RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2012

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 3 - RELATED PARTY TRANSACTIONS

As of June 30, 2012, the amount due to Silver Falcon Mining, Inc. was $1,505,226, the amount due to Diamond Creek Mill, Inc., a wholly-owned subsidiary of Silver Falcon Mining, Inc., was $2,850, the amount due to Pierre Quilliam was $750, and the amount due from Palmirs, Inc., a wholly-owned subsidiary of Silver Falcon Mining, Inc., was $800. The amounts are non-interest bearing, unsecured demand loans.

In January 2012, Silver Falcon Mining, Inc. issued 43,852,978 shares of its Class A Common Stock valued at $1,534,854 to various officers of Goldland (who are also Silver Falcon Mining, Inc. officers) to pay compensation owed to them by Goldland for the year 2012. The value of the shares issued by Silver Falcon Mining, Inc. was recorded as an amount due to Silver Falcon Mining, Inc.

Silver Falcon Mining, Inc. is obligated to pay Goldland $83,333 per month as rent under a mining lease. Instead of paying the rent in cash, Silver Falcon Mining, Inc. has, since January 1, 2012, satisfied its rental obligation by reductions in the amount it is owed from Goldland.