Commitments and Contingencies

6 Months Ended

Aug. 31, 2015

Commitments and Contingencies [Text Block]

Note 7 – Commitments and Contingencies

Option to Purchase and Royalty Agreement
On February 22, 2010, Tiger Jiujiang Mining, Inc. entered into an option agreement, subsequently amended on May 2, 2011, May 22, 2013, and August 31, 2014, (“Option to Purchase and Royalty Agreement”) with Kiukiang Gold Mining Company (“Kiukiang”). Under the terms of the agreement and the various amendments, Kiukiang granted Tiger the right to acquire 50% of the right, title and interest of Kiukiang in the property, subject to its receiving annual payments and a royalty, in accordance with the terms of the agreement, as follows:

(a)	Tiger contributing exploration expenditures on the property of a minimum of $15,000 on or before August 31, 2012 ($20,000 paid to Kiukiang on August 31, 2012 and expensed as part of the Phase I exploration program);
(b)	Tiger contributing exploration expenditures of a further $45,000 for aggregate minimum contributed exploration expenses of $60,000 on or before November 30, 2015;
(c)	Tiger shall allot and issue 1,000,000 shares in the capital of Tiger to Kiukiang upon completion of a phase I exploration program as recommended by a competent geologist with the proviso that the report recommends further work be carried out on the Tiger property;
(d)	Tiger will pay Kiukiang an annual royalty equal to three percent ( 3%) of Net Smelter Returns;
(e)	Upon exercise of the option, Tiger will pay Kiukiang $25,000 per annum commencing on August 31, 2018, as prepayment of the NSR; and
(f)	Tiger has the right to acquire an additional 25% of the right, title and interest in and to the property by the payment of $10,000 and by incurring an additional $50,000 in exploration expenditures on or before August 31, 2017.

Further, the Agreement and the Option will terminate:

(a)	On November 30, 2015, at 11:59 P.M., unless on or before that date, Tiger has incurred exploration expenditures of a cumulative minimum of $60,000 on the Property;
(b)	at 11:59 P.M. on August 31 of each and every year, commencing on August 31, 2018, unless Tiger has paid to Kiukiang the sum of $25,000 on or before that date.