6. Due On Mineral Rights Acquisitions

6 Months Ended

Jun. 30, 2013

Notes

6. Due On Mineral Rights Acquisitions

6.       Due On Mineral Rights Acquisitions

The Company is required to make certain payments in respect of its 2011 acquisition of the Garrett Property and its 2012 acquisitions of the Elijah Property and the Kenty Property and its 2013 acquisitions of the Mortimer Property, the Coppell Property, and the Cree Property. These payments are due to Firelake Resources Inc., Shining Tree Resources Corp., Brian McClay, Red Pine Exploration Inc., Shelly Moretti, Jacques Robert and Michael Tremblay (collectively), respectively, and Midnight Capital Corp.; the companies and individuals from which the properties were acquired. The amounts due are unsecured, non-interest bearing, and are due as follows:

2013 (six months)	$              766,000
2014	650,000
2015	300,000
Total	$              1,716,000

As of June 30, 2013, the Company is in arrears on its payments by $184,000. This amount has been included above in the installments due for 2013.