4. Long Term Debt Obligations

3 Months Ended

Aug. 31, 2013

Notes

4. Long Term Debt Obligations

4.  LONG TERM DEBT OBLIGATIONS

As part of the consideration for the acquisition of certain mining claims, the Company issued debt obligations, as follows:

Claim	Current Portion	Long - Term	Term of Note
Note for acquisition of Turner Ranch mining claim	-	$252,000	Principal due at the end of three years (on April 30, 2015), with interest at 5% per annum
Note for acquisition of Golden Eagle #2 mining claim	-	67,769	Principal due three years from time of closing of escrow (July 2, 2012);  obligation is non interest bearing, but interest has been imputed at 16%; payments of $874 are due each month with balance due at maturity
Equipment financing lease	11,133	35,646	Lease bears interest at 6,55% and is due in monthly installments of $1,175, with the balance due June 1, 2018
	$11,133	$355,415