Rare Element Resources (REEMF) 10-K 12 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Mar. 13, 2015	Jun. 30, 2014
Document And Entity Information
Entity Registrant Name	Rare Element Resources Ltd
Entity Central Index Key	1419806
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$61,197,678
Entity Common Stock, Shares Outstanding		47,707,216
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
CURRENT ASSETS:
Cash and cash equivalents	$10,139	$23,902
Interest receivable	6	4
Accounts receivable	21	29
Prepaid expenses	315	402
Total Current Assets	10,481	24,337
Equipment, net	344	521
Land	980	980
Mineral properties	27	27
Total Assets	11,832	25,865
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	1,098	1,528
Asset retirement obligation	164	204
Total Current Liabilities	1,262	1,732
Asset retirement obligation	202	211
Total Liabilities	1,464	1,943
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Common shares, no par value - unlimited shares authorized; shares outstanding December 31, 2014 - 47,707,216, December 31, 2013 - 47,627,245	100,652	100,513
Additional paid in capital	23,186	22,850
Accumulated other comprehensive income/(loss)	0	0
Accumulated deficit	-113,470	-99,441
Total Shareholders' Equity	10,368	23,922
Total Liabilities and Shareholders' Equity	$11,832	$25,865

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Statement of Financial Position [Abstract]
Common Stock, Par Value	$0		$0
Common Stock, Shares Authorized		[1]		[1]
Common Stock, Shares Outstanding	47,707,216		47,627,245
[1]	unlimited shares

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	6 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
Operating income and (expenses):
Exploration and evaluation	($12,939)	($10,363)	($8,558)	($14,126)	($18,314)	($15,168)
Corporate administration	-4,158	-7,791	-4,946	-6,616	-11,914	-16,109
Depreciation	-90	-42	-210	-197	-171	-123
Write-down of mineral property	0	-931	0	0	-943	-1,874
Total operating expenses	-17,187	-19,127	-13,714	-20,939	-31,341	-33,274
Non-operating income and (expenses):
Interest income	301	538	76	232	627	864
Gain/(loss) on currency translation	1,457	-2,686	-507	-1,531	1,525	-2,618
Loss on sale of marketable securities	-7	-9	0	-39	-9	-11
Gain/(loss) on derivatives	-4	173	116	81	-142	35
Other income/(expense)	10	50		-50	-22	10
Total non-operating income/(expenses)	1,757	-1,934	-315	-1,307	1,979	-1,720
Net loss	-15,430	-21,061	-14,029	-22,246	-29,362	-34,994
Other comprehensive income/(loss)
Realized gain on available-for-sale securities	7	9		39	9	11
Unrealized gain/(loss) on available-for-sale securities	2	-39		4	-17	-59
Total other comprehensive income/(loss)	9	-30		43	-8	-48
COMPREHENSIVE LOSS	($15,421)	($21,091)	($14,029)	($22,203)	($29,370)	($35,042)
LOSS PER SHARE - BASIC AND DILUTED	($0.35)	($0.48)	($0.29)	($0.48)	($0.66)	($0.79)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	44,610,070	44,096,346	47,706,559	46,299,560	44,581,287	44,189,656

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period	($15,430)	($21,061)	($14,029)	($22,246)	($29,362)	($34,994)
Adjustments to reconcile loss for the period to net cash and cash equivalents used in operations:
Depreciation	90	42	210	197	171	123
Asset retirement obligation	-46	0	-49	26	288	334
Realized gain on derivatives			-14	-150	0
Unrealized (gain)/loss on derivatives	4	-173	-102	69	142	-35
Write-down of mineral property	0	931	0	0	943	1,874
Gain on currency translation	16	12	0	0	-29	-33
Loss on disposal of marketable securities	7	9	0	39	9	11
Gain on disposal of equipment	-3	0	0	0	-3
Stock-based compensation	1,643	6,041	517	1,378	6,359	10,757
Adjustments Total	-13,719	-14,199	-13,467	-20,687	-21,482	-21,963
Changes in working capital
Accounts receivable	6	-22	8	-12	-155	-183
Interest receivable	-128	-200	-2	299	188	109
Prepaid expenses	55	-1	87	-217	169	113
Accounts payable and accrued liabilities	1,389	1,777	-314	-1,839	641	1,036
Due to related party		-45	0	0	-29	-74
Net cash and cash equivalents used in operating activities	-12,397	-12,690	-13,688	-22,456	-20,668	-20,961
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments	-485	0	0	-9,823	-15,118	-14,633
Releases of restricted cash	422	0	0	0	422
Purchases of equipment	-11	-270	-33	-201	-316	-575
Purchases of land			0	-980	0
Proceeds from sale of marketable securities	36	70	0	36	80	114
Proceeds from sale of short-term investments			0	24,941	0
Net cash and cash equivalents provided by (used in) investing activities	-38	-200	-33	13,973	-14,932	-15,094
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received for common shares, net of share issuance costs	390	55	-42	7,400	1,108	773
Net cash and cash equivalents provided by (used in) financing activities	390	55	-42	7,400	1,108	773
Decrease in cash and cash equivalents	-12,045	-12,835	-13,763	-1,083	-34,492	-35,282
Cash and cash equivalents - beginning of the period	37,030	72,312	23,902	24,985	59,477	72,312
Cash and cash equivalents - end of the period	$24,985	$59,477	$10,139	$23,902	$24,985	$37,030

CONSOLIDATED_STATEMENTS_OF_SHA

CONSOLIDATED STATEMENTS OF SHAREHOLDERSb EQUITY (USD $)	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit	Total
In Thousands, except Share data
Beginning Balance, Amount at Dec. 31, 2011	$91,457	$15,501	($26)	($47,833)	$59,099
Beginning Balance, Shares at Dec. 31, 2011	44,096,674
Exercise of options - cash, Shares	744,624
Exercise of options - cash, Amount	603				603
Exercise of options - fair value	531	-531			0
Exercise of warrants - cash, Shares	108,571
Exercise of warrants - cash, Amount	504				504
Exercise of warrants - fair value	161				161
Stock-based compensation		6,359			6,359
Unrealized loss on marketable securities			-17		-17
Net loss for the period				-29,362	-29,362
Ending Balance, Amount at Dec. 31, 2012	93,256	21,329	-43	-77,195	37,347
Ending Balance, Shares at Dec. 31, 2012	44,949,869
Shares issued For private placement, Shares	2,677,376
Shares issued For private placement, Amount	8,000				8,000
Share issue costs	-743	143			-600
Stock-based compensation		1,378			1,378
Unrealized loss on marketable securities			43		43
Net loss for the period				-22,246	-22,246
Ending Balance, Amount at Dec. 31, 2013	100,513	22,850		-99,441	23,922
Ending Balance, Shares at Dec. 31, 2013	47,627,245
Exercise of options, Shares	79,971
Exercise of options, Amount	139	-181			-42
Stock-based compensation		517			517
Net loss for the period				-14,029	-14,029
Ending Balance, Amount at Dec. 31, 2014	$100,652	$23,186		($113,470)	$10,368
Ending Balance, Shares at Dec. 31, 2014	47,707,216

1_DESCRIPTION_OF_BUSINESS

1. DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	Rare Element Resources Ltd. (collectively referred to as “Rare Element,” the “Company,” “our,” “we” or “us”) operates in the mining industry and is focused on advancing its Bear Lodge REE Project. Currently, the Company is undertaking advanced engineering and technical studies while working towards obtaining the necessary operating permits that will allow the Company to develop the Bear Lodge REE Project and begin commercial rare earth production at some time in the future.
	Our continuing operations and the recoverability of the carrying values of our mineral property interests are dependent upon the existence of economic reserves being developed at the Bear Lodge REE Project, the ability of the Company to obtain the necessary operating permits to mine the Bear Lodge REE Project and on future profitable production at the Bear Lodge REE Project or proceeds from the disposition of any of our mineral property interests. Development of and/or commencement of commercial production at the Bear Lodge REE Project is dependent upon our ability to obtain the necessary financing and permitting to complete the exploration, development and/or construction of the Bear Lodge REE Project. Although we have been successful in raising such capital necessary to sustain our operations in the past, there can be no assurance that we will be able to do so in the future.

2_BASIS_OF_PRESENTATION

2. BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2014
Basis Of Presentation
BASIS OF PRESENTATION	Principles of consolidation
	These consolidated financial statements have been prepared in accordance with U.S. GAAP and are inclusive of the accounts of Rare Element Resources Ltd. and its directly and indirectly held wholly-owned subsidiaries, which consist of its wholly-owned subsidiary Rare Element Holdings Ltd. (“Holdings”) and Holdings’ wholly-owned subsidiary, Rare Element Resources, Inc. Certain comparative figures have been reclassified to conform to the financial statement presentation adopted for the current year. Rare Element Resources Ltd. was incorporated under the laws of the Province of British Columbia on June 3, 1999.
	Fiscal year-end change
	On September 7, 2012, our Board of Directors approved a change in our fiscal year-end from June 30 to December 31, with the change to the calendar year reporting cycle beginning January 1, 2013. Consequently, on March 18, 2013, we filed a Transition Report on Form 10-K for the six-month transition period ended December 31, 2012. The intent of the change was to align the reporting of our financial results more closely with that of our peers and to better synchronize our management processes and budget cycles with financial reporting. References in this report to fiscal 2012 and 2011 indicate the twelve-month periods ended June 30, 2012 and 2011, respectively. Financial information in these notes with respect to the year ended December 31, 2012 is unaudited.
	Recent Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact the adoption of ASU 2014-15 will have on our financial statements and related disclosures.
	In June 2014, the FASB issued ASU No. 2014-10, which amended Accounting Standards Codification (ASC) Topic 915 Development Stage Entities. The amendment eliminates certain financial reporting requirements surrounding development stage entities, including an amendment to the variable interest entities guidance in ASC Topic 810, Consolidation. The amendment removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other entities from U.S. GAAP. Consequently, the amendment eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose the first year in which the entity is no longer a development stage entity. This amendment is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company has made the election to early adopt this amendment effective December 31, 2014 and, as a result, the Company is no longer presenting or disclosing the information previously required under Topic 915. The early adoption was made to reduce data maintenance by removing all incremental financial reporting requirements for development stage entities. The adoption of this amendment alters the disclosure requirements of the Company, but it does not have any material impact on the Company’s financial position or results of operations for the current or any prior reporting periods.

