Santa Fe Gold (SFEG) 10-K 30 Jun 17 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2015	Jul. 28, 2017	Dec. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Santa Fe Gold CORP
Entity Central Index Key	851,726
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		270,171,343
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 170,949
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Trading Symbol	sfeg

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Jun. 30, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 69,305	$ 83,825
Other receivable	34,833	14,267
Inventory	0	40,000
Prepaid expenses and other current assets	221,232	247,069
Total Current Assets	325,370	385,161
MINERAL PROPERTIES	599,897	599,897
PROPERTY, EQUIPMENT, AND MINE DEVELOPMENT, NET	16,659,231	19,255,682
OTHER ASSETS:
Restricted cash	236,628	231,716
Mogollon option costs	0	876,509
Total Other Assets	236,628	1,108,225
Total Assets	17,821,126	21,348,965
CURRENT LIABILITIES:
Accounts payable	3,824,591	3,659,846
Accrued liabilities	10,941,480	8,024,161
Derivative instrument liabilities	1,367,142	292,124
Senior subordinated convertible notes payable, current portion, net of unamortized discounts of $258,345 and $17,397, respectively	3,443,918	432,063
Notes payable, current portion	10,119,569	9,200,666
Completion guarantee payable, net of unamortized discount of $59,586 and $99,310	3,300,287	3,260,566
Total Current Liabilities	32,996,987	24,869,426
LONG TERM LIABILITIES:
Senior subordinated convertible notes payable, net of current portion and net of discounts of $-0- and $-0-, respectively	0	3,673,527
Asset retirement obligation	245,494	241,079
Total Liabilities	33,242,481	28,784,032
STOCKHOLDERS' DEFICIT:
Common stock, $.002 par value, 300,000,000 shares authorized; 142,396,648 and 127,229,228 shares issued and outstanding, respectively	284,793	254,459
Additional paid in capital	79,857,465	78,292,962
Accumulated deficit	(95,563,613)	(85,982,488)
Total Stockholders' Deficit	(15,421,355)	(7,435,067)
Total Liabilities and Stockholders' Deficit	$ 17,821,126	$ 21,348,965

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Statement of Financial Position [Abstract]
Debt Instrument Unamortized Discount Senior Subordinated Convertible Notes Payable Current	$ 258,345	$ 17,937
Completion guarantee payable, net of unamortized discount	59,586	99,310
Debt Instrument Unamortized Discount Senior Subordinated Convertible Notes Payable Non Current	$ 0	$ 60,482
Common Stock, Par Value Per Share	$ 0.002	$ 0.002
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	142,396,648	127,229,228
Common Stock, Shares, Outstanding	142,396,648	127,229,228

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
SALES, Net	$ 66,884	$ 2,096,774
OPERATING COSTS AND EXPENSES:
Costs applicable to sales	40,000	3,291,862
Exploration and mine related costs	1,350,255	815,696
General and administrative	2,123,540	4,281,761
Depreciation and amortization	1,925,690	2,465,077
Impairment of equipment	0	1,157,528
Loss (gain) on disposition of assets	616,428	(129,655)
Accretion of asset retirement obligation	4,415	1,203
Total Operating Costs and Expenses	6,060,328	11,883,472
LOSS FROM OPERATIONS	(5,993,444)	(9,786,698)
OTHER INCOME (EXPENSE):
Gain on debt extinguishment	62,940	649,855
Foreign currency translation (loss) gain	777,527	(60,705)
Miscellaneous income	8,647	6,967
(Loss) gain on derivative instrument liabilities	(360,728)	204,796
Financing costs - commodity supply agreements	928,057	(1,205,340)
Interest expense	(5,004,124)	(1,452,720)
Total other income (expenses)	(3,587,681)	(1,857,147)
LOSS BEFORE PROVISION FOR INCOME TAXES	(9,581,125)	(11,643,845)
PROVISION FOR INCOME TAXES	0	0
NET LOSS	$ (9,581,125)	$ (11,643,845)
Basic and Diluted Per Share data Net Loss - basic and diluted	$ (0.07)	$ (0.10)
Weighted Average Common Shares Outstanding: Basic and diluted	135,931,166	121,725,422

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' (DEFICIT) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated (Deficit) [Member]	Total
Beginning Balance at Jun. 30, 2013	$ 235,199	$ 77,210,649	$ (74,338,643)	$ 3,107,205
Beginning Balance (Shares) at Jun. 30, 2013	117,599,598
Common stock issued for services and compensation				0
Shares issued for convertible note and accrued interest conversion	$ 18,519	629,630	0	648,149
Shares issued for convertible note and accrued interest conversion (Shares)	9,259,259
Shares issued for accrued liability conversion	$ 741	15,185	0	15,926
Shares issued for accrued liability conversion (Shares)	370,371
Costs associated with options vesting	$ 0	347,619	0	347,619
Costs associated with warrants vesting	0	89,879	0	89,879
Net (loss)	0	0	(11,643,845)	(11,643,845)
Ending Balance at Jun. 30, 2014	$ 254,459	78,292,962	(85,982,488)	(7,435,067)
Ending Balance (Shares) at Jun. 30, 2014	127,229,228
Sale of common stock for cash	$ 14,750	587,750	0	602,500
Sale of common stock for cash (Shares)	7,375,000
Common stock issued for accrued compensation	$ 8,000	192,000		200,000
Common stock issued for accrued compensation (Shares)	4,000,000
Common stock issued for services and compensation	$ 2,400	59,640	0	62,040
Common stock issued for services and compensation (Shares)	1,200,000
Common stock issued for debt settlement	$ 1,584	40,413	0	41,997
Common stock issued for debt settlement (Shares)	792,420
Costs associated with options issued & vesting	$ 0	456,393	0	456,393
Common stock issued for conversion of note payable and accrued interest	$ 3,600	65,300	0	68,900
Common stock issued for conversion of note payable and accrued interest (Shares)	1,800,000
Derivative settlement due to conversion	$ 0	163,007	0	163,007
Net (loss)	0	0	(9,581,125)	(9,581,125)
Ending Balance at Jun. 30, 2015	$ 284,793	$ 79,857,465	$ (95,563,613)	$ (15,421,355)
Ending Balance (Shares) at Jun. 30, 2015	142,396,648

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,581,125)	$ (11,643,845)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,925,690	2,465,077
Stock-based compensation	456,393	437,498
Cost associated with derivative warrants	602,297	0
Stock issued for services	62,040	0
Amortization of discounts on notes payable	162,227	266,582
Accretion of asset retirement obligation	4,415	1,203
Loss (gain) on derivative instrument liabilities	360,728	(204,796)
Mogollon option costs	876,509	(114,595)
(Gain) on equipment disposal	0	(149,157)
Loss on equipment disposal	616,428	19,500
Financing costs - commodity supply agreements	928,057	(1,205,340)
(Gain) on debt extinguishment	(62,940)	(649,855)
Impairment of equipment	0	1,157,528
Non-cash interest expense, debt adjustment	715,257	0
Loss (gain) on foreign currency translation	(777,527)	60,705
Net change in operating assets and liabilities:
Accounts receivable	(20,566)	259,530
Inventory	40,000	201,214
Prepaid expenses and other current assets	25,837	210,308
Accounts payable and accrued liabilities	4,377,308	3,238,676
Net Cash Used in Operating Activities	(1,145,086)	(3,239,087)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of assets	54,333	475,160
Increase in restricted cash	(4,912)
Additions of property, equipment and mine development	0	(201,940)
Net Cash Provided by Investing Activities	49,421	273,220
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of stock	602,500	0
Proceeds from notes payable	200,000	1,792,116
Proceeds from convertible notes payable	275,000	1,250,000
Merger advance	20,000	0
Payments on notes payable	(16,355)	(107,518)
Net Cash Provided by Financing Activities	1,081,145	2,934,598
DECREASE IN CASH AND CASH EQUIVALENTS	(14,520)	(31,269)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	83,825	115,094
CASH AND CASH EQUIVALENTS, END OF YEAR	69,305	83,825
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	473	24,062
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for accrued compensation	200,000
Common stock issued for partial convertible note and accrued interest conversion	68,900	648,149
Settlement of derivative liabilities through conversions	163,007
Common stock issued for settlement of other payables	104,937	15,926
Discounts on notes payables	275,000
Insurance financed with note payable		$ 17,879

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1 – NATURE OF OPERATIONS Santa Fe Gold Corporation (the “Company”) is a U.S. mining company incorporated in Delaware in August 1991. Its general business strategy is to acquire, explore, develop and mine mineral properties. The Company’s principal assets were the 100% owned Summit silver-gold property located in New Mexico, the leased Ortiz gold project in New Mexico and the 100% owned Black Canyon mica project in Arizona. In May 2006, for a cash price of $1.3 million, the Company acquired 100% of the shares of The Lordsburg Mining Company (“Lordsburg Mining”), a New Mexico corporation. With the acquisition of Lordsburg Mining, the Company acquired the Summit project, consisting of approximately 117.6 acres of patented and approximately 520 acres of unpatented mining claims in Grant County, New Mexico; approximately 257 acres of patented mining claims in Hidalgo County, New Mexico; and milling equipment including a ball mill and floatation plant in Sierra County, New Mexico. On June 30, 2008, Lordsburg Mining purchased from St. Cloud Mining Company, a New Mexico corporation, for a price of $841,500, mineral processing equipment and real property situated adjacent to the Banner mill site located south of Lordsburg, New Mexico. The equipment included in the purchase constitutes important components for the Banner mill processing facility, notably a portable crushing and screening plant and a feeding and conveying system. The real property included in the purchase consists of 70 patented and 5 unpatented mining claims, and assignments of mineral leases covering 17 patented and 6 unpatented mining claims. These mining claims and mineral leases, together with the patented mining claims Lordsburg Mining already owned in the area of the Banner mill site, cover approximately 1,500 acres (2.3 square miles) and comprise the core of the Virginia Mining District. Historical production of copper, gold and silver from the district has been substantial. Lordsburg Mining assumed certain potential environmental obligations in connection with the real property, including those related to reclamation of old workings, should such obligations arise in the future. The Company commenced processing operations at the Banner Mill in March 2010. Commissioning of the mill proceeded and in July 2010, mill operations were expanded to two shifts per day, five days a week. In April 2012, the Company commenced commercial production at the Summit silver–gold mine. In November 2013 mining operations were suspended. In June 2009, the Company formed a wholly owned Mexican subsidiary, Minera Sandia S.A. de C.V, in order to conduct business legally within the country of Mexico, including entering into contracts such as the option purchase contract on the Pilar Gold. On June 13, 2009, the Company’s wholly owned Mexican subsidiary, Minera Sandia S.A. de C.V, entered into an option purchase contract on the Pilar Gold Property consisting of two mineral exploitation concessions located 165 kilometers east-southeast of Hermosillo, Sonora, Mexico. In March 2010, the Company relinquished its interest in this property and the subsidiary has been dormant since this date. In September 2009, the Company formed a wholly owned Barbados subsidiary, Santa Fe Gold Barbados Corporation, in connection with the definitive gold sales agreement entered into on September 11, 2009. Under separate agreements, Santa Fe Gold Barbados Corporation sells refined gold to Sandstorm Gold, Ltd., and refined gold and silver to Waterton Global Value L.P. See NOTE 12– COMMITMENTS. In August 2015 the company filed for Chapter 11 Bankruptcy protection in Delaware in order to secure the existing assets from creditor actions. Case No. 15-11761 (MFW). See NOTE 19 – SUBSEQUENT EVENTS On February 26, 2016, the Company completed a Section 363 Asset sale resulting in the disposal of substantially all of the Company’s assets (see Note 19). The case was dismissed on June 15, 2016.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Going Concern The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due. The Company has incurred a loss of $9,581,125 for the fiscal year ended June 30, 2015, and has a total accumulated deficit of $95,563,613 and a working capital deficit at June 30, 2015 of $32,671,617. The Company began revenue generating operations during the fiscal year ended June 30, 2011, through the sales of precious metals and flux material. Sales have decreased the in the most recent fiscal year during the reporting period due to the Company suspending all mining operations and placing the mine and mill on a care and maintenance program. The Company disposed of substantially all of its assets in February 2016. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern. To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of operating and financing expenses until production at the Summit mine site attains cash flow to cover the Company’s operating costs. The Company has no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as needed, or if available, that its terms will be favorable or acceptable to the Company. At June 30, 2015, the Company was in default on payments totaling approximately $12.5 million under its Senior Secured Gold Stream Credit Agreement (the “Credit Agreement”) with Waterton and approximately $6.8 million under a gold stream agreement (the “Gold Stream Agreement”) with Sandstorm Gold Ltd. (“Sandstorm”). On August 26, 2015 Santa Fe filed for Chapter 11 Bankruptcy protection, Case # 15-11761 (MFW) in Delaware. See NOTE 19 – SUBSEQUENT EVENTS The case was dismissed on June 15, 2016. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries Azco Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation and Santa Fe Gold Barbados Corporation, a Barbados corporation. All significant inter-company accounts and transactions have been eliminated in consolidation. Reclassifications Certain items in these consolidated financial statements have been reclassified to conform to the current year’s presentation. Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates under different assumptions or conditions. Significant estimates are used when accounting for the Company’s carrying value of mineral properties, fixed assets, depreciation and amortization, accruals, derivative instrument liabilities, taxes and contingencies, asset retirement obligations, revenue recognition, and stock-based compensation which are discussed in the respective notes to the consolidated financial statements. Inventory The Company has no inventories at June 30, 2015 due to mining and mill operations in November 8, 2013 were suspended and placed the mine and mill on a care and maintenance program. Major types of inventories include ore stockpile inventories, in-process inventories, siliceous flux material inventories and concentrate inventories, as described below. Inventories are carried at the lower of average cost or net realizable value. The net realizable value of ore stockpile inventories and in-process inventories represents the estimated future sales price of the product based on current and future metals prices, less the estimated costs to complete production and bring the product to sale. Concentrate inventories and siliceous flux material inventories are carried at the lower of full cost of production or net realizable value based on current and future metals prices. Write-downs of inventory are reported as a component of costs applicable to sales Ore Stockpile Inventories: In-process Inventories: Siliceous Flux Material Inventories: Concentrate Inventories: Fair Value of Financial Instruments The carrying values of cash, restricted cash, accounts payable and accrued liabilities approximated their related fair values as of June 30, 2015 and 2014, due to the relatively short-term nature of these instruments. Cash and Cash Equivalents The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash balances. Restricted cash is excluded from cash and is included in other assets. Accounts Receivable Accounts receivable consist of trade receivables from precious metals sales of concentrate and flux. As of June 30, 2015 the Company has no trade accounts receivables due to discontinued production and had a miscellaneous receivable for a refund. Property, Equipment and Mine Development Property and Equipment Property and equipment are carried at cost. Maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. Expenditures for new property or equipment and expenditures that extend the useful lives of existing property and equipment are capitalized and recorded at cost. Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations. Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of the property and equipment are shown below. Land is not depreciated. Estimated Useful Life Leasehold improvements 3 Years Office furniture and equipment 3 Years Mine processing equipment and buildings 7 – 20 Years Plant 3 – 9 Years Tailings 3 Years Environmental and permits 7 Years Asset retirement obligation 5 Years Automotive 3 – 5 Years Software 5 Years Mine Development Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure in an underground mine. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting non-reserve mineralization to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales. Mine development is amortized using the units-of-production method based upon estimated recoverable ounces in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore body. Idle Equipment The Company had certain idle equipment in storage related primarily to the Black Canyon project. The equipment had a carrying values as of June 30, 2014 and 2013 of $-0- and $1,223,528, respectively. The Company evaluates the carrying value of idle equipment when events or changes in circumstances which indicated the related carrying amount may not be recoverable. The Company sold $66,000 of the equipment and recorded an impairment of $1,157,528 during the year ended June 30, 2014 based on this evaluation. Mineral Properties Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development are capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. No mineral properties remained in the Company’s possession after the asset sale on February 26, 2016. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineralized material. Impairment of Long-Lived Assets We re-evaluated the carrying value of the mine equipment, mine improvements and mineral properties in connection with filing of Chapter 11 in August 2015 subsequent to our current fiscal year ended. It was determined in our audit that impairment was not required for our year ended June 30, 2015 for mine equipment, mine development costs and mineral properties. No equipment, mine improvements and mineral properties remained in the Company’s possession after the asset sale on February 26, 2016. Restricted Cash Restricted cash is maintained in connection with requirements for reclamation of projects and bonding requirements for the Company’s scale weighmaster. All Reclamation Bonds are transferred to Waterton after the asset sale. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company reviews the terms of convertible debt, equity instruments and other financing arrangements to determine whether there are embedded derivative instruments, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services. Derivative financial instruments are initially measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to value the derivative instruments. To the extent that the initial fair values of the freestanding and/or bifurcated derivative instrument liabilities exceed the total proceeds received, an immediate charge to income or loss is recognized, in order to initially record the derivative instrument liabilities at their fair value. The discount from the face value of the convertible debt or equity instruments resulting from allocating some or all of the proceeds to the derivative instruments, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to income or loss, usually using the effective interest method. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income or loss for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date. Reclamation Costs Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to income or loss. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based on when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for reclamation obligations. All reclamation cost burden has been transferred to Waterton after the asset sale. Below is a summary of the Asset Retirement Obligation: Balance, June 30, 2013 $239,876 Accretion 1,203 Balance, June 30, 2014 241,079 Accretion 4,415 Balance, June 30, 2015 $245,494 Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred physically, the price is fixed or determinable, no related obligations remain and collectability is probable. Sales of all metals products sold directly to the Company’s metals buyers, including by-product metals, are recorded as revenues upon a buyer either taking physical delivery of the metals product in the case of siliceous flux material or upon the buyer receiving all required documentation necessary to take physical delivery of the metals product in the case of concentrate (generally at the time the product is loaded onto a shipping vessel at the originating port and the bill of lading is generated). Revenues for metals products are recorded at current market prices at the time of delivery and are subsequently adjusted to the current market prices existing at the end of each reporting period. Due to the period of time existing between delivery and final settlement with the buyer, the Company estimates the prices at which sales will be settled. Changes in metals prices between delivery and final settlement will result in adjustments to revenues previously recorded. Sales of metals products are recorded net of charges from the buyer for treatment, refining, smelting losses, and other negotiated charges. Charges are estimated upon shipment of product based on contractual terms, and actual charges do not vary materially from estimates. Costs charged by smelters include a metals payable fee, fixed treatment and refining costs per ton of product. Concentration of Revenue The following table provides the composition of sales generated from precious metals for the years ended June 30, 2015 and 2014: 2015 2014 LS-Nikko Copper -- 65% ASARCO, LLC -- 14% Freeport-McMoran, Inc. -- 21% Glencore 100% -- 100% 100% The Company’s Summit project located in the state of New Mexico accounted for 100% of the Company’s total sales. Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax, is of such assets and liabilities. This method utilizes enacted statutory tax rates in effect for the year in which the temporary differences are expected to reverse and gives immediate effect to changes in income tax rates upon enactment. A valuation allowance is recorded when it is more likely than not that deferred tax assets will be unrealizable in future periods. As of June 30, 2015 and 2014, the Company has recorded a valuation allowance against the full amount of its net deferred tax assets. The inability to foresee taxable income in future years makes it more likely than not that the Company will not realize its recorded deferred tax assets in future periods. Net Loss Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the years ended June 30, 2015 and 2014, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive. Stock-Based Compensation In connection with terms of employment with the Company’s executives and employees, the Company occasionally issues options to acquire its common stock. Awards are made at the discretion of the Board of Directors. Such options may be exercisable at varying exercise prices and generally vest over a period of six months to a year. The Company accounts for share based on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The simplified method is used to determine compensation expense since historical option exercise experience is limited. The compensation cost is recognized over the expected vesting period. Recent Accounting Pronouncements In May 2014, the FASB issued ASC updated No. 2014-09, "Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09). Under the amendments in this update, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is not permitted. The new standard is required to be applied either retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of applying the update recognized at the date of initial application. The Company has not yet selected a transition method, and has not determined the impact, if any, that the new standard will have on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2015. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. This standard is not expected to have an effect on the Company’s reported financial position or results of operations. In August 2014, the FASB issued ASU 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, which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2016. This update contains amendments that clarify the principles for management’s assessment of an entity’s ability to continue as a going concern. This standard is not expected to have an effect on the Company’s reported financial position or results of operations. In April 2015, the FASB issued ASU No. 2015-03 “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” In July 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory Inventory Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future consolidated financial statements.

