Goldrich Mining (GRMC) 10-Q 20 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 10, 2015
Entity Registrant Name	Goldrich Mining Company
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Entity Central Index Key	59860
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		131,082,809
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Goldrich_Mining_Company_Consol

Goldrich Mining Company Consolidated Balance Sheets (interim period unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$91,954	$206,025
Gold Inventory	2,433	71,021
Prepaid expenses	339,576	70,136
Deferred financing costs	24,309	28,161
Other current assets	56,731	56,731
Total current assets	515,003	432,074
Property, plant, equipment, and mining claims:
Equipment, net of accumulated depreciation	93,488	117,311
Mining properties and claims	582,166	582,166
Total property, plant, equipment and mining claims	675,654	699,477
Investment in joint venture	55,300	55,300
Total assets	1,245,957	1,186,851
Current liabilities:
Accounts payable and accrued liabilities	339,409	272,947
Related party payable	85,046	73,659
Remediation	878,000	878,000
Notes payable in gold, net	576,696	576,696
Dividend payable on preferred stock	22,083	22,083
Total current liabilities	1,901,234	1,823,385
Long-term liabilities:
Note payable, net of discount	262,837	257,168
Remediation and asset retirement obligation	350,255	347,282
Total long-term liabilities	613,092	604,450
Total liabilities	2,514,326	2,427,835
Stockholders' deficit:
Convertible preferred stock series A; 5% cumulative dividends, no par value, 1,000,000 shares authorized; 175,000 shares issued and outstanding, $350,000 liquidation preferences	175,000	175,000
Convertible preferred stock series B; no par value, 300 shares authorized, 200 shares issued and outstanding, $200,000 liquidation preference	57,758	57,758
Common stock; $.10 par value, 250,000,000 shares authorized; 130,882,809 and 126,082,809 issued and outstanding, respectively	13,088,281	12,608,281
Additional paid-in capital	13,139,338	13,380,145
Deficit accumulated during the exploration stage	-27,728,746	-27,462,168
Total stockholders' deficit	-1,268,369	-1,240,984
Total liabilities and stockholders' deficit	$1,245,957	$1,186,851

Statement_of_Financial_Positio

Statement of Financial Position - Parenthetical (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of financial position
Preferred Stock, Par Value	$0	$0
Preferred Stock, Shares Authorized	8,999,800	8,999,800
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Convertible preferred stock series A, no par value, 5% cumulative dividends, shares authorized	1,000,000	1,000,000
Convertible preferred stock series A, shares issued	175,000	175,000
Convertible preferred stock series A, shares outstanding	175,000	175,000
Liquidation preference	$350,000	$350,000
Convertible preferred stock series B, no par value, shares authorized	300	300
Convertible preferred stock series B, shares issued	200	200
Convertible preferred stock series B, shares outstanding	200	200
Liquidation preference, additional series	$200,000	$200,000
Common Stock, Par Value	$0.10	$0.10
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	130,882,809	126,082,809
Common Stock, Shares Outstanding	130,882,809	126,082,809

Goldrich_Mining_Company_Consol1

Goldrich Mining Company Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating expenses:
Mine preparation and oversight costs		$20,172
Exploration expense	15,492	10,882
Depreciation and amortization	23,823	51,779
Management fees and salaries	65,188	68,969
Professional services	31,579	44,443
Other general and admin expense	56,185	67,119
Office supplies and other expense	2,177	3,359
Directors' fees	14,500	15,300
Mineral property maintenance	17,338	16,988
Loss on sale of gold purchased	8,476
Total operating expenses	234,758	299,011
Other (income) expense:
Interest income	-2	-12
Interest expense and finance costs	31,822	55,255
Total other (income) expense	31,820	55,243
Net loss	266,578	354,254
Preferred dividends	4,424	52,188
Net loss available to common stockholders	$271,001	$406,442
Net loss per common share - basic and diluted	$0	$0
Weighted average common shares outstanding-basic and diluted	127,537,062	95,656,719

Goldrich_Mining_Company_Consol2

Goldrich Mining Company Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($266,578)	($354,254)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	23,823	51,779
Loss on sale of gold purchased	8,476
Amortization of discount on note payable and notes payable in gold	5,669	36,121
Amortization of deferred financing costs	3,852	10,344
Accretion of asset retirement obligation	2,973	2,858
Change in:
Gold inventory	60,112
Prepaid expenses	-269,440	-30,360
Accounts payable and accrued liabilities	66,462	-81,129
Related party deferred compensation		-55,000
Related party payable	11,387	31,346
Net cash used - operating activities	-353,264	-388,295
Cash flows from financing activities:
Proceeds from issuance of common stock and warrants, net of offering costs	239,193
Proceeds from issuance of preferred stock and warrants		200,000
Proceeds on note payable and warrants		285,000
Financing costs of note payable		-54,511
Net cash provided - financing activities	239,193	430,489
Net increase (decrease) in cash and cash equivalents	-114,071	42,194
Cash and cash equivalents, beginning of period	206,025	16,993
Cash and cash equivalents, end of period	$91,954	$59,187