3_SUMMARY_OF_SIGNIFICANT_ACCOU

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Use of estimates
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make 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 expenses during the reporting period. Actual results could differ from those estimates. The amounts which involve significant estimates include asset retirement obligations, stock-based compensation, derivative liabilities, and impairments.
	Cash and cash equivalents
	Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. At December 31, 2014 and 2013, cash and cash equivalents consisted of $10,139 and $23,902, respectively, of funds held in bank accounts with financial institutions in both Canada and the U.S.
	Short-term investments
	Short-term investments generally represent investments in guaranteed interest contracts and time deposits which have original maturities in excess of three months but less than twelve months. These investments are accounted for at amortized cost.
	Marketable securities
	Marketable securities include our investments in shares of publicly traded companies. These investments have been categorized as available-for-sale financial instruments and are carried at fair value. Adjustments to fair value are recorded in other comprehensive income/(loss) unless there is a sustained loss in value that is deemed to be other- than-temporary, in which case the adjustment to fair value is included in income and not reversed on future fair value changes.
	Mineral properties
	Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair-market value of common shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under SEC Industry Guide 7, development costs related to such reserves incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future will be written off.
	Restricted cash
	The Company maintains at times cash deposits and/or surety bonds, as required by regulatory bodies as assurance for the funding of future reclamation costs associated with the Company’s asset retirement obligation. These funds held in cash deposits and/or used as collateral for surety bonds are restricted to that purpose and are not available for the Company’s use until the reclamation obligations have been fulfilled. Restricted cash is classified as a non-current asset.
	Asset retirement obligations
	Our mining and exploration activities are subject to various laws and regulations, including legal and contractual obligations to reclaim, remediate, or otherwise restore properties at the time the property is removed from service. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The reclamation obligation is based on when spending for an existing disturbance will occur. We reclaim the disturbance from our exploration programs on an ongoing basis and therefore the portion of our asset retirement obligation corresponding to our exploration programs will be settled in the near term and is classified as a current liability. The remaining reclamation associated with environmental monitoring programs is classified as a long-term liability; however, because we have not declared proven and probable reserves under SEC Industry Guide 7, the timing of these reclamation activities is uncertain. The fair value of the outstanding liability at the end of the period approximates the cost of the asset retirement obligation. For exploration stage properties that do not qualify for asset capitalization, the costs associated with the obligation are charged to operations. For development and production stage properties, the costs will be added to the capitalized costs of the property and amortized using the units-of-production method. We review, on a quarterly basis, unless otherwise deemed necessary, the asset retirement obligation in connection with the Bear Lodge REE Property.
	Asset retirement obligations are secured by surety bonds held for the benefit of the state of Wyoming in amounts determined by applicable federal and state regulatory agencies.
	Changes in our current and non-current asset retirement obligations are summarized in the following table:
		Year ended December 31,		Year ended December 31,	Six months ended December 31,		Year ended June 30,
		2014		2013	2012		2012
	Balance, beginning of period	$             415		$                   389	$                    435		$         101
	Additions	19		54	116
	Releases	-66		-30	-178
	Revisions to cost estimates	-2		2	16		334
	Balance, end of period	$             366		$                   415	$                    389		$         435
	Derivative instruments
	From time to time, the Company may use derivative financial instruments to manage its foreign currency risks. All derivative financial instruments are classified as current liabilities and are accounted for at trade date. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. The Company re-measures all derivative financial instruments as of the date of the balance sheet based on fair values derived from option pricing models. Gains or losses arising from changes in fair value of derivatives are recognized in the Consolidated Statements of Loss, except for derivatives that are highly effective and qualify for cash flow or net investment hedge accounting. The Company does not have any derivatives that are highly effective and qualify for cash flow or net investment hedging. There were no derivatives outstanding as of December 31, 2014.
	Common shares
	Common shares issued for non-monetary consideration are recorded at fair market value based upon the trading price of our shares on the TSX or the NYSE MKT on the share issuance date. Common shares issued for monetary consideration are recorded at the amount received, less issuance costs.
	Foreign currency translation
	Our functional currency is the U.S. dollar. All of our foreign subsidiaries are direct and integral components of the Company and are dependent upon the economic environment of our functional currency. Therefore, the functional currency of our foreign entities is considered to be the U.S. dollar in accordance with ASC Topic 830, “Foreign Currency Matters,” and accordingly, translation gains and losses are reported in the loss for that period. Assets and liabilities of these foreign operations are translated using period-end exchange rates and revenues and expenses are translated using average exchange rates during each period.
	Depreciation
	Depreciation is based on the straight-line method. We depreciate computer equipment, furniture and fixtures and geological equipment over a period of three years. We depreciate vehicles over a period of five years.
	Stock-based compensation
	The fair value of share-based compensation awards issued to employees and directors of the Company is measured at the date of grant and amortized over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to calculate the fair value of awards granted.
	The fair value of share-based compensation awards issued to non-employees is determined on the measurement date of such awards. The measurement date is typically the vesting date. Upon vesting, the fair value of share-based compensation awards issued to non-employees is calculated using the Black-Scholes option valuation model, and the amount is recorded as an expense with a corresponding increase in additional paid-in-capital.
	When a share-based compensation award is exercised and the resulting common shares are issued, the fair value of such award as determined on the date of grant or date of vesting (in the case of a non-employee exercise) is transferred to common shares. In the case of a share-based compensation award that is either cancelled or forfeited prior to vesting, the amortized expense associated with the unvested awards is reversed.
	Income taxes
	The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that the entire or some portion of the deferred tax asset will not be recognized.
	Loss per share
	The loss per share is computed using the weighted average number of shares outstanding during the period. To calculate diluted loss per share, the Company uses the treasury stock method and the if-converted method. Diluted loss per share is not presented as the effect on the basic loss per share would be anti-dilutive. At December 31, 2014, 2013 and 2012 and at June 30, 2012, we had 5,818,057; 6,173,057; 4,331,000 and 4,542,002 in potentially dilutive securities, respectively.
	Fair value of financial instruments
	Our financial instruments may at times consist of cash and cash equivalents, short-term investments, marketable securities, accounts receivable, restricted cash, derivative liabilities, accounts payable and accrued liabilities. U.S. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):
	Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
	Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.
	Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable.
	The Company continually monitors its cash positions with, and the credit quality of, the financial institutions with which it invests. The Company maintains balances in various U.S. financial institutions in excess of U.S. federally insured limits.
	The Company had no embedded derivatives as of December 31, 2014. Included within accounts payable, and other accrued liabilities at December 31, 2013 and 2012 is an embedded derivative that has been accounted for in accordance with the Company’s accounting policy as described above. This embedded derivative represents a foreign currency option that the Company sells within an enhanced yield deposit account that has been included in cash and cash equivalents. The fair value of the derivative liability associated with this embedded derivative instrument is shown separately as a liability in the table below.
	The following table presents information about financial instruments recognized at fair value on a recurring basis as of December 31, 2014 and 2013, and indicates the fair value hierarchy:
		31-Dec-14			31-Dec-13
		Level 1	Level 2	Total	Level 1	Level 2	Total
	Assets
	Cash and cash equivalents	$10,139	$           -	$10,139	$23,902	$           -	$23,902
	Short-term investments	-	-	-	-	-	-
	Marketable securities	-	-	-	-	-	-
	Total financial assets	$10,139	$           -	$10,139	$23,902	$           -	$23,902
	Liabilities
	Accounts payable and other accrued liabilities	$   1,098	$           -	$   1,098	$   1,425	$           -	$   1,425
	Asset retirement obligation	-	366	366	-	415	415
	Derivative liabilities	-	-	-	-	103	103
	Total financial assets and liabilities	$11,237	$      366	$11,603	$25,327	$      518	$25,845
	Derivative liabilities noted above are included within accounts payable and other accrued liabilities as presented on the Consolidated Balance Sheets.

