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EX-31 - CERTIFICATION - Gunpowder Gold Corpgunpowder_10k-ex3100.htm
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v2.4.0.6
3. Mineral Property
12 Months Ended
Aug. 31, 2012
Extractive Industries [Abstract]  
3. Mineral Property

 

The Company entered into a mineral property purchase option agreement dated January 21, 2011 and amended on March 9th, 2011. This agreement was replaced by a new agreement dated January 17, 2012, pursuant to this new agreement the Company has a sole and exclusive right and option to acquire a 100% undivided right, title and interest in 34 mineral claims, located in the La Paz County, Arizona, known as the Dome Rock Property. The effect of the transaction was to preserve the Company’s rights under the old agreement and cash payments required under the old option agreement are still required under the new option agreement, but their due dates were all extended by approximately one year. In addition certain mineral claims were adjusted to reflect additional features not present in the original staking. The Company cannot apply prior payments to the new option agreement. The Option shall be in good standing and exercisable by the Optionee by:

 

 i.          Paying the following amounts on or before the dates specified in the following schedule to the Optionor:

 

1.Paying $40,000 on or before January 17, 2013, the first anniversary of the Agreement ($20,000 paid to date);
2.Paying $40,000 on or before January 17, 2014, the second anniversary of the Agreement;
3.Paying $40,000 on or before January 17, 2015, the third anniversary of the Agreement;
4.Paying $50,000 on or before January 17, 2016, the fourth anniversary of the Agreement;
5.Paying $60,000 on or before January 17, 2017, the fifth anniversary of the Agreement;
6.Paying $60,000 on or before January 17, 2018, the sixth anniversary of the Agreement;
7.Paying $60,000 on or before January 17, 2019, the seventh anniversary of the Agreement;

 

 ii.          Paying all amounts to keep the property in good standing which includes all annual maintenance fees, exploration and other permits, property taxes, levies, insurance, and other assessments.

 

The Optionee shall incur the following annual work requirements as defined below and agreed to by the parties for the benefit of the Dome Rock Property:

 

1.Exploration expenditures on the property of $750,000 on or before the first anniversary of the execution of the Agreement; ($146,798 incurred to date)
2.Exploration expenditures on the property of $750,000 on or before the second anniversary of the execution of the Agreement;
3.Exploration expenditures on the property of $500,000 on or before the third anniversary of the execution of the Agreement;

 

In the event that the Optionee spends, in any period, more than the specified sum, the excess shall be carried forward and applied to the exploration expenditures to be incurred in the succeeding period for no more than three consecutive years. In the event the exploration expenditures are not completed during the required time frame, any deficits will be paid in cash to the Optioner immediately after the end of the anniversary in which it occurs.

 

The Company has incurred $146,798 in exploration expenditures and $20,000 in option payments since entering into the collective option agreements in January, 2011.