INVENTORY

INVENTORY	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
INVENTORY	NOTE 3 – INVENTORY The following table provides the components of inventory as of June 30, 2015 and 2014: 2015 2014 In-process material $ - $ - Siliceous flux material - - Precious metals concentrate - 40,000 $ - $ 40,000

MINERAL PROPERTIES

MINERAL PROPERTIES	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
MINERAL PROPERTIES	NOTE 4 – MINERAL PROPERTIES Mineral properties were comprised of acquisition costs related to properties in New Mexico and Arizona, as shown below as of June 30, 2015 and 2014: 2015 2014 Summit property, Grant Country, NM $ 119,000 $ 119,000 Banner property, Hidalgo County, NM 230,897 230,897 New Planet property, La Paz County, AZ 250,000 250,000 $ 599,897 $ 599,897 These properties were subsequently sold in the asset sale in February 2016.

PROPERTY, EQUIPMENT AND MINE DE

PROPERTY, EQUIPMENT AND MINE DEVELOPMENT	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
PROPERTY, EQUIPMENT AND MINE DEVELOPMENT	NOTE 5 - PROPERTY, EQUIPMENT AND MINE DEVELOPMENT Property, equipment, and mine development consists of the following at June 30, 2015 and 2014: 2015 2014 Office furniture and equipment $ 37,779 $ 37,779 Land 163,000 163,000 Mine processing equipment and buildings 7,134,631 8,008,993 Plant 8,135,732 8,135,732 Tailings 1,726,677 1,726,677 Environmental and permits 267,078 267,078 Mine development 13,709,831 13,709,831 Asset retirement obligation 221,367 221,367 Automotive 280,785 280,785 Software 87,848 87,848 31,764,728 32,639,090 Accumulated depreciation and amortization (15,105,497 ) (13,383,408 ) $ 16,659,231 $ 19,255,682 Depreciation and amortization expense for the years ended June 30, 2015 and 2014 was $1,925,690 and $2,465,077 respectively. During the year ended June 30, 2015, the Company returned equipment to a vendor and recorded a loss on the equipment disposal of $670,761. The Company also sold assets with a zero cost basis for cash proceeds of $54,333 and recorded this amount as a gain on the sale of equipment and resulted in a net loss for the current period of measurement of $616,428. In the fiscal year ended June 30, 2014, the Company sold equipment for cash proceeds of $475,160 and the disposed net book value of assets sold aggregated $345,505, resulting in a gain of $129,655. The Company also purchased equipment during this fiscal year aggregating $201,940. All property, equipment and mine development costs were subsequently sold in the asset sale in February 2016.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
ACCRUED LIABILITIES	NOTE 6 - ACCRUED LIABILITIES Accrued liabilities consist of the following at June 30, 2015 and 2014: 2015 2014 Interest $ 6,304,917 $ 1,572,298 Vacation 41,214 57,602 Deferred and accrued payroll burden 360,354 133,890 Franchise taxes 8,695 8,504 Royalties (calculated as a percentage of net smelter proceeds to a royalty holder) 757,251 690,358 Merger costs, net 269,986 269,986 Other 19,579 133,956 Audit 20,000 111,825 Debt settlement - 106,977 Property taxes 92,367 135,000 Commodity supply agreement, see Note 12 3,067,117 4,803,765 $ 10,941,480 $ 8,024,161

DERIVATIVE INSTRUMENT LIABILITI

DERIVATIVE INSTRUMENT LIABILITIES	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
DERIVATIVE INSTRUMENT LIABILITIES	NOTE 7 - DERIVATIVE INSTRUMENT LIABILITIES The fair market value of the derivative instruments liabilities utilizing the Black-Scholes option pricing model at June 30, 2015 was determined to be $1,367,142 with the following assumptions: (1) risk free interest rate of 0.01% to 1.01%, (2) remaining contractual life of 0.13 to 3.77 years, (3) expected stock price volatility of 171% to 307%, and (4) expected dividend yield of zero. Based upon the change in fair value, the Company has recorded a non-cash loss on derivative instruments for the year ended June 30, 2015, of $360,728. The Company is utilizing the Black-Scholes option pricing model on warrants and convertible notes that are accounted for as derivative instruments. The table below show the loss on the derivative instruments liability for the years ended June 30, 2015 and 2014. Year Ended June 30, 2015 Derivative Derivative Valuation Change Liability as of Liability as of for the year ended June 30, 2014 June 30, 2015 June 30, 2015 Purchase Agreement Warrants and Convertible Debt $ 292,124 $ 1,367,142 $ 1,075,018 Derivatives recognized as debt discounts (275,000 ) Derivative liability written off to equity upon conversions 163,007 Amount allocated to warrant expense at inception (602,297 ) Loss on Derivatives $ 360,728 Year Ended June 30, 2014 Derivative Derivative Valuation Change Liability as of Liability as of for the year ended June 30, 2013 June 30, 2014 June 30, 2014 Purchase Agreement Warrants $ 496,920 $ 292,124 $ 204,796 Amount allocated to warrants at inception - Gain on Derivatives $ 204,796 The derivative liability is comprised of the following as of: June 30, June 30, 2015 2014 Current portion of derivative instruments liabilities $ 1,367,142 $ 292,124 Long-term portion of derivative instruments liabilities - - $ 1,367,142 $ 292,124 The entire amount of derivative instrument liabilities are classified as current due to the fact that settlement of the derivative instruments could be required within twelve months of the balance sheet date.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
CONVERTIBLE NOTES PAYABLE	NOTE 8 –CONVERTIBLE NOTES PAYABLE Senior Subordinated Convertible Notes On October 30, 2007, the Company completed the placement of 10% Senior Subordinated Convertible Notes of $450,000. The notes were placed with three accredited investors for $150,000 each and bear interest at 10% per annum. The notes had term of 60 months at which time all remaining principal and interest was due. Interest accrued for 18 months from the date of closing. Interest on the outstanding principal balance was payable in quarterly installments commencing on the first day of the 19th month following the transaction closing. In connection with the transaction, the Company issued a five year warrant for each $2.50 invested, for a total of 180,000 warrants, each warrant giving the note holder the right to purchase one share of common stock at a price of $1.25 per share. All issued warrants have expired. At the option of the holders of the convertible notes, the outstanding principal and interest was convertible at any time into shares of the Company’s common stock at conversion price of $1.25 per share. The notes were to be automatically converted into common stock if the weighted average closing sales price of the stock exceeded $2.50 per share for ten consecutive trading days. The shares underlying the notes are to be registered on request of the note holders, provided the weighted average closing price of the stock exceeds $1.50 per share for ten consecutive trading days. On October 31, 2012, the notes with the three accredited investors became due and payable. On January 15, 2013, the maturity dates for the convertible senior subordinated notes aggregating $450,000 were extended for a period of two years from the original maturity dates. Additionally, the convertible price of the notes was reduced to $0.40 and the automatic conversion price of $2.50 was reduced to $0.80. In connection with the extension of the notes, 562,500 warrants were issued with a strike price of $0.40 and term of two years from the original maturity dates. All issued warrants have expired. At June 30, 2015 and 2014, the outstanding principal balance and accrue interest on the senior subordinated convertible notes, was $450,000 and $450, 000, and $98,749 and $53,124, respectively, and classified as current. At June 30, 2015 and 2014, the notes had unamortized discounts of $0 and $17,937, respectively and expensed amortized discount amounts of $17,937 and $-0-, respectively. The notes are currently due and in default. Convertible Secured Notes In October and November 2012, the Company received advances in Australian dollars totaling A$3,900,000, representing cash proceeds of $3,985,000 in US dollars, from International Goldfields Limited (ASX: IGS) in fulfillment of an important condition of the Binding Heads of Agreement dated October 8, 2012 between the Company and IGS. The funds were advanced by way of two secured convertible notes. The convertible notes bear interest at a rate of 6% per annum, have a three-year term, and were secured by the Company’s contractual rights to the Mogollon property. The Company has the right to prepay the notes at any time without any premium or penalty. Should the Company fail to repay the notes on the maturity date or should an event of default occur, then IGS may choose to have the outstanding amounts repaid in the Company’s shares at a conversion rate equal to the daily volume weighted average sales price for the twenty trading days immediately preceding the date of conversion. At June 30, 2015, if the outstanding balance could be converted, would approximate 45,587,127 shares of common stock. The note is not convertible at June 30, 2015, as the maturity date of the note has not been reached and no letter of default has been received from the note holder as required in the note documents. In June 2013, the Company negotiated an additional A$2.0 million capital injection from IGS by way of a secured convertible note. In conjunction with this financing, the Company agreed to explore a listing on the Singapore Catalist Stock Exchange (SGX-ST). The convertible note will bear interest at a rate of 10% per annum, has a maturity date of October 31, 2015, and is secured by the Company’s contractual rights in the Mogollon property. The note is repayable in cash or Santa Fe Gold stock, at IGS’s election, upon a refinancing of the Company’s loan from Waterton. Additionally, a facilitation fee of $300,000 common stock of the Company is due to IGS upon the first to occur of the maturity date, refinancing date of the note, or date that all principal and interest on the note is paid-in-full. As of June 30, 2014, the Company had received advances US dollars approximating $1,250,000 in connection with the secured convertible note. When the proposed Merger Agreement with Tyhee Gold Corp. (“Tyhee”) was signed, IGS and the Company agreed to have all outstanding amounts under the notes satisfied by the issue of Company’s stock aggregating 9,259,259 shares. The Company recorded a gain of $615,781 on the extinguishment of the debt. The stock was issued pursuant to an exemption from registration under Regulation S of the Securities Act of 1933, as amended, and IGS is restricted from selling any of such stock into the US or to any US person On June 30, 2015 and 2014, the total outstanding principal balance on the IGS Secured Convertible Note totaled $2,985,606 and $3,673,527, respectively, and accrued interest was $479,396 and $369,443, respectively. Convertible Unsecured Note On October 22, 2014 the Company signed a $500,000 Convertible Note with an accredited investor and received a Consideration of net proceeds $75,000, net an original issue discount (“OID) of $8,333. The Consideration on the Note has a Maturity date of two years from the Effective Date and has a 10% OID component attached to it. The Company may repay the Consideration at any time on or before 120 days from the Effect Date and there would be no interest due on the Consideration. If the Company does not repay a Consideration on or before 120 days from its Effective Date, a one- time interest charge of 12% shall be applied to the principal sum. If the Company does not pay a Consideration prior to the 120-day period, the Company may not make further payments on this Note prior to Maturity Date without written approval from the Investor. The Investor may pay additional Consideration to the Company in such amounts and at such dates as the Investor may choose in its sole discretion. During the fiscal year ended June 30, 2015, the investor converted note principle and accrued interest aggregating of $68,900 into 1,800,000 shares of common stock The original consideration contains an embedded conversion option and is separated from the Note and accounted for as a derivative instrument at fair value and discount to the Note and is expensed over the life of the Note under the effective interest method. The initial carrying value of the of the embedded conversion option exceeded the net proceeds received and created a day one derivative loss of $78,529 in the period ending June 30, 2015. On February 25, 2015 a second Consideration tranche of $50,000 was delivered under this Convertible Note under the same terms and conditions, net of and OID charge of $5,556. The tranche consideration contains an embedded conversion option and is separated from the Note and accounted for as a derivative instrument at fair value and discount to the Note and is expensed over the life of the Note under the effective interest method. The initial carrying value of the of the embedded conversion option exceeded the net proceeds received and created a day one derivative loss of $105,556 in the period ending June 30, 2015. On June 24, 2015 a third Consideration tranche of $50,000 was delivered under this Convertible Note under the same terms and conditions, net of and OID charge of $5,556. The tranche consideration contains an embedded conversion option and is separated from the Note and accounted for as a derivative instrument at fair value and discount to the Note and is expensed over the life of the Note under the effective interest method. The initial carrying value of the of the embedded conversion option exceeded the net proceeds received and created a day one derivative loss of $90,395 in the period ending June 30, 2015. The conversion price with this investor is the lesser of $0.0425 or 65% of the lowest trade price in the 25 trading days previous to the conversion date. At June 30, 2015, the three note tranches had aggregated outstanding principal, unamortized discounts and accrued interest of $142,211, $136,131 and $0, respectively, and had a conversion price of $0.027. Based on the terms of the note and note balances, the principle could be converted into 5,209,231 restricted shares of common stock at June 30, 2015. On January 20, 2015 the Company signed a $250,000 Convertible Note with an accredited Investor and received on January 20, 2015, a Consideration of net proceeds $50,000, net of an original issue discount (“OID) of $5,556. The Consideration on the Note has a Maturity date of two years from payment of each Consideration and has a 10% OID component attached to it. A one- time interest charge of 12% is applied to the principal sum on the on the date of the Consideration. The Note principal and interest shall be paid at Maturity date or sooner as provided within the Note and conversion provisions. The Investor may pay additional Consideration to the Company in such amounts and at such dates as the Investor may choose in its sole discretion. The initial carrying value of the of the embedded conversion option exceeded the net proceeds received and created a day one derivative loss of $228,200, in the period ending June 30, 2015. On June 9, 2015 a second Consideration tranche of $50,000 was delivered under this Convertible Note under the same terms and conditions, net of an original issue discount (“OID) of $5,556. The tranche consideration contains an embedded conversion option and is separated from the Note and accounted for as a derivative instrument at fair value and discount to the Note and is expensed over the life of the Note under the effective interest method. The initial carrying value of the of the embedded conversion option exceeded the net proceeds received and created a day one derivative loss of $54,270 in the period ending June 30, 2015. The conversion price with this investor is the lesser of $0.125 or 60% of the lowest trade price in the 25 trading days previous to the conversion date. At June 30, 2015, the two note tranches had aggregated outstanding principal, unamortized discounts and accrued interest of $124,446 and $0, respectively and had a conversion price of $$0.025. Based on the terms of the note and note balances, the principle could be converted into 4,938,334 restricted shares of common stock at June 30, 2015. The components of the convertible notes payable are as follows: June 30, 2015: Principal Unamortized Amount Discount Net Current portion $ 3,702,263 $ (258,345 ) $ 3,443,918 Long-term portion, net of current - - - $ 3,702,263 $ (258,345 ) $ 3,443,918 June 30, 2014: Principal Unamortized Amount Discount Net Current portion $ 450,000 $ (17,937) $ 432,063 Long-term portion, net of current 3,673,527 - 3,673,527 $ 4,123,527 $ (17,937) $ 4,105,590