4_MINERAL_PROPERTIES

4. MINERAL PROPERTIES	12 Months Ended
	Dec. 31, 2014
Extractive Industries [Abstract]
4. MINERAL PROPERTIES	The amounts shown represent acquisition costs, and do not necessarily represent present or future values as these are entirely dependent upon the economic recovery of future ore reserves. A summary of current property interests is as follows:
	Bear Lodge Property, Wyoming, USA
	The Company, through our indirectly held, wholly owned subsidiary, Rare Element Resources, Inc., holds a 100% interest in a group of unpatented mining claims and 634 acres (257 hectares) of owned property, together which contain: (1) the Bear Lodge REE Project that contains REE mineralization; and (2) the Sundance Gold Project that contains gold mineralization. The property is situated in the Bear Lodge Mountains of Crook County, in northeast Wyoming. These claims were, in part, acquired from Freeport-McMoRan Copper & Gold (“Freeport”) by way of a “Mineral Lease and Option for Deed.”
	On June 1, 2006, Rare Element Resources, Inc. and Newmont North America Exploration Limited (“Newmont”), a subsidiary of Newmont Mining Corporation, signed an agreement to establish a gold-exploration venture on our Bear Lodge Property (the “Venture”). Under the agreement, Newmont had the right to earn a 65% participating interest in the Bear Lodge Property, excluding any rights to the REE and uranium, but including rights to gold and other metals, by spending $5,000 on property exploration.
	On May 12, 2010, Newmont terminated the option and the Company retained its 100% interest in the mining claims of the entire property. In addition, 327 contiguous claims wholly-owned by Newmont outside the Venture were transferred to the Company. In consideration for transferring these claims, Newmont was granted a right-of-first-refusal on all claims sold or disposed, excluding those containing REE, and a 0.5% net smelter royalty (“NSR”) royalty, for precious and base metals only, on the claims transferred to the Company by Newmont. This agreement honors an arrangement between Newmont and Bronco Creek Exploration Company, a wholly owned subsidiary of Eurasian Minerals Inc. (“Bronco Creek”), on Newmont’s formerly wholly-owned claims, pursuant to which Bronco Creek will continue to receive minor payments and will retain a 0.05% NSR royalty on these claims.
	The Bear Lodge Property comprises 499 unpatented mining claims located on land administered by the USFS and 634 acres (257 hectares) of owned property for a total of approximately 9,000 acres (3,642 hectares).

5_EQUIPMENT_AND_LAND

5. EQUIPMENT AND LAND	12 Months Ended
	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
EQUIPMENT AND LAND	At December 31, 2014 and 2013, equipment consisted of the following:
		December 31,			December 31,
		2014			2013
		Cost	Accumulated depreciation	Net book value	Cost	Accumulated depreciation	Net book value
	Computer equipment	$         189	$              168	$       21	$         169	$             118	$       51
	Furniture	111	64	47	111	48	63
	Geological equipment	488	319	169	488	217	271
	Vehicles	221	114	107	208	72	136
		$      1,009	$             665	$     344	$         976	$             455	$     521
	Depreciation expense for the year ended December 31, 2014 and 2013 and six-month period ended December 31, 2012 was $210, $197 and $90, respectively. Depreciation expense for the fiscal year ended June 30, 2012 was $123. We evaluate the recoverability of the carrying value of equipment when events and circumstances indicate that such assets might be impaired.
	On April 29, 2013, we completed a land acquisition from the state of Wyoming in conjunction with a third-party land exchange resulting in an additional 640 acres being owned by the Company and subject to a royalty retained by the state of Wyoming. The royalty is a non-participating interest at the royalty rate commensurate with the state or federal royalty rate, whichever is higher, for any such mineral(s), at the time of development. The property is immediately adjacent to our mine site, and the cash consideration paid was $980.

6_ADDITIONAL_PAID_IN_CAPITAL

6. ADDITIONAL PAID IN CAPITAL	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
6. ADDITIONAL PAID IN CAPITAL	Stock-based compensation
	We have options outstanding and exercisable that were issued under two plans, the Fixed Stock Option Plan (“FSOP”) and the 10% Rolling Stock Option Plan (“RSOP”).
	The FSOP was originally approved by shareholders on December 11, 2002 and subsequently approved by shareholders on December 7, 2009, following certain amendments to the FSOP. The FSOP expired upon the adoption of the 10% Rolling Stock Option Plan, which was approved by shareholders on December 2, 2011, and as such, we may no longer grant options under the FSOP. However, the terms of the FSOP continue to govern all prior awards granted under such plan until such awards have been cancelled, forfeited or exercised in accordance with the terms thereof. Under the FSOP, we could grant stock options for up to 5,779,347 common shares to eligible directors, officers, employees or consultants. The maximum term of an option was five years. The exercise price of an option was not less than the closing price on the last trading day preceding the grant date, less allowable discounts in accordance with the policies of the TSX and the NYSE MKT. All options granted under the FSOP vested as follows: 20% upon each of 4 months, 8 months, 12 months, 15 months and 18 months after the date of grant. As of December 31, 2014, there were 1,915,000 stock options outstanding under the FSOP with a weighted-average exercise price of $7.37, all of which were exercisable.
	On December 2, 2011, at the Annual General Meeting, our shareholders approved by way of an ordinary resolution the terms of a new plan, the RSOP, which established the maximum number of common shares which may be issued under the RSOP as a variable amount equal to 10% of the issued and outstanding common shares on a non-diluted basis. Under the RSOP, our Board of Directors may from time-to-time grant stock options to individual eligible directors, officers, employees or consultants.  The maximum term of any stock option is ten years. The exercise price of a stock option is not less than the closing price on the last trading day preceding the grant date, less allowable discounts in accordance with the policies of the TSX and the NYSE MKT. The Board retains the discretion to impose vesting periods on any options granted.  All options granted to date vest as follows:  20% upon each of 4 months, 8 months, 12 months, 15 months and 18 months after the date of grant. As of December 31, 2014, there were 2,430,500 stock options outstanding under the RSOP with a weighted-average exercise price of $3.42, of which 2,035,500 options were exercisable with a weighted-average exercise price of $3.81.
	The fair value of stock option awards granted to directors, officers or employees of the Company are estimated on the grant date using the Black-Scholes option pricing model and the closing price of our common shares as quoted on either the TSX or NYSE MKT on the grant date. The significant assumptions used to estimate the fair value of stock option awards using the Black-Scholes model are as follows:
				For the six-month period ended December 31,	For the fiscal year ended June 30,
		For the years ended
		December 31,
		2014	2013	2012	2012
	Risk-free interest rate	0.93 – 0.99%	0.59 – 0.75%	0.35 - 0.39%	0.12 - 0.36%
	Expected volatility	74 – 79%	80 – 84%	80%	80%
	Expected dividend yield	Nil	Nil	Nil	Nil
	Expected term in years	3.3	3	3	3.0 – 5.0
	Estimated forfeiture rate	3.70%	0 – 3.9%	0%	0%
	The fair value of stock option awards granted to consultants of the Company is estimated on the vesting date using the Black-Scholes option pricing model and the closing price of our common shares as quoted on either the TSX or NYSE MKT on the vesting date. The significant assumptions used to estimate the fair value of stock option awards using the Black-Scholes models are as follows:
		For the years ended December 31,		For the six-month period ended December 31,	For the fiscal year ended June 30,
		2014	2013	2012	2012
	Risk-free interest rate	0.99%	0.36 – 0.52	0.35 - 0.39	0.19 - 0.71%
	Expected volatility	74-79%	80 - 84%	80 - 109%	80 - 113%
	Expected dividend yield	Nil	Nil	Nil	Nil
	Expected term in years	3.3	3.0 – 5.0	3.0 – 5.0	3.0 – 5.0
	Estimated forfeiture rate	3.70%	0 – 3.9%	0%	0%
	The following table summarizes stock option activity for each of the years ended December 31, 2014 and 2013, six-month period ended December 31, 2012 and for the fiscal year ended June 30, 2012:
		For the years ended December 31,								For the six-month period ended December 31,				For the fiscal year ended June 30,
		2014				2013				2012				2012
		Number of Stock Options		Weighted Average Exercise Price		Number of Stock Options		Weighted Average Exercise Price		Number of Stock Options		Weighted Average Exercise Price		Number of Stock Options	Weighted Average Exercise Price
	Outstanding, beginning of period	4,700,500		$5.51		4,331,000		$     6.42		4,331,000		$     5.84		3,136,500	$    6.16
	Granted	275,000		1.28		622,500		1.59		610,000		3.97		1,616,000	6.05
	Exercised	-150,000		0.5		-		-		-610,000		0.77		-179,000	1.47
	Cancelled/Expired	-480,000		4.52		-253,000		6.56		-		-		-242,500	14.57
	Outstanding, end of period	4,345,500		$5.16		4,700,500		$     5.51		4,331,000		$     6.42		4,331,000	$    5.84
	Exercisable, end of period	3,950,500		$5.54		3,951,000		$     6.15		3,146,200		$     7.01		3,101,000	$    5.51
	Weighted-average fair value per share of options granted during period	$0.65				$     0.84				$       2.04				$     3.83
	The following table summarizes information about stock options outstanding and exercisable at December 31, 2014:
			Outstanding Stock Options						Exercisable Stock Options
	Range of Exercise Prices		Number Outstanding		Weighted-Average Remaining Contractual Life (in years)		Weighted-Average Exercise Price		Number Exercisable		Weighted-Average Remaining Contractual Life (in years)		Weighted-Average Exercise Price
	$1.23 - $3.00		1,456,500		2.59		$           1.88		1,061,500		2		$         2.07
	$3.01 - $6.00		1,533,000		2.27		4.54		1,533,000		2.27		4.54
	$6.01 - $9.00		210,000		1.54		8.08		210,000		1.54		8.08
	$9.01 - $12.00		975,000		1.21		9.04		975,000		1.21		9.04
	$12.01 +		171,000		1.03		13.05		171,000		1.03		13.05
			4,345,500		2.05		$           5.16		3,950,000		1.84		$         5.54
	A summary of stock option activity as of December 31, 2014 and changes during the year then ended are presented below.
	Non-vested Stock Options		Number Outstanding		Weighted Average Grant Date Fair Value
	Non-vested at December 31, 2013		749,500		$                    1.11
	Granted		275,000		0.65
	Vested		-629,500		1.16
	Expired		-		-
	Non-vested at December 31, 2014		395,000		0.71
	The stock-based compensation cost recognized in our consolidated statements of operations and comprehensive loss for the years ended December 31, 2014 and 2013 was $517 and $1,378, respectively. The stock-based compensation cost recognized in our consolidated statements of operations and comprehensive loss for the six-month period ended December 31, 2012 was $1,637. The stock-based compensation cost recognized in our consolidated statements of loss and comprehensive loss for the fiscal year ended June 30, 2012 was $10,757. As at December 31, 2014, there was $85 of unrecognized compensation cost related to 395,000 unvested stock options. This cost is expected to be recognized over a weighted-average remaining period of approximately 0.55 years. The total intrinsic value of options exercised in each of the periods ended December 31, 2014, 2013 and 2012 and June 30, 2012 was $167, nil, $1,938, and $679, respectively. At December 31, 2014, there was no aggregate intrinsic value of outstanding and exercisable stock options.
	Agents’ Options and Warrants
	The Company issued to investors 1,338,688 warrants, each exercisable for one common share, in connection with the September 27, 2013 registered direct offering. The exercise price and exercise period of each warrant is $4.15 and three years, respectively.
	In addition, the Company issued to an agent in connection with the September 27, 2013 financing 133,869 warrants, under the same terms as those issued to investors. The value of these warrants issued to non-employees for services was offset against the proceeds of the financing. The Company used a Black-Scholes model with inputs including a market price of the Company’s stock of $2.61, an exercise price of $4.15, a three-year term, volatility of 80.9%, a risk-free rate of 0.62% and assumed no dividends. The value of the warrants issued for services was estimated at $143.
	The following table summarizes activity for agents’ options and warrants for the years ended December 31, 2014 and 2013, the six-month period ended December 31, 2012 and for the fiscal year ended June 30, 2012:
		For the year ended				For the year ended				For the six-month period ended December 31,				For the fiscal year ended June 30,
		December 31,				December 31,
		2014				2013				2012				2012
		Number of Agents' Options and Warrants		Weighted-Average Exercise Price (USD$)		Number of Agents' Options and Warrants		Weighted-Average Exercise Price (USD$)		Number of Agents' Options and Warrants		Weighted-Average Exercise Price (CDN$)		Number of Agents' Options and Warrants	Weighted-Average Exercise Price (CDN$)
	Outstanding, beginning of period	1,472,557		$      4.15		-		$            -		211,002		$       9.00		211,002	$       9.00
	Granted	-		-		1,472,557		4.15		-		-		-	-
	Exercised	-		-		-		-		-		-		-	-
	Expired	-		-		-		-		-211,002		9		-	-
	Outstanding, end of period	1,472,557		$      4.15		1,472,557		$       4.15		-		$            -		211,002	$        9.00

