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2. Commitments
12 Months Ended
Dec. 31, 2014
Notes  
2. Commitments

2.  Commitments

 

On March 21, 2011, the Company signed an exploration agreement with Newmont Mining Corporation on the Company’s Trout Creek Project (the Project) that significantly expands the Trout Creek target area. Newmont’s private mineral package added to the Project surrounds the Company’s South Mountain claim group and consists of about 9,565 acres within a thirty-square mile Area of Influence defined in the agreement.  Under the terms of the agreement, the Company is responsible for conducting the exploration program and is obligated to expend a minimum of $150,000 over the ensuing two years, with additional expenditures possible in future years.  Newmont agreed to extend the date for completion of the work commitment to June 22, 2013. The Company met this requirement, and had total expenditures of $160,314 on this project through December 31, 2014.

 

Additionally, the Company is required to spend $300,000, including $150,000 in drilling expenditures, on the project in third year, or by March 22, 2014. This date has been extended by Newmont to the end of 2015.