Quarterly Report (10-q)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the three month period ended January 31, 2016

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File No. 0-53028

WESTMOUNTAIN GOLD, INC.

(Exact Name of Issuer as specified in its charter)


Colorado		26-1315498
(State or other jurisdiction of incorporation)		(IRS Employer File Number)


120 E Lake St. Ste. 401 Sandpoint, ID		83864
(Address of principal executive offices)		(zip code)

(208)265-1717

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all Reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes: þ No: o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files. Yes: þ No: o

Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, or a smaller reporting Company. See definitions of “large accelerated filer,” “accelerated filer,” and “small reporting Company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Non accelerated filer	o
Accelerated filer	o	Smaller reporting company	þ

Indicate by check mark whether the registrant is a shell Company (as defined in Rule 12b-2 of the Exchange Act): Yes: o No: þ

The number of shares of common stock, $0.001 par value, issued and outstanding as of March 10, 2016: 62,038,357 shares.

FORM 10-Q

TABLE OF CONTENTS


		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Consolidated Balance Sheets as of January 31, 2016 (unaudited) and October 31, 2015	3

	Consolidated Statements of Operations for the three months ended January 31, 2016 and 2015 (unaudited)	4

	Consolidated Statement of Cash Flows for the three months ended January 31, 2016 and 2015 (unaudited)	5

	Notes to Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38

Item 4.	Controls and Procedures	38

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	39

Item 1A.	Risk Factors	39

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39

Item 3.	Defaults Upon Senior Securities	39

Item 4.	Mine Safety Disclosure	39

Item 5.	Other Information	39

Item 6.	Exhibits	40

Signatures		41

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WestMountain Gold, Inc.
An Exploration Stage Company
Consolidated Balance Sheets


		January 31,		October 31,
		2016		2015
ASSETS		(unaudited)
Current Assets
Cash and cash equivalents	$	58,193	$	383,412
Prepaid expenses		156,906		26,704
Inventory		559,432		559,432
Total current assets		774,531		969,548

Equipment, net		267,876		318,804

Other Assets
Prepaid royalties		359,951		362,830
Mining claims		2,446,459		2,446,458
Security deposits		10,618		10,618
Asset retirement cost		174,401		180,149
Total Assets	$	4,033,836	$	4,288,407

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable	$	1,122,191	$	1,134,428
Accounts payable - related parties		11,300		11,300
Accrued expenses		157,721		159,313
Accrued interest		590,351		346,289
Forward contract		250,635		250,612
Derivative liability		1,237,753		867,557
Line of credit - related parties ($150,000 facility)		109,346		109,346
Promissory notes, net of discounts of $420,218 and $469,237, January 31, 2016 and October 31, 2015, respectively		4,931,897		4,882,878
Total current liabilities		8,411,194		7,761,723

Long-Term Liabilities
Asset retirement obligation		189,315		184,045
Total liabilities		8,600,509		7,945,768

Commitments and Contingencies

STOCKHOLDERS' DEFICIT
Preferred stock, $0.10 par value; 987,900 shares authorized, 0 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively		-		-
Preferred Series A Convertible Stock, $0.10 par value; 12,100 shares authorized, issued and outstanding at January 31, 2016 and October 31, 2015		1,210		1,210
Common stock, $0.001 par value; 200,000,000 shares authorized, 62,038,357 and 61,650,537 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively		62,039		61,651
Additional paid in capital		17,892,325		17,831,364
Accumulated deficit		(22,522,247)		(21,551,586)
Total stockholders' deficit		(4,566,673)		(3,657,361)
Total Liabilities and Stockholders' Deficit	$	4,033,836	$	4,288,407

See notes to consolidated financial statements.

WestMountain Gold, Inc.
An Exploration Stage Company
Consolidated Statements of Operations
(unaudited)

	Three Months Ended
	January 31,		January 31,
	2016		2015
Revenue:
Sales, net	$	69,085	$	612,070
Total revenue		69,085		612,070

Cost of sales		-		368,192
Total cost of sales		-		368,192

Gross profit		69,085		243,878

Operating Expenses
Selling, general and administrative expenses		340,926		105,638
Exploration expenses		-		81,568
Total operating expenses		340,926		187,206

Income(Loss) from operations		(271,841)		56,672

Other income/(expense)
Interest expense		(298,374)		(391,515)
Gain(Loss) on change - derivative liability		(370,196)		536,597
Total other income/(expense)		(668,570)		145,082
Income(loss) before income taxes		(940,411)		201,754
Income tax expense		-		-
Net income(loss)	$	(940,411)	$	201,754
Preferred stock dividends		(30,250)		(18,345)
Income (loss) attributable to common shareholders'	$	(970,661)	$	183,409

Basic net (loss) income per share	$	(0.02)	$	0.01
Diluted net (loss) income per share	$	(0.02)	$	0.01
Basic weighted average common shares outstanding		61,777,000		27,485,284
Diluted weighted average common shares outstanding		61,777,000		28,090,284

See notes to consolidated financial statements.

WestMountain Gold, Inc.
An Exploration Stage Company
Consolidated Statement of Cash Flows
(unaudited)

	Three months ended
	January 31,
	2016		2015
Cash flows from operating activities
Net (loss) income	$	(940,411)	$	201,754
Adjustments to reconcile net income (loss) to net cash provided by(used in) operating activities:
Depreciation and amortization		56,676		44,033
Amortization of debt discount		49,020		-
Accretion expense		5,270		-
Stock option expense		31,098		30,671
Issuance of common stock for fees		-		100,000
(Gain) Loss on forward contract		23		63
(Gain) Loss on derivative liability		370,196		(536,597)
Royalties expense		2,878		-
Changes in operating assets and operating liabilities:
Prepaid expenses and other current assets		(130,202)		(25,738)
Inventory		-		232,561
Accrued interest		244,062		391,452
Accounts payable and accrued liabilities		(13,829)		(350,325)
Accounts payable and accrued liabilities - related parties		-		(4,741)
Net cash (used in) provided by operating activities		(325,219)		83,133

Cash flows from financing activities:
Repayment of forward contract		-		(50,000)
Net cash (used in) financing activities		-		(50,000)

Net increase (decrease) in cash and cash equivalents		(325,219)		33,133
Cash and cash equivalents, beginning of period		383,412		22,766
Cash and cash equivalents, end of period	$	58,193	$	55,899

Supplemental disclosures of cash flow information:
Interest paid	$	-	$	-
Taxes paid	$	-	$	-
Non-cash investing and financing activities:
Common stock issued in exchange for account payable	$	-	$	100,000
Preferred stock dividend	$	30,250	$	36,690

See notes to consolidated financial statements.

WESTMOUNTAIN GOLD, INC.

AN EXPLORATION STAGE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. BUSINESS

WestMountain Gold, Inc. (“WMTN” or the “Company”) is an exploration stage mining company, determined in accordance with applicable Securities and Exchange Commission (“SEC”) guidelines, which pursues gold projects that the Company anticipates will have low operating costs and high returns on capital.

WMTN’s wholly owned subsidiary, Terra Gold Corporation (“TGC”), was a joint venture partner with Raven Gold Alaska, Inc. (“Raven”) through February 12, 2014 on a gold system project (“the TMC Project”). On February 12, 2014, the Company, through its wholly owned subsidiary, Terra Gold Corp, acquired 100% ownership interest in the TMC Project from Raven, which is a wholly owned subsidiary of Corvus Gold Inc. (TSX:KOR, OTCQX:CORVF) for $1.8 million in cash and 200,000 shares of WMTN.

The Company is currently focused on mineral production from mineralized material at the TMC Project in the state of Alaska. The TMC Project consists of 339 Alaska state mining claims plus an additional 5 unpatented lode mining claims held under lease (subject to a 3-4% net smelter return (“NSR”) royalty to the lessor, dependent upon the gold price) covering 223 square kilometers (22,300 hectares). The property is centered on an 8-km-long trend of gold vein occurrences. All government permits and reclamation plans for continued exploration through 2014 were renewed and the fees to maintain the Terra claims through 2015 were paid by the Company. The property lies approximately 200 km west-northwest of Anchorage and is accessible via helicopter or fixed-wing aircraft. The property has haul roads, a mill facility and adjoining camp infrastructure, a tailings pond and other infrastructure. The remote camp is powered by diesel powered generators and water is supplied to the mill by spring fed sources and year round water wells.

The Company is considered an exploration stage company under SEC criteria because it has not demonstrated the existence of proven or probable reserves at the TMC Project. Accordingly, as required under SEC guidelines and U.S. GAAP for companies in the exploration stage, substantially all expenditures in the mining properties to date, have been expensed as incurred and therefore do not appear as assets on our balance sheet. The Company expects construction expenditures and underground mine exploration and capital improvements will continue during 2016 and subsequent years. The Company expects to remain as an exploration stage company for the foreseeable future. It will not exit the exploration stage until such time that it demonstrates the existence of proven or probable reserves that meet SEC guidelines. Likewise, unless mineralized material is classified as proven or probable reserves, substantially all expenditures for mine exploration and construction will continue to be expensed as incurred.

Over the course of the last two years, the Company was in default on all of its outstanding debt, including approximately $4.3 million of debt to BOCO Investments, our largest creditor. These notes carried a default interest rates of 18% and 45%, which over the past two years has accrued to an additional $2.2 million. In early 2015, the Company engaged BOCO and our other creditors to restructure our debt in a way that the Company expects will allow us to execute our business plan and to repay our debts over a reasonable amount of time.

On May 26, 2015, the Company received from BOCO the fully executed Loan and Note Modification Agreement dated as of May 15, 2015 (the “Loan Modification Agreement”) between the Company, its directors, BOCO, and two other creditors of the Company. The Loan Modification Agreement modified all outstanding Loan Agreements, Security Agreements and related Promissory Notes between the Company and BOCO (collectively, the “Loan Documents”) that were previously in default and extended the repayment and maturity dates over the course of a three year period in addition to lowering the annual interest rate on all BOCO notes to 8%.

As part of the Loan Modification Agreement, BOCO agreed to convert $2,221,159 in unpaid interest, plus principal of $300,000 into shares of the Company’s common stock at a price per share of $0.12. Such conversion was effected on May 26, 2015 and the Company issued 21,009,658 shares of its common stock as a result of such conversion.

As of January 31, 2016, the Company had eight secured promissory notes with BOCO Investments, LLC, and has recorded $4,261,461 in principal plus $381,831 in accrued interest.

The company had a total of $909,346 of principal payments to BOCO due on November 15, 2015 which were extended to December 15, 2015. Because the Company was unable to make these payments, all notes to BOCO are now in default. The note dated September 17, 2012 is currently accruing interest at the default interest rate of 18% per annum and all other notes with BOCO are currently accruing interest at a default rate of 45% per annum. The Company continues to work with BOCO to resolve the matter.

The Company’s principal source of liquidity for the next several years will need to be the continued raising of capital through the issuance of equity or debt. WMTN plans to raise funds for each step of the TMC Project and as each step is successfully completed, raise the capital for the next phase. WMTN believes this will reduce the cost of capital as compared to trying to raise all the anticipated capital at once up front. However, since WMTN’s ability to raise additional capital will be affected by many factors, most of which are not within the Company’s control (including the “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015 as filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2016), no assurance can be given that WMTN will in fact be able to raise the additional capital as it is needed.

The Company may choose to scale back operations to operate at break-even with a smaller level of business activity, while adjusting overhead depending on the availability of additional financing. In addition, the Company expects that it will need to raise additional funds if the Company decides to pursue more rapid expansion, appropriate responses to competitive pressures, or the acquisition of complementary businesses or technologies, or if it must respond to unanticipated events that require it to make additional investments. The Company cannot assure that additional financing will be available when needed on favorable terms, or at all.

NOTE 2. GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The company has incurred losses since its inception resulting in an accumulated deficit of $22,522,247 as of January 31, 2016, and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.

UNAUDITED FINANCIAL STATEMENTS

The accompanying unaudited consolidated financial statements of WMTN and its subsidiaries have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements for the periods January 31, 2016 and 2015 are unaudited and include all adjustments necessary to a fair statement of the results of operations for the periods then ended. All such adjustments are of a normal, recurring nature. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for a full fiscal year. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015 as filed with the SEC on February 16, 2016.

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

Principles of Consolidation

These consolidated financial statements include the Company’s consolidated financial position, results of operations, and cash flows. All material intercompany balances and transactions have been eliminated in the accompanying consolidated financial statements.

Equipment

Equipment consists of machinery, heavy equipment, furniture and fixtures and software, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed by the straight-line method over the estimated useful lives or lease period of the relevant asset, generally 3 -5 years.

Metal and Other Inventory

Inventories were $559,432 as of January 31, 2016 and October 31, 2015. Inventories may include ore stockpiles (in process inventory), doré and gold bullion. All of the inventory at January 31, 2016 and October 31, 2015 were represented by ore stockpiles. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Metal inventory costs include direct labor, materials, depreciation, as well as administrative overhead costs relating to mining activities.

Mineral Properties

Costs of acquiring mineral properties are capitalized by project area upon purchase of the associated claims. Costs to maintain the mineral rights are expensed as incurred. When a property reaches the production stage, the related capitalized costs will be amortized, using the units of production method on the basis of periodic estimates of ore reserves.

Long-Lived Assets

The Company reviews its long-lived assets for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results. As of October 31, 2015, there are no impairments recognized.

Alaska Reclamation and Remediation Liabilities

The Company operates in Alaska. The State of Alaska Department of Natural Resources requires a pool of funds from all permittees with exploration and mining projects to cover reclamation. There is a $750 per acre disturbance reclamation bond that is required for disturbance of 5 acres or more and/or removal of more than 50,000 cubic yards of material. The Company’s asset retirement obligation (“ARO”), consisting of estimated future mine reclamation and closure costs, may increase or decrease significantly in the future as a result of changes in regulations, mine plans, estimates, or other factors. The Company’s ARO is recognized as a liability at fair value in the period incurred. An ARO, which is initially estimated based on discounted cash flow estimates, is accreted to full value over time through charges to accretion expense. Resultant ARO cost assets are depreciated on a units-of-production method over the related long-lived asset’s useful life. The Company’s ARO is adjusted annually, or more frequently at interim periods if necessary, to reflect changes in the estimated present value resulting from revisions to the timing or amount of reclamation and closure costs.

Fair Value Measurements

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

Liabilities measured at fair value on a recurring basis are summarized as follows:


	Fair Value Measurements Using Inputs						Carrying Amount at
Financial Instruments	Level 1		Level 2		Level 3		January 31, 2016

Liabilities:
Forward contract	$	-	$	250,635	$	-	$	250,635
Derivative Instruments	$	-	$	1,237,753	$	-	$	1,237,753
Total	$	-	$	1,488,388	$	-	$	1,488,388


	Fair Value Measurements Using Inputs						Carrying Amount at
Financial Instruments	Level 1		Level 2		Level 3		October 31, 2015

Liabilities:
Forward contract	$	-	$	250,612	$	-	$	250,612
Derivative Instruments	$	-	$	867,557	$	-	$	867,557
Total	$	-	$	1,118,169	$	-	$	1,118,169

Market price and estimated fair value of common stock used to measure the Derivative Instruments-Warrants at January 31, 2016 and October 31, 2015:


	January 31, 2016		October 31, 2015
Market price and estimated fair value of common stock:	$	0.06	$	0.09
Exercise price	$	0.12	$	0.12
Expected term (years)		1.75		2.00
Dividend yield		-		-
Expected volatility		130.90%		133.29%
Risk-free interest rate		0.83%		0.75%

The risk-free rate of return reflects the interest rate for the United States Treasury Note with similar time-to-maturity to that of the warrants.