7_RELATED_PARTY_TRANSACTIONS

7. RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
7. RELATED PARTY TRANSACTIONS	During the year ended December 31, 2014:
		·	None.
	During the year ended December 31, 2013:
		·	$18 was paid to Donald E. Ranta for providing consulting services to the Company. Mr. Ranta served as Chairman of the Company’s Board of Directors until his resignation in June 2014. As of December 31, 2013, there were no outstanding amounts owed to Mr. Ranta.
		·	Mark Brown resigned from the Board of Directors on April 18, 2013. At that time, he ceased to be a related party, and the company he controlled also ceased to be a related party. During the period from January 1, 2013 to April 18, 2013, $16 was charged by Mark Brown’s private company for providing consulting services.
	During the six-month period ended December 31, 2012:
		·	$30 was paid to Donald E. Ranta for providing consulting services to the Company. As of December 31, 2012, there were no outstanding amounts owed to Mr. Ranta.
		·	Mark Brown was re-elected to the Board of Directors on Dec 11, 2012. During the period from December 11, 2012 to December 31, 2012, less than $1 was charged by Mark Brown’s private company for providing consulting services.
	During the fiscal year ended June 30, 2012:
		·	$83 was paid to Donald E. Ranta for providing consulting services to the Company.
		·	$21 was paid to Paul Schlauch for providing legal services to the Company. Mr. Schlauch serves as a director of Rare Element.
	Related party expenses are included in corporate general and administrative expenses on our Consolidated Statements of Operations and Comprehensive Loss. Related party transactions were in the normal course of operations and are measured at fair value.

8_INCOME_TAX

8. INCOME TAX	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
INCOME TAX	We recognize future tax assets and liabilities for each tax jurisdiction based on the difference between the financial reporting and tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the taxes are paid or recovered. A valuation allowance is provided against net future tax assets for which we do not consider the realization of such assets to meet the required "more likely than not" standard.
	Our future tax assets and liabilities at December 31, 2014 and 2013 include the following components:
					As of December 31,		As of December 31,
					2014		2013
	Deferred tax assets:
		Current:
			Accrued vacation		$                        39		$                        34
			Reclamation provision		57		70
			Derivative transactions		-		35
					96		139
		Non-Current:
			Noncapital loss carryforwards, Canada		2,546		2,316
			Capital loss carryforwards, Canada		7		3
			Net operating loss carryforwards, U.S.		11,053		8,122
			Mineral properties		14,244		13,421
			Share issue costs		-		-
			Reclamation provision		69		72
			Equipment		115		74
			Share based compensation		4,020		4,047
			Research and development		1,882		1,186
			Other		-		-
					33,936		29,241
		Deferred tax assets			34,032		29,380
		Valuation allowance			-34,032		-29,380
		Net			$                         -		$                           -
	Deferred tax liabilities:
		Non-Current:
			Other		-		-
		Deferred tax liabilities			-		-
	Net deferred tax asset/(liability)				-		-
	The composition of our valuation allowance by tax jurisdiction is summarized as follows:
		As of December 31,
		2014			2013
	Canada	$             3,055			$                   2,756
	United States	30,977			26,624
	Total valuation allowance	$           34,032			$                 29,380
	The valuation allowance increased $4,652 from the period ended December 31, 2013 to the calendar year ended December 31, 2014 and $6,452 from the fiscal year ended December 31, 2012 to the period ended December 31, 2013. This was the result of an increase in the net deferred tax assets, primarily net operating loss carryforwards ("NOLs"), equity compensation for U.S. residents, exploration spending on mineral properties, research and experimental spending, and change in tax rates. Because we are unable to determine whether it is more likely than not that the net deferred tax assets will be realized, we continue to record a 100% valuation against the net deferred tax assets.
	At December 31, 2014, we had U.S. net operating loss carryforwards of approximately $34,486, which expire from 2018 to 2034. In addition, we had Canadian non-capital loss carryforwards of approximately CDN$9,792, which expire from 2015 to 2034. As of December 31, 2014, there were Canadian capital loss carryforwards of CDN$59. A full valuation allowance has been recorded against the tax effected U.S. and Canadian loss carryforwards as we do not consider realization of such assets to meet the required 'more likely than not' standard.
	Section 382 of the Internal Revenue Code could apply and limit our ability to utilize a portion of the U.S. net operating loss carryforwards. No Section 382 study has been completed; therefore, the actual usage of U.S. net operating loss carryforwards has not been determined.
	Deferred tax assets relating to equity compensation have been reduced to reflect tax deductions in excess of previously recorded tax benefits through the year ended December 31, 2014. Our NOL carryforwards referenced above at December 31, 2014, 2013 and 2012 include $538 of income tax deductions in excess of previously recorded tax benefits. Although these additional tax deductions are reflected in the NOL carryforwards referenced above, the related tax benefit of $140 will not be recognized until the deductions reduce taxes payable. Accordingly, since the tax benefit does not reduce our current taxes payable for the periods ending December 31, 2014, 2013 or 2012, these tax benefits are not reflected in the deferred tax assets presented above. The tax benefit of these excess deductions will be reflected as a credit to additional paid-in capital when recognized.
	For financial reporting purposes, income/(loss) from continuing operations before income taxes consists of the following components:
				For the years ended December 31,				For the six-month period ended		For the fiscal year ended
								December 31,		June 30,
				2014		2013		2012		2012
	Canada			$                 (623)		$             (1,038)		$                       457		$          (15,572)
	United States			-13,406		-21,208		-15,887		-19,422
				$            (14,029)		$           (22,246)		$                (15,430)		$          (34,994)
	The provision for income taxes includes the following components:
					As of December 31,
					2014		2013
	Current
		Canada			$                    -		$                    -
		United States			-		-
					-		-
	Deferred
		Canada			$                    -		$                    -
		United States			-		-
					-		-
	Income tax expense (recovery)				$                   -		$                    -
	A reconciliation of expected income tax on net income at statutory rates is as follows:
					As of December 31,		As of December 31,		As of December 31,		As of June 30,
					2014		2013		2012		2012
	Net income (loss)				$             (14,029)		$                (22,246)		$                (15,430)		$    (34,994)
	Statutory tax rate				26.00%		25.75%		25.00%		25.00%
Tax expense (recovery) at statutory rate				-3,648		-5,728		-3,857		-8,749
Foreign tax rates				-928		-1,372		-1,695		-2,911
Change in tax rates				27		162		-1,067		-9
Share issuance costs amortization				-220		-243		-91		300
Stock-based compensation				155		391		-2,617		2,689
Nondeductible expenses				5		8		10		669
Prior year true-up for loss carryovers				20		851		-231		-353
Prior year true-up for property basis adjustments				-63		-521		246		-2,876
Unrecognized benefit of non-capital losses				-		-		-		-
Other				-		0		1		4
Change in valuation allowance				4,652		6,452		9,301		11,236
Income tax expense (recovery)				$                         -		$                           -		$                            -		$                -
We do not have any unrecognized income tax benefits. Should we incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of the interest expense and operating expense, respectively.
Rare Element and its wholly-owned subsidiary, Rare Element Resources Holdings, Ltd., file income tax returns in the Canadian federal jurisdiction and provincial jurisdictions, and its wholly-owned subsidiary, Rare Element Resources, Inc., files in the U.S. federal jurisdiction and various state jurisdictions. The years still open for audit are generally the current year plus the previous three. However, because we have NOLs carrying forward, certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment to tax losses carried forward to open years.

