BATOVI DIAMOND PROJECT (Detail Textuals) (Batovi Diamond Project, USD $)

0 Months Ended

Feb. 10, 2014

Batovi Diamond Project

Agreement [Line Items]

Ownership interest percentage in joint ventures

75.00%

Condition 1

A 49% interest if (1) the Company funds an initial $2,400,000 of exploration expenses on the project, with an additional $600,000 funding prior to the right described in (ii) below, within three years from the Deadline Date; (2) the definitive earn-in agreement is executed prior to the Deadline Date; and (3) the Company pays $150,000 to a joint trust account between Mineracao Batovi and the Company

Condition 2

A 60% interest if the Company funds an additional $37,000,000 of continued exploration or completes a bankable feasibility study

Condition 3

An additional 15% upon the funding of continued exploration, feasibility studies and mine construction to achieve commercial production.

Percentage interest in joint venture after fulfilling condition 1

49.00%

Exploration expenses funding

$ 2,400,000

Additional funding

600,000

Number of years from deadline

3 years

Payment to joint trust account

150,000

Percentage interest in joint venture after fulfilling condition 2

60.00%

Additional exploration expenses funded

$ 37,000,000

Additional percentage interest in joint venture after fulfilling condition 3

15.00%