Note 7. Notes Payable

12 Months Ended

May 31, 2016

Notes

Note 7. Notes Payable

Note 7. NOTES PAYABLE

As part of the consideration for the acquisition of certain mining claims, the Company issued promissory notes, in addition, shareholders have made advances to the Company.  These are detailed below:

Claim	Current Portion	Long - Term	Term of Note
Equipment financing lease	$   13,465	$       2,331	Monthly payments of $1,175 are due through June 1, 2017; interest is at the rate of 6.55%
Convertible notes due to officer and directors	75,994	-	Notes are due on demand with interest at 16%
Total notes payable	$   89,459	$       2,331

The following is a table of payment requirements associated with this debt:

Fiscal Year Ended
May 31, 2017	$  89,459
May 31, 2018	2,331
	$129,790