Accounts Payable and Accrued Liabilities

3 Months Ended

Jun. 30, 2012

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

Note 4—Accounts Payable and Accrued Liabilities

Development costs associated with the Holbrook Project in the amount of $1,722,830 are included in accounts payable at June 30, 2012.

Accrued liabilities at June 30, 2012 and March 31, 2012 included:

	June 30, 2012		March 31, 2012
	(unaudited)
Drilling/Permitting	$	1,559,250	$	471,462
Legal	—		279,569
Accrued Bonus	338,250		—
Accrued Cost of Public Offering	350,000		—
Buffalo Management (refer to Note 5 - Related Party Transactions)	50,000		—
Accrued Vacation & Interest	53,723		65,885
Other	188,377		26,635
Total Accrued Liabilities	$	2,539,600	$	843,551

Accrued drilling and permitting costs are included in mineral properties as they relate to development costs associated with the Holbrook Project.  Bonuses are paid near the end of the calendar year based on achievement of various goals and milestones.  Accrued bonus amounts are estimated based on expected payments of bonuses, of which some of the amounts are obligated per employee contract.  Costs associated with the public offering completed on July 5, 2012 include those related to underwriting and legal, incurred through June 30, 2012.  These costs, along with additional underwriting fees, were netted against proceeds received from the public offering completed on July 5, 2012, as further described in Note 12 — Subsequent Events, Completion of Offering.