1_Basis_of_Presentation

1. Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Notes
1. Basis of Presentation:	1.   BASIS OF PRESENTATION:
	The unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included.  Operating results for the three-month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015.
	For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	Going Concern
	The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds.
	The Company currently has no historical recurring source of revenue and its ability to continue as a going concern is dependent on the Company’s ability to raise capital to fund its future exploration and working capital requirements or its ability to profitably execute its business plan. The Company’s plans for the long-term return to and continuation as a going concern include the profitable exploitation of its mining properties and financing the Company’s future operations through sales of its common stock and/or debt.
	Additionally, the current capital markets and general economic conditions in the United States are significant obstacles to raising the required funds. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
	The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Notes
2. Summary of Significant Accounting Policies	2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Cash and Cash Equivalents
	For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent. Cash or cash equivalents which secure debt instruments, credit facilities, reclamation or environmental bonds, or that are otherwise limited or restricted in their usage, are reported separately and not included in cash and cash equivalents.
	Consolidation of and Accounting for Subsidiaries
	The consolidated financial statements include the accounts of the Company and the accounts of its 100% owned subsidiaries Minera LSG S.A. and Goldrich Placer, LLC. These subsidiaries are included in the accompanying financial statements by consolidation, with all intercompany balances and investment accounts eliminated.
	Accounting for Investments in Joint Ventures
	For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. Under the cost method, these investments are carried at the lower of cost or fair value. For those joint ventures in which there is joint control between the parties and in which the Company has significant influence, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount.
	Goldrich has no significant influence over its joint venture described in Note 3 Joint Venture, and therefore accounts for its investment using the cost method.
	For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of a non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. Goldrich currently has no joint venture of this nature.
	The Company periodically assesses its investments in joint ventures for impairment.  If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations.
	Net Loss Per Share
	Basic earnings per share (“EPS”) is computed as net loss available to common shareholders after dividends to preferred shareholders, divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible debt and securities. The dilutive effect of vested convertible and exercisable securities would be:
	For periods ended March 31,	2015	2014
	Convertible preferred stock Series A	1,050,000	1,050,000
	Convertible preferred stock Series B	2,857,142	2,857,142
	Stock options	3,350,000	3,165,000
	Warrants	48,969,397	36,882,319
	Total possible dilution	56,226,539	43,954,461
	For the three-month periods ended March 31, 2015 and 2014, the effect of the Company’s outstanding options and common stock equivalents would have been anti-dilutive. Accordingly, only basic EPS is presented.
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the cost of mining claims, accrued remediation costs, asset retirement obligations, stock based compensation, and deferred tax assets and related valuation allowances. Actual results could differ from those estimates.
	In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern”. The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of ASU No. 2014-15 on the Company’s consolidated financial statements once adopted.
	Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
	Reclassifications
	Certain reclassifications have been made to conform prior period’s data to the current presentation. These reclassifications have no effect on the results of reported operations or stockholders’ equity.
	Plant, Equipment, and Accumulated Depreciation
	Plant and equipment are stated at cost, which is determined by cash paid or fair value of the shares of the Company’s common stock issued. The Company’s mill buildings and equipment are located on the Company’s unpatented state mining claims located in the Chandalar mining district of Alaska. All mill buildings and equipment purchased prior to 2009 are fully depreciated. The Company’s equipment is located at the Chandalar property in Alaska, with a small amount of office equipment located at Company offices in Spokane, Washington. Assets are depreciated on a straight-line basis. Improvements which significantly increase an asset’s value or significantly extend its useful life are capitalized and depreciated over the asset’s remaining useful life.
	When a fixed asset is sold at a price either higher or lower than its carrying amount, or undepreciated cost at the date of disposal, the difference between the sale proceeds over the carrying amount is recognized as gain, while a loss is recognized when the carrying amount exceeds the sale proceeds. The gain or loss is recognized in the Consolidated Statement of Operations.
	Mining Properties and Claims
	The Company capitalizes costs for acquiring mineral properties and expenses costs to maintain mineral rights and leases as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mineral properties are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.
	Mine Preparation Costs
	Mine preparation costs are expenditures incurred in the exploration stage that may ultimately benefit production are expensed due to the lack of proven and probable reserves, which would indicate future recovery of these expenses. These costs are expensed in the period in which they occur.
	Exploration Costs
	Exploration costs are expensed in the period in which they occur.
	Income Taxes
	Income taxes are recognized in accordance with Accounting Standards Codification (“ASC”) 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has assessed its tax positions and has determined that it has not taken a position that would give rise to an unrecognized tax liability being reported. In the event that the Company is assessed penalties and or interest; penalties will be charged to other operating expense and interest will be charged to interest expense.
	Revenue Recognition
	Revenue from the sale of gold is recorded net of smelter or refinery treatment and refining charges. Revenue is recognized when persuasive evidence of an arrangement exists, title and risk passes to the buyer, collection is reasonably assured and price is reasonably determinable. When alluvial gold is placed with the smelter, revenue is recognized and cash is remitted for any ounces of alluvial gold sold to the smelter, converted to ounces of fine gold at an assumed smelting loss percentage. Pricing of the sale is at the market price of gold on the date of sale. The number of gold ounces sold at deposit is limited to a certain percentage of the ounces of alluvial gold deposited, as agreed in each case with the smelter. Ounces not sold are smelted and retained in the Company’s inventory in a secured metals account at the smelter. Subsequent sales of gold from inventory are made at then-current market prices, with smelter treatment and refining charges deducted, and net cash proceeds are remitted to the Company.
	Stock-Based Compensation
	The Company periodically issues common shares or options to purchase shares of the Company’s common shares to its officers, directors or other parties. These issuances are recorded at fair value for both the common shares issued and options granted.
	The Company uses a Black Scholes valuation model for determining fair value of options to purchase shares, and compensation expense is recognized ratably over the vesting periods on a straight line basis. Compensation expenses for grants that vest immediately are recognized in the period of grant.
	Remediation
	The Company’s operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of tangible long-lived assets. A corresponding asset is also recorded and depreciated over the life of the long lived asset using a units of production method. After the initial measurement of the asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates and the credit-adjusted risk-free interest rates. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Such costs are based on management’s estimate of amounts expected to be incurred when the remediation work is performed.
	Fair Values of Financial Instruments
	The Company discloses the following information for each class of assets and liabilities that are measured at fair value:
	1.      The fair value measurement;
	2.      the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3);
	3.      for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following:
	a.       total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earnings are reported in the statement of operations;
	b.      the amount of these gains or losses attributable to the change in unrealized gains or losses relating to those assets or liabilities still held at the reporting period date and a description of where those unrealized gains or losses are reported;
	c.       purchases, sales, issuances, and settlements (net); and
	d.      transfers into and/or out of Level 3
	4.      the amount of the total gains or losses for the period included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of operations; and
	5.      in annual periods only, the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period.
	The table below sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:
		Balance	Balance	Input
		31-Mar-15	31-Dec-14	Hierarchy level
	Cash and cash equivalents	$        91,954	$          206,025	Level 1
	The carrying amounts of financial instruments including cash and cash equivalents, notes payable in gold, and notes payable approximate fair value at March 31, 2015 and 2014.