9_COMMITMENTS_AND_CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Restricted cash
	On August 28, 2012, the Company received notification from the Wyoming Department of Environmental Quality (“WDEQ”) that the WDEQ had accepted a surety bond in the amount of $430 for our required reclamation program for land disturbances that occur during our exploration programs at the Bear Lodge REE Project. Upon acceptance, the WDEQ released the previously restricted funds back to the Company. The surety bond does not require the Company to restrict any cash as collateral. As such, the $422 discussed below and previously recorded as restricted cash was reclassified to cash and cash equivalents during the six-month period ended December 31, 2012.
	Potential environmental contingency
	Our exploration and development activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain.

10_SUPPLEMENTAL_DISCLOSURE_WIT

10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	Supplemental cash flow information for the respective periods is as follows:
		For the years ended December 31,		For the six-month	For the fiscal year ended June 30,
				period ended
				December 31,
		2014	2013	2012	2012
	Other Information	$            77	$          531	$               178	$            494
	Interest received

11_RETIREMENT_PLAN

11. RETIREMENT PLAN	12 Months Ended
	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
RETIREMENT PLAN	Beginning on January 1, 2012, the Company began sponsoring a qualified tax-deferred savings plan in accordance with the provisions of Section 401(k) of the U.S. Internal Revenue Code, which is available to permanent, full-time U.S. employees after the first day of the month following their hire date. Employees can contribute up to 100% of their compensation, but not to exceed the maximum allowable contribution amount under IRS rules. We match 100% of an employee’s contributions up to 3% and 50% of an employee’s contribution between 3% and 5% for a total contribution of up to 4%. The Company’s contributions vest immediately. Our expense to match employee contributions made during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and the fiscal year ended June 30, 2012 was $86, $95, $45 and $28, respectively.

12_SEGMENTED_INFORMATION

12. SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
SEGMENTED INFORMATION	The Company operates in a single reportable operating segment, being the exploration of mineral properties.

13_QUARTERLY_FINANCIAL_INFORMA

13. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	Summarized quarterly results for the years ended December 31, 2014 and 2013, the six-month period ended December 31, 2012 and for the fiscal year ended June 30, 2012 are as follows (in thousands, except per share amounts):
	For the year ended December 31, 2014
		4th Quarter	3rd Quarter	2nd Quarter	1st Quarter
	Total revenue	$                -	$                 -	$                   -	$                   -
	Net loss	$     (2,937)	$      (3,601)	$        (3,060)	$        (4,431)
	Basic and diluted loss per share	$       (0.06)	$        (0.08)	$          (0.06)	$          (0.09)
	For the year ended December 31, 2013
		4th Quarter	3rd Quarter	2nd Quarter	1st Quarter
	Total revenue	$                -	$                 -	$                   -	$                   -
	Net loss	$     (5,739)	$      (6,855)	$        (5,257)	$        (4,395)
	Basic and diluted loss per share	$       (0.12)	$        (0.15)	$          (0.12)	$          (0.10)
	For the six-month period ended December 31, 2012
				2nd Quarter	1st Quarter
	Total revenue			$                   -	$                  -
	Net loss			$        (9,572)	$        (5,858)
	Basic and diluted loss per share			$          (0.22)	$          (0.13)
	For the fiscal year ended June 30, 2012
		4th Quarter	3rd Quarter	2nd Quarter	1st Quarter
	Total revenue	$                 -	$                 -	$                  -	$                  -
	Net loss	$      (8,616)	$      (5,317)	$      (10,127)	$      (10,934)
	Basic and diluted loss per share	$        (0.19)	$        (0.12)	$          (0.23)	$          (0.25)

3_SUMMARY_OF_SIGNIFICANT_ACCOU1

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Use of estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make 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 expenses during the reporting period. Actual results could differ from those estimates. The amounts which involve significant estimates include asset retirement obligations, stock-based compensation, derivative liabilities, and impairments.
Cash and cash equivalents	Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. At December 31, 2014 and 2013, cash and cash equivalents consisted of $10,139 and $23,902, respectively, of funds held in bank accounts with financial institutions in both Canada and the U.S.
Short-term investments	Short-term investments generally represent investments in guaranteed interest contracts and time deposits which have original maturities in excess of three months but less than twelve months. These investments are accounted for at amortized cost.
Marketable Securities	Marketable securities include our investments in shares of publicly traded companies. These investments have been categorized as available-for-sale financial instruments and are carried at fair value. Adjustments to fair value are recorded in other comprehensive income/(loss) unless there is a sustained loss in value that is deemed to be other- than-temporary, in which case the adjustment to fair value is included in income and not reversed on future fair value changes.
Mineral properties	Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair-market value of common shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under SEC Industry Guide 7, development costs related to such reserves incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future will be written off.
Restricted cash	The Company maintains at times cash deposits and/or surety bonds, as required by regulatory bodies as assurance for the funding of future reclamation costs associated with the Company’s asset retirement obligation. These funds held in cash deposits and/or used as collateral for surety bonds are restricted to that purpose and are not available for the Company’s use until the reclamation obligations have been fulfilled. Restricted cash is classified as a non-current asset.
Asset retirement obligations	Our mining and exploration activities are subject to various laws and regulations, including legal and contractual obligations to reclaim, remediate, or otherwise restore properties at the time the property is removed from service. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The reclamation obligation is based on when spending for an existing disturbance will occur. We reclaim the disturbance from our exploration programs on an ongoing basis and therefore the portion of our asset retirement obligation corresponding to our exploration programs will be settled in the near term and is classified as a current liability. The remaining reclamation associated with environmental monitoring programs is classified as a long-term liability; however, because we have not declared proven and probable reserves under SEC Industry Guide 7, the timing of these reclamation activities is uncertain. The fair value of the outstanding liability at the end of the period approximates the cost of the asset retirement obligation. For exploration stage properties that do not qualify for asset capitalization, the costs associated with the obligation are charged to operations. For development and production stage properties, the costs will be added to the capitalized costs of the property and amortized using the units-of-production method. We review, on a quarterly basis, unless otherwise deemed necessary, the asset retirement obligation in connection with the Bear Lodge REE Property.
	Asset retirement obligations are secured by surety bonds held for the benefit of the state of Wyoming in amounts determined by applicable federal and state regulatory agencies.
	Changes in our current and non-current asset retirement obligations are summarized in the following table:
		Year ended December 31,		Year ended December 31,	Six months ended December 31,		Year ended June 30,
		2014		2013	2012		2012
	Balance, beginning of period	$             415		$                   389	$                    435		$         101
	Additions	19		54	116
	Releases	-66		-30	-178
	Revisions to cost estimates	-2		2	16		334
	Balance, end of period	$             366		$                   415	$                    389		$         435
Derivative instruments	From time to time, the Company may use derivative financial instruments to manage its foreign currency risks. All derivative financial instruments are classified as current liabilities and are accounted for at trade date. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. The Company re-measures all derivative financial instruments as of the date of the balance sheet based on fair values derived from option pricing models. Gains or losses arising from changes in fair value of derivatives are recognized in the Consolidated Statements of Loss, except for derivatives that are highly effective and qualify for cash flow or net investment hedge accounting. The Company does not have any derivatives that are highly effective and qualify for cash flow or net investment hedging. There were no derivatives outstanding as of December 31, 2014.
Common shares	Common shares issued for non-monetary consideration are recorded at fair market value based upon the trading price of our shares on the TSX or the NYSE MKT on the share issuance date. Common shares issued for monetary consideration are recorded at the amount received, less issuance costs.
Foreign currency translation	Our functional currency is the U.S. dollar. All of our foreign subsidiaries are direct and integral components of the Company and are dependent upon the economic environment of our functional currency. Therefore, the functional currency of our foreign entities is considered to be the U.S. dollar in accordance with ASC Topic 830, “Foreign Currency Matters,” and accordingly, translation gains and losses are reported in the loss for that period. Assets and liabilities of these foreign operations are translated using period-end exchange rates and revenues and expenses are translated using average exchange rates during each period.
Depreciation	Depreciation is based on the straight-line method. We depreciate computer equipment, furniture and fixtures and geological equipment over a period of three years. We depreciate vehicles over a period of five years.
Stock-based compensation	The fair value of share-based compensation awards issued to employees and directors of the Company is measured at the date of grant and amortized over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to calculate the fair value of awards granted.
	The fair value of share-based compensation awards issued to non-employees is determined on the measurement date of such awards. The measurement date is typically the vesting date. Upon vesting, the fair value of share-based compensation awards issued to non-employees is calculated using the Black-Scholes option valuation model, and the amount is recorded as an expense with a corresponding increase in additional paid-in-capital.
	When a share-based compensation award is exercised and the resulting common shares are issued, the fair value of such award as determined on the date of grant or date of vesting (in the case of a non-employee exercise) is transferred to common shares. In the case of a share-based compensation award that is either cancelled or forfeited prior to vesting, the amortized expense associated with the unvested awards is reversed.
Income taxes	The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that the entire or some portion of the deferred tax asset will not be recognized.
Loss per share	The loss per share is computed using the weighted average number of shares outstanding during the period. To calculate diluted loss per share, the Company uses the treasury stock method and the if-converted method. Diluted loss per share is not presented as the effect on the basic loss per share would be anti-dilutive. At December 31, 2014, 2013 and 2012 and at June 30, 2012, we had 5,818,057; 6,173,057; 4,331,000 and 4,542,002 in potentially dilutive securities, respectively.
Fair value of financial instruments	Our financial instruments may at times consist of cash and cash equivalents, short-term investments, marketable securities, accounts receivable, restricted cash, derivative liabilities, accounts payable and accrued liabilities. U.S. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):
	Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
	Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.
	Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable.
	The Company continually monitors its cash positions with, and the credit quality of, the financial institutions with which it invests. The Company maintains balances in various U.S. financial institutions in excess of U.S. federally insured limits.
	The Company had no embedded derivatives as of December 31, 2014. Included within accounts payable, and other accrued liabilities at December 31, 2013 and 2012 is an embedded derivative that has been accounted for in accordance with the Company’s accounting policy as described above. This embedded derivative represents a foreign currency option that the Company sells within an enhanced yield deposit account that has been included in cash and cash equivalents. The fair value of the derivative liability associated with this embedded derivative instrument is shown separately as a liability in the table below.
	The following table presents information about financial instruments recognized at fair value on a recurring basis as of December 31, 2014 and 2013, and indicates the fair value hierarchy:
		31-Dec-14			31-Dec-13
		Level 1	Level 2	Total	Level 1	Level 2	Total
	Assets
	Cash and cash equivalents	$10,139	$           -	$10,139	$23,902	$           -	$23,902
	Short-term investments	-	-	-	-	-	-
	Marketable securities	-	-	-	-	-	-
	Total financial assets	$10,139	$           -	$10,139	$23,902	$           -	$23,902
	Liabilities
	Accounts payable and other accrued liabilities	$   1,098	$           -	$   1,098	$   1,425	$           -	$   1,425
	Asset retirement obligation	-	366	366	-	415	415
	Derivative liabilities	-	-	-	-	103	103
	Total financial assets and liabilities	$11,237	$      366	$11,603	$25,327	$      518	$25,845
	Derivative liabilities noted above are included within accounts payable and other accrued liabilities as presented on the Consolidated Balance Sheets.