The recorded value of other financial assets and liabilities, which consist primarily of cash and cash equivalents, and accounts payable approximate the fair value of the respective assets and liabilities at January 31, 2016 and October 31, 2015 based upon the short-term nature of the assets and liabilities.

Embedded Derivatives

The Company has entered into certain financial instruments and contracts, such as convertible note financing arrangements that contained embedded derivative features. Because the economic characteristics and risks of the equity-linked conversion options were not clearly and closely related to a debt-type host, the conversion features required classification and measurement as derivative financial instruments. The convertible note financing arrangements were carried as derivative liabilities, at fair value, in the financial statements until their conversion into common stock. The Company estimated the fair value of the embedded derivative features in the convertible notes by using probability weighted scenarios on the conversion price with a Black Scholes model. The liability recorded for these embedded derivatives as of January 31, 2016 and October 31, 2015 was $1,237,753 and $867,557 respectively.

During the quarter ended January 31, 2016, the Company recognized $370,196 of other expense resulting from the increase in the fair value of the embedded derivatives from October 31, 2015.

Derivative Instruments – Warrants

In May and June 2013, the Company received a total of $1.0 million and entered into Promissory Notes, Security Agreement, Loan Agreement and Warrants to Purchase Stock Agreement (collectively, the “Transaction Documents”) with BOCO Investments LLC (“BOCO”).

In addition, the Company issued Warrants to BOCO to purchase 2,500,000 shares of common stock at $0.75 per share or a price per share equal to eighty percent (80%) of the lowest price at which a common share in the Company has been issued in any round of financing commenced or closed after the date of the Warrants. The Warrants expire in 2018, five years from the issuance date. There are no registration requirements. The Transaction Documents place certain operating restrictions on the Company.

These warrants were not issued with the intent of effectively hedging any future cash flow, fair value of any asset, liability or any net investment in a foreign operation. In addition, since the warrants do not have a fixed number of shares, they are accounted for outside of equity. Therefore, the fair value of these warrants were recorded as a liability in the consolidated balance sheet and are marked to market each reporting period until they are exercised or expire or otherwise extinguished.

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the Derivative Instruments – Warrants were repriced to $0.05 per share and were exercised into 2,500,000 common shares for $125,000.

Forward Sale and Loan Agreements

On March 20, 2013, the Company entered into forward sale and loan agreements with three accredited investors for an aggregate loan of $600,000. The Company was required to tender no less than 600 ounces of gold in bar form to the three accredited investors by September 15, 2013, but defaulted on this obligation. The Company settled with two of the three investors during the year ended October 31, 2014.

The Company is continuing to negotiate with the third lender, Snowmass Mining Co., LLC, who is owed $250,000 (payable in cash or gold), together with interest thereon from September 15, 2013. The Company has paid Snowmass the sum of $50,000 during the year ended October 31, 2015.

As of January 31, 2016, the value of the gold obligation to Snowmass is $250,000. The difference between the amount received and the fair value of the obligation will be recorded as additional interest expense or income at each reporting date based on the fair value of gold. During the quarter ended January 31, 2016, the Company recorded additional interest expense of $23 for the change in the value of gold from October 31, 2015.

Revenue Recognition:

Revenue is recognized net of royalties, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. The passing of title to the customer is based on the terms of the sales contract and the actual sale of gold bullion. Product pricing is determined at the point revenue is recognized by reference to active and freely traded commodity markets, for example the London Bullion Market for both gold and silver, in an identical form to the product sold.

Mineral Exploration and Development Costs

All exploration expenditures are expensed as incurred. Significant property acquisition payments for active exploration properties are capitalized. If no minable ore body is discovered, previously capitalized costs are expensed in the period the property is abandoned. Expenditures to develop new mines, to define further mineralization in existing ore bodies, and to expand the capacity of operating mines, will be capitalized and amortized on a unit of production basis over proven and probable reserves.

Should a property be abandoned, its capitalized costs are charged to operations. The Company charges to operations the allocable portion of capitalized costs attributable to properties abandoned. Capitalized costs are allocated to properties sold based on the proportion of claims sold to the claims remaining within the project area.

Net Loss Per Share

Basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. As of January 31, 2016, the Company had (i) warrants for the purchase of 1,291,750 common shares; (ii) 16,267,625 common shares related to convertible promissory notes; and (iii) 605,000 common shares related to the conversion of Series A Convertible Preferred Stock (iv) options for the purchase of 1,000,000 common shares; which were considered but were not included in the computation of loss per share at January 31, 2016 because they would have been anti-dilutive.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The most significant estimates relate to the determination of gold contained in stockpiled ore inventory, assumptions used in the Company’s impairment assessment of long-lived assets, the estimated fair value of derivatives, the estimation of asset retirement obligations, estimates of the fair value of the Company’s common stock, assumptions used in determining the fair value of stock based compensation and depreciation of buildings and equipment. These estimates may be adjusted as more current information becomes available.

Reclassifications

Certain reclassifications have been made to the prior period Consolidated Financial Statements to conform to the current period presentation. These reclassifications had no effect on previously reported assets, liabilities, net cash flows or net loss.

Stock-Based Compensation

FASB ASC 718 establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, but primarily focuses on transactions whereby an entity obtains employee services for share-based payments. FASB ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.

The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of FASB ASC 505-50. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Stock-based compensation related to non-employees is accounted for based on the fair value of the related stock or options or the fair value of the services, whichever is more readily determinable in accordance with FASB ASC 718.

Income Tax/Deferred Tax

FASB ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differing treatment of items for financial reporting and income tax reporting purposes. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. WestMountain Gold, Inc. has recognized deferred income tax benefits on net operating loss carry-forwards to the extent WestMountain Gold, Inc. believes it will be able to utilize them in future tax filings. The Company has applied a full valuation allowance on all deferred tax assets. The difference between the statutory income tax expense and the accounting tax expense is primarily attributable to non-deductible expenses representing permanent timing differences between book income and taxable income during the three months ended January 31, 2016.

Recent Accounting Pronouncements

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on November 1, 2017. Early application is not permitted. The Company is currently evaluating the impact of ASU No. 2014-09.

On August 27, 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which is intended to define management’s responsibility to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern and to provide related footnote disclosures. This standard will be effective for the Company for the year ending on October 31, 2016. Early application is permitted. The Company is currently evaluating the impact of ASU No. 2014-15.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” This update requires an entity to classify deferred tax liabilities and assets as non-current within a classified statement of financial position. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. This update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted as of the beginning of the interim or annual reporting period. We adopted ASU 2015-17 on a prospective basis as of December 31, 2015. The adoption of ASU 2015-17 did not have an impact on our financial statements.

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to the consolidated financial statements.

NOTE 4. AGREEMENTS

Exploration, Development and Mine Operating Agreements

Amended Claims and Lease Agreements with Ben Porterfield

On January 7, 2011, Terra Mining Corporation (“TMC”) entered into an Amended Claims Agreement with Ben Porterfield related to five mining claims known as Fish Creek 1-5 (ADL-648383 through ADL- 648387), which claims have been assigned to the TMC Project. As part of this Amended Claims Agreement, Ben Porterfield consented to certain conveyances, assignments, contributions and transfers related to the above five mining claims.

The Amended Lease Agreement, which incorporates the Lease dated March 22, 2005 and the September 27, 2010 Consent between Ben Porterfield and AngloGold Ashanti (USA) Exploration Inc., has a term of ten years, which can be extended for an additional ten years with thirty days written notice. The Amended Lease Agreement defines terms and conditions and requires the following minimum advance royalties:


●		Payment of $100,000 annually on March 22, 2011 (paid).

●		Payment of $100,000 annually on March 22, 2012 (paid), 2013 (paid), 2014 (paid), through March 22, 2015 (paid).

●		2015 payment of $100,000 due on March 22, 2015 was made on May 1, 2015.

●		Payment of $125,000 annually beginning March 22, 2016 through the termination of the Amended Claims Agreement.

The Company can terminate the Amended Lease Agreement with the payment of $875,000, less $75,000 paid during the years 2006-2011. The payment may be paid over three annual payments.

TMC has paid in total $500,000 to Ben Porterfield and WMTN issued 500,000 shares of WMTN restricted common stock on March 23, 2011. The common stock was recorded as Contractual Rights at $250,000 or $0.50 per share. The investment in the exclusive rights to the mineral properties is accounted for at cost. As of January 31, 2016, the Company has capitalized $850,000 related to this Claims Agreement.

The Amended Claims Agreement, which incorporates the Lease dated March 22, 2005, provides for a production royalty of 4% of the net smelter return for all minerals produced or sold. The amounts due under this royalty will be offset by any advance royalties that have been paid by the Company. The Company may repurchase 1% of the production royalty right for $1,000,000 and an additional 1% for $3,000,000.

The failure to operate in accordance with the Amended Claims or Lease Agreements could result in the Lease being terminated.

NOTE 5. EQUIPMENT, NET

Equipment, net consists of the following:


	Estimated Useful Lives	January 31, 2016		October 31, 2015

Mining and other equipment	2-5 years	$	894,259	$	894,259
Less: accumulated depreciation			(626,383)		(575,455)
		$	267,876	$	318,804

Depreciation expense for the three months ended January 31, 2016 and 2015 was $56,676 and $44,033 respectively.

NOTE 6. CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS

Related Party Transactions

The Company has four full-time and part-time employees. The Company shares offices with Minex Exploration LLP (“Minex”), an Idaho partnership affiliated with the Company’s Chief Executive Officer. Also, the Company utilizes Minex contractors for exploration and development of the Alaska property. The Company has recorded accounts payable and accrued payable for related party of $11,300 as of January 31, 2016 and October 31, 2015, respectively. Cash payments of $11,354 were made to Minex for services during the three months ended January 31, 2016.

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015, Minex converted the full $665,201 due to 5,543,350 shares of the Company’s common stock.

Secured Promissory and Promissory Notes with BOCO

From time to time, the Company entered into promissory notes and other agreements with BOCO related to loans from BOCO to the Company. The current status of BOCO loans to the Company and their terms are described in Note 7, Promissory Notes.

NOTE 7. PROMISSORY NOTES


●		$100,000 plus interest is due and payable on October 1, 2015;

●		Approximately $700,000 plus interest shall be due and payable to BOCO on November 15, 2015;

●		Approximately $1,500,000 plus interest shall be due and payable to BOCO on November 15, 2016;

●		The remaining principal amount of approximately $1,852,115 plus interest shall be due and payable to BOCO on November 15, 2017.

As consideration for the loan modification, the Company agreed to the issuance of warrants to purchase two million shares of the Company’s common stock for $0.01 per share, and to the extension and re-pricing of additional warrants to purchase 4,886,615 shares at $0.05 per share. BOCO agreed to exercise 6,886,615 warrants as a provision of the Loan Modification Agreement; the warrants were exercised on May 27, 2015 and proceeds of $264,331 paid to the Company. The warrants granted and the modification of warrants were valued at $562,063 and booked as a discount to the corresponding notes and is being amortized over the life of the notes.

As part of the Loan Modification Agreement, the Company and a related party vendor, Minex Exploration, agreed to convert payables of $665,202 into shares of the Company’s common stock at a price per share of $0.12. A related party creditor, Silver Verde May Mining Company, also agreed to convert its debt of $37,950 into shares of the Company’s common stock at the same price per share. Such conversions were effected on May 26, 2015 and the Company issued 5,543,350 shares of its common stock to Minex and 316,250 to Silver Verde.

The Loan Modification Agreement also noted that the due date for a loan in the principal amount of $1,000,000 to Giuseppe Dessi that was previously in default had been extended to December 14, 2016.

The Loan Modification Agreement also provides for: (i) the waiver by Greg Schifrin, CEO of the Company, of all rights and benefits under his employment agreement with the Company; (ii) a seat on the board of the Company for an appointee of BOCO as well as board observation rights; (iii) lock-up agreements on the stock held by board members and BOCO; (iv) loan covenants and oversight rights; and (v) a new credit facility by BOCO of $150,000 to provide for 2015 mining camp expenses.

The Company had previously entered into loan modification agreements with BOCO in April and June of 2014 but did not meet the conditions set forth in those agreements and the loans with BOCO were therefore in default from October 2013 to May 26, 2015, the date of that the Loan Modification Agreement was executed.

As of January 31, 2016 and October 31, 2015, the Company has the following promissory notes outstanding:

	January 31, 2016		October 31, 2015
	January 31, 2016		October 31, 2015
BOCO September 17, 2012 Promissory Note	$	1,852,115	$	1,852,115
BOCO May 14, 2013 Promissory Note		500,000		500,000
BOCO June 27, 2013 Promissory Note		500,000		500,000
BOCO February 14, 2014 Promissory Note		1,000,000		1,000,000
BOCO May 23, 2014 Promissory Note		100,000		100,000
BOCO June 9, 2014 Promissory Note		100,000		100,000
BOCO May 1, 2015 Promissory Note		100,000		100,000
BOCO May 15, 2015 Line of Credit		109,346		109,346
Dessi December 17, 2013 Promissory Note		1,000,000		1,000,000
Andres Promissory Notes		200,000		200,000
SUBTOTAL		5,461,461		5,461,461
Debt Discount		(420,218)		(469,237)
TOTAL	$	5,041,243	$	4,992,224

Secured Promissory Notes dated September 17, 2012

On September 17, 2012, the Company entered into an Amended and Restated Revolving Credit Loan and Security and Secured Convertible Promissory Note Agreements with BOCO, an existing lender to and shareholder in the Company. On October 1, 2012, the Company entered into a Warrant to Purchase Stock Agreement with BOCO related to this financing (such Agreements and Warrant, the “Transaction Documents”). This transaction consolidated previously issued promissory note agreements and warrants purchase agreements into one amended agreement.

Under the Transaction Documents, the Company issued an Amended and Restated Secured Convertible Promissory Note (the “September 2012 Note”) in the principal amount of $1,852,115. The September 2012 Note was due July 31, 2013 and provided for interest at 18% payable in arrears. The Note and accrued interest are convertible into common stock at the lesser of $3.00 or the lowest price at which common shares in the Company are issued in any round of financing commencing after the date of this Note and prior to the conversion, at the discretion of BOCO. Although the effective conversion rate on the Note is now $0.12 due to the events of the Loan and Note Modification Agreement dated May 15, 2015, this conversion feature continues to be an embedded derivative and the Company has accounted for the derivative liability accordingly (see Note 3). The September 2012 Note is secured by a security interest in the Company’s assets to secure the Company’s performance under the Note. In addition, the Company issued a Warrant to purchase 1,852,115 shares of common stock at $1.50 unless the Company elects to do a future offering at a lower price. There are no registration requirements. The Transaction Documents place certain operating restrictions on the Company. As of January 31, 2016, the principal and accrued interest due on the note is $1,981,915.