3_Joint_Venture

3. Joint Venture	3 Months Ended
	Mar. 31, 2015
Notes
3. Joint Venture	3.   JOINT VENTURE
	On May 7, 2012, the Company entered into a joint venture (“the JV”) with NyacAU, LLC (“NyacAU”), an Alaskan private company, to bring Goldrich’s Chandalar placer gold properties into production as defined in the joint venture agreement. In each case as used herein in reference to the JV, “production” is as defined by the JV agreement. As part of the agreement, Goldrich and NyacAU formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC (“GNP”), to operate the Chandalar placer mines, with NyacAU acting as managing partner. Goldrich has no significant control or influence over the JV, and therefore accounts for its investment using the cost method, which totals $55,300 at March 31, 2015 and December 31, 2014.
	Under the terms of the joint venture agreement (the “Agreement”), NyacAU provided funding to the JV. The loans are to be repaid from future production. According to the Agreement, on at least an annual basis, the JV shall allocate and distribute all revenue (whether in cash or as gold) generated from the JV’s placer operation in the following order:
	1.   Current year operating expenses,
	2.   Members’ distribution of 20% (10% to Goldrich and 10% to NyacAU) provided that, for so long as the loan (LOC2) to GNP from NyacAU for the purchase of a royalty is not paid in full, the JV shall retain 100% of Goldrich’s distribution and apply against the loan,
	3.   After payment of operating expenses and the member’s distribution of 20%, the JV will apply any remaining revenue to reduce the remaining balance of the loan from NyacAU to GNP for the development of the mine (LOC1),
	4.   Reserves for future operating expenses and capital needs, not to exceed $3,000,000 in any year, and
	5.   Member distributions of any remaining gold production on a 50:50 basis to each of the JV partners provided that, for so long as the loan LOC2 is not paid in full, the JV shall retain 100% of Goldrich’s distribution and apply against the loan.

4_Related_Party_Transactions

4. Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Notes
4. Related Party Transactions	4.   RELATED PARTY TRANSACTIONS
	An amount of $4,969 was accrued for fees due to the Company’s Chief Financial Officer (“CFO”) at December 31, 2014.  An amount of $10,406 has been accrued for fees at March 31, 2015. These amounts are included in related party payable.
	A total of $46,775 had been accrued for consultants and directors’ fees at December 31, 2014. For the three months ended March 31, 2015, an additional $27,865 has been accrued for services performed during the period, which is included in accounts payable. During the year ended December 31, 2014, a total of 1,650,000 common shares and 450,000 options to purchase common shares were issued to directors having a total fair value of $96,300, which brought the total consultants and directors’ fees recognized for the year ended December 31, 2014 to $143,075.

5_Note_Payable

5. Note Payable	3 Months Ended
	Mar. 31, 2015
Notes
5. Note Payable	5.   NOTE PAYABLE
	On January 24, 2014, the Company closed a three-year unsecured senior note financing for $300,000 with a private investment firm (“the lender”). Per the note agreement, the $300,000 is the first of six-staged loans for total aggregate amount of up to $2 million. The note bears interest at 15%, payable at the end of each quarter. Interest of $41,610 had been paid and expensed during the year ended December 31, 2014. During the three months ended March 31, 2015, interest of $11,250 has been paid and expensed.
	Repayment of all amounts owed under the note is guaranteed by Goldrich Placer LLC, the Company’s wholly owned subsidiary, which in turn owns a 50% interest in Goldrich NyacAU Placer LLC. See Note 3 Joint Venture. The note contains standard default provisions, including failure to pay interest and principal when due.
	Under the terms of the note, the three-year maturity date is measured from the closing date of each loan in the series. The loans will be issued at a 5% discount and, for each loan of the series, the Company will issue 5.25 Class M warrants, exercisable at $0.15 per common share, for each dollar loaned under this agreement. The Company has, at its election, the ability to cancel future loans at any time or prepay the loans together with interest thereon without penalty. The lender reserves the right, at its election, to determine whether to fund Loans 2 through 6 in the series. The Company is required to pay finders fees consisting of a 3% cash commission to parties other than the lender. At the inception of the first note, the Company issued warrants to purchase shares of common stock of the Company equal in number to 8% of the number of dollars of the aggregated loan package (160,000 warrants through December 31, 2014). One percent point of the three percentage points of commissions paid on the 2014 and future cash proceeds were and will be paid to a director of the Company.  Three percentage points of the eight percentage points of the warrants were paid to a director of the Company. The terms of the warrants issued to finders are the same as the warrants issued to the lender.
	During the year ended December 31, 2014, the Company received the first staged loan of $300,000 less a discount of $15,000, for proceeds of $285,000. In total, the Company issued 1,735,000 Class M warrants, paid finder fees totaling $9,000 to a third party, and incurred other placement costs of $45,511, for a total of $54,511 of deferred finance costs.
	The fair value of warrants issued with the notes payable was estimated at the date of issuance using the Black-Scholes fair value model, which requires the use of highly subjective assumptions, including the expected volatility of the stock price, which may be difficult to estimate for small reporting companies traded on micro-cap stock exchanges.
	The fair value of the warrants was estimated on the issue date at $41,795 using the following weighted average assumptions:
	Risk-free interest rate	1.52%
	Expected dividend yield	0
	Expected term (in years)	5
	Expected volatility	157.10%
	The risk-free interest rate is based on the U.S. Treasury yield curve at the time of the grant. The expected term of warrants issued is from the date of issuance. The expected volatility is based on historical volatility. The Company has evaluated previous low occurrences of warrant forfeitures and believes that current holders of the warrants will hold them to maturity as has been experienced historically; therefore, no variable for forfeiture was used in the calculation of fair value. The Note payable is discounted by the fair value of the warrants, which is then amortized over the life of the note.
	At March 31, 2015, the Company had outstanding a total note payable of $300,000 less remaining unamortized discounts of $37,163 for a net liability of $262,837. The lender elected to defer at least the second through the fifth tranches of the note advances pending the resolution and additional due diligence related to a lien that was placed on our claims in December 2013 by our joint venture partner, which was subsequently released during the quarter ended March 31, 2014. At March 31, 2015, the lender retains the right to lend the contracted amounts of the second through fifth tranches of the note.

