INVESTMENT IN JOINT VENTURE	3 Months Ended
	Oct. 31, 2011
INVESTMENT IN JOINT VENTURE
INVESTMENT IN JOINT VENTURE	4. INVESTMENT IN JOINT VENTURE   On January 16, 2011, the Company entered into a Property and Royalty Agreement with Peter Osha whereby the Company would have acquired Peter Osha's Lucky Thirteen Placer Mining Property near Hope, British Columbia, Canada in exchange for $1.5 million Canadian plus a 3% net smelter royalty. Payments on the property are due as follows:                  By or before January 15, 2011        * $   10,000                By or before April 15, 2011          *     40,000                By or before July 15, 2011           **    50,000                By or before January 15, 2012             100,000                By or before July 15, 2012                100,000                By or before January 15, 2013             150,000                By or before July 15, 2013                150,000                By or before January 15, 2014             200,000                By or before July 15, 2014                200,000                By or before January 15, 2015             250,000                By or before July 15, 2015                250,000                                                       ----------                Total                                  $1,500,000                                                       ========== ---------- *  Paid by the Company ** Paid by Lucky 13 Mining Company Ltd.   This agreement replaces the previously disclosed agreement dated September 16, 2010 between the company and Touchstone Precious Metals Inc.   On May 12, 2011, the Company entered into a joint venture agreement with Big Rock Resources Inc. whereby, the Company transferred its interest (and related payments due) in the Lucky Thirteen Mining Property to Lucky 13 Mining Company Ltd. This transfer provided the Company with a 50% ownership interest in Lucky 13 Mining Company Ltd. Per the joint venture agreement, Big Rock Resources Inc. has agreed to fund Lucky 13 Mining Company Ltd. to provide financing for exploration and for its mineral lease payments. Payments due from Big Rock Resources Inc. to Lucky 13 Mining Company Ltd. are as follows:        1.   Payment of $400,000 for the initial work program and property payments           on the Project, payable as follows:           a.   $50,000 by May 14, 2011, which has been received;           b.   $350,000 by May 31, 2011 which has been received;        2.   Payment of $8,500,000 for the cost of putting the Project into           production. Lucky 13 Mining Company Ltd. is 50% owned by both Big Rock           Resources Ltd. and the Company.   As indicated above, the Company transferred its interests in the Mining Claims to the Joint Venture with a cost basis of $51,734. The Company accounts for this Joint Venture using the equity method. For the time period May 12, 2011 to October 31, 2011, the joint venture reported a net loss of approximately $186,000. Accordingly, the Company recorded its share of those losses, but only up to the cost of its investment.