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- DUE TO RELATED PARTY
12 Months Ended
Jun. 30, 2011
- DUE TO RELATED PARTY

NOTE 5 -     DUE TO RELATED PARTY

 

As of June 30, 2011 and 2010, the Company was obligated to a director, who is also an officer and stockholder, for a non-interest bearing demand loan with a balance of $26,000 and $0, respectively. The Company plans to pay the loan back as cash flows become available, and interest has not been imputed due to the nominal impact on the financial statements.

 

A director of the Company, through his association with Gold Explorations, LLC, will receive compensation for the work and exploration programs performed on the property.  Gold Explorations, LLC received $10,000 per our Mineral Claim Purchase Agreement, as described in Note 6.