6_Notes_Payable_in_Gold

6. Notes Payable in Gold	3 Months Ended
	Mar. 31, 2015
Notes
6. Notes Payable in Gold	6.   NOTES PAYABLE IN GOLD
	During 2013, the Company issued notes in principal amounts totaling $820,000, less a discount of $205,000, for proceeds of $615,000. Under the terms of the notes, the Company agreed to deliver gold to the holders at the lesser of $1,350 per ounce of fine gold or a 25% discount to market price as calculated on the contract date and specify delivery of gold in November 2014. The notes payable in gold contracts contain standard terms regarding delivery and receipt of gold and payment of delivery costs. The Company paid a finder’s fee of $42,000, and incurred other placement costs of $2,143, for a total of $44,143 of deferred finance costs.
	Additionally, for each dollar of note payable in gold entered, the holder received one half of a common stock purchase warrant. A total of 307,500 warrants were issued. Each whole warrant is exercisable to purchase one share of common stock of the Company at an exercise price of $0.40 for a period of two years following the date of issue. A portion of the proceeds from the notes were allocated to the warrants, resulting in an increase in additional paid in capital and a discount on the notes payable in gold of $7,590.
	The fair value of warrants issued with the notes payable in gold was estimated at the date of issuance using the Black-Scholes fair value model, which requires the use of highly subjective assumptions, including the expected volatility of the stock price, which may be difficult to estimate for small reporting companies traded on micro-cap stock exchanges.
	At December 31, 2014 and March 31, 2015, the Company had outstanding total notes payable in gold of $576,696, representing 446.788 ounces of fine gold deliverable at November 30, 2015.
	The Company is not required to purchase gold on the open market to meet delivery obligations. In the event that sufficient gold is not produced to meet future distribution requirements, the Company may be required to renegotiate the terms of the notes with the holders to avoid default. A renegotiation or default may require a change in future accounting treatment to that of derivative accounting as required by ASC 450.

7_Stockholders_Equity

7. Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Notes
7. Stockholders' Equity	7.   STOCKHOLDERS’ EQUITY
	Private Placement Offerings
	Unit Private Placements
	On March 31, 2015, the Company completed the first tranche of the private placement consisting of 4,800,000 units issued at a price of $0.05 per unit and resulted in net proceeds of $239,193. A second tranche of 200,000 units at the same price per unit for net proceeds of $10,000 was completed on April 7, 2015. Each unit consist of one share of our common stock and one full share Class O warrant.  Each full Class O warrant is exercisable to purchase one additional common share of the Company at $0.06, for a period of five years following the date of issue.
	Preferred Shares:
	Series A Convertible Preferred Stock:
	The Company has 175,000 shares of Series A Convertible Preferred Stock outstanding at March 31, 2015. These shares were issued from the designated 1,000,000 shares of Series A Preferred Stock, no par value, with the following rights and preferences:
	·            Liquidation Preference: Upon a liquidation event, an amount in cash equal to $2.00 per share (adjusted appropriately for stock splits, stock dividends and the like), for a total of $350,000 at March 31, 2015, together with declared but unpaid dividends to which the holders of outstanding shares of Series A Preferred Stock are entitled shall be paid prior to liquidation payments to holders of Company securities junior to the Series A Preferred Stock.
	·            Voting: Each holder of Series A Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holder’s shares of Series A Preferred Stock could be converted.
	·            Conversion: Any share of Series A Preferred Stock may, at the option of the holder, be converted at any time into six shares of common stock. The Company has the right, at its sole option, to convert all Series A Preferred Stock into common stock after the third anniversary of its issuance if the weighted average trading price of the common stock exceeds $1.00 per share for ten consecutive trading days. The Company also has the right, at its sole option, to convert all Series A Preferred Stock into common stock after the tenth anniversary from the date of issuance.
	·            Dividend Rate: The holders of Series A Preferred Stock shall be entitled to receive, when and as declared by the Board, yearly cumulative dividends from the surplus or net profits of the Company at an effective rate of 5% per annum, of the original Series A Preferred Stock purchase price of $1.00 per share. The Series A dividend shall accrue ratably from the date of issuance of the Series A Preferred Stock through the entire period in which shares of Series A Preferred Stock are held and shall be payable to the holder of the Series A Preferred Stock on the conversion date of the Series A Preferred Stock or as may be declared by the Board, with proper adjustment for any dividend period which is less than a full year.
	·            Preferential and Cumulative. The Series A dividends shall be payable before any dividends will be paid upon, or set apart for, the common stock of the Company and will be cumulative, so that any dividends not paid or set apart for payment for the Series A Preferred Stock, will be fully paid and set apart for payment, before any dividends will be paid upon, or set apart for, the common stock of the Company.
	·            Payment of Dividend: If the Company shall have sufficient earnings to pay a dividend on the Series A Preferred Stock, upon declaration of any dividend by the Board in compliance with the Alaska Code and the Company’s Articles of Incorporation and Bylaws, the holder of Series A Preferred Stock may elect to receive payment of Series A dividend on a dividend payment date in cash, or provisionally in gold. Payment of Series A dividends in gold shall be paid only if the Company is producing gold in sufficient quantities as of the dividend payment date to pay such in-kind dividend and shall be delivered in the form of gold produced from the Company’s Chandalar property.
	Series B Convertible Preferred Stock:
	The Company has 200 shares of Series B Convertible Preferred Stock outstanding at March 31, 2015. These shares were issued from the designated 300 shares of Series B Preferred Stock, no par value, with the following rights and preferences:
	·            Liquidation Preference: Upon a liquidation event, an amount in cash equal to $1,000 per share (adjusted appropriately for stock splits, stock dividends and the like), for a total of $200,000 at March 31, 2015 shall be paid prior to liquidation payments to holders of Company securities junior to the Series B Preferred Stock. Holders of the Company’s Series A Preferred Stock shall be paid in advance of holders of the Series B Preferred Stock on the occurrence of a Liquidation Event.
	·            Voting: Each holder of Series B Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holder’s shares of Series B Preferred Stock could be converted. Holders of Series B Preferred Stock vote as a single class with the common shares on an as-if-converted basis. No holder of Series B Preferred Stock is entitled to pre-emptive voting rights.
	·            Conversion: Shares of Series B Preferred Stock may, at the option of the holder, be converted at any time into a number of fully-paid and non-assessable shares of common stock as is equal to the product obtained by multiplying the Series B shares by $1,000, then dividing by the Series B conversion price of $0.07 per common share. The Series B conversion price is subject to adjustment in accordance with the provisions of the statement of designation.
	·            Dividend Rate: The holders of Series B Preferred Stock shall not be entitled to receive dividends.
	Warrants:
	The following is a summary of warrants for March 31, 2015:
		Shares		Exercise	Expiration Date
				Price ($)
	Class H Warrants: (Issued for Private Placement)
	Outstanding and exercisable at January 1, 2014	5,125,936		0.3		31-May-16
	Outstanding and exercisable at December 31, 2014	5,125,936
	Outstanding and exercisable at March 31, 2015	5,125,936
	Class I Warrants: (Issued for Private Placement)
	Outstanding and exercisable at January 1, 2014	13,906,413		0.4		31-May-16
	Outstanding and exercisable at December 31, 2014	13,906,413
	Outstanding and exercisable at March 31, 2015	13,906,413
	Class J Warrants: (Issued for Private Placement)
	Outstanding and exercisable at January 1, 2014	8,780,478		0.3		29-Jul-16
	Outstanding and exercisable at December 31, 2014	8,780,478
	Outstanding and exercisable at March 31, 2015	8,780,478
	Class K Warrants: (Issued for Notes payable in gold)
	Outstanding and exercisable at January 1, 2014	307,500		0.4		29-Mar-15
	Outstanding and exercisable at December 31, 2014	307,500
	Warrants expired March 29, 2015	-307,500
	Outstanding and exercisable at March 31, 2015	-
	Class L Warrants: (Issued for Private Placement of Preferred Stock
	Warrants issued January 23, 2014	2,857,142		0.1		23-Jan-19
	Outstanding and exercisable at December 31, 2014	2,857,142
	Outstanding and exercisable at March 31, 2015	2,857,142
	Class M Warrants: (Issued for Note Payable)
	Warrants issued January 29, 2014	1,735,000		0.15		29-Jan-19
	Outstanding and exercisable at December 31, 2014	1,735,000
	Outstanding and exercisable at March 31, 2015	1,735,000
	Class N Warrants: (Issued for Private Placement)
	Warrants issued June 6, 2014	7,104,317		0.11		6-Jun-19
	Warrants issued June 30, 2014	4,350,180		0.11		30-Jun-19
	Warrants issued July 18, 2014	2,408,545		0.11		18-Jul-19
	Outstanding and exercisable at December 31, 2014	13,863,042
	Outstanding and exercisable at March 31, 2015	13,863,042
	Class N-2 Warrants: (Issued for Finders Fees)
	Warrants issued July 18, 2014	2,701,386		0.055		18-Jul-19
	Outstanding and exercisable at December 31, 2014	2,701,386
	Outstanding and exercisable at March 31, 2015	2,701,386
	Class O Warrants:
	Warrants issued March 31, 2015	4,800,000		0.06		31-Mar-20
	Outstanding and exercisable at March 31, 2015	4,800,000
	Weighted average exercise of warrants outstanding and weighted average exercise price at March 31, 2015	48,969,397		0.19
	Stock Options and Stock-Based Compensation:
	Under the Company’s 2008 Equity Incentive Plan, as amended by shareholder vote on November 27, 2013 (the “Plan”), options to purchase shares of common stock may be granted to key employees, contract management and directors of the Company. The Plan permits the granting of nonqualified stock options, incentive stock options and shares of common stock. Upon exercise of options, shares of common stock are issued from the Company’s treasury stock or, if insufficient treasury shares are available, from authorized but unissued shares. Options are granted at a price equal to the closing price of the common stock on the date of grant. The stock options are generally exercisable immediately upon grant and for a period of 10 years. In the event of cessation of the holder’s relationship with the Company, the holder’s exercise period terminates 90 days following such cessation. The Plan authorizes the issuance of up to 9,550,672 shares of common stock, subject to adjustment for certain events, such as a stock split or other dilutive events. As of March 31, 2015, there were a total of 1,775,672 shares available for grant in the Plan, 4,275,000 shares issued or exercised, and 3,500,000 options outstanding.
For the periods ended March 31, 2015 and December 31, 2014, the fair value of stock options was estimated at the date of grant using the Black-Scholes option pricing model, which requires the use of highly subjective assumptions, including the expected volatility of the stock price, which may be difficult to estimate for small reporting companies traded on micro-cap stock exchanges. The fair value of each option grant was estimated on the grant date using the following weighted average assumptions:
		2015	2014
Risk-free interest rate		--	2.17%
Expected dividend yield		--	--
Expected term (in years)		--	10
Expected volatility		--	143%
The risk-free interest rate is based on the U.S. Treasury yield curve at the time of the grant. The expected term of stock options granted is from the date of the grant. The expected volatility is based on historical volatility. The Company has evaluated previous low occurrences of option forfeitures and believes that current holders of the option will hold them to maturity as has been experience historically; therefore, no variable for forfeiture was used in the calculation of fair value.
During the year ended December 31, 2014, the Company issued 450,000 options to directors. The fair value of these options was determined using a Black Scholes model, resulting in a fair value of $22,050. The Company also issued 2,700,000 common shares to officers, directors, and employees. These shares were issued at the grant date market price of $0.045 per share, resulting in share based compensation expense of $121,025.
A summary of stock option transactions for the period ended March 31, 2015 are as follows:
	Shares	Weighted-	Weighted	Aggregate
		Average	Average	Intrinsic
		Exercise Price	Remaining	Value
		(per share)	Contractual
			Term (Years)
Options outstanding at December 31, 2014	3,350,000	$      0.28	4.41	$0
Granted	-	-
Forfeited	-	-
Options outstanding and exercisable at March 31, 2015
	3,350,000	$      0.24	4.83	$0
Options available for future grants	1,925,672
For the period ended March 31, 2015, the Company recognized total share-based compensation for employees and consulting directors of $nil.