SENIOR SECURED GOLD STREAM CRED

SENIOR SECURED GOLD STREAM CREDIT AGREEMENT	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
SENIOR SECURED GOLD STREAM CREDIT AGREEMENT	NOTE 9 – SENIOR SECURED GOLD STREAM CREDIT AGREEMENT On December 23, 2011, the Company and its subsidiaries entered into a Senior Secured Gold Stream Credit Agreement (the “Credit Agreement”) with Waterton Global Value LP (“Waterton’). The Credit Agreement provided for two $10 million tranches and a $5 million revolving working capital facility. On December 23, 2011, the Company closed the first $10 million tranche of the Credit Agreement. The second $10 million tranche was earmarked to fund the strategic acquisition of Columbus Silver and was not drawn down due to the expiration of the Columbus Silver acquisition agreement. Proceeds from the initial $10 million tranche of the Credit Agreement were used to retire the Company’s $5 million, 15% Senior Secured Bridge loan with Victory Park Capital Advisors, LLC, in addition to the payment of transaction fees and expenses. The Company utilized the remaining net proceeds for operations and working capital for the Summit silver-gold project. The Credit Agreement provides for a 9% coupon and the initial $10 million tranche amortized over a 12-month term with the first payment due July 31, 2012. In connection with the transaction, the Company entered into a gold and silver sale agreement (the “Gold and Silver Supply Agreement”) to sell the gold and silver originating from the Summit property to Waterton. See NOTE 12- CONTINGENCIES AND COMMITMENTS. Pursuant to a series of guarantees, security agreements, deeds of trust, a mortgage and a stock pledge agreement, the senior obligations are secured by a first priority lien on the stock of the Company’s subsidiaries and on liens covering substantially all of the Company’s assets, with the exception of the Ortiz gold project, including the Summit silver-gold project, the Black Canyon mica project, and the Planet micaceous iron oxide project. Existing creditor, Sandstorm Gold (Barbados) Ltd., executed an inter creditor agreement that provides for subordination of its security interests in favor of Waterton. The outstanding principal amounts owed under the Credit Agreement are aggregated with Notes Payable for financial statement presentation. See NOTE 10 - NOTES PAYABLE. On October 9, 2012, the Company entered into the First Amendment to the Credit Agreement which modified the due dates of certain principal payments on the note. The amendment provided for principal payments of $1,082,955 in October 2012, $500,000 on November 30, 2012, $-0- in December 2012 and January 2013, and $3,852,275 on February 28, 2013. All other principal payments remained unchanged and interest payments continued to be due monthly. The Company has not made the principal payments for February 2013 or subsequent months. In addition, interest payments for the year ended June 30, 2015 have not been made and are included in accrued liabilities at June 30, 2015. On June 30, 2013, the Company signed a Waiver of Default Letter (the “Letter”) with Waterton wherein the Company agreed to sell, convey, assign and transfer certain accounts receivable as consideration for a waiver for non-payment to Waterton under the Credit Agreement. The transfer of the accounts receivable to Waterton were applied as payment towards outstanding interest payable amounts first with any remaining transfer of receivables treated as payment towards other indebtedness under the Credit Agreement, including principal on the note. The measurement of receivables transferred was subject to revaluation in accordance with mark-to-market adjustments and final settlement of the invoices. The initial valuation of receivables under the Letter was $1,053,599 at June 30, 2013. Under terms of the Letter, interest payable was reduced by $116,693 and the principal portion of the note was reduced by $768,263, while the remaining $168,643 was recorded as financing costs in interest expense at June 30, 2013. As of December 31, 2013, the valuation of receivables sold under the Letter was finalized at $1,018,056. Accordingly, final valuation adjustments were made to increase the principal portion of the note outstanding by $29,145 and to decrease financing costs by $6,398. After recording final valuation adjustments, the principal portion of the note was ultimately reduced by $739,118, while the amount recorded over two quarters as financing costs in interest expense was $162,245. There was no final valuation adjustment to interest payable. Additionally, $813,919 of collected accounts receivable sold to Waterton remains to be remitted to them and has been reclassified into the note principal balance. Waterton revoked the waiver and the Company is considered in default under the Credit Agreement. Waterton added various penalties and penalty interest to principle and the accrued interest due at June 30, 2015. The Company does not have adequate liquidity to fund its operations, meet its obligations (including its debt payment obligations) and continue as a going concern, and will be forced to seek relief under Chapter 11 or 15 of the U.S. Bankruptcy Code (or an involuntary petition for bankruptcy relief or similar creditor action may be filed against it). At June 30, 2015 and 2014 the outstanding principal was $7,755,685 and $7,040,427, respectively, and $4,565,466 and $631,462, respectively. The Credit Agreement was cleared with the asset sale agreement where Waterton received all assets of the Company for all debt and any other agreement obligations.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
NOTES PAYABLE	NOTE 10 – NOTES PAYABLE Pursuant to Share Exchange Agreement (the "Share Exchange Agreement") with Canarc Resource Corp., a British Columbia, Canada Corporation whose common shares are listed on the TSX Exchange under the symbol CCM ("Canarc") on July 15, 2014, the Company and Carnac entered into an interim financing facility pursuant to which Canarc advanced $200,000 under a note payable the Company. The loan bears interest at a rate of 1% a month and is due and payable upon the closing of a gold bond financing by the Company or January 15, 2015, if the financing does not close. Canarc later also advanced $20,000 for working capital and this amount is recorded in notes payable. The Share Exchange Agreement dated July 15, 2014, provided that it will terminate, unless a closing of the transactions contemplated occurred on or before October 15, 2014. The transactions did not close and the Share Exchange Agreement terminated pursuant to its terms on October 31, 2014. The financing did close under this Agreement and these amounts are outstanding at June 30, 2015 and in default. Accrued interest on note at June 30, 2015 is $25,131. On May 8, 2012, the Company entered into an installment sales contract for $46,379 to purchase certain equipment. The term of the agreement is for 36 months at an interest rate of 5.75%, with the equipment securing the loan. The balance owed on the note at June 30, 2015 and 2014 was $0 and $16,354, respectively and $15,443 principle payments were made in the fiscal year ended June 30, 2014. On June 1, 2012, the Company entered into an installment sales contract for $593,657 to purchase certain equipment. The term of the agreement is for 48 months at an interest rate of 5.75%, with the equipment securing the loan. The balance owed on the note was $398,793 and $398,793 at June 30, 2015 and 2014, respectively. The Company made principle payment of $58,966 in the fiscal year ended June 30,2014.The Company has been unable to make its monthly payments since November 2013, is currently in default and the equipment has been returned to the vendor for sale and remains unsold at June 30, 2015. On September 26, 2012, the Company entered into an agreement to finance insurance premiums in the amount of $122,212 at an interest rate of 4.70% with equal payments of $13,513 including interest, due monthly beginning November 1, 2012 and continuing through July 2013. Durning the fiscal year ended June 30,2014, the Company made principle payments of $13,914. On October 1, 2013, the Company entered into an agreement to finance insurance premiums in the amount of $168,182 at an interest rate of 4.70% with equal payments of $19,055 including interest, due monthly beginning November 1, 2013 and continuing through July 2014. The Company recorded contract proceeds of $47,024. The Company made on payment on the policy of $19,195. This policy was cancelled in the fourth quarter of our fiscal year ended June 30, 2014 and the Company wrote off the remaining balance of $27,829. In conjunction with the Merger Agreement, Tyhee and the Company entered into a Bridge Loan Agreement, pursuant to which Tyhee was obligated to advance up to $3 million to the Company in accordance with the terms thereof. Tyhee advanced the Company only $1,745,092 under the Bridge Loan as of June 30, 2014. The Bridge Loan bears an annual interest rate of 24%. At this time the Company and Tyhee are in disagreement as to the due date of the Bridge Loan. Tyhee has provided the Company with purported notice of default under the Bridge Loan Agreement. The Company has numerous claims against Tyhee resulting from the Merger Agreement, Tyhee’s failure to fund the total $3 million under the Bridge loan Agreement and Tyhee’s allocation of the proceeds from the Bridge Loan Agreement. At June 30, 2014, the Company recorded merger expenses that are due to Tyhee of $269,986 and is included in Accrued Liabilities at June 30, 2015 and 2014. This amount is net of a break fee of $300,000 due the Company from Tyhee. The following summarizes notes payable, including the Senior Secured Gold Stream Credit Agreement, at: June 30, June 30, 2015 2014 Working capital advances, interest at 1% per month, due January 15, 2015 $ 220,000 $ _ Installment sales contract on equipment, interest at 5.75%, payable in 36 monthly installments of $1,406, including interest through June 2015 - 16,354 Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016. 398,793 398,793 Unsecured bridge loan note payable, interest at 2% monthly, payable August 17, 2014, six months after the first advance on the bridge loan. 1,745,092 1,745,092 Senior Secured Gold Stream Credit Agreement, interest at 9.00% per annum, payable monthly in arrears, principal payments deferred to July 2012; principal installments are $425,000 for July and August 2012, $870,455 monthly for September 2012 through June 2013 and $445,450 in July 2013; Note amended October 9, 2012, principal installments of $1,082,955 due October 2012, $500,000 November 2012, $0 due December 2012 and January 2013, $3,852,275 February 2013, $870,455 March through June 2013, and $445,450 in July 2013. 7,755,684 7,040,427 Total Outstanding Notes Payable 10,119,569 9,200,666 Less: Current portion (10,119,569 ) (9,200,666 ) Notes payable, net of current portion and discount $ - $ - The aggregate maturities of notes payable as of June 30, 2015 and 2014 $ 10,119,569 $ 9,200,666

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 11 – FAIR VALUE MEASUREMENTS Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Asset and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The Company’s financial instruments consist of derivative instruments which are measured at fair value on a recurring basis. The derivatives are measured on their respective origination dates, at the end of each reporting period and at other points in time when necessary, such as modifications, using Level 3 inputs in accordance with GAAP. The Company utilizes the Black-Scholes option pricing model to value the derivative instruments utilizing the Company’s historical stock prices and volatility. A significant change in the Company stock price will affect the fair value measurement on the date of measurement. The Company does not report any financial assets or liabilities that it measures using Level 1 or 2 inputs. The fair value measurement of financial instruments and other assets as of June 30, 2015 and June 30, 2014 are as follows: June 30, Level 1 Level 2 Level 3 2015 Assets: None -- --- --- --- Liabilities: Derivative instruments --- --- $ 1,367,142 $ 1,367,142 June 30 , Level 1 Level 2 Level 3 2014 Assets: None --- --- --- --- Liabilities: Derivative instruments --- --- $ 292,124 $ 292,124

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
CONTINGENCIES AND COMMITMENTS	NOTE 12 - CONTINGENCIES AND COMMITMENTS Office and Real Property Leases On April 1, 2013, the Company entered into a lease for office space located in Albuquerque, New Mexico, for a period of five years. The Company moved out of the office space on July 31, 2014, and has negotiated a lease termination effective date of September 1, 2014 for an agreed amount of $7,469. On March 1, 2008, the Company entered into a lease for storage space located in Glendale, Arizona for a period of one year. The lease has subsequently been extended in one year increments multiple times. Effective March 1, 2014 the lease was extended for an additional period of one year. Rental expense totaled $23,518 and $80,363 for the years ended June 30, 2015 and 2014, respectively. Amendment and Restated Mogollon Option Agreement On March 11, 2014, Santa Fe announced that it had entered into an amended option agreement with Columbus Exploration Corporation (CLX: TSX-V) (formerly Columbus Silver Corporation) whereby Santa Fe can purchase a 100% interest in Columbus’ Mogollon Project by immediately paying $50,000 to Columbus, followed by a binding and mandatory $950,000 payment upon closing of Santa Fe’s proposed merger with Tyhee Gold Corp. (TDC: TSX-V). Santa Fe made the $50,000 payment. Pursuant to the terms of the amended agreement, if Santa Fe’s proposed merger with Tyhee did not close, Santa Fe will have the option of paying $950,000 within three months of the news release announcing the cancellation of the proposed merger and upon such payment it would earn the 100% interest in the Mogollon Project. Since the Tyhee Merger did not close, on June 18, 2014, the Company announced it reached agreement with Columbus to extend the term of the Mogollon option until November 21, 2014. By making a final option payment of $950,000, Santa Fe may earn 100% interest in the Mogollon Project, Catron County, New Mexico. The Mogollon Project encompasses most of the Mogollon district in southwest New Mexico. The amendment extends the option exercise date from June 21, 2014 until November 21, 2014. The exercise price of $950,000 remains unchanged. Pursuant to the amendment, Santa Fe must make two non-refundable payments to Columbus Exploration, the first in the amount of $12,350, which has been made, and the second in the amount of $59,000 due the earlier of exercise of the option or November 21, 2014. As of June 30, 2014, the Company has made total payments of $876,509 in connection with the Mogollon option. Santa Fe elected to not to exercise the Mogollon option. and did not to make the final payment in November 2014 and the purchase option expired. The Company wrote off the $876,509 option costs Commodity Supply Agreements In December 2009, the Company entered into a definitive gold stream agreement (the “Gold Stream Agreement”) with Sandstorm to deliver a portion of the life-of-mine gold production (excluding all silver production) from the Company’s Summit silver-gold mine. Under the agreement the Company received advances of $4,000,000 as an upfront deposit, plus continue to receive future ongoing payments equal to the lesser of: $400 per ounce or the prevailing market price, (the “Fixed Price”) for each ounce of gold delivered pursuant to the agreement for the life of the mine. The Company purchases and delivers refined gold in order to satisfy the requirements of the Gold Stream Agreement and receives the Fixed Price per ounce in cash from Sandstorm. The difference between the prevailing market price and the Fixed Price per ounce for gold delivered is credited against the upfront deposit of $4,000,000 until the obligation is reduced to zero. Future ongoing payments for gold deliveries will continue at the Fixed Price per ounce with no additional credits or advances to be received from Sandstorm. In certain circumstances, including failure to meet minimum production rates, interruption in production due to permitting issues and customary events of default, the agreement may be terminated. In such event, the Company may be required to return to Sandstorm any remaining uncredited balance of the original $4,000,000 upfront deposit. Gold production subject to the agreement includes 50% of the first 10,000 ounces of gold produced, and 22% of the gold thereafter. The net cost of delivering refined gold along with other related transactional costs corresponding to the Gold Stream Agreement are recorded in Other Expenses as financing costs - commodity supply agreements. On March 29, 2011, the Company entered into Amendment 1 for the Gold Stream Agreement. The amendment extended the original completion guarantee date from April 2011 to June 30, 2012. The completion guarantee test performs a calculation based upon that percentage of underproduction of gold produced relative to the amount of gold planned to have been produced as set out in the agreement. In exchange for the amended completion guarantee date, the Company agreed to deliver an additional 700 ounces of gold at equivalent sales terms over and above the original agreement. Under the terms of the amendment the delivery of the additional gold was to be made prior to June 30, 2011. On June 28, 2011, the Company entered into Amendment 2 for the Gold Stream Agreement. The amendment extended the delivery date for the additional 700 ounces of gold agreed upon in Amendment 1 from June 30, 2011 until October 15, 2011. In exchange for the new deferred delivery date the Company agreed to pay a per diem of 3 ounces of gold for each day the additional gold under Amendment 1 remained outstanding past June 30, 2011 until the actual date of delivery, no later than October 15, 2011. On August 9, 2011 the Company satisfied the requirements of Amendment 2 and delivered 817 ounces of gold. The net cost of delivering the gold after receiving payment from Sandstorm of $400 per ounce delivered was $1,075,785. At June 30, 2012, the Company calculated the completion guarantee payable provided by Amendment 1. Based upon the provisions of the Gold Stream Agreement and the related completion guarantee test, incremental financing charges totaling $504,049 were recognized and accrued at June 30, 2012. These accrued charges, combined with the remaining uncredited liability for the upfront deposit totaled $3,359,873 and totaled at June 30, 2015 and 2014, $3,300,287, net of a $59,586 discount and $3,260,566, net of a 99,310 discount, respectively, and are reported as the completion guarantee payable. Under the Gold Stream Agreement the Company has a recorded an obligation at June 30, 2015, of 3,709 ounces of undelivered gold valued at approximately $2.9 million, net of the Fixed Price of $400 per ounce to be received upon delivery. Title to Mineral Properties Although the Company has taken steps, consistent with industry standards, to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

STOCKHOLDERS (DEFICIT)

