net	$ 83,958	$ 83,958

Exploration Expenditures Incurr

Exploration Expenditures Incurred (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Exploration expenditures	$ 678,065	$ 964,547
Assaying [Member]
Exploration expenditures	1,123	2,085
Concession fees [Member]
Exploration expenditures	72,330	101,775
Environmental [Member]
Exploration expenditures	248,507	356,768
Equipment rental [Member]
Exploration expenditures	6,383	7,734
Geological consulting fees [Member]
Exploration expenditures	33,371	189,842
Site costs [Member]
Exploration expenditures	296,719	297,243
Transportation [Member]
Exploration expenditures	$ 19,632	$ 9,082

Service-Based Stock Option Acti

Service-Based Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Number of Shares
Outstanding - beginning of year	1,225,000	150,000
Stock options granted	300,000	1,075,000
Number of Shares, Expired	(150,000)	0
Number of Shares, Outstanding - end of period	1,375,000	1,225,000
Number of Shares, Exercisable - end of period	1,375,000	1,225,000
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding - beginning of period	$ 0.55	$ 1.30
Weighted Average Exercise Price, Granted	0.45	0.45
Weighted Average Exercise Price, Expired	1.30	0
Weighted Average Exercise Price, Outstanding - end of period	0.45	0.55
Weighted Average Exercise Price, Exercisable - end of period	$ 0.45	$ 0.55

Stock Options Outstanding (Deta

Stock Options Outstanding (Details) - $ / shares	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Exercise Price	$ 0.45	$ 0.55	$ 1.30
Stock option, Outstanding	1,375,000	1,225,000	150,000
Expiry Date, February 15, 2015 [Member]
Exercise Price	$ 1.30
Stock option, Outstanding	0	150,000
Expiry Date October 2, 2017 [Member]
Exercise Price	$ 0.45
Stock option, Outstanding	375,000	375,000
Expiry Date, December 31, 2017 [Member]
Exercise Price	$ 0.45
Stock option, Outstanding	1,000,000	700,000

Stock Purchase Warrant Activity

Stock Purchase Warrant Activity (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015$ / warrantshares	Dec. 31, 2014$ / warrantshares
Number of warrants
Number of warrants, Outstanding at the Beginning of the Period	21,487,585	12,762,585
Shares to be issued upon exercise of warrants	7,537,500	10,725,000
Number of warrants, Cancelled	0	(2,000,000)
Number of warrants, Outstanding End of the Period	29,025,085	21,487,585
Weighted Average Exercise Price
Weighted Average Exercise Price, Issued | $ / warrant	0.55	0.55
Weighted Average Exercise Price, Outstanding at Beginning of the Period | $ / warrant	0.55	0.69
Weighted Average Exercise Price, Cancelled | $ / warrant	0	(1.50)
Weighted Average Exercise Price, Outstanding at End of Period | $ / warrant	0.55	0.55

Share Purchase Warrants Outstan

Share Purchase Warrants Outstanding (Details) - $ / shares	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of warrants, Outstanding	29,025,085	21,487,585	12,762,585
Expiry Date, December 31, 2017 Exercise Price 1 [Member]
Warrant, exercise price per warrant	$ 0.65
Number of warrants, Outstanding	600,000	600,000
Expiry Date, December 31, 2017 Exercise Price 2 [Member]
Warrant, exercise price per warrant	$ 0.55
Number of warrants, Outstanding	4,500,000	4,500,000
Expiry Date, December 31, 2017 Exercise Price 3 [Member]
Warrant, exercise price per warrant	$ 0.55
Number of warrants, Outstanding	5,625,000	5,625,000
Expiry Date, December 31, 2017 [Member]
Warrant, exercise price per warrant	$ 0.55
Number of warrants, Outstanding	7,537,500	0
Expiry Date, December 31, 2016 [Member]
Warrant, exercise price per warrant	$ 0.45
Number of warrants, Outstanding	5,714,286	5,714,286
Expiry Date, December 31, 2015 Exercise Price 1 [Member]
Warrant, exercise price per warrant	$ 0.65
Number of warrants, Outstanding	1,770,328	1,770,328
Expiry Date, December 31, 2015 Exercise Price 2 [Member]
Warrant, exercise price per warrant	$ 0.65
Number of warrants, Outstanding	910,534	910,534
Expiry Date, December 31, 2015 Exercise Price 3 [Member]
Warrant, exercise price per warrant	$ 0.65
Number of warrants, Outstanding	2,367,437	2,367,437