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Due on Mineral Rights Acquisition

6 Months Ended

Jun. 30, 2012

Due on Mineral Rights Acquisition [Abstract]

6.

Due On Mineral Rights Acquisition


	June 30, 2012		December 31, 2011
Due to 2214098 Ontario Ltd re Carson Lake Property	$	71,164		78,664
Due to Firelake Resources Inc. re Eric & Huffman Property		43,265		43,265
Due to Shining Tree re Churchill & Asquith Property		40,000		—

		154,429		121,929
Less: current portion		75,069		(43,265	)

Long-Term Debt	$	79,320		78,664

The Company is required to make certain payments in respect of its 2010 acquisition of the Carson Property, its 2011 acquisition of the Garrett Property and its 2012 acquisition of the Elijah Property (note 4). These payments are due to 2214098 Ontario Ltd., Firelake Resources Inc., and Shining Tree, the corporations from which the properties were acquired.

The amounts due are unsecured, non-interest bearing, and are due as follows:


2012 (six months)	$	75,069
2013		35,087
2014		10,025
2015		35,088

Total	$	155,269

As of June 30, 2012, the Company is in arrears on its payments by $50,069. This amount has been included above in the installments due for 2012.

- Definition

Disclosure of accounting policy for capitalizing costs incurred to write or acquire insurance contracts, the basis for and methodology for capitalizing such costs, the accounting for such deferred acquisition costs (DAC) when modifications or internal replacements of related insurance contracts occur and the effect on results of operations, and the methodology and amount of amortization. This disclosure addresses the nature, type, and amount of capitalized costs incurred to write or acquire insurance contracts.

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