The Transaction Documents also contain certain representations and warranties of the Company and BOCO, including customary investment-related representations provided by BOCO, as well as acknowledgements by BOCO that it has reviewed certain disclosures of the Company (including the periodic reports that the Company has filed with the SEC) and that the Company’s issuance of the shares has not been registered with the SEC or qualified under any state securities laws. The Company provided customary representations regarding, among other things, its organization, subsidiaries, disclosure reports, absence of certain legal or governmental proceedings, financial statements, tax matters, insurance matters, real property and other assets, and compliance with applicable laws and regulations. The representations and warranties made to BOCO are qualified in their entirety (to the extent applicable) by the Company’s disclosures in the reports it files with the SEC. The Company also delivered confidential disclosure schedules qualifying certain of its representations and warranties in connection with executing and delivering the Transaction Documents.

In addition to the Transaction Documents described above, on September 11, 2012, the Company entered into a Warrant to Purchase Stock Agreement with BOCO. The Company issued a Warrant to purchase 1,250,000 shares of common stock at $0.25 per share.

On August 29, 2013, the Company entered into the First Amendment to the Amended and Restated Secured Convertible Promissory Note with BOCO. The First Amendment was effective August 1, 2013 and extended the due date under for the September 2012 Note from July 31, 2013 to October 31, 2013.

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2017. The Warrant was repriced and exercised at $0.05 per share.

Promissory Note with BOCO dated May 14, 2013

In May 2013, the Company entered into a Promissory Note, a Security Agreement and warrants to Purchase Stock Agreement and a Loan Agreement (collectively the “May 2013 Transaction Documents”) with BOCO. Under the May 2013 Transaction Documents, the Company issued a Promissory Note (the “May 2013 Note”) to BOCO in the principal amount of $500,000. The May 2013 Note was due October 31, 2013 and provides for interest at 15%, payable in arrears. The May 2013 Note is secured by a security interest in the Company’s assets to secure the Company’s performance.

In addition, the Company issued a Warrant to purchase 1,250,000 shares of common stock at an exercise price that is the lesser of $0.75 per share or a price per share equal to eighty percent (80%) of the lowest price at which a common share in the Company has been issued in any round of financing commenced or closed after the date of this Warrant and prior to Holder’s exercise of its rights under the Warrant. The Warrant expires May 17, 2018. There are no registration requirements. The May 2013 Transaction Documents place certain operating restrictions on the Company.

The May 2013 Transaction Documents also contain certain representations and warranties of the Company and BOCO, including customary investment-related representations provided by BOCO, as well as acknowledgements by BOCO that it has reviewed certain disclosures of the Company (including the periodic reports that the Company has filed with the SEC) and that the Company’s issuance of the shares has not been registered with the SEC or qualified under any state securities laws. The Company provided customary representations regarding, among other things, its organization, subsidiaries, disclosure reports, absence of certain legal or governmental proceedings, financial statements, tax matters, insurance matters, real property and other assets, and compliance with applicable laws and regulations. The representations and warranties made to BOCO are qualified in their entirety (to the extent applicable) by the Company’s disclosures in the reports it files with the SEC. The Company also delivered confidential disclosure schedules qualifying certain of its representations and warranties in connection with executing and delivering the May 2013 Transaction Documents.

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2015. The Warrant was repriced and exercised at $0.05 per share. As of January 31, 2016, the principal and accrued interest due on the note is $552,424.

Promissory Note with BOCO dated June 27, 2013

On June 27, 2013, the Company entered into a Promissory Note, a Security Agreement and a Loan Agreement with BOCO. On June 27, 2013, the Company entered into a Warrant to Purchase Stock Agreement with BOCO related to this financing. All Agreements and the Warrant are the (“June 2013 Transaction Documents”).

Under the June 2013 Transaction Documents, the Company issued a Promissory Note (“June 2013 Note”) in the principal amount of $500,000. The June 2013 Note was due December 31, 2013 and provides for interest at 15%, payable in arrears. The June 2013 Note is secured by a security interest in the Company’s assets to secure the Company’s performance under the June 2013 Note. As of January 31, 2016, the principal and accrued interest due on the note is $552,424.

In addition, the Company issued a Warrant to purchase 1,250,000 shares of common stock at an exercise price that is the lesser of $0.75 per share or a price per share equal to eighty percent (80%) of the lowest price at which a common share in the Company has been issued in any round of financing commenced or closed after the date of this Warrant and prior to Holder’s exercise of its rights under the Warrant. The Warrant expires June 27, 2018. There are no registration requirements. The June 2013 Transaction Documents place certain operating restrictions on the Company.

The June 2013 Transaction Documents also contain certain representations and warranties of the Company and BOCO, including customary investment-related representations provided by BOCO, as well as acknowledgements by BOCO that it has reviewed certain disclosures of the Company (including the periodic reports that the Company has filed with the SEC) and that the Company’s issuance of the shares has not been registered with the SEC or qualified under any state securities laws. The Company provided customary representations regarding, among other things, its organization, subsidiaries, disclosure reports, absence of certain legal or governmental proceedings, financial statements, tax matters, insurance matters, real property and other assets, and compliance with applicable laws and regulations. The representations and warranties made to BOCO are qualified in their entirety (to the extent applicable) by the Company’s disclosures in the reports it files with the SEC. The Company also delivered confidential disclosure schedules qualifying certain of its representations and warranties in connection with executing and delivering the June 2013 Transaction Documents.

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2016. The Warrant was repriced and exercised at $0.05 per share.

Promissory Note with BOCO dated February 14, 2014

On February 14, 2014, the Company signed a Promissory Note with BOCO for an aggregate loan amount of $1,000,000 (the “BOCO Bridge Loan”). Repayment of the BOCO Bridge Loan was originally due December 31, 2014 by repayment in cash. The note bears interest at 8% per annum until paid in full with a default rate of 45%. $800,000 of the proceeds from this loan were used for the acquisition of 100% interest in the TMC project from Raven Gold Alaska, Inc.

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2016. As of January 31, 2016, the principal and accrued interest due on the note is $1,104,849.

Promissory Note with BOCO dated May 23, 2014

On May 23, 2014, the Company entered into a Convertible Promissory Note Agreement with BOCO Investments, LLC in the amount of $100,000. The note bears interest at 15% per annum until paid in full. Repayment of the note was due August 22, 2014 and the default rate was 45% per annum.

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2015. As of January 31, 2016, the principal and accrued interest due on the note is $110,630.

Promissory Note with BOCO dated June 9, 2014

On June 9, 2014, the Company entered into a Convertible Promissory Note Agreement with BOCO Investments, LLC in the amount of $100,000. The note bears interest at 15% per annum until paid in full. Repayment of the note was due August 22, 2014 with a default rate of 45% per annum.

Promissory Note with BOCO dated May 1, 2015

On May 1, 2015, the Company entered into a Convertible Promissory Note Agreement with BOCO Investments, LLC in the amount of $100,000. The note bears interest at 15% per annum until paid in full. Repayment of the note and accrued interest was due October 1, 2015.

The Note and accrued interest are convertible into common stock at the lowest price at which common shares in the Company are issued in any round of financing commencing after the date of this Note and prior to the conversion, at the discretion of BOCO. Although the effective conversion rate on the Note is now $0.12 due to the events of the Loan and Note Modification Agreement dated May 15, 2015, this conversion feature continues to be an embedded derivative and the Company has accounted for the derivative liability accordingly (see Note 3).

Secured Line of Credit with BOCO dated May 15, 2015

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the Company entered into a Secured Line of Credit Promissory Note with BOCO the allows the Company to draw up to $150,000 for approved expenses related to the 2015 mining season. The note bears interest at 8% per annum on all outstanding balances until paid in full. Repayment of any outstanding balance on the note and accrued interest was due October 1, 2015. As of January 31, 2016 the outstanding principal balance on the note was $109,346. As of January 31, 2016, the principal and accrued interest due on the note is $119,453.

Promissory Note with Giuseppe Dessi dated December 17, 2013

On December 17, 2013, the Company signed a Promissory Note with an accredited investor, Giuseppe Dessi, for an aggregate loan amount of $1,000,000 (the “Dessi Bridge Loan”). Repayment of the Dessi Bridge Loan was due December 16, 2014 by repayment in cash. The note bears interest at 8% per annum until paid in full. All of the proceeds from this loan were used to acquire 100% interest in the TMC project from Raven Gold Alaska, Inc. On May 1, 2015 Guiseppe Dessi and the Company executed an agreement extending the Dessi Bridge Loan note which extends it to December 16, 2016. This note is no longer in default. As of January 31, 2016, the principal and accrued interest due on the note is $1,169,863.

Andres Unsecured Promissory Notes

On March 21, 2012 the Company entered into Promissory Note Documents with Fabian Andres and Bill Andres, existing shareholders in the Company. Under the Promissory Note Documents, the Company issued a Convertible Promissory Note to each of Fabian Andres and Bill Andres in the principal amount of $100,000 and $100,000, respectively (“the Andres Notes”). The Andres Notes were due in twelve months and provide for interest at 5% payable in arrears. The Andres Notes are convertible into common stock as $1.00 per share. In addition, the Company issued 50,000 shares of restricted common stock to each party that was expensed to interest at $1.00 per share or $100,000 during the three months ended April 30, 2012. On May 29, 2013, the Company entered into an Amendment to Convertible Promissory Note extending the due date to October 31, 2013. On October 31, 2013, the Company entered into the Second Amendment to Convertible Promissory Notes extending the due date to October 31, 2014 and subsequently entered into the Third Amendment to Convertible Promissory Note extending the note to October 31, 2015. The Company was unable to make the payments due on October 31, 2015 and as a result these notes are currently in default. As of January 31, 2016 the principal and accrued interest due on the Notes is $238,657.

The table below summarizes the Company’s future note maturities as of January 31, 2016:

Year ended October 31,	Notes Maturing
2016		1,109,346
2017		2,500,000
2018		1,852,115
	$	5,461,461

NOTE 8. EQUITY TRANSACTIONS

Series A Convertible Preferred Stock:

On August 1, 2013 the Company issued 12,100 shares of Series A. Convertible Preferred Stock (“Preferred Stock”) for $50.00 per share and each share is convertible into 50 WestMountain Gold common shares at the holders’ option. In addition the preferred stockholders receive an annual dividend of 10% payable semi-annually, which at the Company’s discretion, may be paid in the Company’s common shares. During the quarter ended January 31, 2016, the Company issued 387,821 shares of common stock valued at $0.078 per share to the preferred stockholders and recorded dividends of $30,250.

A summary of the warrants issued and outstanding as of January 31, 2016 is as follows:

	January 31, 2016
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	2,838,084	$	1.235
Issued	-		-
Exercised	-		-
Forfeited	-		-
Expired	(1,546,334)		1.491
Outstanding at end of period	1,291,750	$	0.927
Exercisable at end of period	1,291,750

	January 31, 2016
Number of Warrants		Weighted Average Remaining Life	Weighted Average Exercise Price		Shares Exercisable
230,000		3.17	$	0.25	230,000
200,000		3.11	$	0.50	200,000
78,000		5.23	$	0.75	78,000
10,000		1.08	$	0.88	10,000
375,000		1.02	$	1.00	375,000
398,750		1.29	$	1.50	398,750
1,291,750		2.07	$	0.927	1,291,750

Options:

On September 8, 2014 the Company issued 1,000,000 options to an employee to purchase shares of our common stock at $0.50 per share for a period of seven years. 250,000 of the options vested immediately and 250,000 options vest each subsequent year. On the date of the grant, the Company valued the options at $490,714 using the Black-Scholes option pricing model with the following assumptions: expected life of the options of 7 years, expected volatility of 175.8%, risk-free rate of 2.16% and no dividend yield, and the value of the options are being expensed over the vesting period.

Under the terms the employment contract, the change of control that occurred on May 26, 2015 would have caused these options to vest immediately, but the Company negotiated an agreement with the employee to cancel the existing options and reissue new options to purchase shares under new terms.

On July 6, 2015, the Company cancelled the existing options and issued 1,000,000 options to an employee to purchase shares of our common stock at $0.12 per share for a period of approximately 6.25 years. 500,000 of the options vested immediately and 250,000 options vest on each of September 8, 2015 and September 8, 2016. The transaction was treated as a modification of the terms to the initial grant. In accordance with ASC 718 the incremental fair value of the new options was calculated and compared to the current fair value of the original grant using the Black-Scholes option pricing model with the following assumptions: expected life of the options of 6.25 years, expected volatility of 148.3%, risk-free rate of 2.00% and no dividend yield. The incremental value of $6,849 is being expensed over the remaining vesting period of the options in addition to the expense schedule of the existing options, which was adjusted for the new vesting schedule. The company recognized $31,098 in option expense for the quarter ended January 31, 2016.

A summary of the options issued and outstanding as of January 31, 2016 is as follows:

	January 31, 2016
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	1,000,000	$	0.12
Issued	1,000,000		0.12
Exercised	-		-
Forfeited	1,000,000		0.50
Expired	-		-
Outstanding at end of period	1,000,000	$	0.12
Exercisable at end of period	750,000		0.12


	January 31, 2016

Number of Options		Weighted Average Remaining Life	Weighted Average Exercise Price		Shares Exercisable
1,000,000		5.60	$	0.12	750,000

1,000,000		5.60	$	0.12	750,000

NOTE 9. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS

Except as disclosed, there are no pending legal proceedings against us that are expected to have a material adverse effect on our cash flows, financial condition or results of operations.

EMPLOYMENT AGREEMENTS

On September 15, 2014, the Company signed an Employment Agreement with James W. Creamer III and appointed him as Chief Financial Officer. Under the terms of the agreement, Mr. Creamer’s salary will be $96,000 per year and is eligible for annual bonuses and incentive plans determined by the Company’s Compensation Committee. Mr. Creamer was also granted 1,000,000 options to purchase the Company’s common stock for $0.50 per share for a period of seven years. 250,000 of the options vested immediately and 250,000 options shall vest on each of the first, second and third anniversaries of employment. On July 6, 2015, the Company cancelled the existing options and issued 1,000,000 options to an employee to purchase shares of our common stock at $0.12 per share for a period of approximately 6.25 years. 500,000 of the options vested immediately and 250,000 options vest on each of September 8, 2015 and September 8, 2016. The transaction was treated as a modification of the terms to the initial grant (See Note 8).

LEASES

The Company is obligated under various non-cancelable operating leases for their various facilities.

The aggregate unaudited future minimum lease payments, to the extent the leases have early cancellation options and excluding escalation charges, are as follows:


Years ended October 31,	Total

2016	$	45,372
2017	$	46,382
2018	$	12,000
2019	$	12,000
Total	$	115,754

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes”, “project”, “expects”, “anticipates”, “estimates”, “intends”, “strategy”, “plan”, “may”, “will”, “would”, “will be”, “will continue”, “will likely result”, and similar expressions. The Company intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and the Company is including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the Company’s operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, generally accepted accounting principles, and the “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015, as filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2016. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning the Company’s business, including additional factors that could materially affect the Company’s financial results, is included herein and in the Company’s other filings with the SEC.

