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RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)
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0 Months Ended | ||
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Jun. 01, 2011
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Feb. 29, 2012
Convertible Notes Payable
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Apr. 26, 2011
76 Property in Yavapai County, AZ
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| MJI Resource Management Group Services and Employee Leasing Arrangement Description |
On June 1, 2011, the Company entered into a Services and Employee Leasing Agreement (the “Agreement”) with MJI Resource Management Corp. (“MJI”) pursuant to which the Company agreed to pay MJI $15,000 a month and MJI agreed to make available to the Company six of its employees, including Mr. Bleak, for the purpose of performing management, operations, legal, accounting and resource location services. On August 1, 2011, the Company amended this Agreement whereby the Company agreed to pay MJI $25,000 per month. On October 1, 2011, the Company entered into a third amendment of Agreement. Such amendment specifies the services and associated expenses in consideration for $25,000 a month as defined in the amended Agreement. Associated expenses include general administrative costs, rent, utilities and office supplies. The term of this Agreement shall commence for a period of 5 years. This Agreement may be terminated at any time by either party by giving a written notice to the other party and shall terminate 180 days following the delivery of such notice. Mr. Eckersley, one of the Company’s directors, was the former President of MJI.
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| Unpatented Lode Mining Claims Acquired | 36 | ||
| Acres of Property | 720 | ||
| Cash paid for quitclaim deed | $ 10 | ||
| Debt Instrument face amount | 105,882 | ||
| Sale price of debt instrument | $ 90,000 |