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Subsequent Events
6 Months Ended
Jan. 31, 2013
Subsequent Events:  
Subsequent Events

7.  SUBSEQUENT EVENT

On February 2, 2013, the Company entered into an amended and restated option agreement with AHL Holdings Ltd. (“AHL Holdings”) and Golden Sands Exploration Inc. (“Golden Sands”).  The new agreement amends and restated the original option agreement with AHL Holdings and Golden Sands dated September 14, 2012 (as amended and restated on November 15, 2012), pursuant to which the Company acquired an option to purchase a 70% interest in and to certain mining claims situated in the Empress and Winnemucca Mountain Properties in Nevada (the “Claims”) from AHL Holdings and Golden Sands.

The amended and restated agreement serves to defer, by 90 days, option payments of $30,000 and $200,000 that were previously due by December 31, 2012 and September 14, 2013, respectively.  In addition, the Company’s obligation to incur $150,000 in exploration expense by February 15, 2013 will be deferred until July 1, 2013, and the initial $20,000 royalty advance payable to the optionors shall be deferred from December 31, 2012 until April 1, 2013.  In consideration of the extended payment and expense deadlines, the Company must pay a $10,000 penalty to the optionors by April 1, 2013.

There have been no other material changes to the option agreement dated September 14, 2012 (as amended and restated on November 15, 2012) other than the aforementioned amendments.