3_SUMMARY_OF_SIGNIFICANT_ACCOU2

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Current and non-current asset retirement obligations		Year ended December 31,		Year ended December 31,	Six months ended December 31,		Year ended June 30,
		2014		2013	2012		2012
	Balance, beginning of period	$             415		$                   389	$                    435		$         101
	Additions	19		54	116
	Releases	-66		-30	-178
	Revisions to cost estimates	-2		2	16		334
	Balance, end of period	$             366		$                   415	$                    389		$         435
Financial instruments recognized at fair value on a recurring basis		31-Dec-14			31-Dec-13
		Level 1	Level 2	Total	Level 1	Level 2	Total
	Assets
	Cash and cash equivalents	$10,139	$           -	$10,139	$23,902	$           -	$23,902
	Short-term investments	-	-	-	-	-	-
	Marketable securities	-	-	-	-	-	-
	Total financial assets	$10,139	$           -	$10,139	$23,902	$           -	$23,902
	Liabilities
	Accounts payable and other accrued liabilities	$   1,098	$           -	$   1,098	$   1,425	$           -	$   1,425
	Asset retirement obligation	-	366	366	-	415	415
	Derivative liabilities	-	-	-	-	103	103
	Total financial assets and liabilities	$11,237	$      366	$11,603	$25,327	$      518	$25,845

5_EQUIPMENT_AND_LAND_Tables

5. EQUIPMENT AND LAND (Tables)	12 Months Ended
	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
SCHEDULE OF EQUIPMENT AND LAND		December 31,			December 31,
		2014			2013
		Cost	Accumulated depreciation	Net book value	Cost	Accumulated depreciation	Net book value
	Computer equipment	$         189	$              168	$       21	$         169	$             118	$       51
	Furniture	111	64	47	111	48	63
	Geological equipment	488	319	169	488	217	271
	Vehicles	221	114	107	208	72	136
		$      1,009	$             665	$     344	$         976	$             455	$     521

6_ADDITIONAL_PAIDIN_CAPITAL_Ta

6. ADDITIONAL PAID-IN CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2014
Additional Paid in Capital [Abstract]
Fair value assumptions				For the six-month period ended December 31,	For the fiscal year ended June 30,
		For the years ended
		December 31,
		2014	2013	2012	2012
	Risk-free interest rate	0.93 – 0.99%	0.59 – 0.75%	0.35 - 0.39%	0.12 - 0.36%
	Expected volatility	74 – 79%	80 – 84%	80%	80%
	Expected dividend yield	Nil	Nil	Nil	Nil
	Expected term in years	3.3	3	3	3.0 – 5.0
	Estimated forfeiture rate	3.70%	0 – 3.9%	0%	0%
		For the years ended December 31,		For the six-month period ended December 31,	For the fiscal year ended June 30,
		2014	2013	2012	2012
	Risk-free interest rate	0.99%	0.36 – 0.52	0.35 - 0.39	0.19 - 0.71%
	Expected volatility	74-79%	80 - 84%	80 - 109%	80 - 113%
	Expected dividend yield	Nil	Nil	Nil	Nil
	Expected term in years	3.3	3.0 – 5.0	3.0 – 5.0	3.0 – 5.0
	Estimated forfeiture rate	3.70%	0 – 3.9%	0%	0%
Stock option activity		For the years ended December 31,								For the six-month period ended December 31,				For the fiscal year ended June 30,
		2014				2013				2012				2012
		Number of Stock Options		Weighted Average Exercise Price		Number of Stock Options		Weighted Average Exercise Price		Number of Stock Options		Weighted Average Exercise Price		Number of Stock Options	Weighted Average Exercise Price
	Outstanding, beginning of period	4,700,500		$5.51		4,331,000		$     6.42		4,331,000		$     5.84		3,136,500	$    6.16
	Granted	275,000		1.28		622,500		1.59		610,000		3.97		1,616,000	6.05
	Exercised	-150,000		0.5		-		-		-610,000		0.77		-179,000	1.47
	Cancelled/Expired	-480,000		4.52		-253,000		6.56		-		-		-242,500	14.57
	Outstanding, end of period	4,345,500		$5.16		4,700,500		$     5.51		4,331,000		$     6.42		4,331,000	$    5.84
	Exercisable, end of period	3,950,500		$5.54		3,951,000		$     6.15		3,146,200		$     7.01		3,101,000	$    5.51
	Weighted-average fair value per share of options granted during period	$0.65				$     0.84				$       2.04				$     3.83
Stock options outstanding			Outstanding Stock Options						Exercisable Stock Options
	Range of Exercise Prices		Number Outstanding		Weighted-Average Remaining Contractual Life (in years)		Weighted-Average Exercise Price		Number Exercisable		Weighted-Average Remaining Contractual Life (in years)		Weighted-Average Exercise Price
	$1.23 - $3.00		1,456,500		2.59		$           1.88		1,061,500		2		$         2.07
	$3.01 - $6.00		1,533,000		2.27		4.54		1,533,000		2.27		4.54
	$6.01 - $9.00		210,000		1.54		8.08		210,000		1.54		8.08
	$9.01 - $12.00		975,000		1.21		9.04		975,000		1.21		9.04
	$12.01 +		171,000		1.03		13.05		171,000		1.03		13.05
			4,345,500		2.05		$           5.16		3,950,000		1.84		$         5.54
Options and warrants		For the year ended				For the year ended				For the six-month period ended December 31,				For the fiscal year ended June 30,
		December 31,				December 31,
		2014				2013				2012				2012
		Number of Agents' Options and Warrants		Weighted-Average Exercise Price (USD$)		Number of Agents' Options and Warrants		Weighted-Average Exercise Price (USD$)		Number of Agents' Options and Warrants		Weighted-Average Exercise Price (CDN$)		Number of Agents' Options and Warrants	Weighted-Average Exercise Price (CDN$)
	Outstanding, beginning of period	1,472,557		$      4.15		-		$            -		211,002		$       9.00		211,002	$       9.00
	Granted	-		-		1,472,557		4.15		-		-		-	-
	Exercised	-		-		-		-		-		-		-	-
	Expired	-		-		-		-		-211,002		9		-	-
	Outstanding, end of period	1,472,557		$      4.15		1,472,557		$       4.15		-		$            -		211,002	$        9.00
Non-vested Stock option activity	Non-vested Stock Options		Number Outstanding		Weighted Average Grant Date Fair Value
	Non-vested at December 31, 2013		749,500		$                    1.11
	Granted				0.65
	Vested		-629,500		1.16
	Expired		-		-
	Non-vested at December 31, 2014		395,000		0.71