9_Remediation

9. Remediation	3 Months Ended
	Mar. 31, 2015
Notes
9. Remediation	9.   REMEDIATION
	In prior years, the Company accrued $50,000 for remediation of a historic mill site. In 2013, the Company accrued an additional $300,000 for the cost of remediation of a mine road and associated disturbance which must be completed by October 2015. In 2014, the Company received a quote from an independent third party to perform the remediation work and accrued an additional $578,000 to cover the anticipated costs of this remediation. The cost of this remediation is in addition to the long term asset retirement obligation calculated in previous years and is classified as a current liability.  The accrual of $928,000 respectively at March 31, 2015 and December 31, 2014 is for anticipated costs to remediate a road and associated disturbance and contamination caused by activities of a previous operator next to an inactive mill site, neither of which was included in the Asset Retirement Obligation computation.

10_Commitments_and_Contingenci

10. Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Notes
10. Commitments and Contingencies	10. COMMITMENTS AND CONTINGENCIES
	The Company has 426.5 acres of patented claims and 22,432 acres of non-patented claims. We are subject to annual claims rental fees in order to maintain our non-patented claims. In addition to the annual claims rental fees due November 30 of each year, we are also required to meet annual labor requirements due November 30 of each year. The Company is able to carry forward costs for annual labor that exceed the required yearly totals for four years. Following are the annual claims and labor requirements for 2015 and 2016.
		30-Nov-15	30-Nov-16
	Claims Rental	$                   83,570	$                    84,770
	Annual Labor	61,100	61,100
	Yearly Totals	$                 144,670	$                  145,870
	The Company has a carryover to 2015 of approximately $17.1 million to satisfy its annual labor requirements. This carryover expires in the years 2015 through 2020 if unneeded to satisfy requirements in those years.