OVERVIEW OF THE BUSINESS

(a) Business Background and Historical Transactions

WestMountain Gold, Inc. (“WMTN”, the “Company”, “we”, “us”, “our”, and similar phrases, as the context requires) is an exploration stage mining company, in accordance with applicable guidelines of the Securities and Exchange Commission (“SEC”), which pursues gold projects that are anticipated to have low operating costs and high returns on capital.

We were incorporated in the state of Colorado on October 18, 2007, under the name WestMountain Index Advisor, Inc. We acquired Terra Mining Corporation (“TMC”) on February 28, 2011 and accounted for the transaction as a reverse acquisition using the purchase method of accounting, whereby TMC is deemed to be the accounting acquirer (legal acquiree) and WMTN to be the accounting acquiree (legal acquirer). Our financial statements before the date of the acquisition are those of TMC with the results of WMTN being consolidated from the date of the acquisition. The equity section and earnings per share have been retroactively restated to reflect the reverse acquisition and no goodwill has been recorded. We adopted TMC’s fiscal year, which is October 31. On February 28, 2013, we changed our name to WestMountain Gold, Inc.

TMC’s wholly owned subsidiary, Terra Gold Corporation (“TGC”), is currently focused on mineral production from mineralized material at a high-grade gold system called the “TMC project” in the state of Alaska. The TMC project consists of 399 Alaska state mining claims plus an additional 5 unpatented lode mining claims held under lease (subject to a 3-4% NSR royalty to the lessor, dependent upon the gold price) covering 223 square kilometers (22,300 hectares). The property is centered on an 8-km-long (800 hectares) trend of high-grade gold vein occurrences. All government permits and reclamation plans for continued exploration through 2013 were renewed in 2010. The $136,730 of fees to maintain the Terra claims through 2015 were paid by us on November 20, 2014. The property lies approximately 200 km (20,000 hectares) west-northwest of Anchorage and is accessible via helicopter or fixed-wing aircraft. The property has haul roads, a mill facility and adjoining camp infrastructure, a tailings pond and other infrastructure. The remote camp is powered by diesel powered generators and water is supplied to the mill by spring fed sources and year round water wells.

Outcropping gold veins were first discovered at Terra in the late 1990's by Kennecott Exploration. The claims were transferred to Mr. Ben Porterfield in 2000. AngloGold Ashanti (USA) Exploration Inc. optioned these claims in 2004 and staked additional claims in the vicinity. Initial detailed soil and rock surveys were conducted at Terra that same year with results leading to the definition of an initial zone of high-grade gold veins over a 2.5 km (250 hectares) strike length. AngloGold followed up with a discovery drill program of 12 holes in 2005 and drilled three additional holes in 2006. A total of 587 rock samples were collected on the property. The TMC project was joint-ventured to International Tower Hill Mines Ltd. (“ITH”) in August of 2006.

On September 15, 2010, WMTN and its wholly owned subsidiary, TGC, and Raven Gold Alaska, Inc. (“Raven”) signed an Exploration, Development and Mine Operating Agreement (“JV Agreement”) pertaining to the TMC Project. WMTN made payments of cash and stock to Raven pursuant to the JV Agreement.

On February 12, 2014, the Company, through TGC, acquired 100% ownership interest in the TMC Project from Raven for $1.8 million in cash and 200,000 shares of WMTN. No further payments are due to Raven from TGC under the JV Agreement, (including but not limited to any royalty or residual payments), and each party is fully released from its obligations to the other under the JV Agreement. The $1.8 million of cash paid and 200,000 shares of common stock of the Company (valued at $136,000 at the time) that were issued to Raven is recorded as Mining Claims in the accompanying consolidated balance sheet.

(b) Material Transactions and Other Significant Business Transactions Overview

The Company did not enter into any business transactions that we consider significant during the three months ended January 31, 2016.

We intend to devote substantially all of our efforts on growing the Company’s operations in the mineral exploration and mining sector. We are currently focused on further exploration of the TMC project for mineral reserves and to gauge the prospects for efficient mining operations if such reserves are discovered. Additionally, we are engaged in limited extraction and exploitation of mineralized material through surface mining techniques at the TMC project. Our primary key market priority will be to proceed with the TMC project and other mining opportunities that may present themselves from time to time. We cannot guarantee that the TMC project, or any project that we embark upon, will be successful. We have budgeted expenditures for the TMC project for the next twelve months of approximately $2,400,000, depending on additional financing, for general and administrative expenses and exploration, mining and exploration to implement the business plan as described above. Approximately $1.3 million of these budgeted expenditures are for mining and exploration expenses and the other $1.1 million are for corporate general and administrative expenses.

We are currently considered an exploration stage company under SEC criteria because it has not demonstrated the existence of proven or probable reserves at the TMC project. Accordingly, as required under SEC guidelines and U.S. GAAP for companies in the exploration stage, substantially all of our investment in mining properties to date, including construction of the mill, mine facilities and exploration expenditures, have been expensed as incurred and therefore do not appear as assets on our balance sheet. We expect construction expenditures and underground mine exploration and capital improvements will continue during 2016 and subsequent years. We expect to remain as an exploration stage company for the foreseeable future. We do not exit the exploration stage until such time that we demonstrate the existence of proven or probable reserves that meet SEC guidelines. Likewise, unless mineralized material is classified as proven or probable reserves, substantially all expenditures for mine exploration and construction will continue to be expensed as incurred.

We may choose to scale back operations to operate at break-even with a smaller level of business activity, while adjusting overhead depending on the availability of additional financing. In addition, we expect that we will need to raise additional funds if we decide to pursue more rapid expansion, appropriate responses to competitive pressures, or the acquisition of complementary businesses or technologies, or if we must respond to unanticipated events that require us to make additional investments. We cannot assure that additional financing will be available when needed on favorable terms, or at all.

We are exposed to various risks related to the volatility of the price of gold, our need for additional financing, our joint venture agreements, our reserve estimates, operating as a going concern, unique difficulties and uncertainties in mining exploration ventures, and a volatile market price for our common stock. These risks and uncertainties are discussed in more detail below in this report and the “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015, as filed with the SEC on February 16, 2016.

RESULTS OF OPERATIONS

As we are an early stage company, we have commenced only limited operations and have yet to reach full operations; therefore, we have little operations to report at this time. Our main focus has been on the development of our business plan. Our seasonal operations currently consist solely of surface mining and processing of mineralized material at the TMC project and the sale of commercially viable minerals recovered from such activities.

Comparison of Three Months Ended January 31, 2016, to Three Months Ended January 31, 2015

REVENUE

Revenue for the three months ended January 31, 2016, decreased $542,985 to $69,085 as compared to $612,070 for the three months ended January 31, 2015. During the fiscal year ended October 31, 2014, we were unable to sale all gold processed as a result of the 2014 season. This unsold gold was subsequently sold in the quarter ended January 31, 2015, generating higher than normal revenue for that period. During 2015, we improved our gold sale process and were able to sell all of our gold bullion inventory for the 2015 season during the fiscal year ended October 31, 2015. Due to these process improvements, revenue dropped substantially for the three months ended January 31, 2016, as compared to the three months ended January 31, 2015, and the only revenue the Company had during three months ended January 31, 2016, was from the reprocessing of ore concentrates which were a byproduct of the 2015 season milling process. Because of the seasonality of the Company’s operations, revenue during the quarters ended January 31 are expected to be minimal until we are able to commence year-round operations.

As of January 31, 2016, the Company had ore inventory valued at $559,432, which we anticipate being able to process and convert into revenues during the third quarter of 2016.

COST OF SALES

Cost of sales for the three months ended January 31, 2016, decreased $368,192 to $-0- as compared to $368,192 for the three months ended January 31, 2015. This decrease was attributable the fact that all sales for the three months ended January 31, 2016, were the result of reprocessing ore concentrates for which the costs were accounted for during the original milling process. The cost of sales for the three months ended January 31, 2015, was the result of high amounts of unsold gold from the 2014 season due to poor gold sales processes (which were subsequently improved during the 2015 season). Additionally, the Company was able to decrease the per ounce cost of sales from approximately $700 per ounce in 2014 to approximately $575 per ounce in 2015 and management believes that in can maintain this lower cost per ounce or even continue to decrease the cost going forward.

EXPENSES

Selling, general and administrative expenses for the three months ended January 31, 2016, increased $235,288 to $340,926 as compared to $105,638 for the three months ended January 31, 2015. Such expenses for the three months ended January 31, 2016, and 2015 consisted primarily of employee and independent contractor expenses, expenses related to share and warrant issuances, rent, audit, overhead, amortization and depreciation, professional and consulting fees, sales and marketing costs, investor relations, legal, and other general and administrative costs.

NET LOSS

Net loss for the three months ended January 31, 2016, was $940,411 as compared to a net income of $201,754 for the three months ended January 31, 2015. The net loss for the three months ended January 31, 2016, included $515,161 of non-cash expenses comprised of $31,098 in expenses related to stock option expense, $56,676 related to depreciation and amortization of fixed assets, $49,020 related to the amortization of debt discount, and $370,196 of loss on our derivative liability. The net loss for the three months ended January 31, 2015, included $361,830 of non-cash expenses comprised of $100,000 in expenses related to the issuance of common stock for services, gain on derivative liability of $536,597, loss on forward sale contracts and loan agreements of $63, expense in the amount of $30,671 related to stock option expense and $44,033 related to depreciation and amortization of fixed asset and asset retirement cost.

The increase in net loss was due to a combination of decreasing revenues an increase in our operating expenses. While operating expenses should remain fairly stable for the next year, management believes that it can grow revenues during the remainder of 2016 and should be able to realize decreases in our net loss compared to the prior year periods.

LIQUIDITY AND CAPITAL RESOURCES

As of January 31, 2016, we had a working capital deficit of approximately $7,636,663. We had a cash balance of $58,193, prepaid expenses of $156,906, and ore inventory of $559,432 offset by current liabilities of $8,411,194. Current liabilities consisted of forward contract of $250,635, derivative liabilities of $1,237,753 and promissory notes and line of credit of $5,461,461, debt discount of $420,218 and accumulated interest of $590,351 as of January 31, 2016.

Over the course of the last two years, the Company became in default on all of its outstanding debt, including approximately $4.3 million of debt to BOCO Investments, our largest creditor. These notes carried a default interest rate of 18% and 45%, which over the past two years has accrued to an additional $2.2 million. In early 2015, the Company engaged BOCO and our other creditors to restructure our debt in a way that allows us to execute our business plan and puts us on a path to repay our debts over a reasonable amount of time.

On May 26, 2015, the Company received from BOCO the fully executed Loan and Note Modification Agreement dated as of May 15, 2015 (the “Loan Modification Agreement”) between the Company, its directors, BOCO, and two other creditors of the Company. The Loan Modification Agreement modifies all outstanding Loan Agreements, Security Agreements and related Promissory Notes between the Company and BOCO (collectively, the “Loan Documents”) that were previously in default and extends the repayment and maturity dates over the course of a three year period in addition converting all outstanding accrued interest in the amount of $2,221,159 and principal in the amount of $300,000 under notes to equity and lowering the annual interest rate on all BOCO notes to 8%.

Additionally, in connection with the Loan Modification Agreement, the Company obtained a $150,000 line of credit facility from BOCO Investments LLC. As of January 31, 2016 we had drawn $109,346 on this facility, along with balances due on six secured promissory notes to BOCO Investments, LLC of $4,261,461 plus accrued interest of $381,831. (see Note 7 to the financial statements). Under the terms of the Note and Loan Modification Agreement, the Company was due to repay all outstanding balances of the $150,000 credit facility by October 1, 2015 and $700,000 of the BOCO Notes by November 15, 2015.

This restructuring of this debt not only resolved the Company’s default situation at that time, but also significantly lowered our interest expense moving forward and positioned the Company to be able to continue mining operations and pay these notes down over a three-year period. Unfortunately, the Company was unable to repay $909,346 of notes that were due on October 1, 2015, and November 15, 2015. Although BOCO extended the notes until December 15, 2015, the notes are once again in default and we are currently working with BOCO to resolve the matter. Management believes that the Company and BOCO will reach a resolution on the default issue prior to the end of the Company’s second quarter.

In the course of its start-up activities, the Company has sustained operating losses. Expenses incurred from October 18, 2007, (date of inception) through January 31, 2016, relate primarily to the Company’s formation, general administrative activities, property acquisition, and limited operations. Although our limited operations are beginning to generate revenue, which is providing capital and liquidity for the Company, there can be no assurance if and when such revenue will be sufficient to fully support our operations. Therefore, we will need to continue raising of capital through the issuance of equity and/or debt as our principal source of liquidity over the next several years to continue operations and fund our growth. The Company plans to raise funds for each step of the project and as each step is successfully completed, raise the capital for the next phase. We believe this will reduce the cost of capital as compared to trying to raise all the anticipated capital at once up front. However, since our ability to raise additional capital will be affected by many factors, most of which are not within our control (including the “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015, as filed with the SEC on February 16, 2016), no assurance can be given that WMTN will in fact be able to raise the additional capital as it is needed.

In the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015, as filed with the SEC on February 16, 2016, our independent registered accounting firm expressed substantial doubt about our ability to continue as a going concern as a result of the Company’s history of net loss. Our ability to achieve and maintain profitability and positive cash flow is dependent upon our ability to successfully execute the plans to pursue the TMC project as described in this Form 10-Q. The outcome of these matters cannot be predicted at this time. The Company’s consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should we be unable to continue our business.

Our primary activity will be to proceed with the TMC project and other mining opportunities that may present themselves from time to time. We cannot guarantee that the TMC project will be successful or that any project that we embark upon will be successful. Our goal is to build our Company into a successful mineral exploration and development company.

We have budgeted the following expenditures for the next twelve months for general and administrative expenses, mining and exploration to implement the business plan as described above, in the approximate aggregate amount of $2,400,000, depending on additional financing. Approximately $1.3 million of these budgeted expenditures are for mining and exploration expenses and the other $1.1 million are for corporate general and administrative expenses.

NET CASH PROVIDED BY/USED IN OPERATING ACTIVITIES

Net cash used in operating activities for the three months ended January 31, 2016, was $325,219. This amount was primarily related to accrued interest of $244,062, and non-cash expenses of $515,161; offset by the net loss of 940,411, decreases in accounts payable and accrued liabilities of $13,829 and an increase in prepaid expenses of $130,202. Non-cash expenses include $56,676 of depreciation and amortization, $49,020 of amortization of debt discount, $5,270 of accretion expense, stock option expense of $31,098, loss on forward contracts of $23, loss on derivative liabilities of $370,196; and $2,878 of royalty expense during the three months ended January 31, 2016.

NET CASH PROVIDED BY/USED IN INVESTING ACTIVITIES

The Company did not engage in any activities that it classified as investing activities during the three months ended January 31, 2016 and January 31, 2015.

