Note 9 — Mineral Properties

The following table summarizes the book value of the Company’s mineral properties and changes during the period:


	June 30, 2011		December 31, 2010
Balance, beginning of year	$	—	$	—
Additions		11,057,500		—

Balance, end of period	$	11,057,500	$	—

The recoverability of the carrying values of the Company’s mineral properties is dependent upon the successful start-up and commercial production from, or sale, or lease of, these properties and upon economic reserves being discovered or developed on the properties. The Company believes that the fair value of its mineral properties exceeds the carrying value; however, events and circumstances beyond the control of management may mean that a write-down in the carrying values of the Company’s properties may be required in the future as a result of the economic evaluation of potash and application of a ceiling test which is based on estimates of quantities of potash, exploration land values, future advanced minimum royalty payments and potash prices.