8_INCOME_TAX_Tables

8. INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Deferred tax assets and liabilities					As of December 31,		As of December 31,
					2014		2013
	Deferred tax assets:
		Current:
			Accrued vacation		$                        39		$                        34
			Reclamation provision		57		70
			Derivative transactions		-		35
					96		139
		Non-Current:
			Noncapital loss carryforwards, Canada		2,546		2,316
			Capital loss carryforwards, Canada		7		3
			Net operating loss carryforwards, U.S.		11,053		8,122
			Mineral properties		14,244		13,421
			Share issue costs		-		-
			Reclamation provision		69		72
			Equipment		115		74
			Share based compensation		4,020		4,047
			Research and development		1,882		1,186
			Other		-		-
					33,936		29,241
		Deferred tax assets			34,032		29,380
		Valuation allowance			-34,032		-29,380
		Net			$                         -		$                           -
	Deferred tax liabilities:
		Non-Current:
			Other		-		-
		Deferred tax liabilities			-		-
	Net deferred tax asset/(liability)				-		-
Valuation allowance by tax jurisdiction		As of December 31,
		2014			2013
	Canada	$             3,055			$                   2,756
	United States	30,977			26,624
	Total valuation allowance	$           34,032			$                 29,380
Income/(loss) from continuing operations before income taxes				For the years ended December 31,				For the six-month period ended		For the fiscal year ended
								December 31,		June 30,
				2014		2013		2012		2012
	Canada			$                 (623)		$             (1,038)		$                       457		$          (15,572)
	United States			-13,406		-21,208		-15,887		-19,422
				$            (14,029)		$           (22,246)		$                (15,430)		$          (34,994)
Income tax provision					As of December 31,
					2014		2013
	Current
		Canada			$                    -		$                    -
		United States			-		-
					-		-
	Deferred
		Canada			$                    -		$                    -
		United States			-		-
					-		-
	Income tax expense (recovery)				$                   -		$                    -
Income tax reconciliation					As of December 31,		As of December 31,		As of December 31,		As of June 30,
					2014		2013		2012		2012
	Net income (loss)				$             (14,029)		$                (22,246)		$                (15,430)		$    (34,994)
	Statutory tax rate				26.00%		25.75%		25.00%		25.00%
	Tax expense (recovery) at statutory rate				-3,648		-5,728		-3,857		-8,749
	Foreign tax rates				-928		-1,372		-1,695		-2,911
	Change in tax rates				27		162		-1,067		-9
	Share issuance costs amortization				-220		-243		-91		300
	Stock-based compensation				155		391		-2,617		2,689
	Nondeductible expenses				5		8		10		669
	Prior year true-up for loss carryovers				20		851		-231		-353
	Prior year true-up for property basis adjustments				-63		-521		246		-2,876
	Unrecognized benefit of non-capital losses				-		-		-		-
	Other				-		0		1		4
	Change in valuation allowance				4,652		6,452		9,301		11,236
	Income tax expense (recovery)				$                         -		$                           -		$                            -		$                -

10_SUPPLEMENTAL_DISCLOSURE_WIT1

10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information		For the years ended December 31,		For the six-month	For the fiscal year ended June 30,
				period ended
				December 31,
		2014	2013	2012	2012
	Other Information	$            77	$          531	$               178	$            494
	Interest received

13_QUARTERLY_FINANCIAL_INFORMA1

13. QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Summarized quarterly results	For the year ended December 31, 2014
		4th Quarter	3rd Quarter	2nd Quarter	1st Quarter
	Total revenue	$                -	$                 -	$                   -	$                   -
	Net loss	$     (2,937)	$      (3,601)	$        (3,060)	$        (4,431)
	Basic and diluted loss per share	$       (0.06)	$        (0.08)	$          (0.06)	$          (0.09)
	For the year ended December 31, 2013
		4th Quarter	3rd Quarter	2nd Quarter	1st Quarter
	Total revenue	$                -	$                 -	$                   -	$                   -
	Net loss	$     (5,739)	$      (6,855)	$        (5,257)	$        (4,395)
	Basic and diluted loss per share	$       (0.12)	$        (0.15)	$          (0.12)	$          (0.10)
	For the six-month period ended December 31, 2012
				2nd Quarter	1st Quarter
	Total revenue			$                   -	$                  -
	Net loss			$        (9,572)	$        (5,858)
	Basic and diluted loss per share			$          (0.22)	$          (0.13)
	For the fiscal year ended June 30, 2012
		4th Quarter	3rd Quarter	2nd Quarter	1st Quarter
	Total revenue	$                 -	$                 -	$                  -	$                  -
	Net loss	$      (8,616)	$      (5,317)	$      (10,127)	$      (10,934)
	Basic and diluted loss per share	$        (0.19)	$        (0.12)	$          (0.23)	$          (0.25)

3_SUMMARY_OF_SIGNIFICANT_ACCOU3

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Asset Retirement Obligation [Abstract]
Balance, beginning of period	$435	$415	$389	$101
Additions	116	19	54
Releases	-178	-66	-30
Revisions to cost estimates	16	-2	2	334
Balance, end of period	$389	$366	$415	$435

3_SUMMARY_OF_SIGNIFICANT_ACCOU4

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
In Thousands, unless otherwise specified
Assets
Cash and cash equivalents	$10,139	$23,902	$24,985	$37,030	$59,477	$72,312
Short-term investments	0	0
Marketable securities	0	0
Total financial assets	10,139	23,902
Liabilities
Accounts payable and other accrued liabilities	1,098	1,425
Asset retirement obligation	366	415	389	435		101
Derivative liabilities	0	103
Total financial assets and liabilities	11,603	25,845
Level 1
Assets
Cash and cash equivalents	10,139	23,902
Short-term investments	0	0
Marketable securities	0	0
Total financial assets	10,139	23,902
Liabilities
Accounts payable and other accrued liabilities	1,098	1,425
Asset retirement obligation	0	0
Derivative liabilities	0	0
Total financial assets and liabilities	11,237	25,327
Level 2
Assets
Cash and cash equivalents	0	0
Short-term investments	0	0
Marketable securities	0	0
Total financial assets	0	0
Liabilities
Accounts payable and other accrued liabilities	0	0
Asset retirement obligation	366	415
Derivative liabilities	0	103
Total financial assets and liabilities	$366	$518

3_SUMMARY_OF_SIGNIFICANT_ACCOU5

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Accounting Policies [Abstract]
Cash and cash equivalents	$24,985	$10,139	$23,902	$37,030	$59,477	$72,312
Potentially dilutive securities	4,331,000	5,818,057	6,173,057	4,542,002

5_EQUIPMENT_AND_LAND_Details

5. EQUIPMENT AND LAND (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Total Equipment	$344	$521
Cost
Computer equipment	189	169
Furniture	111	111
Geological equipment	488	488
Vehicles	221	208
Total Equipment	1,009	976
Accumulated depreciation
Computer equipment	168	118
Furniture	64	48
Geological equipment	319	217
Vehicles	114	72
Total Equipment	665	455
Net book value
Computer equipment	21	51
Furniture	47	63
Geological equipment	169	271
Vehicles	107	136
Total Equipment	$344	$521

5_EQUIPMENT_AND_LAND_Details_N

5. EQUIPMENT AND LAND (Details Narrative) (USD $)	6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
Property, Plant and Equipment [Abstract]
Depreciation expense	$90	$42	$210	$197	$171	$123

6_ADDITIONAL_PAIDIN_CAPITAL_De

6. ADDITIONAL PAID-IN CAPITAL (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Directors, Officers or Employees
Risk free interest rate, minimum	0.35%	0.93%	0.59%	0.12%
Risk free interest rate, maximum	0.39%	0.99%	0.75%	0.36%
Expected volatiility, minimum	80.00%	74.00%	80.00%	80.00%
Expected volatiility, maximum		79.00%	84.00%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term in years, minimum	3 years	3 years 3 months 18 days	3 years	3 years
Expected term in years, maximum				5 years
Estimated forfeiture rate, minimum	0.00%	3.70%	0.00%	0.00%
Estimated forfeiture rate, maximum			3.90%	0.00%
Consultants
Risk free interest rate, minimum	0.35%	0.99%	0.36%	0.19%
Risk free interest rate, maximum	0.39%		0.52%	0.71%
Expected volatiility, minimum	80.00%	74.00%	80.00%	80.00%
Expected volatiility, maximum	109.00%	79.00%	84.00%	113.00%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term in years, minimum	3 years	3 years 3 months 18 days	3 years	3 years
Expected term in years, maximum	5 years		5 years	5 years
Estimated forfeiture rate, minimum	0.00%	3.70%	0.00%	0.00%
Estimated forfeiture rate, maximum			3.90%	0.00%

6_ADDITIONAL_PAIDIN_CAPITAL_De1

6. ADDITIONAL PAID-IN CAPITAL (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012	Jun. 30, 2011
Outstanding Stock Options
Number of Options Outstanding, Ending	4,345,500	4,700,500	4,331,000	4,331,000	3,136,500
Weighted-Average Remaining Contractual Life (in years)	2 years 18 days
Weighted Average Exercise Price Outstanding, Ending	$5.16	$5.51	$6.42	$5.84	$6.16
Exercisable Stock Options
Number of Options Exercisable	3,950,500	3,951,000	3,146,200	3,101,000
Weighted-Average Remaining Contractual Life (in years)	1 year 10 months 2 days
Weighted Average Exercise Price Exercisable	$5.54	$6.15	$7.01	$5.51
$1.23 - $3.00
Outstanding Stock Options
Number of Options Outstanding, Ending	1,456,500
Weighted-Average Remaining Contractual Life (in years)	2 years 7 months 2 days
Weighted Average Exercise Price Outstanding, Ending	$1.88
Exercisable Stock Options
Number of Options Exercisable	1,061,500
Weighted-Average Remaining Contractual Life (in years)	2 years
Weighted Average Exercise Price Exercisable	$2.07
$3.01 - $6.00
Outstanding Stock Options
Number of Options Outstanding, Ending	1,533,000
Weighted-Average Remaining Contractual Life (in years)	2 years 3 months 7 days
Weighted Average Exercise Price Outstanding, Ending	$4.54
Exercisable Stock Options
Number of Options Exercisable	1,533,000
Weighted-Average Remaining Contractual Life (in years)	2 years 3 months 7 days
Weighted Average Exercise Price Exercisable	$4.54
$6.01 - $9.00
Outstanding Stock Options
Number of Options Outstanding, Ending	210,000
Weighted-Average Remaining Contractual Life (in years)	1 year 6 months 15 days
Weighted Average Exercise Price Outstanding, Ending	$8.08
Exercisable Stock Options
Number of Options Exercisable	210,000
Weighted-Average Remaining Contractual Life (in years)	1 year 6 months 15 days
Weighted Average Exercise Price Exercisable	$8.08
$9.01 - $12.00
Outstanding Stock Options
Number of Options Outstanding, Ending	975,000
Weighted-Average Remaining Contractual Life (in years)	1 year 2 months 16 days
Weighted Average Exercise Price Outstanding, Ending	$9.04
Exercisable Stock Options
Number of Options Exercisable	975,000
Weighted-Average Remaining Contractual Life (in years)	1 year 2 months 16 days
Weighted Average Exercise Price Exercisable	$9.04
$12.01 +
Outstanding Stock Options
Number of Options Outstanding, Ending	171,000
Weighted-Average Remaining Contractual Life (in years)	1 year 11 days
Weighted Average Exercise Price Outstanding, Ending	$13.05
Exercisable Stock Options
Number of Options Exercisable	171,000
Weighted-Average Remaining Contractual Life (in years)	1 year 11 days
Weighted Average Exercise Price Exercisable	$13.05