STOCKHOLDERS (DEFICIT)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
STOCKHOLDERS (DEFICIT) EQUITY	NOTE 13 - STOCKHOLDERS’ (DEFICIT) Common Stock Issuances During the fiscal year ended June 30, 2015, the Company: (i) Sold 7,375,000 shares of restricted common stock for cash proceeds of $602,500 ; (ii) Issued an aggregate of 4,000,000 shares of restricted common stock to five creditors in settlement aggregate of $200,000 of accrued compensation; (iii) Issued 792,240 shares of restricted common stock to a creditor valued at $41,998 for settlement of a debt of $106,978. The Company recorded a gain of $64,980 on the extinguishment of the debt; (iv) Issued 800,000 shares of restricted common shares to each of two officers, in settlement of $40,000 of accrued compensation. The market value of the stock issued was $41,360 and the Company recorded a loss of $1,360 on the extinguishment of the debt; (v) Issued 400,000 shares of restricted common shares to a creditor, in settlement of $20,000 of debt for services. The market value of the stock issued was $20,680 and the Company recorded a loss of $680 on the extinguishment of the debt and, (vi) During the year ended June 30 2015, issued 1,800,000 of restricted common stock in partial conversion of an aggregate of $68,900 in principal and accrued interest under a promissory note. The issuance of the restricted common shares during our fiscal year 2015, were exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof because such issuance did not involve a public offering. During the fiscal year ended June 30, 2014, the Company: (i) Issued 9,259,259 shares restricted common stock at a market value of $648,149 of for conversion of a note payable and accrued interest aggregating $1,263,930 and the Company recorded a gain of $615,781 on extinguishment of the debt; and (ii) Issued 370,371 shares of restricted common stock at a market value of $15,926 to creditor, in regards to the Company’s obligation for costs incurred related to the 2006 sale of real properly in Glendale, Arizona, and the Company recorded a gain of $34,074 on the partial extinguishment of the debt. The issuance of the restricted common shares during our fiscal year 2014, were exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof because such issuance did not involve a public offering. Warrants During the fiscal year ended June 30, 2015, the Company: (i) On November 25, 2014, in connection with a private placement of 3,375,000 shares of the Company’s common stock, the Company issued 3,375,000 warrants expiring on December 30, 2015, giving the holder the right to purchase common stock at $0.06 per share. Using the Black-Scholes option pricing model, the fair market value of the warrants at the time of issuance was determined to be $126,082. The warrants were valued using the following significant assumptions: (1) a risk free interest rate of 0.14%, (2) expected life of 1.1 years, (3) expected stock price volatility of 228% and (4) expected dividend yield of zero. (ii) On February 6, 2015, in connection with a private placement of 3,000,000 shares of the Company’s common stock, the Company issued 3,000,000 and 240,000 fully vested warrants to the note holder and an individual for placement fees, respectively, expiring on February 6, 2019, giving the holders the right to purchase common stock at $0.15 per share. Using the Black-Scholes option pricing model, the fair market value of the warrants at the time of issuance was determined to be $334,671. The warrants were valued using the following significant assumptions: (1) a risk free interest rate of 1.26%, (2) expected life of 4 years, (3) expected stock price volatility of 152% and (4) expected dividend yield of zero. (iii) On April 7, 2015, in connection with a private placement of 1,000,000 shares of the Company’s common stock, the Company issued 1,000,000 fully vested warrants to the note holder, expiring on April 7, 2019, giving the holder the right to purchase common stock at $0.15 per share. Using the Black-Scholes option pricing model the warrants were valued at $131,192 using the following significant assumptions: (1) a risk free interest rate of 1.26%, (2) expected life of 4 years, (3) expected stock price volatility of 155% and (4) expected dividend yield of zero. (iv) On May 13, 2015, in connection with a private placement of the Company’s common stock, the Company issued 80,000 fully vested warrants to an individual for placement fees, expiring on May 13, 2019, giving the holder the right to purchase common stock at $0.15 per share. Using the Black-Scholes option pricing model the warrants were valued at $10,352 using the following significant assumptions: (1) a risk free interest rate of .97%, (2) expected life of 4 years, (3) expected stock price volatility of 179% and (4) expected dividend yield of zero. During the fiscal year ended June 30, 2014, the Company: (i) On January 23, 2014, the exercise prices for certain warrants were adjusted due to ratchet provisions contained in the agreements; 6,750,000 warrants were adjusted from an exercise price of $0.40 to $0.135 while 500,000 warrants were adjusted from an exercise price of $0.91 to $0.87. Additionally, both the exercise price and the number of warrants were adjusted on a third group as follows: 500,000 warrants were increased to 523,434 warrants with the exercise price adjusted from $0.40 to $0.38. Stock Options and the 2007 Equity Incentive Plan At the Company’s Annual Meeting on July 24, 2007, the stockholders approved the 2007 Equity Incentive Plan ("2007 EIP"). The 2007 EIP became effective on July 25, 2007, and will terminate on July 24, 2017. A maximum of 8,000,000 shares of common stock are reserved for the grant of non-qualified stock options, incentive stock options, restricted stock awards and other stock awards under the 2007 EIP. The 2007 EIP replaces the Company’s 1989 Stock Option Plan, which terminated on April 30, 2007. The purpose of the 2007 EIP is to provide the employees, non-employee directors, and consultants who are selected for participation in the 2007 EIP with added incentives to continue in the long-term service of the Company and to create in such persons a more direct interest in the future success of the Company’s operations by relating increases in compensation to increases in stockholder value, so that the income of the participants in the 2007 EIP is more closely aligned with the financial interests of the Company’s stockholders. The 2007 EIP is also intended to provide a financial incentive that will enable the Company to attract, retain and motivate the most qualified directors, employees, and consultants. Options Granted During the fiscal year ended June 30, 2015, the Company; (i) Pursuant to Share Exchange Agreement with Canarc Resource Corp., the Company granted five year stock options outside of the 2007 EIP for 7,500,000 shares of common stock at an exercise price of $0.055, the closing price on the date of grant. The stock options vest 100% upon the closing of a qualified financing. The expiry date is July 15, 2019 if a qualified financing is consummated, or October 15, 2014 if a qualified financing is not consummated by October 31, 2014. A qualified financing is debt or equity financing of at least $20.0 million. The Share Exchange Agreement provided that it will terminate, unless a closing of the transactions contemplated shall have occurred on or before October 31, 2014. The transactions did not close, and the Share Exchange Agreement terminated pursuant to its terms on October 31, 2015. The associated granted options did not vest and expired on October 15, 2014 according to the terms of the grant. (ii) On October 17, 2014, the Company granted outside of the 2007 EIP, 2,500,000 four year options at an exercise price of $0.05 per share to each of the two officers of the Company and a director, with the options vested on the date of the grant. The options were valued at $281,388 using the Black-Scholes option pricing model. The options were valued using the following assumptions: (1) a risk free interest rate of 0.391%, (2) expected life of 2.0 years, (3) stock price volatility of 170.017% and (4) expected dividend yield of zero. Stock-based compensation of $281,388 was recorded during the quarter ended December 31, 2014. The closing price on the date of the grant was $0.0488. (iii) On December 31, 2014, the Company granted outside of the 2007 EIP an aggregate 3,500,000 four year options at an exercise price of $0.05 per share to three employees of the Company, with the options vested on the date of the grant. The options were valued at $130,099 using the Black-Scholes option pricing model. The options were valued using the following assumptions: (1) a risk free interest rate of 0.671%, (2) expected life of 2.0 years, (3) stock price volatility of 188.108% and (4) expected dividend yield of zero. Stock-based compensation of $130,099 was recorded during the quarter ended December 31, 2014. The closing price on the date of the grant was $0.0459. (iv) On January 2, 2015, the Company granted 100,000 five year options at an exercise price of $0.07 per share to each of the two directors, the closing price on the date of grant and the options vested on the date of the grant. The options were valued at $11,740 using the Black-Scholes option pricing model. The options were valued using the following assumptions: (1) a risk free interest rate of 0.86%, (2) expected life of 2.5 years, (3) stock price volatility of 176.55% and (4) expected dividend yield of zero. Stock-based compensation of $11,740 was recorded during the quarter ended March 31, 2015. During the fiscal year ended June 30, 2014, the Company: (i) On August 6, 2013, in connection with the appointment of three new directors, Company granted 200,000 five-year options to each new director at an exercise price of $0.14 per share. The options vested on August 6, 2014. (ii) On January 2, 2014, the Company granted 100,000 five year options at an exercise price of $0.08 per share to each of the four outside directors, the closing price on the date of grant and the options vested on June 30, 2014. In addition to options under the 1989 Stock Option Plan and 2007 EIP, the Company previously issued non-plan options outside of these plans, exercisable over various terms up to a maximum of ten years. Stock option and warrant activity, both within the 1989 Stock Option Plan and 2007 EIP and outside of these plans, for the years ended June 30, 2015and 2014are as follows: Stock Options Stock Warrants Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Outstanding at June 30, 2013 8,970,000 $ 0.30 25,401587 $ 0.67 Granted 1,000,000 $ 0.12 23,434 $ 0.38 Canceled (695,000 ) $ 0.36 --- --- Expired (350,000 ) $ 1.24 (141,510 ) $ 1.06 Exercised --- --- --- $ --- Outstanding at June 30, 2014 8,925,000 $ 0.24 25,283,511 $ 0.62 Granted 18,700,000 $ 0.05 7,695,000 $ 0.11 Canceled (15,115,000 ) $ 0.14 (12,082,457 ) 0.75 Expired --- --- $ Exercised --- --- Outstanding at June 30, 2015 12,510,000 $ 0.07 20,896,054 $ 0.37 Stock options and warrants outstanding and exercisable at June 30, 2015, are as follows: Outstanding and Exercisable Options Outstanding and Exercisable Warrants Weighted Weighted Average Average Contractual Weighted Contractual Weighted Exercise Remaining Average Exercise Remaining Average Price Outstanding Exercisable Life Exercise Price Outstanding Exercisable Life Exercise Range Number Number (in Years) Price Range Number Number (in Years) Price $0.05 11,000,000 11,000,000 3.37 $ 0.05 $ 0.06 3,375,000 3,375,000 0.50 $ 0.06 $0.07 200,000 200,000 4.51 $ 0.07 $ 0.15 4,320,000 4,320,000 3.66 $ 0.15 $0.08 200,000 200,000 3.51 $ 0.08 $ 0.38 523,434 523,434 2.21 $ 0.38 $0.14 200,000 200,000 3.10 $ 0.14 $ 0.40 10,744,286 10,744,286 2.11 $ 0.40 $0.32 250,000 250,000 2.14 $ 0.32 $ .87 500,000 500,000 1.09 $ .87 $0.36 660,000 660,000 1.92 $ 0.36 $ 1.00 600,000 600,000 1.36 $ 1.00 --- --- $ 1.50 833,334 833,334 .5 $ 1.50 12,510,000 12,510,000 20,896,054 20,896,054 Outstanding Options 3.28 $ 0.07 Outstanding Warrants 2.07 $ 0.37 Exercisable Options 3.28 $ 0.07 Exercisable Warrants 2.07 $ 0.37 As of June 30, 2015, the aggregate intrinsic value of all stock options and warrants vested and expected to vest was $196,250 and the aggregate intrinsic value of currently exercisable stock options and warrants was 176,250. The intrinsic value of each option or warrant share is the difference between the fair market value of the common stock and the exercise price of such option or warrant share to the extent it is "in-the-money". Aggregate intrinsic value represents the value that would have been received by the holders of in-the-money options had they exercised their options on the last trading day of the quarter and sold the underlying shares at the closing stock price on such day. The intrinsic value calculation is based on the $0.066 closing stock price of the common stock on June 30, 2015. The total number of in-the-money options and warrants vested and exercisable as of June 30, 2015 was 14,375,000. The total intrinsic value associated with options exercised during the year ended June 30, 2015 was $0. Intrinsic value of exercised shares is the total value of such shares on the date of exercise less the cash received from the option or warrant holder to exercise the options. The total fair value of options and warrants granted during the year ended June 30, 2015 was approximately $1,046,949. The total grant-date fair value of option and warrant shares vested during the year ended June 30, 2015 was $0. The Company adopted its 2007 EIP pursuant to which the Company reserved and registered 8,000,000 shares stock and option grants. As of June 30, 2015, there were 4,550,000 shares available for grant under the 2007 Plan, excluding the 1,310,000 options outstanding under the 2007 Plan.

PENSION PLAN

PENSION PLAN	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
PENSION PLAN	NOTE 14 – PENSION PLAN During the year ended June 30, 2009, the Company adopted a 401(K) plan, which covers substantially all employees. Under the terms of the plan, the Company matches employee salary deferrals dollar for dollar up to a maximum of 5% of compensation. For the years ended June 30, 2015 and 2014, the Company recorded $0 and $11,470, respectively, in expenses related to the plan.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
INCOME TAXES	NOTE 15- INCOME TAXES The Company has had no income tax expense or benefit since July 1, 1997, because of operating losses. Deferred tax assets and liabilities are determined based on the estimated future tax effect of differences between the financial statement and tax reporting basis of assets and liabilities, as well as for net operating loss carry forwards, given the provisions of existing tax laws. The Company files income tax returns in the U.S. and state jurisdictions and there are open statutes of limitations for taxing authorities to audit the Company’s tax returns from years ended June 30, 2011 through the current period. The approximate income tax benefit is computed by applying the U.S. federal income tax rate of 35% to net (loss) before taxes for the fiscal years ended after June 30, 2012, and 34% for the prior year periods. 2015 2014 Tax benefit at the federal statutory rate $ 2,318,833 $ 3,725,274 State tax benefit 496,893 585,400 Expiration of state operating benefit (432,984 ) (304,458 ) Prior year true-up 822,038 (377,060 ) (Increase) in valuation allowance (3,204,780 ) (3,629,156 ) Income tax expense $ --- $ --- The components of the deferred tax assets at June 30, 2014 and 2013 are as follows: Deferred Tax Asset 2015 2014 Federal net operating loss carry forwards $ 32,532,656 $ 30,498,586 State net operating loss carry forwards 3,304,574 2,133,864 Valuation allowance (35,837,230 ) (32,632,450 ) Net deferred tax asset $ --- $ --- In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Due to the Company’s history of losses, the deferred tax assets are fully offset by a valuation allowance as of June 30, 2015 and 2014. The valuation allowance reflects the Company estimate that the tax assets, more likely than not, will not be realized and consequently have not been recorded in these financial statements. The Company’s tax years subsequent to 2015 are currently open and subject to examination by federal authorities. At June 30, 2015, the Company had federal tax basis net operating loss carry forwards for federal income tax purposes of approximately $94.5 million. Net operating losses for federal income tax purposes may be carried back for two years and forward for twenty years. The net operating losses expire in varying amounts from June 30, 2019 to 2035. At June 30, 2015, the Company had state tax basis net operating loss carry forwards for state income tax purposes of approximately $44.1 million. Net operating losses for state income tax purposes may be carried forward for five years. These losses expire in varying amounts from June 30, 2016 to 2020.

