8. Related Party Transactions

9 Months Ended

Sep. 30, 2012

Related Party Transactions [Abstract]

8. Related Party Transactions

From February through September 2012, Suprafin provided the Company a total of $2,563,453 in non-interest bearing unsecured demand loans. Zirk Engelbrecht, currently the Chairman of the Board, and formerly the Chief Executive Officer, of the Company is the owner of Suprafin. As of September 30, 2012, the outstanding balance of these loans was $836,489. See Note 6 - Debt.

In September 2012, the Company borrowed a total of $350,000 from two directors for working capital purposes at Sulfatos. See Note 6 - Debt.

During the nine months ended September 30, 2012, the Company has issued and sold and aggregate of 6,818,181 shares of common stock and 175,000 shares of Series A Preferred Stock to directors and executive officers. See Note 7 – Stockholders’ Equity.

During the nine months ended September 30, 2012, the Company earned revenues of $54,900 of which $31,057 was earned from a one-time mining project completed for Casablanca Mining, the parent company of Santa Teresa Minerals.