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Note 6- Due On Mineral Rights Acquisitions

9 Months Ended

Sep. 30, 2012

Note 6- Due On Mineral Rights Acquisitions

Note 6- Due On Mineral Rights Acquisitions

	September 30, 2012 (Unaudited)	December 31, 2011 (Audited)

Due to 2214098 Ontario Ltd re Carson Lake Property	72,500	78,664
Due to Firelake Resources Inc. re Eric & Huffman Property	44,000	43,265
Due to Shining Tree re Churchill & Asquith Property	40,000	-
	156,500	121,929
Less: current portion	111,500	(43,265)
Long-Term Debt	45,000	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 (three months)	$ 76,500
2013	35,000
2014	10,000
2015	35,000
Total	$ 156,500

As of September 30, 2012, the Company is in arrears on its payments by $76,500. 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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