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Related Party Transactions
3 Months Ended
Apr. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 4 – Related party transactions

 

We entered into the following transactions with related parties during the three months ended April 30, 2017:

 

We rented an office from Jim Briscoe, our Chairman of the Board, CEO and CFO, on a month-to-month basis for $522 per month. The total rent expense related to this office was $1,566 for the three months ended April 30, 2017. No amount was due as of April 30, 2017,

 

At April 30, 2017, we had a balance of accrued unpaid wages of $623,570 to Jim Briscoe, our Chairman of the Board, CEO, CFO and President. Additionally, we had a balance of accrued unpaid wages of $15,625 to a former President.

 

We have an option to explore 26 standard federal lode mining claims at the East Silverbell project and 29 standard federal lode mining claims at the Walnut Creek project from JABA US Inc., (“JABA”) an Arizona corporation in which two of our directors are owners. We are required to pay annual rentals to maintain the claims in good standing. We paid $0 in rental fees to maintain the mineral claims during the three months ended April 30, 2017. The original option agreement was for the period from April 11, 2008 through January 1, 2011 and was extended through June 1, 2013, June 1, 2015 and then to June 1, 2021. This may be further extended in five year periods or increments in the future by any JABA director.

 

At April 30, 2017, we had accounts payable to JABA of $34,798 and to Jim Briscoe of $1,213, which is reflected as accounts payable to related party on the accompanying consolidated balance sheet.