OTHER ACCRUED EXPENSES

OTHER ACCRUED EXPENSES	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
OTHER ACCRUED EXPENSES	NOTE 16 – OTHER ACCRUED EXPENSES At June 30, 2012, the Company calculated the completion guarantee payable provided by Amendment 1. Based upon the provisions of the Agreement and the related completion guarantee test, incremental financing charges totaling $504,049 were recognized in Other Expenses and accrued at June 30, 2012. These accrued charges, combined with the remaining uncredited liability totaled $3,359,873 at June 30, 2015 and 2014 and are reported as completion guarantee payable.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 – RELATED PARTY TRANSACTIONS On October 6, 2003, the Company entered into a confidential property identification agreement with its former President and Chief Executive Officer, prior to his becoming an officer and director of the Company. Under terms of the agreement, the former officer, on the basis of his prior knowledge, provided a list of 24 specific mineral properties with potential for exploration and development that might represent attractive acquisition opportunities for the Company. The Company agreed to pay compensation to the former officer in the form of a royalty of 1.0% of the value of future production, if any, derived from identified properties that the Company acquires. In the event an identified property is acquired and subsequently sold, the Company agreed to pay the former officer an amount equal to 10.0% of the value of the sale. The Ortiz gold property that was acquired in August 2004 and the Summit silver-gold project are two of the 24 properties identified and are subject to the property identification agreement. For the years ended June 30, 2015 and 2014, the Company recorded $29,510 and $45,743, respectively, relating to the Summit project for royalty expense resulting from the property identification agreement. At June 30, 2015, an accrued royalty liability of $237,989 related to the Summit project is payable to the former Company’s President and Chief Executive Officer. After the Company’s bankruptcy case dismissal, all related transactions have been canceled. On June 27, 2014, the Board of Directors voted to terminate Pierce Carson’s employment as President and CEO for cause, effective immediately. At the same time, the Board appointed Jakes Jordaan, Santa Fe’s Chairman, as Interim Chief Executive Officer. Mr. Jordaan will continue to serve as Chairman. Mr. Jordaan is a member of The Jordaan Law Firm, PLLC, which firm provides legal services to the Company. Mr. Jordaan has agreed to serve without compensation as Interim Chief Executive Officer for a period of forty-five days. The Jordaan Law Firm billed for legal services in the fiscal years ended June 30, 2015 and 2014, $31,763 and $599,911, respectively. Amounts owed at June 30, 2015 and 2014 was $421,385 and $553,623, respectively. In July 2014, the firm received 3,000,000 shares of restricted common stock with a value $150,000 as payment on account for past legal services rendered. In July 2014, the Company issued 200,000 shares of restricted common stock to each of four directors for back director fees, two of whom are former directors, and 200,000 shares to an officer for accrued compensation at an aggregate value of $50,000. On October 17, 2014, the Company granted outside of the 2007 EIP, 2,500,000 four year options at an exercise price of $0.05 per share to each of the two officers of the Company and a director, with the options vested on the date of the grant. In November 2014, the Company issued to two officers a total of 800,000 shares of restricted common stock for accrued back compensation for an aggregate amount of $41,360.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
LEGAL PROCEEDINGS	NOTE 18 – LEGAL PROCEEDINGS In October 2013, Lone Mountain Ranch, LLC, owner of the surface estate overlying our Ortiz gold property, filed a lawsuit against the Company and our lessor, Ortiz Mines, Inc. The lawsuit seeks to clarify Lone Mountain Ranch's rights and obligations under the split estate regime. Specifically, Lone Mountain Ranch seeks a declaratory judgment that it may participate in permit hearings, agency proceedings, and private activities related to the permitting of the Ortiz project without being in violation of common law duties to not interfere with development of the mineral estate. The Company conducted a strategic evaluation as whether or not to continue with the Ortiz Gold Project. Given the public opposition to the Ortiz Gold Project, Santa Fe has decided not to further pursue the Ortiz Gold Project. Lone Mountain Ranch LLC sued Ortiz Mines Inc against any mining activities on the property, and Santa Fe Gold was only a co-defender. With the bankruptcy, we, SFG, were dismissed. We are in litigation with two vendors for claims for approximately $140,400 and $125,876, respectively against us. If the Company is unsuccessful in raising additional funding, we may not be able to pay resolve these lawsuits and our business may not continue as a going concern. In the event we cannot raise the necessary capital or we cannot restructure through negotiated modifications, we may be required to effect under court supervision pursuant to a voluntary bankruptcy filing under Chapter 11 or Chapter 7 of the U.S. Bankruptcy Code (“Chapter 11 or “Chapter 7”). See “Risk factors.” The claims were against Lordsburg Mining company, were stayed during the proceedings and all claims remained. We are in litigation with a purported royalty holder of our Summit Silver Gold Project. The purported royalty holder is seeking $500,000 in past due royalty payments and a return of the Summit mine. The Company believes that it has valid defenses against the claims has filed numerous counter-claims and cross-claims seeking damages significantly in excess of $500,000 If the Company is unsuccessful in the litigation or in raising additional funding, we may not be able to resolve this lawsuits and our business may not continue as a going concern. In the event we cannot raise the necessary capital or we cannot restructure through negotiated modifications, we may be required to effect under court supervision pursuant to a voluntary bankruptcy filing under Chapter 11 or Chapter 7 of the U.S. Bankruptcy Code (“Chapter 11 or “Chapter 7”). In the bankruptcy proceedings the court ordered Waterton to pay back royalties in the amount of $125,000 and Summit Minerals is entitled to additional $2,125,000 royalties when the Summit mine starts operating. We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. Other than the above-described litigation, as of December 31, 2014, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements. In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements not to be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. Because litigation outcomes are inherently unpredictable, the Company’s evaluation of legal proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. If the assessments indicate that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. While the consequences of certain unresolved proceedings are not presently determinable, and an estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be reasonably made, an adverse outcome from such proceedings could have a material adverse effect on its financial statements in any given reporting period. However, in the opinion of Management, after consulting with legal counsel, the ultimate liability related to the current outstanding litigation is not expected to have a material adverse effect on its financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
SUBSEQUENT EVENTS	NOTE 19 – SUBSEQUENT EVENTS Filing for Bankruptcy Protection On August 26, 2015, the Company filed for Chapter 11 Bankruptcy protection in Delaware in order to secure the existing assets from creditor actions. Case No. 15-11761 (MFW). Affidavit in Support of the first day motion Effect of the Bankruptcy Proceedings During the bankruptcy proceedings, the Company conducted normal business activities and was authorized to pay and has paid prepetition employee wages and benefits, prepetition amounts owed to critical vendors. In addition, subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 filings automatically stayed most judicial or administrative actions against the Company and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to prepetition claims. Santa Fe Gold and the investment banker Canaccord worked on a “stalking horse” sale and the courts agreed to a “363 asset sale”. Canaccord offered all assets of Santa Fe Gold and its subsidiaries for sale and our secured creditor Waterton acquired substantially all of the Company’s assets effectuated pursuant to Section 363 of Title 11 of the Bankruptcy Code. The commencement of the Chapter 11 cases constituted an event of default that accelerated the Company’s obligations under substantially all of the Company’s debt instruments whereby principal and accrued interest due there under became immediately due and payable. After the dismissal of the bankruptcy case, the Company has substantially no assets, but is still liable for all commitments and debts outstanding. Plan of Reorganization The Company failed to provide a plan of Reorganization with the filing of protection under the Bankruptcy Codes; the significant transactions that occurred upon emergence from bankruptcy were as follows: · Approximately $30 million of indebtedness outstanding on account of the Company’s senior notes and unsecured claims were reinstated. · The courts established a GUC Trust Agreement in April 2016 with Gavin/Solmones as Trustee for the benefit of all creditors excluding Waterton Global. A profit interest is attached to the Summit mine (formerly owned by Santa Fe Gold and its subsidiaries) with the sole benefit for the Creditors holding unsecured claims filed by each creditor with the courts. DIP Credit Agreement In connection with the prepetition negotiations of the restructuring support agreement, Waterton Santa Fe Gold’s major secured creditor and holder of the Company’s senior notes agreed to provide the Company and the Chapter 11 Subsidiaries a debtor in possession credit facility (the “DIP Credit Agreement"). The DIP Credit Agreement provided for a multi draw down term loan and the Company drew down $2,037,595, which became available to the Company upon the satisfaction of certain milestones and contingencies. Waterton, also initially advanced a Bridge loan in the amount of $200,000 in borrowings under the Company's DIP Credit Agreement. The Company used the funding to satisfy mainly legal expenses related to the Chapter 11 court proceedings, employee wages and benefits, and travel for the CEO. Any remaining funds from the DIP funding after the dismissal was used to pay final legal fees and fund the trust. Pursuant to the Plan, the borrowings under the DIP Credit Agreement, at the option of the lenders to the DIP Credit Agreement, are part of the purchase price of all assets in the “363 Asset Sale”. Santa Fe retained all debt not associated with the 363 asset sale and lost all assets in the process. 363 Asset Sale On February 26, 2016, Waterton completed the acquisition of substantially all of the Company’s assets pursuant to an Asset Purchase Agreement dated February 26, 2016. Waterton, as the only successful bidder for Santa Fe’s assets, eliminated all pre-petition agreements, all amounts of loans, interest and gold stream agreements that was owed to them prior to the filings of the chapter 11 and also the DIP funding that was put in place during the proceedings for all assets belonging to Santa Fe and its subsidiaries. All assets were free and clear of liens, claims, mortgages, pledges and interest of any kind without limitation in the transfer. The sale is a binding and valid transfer with all rights, title and interest in the acquired assets. At the time of the agreement all debt owed to Waterton is eliminated, but all other liabilities to unsecured lenders stay in effect. The table below summarizes the carrying value of the assets sold and the liabilities disposed in the 363 Asset Sale as of asset transfer on February 26, 2016: February 26, 2016 Assets Sold Restricted cash $ 236,628 Prepaid expenses and other current assets 216,320 Property, plant and equipment, net 4,992,154 Mine development properties, net 10,532,965 Mineral properties, net 599,897 $ 16,577,964 Liabilities Disposed Notes payable $ 9,993,280 Accrued interest 5,815,622 Asset retirement obligation 245,494 Accrued property taxes 215,523 Accrued CSA fees 329,938 Total $ 16,599,857 Net gain on the Asset 363 Sale $ 21,893 Emergence from Voluntary Reorganization under Chapter 11 Proceedings The Company and our Chapter 11 Subsidiaries received bankruptcy court confirmation of the dismissal on June 15, 2016, and subsequently emerged from bankruptcy. The DIP funding, discussed above, allowed the Company to survive the time during bankruptcy and at the end of the bankruptcy turned over any remaining funds to the attorneys and the trust. The only funds available for the future administrative costs were prepaid insurance funds from which we received a refund on June 08, 2016 of $44,926 and on August 22, 2016 received $4,135. The Company upon emergence resorted to selling equity for cash so as to proceed on reviving the Company. Currently we have no continuing commitment from any party to provide necessary additional working capital, or if one becomes available, there is no certainty that its terms will be favorable or acceptable to the Company to continue its current business plan. Other Events On October 22, 2014, the Company signed a $500,000 and $250,000 Convertible Note, from two accredited investors, from which we drew down tranches aggregating $275,000. By August 1, 2016 the note holders converted 46,446,266 shares of the advances to restricted common stock and at June 30, 2016, the notes and related penalties had an aggregate outstanding balance of $200,932. In September 2016 the note holders agreed to take cash settlements aggregating $183,000 to satisfy the outstanding obligations. On December 14, 2016 the trust, established by the bankruptcy court to protect the creditors, paid $354,458 to recorded creditors. Proceeds from the sale of our equity were used to secure claims in the southern part of New Mexico. Between September 14, 2016 and November 4, 2016, we secured 40 claims and paid $9,328 for BLM fees, these claims have a 5% royalty attached. We are currently in negotiations with other existing mines for which we will have to pay royalties or establish a partnership if an agreement is reached. On August 5, 2016 we contacted 19 creditors and note holders of the Santa Fe Gold and made an offer in compromise: “ the company respectfully hereby offers a cash payment to you, in consideration of your discharge and release of any and all outstanding (non-trust) claims, in the amount of Three (3%) per cent of the present principal balance otherwise owed In February 2017, the Company spent about $30,000 for a drilling program on an existing mine to evaluate a potential purchase of said mine. With the drilling program completed we are now in negotiations with the owner to set up a lease/purchase program pending our financing. On April 10, 2017 we reached a non-disclosure agreement with our prior CEO, Mr. Jordaan, about his outstanding back wages and amounts due for legal services rendered to the Company prior assuming the position of CEO. Mr. Jordaan resigned as CEO and from the board effective May 6, 2016. Recent Sales of Unregistered Securities On October 22, 2014, the Company signed a $500,000 and $250,000 Convertible Note, from two accredited investors, from which we drew down tranches aggregating $275,000. The note holders converted a portion of the advances to restricted common stock and at June 30, 2016, the notes and related penalties had an aggregate outstanding balance of $200,932. In January 2017 the note holders agreed to take cash settlements aggregating $183,000 to satisfy the outstanding obligations. The Olson estate returned 6,956,750 shares on November 16, 2015 into the Treasury for no consideration. The shares were added back into the Treasury. From July 1, 2016 to June 15, 2017, the Company sold 105,285,179 shares of restricted common stock to secure new Company assets and pay current operational costs. Net proceeds received from the sale were $2,583,172. On August 2, 2016, the Company issued 16,956,748 shares to employees and consultants to the Company for their efforts to keep the Company functioning. On December 12, 2016, the employees and consultant closely associated to the Company returned 15,956,748 shares to the treasury in order to be able to raise more funds to acquire additional assets. On September 20 and 23, 2016 the Company issued contractors 4,300,000 shares for services. On December 14, 2016, the Company issued contractors 5,665,360 shares and on December 17, 2016 the Company issued other contractors 200,000 shares for services. On February 2, 2017 a shareholder returned 18,000,000 shares to the treasury in order to be able to raise more funds to acquire additional assets and the shares will be reissued at a later date when capitalization will permit. As of June 28, 2017, the Company has 270,171,343 shares outstanding

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Basis of Presentation and Going Concern	Basis of Presentation and Going Concern The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due. The Company has incurred a loss of $9,581,125 for the fiscal year ended June 30, 2015, and has a total accumulated deficit of $95,563,613 and a working capital deficit at June 30, 2015 of $32,671,617. The Company began revenue generating operations during the fiscal year ended June 30, 2011, through the sales of precious metals and flux material. Sales have decreased the in the most recent fiscal year during the reporting period due to the Company suspending all mining operations and placing the mine and mill on a care and maintenance program. The Company disposed of substantially all of its assets in February 2016. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern. To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of operating and financing expenses until production at the Summit mine site attains cash flow to cover the Company’s operating costs. The Company has no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as needed, or if available, that its terms will be favorable or acceptable to the Company. At June 30, 2015, the Company was in default on payments totaling approximately $12.5 million under its Senior Secured Gold Stream Credit Agreement (the “Credit Agreement”) with Waterton and approximately $6.8 million under a gold stream agreement (the “Gold Stream Agreement”) with Sandstorm Gold Ltd. (“Sandstorm”). On August 26, 2015 Santa Fe filed for Chapter 11 Bankruptcy protection, Case # 15-11761 (MFW) in Delaware. See NOTE 19 – SUBSEQUENT EVENTS The case was dismissed on June 15, 2016.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries Azco Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation and Santa Fe Gold Barbados Corporation, a Barbados corporation. All significant inter-company accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain items in these consolidated financial statements have been reclassified to conform to the current year’s presentation.
Estimates	Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates under different assumptions or conditions. Significant estimates are used when accounting for the Company’s carrying value of mineral properties, fixed assets, depreciation and amortization, accruals, derivative instrument liabilities, taxes and contingencies, asset retirement obligations, revenue recognition, and stock-based compensation which are discussed in the respective notes to the consolidated financial statements.
Inventory	Inventory The Company has no inventories at June 30, 2015 due to mining and mill operations in November 8, 2013 were suspended and placed the mine and mill on a care and maintenance program. Major types of inventories include ore stockpile inventories, in-process inventories, siliceous flux material inventories and concentrate inventories, as described below. Inventories are carried at the lower of average cost or net realizable value. The net realizable value of ore stockpile inventories and in-process inventories represents the estimated future sales price of the product based on current and future metals prices, less the estimated costs to complete production and bring the product to sale. Concentrate inventories and siliceous flux material inventories are carried at the lower of full cost of production or net realizable value based on current and future metals prices. Write-downs of inventory are reported as a component of costs applicable to sales Ore Stockpile Inventories: In-process Inventories: Siliceous Flux Material Inventories: Concentrate Inventories:
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash, restricted cash, accounts payable and accrued liabilities approximated their related fair values as of June 30, 2015 and 2014, due to the relatively short-term nature of these instruments.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash balances. Restricted cash is excluded from cash and is included in other assets.
Accounts Receivable	Accounts Receivable Accounts receivable consist of trade receivables from precious metals sales of concentrate and flux. As of June 30, 2015 the Company has no trade accounts receivables due to discontinued production and had a miscellaneous receivable for a refund.
Property, Equipment and Mine Development	Property, Equipment and Mine Development Property and Equipment Property and equipment are carried at cost. Maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. Expenditures for new property or equipment and expenditures that extend the useful lives of existing property and equipment are capitalized and recorded at cost. Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations. Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of the property and equipment are shown below. Land is not depreciated. Estimated Useful Life Leasehold improvements 3 Years Office furniture and equipment 3 Years Mine processing equipment and buildings 7 – 20 Years Plant 3 – 9 Years Tailings 3 Years Environmental and permits 7 Years Asset retirement obligation 5 Years Automotive 3 – 5 Years Software 5 Years Mine Development Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure in an underground mine. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting non-reserve mineralization to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales. Mine development is amortized using the units-of-production method based upon estimated recoverable ounces in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore body.
Idle Equipment	Idle Equipment The Company had certain idle equipment in storage related primarily to the Black Canyon project. The equipment had a carrying values as of June 30, 2014 and 2013 of $-0- and $1,223,528, respectively. The Company evaluates the carrying value of idle equipment when events or changes in circumstances which indicated the related carrying amount may not be recoverable. The Company sold $66,000 of the equipment and recorded an impairment of $1,157,528 during the year ended June 30, 2014 based on this evaluation.
Mineral Properties	Mineral Properties Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development are capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. No mineral properties remained in the Company’s possession after the asset sale on February 26, 2016. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineralized material.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We re-evaluated the carrying value of the mine equipment, mine improvements and mineral properties in connection with filing of Chapter 11 in August 2015 subsequent to our current fiscal year ended. It was determined in our audit that impairment was not required for our year ended June 30, 2015 for mine equipment, mine development costs and mineral properties. No equipment, mine improvements and mineral properties remained in the Company’s possession after the asset sale on February 26, 2016.
Restricted Cash	Restricted Cash Restricted cash is maintained in connection with requirements for reclamation of projects and bonding requirements for the Company’s scale weighmaster. All Reclamation Bonds are transferred to Waterton after the asset sale.
Derivative Financial Instruments	Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company reviews the terms of convertible debt, equity instruments and other financing arrangements to determine whether there are embedded derivative instruments, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services. Derivative financial instruments are initially measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to value the derivative instruments. To the extent that the initial fair values of the freestanding and/or bifurcated derivative instrument liabilities exceed the total proceeds received, an immediate charge to income or loss is recognized, in order to initially record the derivative instrument liabilities at their fair value. The discount from the face value of the convertible debt or equity instruments resulting from allocating some or all of the proceeds to the derivative instruments, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to income or loss, usually using the effective interest method. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income or loss for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date.
Reclamation Costs	Reclamation Costs Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to income or loss. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based on when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for reclamation obligations. All reclamation cost burden has been transferred to Waterton after the asset sale. Below is a summary of the Asset Retirement Obligation: Balance, June 30, 2013 $239,876 Accretion 1,203 Balance, June 30, 2014 241,079 Accretion 4,415 Balance, June 30, 2015 $245,494
Revenue Recognition	Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred physically, the price is fixed or determinable, no related obligations remain and collectability is probable. Sales of all metals products sold directly to the Company’s metals buyers, including by-product metals, are recorded as revenues upon a buyer either taking physical delivery of the metals product in the case of siliceous flux material or upon the buyer receiving all required documentation necessary to take physical delivery of the metals product in the case of concentrate (generally at the time the product is loaded onto a shipping vessel at the originating port and the bill of lading is generated). Revenues for metals products are recorded at current market prices at the time of delivery and are subsequently adjusted to the current market prices existing at the end of each reporting period. Due to the period of time existing between delivery and final settlement with the buyer, the Company estimates the prices at which sales will be settled. Changes in metals prices between delivery and final settlement will result in adjustments to revenues previously recorded. Sales of metals products are recorded net of charges from the buyer for treatment, refining, smelting losses, and other negotiated charges. Charges are estimated upon shipment of product based on contractual terms, and actual charges do not vary materially from estimates. Costs charged by smelters include a metals payable fee, fixed treatment and refining costs per ton of product.
Concentration of Revenue	Concentration of Revenue The following table provides the composition of sales generated from precious metals for the years ended June 30, 2015 and 2014: 2015 2014 LS-Nikko Copper -- 65% ASARCO, LLC -- 14% Freeport-McMoran, Inc. -- 21% Glencore 100% -- 100% 100% The Company’s Summit project located in the state of New Mexico accounted for 100% of the Company’s total sales.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax, is of such assets and liabilities. This method utilizes enacted statutory tax rates in effect for the year in which the temporary differences are expected to reverse and gives immediate effect to changes in income tax rates upon enactment. A valuation allowance is recorded when it is more likely than not that deferred tax assets will be unrealizable in future periods. As of June 30, 2015 and 2014, the Company has recorded a valuation allowance against the full amount of its net deferred tax assets. The inability to foresee taxable income in future years makes it more likely than not that the Company will not realize its recorded deferred tax assets in future periods.
Net Loss Per Share	Net Loss Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the years ended June 30, 2015 and 2014, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive.
Stock-Based Compensation	Stock-Based Compensation In connection with terms of employment with the Company’s executives and employees, the Company occasionally issues options to acquire its common stock. Awards are made at the discretion of the Board of Directors. Such options may be exercisable at varying exercise prices and generally vest over a period of six months to a year. The Company accounts for share based on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The simplified method is used to determine compensation expense since historical option exercise experience is limited. The compensation cost is recognized over the expected vesting period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASC updated No. 2014-09, "Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09). Under the amendments in this update, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is not permitted. The new standard is required to be applied either retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of applying the update recognized at the date of initial application. The Company has not yet selected a transition method, and has not determined the impact, if any, that the new standard will have on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2015. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. This standard is not expected to have an effect on the Company’s reported financial position or results of operations. In August 2014, the FASB issued ASU 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, which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2016. This update contains amendments that clarify the principles for management’s assessment of an entity’s ability to continue as a going concern. This standard is not expected to have an effect on the Company’s reported financial position or results of operations. In April 2015, the FASB issued ASU No. 2015-03 “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” In July 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory Inventory Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Property, Plant and Equipment, Estimated Useful Life	Land is not depreciated. Estimated Useful Life Leasehold improvements 3 Years Office furniture and equipment 3 Years Mine processing equipment and buildings 7 – 20 Years Plant 3 – 9 Years Tailings 3 Years Environmental and permits 7 Years Asset retirement obligation 5 Years Automotive 3 – 5 Years Software 5 Years
Schedule of Asset Retirement Obligations	Below is a summary of the Asset Retirement Obligation: Balance, June 30, 2013 $239,876 Accretion 1,203 Balance, June 30, 2014 241,079 Accretion 4,415 Balance, June 30, 2015 $245,494
Schedule of Concentration of Revenue	The following table provides the composition of sales generated from precious metals for the years ended June 30, 2015 and 2014: 2015 2014 LS-Nikko Copper -- 65% ASARCO, LLC -- 14% Freeport-McMoran, Inc. -- 21% Glencore 100% -- 100% 100%

