LOAN RECEIVABLE

3 Months Ended

Oct. 31, 2011

LOAN RECEIVABLE [Text Block]

NOTE 8:               LOAN RECEIVABLE

On April 11, 2011, the Company provided a senior secured loan in the amount of $300,000 to Concentric of which $200,000 was utilized to repay a secured loan owed to Global, with the remainder for general corporate purposes towards the completion of the Company’s acquisition of Concentric. Upon completion of the acquisition of the Anderson Project on September 9, 2011, the loan receivable became part of the acquisition price and the entire amount was reclassified to Mineral Rights and Properties.