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v2.4.0.6
Mineral Industries
3 Months Ended
Oct. 31, 2012
Mineral Industries:  
Mineral Industries Disclosures

3.

MINERAL RIGHTS AND PROPERTIES

On September 7, 2012 the Company entered into a mineral lease agreement with MinQuest, Inc. Pursuant to the terms of the agreement, the Company acquired 100% of the exploration and mining rights to 58 unpatented mining claims in Esmeralda County, Nevada approximately 26 miles south of Goldfield in the Tokop mining district for a period of 20 years known as the Empress Property.

Empress Property

On September 7, 2012 the Company entered into a mineral lease agreement with MinQuest. Pursuant to the terms of the agreement, MinQuest has agreed to lease the Company 100% of the exploration and mining rights to the Empress Property. As consideration, the Company is required to provide annual payments of $20,000 and commit to the following work expenditures:

·

$150,000 spent in the first year;

·

$200,000 spent in the second year;

·

$250,000 spent in the third year;

·

$300,000 spent in the fourth year;

·

$350,000 spent in the fifth year;

·

$400,000 in the sixth year; and

·

$650,000 in the seventh year.

MinQuest will also retain a 3% net smelter royalty in the event that the Company enters mineral production on the Empress Property. If the Company is unable to fulfill any of the commitments set out above, the mineral lease agreement will terminate and all property rights will revert back to MinQuest.>

4.

OPTION AGREEMENT

 

On September 14, 2012, the Company entered into an agreement with AHL Holdings Ltd. and Golden Sands Exploration Inc. for the exclusive option to acquire an undivided 70% legal and beneficial interest of the property in which the certain right, title, and interest in mining claim is held.

In order to exercise the right, the Company is required to pay $1,700,000 in aggregate as follows:

·

$50,000 on signing;

·

a further $50,000 by November 15, 2012;

·

a further $200,000 by September 14, 2013;

·

a further $300,000 by September 14, 2014;

·

a further $400,000 by September 14, 2015;

·

a further $700,000 by September 14, 2016; and

Issue and deliver 100,000 shares by September 30, 2012 and incur exploration expense of $4,000,000 as follows:

·

incur exploration expense of at least $150,000 by February 15, 2013;

·

incur cumulative exploration expense of at least $500,000 by December 31, 2013;

·

incur cumulative exploration expense of at least $1,000,000 by December 31, 2014;

·

incur cumulative exploration expense of at least $2,000,000 by December 31, 2015;

·

incur cumulative exploration expense of at least $4,000,000 by December 31, 2016;