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Inventory, Current	The following table provides the components of inventory as of June 30, 2015 and 2014: 2015 2014 In-process material $ - $ - Siliceous flux material - - Precious metals concentrate - 40,000 $ - $ 40,000

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Mineral Propery Acquisition Costs [Table Text Block]	Mineral properties were comprised of acquisition costs related to properties in New Mexico and Arizona, as shown below as of June 30, 2015 and 2014: 2015 2014 Summit property, Grant Country, NM $ 119,000 $ 119,000 Banner property, Hidalgo County, NM 230,897 230,897 New Planet property, La Paz County, AZ 250,000 250,000 $ 599,897 $ 599,897

PROPERTY, EQUIPMENT AND MINE 30

PROPERTY, EQUIPMENT AND MINE DEVELOPMENT (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Property, Plant and Equipment	Property, equipment, and mine development consists of the following at June 30, 2015 and 2014: 2015 2014 Office furniture and equipment $ 37,779 $ 37,779 Land 163,000 163,000 Mine processing equipment and buildings 7,134,631 8,008,993 Plant 8,135,732 8,135,732 Tailings 1,726,677 1,726,677 Environmental and permits 267,078 267,078 Mine development 13,709,831 13,709,831 Asset retirement obligation 221,367 221,367 Automotive 280,785 280,785 Software 87,848 87,848 31,764,728 32,639,090 Accumulated depreciation and amortization (15,105,497 ) (13,383,408 ) $ 16,659,231 $ 19,255,682

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following at June 30, 2015 and 2014: 2015 2014 Interest $ 6,304,917 $ 1,572,298 Vacation 41,214 57,602 Deferred and accrued payroll burden 360,354 133,890 Franchise taxes 8,695 8,504 Royalties (calculated as a percentage of net smelter proceeds to a royalty holder) 757,251 690,358 Merger costs, net 269,986 269,986 Other 19,579 133,956 Audit 20,000 111,825 Debt settlement - 106,977 Property taxes 92,367 135,000 Commodity supply agreement, see Note 12 3,067,117 4,803,765 $ 10,941,480 $ 8,024,161

DERIVATIVE INSTRUMENT LIABILI32

DERIVATIVE INSTRUMENT LIABILITIES (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The table below show the loss on the derivative instruments liability for the years ended June 30, 2015 and 2014. Year Ended June 30, 2015 Derivative Derivative Valuation Change Liability as of Liability as of for the year ended June 30, 2014 June 30, 2015 June 30, 2015 Purchase Agreement Warrants and Convertible Debt $ 292,124 $ 1,367,142 $ 1,075,018 Derivatives recognized as debt discounts (275,000 ) Derivative liability written off to equity upon conversions 163,007 Amount allocated to warrants expense at inception (602,297 ) Loss on Derivatives $ 360,728 Year Ended June 30, 2014 Derivative Derivative Valuation Change Liability as of Liability as of for the year ended June 30, 2013 June 30, 2014 June 30, 2015 Purchase Agreement Warrants $ 496,920 $ 292,124 $ 204,796 Amount allocated to warrants at inception - Gain on Derivatives $ 204,796
Schedule of Derivative Liabilities at Fair Value	The derivative liability is comprised of the following as of: June 30, June 30, 2015 2014 Current portion of derivative instruments liabilities $ 1,367,142 $ 292,124 Long-term portion of derivative instruments liabilities - - $ 1,367,142 $ 292,124

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Convertible Notes Payable and Debentures [Table Text Block]	The components of the convertible notes payable are as follows: June 30, 2015: Principal Unamortized Amount Discount Net Current portion $ 3,702,263 $ (258,345 ) $ 3,443,918 Long-term portion, net of current - - - $ 3,702,263 $ (258,345 ) $ 3,443,918 June 30, 2014: Principal Unamortized Amount Discount Net Current portion $ 450,000 $ (17,937) $ 432,063 Long-term portion, net of current 3,673,527 - 3,673,527 $ 4,123,527 $ (17,937) $ 4,105,590

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Notes Payable	The following summarizes notes payable, including the Senior Secured Gold Stream Credit Agreement, at: June 30, June 30, 2015 2014 Working capital advances, interest at 1% per month, due January 15, 2015 $ 220,000 $ _ Installment sales contract on equipment, interest at 5.75%, payable in 36 monthly installments of $1,406, including interest through June 2015 - 16,354 Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016. 398,793 398,793 Unsecured bridge loan note payable, interest at 2% monthly, payable August 17, 2014, six months after the first advance on the bridge loan. 1,745,092 1,745,092 Senior Secured Gold Stream Credit Agreement, interest at 9.00% per annum, payable monthly in arrears, principal payments deferred to July 2012; principal installments are $425,000 for July and August 2012, $870,455 monthly for September 2012 through June 2013 and $445,450 in July 2013; Note amended October 9, 2012, principal installments of $1,082,955 due October 2012, $500,000 November 2012, $0 due December 2012 and January 2013, $3,852,275 February 2013, $870,455 March through June 2013, and $445,450 in July 2013. 7,755,684 7,040,427 Total Outstanding Notes Payable 10,119,569 9,200,666 Less: Current portion (10,119,569 ) (9,200,666 ) Notes payable, net of current portion and discount $ - $ -
Schedule of Maturities of Notes Payable	The aggregate maturities of notes payable as of June 30, 2015 and 2014 $ 10,119,569 $ 9,200,666

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Fair Value Measurements, Nonrecurring	The fair value measurement of financial instruments and other assets as of June 30, 2015 and June 30, 2014 are as follows: June 30, Level 1 Level 2 Level 3 2015 Assets: None -- --- --- --- Liabilities: Derivative instruments --- --- $ 1,367,142 $ 1,367,142 June 30 , Level 1 Level 2 Level 3 2014 Assets: None --- --- --- --- Liabilities: Derivative instruments --- --- $ 292,124 $ 292,124
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Derivative instruments liabilities at June 30, 2013 $ 496,920 Gain on derivative instrument liabilities 204,796 Derivative instruments liabilities at June 30, 2014 $ 292,124

STOCKHOLDERS (DEFICIT) (Tables)

STOCKHOLDERS (DEFICIT) (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Share-based Compensation, Stock Options, and Warrants or Rights Activity	Stock option and warrant activity, both within the 1989 Stock Option Plan and 2007 EIP and outside of these plans, for the years ended June 30, 2015and 2014are as follows: Stock Options Stock Warrants Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Outstanding at June 30, 2013 8,970,000 $ 0.30 25,401587 $ 0.67 Granted 1,000,000 $ 0.12 23,434 $ 0.38 Canceled (695,000 ) $ 0.36 --- --- Expired (350,000 ) $ 1.24 (141,510 ) $ 1.06 Exercised --- --- --- $ --- Outstanding at June 30, 2014 8,925,000 $ 0.24 25,283,511 $ 0.62 Granted 18,700,000 $ 0.05 7,695,000 $ 0.11 Canceled (15,115,000 ) $ 0.14 (12,082,457 ) 0.75 Expired --- --- $ Exercised --- --- Outstanding at June 30, 2015 12,510,000 $ 0.07 20,896,054 $ 0.37
Disclosure of Share based Compensation Arrangements By Shares Based Payment Award and Warrants or Rights [Table Text Block]	Stock options and warrants outstanding and exercisable at June 30, 2015, are as follows: Outstanding and Exercisable Options Outstanding and Exercisable Warrants Weighted Weighted Average Average Contractual Weighted Contractual Weighted Exercise Remaining Average Exercise Remaining Average Price Outstanding Exercisable Life Exercise Price Outstanding Exercisable Life Exercise Range Number Number (in Years) Price Range Number Number (in Years) Price $0.05 11,000,000 11,000,000 3.37 $ 0.05 $ 0.06 3,375,000 3,375,000 0.50 $ 0.06 $0.07 200,000 200,000 4.51 $ 0.07 $ 0.15 4,320,000 4,320,000 3.66 $ 0.15 $0.08 200,000 200,000 3.51 $ 0.08 $ 0.38 523,434 523,434 2.21 $ 0.38 $0.14 200,000 200,000 3.10 $ 0.14 $ 0.40 10,744,286 10,744,286 2.11 $ 0.40 $0.32 250,000 250,000 2.14 $ 0.32 $ .87 500,000 500,000 1.09 $ .87 $0.36 660,000 660,000 1.92 $ 0.36 $ 1.00 600,000 600,000 1.36 $ 1.00 --- --- $ 1.50 833,334 833,334 .5 $ 1.50 12,510,000 12,510,000 20,896,054 20,896,054 Outstanding Options 3.28 $ 0.07 Outstanding Warrants 2.07 $ 0.37 Exercisable Options 3.28 $ 0.07 Exercisable Warrants 2.07 $ 0.37

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The approximate income tax benefit is computed by applying the U.S. federal income tax rate of 35% to net (loss) before taxes for the fiscal years ended after June 30, 2012, and 34% for the prior year periods. 2015 2014 Tax benefit at the federal statutory rate $ 2,318,833 $ 3,725,274 State tax benefit 496,893 585,400 Expiration of state operating benefit (432,984 ) (304,458 ) Prior year true-up 822,038 (377,060 ) (Increase) in valuation allowance (3,204,780 ) (3,629,156 ) Income tax expense $ --- $ ---
Schedule of Deferred Tax Assets and Liabilities	The components of the deferred tax assets at June 30, 2014 and 2013 are as follows: Deferred Tax Asset 2015 2014 Federal net operating loss carry forwards $ 32,532,656 $ 30,498,586 State net operating loss carry forwards 3,304,574 2,133,864 Valuation allowance (35,837,230 ) (32,632,450 ) Net deferred tax asset $ --- $ ---

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Summary of carrying value of assets sold and the liabilities assumed	The table below summarizes the carrying value of the assets sold and the liabilities assumed in the 363 Asset Sale as of February 5, 2016: February 5, 2016 Assets Sold Restricted cash $ 236,628 Prepaid expenses and other current assets 213,010 Property, plant and equipment, net 5,004,633 Mine development properties, net 10,450,070 Mineral properties, net 595,176 $ 16,499,517 Liabilities Assumed Notes payable $ 9,993,280 Accrued interest 5,715,822 Asset retirement obligation 245,494 Accrued property taxes 215,523 Accrued CSA fees 329,398 Total $ 16,499,517

NATURE OF OPERATIONS (Details N

NATURE OF OPERATIONS (Details Narrative)	1 Months Ended
	Jun. 30, 2009USD ($)a	May 31, 2007USD ($)a	Jun. 30, 2015mi²	Nov. 01, 2008mi²
St. Cloud Mining Company [Member]
Business Combination, Consideration Transferred | $	$ 841,500
Summit Silvergold Mine [Member]
Mineral Property, Interest Held			100.00%
Summit Silvergold Mine [Member] | Patented mining claim [Member]
Area of Land		117.6
Black Canyon mica project [Member]
Mineral Property, Interest Held			100.00%
Banner mill site [Member]
Area of Land	1,500		2.3
Ortiz Mine Grant [Member]
Area of Land | mi²				66
Hidalgo County, New Mexico [Member] | Summit Silvergold Mine [Member] | Patented mining claim [Member]
Area of Land		257
Great County, New Mexico [Member] | Summit Silvergold Mine [Member] | Unpatented mining claim [Member]
Area of Land		520
Purchaseofminingclaims [Member] | St. Cloud Mining Company [Member] | Patented mining claim [Member]
Number of Mining Claims	70
Purchaseofminingclaims [Member] | St. Cloud Mining Company [Member] | Unpatented mining claim [Member]
Number of Mining Claims	5
Assignments of Mining Claims [Member] | St. Cloud Mining Company [Member] | Patented mining claim [Member]
Number of Mining Claims	17
Assignments of Mining Claims [Member] | St. Cloud Mining Company [Member] | Unpatented mining claim [Member]
Number of Mining Claims	6
Lordsburg Mining [Member]
Business Combination, Consideration Transferred | $		$ 1,300,000
Business Acquisition, Percentage of Voting Interests Acquired		100.00%

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Jun. 30, 2015
Leasehold Improvements [Member]
Property, Plant and Equipment, Useful Life	3 years
Office furniture and equipment [Member]
Property, Plant and Equipment, Useful Life	3 years
Mine development [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	7 years
Mine development [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	20 years
Plant [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Plant [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	9 years
Tailings [Member]
Property, Plant and Equipment, Useful Life	3 years
Environmental and permits [Member]
Property, Plant and Equipment, Useful Life	7 years
Asset retirement obligation [Member]
Property, Plant and Equipment, Useful Life	5 years
Automotive [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Automotive [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years
Software [Member]
Property, Plant and Equipment, Useful Life	5 years

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Concentration Risk, Percentage	100.00%	100.00%
L S Nikko Copper [Member]
Concentration Risk, Percentage	0.00%	65.00%
ASARCO, LLC [Member]
Concentration Risk, Percentage	0.00%	14.00%
Freeport Mc Moran Inc [Member]
Concentration Risk, Percentage	0.00%	21.00%
Glencore [Member]
Concentration Risk, Percentage	100.00%	0.00%

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Balance at opening	$ 241,079	$ 239,876
Accretion	4,415	1,203
Balance at end	$ 245,494	$ 241,079

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Net loss	$ 9,581,125	$ 11,643,845
Accumulated Deficit	95,563,613	85,982,488
Working Capital Deficit	32,671,617
Loss on disposition of marketable securities	0	(149,157)
Idle Equipment, Net		0	$ 1,223,528
Idle equipment, disposition in period		66,000
Impairment of idle equipment	0	$ 1,157,528
Senior Secured Gold Stream Credit Agreement [Member]
Debt Default, Amount	125
Gold Stream Agreement [Member]
Debt Default, Amount	$ 68

INVENTORY (Details)

INVENTORY (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
In-process material	$ 0	$ 0
Siliceous flux material	0	0
Precious metals concentrate	0	40,000
Inventory, Net	$ 0	$ 40,000

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - USD ($)	Feb. 26, 2016	Jun. 30, 2015	Jun. 30, 2014
Mineral Properties	$ 599,897	$ 599,897	$ 599,897
Summit Silvergold Mine [Member]
Mineral Properties		119,000	119,000
New Planet property [Member]
Mineral Properties		250,000	250,000
Banner mill site [Member]
Mineral Properties		$ 230,897	$ 230,897

PROPERTY, EQUIPMENT AND MINE 46

PROPERTY, EQUIPMENT AND MINE DEVELOPMENT (Details) - USD ($)	Feb. 26, 2016	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment, Gross		$ 31,764,728	$ 32,639,090
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(15,105,497)	(13,383,408)
Property, Plant and Equipment, Net	$ 4,992,154	16,659,231	19,255,682
Office furniture and equipment [Member]
Property, Plant and Equipment, Gross		37,779	37,779
Land [Member]
Property, Plant and Equipment, Gross		163,000	163,000
Mine processing equipment and buildings [Member]
Property, Plant and Equipment, Gross		7,134,631	8,008,993
Plant [Member]
Property, Plant and Equipment, Gross		8,135,732	8,135,732
Tailings [Member]
Property, Plant and Equipment, Gross		1,726,677	1,726,677
Environmental and permits [Member]
Property, Plant and Equipment, Gross		267,078	267,078
Mine development [Member]
Property, Plant and Equipment, Gross		13,709,831	13,709,831
Asset retirement obligation [Member]
Property, Plant and Equipment, Gross		221,367	221,367
Automotive [Member]
Property, Plant and Equipment, Gross		280,785	280,785
Software [Member]
Property, Plant and Equipment, Gross		$ 87,848	$ 87,848