NET CASH USED IN FINANCING ACTIVITIES

The Company did not engage in any activities that it classified as financing activities for the three months ended January 31, 2016. During the three months ended January 31, 2015, we had a $50,000 payment to Ben Porterfield for prepaid royalties.

Our unaudited contractual cash obligations as of January 31, 2016, are summarized in the table below:

Years ended October 31,	Total
2016	$	170,372
2017	$	171,382
2018	$	137,000
2019	$	137,000
Total	$	615,754

Off-Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

Inflation

We do not believe that inflation has had in the past or will have in the future any significant negative impact on the Company’s operations.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Mineral Properties

Costs of acquiring mineral properties are capitalized by project area upon purchase of the associated claims. Costs to maintain the mineral rights and leases are expensed as incurred. When a property reaches the production stage, the related capitalized costs will be amortized, using the units of production method on the basis of periodic estimates of ore reserves.

Long-Lived Assets

We review our long-lived assets for impairment annually or when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results.

Alaska Reclamation and Remediation Liabilities

Fair Value Measurements

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

Revenue Recognition:

Revenue is recognized, net of royalties, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. The passing of title to the customer is based on the terms of the sales contract. Product pricing is determined at the point revenue is recognized by reference to active and freely traded commodity markets, for example the London Bullion Market for both gold and silver, in an identical form to the product sold.

Metal and Other Inventory

Inventories may include unprocessed ore, doré and unsold gold and silver. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Metal inventory costs include direct labor, materials, depreciation, as well as administrative overhead costs relating to mining activities.

Stock-Based Compensation

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As we are a smaller reporting company, we are not required to provide the information required by this item.

ITEM 4. CONTROLS AND PROCEDURES

a) Evaluation of Disclosure Controls and Procedures

We conducted an evaluation under the supervision and with the participation of our management, of the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2016. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (“Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures also include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, our principal executive and principal financial officers concluded as of January 31, 2016 that our disclosure controls and procedures were not effective at the reasonable assurance level due to limited accounting and reporting personnel and a lack of segregation of duties due to limited financial resources and the size of our Company. We will need to adopt additional disclosure controls and procedures prior to commencement of material operations. Consistent therewith, on an on-going basis we will evaluate the adequacy of our controls and procedures.

A material weakness is a significant deficiency, or combination of significant deficiencies, that result in there being a more than remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. During the assessment for the three months ended January 31, 2016, management identified the following material weaknesses:

Lack of Segregation of Duties. We have an inadequate number of personnel to properly implement control procedures.

Lack of Disclosure Controls. There is a lack of disclosure controls to ensure adequate disclosures are made in our periodic filings.

Lack of Continuity in Key Personnel. We have not maintained continuity in key personnel or have adequate staffing to ensure adequately efficient preparation of financial and operational statements.

Lack of Inventory Management Control. The Company lacks sufficient personnel and financial resources to implement adequate handling, tracking, accounting, and safeguarding of ore and finished goods inventory assets.

Management is committed to improving its internal controls and will continue to use third party specialists to address shortfalls in staffing and to assist the Company with accounting and finance responsibilities. At this time, however, management has not established a time table for when it intends to address the aforementioned material weaknesses.

b) Changes In Internal Control Over Financial Reporting

During the quarter ended January 31, 2016, there were no changes in our internal controls over financial reporting during this fiscal quarter that materially affected, or is reasonably likely to have a materially affect, on our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There are no pending legal proceedings against us that are expected to have a material adverse effect on our cash flows, financial condition or results of operations.

ITEM 1A. RISK FACTORS

As we are a smaller reporting company, we are not required to provide the information required by this item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURE

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities from the Federal Mine Safety and Health Administration, or MSHA, under the Federal Mine Safety and Health Act of 1977, or the Mine Act. During the quarter ended January 31, 2016, the TMC project was in production and as such, we were subject to regulation by MSHA under the Mine Act.

The TMC project had no health and safety violations, orders or citations under the Federal Mine Safety and Health Act of 1977, during the quarter ended January 31, 2016 and the Company had no injuries or fatalities. Additionally, during the three months ended January 31, 2016, and as of the date of the filing of this Annual Report, there are no pending legal actions involving the TMC project.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit No.	Description
*3.1	Articles of Incorporation (Previously filed with Form SB-2 Registration Statement, January 2, 2008, as amended per the 8-K filed on Oct. 12, 2010).
*3.2	Articles of Amendment dated February 28, 2013 (Attached as an exhibit to the Company’s Form 8-K dated March 8, 2013 and filed with the SEC on March 12, 2013).
*3.3	Bylaws (Previously filed with Form SB-2 Registration Statement, January 2, 2008).
*3.4	Certificate of Designation of Rights, Preferences and Privileges of Series A Convertible Preferred Stock (Attached as an exhibit to the Company’s Form 8-K dated December 3, 2013 and filed with the SEC on December 6, 2013).
*4.1	WestMountain Gold, Inc. 2012 Stock Incentive Plan (Filed as an Exhibit to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on December 31, 2013, and hereby incorporated by reference).
*10.1	Amended Porterfield Lease dated February 18, 2011 by and between Terra Gold Corp and Ben Porterfield (Attached as an Exhibit to the Company’s Form 10-K dated October 31, 2011 and filed with the SEC on December 20, 2011).
*10.2	Amended and Restated Revolving Credit Loan and Security Agreement dated September 17, 2012 by and between WestMountain Index Advisor, Inc. and BOCO (Filed as exhibits on Form 8-K/A dated September 11, 2012 and filed with the SEC on October 10, 2012. Investments, LLC).
*10.3	Amended and Restated Secured Convertible Promissory Note dated September 17, 2012 by and between WestMountain Index Advisor, Inc. and BOCO (Filed as exhibits on Form 8-K/A dated September 11, 2012 and filed with the SEC on October 10, 2012. Investments, LLC).
*10.4	Loan Agreement dated May 7, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K/A dated May 14, 2013 and filed with the SEC on June 6, 2013).
*10.5	Promissory Note dated May 7, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K/A dated May 14, 2013 and filed with the SEC on June 6, 2013).
*10.6	Security Agreement dated May 7, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K/A dated May 14, 2013 and filed with the SEC on June 6, 2013).
*10.7	Warrant for the Purchase of Common Stock dated May 7, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K/A dated May 14, 2013 and filed with the SEC on June 6, 2013).
*10.8	Loan Agreement dated June 27, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K dated June 27, 2013 and filed with the SEC on July 1, 2013).
*10.9	Promissory Note dated June 27, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K dated June 27, 2013 and filed with the SEC on July 1, 2013).
*10.10	Security Agreement dated June 27, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K dated June 27, 2013 and filed with the SEC on July 1, 2013).
*10.11	Warrant for the Purchase of Common Stock dated June 27, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K dated June 27, 2013 and filed with the SEC on July 1, 2013).
*10.12	First Amendment to Amended and Restated Secured Convertible Promissory Note dated August 1, 2013 by and between WestMountain Gold, Inc. and BOCO Investments, LLC. Attached as an exhibit to the Company’s Form 8-K dated August 29, 2013 and filed with the SEC on August 30, 2013.
*10.13	Form of Warrant for the Purchase of Preferred Stock. (Attached as an exhibit to the Company’s Form 10-K dated October 31, 2013 and filed with the SEC on February 12, 2014).
*10.14	Form of Warrant for the Purchase of Common Stock (Attached as an exhibit to the Company’s Form 10-K dated October 31, 2013 and filed with the SEC on February 12, 2014).
*10.15	Form of Subscription Agreement for the Purchase of Preferred Stock (Attached as an exhibit to the Company’s Form 10-K dated October 31, 2013 and filed with the SEC on February 12, 2014).
*10.16	Lease Agreement signed January 1, 2015, by and between WestMountain Gold, Inc. and TLC Properties, LLC.
*10.17	Commercial Lease Amendment II signed June 5, 2013 by and between WestMountain Index Advisor, Inc. and Waterfront Property Management LLC. (Attached as an exhibit to the Company’s Form 10-K dated October 31, 2013 and filed with the SEC on February 12, 2014).
*10.18	Commercial Lease April 1, 2011 by and between WestMountain Index Advisor, Inc. and Waterfront Property Management LLC. (Attached as an exhibit to the Company’s Form 10-K dated October 31, 2013 and filed with the SEC on February 12, 2014).
*10.19	Secured Promissory Note between WestMountain Gold, Inc. and BOCO dated February 14, 2014 (Attached as an exhibit to the Company's Form 10-Q/A dated January 31, 2014 and filed with the SEC on March 26, 2014)
*10.20	Convertible Promissory Note dated December 17, 2013 between West Mountain Gold Inc. and BOCO Investments, LLC. (Attached as an exhibit to the Company’s Form 8-K dated December 31, 2013 and filed with the SEC on January 3, 2014).
*10.21	Letter Agreement between Raven Gold Alaska, Inc. and Terra Gold Corporation dated February 12, 2014 (Attached as an exhibit to the Company's Form 10-Q/A dated January 31, 2014 and filed with the SEC on March 26, 2014)
*10.22	Convertible Promissory Note between WestMountain Gold, Inc. and Dessi dated December 17, 2013 (Attached as an exhibit to the Company's Form 10-Q/A dated January 31, 2014 and filed with the SEC on March 26, 2014)
*10.23	Purchase Agreement between WestMountain Gold, Inc. and Lincoln Park Capital, LLC dated November 20, 2013 (Attached as an exhibit to the Company's Form 10-Q/A dated January 31, 2014 and filed with the SEC on March 26, 2014)
*10.24	Registration Rights Agreement between WestMountain Gold, Inc. and Lincoln Park Capital, LLC dated November 20,2013 (Attached as an exhibit to the Company's Form 10-Q/A dated January 31, 2014 and filed with the SEC on March 26, 2014)
*10.25	Separation and Full Release of Claims Agreement between WestMountain Gold, Inc. and Mark Scott dated November 15, 2013 (Attached as an exhibit to the Company's Form 10-Q/A dated January 31, 2014 and filed with the SEC on March 26, 2014)
*10.26	Loan and Note Modification Agreement beween WestMountain Gold, Inc and BOCO Investments, LLC dated April 15, 2014 (Attached as an exhibit to the Company's Form 8-K dated April 23, 2014 and file with the SEC on April 24, 2014)
*10.27	Amendment to Loan and Note Modification Agreement dated May 27, 2014 between WestMountain Gold, Inc. and BOCO Investments, LLC (Attached as an exhibit to the Company's Form 8-K dated June 2, 2014 and filed with the SEC on June 6, 2014)
*10.28	Employment Agreement between WestMountain Gold, Inc. and James W. Creamer III effective September 8, 2014, executed and formally excepted on September 15, 2014 (Attached as an exhibit to the Company's Form 8-K dated September 15, 2014 and filed with the SEC on September 19, 2014)
*10.29	Loan and Note Modification Agreement by and among WestMountain Gold, Inc, BOCO Investments, LLC, Minex Exploration, Slver Verde May Mining Co., Dale L. Rasmussen and Michael Lavigne (Attached as an exhibit to the Company's Form 8-K dated May 26, 2015 and filed with the SEC on June 1, 2015)
*14.1	Code of Conduct & Ethics dated November 30, 2012. (Attached as an exhibit to the Company’s Form 8-K dated November 26, 2012 and filed with the SEC on November 30, 2012).
21.1	Subsidiaries (Attached as an exhibit to the Company’s Form 10-K dated October 31, 2013 and filed with the SEC on February 12, 2014).
†31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
†31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
‡32.1 and 32.2	Section 906 Certifications.
*99.1	Audit Committee Charter dated November 30, 2012. (Attached as an exhibit to the Company’s Form 8-K dated November 26, 2012 and filed with the SEC on November 30, 2012).
*99.2	Compensation Committee Charter dated November 30, 2012. (Attached as an exhibit to the Company’s Form 8-K dated November 26, 2012 and filed with the SEC on November 30, 2012).
*99.3	Nominations and Governance Committee Charter dated November 30, 2012. (Attached as an exhibit to the Company’s Form 8-K dated November 26, 2012 and filed with the SEC on November 30, 2012).
101	Interactive data files pursuant to Rule 405 of Regulation S-T. (1)

*	Included in previously filed reporting documents.
†	Filed herewith
‡	Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: March 21, 2016	WESTMOUNTAIN GOLD, INC.
	(Registrant)

	By:	/s/ Gregory Schifrin
		Gregory Schifrin
		Chief Executive Officer
		(Principal Executive Officer)


	By:	/s/ James W. Creamer III
		James W. Creamer III
		Chief Financial Officer
		(Principal Financial Officer)

Exhibit 31.1

CERTIFICATION

I, Gregory Schifrin, certify that:


1.	I have reviewed this Quarterly Report on Form 10-Q of WestMountain Gold, Inc.;


2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.	The registrant’s other certifying officer(s) and I are responsible for disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:


	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and


	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: March 21, 2016	/s/ Gregory Schifrin
	Gregory Schifrin
	Chief Executive Officer

Exhibit 31.2

CERTIFICATION

I, James W. Creamer III, certify that:


1.	I have reviewed this Quarterly Report on Form 10-Q of WestMountain Gold, Inc.;


2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.	The registrant’s other certifying officer(s) and I are responsible for disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:


	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and


	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 21, 2016

/s/ James W. Creamer III

James W. Creamer III

Chief Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of WestMountain Gold, Inc. (the “Company”) on Form 10-Q for the quarterly period ended January 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory Schifrin, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:


	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the date and for the periods expressed in the Report.

/s/ Gregory Schifrin

Gregory Schifrin

Chief Executive Officer

March 21 2016

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of WestMountain Gold, Inc. (the “Company”) on Form 10-Q for the quarterly period ended January 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James W. Creamer III, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:


	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the date and for the periods expressed in the Report.

