XML 31 R11.htm IDEA: XBRL DOCUMENT

Due on Mineral Rights Acquisitions

6 Months Ended

Jun. 30, 2012

Due on Mineral Rights Acquisitions [Abstract]

6.

Due On Mineral Rights Acquisitions


	June 30, 2012 (Unaudited)		December 31, 2011 (Audited)
Due to 2214098 Ontario Ltd re Carson Lake Property	$	71,145		78,664
Due to Firelake Resources Inc. re Eric & Huffman Property		43,177		43,265
Due to Shining Tree re Churchill & Asquith Property		39,252		—

		153,573		121,929
Less: current portion		99,602		(43,265	)

Long-Term Debt	$	53,971		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		34,346
2014		9,812
2015		34,346

Total	$	153,573

As of June 30, 2012, the Company is in arrears on its payments by $55,443. 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.

+ References+ Details