2_Summary_of_Significant_Accou1

2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Cash and Cash Equivalents	Cash and Cash Equivalents
	For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent. Cash or cash equivalents which secure debt instruments, credit facilities, reclamation or environmental bonds, or that are otherwise limited or restricted in their usage, are reported separately and not included in cash and cash equivalents.

2_Summary_of_Significant_Accou2

2. Summary of Significant Accounting Policies: Consolidation of and Accounting For Subsidiaries (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Consolidation of and Accounting For Subsidiaries	Consolidation of and Accounting for Subsidiaries
	The consolidated financial statements include the accounts of the Company and the accounts of its 100% owned subsidiaries Minera LSG S.A. and Goldrich Placer, LLC. These subsidiaries are included in the accompanying financial statements by consolidation, with all intercompany balances and investment accounts eliminated.

2_Summary_of_Significant_Accou3

2. Summary of Significant Accounting Policies: Accounting For Investments in Joint Ventures (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Accounting For Investments in Joint Ventures	Accounting for Investments in Joint Ventures
	For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. Under the cost method, these investments are carried at the lower of cost or fair value. For those joint ventures in which there is joint control between the parties and in which the Company has significant influence, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount.
	Goldrich has no significant influence over its joint venture described in Note 3 Joint Venture, and therefore accounts for its investment using the cost method.
	For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of a non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. Goldrich currently has no joint venture of this nature.
	The Company periodically assesses its investments in joint ventures for impairment.  If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations.

2_Summary_of_Significant_Accou4

2. Summary of Significant Accounting Policies: Net Loss Per Share (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Net Loss Per Share	Net Loss Per Share
	Basic earnings per share (“EPS”) is computed as net loss available to common shareholders after dividends to preferred shareholders, divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible debt and securities. The dilutive effect of vested convertible and exercisable securities would be:
	For periods ended March 31,	2015	2014
	Convertible preferred stock Series A	1,050,000	1,050,000
	Convertible preferred stock Series B	2,857,142	2,857,142
	Stock options	3,350,000	3,165,000
	Warrants	48,969,397	36,882,319
	Total possible dilution	56,226,539	43,954,461
	For the three-month periods ended March 31, 2015 and 2014, the effect of the Company’s outstanding options and common stock equivalents would have been anti-dilutive. Accordingly, only basic EPS is presented.

2_Summary_of_Significant_Accou5

2. Summary of Significant Accounting Policies: Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the cost of mining claims, accrued remediation costs, asset retirement obligations, stock based compensation, and deferred tax assets and related valuation allowances. Actual results could differ from those estimates.
	In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern”. The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of ASU No. 2014-15 on the Company’s consolidated financial statements once adopted.
	Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

2_Summary_of_Significant_Accou6

2. Summary of Significant Accounting Policies: Reclassifications (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Reclassifications	Reclassifications
	Certain reclassifications have been made to conform prior period’s data to the current presentation. These reclassifications have no effect on the results of reported operations or stockholders’ equity.

2_Summary_of_Significant_Accou7

2. Summary of Significant Accounting Policies: Plant, Equipment, and Accumulated Depreciation (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Plant, Equipment, and Accumulated Depreciation	Plant, Equipment, and Accumulated Depreciation
	Plant and equipment are stated at cost, which is determined by cash paid or fair value of the shares of the Company’s common stock issued. The Company’s mill buildings and equipment are located on the Company’s unpatented state mining claims located in the Chandalar mining district of Alaska. All mill buildings and equipment purchased prior to 2009 are fully depreciated. The Company’s equipment is located at the Chandalar property in Alaska, with a small amount of office equipment located at Company offices in Spokane, Washington. Assets are depreciated on a straight-line basis. Improvements which significantly increase an asset’s value or significantly extend its useful life are capitalized and depreciated over the asset’s remaining useful life.
	When a fixed asset is sold at a price either higher or lower than its carrying amount, or undepreciated cost at the date of disposal, the difference between the sale proceeds over the carrying amount is recognized as gain, while a loss is recognized when the carrying amount exceeds the sale proceeds. The gain or loss is recognized in the Consolidated Statement of Operations.

2_Summary_of_Significant_Accou8

2. Summary of Significant Accounting Policies: Mining Properties and Claims (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Mining Properties and Claims	Mining Properties and Claims
	The Company capitalizes costs for acquiring mineral properties and expenses costs to maintain mineral rights and leases as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mineral properties are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.

2_Summary_of_Significant_Accou9

2. Summary of Significant Accounting Policies: Mine Preparation Costs (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Mine Preparation Costs	Mine Preparation Costs
	Mine preparation costs are expenditures incurred in the exploration stage that may ultimately benefit production are expensed due to the lack of proven and probable reserves, which would indicate future recovery of these expenses. These costs are expensed in the period in which they occur.

Recovered_Sheet1

2. Summary of Significant Accounting Policies: Exploration Costs (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Exploration Costs	Exploration Costs
	Exploration costs are expensed in the period in which they occur.

Recovered_Sheet2

2. Summary of Significant Accounting Policies: Income Taxes (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Income Taxes	Income Taxes
	Income taxes are recognized in accordance with Accounting Standards Codification (“ASC”) 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has assessed its tax positions and has determined that it has not taken a position that would give rise to an unrecognized tax liability being reported. In the event that the Company is assessed penalties and or interest; penalties will be charged to other operating expense and interest will be charged to interest expense.

Recovered_Sheet3

2. Summary of Significant Accounting Policies: Revenue Recognition (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Revenue Recognition	Revenue Recognition
	Revenue from the sale of gold is recorded net of smelter or refinery treatment and refining charges. Revenue is recognized when persuasive evidence of an arrangement exists, title and risk passes to the buyer, collection is reasonably assured and price is reasonably determinable. When alluvial gold is placed with the smelter, revenue is recognized and cash is remitted for any ounces of alluvial gold sold to the smelter, converted to ounces of fine gold at an assumed smelting loss percentage. Pricing of the sale is at the market price of gold on the date of sale. The number of gold ounces sold at deposit is limited to a certain percentage of the ounces of alluvial gold deposited, as agreed in each case with the smelter. Ounces not sold are smelted and retained in the Company’s inventory in a secured metals account at the smelter. Subsequent sales of gold from inventory are made at then-current market prices, with smelter treatment and refining charges deducted, and net cash proceeds are remitted to the Company.

