SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2011

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 15 – SUBSEQUENT EVENTS

During the month of March 2012 milling leases will automatically renew for $5,150 per month.  This automatic renewal will be for a twelve-month term, and thereafter will renew for successive three-month terms until the equipment is delivered to lessor or equipment is purchased at fair market value.  (See Note 5)

As of January 1, 2012, the Company's management agreement with Material Advisors, LLC was amended (the “2012 Agreement”).  The amendments included: (i) the Company is to be responsible for any employee benefits provided to the members of Material Advisors, LLC; and (ii) the Company is to be solely responsible for all travel, entertainment, office and marketing expenses and all other ordinary and necessary business expenses incurred by Material Advisors, LLC and its members in connection with the services provided under the 2012 Agreement.

On January 17, 2012 the Company's Board of Directors unanimously agreed to pay a performance bonus of $750,000 to Material Advisors LLC, a management services company.