XML 17 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
MINERAL PROPERTIES
3 Months Ended
Sep. 30, 2015
MINERAL PROPERTIES  
MINERAL PROPERTIES

NOTE 4 – MINERAL PROPERTIES

 

During fiscal 2015, the Company was unable to pursue a proposed exploration program on certain mineral claims originally acquired in January 2013. An expenditure of $120,000 on the claims was required by mid-January 2015 to keep them in good standing.  During fiscal 2015 and 2014, the Company did not expend any funds on these claims. The claims expired prior to January 31, 2015.

 

On October 24, 2014, the Company entered into a consulting agreement with Geomap Exploration to stake further graphite exploration claims in the region.   The 84 staked mineral claims known as The Lac Rouge Graphite Property is one contiguous block totaling 4,982 hectares (12,311 acres) of land near the town of Mont-Laurier in southern Québec. The mineral claims are 100% owned by the Company with no royalty or net smelter return requirements and will remain in good standing until the close of 2016.    The Company is presently working with Geomap on the scope of an exploration work program for the current year ended June 30, 2016. The claims are held by our 100% owned Quebec subsidiary.

 

Costs to stake the claims totaled USD$24,502 (CDN$27,300) including applicable taxes.  The Company paid a further $1,146 to transfer all staked claims to its wholly owned Quebec subsidiary. The total amount of $25,648 was recorded as exploration expenses during the fiscal year ended June 30, 2015.   During the three months ended September 30, 2015 the Company has not made any further expenditures on the claims.