Recovered_Sheet4

2. Summary of Significant Accounting Policies: Stock-based Compensation (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Stock-based Compensation	Stock-Based Compensation
	The Company periodically issues common shares or options to purchase shares of the Company’s common shares to its officers, directors or other parties. These issuances are recorded at fair value for both the common shares issued and options granted.
	The Company uses a Black Scholes valuation model for determining fair value of options to purchase shares, and compensation expense is recognized ratably over the vesting periods on a straight line basis. Compensation expenses for grants that vest immediately are recognized in the period of grant.

Recovered_Sheet5

2. Summary of Significant Accounting Policies: Remediation (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Remediation	Remediation
	The Company’s operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of tangible long-lived assets. A corresponding asset is also recorded and depreciated over the life of the long lived asset using a units of production method. After the initial measurement of the asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates and the credit-adjusted risk-free interest rates. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Such costs are based on management’s estimate of amounts expected to be incurred when the remediation work is performed.

Recovered_Sheet6

2. Summary of Significant Accounting Policies: Fair Values of Financial Instruments (Policies)	3 Months Ended
	Mar. 31, 2015
Policies
Fair Values of Financial Instruments	Fair Values of Financial Instruments
	The Company discloses the following information for each class of assets and liabilities that are measured at fair value:
	1.      The fair value measurement;
	2.      the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3);
	3.      for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following:
	a.       total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earnings are reported in the statement of operations;
	b.      the amount of these gains or losses attributable to the change in unrealized gains or losses relating to those assets or liabilities still held at the reporting period date and a description of where those unrealized gains or losses are reported;
	c.       purchases, sales, issuances, and settlements (net); and
	d.      transfers into and/or out of Level 3
	4.      the amount of the total gains or losses for the period included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of operations; and
	5.      in annual periods only, the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period.
	The table below sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:
		Balance	Balance	Input
		31-Mar-15	31-Dec-14	Hierarchy level
	Cash and cash equivalents	$        91,954	$          206,025	Level 1
	The carrying amounts of financial instruments including cash and cash equivalents, notes payable in gold, and notes payable approximate fair value at March 31, 2015 and 2014.

Recovered_Sheet7

2. Summary of Significant Accounting Policies: Net Loss Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Tables/Schedules
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
	For periods ended March 31,	2015	2014
	Convertible preferred stock Series A	1,050,000	1,050,000
	Convertible preferred stock Series B	2,857,142	2,857,142
	Stock options	3,350,000	3,165,000
	Warrants	48,969,397	36,882,319
	Total possible dilution	56,226,539	43,954,461

Recovered_Sheet8

2. Summary of Significant Accounting Policies: Fair Values of Financial Instruments: Fair Value, Option, Quantitative Disclosures (Tables)	3 Months Ended
	Mar. 31, 2015
Tables/Schedules
Fair Value, Option, Quantitative Disclosures
		Balance	Balance	Input
		31-Mar-15	31-Dec-14	Hierarchy level
	Cash and cash equivalents	$        91,954	$          206,025	Level 1

5_Note_Payable_Warrants_issued

5. Note Payable: Warrants issued with notes payable valuation assumptions (Tables)	3 Months Ended
	Mar. 31, 2015
Tables/Schedules
Warrants issued with notes payable valuation assumptions
	Risk-free interest rate	1.52%
	Expected dividend yield	0
	Expected term (in years)	5
	Expected volatility	157.10%

7_Stockholders_Equity_Schedule

7. Stockholders' Equity: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables)	3 Months Ended
	Mar. 31, 2015
Tables/Schedules
Schedule of Stockholders' Equity Note, Warrants or Rights
		Shares	Exercise	Expiration Date
			Price ($)
	Class H Warrants: (Issued for Private Placement)
	Outstanding and exercisable at January 1, 2014	5,125,936	0.3		31-May-16
	Outstanding and exercisable at December 31, 2014	5,125,936
	Outstanding and exercisable at March 31, 2015	5,125,936
	Class I Warrants: (Issued for Private Placement)
	Outstanding and exercisable at January 1, 2014	13,906,413	0.4		31-May-16
	Outstanding and exercisable at December 31, 2014	13,906,413
	Outstanding and exercisable at March 31, 2015	13,906,413
	Class J Warrants: (Issued for Private Placement)
	Outstanding and exercisable at January 1, 2014	8,780,478	0.3		29-Jul-16
	Outstanding and exercisable at December 31, 2014	8,780,478
	Outstanding and exercisable at March 31, 2015	8,780,478
	Class K Warrants: (Issued for Notes payable in gold)
	Outstanding and exercisable at January 1, 2014	307,500	0.4		29-Mar-15
	Outstanding and exercisable at December 31, 2014	307,500
	Warrants expired March 29, 2015	-307,500
	Outstanding and exercisable at March 31, 2015	-
	Class L Warrants: (Issued for Private Placement of Preferred Stock
	Warrants issued January 23, 2014	2,857,142	0.1		23-Jan-19
	Outstanding and exercisable at December 31, 2014	2,857,142
	Outstanding and exercisable at March 31, 2015	2,857,142
	Class M Warrants: (Issued for Note Payable)
	Warrants issued January 29, 2014	1,735,000	0.15		29-Jan-19
	Outstanding and exercisable at December 31, 2014	1,735,000
	Outstanding and exercisable at March 31, 2015	1,735,000
	Class N Warrants: (Issued for Private Placement)
	Warrants issued June 6, 2014	7,104,317	0.11		6-Jun-19
	Warrants issued June 30, 2014	4,350,180	0.11		30-Jun-19
	Warrants issued July 18, 2014	2,408,545	0.11		18-Jul-19
	Outstanding and exercisable at December 31, 2014	13,863,042
	Outstanding and exercisable at March 31, 2015	13,863,042
	Class N-2 Warrants: (Issued for Finders Fees)
	Warrants issued July 18, 2014	2,701,386	0.055		18-Jul-19
	Outstanding and exercisable at December 31, 2014	2,701,386
	Outstanding and exercisable at March 31, 2015	2,701,386
	Class O Warrants:
	Warrants issued March 31, 2015	4,800,000	0.06		31-Mar-20
	Outstanding and exercisable at March 31, 2015	4,800,000
	Weighted average exercise of warrants outstanding and weighted average exercise price at March 31, 2015	48,969,397	0.19