/s/ James W. Creamer III

James W. Creamer III

Chief Financial Officer

March 21, 2016

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jan. 31, 2016	Mar. 10, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	WESTMOUNTAIN GOLD, INC.
Document Type	10-Q
Current Fiscal Year End Date	--10-31
Entity Common Stock, Shares Outstanding		62,038,357
Amendment Flag	false
Entity Central Index Key	0001421601
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jan. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($)	Jan. 31, 2016	Oct. 31, 2015
Current Assets
Cash and cash equivalents	$ 58,193	$ 383,412
Prepaid expenses	156,906	26,704
Inventory	559,432	559,432
Total current assets	774,531	969,548
Equipment, net	267,876	318,804
Other Assets
Prepaid royalties	359,951	362,830
Mining claims	2,446,459	2,446,458
Security deposits	10,618	10,618
Asset retirement cost	174,401	180,149
Total Assets	4,033,836	4,288,407
Current Liabilities
Accounts payable	1,122,191	1,134,428
Accounts payable - related parties	11,300	11,300
Accrued expenses	157,721	159,313
Accrued interest	590,351	346,289
Forward contract	250,635	250,612
Derivative liability	1,237,753	867,557
Line of credit - related parties ($150,000 facility)	109,346	109,346
Promissory notes, net of discounts of $420,218 and $469,237, January 31, 2016 and October 31, 2015, respectively	4,931,897	4,882,878
Total current liabilities	8,411,194	7,761,723
Long-Term Liabilities
Asset retirement obligation	189,315	184,045
Total liabilities	$ 8,600,509	$ 7,945,768
Commitments and Contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, $0.10 par value; 987,900 shares authorized, 0 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively, Preferred Series A Convertible Stock, $0.10 par value; 12,100 shares authorized, issued and outstanding at January 31, 2016 and October 31, 2015	$ 1,210	$ 1,210
Common stock, $0.001 par value; 200,000,000 shares authorized, 62,038,357 and 61,650,537 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively	62,039	61,651
Additional paid in capital	17,892,325	17,831,364
Accumulated deficit	(22,522,247)	(21,551,586)
Total stockholders' deficit	(4,566,673)	(3,657,361)
Total Liabilities and Stockholders' Deficit	$ 4,033,836	$ 4,288,407
Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred stock, $0.10 par value; 987,900 shares authorized, 0 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively, Preferred Series A Convertible Stock, $0.10 par value; 12,100 shares authorized, issued and outstanding at January 31, 2016 and October 31, 2015
Series A Preferred Stock [Member] \| Convertible Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred stock, $0.10 par value; 987,900 shares authorized, 0 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively, Preferred Series A Convertible Stock, $0.10 par value; 12,100 shares authorized, issued and outstanding at January 31, 2016 and October 31, 2015	$ 1,210	$ 1,210

Consolidated Balance Sheets (Parentheticals) - USD ($)	Jan. 31, 2016	Oct. 31, 2015
Line of credit, Maximum Borrowing Capacity (in Dollars)	$ 150,000
Discounts (in Dollars)	$ 420,218	$ 469,237
Common Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common Stock shares Authorized	200,000,000	200,000,000
Common Stock shares Issued	62,038,357	61,650,537
Common Stock shares Outstanding	62,038,357	61,650,537
Preferred Stock [Member]
Preferred Stock par value (in Dollars per share)	$ 0.10	$ 0.10
Preferred Stock, shares authorized	987,900	987,900
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Series A Preferred Stock [Member] \| Convertible Preferred Stock [Member]
Preferred Stock par value (in Dollars per share)	$ 0.10	$ 0.10
Preferred Stock, shares authorized	12,100	12,100
Preferred Stock, shares issued	12,100	12,100
Preferred Stock, shares outstanding	12,100	12,100

Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Jan. 31, 2016	Jan. 31, 2015
Revenue:
Sales, net	$ 69,085	$ 612,070
Total revenue	$ 69,085	612,070
Cost of sales		368,192
Total cost of sales		368,192
Gross profit	$ 69,085	243,878
Operating Expenses
Selling, general and administrative expenses	$ 340,926	105,638
Exploration expenses		81,568
Total operating expenses	$ 340,926	187,206
Income(Loss) from operations	(271,841)	56,672
Other income/(expense)
Interest expense	(298,374)	(391,515)
Gain(Loss) on change - derivative liability	(370,196)	536,597
Total other income/(expense)	(668,570)	145,082
Income(loss) before income taxes	$ (940,411)	$ 201,754
Income tax expense
Net income(loss)	$ (940,411)	$ 201,754
Preferred stock dividends	(30,250)	(18,345)
Income (loss) attributable to common shareholders'	$ (970,661)	$ 183,409
Basic net (loss) income per share (in Dollars per share)	$ (0.02)	$ 0.01
Diluted net (loss) income per share (in Dollars per share)	$ (0.02)	$ 0.01
Basic weighted average common shares outstanding (in Shares)	61,777,000	27,485,284
Diluted weighted average common shares outstanding (in Shares)	61,777,000	28,090,284

Consolidated Statement of Cash Flows - USD ($)	3 Months Ended
Consolidated Statement of Cash Flows - USD ($)	Jan. 31, 2016	Jan. 31, 2015
Cash flows from operating activities
Net (loss) income	$ (940,411)	$ 201,754
Adjustments to reconcile net income (loss) to net cash provided by(used in) operating activities:
Depreciation and amortization	56,676	$ 44,033
Amortization of debt discount	49,020
Accretion expense	5,270
Stock option expense	$ 31,098	$ 30,671
Issuance of common stock for fees		100,000
(Gain) Loss on forward contract	$ 23	63
(Gain) Loss on derivative liability	370,196	$ (536,597)
Royalties expense	2,878
Changes in operating assets and operating liabilities:
Prepaid expenses and other current assets	$ (130,202)	$ (25,738)
Inventory		232,561
Accrued interest	$ 244,062	391,452
Accounts payable and accrued liabilities	$ (13,829)	(350,325)
Accounts payable and accrued liabilities - related parties		(4,741)
Net cash (used in) provided by operating activities	$ (325,219)	83,133
Cash flows from financing activities:
Repayment of forward contract		(50,000)
Net cash (used in) financing activities		(50,000)
Net increase (decrease) in cash and cash equivalents	$ (325,219)	33,133
Cash and cash equivalents, beginning of period	383,412	22,766
Cash and cash equivalents, end of period	$ 58,193	$ 55,899
Supplemental disclosures of cash flow information:
Interest paid
Taxes paid
Non-cash investing and financing activities:
Common stock issued in exchange for account payable		$ 100,000
Preferred stock dividend	$ 30,250	$ 36,690

BUSINESS

3 Months Ended

Jan. 31, 2016

Disclosure Text Block [Abstract]

Business Description and Basis of Presentation [Text Block]

NOTE 1. BUSINESS

As of January 31, 2016, the Company had eight secured promissory notes with BOCO Investments, LLC, and has recorded $4,261,461 in principal plus $381,831 in accrued interest.

GOING CONCERN

3 Months Ended

Jan. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Substantial Doubt about Going Concern [Text Block]

NOTE 2. GOING CONCERN

UNAUDITED FINANCIAL STATEMENTS

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

3 Months Ended

Jan. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

Principles of Consolidation

Equipment

Metal and Other Inventory

Mineral Properties

Long-Lived Assets

Alaska Reclamation and Remediation Liabilities

Fair Value Measurements

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

Liabilities measured at fair value on a recurring basis are summarized as follows:


	Fair Value Measurements Using Inputs						Carrying Amount at
Financial Instruments	Level 1		Level 2		Level 3		January 31, 2016

Liabilities:
Forward contract	$	-	$	250,635	$	-	$	250,635
Derivative Instruments	$	-	$	1,237,753	$	-	$	1,237,753
Total	$	-	$	1,488,388	$	-	$	1,488,388


	Fair Value Measurements Using Inputs						Carrying Amount at
Financial Instruments	Level 1		Level 2		Level 3		October 31, 2015

Liabilities:
Forward contract	$	-	$	250,612	$	-	$	250,612
Derivative Instruments	$	-	$	867,557	$	-	$	867,557
Total	$	-	$	1,118,169	$	-	$	1,118,169

Market price and estimated fair value of common stock used to measure the Derivative Instruments-Warrants at January 31, 2016 and October 31, 2015:


	January 31, 2016		October 31, 2015
Market price and estimated fair value of common stock:	$	0.06	$	0.09
Exercise price	$	0.12	$	0.12
Expected term (years)		1.75		2.00
Dividend yield		-		-
Expected volatility		130.90%		133.29%
Risk-free interest rate		0.83%		0.75%

The risk-free rate of return reflects the interest rate for the United States Treasury Note with similar time-to-maturity to that of the warrants.

Embedded Derivatives

During the quarter ended January 31, 2016, the Company recognized $370,196 of other expense resulting from the increase in the fair value of the embedded derivatives from October 31, 2015.

Derivative Instruments – Warrants

Forward Sale and Loan Agreements

Revenue Recognition:

Mineral Exploration and Development Costs

Net Loss Per Share

Use of Estimates

Reclassifications

Stock-Based Compensation

Income Tax/Deferred Tax
FASB ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differing treatment of items for financial reporting and income tax reporting purposes. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. WestMountain Gold, Inc. has recognized deferred income tax benefits on net operating loss carry-forwards to the extent WestMountain Gold, Inc. believes it will be able to utilize them in future tax filings. The Company has applied a full valuation allowance on all deferred tax assets. The difference between the statutory income tax expense and the accounting tax expense is primarily attributable to non-deductible expenses representing permanent timing differences between book income and taxable income during the three months ended January 31, 2016.

Recent Accounting Pronouncements

AGREEMENTS

3 Months Ended

Jan. 31, 2016

Agreement Disclosure [Abstract]

Agreement Disclosure [Text Block]

NOTE 4. AGREEMENTS

Exploration, Development and Mine Operating Agreements

Amended Claims and Lease Agreements with Ben Porterfield


●		Payment of $100,000 annually on March 22, 2011 (paid).

●		Payment of $100,000 annually on March 22, 2012 (paid), 2013 (paid), 2014 (paid), through March 22, 2015 (paid).

●		2015 payment of $100,000 due on March 22, 2015 was made on May 1, 2015.

●		Payment of $125,000 annually beginning March 22, 2016 through the termination of the Amended Claims Agreement.

The Company can terminate the Amended Lease Agreement with the payment of $875,000, less $75,000 paid during the years 2006-2011. The payment may be paid over three annual payments.

The failure to operate in accordance with the Amended Claims or Lease Agreements could result in the Lease being terminated.

EQUIPMENT, NET

3 Months Ended

Jan. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 5. EQUIPMENT, NET

Equipment, net consists of the following:


	Estimated Useful Lives	January 31, 2016		October 31, 2015

Mining and other equipment	2-5 years	$	894,259	$	894,259
Less: accumulated depreciation			(626,383)		(575,455)
Mining and other equipment, net		$	267,876	$	318,804

Depreciation expense for the three months ended January 31, 2016 and 2015 was $56,676 and $44,033 respectively.

CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS

3 Months Ended

Jan. 31, 2016

NOTE 6. CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS

Related Party Transactions

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015, Minex converted the full $665,201 due to 5,543,350 shares of the Company’s common stock.

Secured Promissory and Promissory Notes with BOCO

PROMISSORY NOTES

3 Months Ended

Jan. 31, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 7. PROMISSORY NOTES


●		$100,000 plus interest is due and payable on October 1, 2015;

●		Approximately $700,000 plus interest shall be due and payable to BOCO on November 15, 2015;

●		Approximately $1,500,000 plus interest shall be due and payable to BOCO on November 15, 2016;

●		The remaining principal amount of approximately $1,852,115 plus interest shall be due and payable to BOCO on November 15, 2017.

The Loan Modification Agreement also noted that the due date for a loan in the principal amount of $1,000,000 to Giuseppe Dessi that was previously in default had been extended to December 14, 2016.

As of January 31, 2016 and October 31, 2015, the Company has the following promissory notes outstanding:

	January 31, 2016		October 31, 2015
	January 31, 2016		October 31, 2015
BOCO September 17, 2012 Promissory Note	$	1,852,115	$	1,852,115
BOCO May 14, 2013 Promissory Note		500,000		500,000
BOCO June 27, 2013 Promissory Note		500,000		500,000
BOCO February 14, 2014 Promissory Note		1,000,000		1,000,000
BOCO May 23, 2014 Promissory Note		100,000		100,000
BOCO June 9, 2014 Promissory Note		100,000		100,000
BOCO May 1, 2015 Promissory Note		100,000		100,000
BOCO May 15, 2015 Promissory Note		109,346		109,346
Dessi December 17, 2013 Promissory Note		1,000,000		1,000,000
Andres Promissory Notes		200,000		200,000
SUBTOTAL		5,461,461		5,461,461
Debt Discount		(420,218)		(469,237)
Total	$	5,041,243	$	4,992,224

Secured Promissory Notes dated September 17, 2012

Promissory Note with BOCO dated May 14, 2013

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2015. The Warrant was repriced and exercised at $0.05 per share. As of January 31, 2016, the principal and accrued interest due on the note is $552,424.

Promissory Note with BOCO dated June 27, 2013

In addition, the Company issued a Warrant to purchase 1,250,000 shares of common stock at an exercise price that is the lesser of $0.75 per share or a price per share equal to eighty percent (80%) of the lowest price at which a common share in the Company has been issued in any round of financing commenced or closed after the date of this Warrant and prior to Holder’s exercise of its rights under the Warrant. The Warrant expires June 27, 2018. There are no registration requirements. The June 2013 Transaction Documents place certain operating restrictions on the Company.

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2016. The Warrant was repriced and exercised at $0.05 per share.

Promissory Note with BOCO dated February 14, 2014

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2016. As of January 31, 2016, the principal and accrued interest due on the note is $1,104,849.

Promissory Note with BOCO dated May 23, 2014

On May 26, 2015, as part of the Company’s Loan and Note Modification Agreement dated as of May 15, 2015 with BOCO, the annual interest rate on this note was reduced to 8% and the maturity was extended to November 15, 2015. As of January 31, 2016, the principal and accrued interest due on the note is $110,630.

Promissory Note with BOCO dated June 9, 2014

Promissory Note with BOCO dated May 1, 2015

Secured Line of Credit with BOCO dated May 15, 2015

Promissory Note with Giuseppe Dessi dated December 17, 2013

Andres Unsecured Promissory Notes

The table below summarizes the Company’s future note maturities as of January 31, 2016:

Year Ended October 31,		Notes Maturing
2016		1,109,346
2017		2,500,000
2018		1,852,115
Total		$ 5,461,461

EQUITY TRANSACTIONS

3 Months Ended

Jan. 31, 2016

Disclosure Text Block Supplement [Abstract]

Shareholders' Equity and Share-based Payments [Text Block]

NOTE 8. EQUITY TRANSACTIONS

Series A Convertible Preferred Stock:

A summary of the warrants issued and outstanding as of January 31, 2016 is as follows:

	January 31, 2016
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	2,838,084	$	1.235
Issued	-		-
Exercised	-		-
Forfeited	-		-
Expired	(1,546,334)		1.491
Outstanding at end of period	1,291,750	$	0.927
Exercisable at end of period	1,291,750

	January 31, 2016
Number of Warrants		Weighted Average Remaining Life	Weighted Average Exercise Price		Shares Exercisable
230,000		3.17	$	0.25	230,000
200,000		3.11	$	0.50	200,000
78,000		5.23	$	0.75	78,000
10,000		1.08	$	0.88	10,000
375,000		1.02	$	1.00	375,000
398,750		1.29	$	1.50	398,750
1,291,750		2.07	$	0.927	1,291,750

Options:

A summary of the options issued and outstanding as of January 31, 2016 is as follows:

	January 31, 2016
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	1,000,000	$	0.12
Issued	1,000,000		0.12
Exercised	-		-
Forfeited	1,000,000		0.50
Expired	-		-
Outstanding at end of period	1,000,000	$	0.12
Exercisable at end of period	750,000		0.12


	January 31, 2016

Number of Options		Weighted Average Remaining Life	Weighted Average Exercise Price		Shares Exercisable
1,000,000		5.60	$	0.12	750,000

1,000,000		5.60	$	0.12	750,000

COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS

3 Months Ended

Jan. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 9. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS

Except as disclosed, there are no pending legal proceedings against us that are expected to have a material adverse effect on our cash flows, financial condition or results of operations.