PROPERTY, EQUIPMENT AND MINE 47

PROPERTY, EQUIPMENT AND MINE DEVELOPMENT (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Depreciation and amortization	$ 1,925,690	$ 2,465,077
Loss on equipment disposal	670,761
Cash proceeds from asts sold	54,333	475,160
Gain (Loss) on Disposition of Assrts	(616,428)	129,655
Aggregated amount of assets sold		345,505
Purchased equipment	$ 0	$ 201,940

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Interest	$ 6,304,917	$ 1,572,298
Vacation	41,214	57,602
Deferred and accrued payroll burden	360,354	133,890
Franchise taxes	8,695	8,504
Royalties (calculated as a percentage of net smelter proceeds to a royalty holder)	757,251	690,358
Merger costs, net	269,986	269,986
Other	19,579	133,956
Audit	20,000	111,825
Debt settlement	0	106,977
Property taxes	92,367	135,000
Commodity supply agreements	3,067,117	4,803,765
Accrued Liabilities, Current	$ 10,941,480	$ 8,024,161

DERIVATIVE INSTRUMENT LIABILI49

DERIVATIVE INSTRUMENT LIABILITIES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Derivative instrument liabilities	$ 1,367,142	$ 292,124
Derivatives recognized as debt discounts	(275,000)
Derivative liability written off to equity upon conversions	163,007
Amount allocated to warrants expense at inception	(602,297)	0
Gain (loss) on derivative instrument liabilities	(360,728)	204,796
Purchase Agreement Warrants [Member]
Derivative instrument liabilities	$ 1,367,142	$ 496,920	$ 204,796

DERIVATIVE INSTRUMENT LIABILI50

DERIVATIVE INSTRUMENT LIABILITIES (Details 1) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Derivative instrument liabilities	$ 1,367,142	$ 292,124
Long-term portion of derivative instruments liability	0	0
Total derivative instruments liability	$ 1,367,142	$ 292,124

DERIVATIVE INSTRUMENT LIABILI51

DERIVATIVE INSTRUMENT LIABILITIES (Details Narrative) - USD ($)	Jan. 02, 2015	Dec. 31, 2014	Oct. 17, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.86%	0.671%	0.391%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	2 years 6 months	2 years	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	176.55%	188.108%	170.017%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%	0.00%
Gain (loss) on derivative instrument liabilities				$ (360,728)	$ 204,796
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				0.01%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				1 month 17 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				171.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				1.01%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				3 years 9 months 7 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				307.00%

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument, Face Amount	$ 3,702,263	$ 4,123,527
Debt Instrument, Unamortized Discount	(258,345)	(17,937)
Debt Instrument, Carrying Amount	3,443,918	4,105,590
Convertible debt, Current Portion [Member]
Debt Instrument, Face Amount	3,702,263	450,000
Debt Instrument, Unamortized Discount	(258,345)	(17,937)
Debt Instrument, Carrying Amount	3,443,918	432,063
Convertible Debt Longterm Portion [Member]
Debt Instrument, Face Amount	0	3,673,527
Debt Instrument, Unamortized Discount	0	0
Debt Instrument, Carrying Amount	$ 0	$ 3,673,527

CONVERTIBLE NOTES PAYABLE (De53

CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	1 Months Ended							2 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2014	Jan. 31, 2014	Feb. 28, 2009	Jan. 31, 2009	Dec. 31, 2008	Oct. 31, 2008	Mar. 31, 2007	Nov. 30, 2013	Jun. 30, 2009	Jun. 30, 2015	Jun. 30, 2014	Jul. 15, 2015	Jan. 15, 2014	Apr. 30, 2009	Oct. 30, 2008	Apr. 30, 2008	Jan. 31, 2008	Oct. 30, 2007
Class of Warrant or Right, Grants in Period, Net of Forfeitures										23,434	11,960,028
Senior subordinated convertible notes payable, net of discount										$ 0	$ 3,673,527
Debt Instrument, Unamortized Discount										258,345	17,937
Gain on debt extinguishment										62,940	649,855
Expire November Two Zero Two Zero One Four [Member]
Class of Warrant or Right, Grants in Period, Net of Forfeitures		187,500
Expire October Two Three Two Zero One Four [Member]
Class of Warrant or Right, Grants in Period, Net of Forfeitures		375,000
Extension of convertible notes payable to three accredited investors [Member]
Debt Instrument, Convertible, Conversion Price													$ 0.40
Debt Instrument, Convertible, Automatic Conversion Price													$ 0.80		$ 2.50
Class of Warrant or Right, Grants in Period, Strike Price		$ 0.40
Carnac [Member]
Debt Instrument, Interest Rate, Stated Percentage												1.00%
Seven Senior Secured Convertible Debenture With Attached Warrants [Member]
Notes Issued					$ 13,500,000
Value of Note Issued per Warrant issued					$ 2
Debt Instrument, Unamortized Discount										1,774,042
Additional Investment Rights [Member]
Notes Issued				$ 225,000					$ 418,614
Debt Instrument, Interest Rate, Stated Percentage				7.00%										7.00%		7.00%	7.00%
Value of Note Issued per Warrant issued				$ 2					$ 2
One Zero Convertible Senior Subordinated Notes [Member]
Notes Issued			$ 237,143			$ 450,000
Debt Instrument, Contractual Term						60 months
Debt Instrument, Interest Rate, Stated Percentage															10.00%			10.00%
Value of Note Issued per Warrant issued			$ 2			$ 2
Debt Instrument, Convertible, Conversion Price															$ 1.25
Senior subordinated convertible notes payable, net of discount										450,000	450,000
Debt Instrument, Unamortized Discount										17,937	0
Convertible Secured Notes [Member] | International Goldfields Limited [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Facilitation fee	$ 300,000
Proceeds from Advances Received	$ 1,361,453
Stock Issued to satisfy notes	9,259,259
Gain on debt extinguishment	$ 615,781
Proceeds from Secured Notes Payable	$ 2
Convertible notes payable										3,673,527
One Zero Convertible Senior Subordinated Notes Amount Per Investor [Member]
Notes Issued						$ 150,000
Senior Secured Convertible Debenture [Member]
Notes Issued							$ 2,500,000
Convertible Debt Longterm Portion [Member]
Debt Instrument, Unamortized Discount										0	0
Convertible debt, Current Portion [Member]
Debt Instrument, Unamortized Discount										258,345	$ 17,937
Binding Heads of Agreement [Member] | International Goldfields Limited [Member]
Debt Instrument, Interest Rate, Stated Percentage											6.00%
Proceeds from Secured Notes Payable								$ 3,900,000
Convertible notes payable										$ 3,673,527	$ 3,951,310

SENIOR SECURED GOLD STREAM CR54

SENIOR SECURED GOLD STREAM CREDIT AGREEMENT (Details Narrative) - USD ($)	1 Months Ended															2 Months Ended		4 Months Ended		6 Months Ended		10 Months Ended		12 Months Ended
	Jul. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	Oct. 31, 2013	Jul. 31, 2013	Jun. 30, 2013	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2012	Nov. 30, 2012	Oct. 31, 2012	Oct. 26, 2012	Dec. 31, 2011	Aug. 31, 2013	Aug. 31, 2012	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Feb. 26, 2016	May 31, 2012	Dec. 23, 2011	Apr. 30, 2009	Jan. 31, 2009	Oct. 30, 2008	Apr. 30, 2008	Jan. 31, 2008	Oct. 30, 2007
Payments on notes payable																								$ 16,355	$ 107,518		$ 107,518
Financing Interest Expense																								4,565,466
Notes Payable								$ 9,200,666										$ 7,516,069	$ 9,200,666		$ 9,200,666	$ 7,516,069	$ 9,200,666		7,516,069	$ 9,200,666		$ 9,993,280
Debt Default, Short-term Debt, Amount																		7,040,427				7,040,427		$ 7,755,685	7,040,427
Senior Secured Gold Stream Credit Agreement Amendment One [Member]
Debt Instrument, Periodic Payment	$ 445,450	$ 3,852,275	$ 0	$ 0	$ 500,000	$ 1,082,955	$ 4,454,500		$ 3,852,275	$ 0	$ 0	$ 500,000	$ 1,082,955					870,455	$ 870,455
Two One Zero Million Tranches [Member]
Proceeds from credit agreement															$ 10,000,000
Credit agreements closed															10,000,000
Senior Secured Gold Stream Credit Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage								9.00%											9.00%		9.00%		9.00%	9.00%		9.00%
Credit agreement, coupon rate																														9.00%
Debt Instrument, Periodic Payment																$ 425,000	$ 425,000					870,455	$ 870,455		445,450	$ 445,450
Notes Payable																		$ 7,011,282				$ 7,011,282		$ 7,040,427	$ 7,011,282
Unsecured bridge loan note payable [Member]
Debt Instrument, Interest Rate, Stated Percentage																		2.00%				2.00%		2.00%	2.00%
Notes Payable																		$ 1,745,092				$ 1,745,092		$ 1,745,092	$ 1,745,092
Financing Contract On Insurance Premiums One [Member]
Debt Instrument, Interest Rate, Stated Percentage						4.70%		4.70%						4.70%					4.70%		4.70%		4.70%	4.70%		4.70%
Debt Instrument, Periodic Payment						$ 19,055								$ 135,130										$ 13,846
Notes Payable								$ 0										13,792	$ 0		$ 0	13,792	$ 0	$ 0	13,792	$ 0
Installment Sales Contract Three [Member]
Debt Instrument, Interest Rate, Stated Percentage								5.75%											5.75%		5.75%		5.75%	5.75%		5.75%	5.75%
Debt Instrument, Periodic Payment																								$ 13,874
Notes Payable								$ 398,793										457,760	$ 398,793		$ 398,793	457,760	$ 398,793	$ 398,793	457,760	$ 398,793
Installment Sales Contract [Member]
Debt Instrument, Interest Rate, Stated Percentage								10.00%											10.00%		10.00%		10.00%	10.00%		10.00%
Debt Instrument, Periodic Payment																								$ 13,073
Notes Payable								$ 0										1,438	$ 0		$ 0	1,438	$ 0	$ 0	1,438	$ 0
Installment Sales Contract Two [Member]
Debt Instrument, Interest Rate, Stated Percentage								5.75%											5.75%		5.75%		5.75%	5.75%		5.75%			5.75%
Debt Instrument, Periodic Payment																								$ 1,406
Notes Payable								$ 16,354										31,797	$ 16,354		$ 16,354	31,797	$ 16,354	$ 16,354	31,797	$ 16,354
$5 million revolving working capital facility [Member]
Line of Credit																														$ 5,000,000
Letter with Waterton [Member]
Receivables Transferred								1,053,599												$ 1,018,056
Notes Reduction								116,693
Interest Payable Reduction								768,263
Financing Interest Expense								$ 168,643												6,398	$ 162,245
Increase in Notes Payable, Principal Portion																				29,145
Decrease in Notes Payable, Principal Portion																				$ 739,118
Receivables due to Waterton																		$ 813,919				$ 813,919			$ 813,919
Senior Secured Bridge loan [Member]
Payments on notes payable															$ 5,000,000
Additional Investment Rights [Member]
Debt Instrument, Interest Rate, Stated Percentage																															7.00%	7.00%		7.00%	7.00%
One Zero Convertible Senior Subordinated Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage																																	10.00%			10.00%

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	1 Months Ended													2 Months Ended		4 Months Ended		10 Months Ended		12 Months Ended
	Jul. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	Oct. 31, 2013	Jul. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2012	Nov. 30, 2012	Oct. 31, 2012	Oct. 26, 2012	Aug. 31, 2013	Aug. 31, 2012	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Feb. 26, 2016	Jun. 30, 2012	May 31, 2012	Apr. 30, 2009	Jan. 31, 2009	Oct. 30, 2008	Apr. 30, 2008	Jan. 31, 2008	Oct. 30, 2007
Total Outstanding Notes Payable																$ 7,516,069	$ 9,200,666	$ 7,516,069	$ 9,200,666		$ 7,516,069	$ 9,200,666	$ 9,993,280
Less: Current portion																(9,200,666)		(9,200,666)		$ (10,119,569)	(9,200,666)
Senior Secured Gold Stream Credit Agreement Amendment One [Member]
Debt Instrument, Periodic Payment	$ 445,450	$ 3,852,275	$ 0	$ 0	$ 500,000	$ 1,082,955	$ 4,454,500	$ 3,852,275	$ 0	$ 0	$ 500,000	$ 1,082,955				870,455	$ 870,455
Financing Contract On Insurance Premiums One [Member]
Debt Instrument, Interest Rate, Stated Percentage						4.70%							4.70%				4.70%		4.70%	4.70%		4.70%
Debt Instrument, Number of Monthly Installments																				9
Debt Instrument, Periodic Payment						$ 19,055							$ 135,130							$ 13,846
Total Outstanding Notes Payable																13,792	$ 0	13,792	$ 0	$ 0	13,792	$ 0
Senior Secured Gold Stream Credit Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage																	9.00%		9.00%	9.00%		9.00%
Debt Instrument, Periodic Payment														$ 425,000	$ 425,000			870,455	$ 870,455		445,450	$ 445,450
Total Outstanding Notes Payable																7,011,282		7,011,282		$ 7,040,427	7,011,282
Installment Sales Contract [Member]
Debt Instrument, Interest Rate, Stated Percentage																	10.00%		10.00%	10.00%		10.00%
Debt Instrument, Number of Monthly Installments																				12
Debt Instrument, Periodic Payment																				$ 13,073
Total Outstanding Notes Payable																1,438	$ 0	1,438	$ 0	$ 0	1,438	$ 0
Installment Sales Contract Three [Member]
Debt Instrument, Interest Rate, Stated Percentage																	5.75%		5.75%	5.75%		5.75%		5.75%
Debt Instrument, Number of Monthly Installments																				48
Debt Instrument, Periodic Payment																				$ 13,874
Total Outstanding Notes Payable																457,760	$ 398,793	457,760	$ 398,793	$ 398,793	457,760	$ 398,793
Installment Sales Contract Two [Member]
Debt Instrument, Interest Rate, Stated Percentage																	5.75%		5.75%	5.75%		5.75%			5.75%
Debt Instrument, Number of Monthly Installments																				36
Debt Instrument, Periodic Payment																				$ 1,406
Total Outstanding Notes Payable																$ 31,797	$ 16,354	$ 31,797	$ 16,354	$ 16,354	$ 31,797	$ 16,354
Unsecured bridge loan note payable [Member]
Debt Instrument, Interest Rate, Stated Percentage																2.00%		2.00%		2.00%	2.00%
Total Outstanding Notes Payable																$ 1,745,092		$ 1,745,092		$ 1,745,092	$ 1,745,092
Additional Investment Rights [Member]
Debt Instrument, Interest Rate, Stated Percentage																										7.00%	7.00%		7.00%	7.00%
One Zero Convertible Senior Subordinated Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage																												10.00%			10.00%

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	1 Months Ended																				2 Months Ended		3 Months Ended	4 Months Ended		10 Months Ended		12 Months Ended
	Jul. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	Oct. 31, 2013	Jul. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2012	Nov. 30, 2012	Oct. 31, 2012	Oct. 26, 2012	Jun. 30, 2012	May 31, 2012	Feb. 28, 2009	Jan. 31, 2009	Dec. 31, 2008	Oct. 31, 2008	Mar. 31, 2007	Aug. 31, 2013	Aug. 31, 2012	Jun. 30, 2009	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Feb. 14, 2015	Jan. 23, 2015	Apr. 30, 2009	Oct. 30, 2008	Apr. 30, 2008	Jan. 31, 2008	Oct. 30, 2007
Debt Instrument, Annual Principal Payment																								$ 154,430		$ 154,430			$ 154,430
Accrued liabilities																								8,024,161		8,024,161		$ 10,941,480	8,024,161
Accrued interest on note																								251,310		251,310			251,310
Tyhee Bridge Loan Agreement [Member]
Obligated Advances Receivable, Amount																																$ 3,000,000
Debt Instrument, Interest Rate, Stated Percentage																															24.00%
Accrued liabilities																												269,986
Break Fee																												$ 300,000
One Zero Convertible Senior Subordinated Notes [Member]
Notes Issued																$ 237,143			$ 450,000
Debt Instrument, Interest Rate, Stated Percentage																																		10.00%			10.00%
Additional Investment Rights [Member]
Notes Issued																	$ 225,000						$ 418,614
Debt Instrument, Interest Rate, Stated Percentage																	7.00%																7.00%		7.00%	7.00%
Seven Senior Secured Convertible Debenture With Attached Warrants [Member]
Notes Issued																		$ 13,500,000
One Zero Convertible Senior Subordinated Notes Amount Per Investor [Member]
Notes Issued																			$ 150,000
Senior Secured Convertible Debenture [Member]
Notes Issued																				$ 2,500,000
Senior Secured Gold Stream Credit Agreement Amendment One [Member]
Debt Instrument, Periodic Payment	$ 445,450	$ 3,852,275	$ 0	$ 0	$ 500,000	$ 1,082,955	$ 4,454,500	$ 3,852,275	$ 0	$ 0	$ 500,000	$ 1,082,955												870,455	$ 870,455
Installment Sales Contract Three [Member]
Debt Instrument, Interest Rate, Stated Percentage														5.75%											5.75%		5.75%	5.75%		5.75%
Debt Instrument, Annual Principal Payment																								589,660		589,660			589,660
Debt Instrument, Periodic Payment																												$ 13,874
Installment sales contract														$ 593,657										3,987,930		3,987,930		$ 3,987,930	3,987,930
Notes Issued, Term														48 months
Financing Contract On Insurance Premiums One [Member]
Notes Issued						$ 168,182							$ 1,222,120
Debt Instrument, Interest Rate, Stated Percentage						4.70%							4.70%												4.70%		4.70%	4.70%		4.70%
Debt Instrument, Annual Principal Payment													$ 139,140
Debt Instrument, Periodic Payment						$ 19,055							135,130															$ 13,846
Installment sales contract													$ 135,130
Payment of policy						191,950
Proceeds from contracts						470,240
Written off of notes payable						$ 278,290
Installment Sales Contract Two [Member]
Debt Instrument, Interest Rate, Stated Percentage															5.75%										5.75%		5.75%	5.75%		5.75%
Debt Instrument, Periodic Payment																												$ 1,406
Installment sales contract															$ 46,379									$ 163,540		163,540		$ 0	163,540
Notes Issued, Term															36 months
Senior Secured Gold Stream Credit Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage																									9.00%		9.00%	9.00%		9.00%
Debt Instrument, Periodic Payment																					$ 425,000	$ 425,000				$ 870,455	$ 870,455		$ 445,450	$ 445,450
Installment Sales Contract [Member]
Debt Instrument, Interest Rate, Stated Percentage																									10.00%		10.00%	10.00%		10.00%
Debt Instrument, Periodic Payment																												$ 13,073
Unsecured bridge loan note payable [Member]
Debt Instrument, Interest Rate, Stated Percentage																								2.00%		2.00%		2.00%	2.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Derivative instruments	$ 1,367,142	$ 292,124
Level 1 [Member]
Derivative instruments	0	0
Level 2 [Member]
Derivative instruments	0	0
Level 3 [Member]
Derivative instruments	$ 1,367,142	$ 292,124

