XML 33 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
6. Escrow Advances
9 Months Ended
Feb. 28, 2013
Notes  
6. Escrow Advances

6. ESCROW ADVANCES

 

On June 3, 2012, the Company closed escrow on the purchase of a 702.3 acre mining claim, transferring the $601,000 consideration from the escrow account to mining claims. The remaining balance of $118,000, which includes 250,000 shares of common stock and 250,000 warrants to purchase Company common stock at $.25 per share, relates to a proposed purchase from DAAL, LLC. The transaction hasn’t closed due to problems with delivery of proper title to the claim and, as of the date of this report, no timetable has been established for the return of funds.