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Note 16. Fixed Assets

12 Months Ended

May 31, 2014

Note 16. Fixed Assets

Note 16. FIXED ASSETS

Fixed assets are located in both the U.S. and in Mexico. Assets are recorded at cost. Depreciation is provided by the straight line method, employing useful lives of seven years for mining equipment and five years for vehicles.

Balances at May 31, 2014 and 2013 are presented below:

	2014		2013		Net Change
Vehicles	$150,039		$127,468		$ 22,571
Mining equipment	502,400		498,977		3,423
Office furniture and equipment	30,022		30,022		-
Total assets	682,461		656,467		25,994
Accumulated depreciation	208,101		98,687		109,414
	$474,360		$557,780		$(83,420)

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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