7. CONTRACTUAL OBLIGATIONS, COMMITMENTS AND SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

NOTE 7 - CONTRACTUAL OBLIGATIONS, COMMITMENTS AND SUBSEQUENT EVENTS

See Note 3 for details about the Company’s obligations and commitments regarding its Mineral Property Interest.

On February 21, 2012, the Company entered into a consulting agreement whereby the former sole director and officer of the Company was to provide services as the Company’s CEO, COO, CFO and Corporate Secretary.

· The agreement was amended effective July 1, 2012 such that the compensation became monthly installments of $9,000 CAD plus applicable taxes, with a new 48 month term.

The consulting agreement, which would otherwise have extended to June 2016, was terminated with immediate effect in accordance with a settlement agreement dated December 5, 2014.

· Under the terms of that settlement agreement, the Company paid an aggregate of $34,000 CAD.

· Of that amount, $Nil was outstanding and included in accounts payable at June 30, 2015 (December 31, 2014: $17,500 CAD ($15,300 USD)).

Management has evaluated subsequent events and the impact on the reported results and disclosures and has concluded that no other significant events require disclosure as of the date these financial statements were issued.