6_ADDITIONAL_PAIDIN_CAPITAL_De2

6. ADDITIONAL PAID-IN CAPITAL (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014
Number Outstanding
Non-vested at December 31, 2013	749,500
Granted	275,000
Vested	-629,500
Forfeited	0
Non-vested at December 31, 2014	395,000
Weighted Average Grant Date Fair Value
Non-vested at December 31, 2013	$1.11
Granted	$0.65
Vested	$1.16
Forfeited	$0
Non-vested at December 31, 2014	$0.71

6_ADDITIONAL_PAIDIN_CAPITAL_De3

6. ADDITIONAL PAID-IN CAPITAL (Details 3) (USD $)	6 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Number of Options
Number of Options Outstanding, Beginning	4,331,000	4,700,500	4,331,000	3,136,500
Number of Options Granted	610,000	275,000	622,500	1,616,000
Number of Options Exercised	-610,000	-150,000	0	-179,000
Number of Options Cancelled/Forfeited/Expired	0	-480,000	-253,000	-242,500
Number of Options Outstanding, Ending	4,331,000	4,345,500	4,700,500	4,331,000
Number of Options Exercisable	3,146,200	3,950,500	3,951,000	3,101,000
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$5.84	$5.51	$6.42	$6.16
Weighted Average Exercise Price Granted	$3.97	$1.28	$1.59	$6.05
Weighted Average Exercise Price Exercised	$0.77	$0.50		$1.47
Weighted Average Exercise Price Cancelled/Forfeited/Expired		$4.52	$6.56	$14.57
Weighted Average Exercise Price Outstanding, Ending	$6.42	$5.16	$5.51	$5.84
Weighted Average Exercise Price Exercisable	$7.01	$5.54	$6.15	$5.51
Weighted-average fair value per share of options granted during the period	$2.04	$0.65	$0.84	$3.83
Agents options and warrants (CDN$)
Number of Options
Number of Options Outstanding, Beginning	211,002	1,472,557	0	211,002
Number of Options Granted	0	0	1,472,557	0
Number of Options Exercised	0	0	0	0
Number of Options Cancelled/Forfeited/Expired	-211,002	0	0	0
Number of Options Outstanding, Ending	0	1,472,557	1,472,557	211,002
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$9	$4.15	$0	$9
Weighted Average Exercise Price Granted	$0	$0	$4.15	$0
Weighted Average Exercise Price Exercised	$0	$0	$0	$0
Weighted Average Exercise Price Cancelled/Forfeited/Expired	$9	$0	$0	$0
Weighted Average Exercise Price Outstanding, Ending	$0	$4.15	$4.15	$9

6_ADDITIONAL_PAID_IN_CAPITAL_D

6. ADDITIONAL PAID IN CAPITAL (Details Narrative) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Jun. 30, 2013	Jun. 30, 2012
Additional Paid in Capital [Abstract]
Unrecognized compensation cost		$85
Period for recognition of compensation cost		6 months 18 days
Total intrinsic value of options exercised	$1,938	$167	$0	$679

8_INCOME_TAX_Details

8. INCOME TAX (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Accrued vacation	$39,000	$34,000
Reclamation provision	57,000	70,000
Derivative transactions	0	35,000
Total Deferred tax assets current	96,000	139,000
Deferred tax assets Non-Current:
Net operating loss carryforwards, US	30,977,000	26,624,000
Mineral properties	14,244,000	13,421,000
Share issue costs	0	0
Reclamation provision	69,000	72,000
Equipment	115,000	74,000
Share based compensation	4,020,000	4,047,000
Research and development	1,882,000	1,186,000
Other	0	0
Total Deferred tax assets non-current	33,936,000	29,241,000
Deferred tax assets	34,032,000	29,380,000
Valuation allowance	-34,032,000	-29,380,000
Net	0	0
Deferred tax liabilities Non-Current:
Other	0	0
Deferred tax liabilities	0	0
Net deferred tax asset/(liability)	0	0
Canada
Deferred tax assets Non-Current:
Noncapital loss carryforwards, Canada	2,546,000	2,316,000
Capital loss, carryforwards, Canada	7,000	3,000
Net operating loss carryforwards, US	$11,053,000	$8,122,000

8_INCOME_TAX_Details_1

8. INCOME TAX (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Income Tax Disclosure [Abstract]
Canada	$3,055	$2,756
United States	30,977	26,624
Total valuation allowance	$34,032	$29,380

8_INCOME_TAX_Details_2

8. INCOME TAX (Details 2) (USD $)	3 Months Ended														6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
Canada															$457		($623)	($1,038)		($15,572)
United States															-15,887		-13,406	-21,208		-19,422
Net loss	($2,937)	($3,601)	($3,060)	($4,431)	($5,739)	($6,855)	($5,257)	($4,395)	($9,572)	($5,858)	($8,616)	($5,317)	($10,127)	($10,934)	($15,430)	($21,061)	($14,029)	($22,246)	($29,362)	($34,994)

8_INCOME_TAX_Details_3

8. INCOME TAX (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current
Canada	$0	$0
United States	0	0
Deferred
Canada	0	0
United States	0	0
Income tax expense (recovery)	$0	$0

8_INCOME_TAX_Details_4

8. INCOME TAX (Details 4) (USD $)	3 Months Ended														6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Net loss	($2,937)	($3,601)	($3,060)	($4,431)	($5,739)	($6,855)	($5,257)	($4,395)	($9,572)	($5,858)	($8,616)	($5,317)	($10,127)	($10,934)	($15,430)	($21,061)	($14,029)	($22,246)	($29,362)	($34,994)
Statutory tax rate															25.00%		26.00%	25.75%		25.00%
Tax expense (recovery) at statutoy rate	-3,648				-5,728				-3,857		-8,749				-3,857		-3,648	-5,728	-3,857	-8,749
Foreign tax rates	-928				-1,372				-1,695		-2,911				-1,695		-928	-1,372	-1,695	-2,911
Change in tax rates	27				162				-1,067		-9				-1,067		27	162	-1,067	-9
Share issuance costs amortization	-220				-243				-91		300				-91		-220	-243	-91	300
Stock based compensation	155				391				-2,617		2,689				-2,617		155	391	-2,617	2,689
Nondeductible expenses	5				8				10		669				10		5	8	10	669
Prior year true-up for loss carryovers	20				851				-231		-353				-231		20	851	-231	-353
Prior year true-up for property basis adjustments	-63				-521				246		-2,876				246		-63	-521	246	-2,876
Unrecognized benefit of non capital losses	0				0				0		0				0		0	0	0	0
Other	0				0				1		4				1		0	0	1	4
Change in valuation allowance	4,652				6,452				9,301		11,236				9,301		4,652	6,452	9,301	11,236
Income tax expense (recovery)	$0				$0				$0		$0				$0		$0	$0	$0	$0

8_INCOME_TAX_Details_Narrative

8. INCOME TAX (Details Narrative)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
	USD ($)	USD ($)	Canadian Dollars
			CAD
Increase in valuation allowance	$4,652,000	$6,452,000
Net operating loss carryforwards	34,486,000		9,792,000
Capital carryforward			59,000
Tax deductions in excess of previous tax benefits	538,000
Tax benefit related to net operating loss carryforward	$140,000

10_SUPPLEMENTAL_DISCLOSURE_WIT2

10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Other information
Interest received	$178	$77	$531	$494

11_RETIREMENT_PLAN_Details_Nar

11. RETIREMENT PLAN (Details Narrative) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]
Employee contribution match	$45	$86	$95	$28

13_QUARTERLY_FINANCIAL_INFORMA2

13. QUARTERLY FINANCIAL INFORMATION (Details) (USD $)	3 Months Ended														6 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Net loss	($2,937)	($3,601)	($3,060)	($4,431)	($5,739)	($6,855)	($5,257)	($4,395)	($9,572)	($5,858)	($8,616)	($5,317)	($10,127)	($10,934)	($15,430)	($21,061)	($14,029)	($22,246)	($29,362)	($34,994)
Basic and diluted loss per share	($0.06)	($0.08)	($0.06)	($0.09)	($0.12)	($0.15)	($0.12)	($0.10)	($0.22)	($0.13)	($0.19)	($0.12)	($0.23)	($0.25)	($0.35)	($0.48)	($0.29)	($0.48)	($0.66)	($0.79)