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Details Narrative)

1 Months Ended

12 Months Ended

Mar. 31, 2015

Sep. 30, 2014USD ($)

Jun. 30, 2014USD ($)

Apr. 30, 2014

Aug. 31, 2011

Dec. 31, 2009USD ($)

Mar. 31, 2009

Jun. 30, 2015USD ($)

Jun. 30, 2014USD ($)

Jun. 30, 2012USD ($)

Dec. 30, 2014USD ($)

Aug. 09, 2012USD ($)

Jun. 28, 2011

Mar. 29, 2011

Lease and Rental Expense

$ 23,518

$ 80,363

Reduction in prior period royalties

84,280

Accrued Royalty Liability

690,358

Completion guarantee payable

$ 3,260,566

3,300,287

3,260,566

Increase in Completion guarantee payable

$ 504,049

Lease for office space [Member]

Contractual Obligation, Term

5 years

Lease termination

$ 7,469

Mogollon Option Agreement Amendment One [Member]

Value of Shares Transferred

11,914

Value of Missed Payment

$ 887,500

Lease for storage space [Member]

Contractual Obligation, Term

1 year

1 year

Definitive Gold Sale Agreement With Sandstorm Amendment Two [Member] | Summit Silvergold Mine [Member]

Price per Ounce of Gold

$ 400

Additional ounces of gold required

700

Ounces of gold delivered

817

Net cost of delivering gold

1,075,785

Definitive Gold sale agreement with Sandstorm [Member] | Summit Silvergold Mine [Member]

Proceeds from Other Deposits

$ 4,000,000

Price per Ounce of Gold

$ 400

Definitive Gold sale agreement with Sandstorm [Member] | Summit Silvergold Mine [Member] | First One Zero Zero Zero Zero Ounces Of Gold Produced [Member]

Gold production subject to the agreement

50.00%

Definitive Gold sale agreement with Sandstorm [Member] | Summit Silvergold Mine [Member] | Gold Produced After First One Zero Zero Zero Zero Ounces [Member]

Gold production subject to the agreement

22.00%

Property Identification Agreement [Member]

Royalty Expense

29,510

45,743

Gold Stream Agreement [Member]

Price per Ounce of Gold

$ 400

Commitment, Sale of Ounces of Gold

3,709

Supply Commitment, Remaining Minimum Amount Committed

$ 29

Gold and Silver Supply Agreement [Member]

Supply Commitment, Remaining Minimum Amount Committed

$ 611,503

185,563

$ 611,503

Definitive Gold Sale Agreement With Sandstorm Amendment One [Member] | Summit Silvergold Mine [Member]

Additional ounces of gold required

700

President and CEO [Member]

Annual Salary Commitment, Adjusted By Consume Price Index

$ 180,000

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

299.00%

Accrued Royalty Liability

$ 237,989

STOCKHOLDERS_ (DEFICIT) (Detail

STOCKHOLDERS’ (DEFICIT) (Details) - $ / shares	Jan. 02, 2015	Jan. 02, 2014	Aug. 06, 2013	Dec. 31, 2014	Oct. 17, 2014	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning of Period						8,925,000	8,970,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period						$ 0.24	$ 0.30
Class of Warrant or Right, Outstanding, Beginning of Period						25,283,511	25,401,587
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, Beginning of Period						$ 0.62	$ 0.67
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	100,000	100,000	200,000	3,500,000	2,500,000	18,700,000	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 0.05	$ 0.12
Class of Warrant or Right, Grants in Period, Net of Forfeitures						23,434	11,960,028
Class of Warrant or Right, Grants in Period, Weighted Average Exercise Price						$ 0.11	$ 0.38
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period						(15,115,000)	(695,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price						$ 0.14	$ 0.36
Class of Warrant or Right, Forfeitures in Period						(12,082,457)	0
Class of Warrant or Right, Forfeitures in Period, Weighted Average Exercise Price						$ 0.75	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period						0	(350,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price						$ 0	$ 1.24
Class of Warrant or Right, Expirations in Period						0	(141,510)
Class of Warrant or Right, Expirations in Period, Weighted Average Exercise Price						$ 0	$ 1.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price						$ 0	$ 0
Class of Warrant or Right, Exercises in Period						0	0
Class of Warrant or Right, Exercises in Period, Weighted Average Exercise Price						$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, End of Period						12,510,000	8,925,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period						$ 0.07	$ 0.24
Class of Warrant or Right, Outstanding, End of Period						20,896,054	25,283,511
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, End of Period						$ 0.37	$ 0.62

STOCKHOLDERS_ (DEFICIT) (Deta60

STOCKHOLDERS’ (DEFICIT) (Details 1) - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	12,510,000	8,925,000	8,970,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	8,325,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term	2 years 11 months 19 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.07	$ 0.24	$ 0.30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 10 months 20 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 0.24
Class of Warrant or Right, Outstanding	20,896,054	25,283,511	25,401,587
Class of Warrant or Right, Exercisable, Number	25,253,511
Class of Warrant or Right, Weighted Average Remaining Contractual Term	1 year 9 months 7 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 0.37	$ 0.62	$ 0.67
Class of Warrant or Right, Exercisable Weighted Average Remaining Contractual Term	1 year 9 months 7 days
Class of Warrant or Right, Exercisable Weighted Average Exercise Price	$ 0.62
Zero Three Eight Exercise Price [Member]
Class of Warrant or Right, Outstanding	523,434
Class of Warrant or Right, Exercisable, Number	523,434
Class of Warrant or Right, Weighted Average Remaining Contractual Term	3 years 2 months 16 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 0.38
Zero One Three Five Exercise Price [Member]
Class of Warrant or Right, Outstanding	6,750,000
Class of Warrant or Right, Exercisable, Number	6,750,000
Class of Warrant or Right, Weighted Average Remaining Contractual Term	6 months
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 0.14
One Seven Zero Exercise Price [Member]
Class of Warrant or Right, Outstanding	3,846,155
Class of Warrant or Right, Exercisable, Number	3,846,155
Class of Warrant or Right, Weighted Average Remaining Contractual Term	6 months 22 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 1.70
Zero Four Zero Exercise Price [Member]
Class of Warrant or Right, Outstanding	11,306,786
Class of Warrant or Right, Exercisable, Number	11,306,786
Class of Warrant or Right, Weighted Average Remaining Contractual Term	2 years 11 months 23 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 0.40
Zero Eight Seven Exercise Price [Member]
Class of Warrant or Right, Outstanding	500,000
Class of Warrant or Right, Exercisable, Number	500,000
Class of Warrant or Right, Weighted Average Remaining Contractual Term	2 years 1 month 2 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 0.87
One Zero Zero Exercise Price [Member]
Class of Warrant or Right, Outstanding	600,000
Class of Warrant or Right, Exercisable, Number	600,000
Class of Warrant or Right, Weighted Average Remaining Contractual Term	2 years 4 months 10 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 1
One Zero Six Exercise Price [Member]
Class of Warrant or Right, Outstanding	112,263
Class of Warrant or Right, Exercisable, Number	112,263
Class of Warrant or Right, Weighted Average Remaining Contractual Term	1 month 2 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 1.06
One Two Five Exercise Price [Member]
Class of Warrant or Right, Outstanding	250,000
Class of Warrant or Right, Exercisable, Number	250,000
Class of Warrant or Right, Weighted Average Remaining Contractual Term	6 months 18 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 1.25
One Five Zero Exercise Price [Member]
Class of Warrant or Right, Outstanding	933,334
Class of Warrant or Right, Exercisable, Number	933,334
Class of Warrant or Right, Weighted Average Remaining Contractual Term	1 year 4 months 20 days
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 1.50
One Six Two Five Exercise Price [Member]
Class of Warrant or Right, Outstanding	461,539
Class of Warrant or Right, Exercisable, Number	431,539
Class of Warrant or Right, Weighted Average Remaining Contractual Term	6 months
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price	$ 1.63
Zero Zero Eight Exercise Price [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.08
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 6 months 14 days
Zero One One Exercise Price [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	4,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	4,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.11
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 3 months 18 days
Zero One Four Exercise Price [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	600,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 1 month 6 days
Zero Three Two Exercise Price [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	450,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	450,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.32
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 6 months 4 days
Zero Three Six Exercise Price [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	3,225,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	3,225,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 6 months 4 days
One Zero Zero Exercise Price [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	9 months 14 days

STOCKHOLDERS' (DEFICIT) (Detail

STOCKHOLDERS' (DEFICIT) (Details Narrative) - USD ($)	May 13, 2015	Apr. 07, 2015	Feb. 06, 2015	Jan. 02, 2015	Jan. 02, 2014	Aug. 06, 2013	Dec. 31, 2014	Nov. 25, 2014	Oct. 17, 2014	Jun. 15, 2017	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Sale of restricted common stock										105,285,179	7,375,000
Proceeds from sale of restricted common stock											$ 602,500
Gain on extinguishment of debt											$ 62,940	$ 649,855
Issued of restricted common stock in partial conversion, shares											1,800,000
Issued of restricted common stock in partial conversion											$ 68,900
Issued of restricted common stock for conversion of note payable and accrued interest, Shares												9,259,259
Issued of restricted common stock for conversion of note payable and accrued interest												$ 1,263,930
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures				100,000	100,000	200,000	3,500,000		2,500,000		18,700,000	1,000,000
Exercise price				$ 0.07	$ 0.08	$ 0.14	$ 0.05		$ 0.05
Fair value of options				$ 11,740			$ 130,099		$ 281,388
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used				Black-Scholes option pricing model			Black-Scholes option pricing model		Black-Scholes option pricing model
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				0.86%			0.671%		0.391%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				2 years 6 months			2 years		2 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				176.55%			188.108%		170.017%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate				0.00%			0.00%		0.00%
Stock-based compensation				$ 11,740			$ 130,099		$ 281,388		$ 456,393	$ 437,498
Closing price on date of grant							$ 0.0459		$ 0.0488
Aggregate intrinsic value of options and warrants vested and expected to vest											196,250
Aggregate intrinsic value of currently exercisable stock options and warrants											$ 176,250
Intrinsic value of closing stock price of common stock											$ 0.066
Number of options and warrants vested and exercisable											14,375,000
Intrinsic value options exercised											$ 0
Fair value of options and warrants granted											1,046,949
Grant-date fair value of option and warrant shares vested											$ 0
Shares available for grant											4,550,000
Options outstanding											12,510,000	8,925,000	8,970,000
Private Placement [Member]
Issue of common Stock	80,000	1,000,000	3,000,000					3,375,000
Warrants expire	May 13, 2019	Apr. 7, 2019	Feb. 6, 2019					Dec. 30, 2015
Stock price per share	$ 0.15	$ 0.15	$ 0.12					$ 0.06
Fair market value of warrants	$ 10,352	$ 131,192	$ 334,671					$ 126,082
Share-based Goods and Nonemployee Services Transaction, Valuation Method	Black-Scholes option pricing model	Black-Scholes option pricing model	Black-Scholes option pricing model					Black-Scholes option pricing model
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Risk Free Interest Rate	0.97%	1.26%	1.26%					0.14%
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term	4 years	4 years	4 years					1 year 1 month 6 days
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Volatility Rate	179.00%	155.00%	152.00%					228.00%
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Dividend Rate	0.00%	0.00%	0.00%					0.00%
Five Creditors [Member]
Issue of restricted common stock for accrued compensation, shares											4,000,000
Issue of restricted common stock for accrued compensation											$ 200,000
Creditor [Member]
Issue of restricted common stock for debt,shares											792,240
Issue of restricted common stock for debt											$ 106,978
Gain on extinguishment of debt											$ 64,980	$ 34,074
Issued of restricted common stock for conversion of note payable and accrued interest, Shares												370,371
Two Officers [Member]
Issue of restricted common stock for accrued compensation, shares											800,000
Issue of restricted common stock for accrued compensation											$ 40,000
Gain on extinguishment of debt											$ (1,360)
Creditors One [Member]
Issue of restricted common stock for services,shares											400,000
Issue of restricted common stock for services											$ 20,000
Gain on extinguishment of debt											$ (680)

PENSION PLAN (Details Narrative

PENSION PLAN (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent	5.00%
Pension Expense	$ 0	$ 1,147,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Tax (expense) benefit at the federal statutory rate	$ 2,318,833	$ 3,725,274
State tax benefit	496,893	585,400
Expiration of state operating benefit	(432,984)	(304,458)
Prior year true-up	822,038	(377,060)
(Increase) in valuation allowance	(3,204,780)	(3,629,156)
Income tax expense	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Federal net operating loss carry forwards	$ 32,532,656	$ 30,498,586
State net operating loss carry forwards	3,304,574	2,133,864
Valuation allowance	(35,837,230)	(32,632,450)
Net deferred tax asset	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2012
Effective Income Tax Rate, Continuing Operations	35.00%	35.00%	35.00%
Prior Year Tax Periods [Member]
Effective Income Tax Rate, Continuing Operations	34.00%
State Income Tax [Member]
Operating Loss Carryforwards	$ 44,100
Federal Income Tax [Member]
Operating Loss Carryforwards	$ 94,500

OTHER ACCRUED EXPENSES (Details

OTHER ACCRUED EXPENSES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Increase in Completion guarantee payable	$ 504,049
Uncredited liability Completion guarantee payable		$ 3,359,873	$ 3,359,873

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narratives) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2014	Jul. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Accrued Royalty Liability			$ 690,358
Legal services		$ 150,000	31,763	$ 599,911
Due to related party			$ 421,385	553,623
Restricted common stock received		3,000,000
Property Identification Agreement [Member]
Contingent Royalty to Officer, Percentage of Production of Identified Properties			1.00%
Contingent Royalty to Officer, Percentage of Sale Price of Identified Properties			10.00%
Royalty Expense			$ 29,510	$ 45,743
President and CEO [Member]
Accrued Royalty Liability			$ 237,989
Four Director [Member]
Restricted common stock received		200,000
Officer [Member]
Shares issued for accrued compensation, shares		200,000
Shares issued for accrued compensation, value		$ 50,000
Officer [Member]
Shares issued for accrued compensation, shares	800,000
Shares issued for accrued compensation, value	$ 41,360

LEGAL PROCEEDINGS (Details Narr

LEGAL PROCEEDINGS (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements [Abstract]
Litigation	$ 140,400	$ 125,876
Royalty due for payment	$ 500,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Feb. 26, 2016	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Assets Sold
Restricted cash	$ 236,628
Prepaid expenses and other current assets	216,320	$ 221,232	$ 247,069
Property, plant and equipment, net	4,992,154	16,659,231	19,255,682
Mine development properties, net	10,532,965
Mineral properties, net	599,897	599,897	599,897
Total	16,577,964
Liabilities Disposed
Notes payable	9,993,280		7,516,069	$ 9,200,666
Accrued interest	5,815,622
Asset retirement obligation	245,494	$ 245,494	$ 241,079	$ 239,876
Accrued property taxes	215,523
Accrued CSA fees	329,938
Total	$ 16,599,857

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)

Dec. 14, 2016

Feb. 28, 2017

Dec. 17, 2016

Sep. 30, 2016

Sep. 23, 2016

Sep. 20, 2016

Nov. 04, 2016

Jun. 15, 2017

Jun. 30, 2015

Jun. 28, 2017

Aug. 22, 2016

Aug. 02, 2016

Aug. 01, 2016

Jun. 30, 2016

Jun. 08, 2016

Jun. 30, 2014

Indebtedness outstanding

$ 30,000,000

Drew down term loan

2,037,595

Refund of administrative costs

$ 4,135

$ 44,926

Conversion of shares to restricted common stock

46,446,266

Aggregate of notes and related penalties

$ 200,932

Settlements of outstanding obligations

$ 183,000

Payment to creditors for bankruptcy court

$ 354,458

BLM fees

$ 9,328

Forgiveness of debt

$ 4,451,569

Spent for drilling program

$ 30,000

Sale of restricted common stock

105,285,179

7,375,000

Net proceeds from sale of restricted stock

$ 2,583,172

Shares outstanding

142,396,648

270,171,343

127,229,228

Employees and consultants

Shares issued

16,956,748

Contractors

Shares issued for services

5,665,360

4,300,000

4,300,000

OtherContractors

Shares issued for services

200,000