7_Stockholders_Equity_Schedule1

7. Stockholders' Equity: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables)	3 Months Ended
	Mar. 31, 2015
Tables/Schedules
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
		2015	2014
	Risk-free interest rate	--	2.17%
	Expected dividend yield	--	--
	Expected term (in years)	--	10
	Expected volatility	--	143%

7_Stockholders_Equity_Sharebas

7. Stockholders' Equity: Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable (Tables)	3 Months Ended
	Mar. 31, 2015
Tables/Schedules
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable
		Shares	Weighted-	Weighted	Aggregate
			Average	Average	Intrinsic
			Exercise Price	Remaining	Value
			(per share)	Contractual
				Term (Years)
	Options outstanding at December 31, 2014	3,350,000	$      0.28	4.41	$0
	Granted	-	-
	Forfeited	-	-
	Options outstanding and exercisable at March 31, 2015
		3,350,000	$      0.24	4.83	$0
	Options available for future grants	1,925,672

10_Commitments_and_Contingenci1

10. Commitments and Contingencies: Patented and nonpatented claims, annual costs (Tables)	3 Months Ended
	Mar. 31, 2015
Tables/Schedules
Patented and nonpatented claims, annual costs
		30-Nov-15	30-Nov-16
	Claims Rental	$                   83,570	$                    84,770
	Annual Labor	61,100	61,100
	Yearly Totals	$                 144,670	$                  145,870

1_Basis_of_Presentation_Detail

1. Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2015
Details
Substantial Doubt about Going Concern	Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. The Company currently has no historical recurring source of revenue and its ability to continue as a going concern is dependent on the Company’s ability to raise capital to fund its future exploration and working capital requirements or its ability to profitably execute its business plan. The Company’s plans for the long-term return to and continuation as a going concern include the profitable exploitation of its mining properties and financing the Company’s future operations through sales of its common stock and/or debt. Additionally, the current capital markets and general economic conditions in the United States are significant obstacles to raising the required funds. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

Recovered_Sheet9

2. Summary of Significant Accounting Policies: Net Loss Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Details
Convertible preferred stock series A	1,050,000	1,050,000
Convertible preferred stock series B	2,857,142	2,857,142
Stock options	3,350,000	3,165,000
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	48,969,397	36,882,319
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	56,226,539	43,954,461

Recovered_Sheet10

2. Summary of Significant Accounting Policies: Fair Values of Financial Instruments: Fair Value, Option, Quantitative Disclosures (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Details
Cash and cash equivalents	$91,954	$206,025	$59,187	$16,993

3_Joint_Venture_Details

3. Joint Venture (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Details
Investment in joint venture	$55,300	$55,300

4_Related_Party_Transactions_D

4. Related Party Transactions (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Details
Related Party Transaction, Amounts of Transaction	$10,406	$4,969
Consultant and director fees		46,775
Additional consultant and director fees	27,865
Shares issued to consulting directors		1,650,000
Options issued to consulting directors		450,000
Fair value stock and options issued to consulting directors		96,300
Share-based Compensation, Total		$143,075

5_Note_Payable_Details

5. Note Payable (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Jan. 24, 2014	Dec. 31, 2013
Details
Unsecured Debt	$300,000		$300,000
Interest paid on unsecured note	11,250	41,610
Unsecured Debt	300,000		300,000
Discount on unsecured note		15,000
Proceeds from Unsecured Notes Payable		285,000
Warrants issued with unsecured note		1,735,000
Finders fees related to unsecured note		9,000
Placement costs related to unsecured note		45,511
Deferred Finance Costs, Net		54,511		44,143
Fair value warrants issued with unsecured note		41,795
Unsecured Debt, Total	300,000		300,000
Debt Instrument, Unamortized Discount	37,163
Unsecured debt, net	$262,837

5_Note_Payable_Warrants_issued1

5. Note Payable: Warrants issued with notes payable valuation assumptions (Details)	12 Months Ended
	Dec. 31, 2014
Details
Fair Value Assumptions, Risk Free Interest Rate	1.52%
Fair Value Assumptions, Expected Dividend Rate	0.00%
Fair Value Assumptions, Expected Term	5 years
Fair Value Assumptions, Expected Volatility Rate	157.10%

6_Notes_Payable_in_Gold_Detail

6. Notes Payable in Gold (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2013	Dec. 31, 2014
Details
Principal amount of notes payable in gold		$820,000
Discount on notes payable in gold		205,000
Proceeds from notes payable in gold and warrants, net		615,000
Finders fees related to notes payable in gold		42,000
Placement costs related to notes payable in gold		2,143
Deferred Finance Costs, Net		44,143	54,511
Warrants issued with notes payable in gold	307,500
Warrants with notes payable in gold, exercise price		$0.40
Warrants issued with notes payable in gold	7,590
Notes payable in gold	$576,696

7_Stockholders_Equity_Details

7. Stockholders' Equity (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Details
Convertible preferred stock series A, shares issued	175,000	175,000
Convertible preferred stock series A, no par value, 5% cumulative dividends, shares authorized	1,000,000	1,000,000
Convertible preferred stock series B, shares issued	200	200
Convertible preferred stock series B, no par value, shares authorized	300	300
Shares available for grant under stock option plan	1,775,672
Shares issued or exercised under stock option plan	4,275,000
Options outstanding under stock option plan	3,500,000
Options issued during period director options		450,000
Options issued during period director options fair value		$22,050
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		2,700,000
Shares Issued, Price Per Share		$0.05
Stock Granted, Value, Share-based Compensation, Net of Forfeitures		$121,025

7_Stockholders_Equity_Schedule2

7. Stockholders' Equity: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $)	Mar. 31, 2015
Details
All classes of warrants outstanding	48,969,397
Weighted average exercise price of warrants	$0.19

7_Stockholders_Equity_Schedule3

7. Stockholders' Equity: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2014
Details
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.17%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method	10
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	143.00%

7_Stockholders_Equity_Sharebas1

7. Stockholders' Equity: Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Details
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	3,350,000	3,350,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$0.24	$0.28
Weighted Averate Remaining Term	4.83	4.41
Options available for future grants	1,925,672

9_Remediation_Details

9. Remediation (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Details
Remediation	$928,000

10_Commitments_and_Contingenci2

10. Commitments and Contingencies: Patented and nonpatented claims, annual costs (Details) (USD $)	Nov. 30, 2016	Nov. 30, 2015
Details
Claims rental	$84,770	$83,570
Annual labor requirement	61,100	61,100
Non-patented claims expense	$145,870	$144,670