EMPLOYMENT AGREEMENTS

LEASES

The Company is obligated under various non-cancelable operating leases for their various facilities.

The aggregate unaudited future minimum lease payments, to the extent the leases have early cancellation options and excluding escalation charges, are as follows:


Years ended October 31,	Total

2016	$	45,372
2017	$	46,382
2018	$	12,000
2019	$	12,000
Total	$	115,754

Accounting Policies, by Policy (Policies)

3 Months Ended

Jan. 31, 2016

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Property, Plant and Equipment, Impairment [Policy Text Block]

Equipment

Inventory, Policy [Policy Text Block]

Metal and Other Inventory

Mineral Properties, Policy, [Policy Text Block]

Mineral Properties

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Long-Lived Assets

Reclamation and Remediation Liabilities, Policy, [Policy Text Block]

Alaska Reclamation and Remediation Liabilities

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

Liabilities measured at fair value on a recurring basis are summarized as follows:


	Fair Value Measurements Using Inputs						Carrying Amount at
Financial Instruments	Level 1		Level 2		Level 3		January 31, 2016

Liabilities:
Forward contract	$	-	$	250,635	$	-	$	250,635
Derivative Instruments	$	-	$	1,237,753	$	-	$	1,237,753
Total	$	-	$	1,488,388	$	-	$	1,488,388


	Fair Value Measurements Using Inputs						Carrying Amount at
Financial Instruments	Level 1		Level 2		Level 3		October 31, 2015

Liabilities:
Forward contract	$	-	$	250,612	$	-	$	250,612
Derivative Instruments	$	-	$	867,557	$	-	$	867,557
Total	$	-	$	1,118,169	$	-	$	1,118,169

Market price and estimated fair value of common stock used to measure the Derivative Instruments-Warrants at January 31, 2016 and October 31, 2015:


	January 31, 2016		October 31, 2015
Market price and estimated fair value of common stock:	$	0.06	$	0.09
Exercise price	$	0.12	$	0.12
Expected term (years)		1.75		2.00
Dividend yield		-		-
Expected volatility		130.90%		133.29%
Risk-free interest rate		0.83%		0.75%

The risk-free rate of return reflects the interest rate for the United States Treasury Note with similar time-to-maturity to that of the warrants.

Derivatives, Embedded Derivatives [Policy Text Block]

Embedded Derivatives

During the quarter ended January 31, 2016, the Company recognized $370,196 of other expense resulting from the increase in the fair value of the embedded derivatives from October 31, 2015.

Derivatives, Policy [Policy Text Block]

Derivative Instruments – Warrants

Forward Sale and Loan Agreement, Policy, [Policy Text Block]

Forward Sale and Loan Agreements

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition:

Mineral Exploration and Development Costs, Policy, [Policy Text Block]

Mineral Exploration and Development Costs

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Share

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Reclassification, Policy [Policy Text Block]

Reclassifications

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation

Income Tax, Policy [Policy Text Block]

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Tables)

3 Months Ended

Jan. 31, 2016

Accounting Policies [Abstract]

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]


	Fair Value Measurements Using Inputs						Carrying Amount at
Financial Instruments	Level 1		Level 2		Level 3		January 31, 2016

Liabilities:
Forward contract	$	-	$	250,635	$	-	$	250,635
Derivative Instruments	$	-	$	1,237,753	$	-	$	1,237,753
Total	$	-	$	1,488,388	$	-	$	1,488,388


	Fair Value Measurements Using Inputs						Carrying Amount at
Financial Instruments	Level 1		Level 2		Level 3		October 31, 2015

Liabilities:
Forward contract	$	-	$	250,612	$	-	$	250,612
Derivative Instruments	$	-	$	867,557	$	-	$	867,557
Total	$	-	$	1,118,169	$	-	$	1,118,169

Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block]


	January 31, 2016		October 31, 2015
Market price and estimated fair value of common stock:	$	0.06	$	0.09
Exercise price	$	0.12	$	0.12
Expected term (years)		1.75		2.00
Dividend yield		-		-
Expected volatility		130.90%		133.29%
Risk-free interest rate		0.83%		0.75%

EQUIPMENT, NET (Tables)

3 Months Ended

Jan. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]


	Estimated Useful Lives	January 31, 2016		October 31, 2015

Mining and other equipment	2-5 years	$	894,259	$	894,259
Less: accumulated depreciation			(626,383)		(575,455)
Mining and other equipment, net		$	267,876	$	318,804

PROMISSORY NOTES (Tables)

3 Months Ended

Jan. 31, 2016

Debt Disclosure [Abstract]

Schedule of Short-term Debt [Table Text Block]

	January 31, 2016		October 31, 2015
	January 31, 2016		October 31, 2015
BOCO September 17, 2012 Promissory Note	$	1,852,115	$	1,852,115
BOCO May 14, 2013 Promissory Note		500,000		500,000
BOCO June 27, 2013 Promissory Note		500,000		500,000
BOCO February 14, 2014 Promissory Note		1,000,000		1,000,000
BOCO May 23, 2014 Promissory Note		100,000		100,000
BOCO June 9, 2014 Promissory Note		100,000		100,000
BOCO May 1, 2015 Promissory Note		100,000		100,000
BOCO May 15, 2015 Promissory Note		109,346		109,346
Dessi December 17, 2013 Promissory Note		1,000,000		1,000,000
Andres Promissory Notes		200,000		200,000
SUBTOTAL		5,461,461		5,461,461
Debt Discount		(420,218)		(469,237)
Total	$	5,041,243	$	4,992,224

Schedule of Maturities of Long-term Debt [Table Text Block]

Year Ended October 31,		Notes Maturing
2016		1,109,346
2017		2,500,000
2018		1,852,115
Total		$ 5,461,461

EQUITY TRANSACTIONS (Tables)

3 Months Ended

Jan. 31, 2016

Warrant [Member]

EQUITY TRANSACTIONS (Tables) [Line Items]

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	January 31, 2016
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	2,838,084	$	1.235
Issued	-		-
Exercised	-		-
Forfeited	-		-
Expired	(1,546,334)		1.491
Outstanding at end of period	1,291,750	$	0.927
Exercisable at end of period	1,291,750

Schedule of Other Share-based Compensation, Activity [Table Text Block]

	January 31, 2016
Number of Warrants		Weighted Average Remaining Life	Weighted Average Exercise Price		Shares Exercisable
230,000		3.17	$	0.25	230,000
200,000		3.11	$	0.50	200,000
78,000		5.23	$	0.75	78,000
10,000		1.08	$	0.88	10,000
375,000		1.02	$	1.00	375,000
398,750		1.29	$	1.50	398,750
1,291,750		2.07	$	0.927	1,291,750

Employee Stock Option [Member]

EQUITY TRANSACTIONS (Tables) [Line Items]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	January 31, 2016
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	1,000,000	$	0.12
Issued	1,000,000		0.12
Exercised	-		-
Forfeited	1,000,000		0.50
Expired	-		-
Outstanding at end of period	1,000,000	$	0.12
Exercisable at end of period	750,000		0.12

Schedule of Share-based Compensation, Activity [Table Text Block]


	January 31, 2016

Number of Options		Weighted Average Remaining Life	Weighted Average Exercise Price		Shares Exercisable
1,000,000		5.60	$	0.12	750,000

1,000,000		5.60	$	0.12	750,000

COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Tables)

3 Months Ended

Jan. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]


Years ended October 31,	Total

2016	$	45,372
2017	$	46,382
2018	$	12,000
2019	$	12,000
Total	$	115,754

BUSINESS (Details) - USD ($)	May. 26, 2015	May. 01, 2015	Feb. 12, 2014	Jan. 31, 2016	Nov. 15, 2015	Oct. 31, 2015
BUSINESS (Details) [Line Items]
Payments to Acquire Businesses, Gross		$ 100,000
Interest Payable, Current				$ 590,351		$ 346,289
Debt Instrument, Face Amount					$ 909,346
BOCO Investments LLC [Member]
BUSINESS (Details) [Line Items]
Secured Debt				$ 4,300,000
Debt Instrument, Interest Rate, Stated Percentage				18.00%
Debt Instrument, Interest Rate, Effective Percentage				45.00%
Interest Payable, Current				$ 2,200,000
BOCO Investments LLC [Member] \| Secured Debt [Member]
BUSINESS (Details) [Line Items]
Secured Debt				4,261,461
Interest Payable, Current				$ 381,831
Acquisition Of TMC Project [Member]
BUSINESS (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			100.00%
Payments to Acquire Businesses, Gross			$ 1,800,000
Stock Issued During Period, Shares, Acquisitions (in Shares)			200,000
Loan Modification Agreement [Member] \| BOCO Investments LLC [Member]
BUSINESS (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Increase, Accrued Interest	$ 2,221,159
Debt Conversion, Original Debt, Amount	$ 300,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)	$ 0.12
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	21,009,658

GOING CONCERN (Details) - USD ($)	Jan. 31, 2016	Oct. 31, 2015
GOING CONCERN (Details) [Line Items]
Retained Earnings (Accumulated Deficit)	$ (22,522,247)	$ (21,551,586)
Development Stage [Member]
GOING CONCERN (Details) [Line Items]
Retained Earnings (Accumulated Deficit)	$ (22,522,247)

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - USD ($)		2 Months Ended	3 Months Ended		12 Months Ended
	May. 26, 2015	Jun. 30, 2013	Jan. 31, 2016	Oct. 31, 2015	Oct. 31, 2015	Sep. 15, 2013	Mar. 20, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Inventory, Net			$ 559,432	$ 559,432	$ 559,432
Accrued Reclamation Costs, Current			750
Other Expenses			370,196
Proceeds from Notes Payable		$ 1,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)	$ 0.05
Warrants Exercises during the Period (in Shares)	2,500,000
Proceeds from Warrant Exercises	$ 125,000
Interest Expense, Debt			23
Snowmass Mining Co LLC [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Due to Related Parties, Current						$ 250,000
Payments for Loans					$ 50,000
Warrant To Purchase Stock Agreement With BOCO [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Loans Payable							$ 600,000
Gold Obligation [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Long-term Debt, Fair Value			$ 250,000
Warrant [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)			1,291,750
Convertible Promissory Note [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Stock Issued During Period Shares Related To Exercise Of Warrants (in Shares)			16,267,625
Series A Convertible Preferred Stock [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)			605,000
Employee Stock Option [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)			1,000,000
Common Stock [Member] \| Warrant To Purchase Stock Agreement With BOCO [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)			2,500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)			$ 0.75
Common Stock, Threshold Price, Percentage			80.00%
Warrant Expiration Period			5 years
Embedded Derivative Financial Instruments [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Embedded Derivative, Loss on Embedded Derivative			$ 1,237,753	$ 867,557
Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Property, Plant and Equipment, Useful Life			2 years
Minimum [Member] \| Equipment [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Property, Plant and Equipment, Useful Life			5 years
Maximum [Member] \| Equipment [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Property, Plant and Equipment, Useful Life			5 years

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis - USD ($)	Jan. 31, 2016	Oct. 31, 2015
Liabilities:
Financial Instruments, Fair Value	$ 1,488,388	$ 1,118,169
Forward Contracts [Member]
Liabilities:
Financial Instruments, Fair Value	250,635	250,612
Warrant [Member]
Liabilities:
Financial Instruments, Fair Value	$ 1,237,753	$ 867,557
Fair Value, Inputs, Level 1 [Member]
Liabilities:
Financial Instruments, Fair Value
Fair Value, Inputs, Level 1 [Member] \| Forward Contracts [Member]
Liabilities:
Financial Instruments, Fair Value
Fair Value, Inputs, Level 1 [Member] \| Warrant [Member]
Liabilities:
Financial Instruments, Fair Value
Fair Value, Inputs, Level 2 [Member]
Liabilities:
Financial Instruments, Fair Value	$ 1,488,388	$ 1,118,169
Fair Value, Inputs, Level 2 [Member] \| Forward Contracts [Member]
Liabilities:
Financial Instruments, Fair Value	250,635	250,612
Fair Value, Inputs, Level 2 [Member] \| Warrant [Member]
Liabilities:
Financial Instruments, Fair Value	$ 1,237,753	$ 867,557
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Financial Instruments, Fair Value
Fair Value, Inputs, Level 3 [Member] \| Forward Contracts [Member]
Liabilities:
Financial Instruments, Fair Value
Fair Value, Inputs, Level 3 [Member] \| Warrant [Member]
Liabilities:
Financial Instruments, Fair Value

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Assumptions for fair value - $ / shares	3 Months Ended	12 Months Ended
	Jan. 31, 2016	Oct. 31, 2015
Assumptions for fair value [Abstract]
Market price and estimated fair value of common stock: (in Dollars per share)	$ 0.06	$ 0.09
Exercise price (in Dollars per share)	$ 0.12	$ 0.12
Expected term (years)	1 year 9 months	2 years
Dividend yield
Expected volatility	130.90%	133.29%
Risk-free interest rate	0.83%	0.75%

AGREEMENTS (Details) - USD ($)					3 Months Ended
AGREEMENTS (Details) - USD ($)	May. 01, 2015	Mar. 22, 2012	Mar. 23, 2011	Mar. 22, 2011	Jan. 31, 2016	Mar. 22, 2005
AGREEMENTS (Details) [Line Items]
Payments for Royalties		$ 100,000		$ 100,000
Payments to Acquire Businesses, Gross	$ 100,000
Annual Royalty Payable					$ 125,000
Amended Lease Agreement Termination, Settlement, Amount					875,000
Payments for Rent					75,000
Indefinite-Lived Contractual Rights			$ 250,000
Contractual Right Per Share (in Dollars per share)			$ 0.50
Capitalization of Claims Agreement					850,000
Production Royalty Percentage						4.00%
Amended Claims And Lease Agreement With Ben Porterfield [Member]
AGREEMENTS (Details) [Line Items]
Payments for Rent			$ 500,000
WMTN [Member]
AGREEMENTS (Details) [Line Items]
Stock Issued During Period, Shares, Issued for Services (in Shares)			500,000
1% Of Production Royalty Right [Member]
AGREEMENTS (Details) [Line Items]
Payments for Royalties					$ 1,000,000
Production Royalty Percentage					1.00%
Additional 1% Of Production Royalty Right [Member]
AGREEMENTS (Details) [Line Items]
Payments for Royalties					$ 3,000,000
Production Royalty Percentage					1.00%

EQUIPMENT, NET (Details) - USD ($)	3 Months Ended
EQUIPMENT, NET (Details) - USD ($)	Jan. 31, 2016	Jan. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation	$ 56,676	$ 44,033

EQUIPMENT, NET (Details) - Equipment, net - USD ($)	3 Months Ended
EQUIPMENT, NET (Details) - Equipment, net - USD ($)	Jan. 31, 2016	Oct. 31, 2015
Property, Plant and Equipment [Line Items]
Mining and other equipment	$ 894,259	$ 894,259
Less: accumulated depreciation	(626,383)	(575,455)
Mining and other equipment, net	$ 267,876	$ 318,804
Minimum [Member]
Property, Plant and Equipment [Line Items]
Mining and other equipment	2 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Mining and other equipment	5 years

CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS (Details) - Minex Exploration LLP [Member] - USD ($)		3 Months Ended
	May. 26, 2015	Jan. 31, 2016	Oct. 31, 2015
CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS (Details) [Line Items]
Accounts Payable And Accrued Liabilities, Related Parties, Current		$ 11,300	$ 11,300
Related Party Transaction, Amounts of Transaction		$ 11,354
Loan Modification Agreement [Member]
CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS (Details) [Line Items]
Debt Conversion, Converted Instrument, Amount	$ 665,201
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	5,543,350

PROMISSORY NOTES (Details) - USD ($)												3 Months Ended
PROMISSORY NOTES (Details) - USD ($)	May. 27, 2015	May. 26, 2015	May. 01, 2015	Oct. 31, 2014	Jun. 09, 2014	Dec. 31, 2013	Oct. 31, 2013	Aug. 01, 2013	May. 29, 2013	May. 14, 2013	Sep. 17, 2012	Jan. 31, 2016	Apr. 30, 2012	Nov. 15, 2015	Oct. 31, 2015	May. 15, 2015	Jun. 30, 2014	Jun. 02, 2014	May. 23, 2014	Dec. 17, 2013	Jun. 27, 2013	Sep. 11, 2012	Mar. 21, 2012
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount														$ 909,346
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)		$ 0.05
Warrants Exercises during the Period (in Shares)		2,500,000
Proceeds from Warrant Exercises		$ 125,000
Debt Instrument, Unamortized Discount												$ 420,218			$ 469,237
Line of Credit Facility, Maximum Borrowing Capacity												150,000
Line of Credit, Current												109,346			$ 109,346
Interest Expense, Debt												$ 23
BOCO [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount														$ 909,346
Debt Instrument, Interest Rate, Stated Percentage												18.00%
Debt Instrument, Interest Rate, Effective Percentage												45.00%
Fabin Andres [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount																							$ 100,000
Bill Andres [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount																							$ 100,000
Loan Modification Agreement [Member]
PROMISSORY NOTES (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)		2,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)		$ 0.01
Loan Modification Agreement [Member] \| BOCO [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount		$ 1,000,000
Debt Instrument, Increase, Accrued Interest		2,221,159
Debt Conversion, Original Debt, Amount		$ 300,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)		$ 0.12
Debt Conversion, Converted Instrument, Shares Issued (in Shares)		21,009,658
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)		4,886,615
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)		$ 0.05
Warrants Exercises during the Period (in Shares)	6,886,615
Proceeds from Warrant Exercises	$ 264,331
Debt Instrument, Unamortized Discount	$ 562,063
Debt Conversion, Converted Instrument, Amount		$ 665,202
Long-term Line of Credit		$ 150,000
Loan Modification Agreement [Member] \| Minex Exploration [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Convertible, Conversion Price (in Dollars per share)		$ 0.12
Debt Conversion, Converted Instrument, Shares Issued (in Shares)		5,543,350
Loan Modification Agreement [Member] \| Silver Verde May Mining Company [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Conversion, Converted Instrument, Shares Issued (in Shares)		316,250
Debt Conversion, Converted Instrument, Amount		$ 37,950
BOCO May 15 2015 Line Of Credit [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Debt Instrument, Principal and Accrued Interest Due		$ 119,453
Line of Credit Facility, Maximum Borrowing Capacity		150,000
Line of Credit, Current		$ 109,346
Payable On October 1 2015 [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date		Oct. 01, 2015
BOCO May 14 2013 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date										Oct. 31, 2013
Debt Instrument, Face Amount										$ 500,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)										1,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)		$ 0.05								$ 0.75
Debt Instrument, Interest Rate, Stated Percentage		8.00%								15.00%
Debt Instrument, Principal and Accrued Interest Due												$ 552,424
Common Stock, Threshold Price, Percentage										80.00%
BOCO June 27 2013 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount																					$ 500,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)																					1,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)		$ 0.05																			$ 0.75
Debt Instrument, Interest Rate, Stated Percentage		8.00%																			15.00%
Debt Instrument, Principal and Accrued Interest Due												552,424
Common Stock, Threshold Price, Percentage																					80.00%
BOCO June 27 2013 Promissory Note [Member] \| Loan Modification Agreement [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date		Nov. 15, 2016
BOCO December 31 2013 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date		Nov. 15, 2016
Debt Instrument, Interest Rate, Stated Percentage		8.00%				8.00%
Debt Instrument, Interest Rate, Effective Percentage						45.00%
Debt Instrument, Principal and Accrued Interest Due												1,104,849
Bridge Loan						$ 1,000,000
Proceeds from Loans						$ 800,000
Business Acquisition, Percentage of Voting Interests Acquired						100.00%
BOCO May 23 2014 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date		Nov. 15, 2015
Debt Instrument, Face Amount																			$ 100,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%																	15.00%
Debt Instrument, Interest Rate, Effective Percentage						45.00%
Debt Instrument, Principal and Accrued Interest Due												110,630
BOCO June 2 2014 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date		Nov. 15, 2015
Debt Instrument, Face Amount																		$ 100,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%																15.00%
Debt Instrument, Interest Rate, Effective Percentage																		45.00%
BOCO June 9 2014 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date					Nov. 15, 2015
Debt Instrument, Face Amount					$ 100,000
Debt Instrument, Interest Rate, Stated Percentage					15.00%
Debt Instrument, Interest Rate, Effective Percentage					45.00%
BOCO June 30 2014 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date		Nov. 15, 2015
Debt Instrument, Face Amount																	$ 100,000
Debt Instrument, Interest Rate, Effective Percentage																	45.00%
BOCO May 1 2015 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount			$ 100,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)																$ 0.12
Dessi December 17 2013 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date			Dec. 16, 2016
Debt Instrument, Interest Rate, Stated Percentage																				8.00%
Debt Instrument, Principal and Accrued Interest Due												1,169,863
Bridge Loan																				$ 1,000,000
Business Acquisition, Percentage of Voting Interests Acquired																				100.00%
Andres Promissory Notes [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Convertible, Conversion Price (in Dollars per share)													$ 1.00										$ 1.00
Debt Instrument, Interest Rate, Stated Percentage																							5.00%
Debt Instrument, Principal and Accrued Interest Due												$ 238,657
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares)			50,000
Interest Expense, Debt													$ 100,000
Loan Modification Agreement [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date									Oct. 31, 2013
Loan Modification Agreement [Member] \| Payable On October 1 2015 [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount		$ 100,000
Loan Modification Agreement [Member] \| Payable On November 15 2015 [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount		700,000
Loan Modification Agreement [Member] \| Payable On November 15 2016 [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount		1,500,000
Loan Modification Agreement [Member] \| Payable On November 15 2017 [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount		$ 1,852,115
September 2012 Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date								Oct. 31, 2013			Jul. 31, 2013
Debt Instrument, Face Amount											$ 1,852,115
Debt Instrument, Convertible, Conversion Price (in Dollars per share)											$ 3.00	$ 0.12
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)											1,852,115											1,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)		$ 0.05									$ 1.50											$ 0.25
Debt Instrument, Interest Rate, Stated Percentage		8.00%									18.00%
Debt Instrument, Principal and Accrued Interest Due												$ 1,981,915
September 2012 Note [Member] \| Loan Modification Agreement [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date		Nov. 15, 2017
Second Amendment [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date							Oct. 31, 2014
Third Amendment [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Maturity Date				Oct. 31, 2015

PROMISSORY NOTES (Details) - Promissory Notes Outstanding - USD ($)	Jan. 31, 2016	Oct. 31, 2015
Short-term Debt [Line Items]
Promissory Note	$ 5,461,461	$ 5,461,461
Debt Discount	(420,218)	(469,237)
Total	5,041,243	4,992,224
BOCO September 17 2012 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	1,852,115	1,852,115
BOCO May 14 2013 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	500,000	500,000
BOCO June 27 2013 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	500,000	500,000
BOCO February 14 2014 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	1,000,000	1,000,000
BOCO May 23 2014 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	100,000	100,000
BOCO June 9 2014 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	100,000	100,000
BOCO May 1 2015 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	100,000	100,000
BOCO May 15 2015 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	109,346	109,346
Dessi December 17 2013 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note	1,000,000	1,000,000
Andres Promissory Notes [Member]
Short-term Debt [Line Items]
Promissory Note	$ 200,000	$ 200,000

PROMISSORY NOTES (Details) - Future Note Maturities - USD ($)	Jan. 31, 2016	Oct. 31, 2015
Future Note Maturities [Abstract]
2016	$ 1,109,346
2017	2,500,000
2018	1,852,115
Total	$ 5,461,461	$ 5,461,461

EQUITY TRANSACTIONS (Details) - USD ($)				3 Months Ended
EQUITY TRANSACTIONS (Details) - USD ($)	Jul. 06, 2015	Sep. 08, 2014	Aug. 01, 2013	Jan. 31, 2016	Jan. 31, 2015
EQUITY TRANSACTIONS (Details) [Line Items]
Shares Issued, Price Per Share (in Dollars per share)			$ 50.00
Stock or Unit Option Plan Expense (in Dollars)				$ 31,098	$ 30,671
Series A Preferred Stock [Member] \| Convertible Preferred Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues			12,100
Preferred Stock, Dividend Rate, Percentage			10.00%
Series A Preferred Stock [Member] \| Common Stock [Member] \| Convertible Preferred Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues				387,821
Shares Issued, Price Per Share (in Dollars per share)				$ 0.078
Conversion of Stock, Shares Issued			50
Dividends, Preferred Stock, Cash (in Dollars)				$ 30,250
Employee Stock Option [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	6 years 3 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	500,000	250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	250,000	250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars)		$ 490,714
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years 3 months	7 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	148.30%	175.80%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.00%	2.16%
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost (in Dollars)	$ 6,849
Stock or Unit Option Plan Expense (in Dollars)				$ 31,098
Employee Stock Option [Member] \| Common Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Shares Issued, Price Per Share (in Dollars per share)	$ 0.12	$ 0.50
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	1,000,000	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	6 years 3 months	7 years

EQUITY TRANSACTIONS (Details) - Summary of warrants	3 Months Ended
EQUITY TRANSACTIONS (Details) - Summary of warrants	Jan. 31, 2016 $ / shares shares
Summary of warrants [Abstract]
Outstanding at beginning of period	2,838,084
Outstanding at beginning of period (in Dollars per share) \| $ / shares	$ 1.235
Issued
Issued (in Dollars per share) \| $ / shares
Exercised
Exercised (in Dollars per share) \| $ / shares
Forfeited
Forfeited (in Dollars per share) \| $ / shares
Expired	(1,546,334)
Expired (in Dollars per share) \| $ / shares	$ 1.491
Outstanding at end of period	1,291,750
Outstanding at end of period (in Dollars per share) \| $ / shares	$ 0.927
Exercisable at end of period	1,291,750

EQUITY TRANSACTIONS (Details) - Warrants Activities - Warrant [Member]	3 Months Ended
	Jan. 31, 2016 $ / shares shares
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants	1,291,750
Warrants, Weighted Average Remaining Life	2 years 25 days
Warrants, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 0.927
Number of Warrants, Exercisable	1,291,750
Exercise Price $0.25 [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants	230,000
Warrants, Weighted Average Remaining Life	3 years 62 days
Warrants, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 0.25
Number of Warrants, Exercisable	230,000
Exercise Price $0.50 [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants	200,000
Warrants, Weighted Average Remaining Life	3 years 40 days
Warrants, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 0.50
Number of Warrants, Exercisable	200,000
Exercise Price $0.75 [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants	78,000
Warrants, Weighted Average Remaining Life	5 years 83 days
Warrants, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 0.75
Number of Warrants, Exercisable	78,000
Exercise Price $0.88 [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants	10,000
Warrants, Weighted Average Remaining Life	1 year 29 days
Warrants, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 0.88
Number of Warrants, Exercisable	10,000
Exercise Price $1.00 [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants	375,000
Warrants, Weighted Average Remaining Life	1 year 7 days
Warrants, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 1.00
Number of Warrants, Exercisable	375,000
Exercise Price $1.50 [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants	398,750
Warrants, Weighted Average Remaining Life	1 year 105 days
Warrants, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 1.50
Number of Warrants, Exercisable	398,750

EQUITY TRANSACTIONS (Details) - Summary of options	3 Months Ended
EQUITY TRANSACTIONS (Details) - Summary of options	Jan. 31, 2016 $ / shares shares
Summary of options [Abstract]
Outstanding at beginning of period \| shares	1,000,000
Outstanding at beginning of period \| $ / shares	$ 0.12
Issued \| shares	1,000,000
Issued \| $ / shares	$ 0.12
Exercised \| shares
Exercised \| $ / shares
Forfeited \| shares	1,000,000
Forfeited \| $ / shares	$ 0.50
Expired \| shares
Expired \| $ / shares
Outstanding at end of period \| shares	1,000,000
Outstanding at end of period \| $ / shares	$ 0.12
Exercisable at end of period \| shares	750,000
Exercisable at end of period \| $ / shares	$ 0.12

EQUITY TRANSACTIONS (Details) - Option Activities - Employee Stock Option [Member]	3 Months Ended
	Jan. 31, 2016 $ / shares shares
EQUITY TRANSACTIONS (Details) - Option Activities [Line Items]
Number of Options	1,000,000
Options, Weighted Average Remaining Life	5 years 219 days
Options, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 0.12
Number of Options, Exercisable	750,000
Exercise Price $0.12 [Member]
EQUITY TRANSACTIONS (Details) - Option Activities [Line Items]
Number of Options	1,000,000
Options, Weighted Average Remaining Life	5 years 219 days
Options, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 0.12
Number of Options, Exercisable	750,000

COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) - USD ($)				3 Months Ended
	Jul. 06, 2015	Sep. 15, 2014	Sep. 08, 2014	Jan. 31, 2016
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)				$ 0.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				1,000,000
Employee Stock Option [Member]
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)	$ 0.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	500,000		250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	250,000		250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	6 years 3 months
Employment Agreement With James W Creamer [Member]
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) [Line Items]
Officers' Compensation (in Dollars)		$ 96,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		1,000,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)		$ 0.50
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		7 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares		250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		250,000

COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) - Future minimum lease payments	Oct. 31, 2015 USD ($)
Future minimum lease payments [Abstract]
2016	$ 45,372
2017	46,382
2018	12,000
2019	12,000
Total	$ 115,754

Westmountain Gold (PK) (USOTC:WMTN)
Historical Stock Chart
From Mar 2025 to Apr 2025

Click Here for more Westmountain Gold (PK) Charts.

Westmountain Gold (PK) (USOTC:WMTN)
Historical Stock Chart
From Apr 2024 to Apr 2025

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

WMTN Westmountain Gold Inc (PK)

Westmountain Gold, Inc. News

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

WMTN Westmountain Gold Inc (PK)

Westmountain Gold, Inc. News

Your Recent History

Company

Business

Popular

Get The App

Sign up for an ADVFN account below

Go Ad-Free