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EXCEL - IDEA: XBRL DOCUMENT - TORON INC.Financial_Report.xls
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EX-32 - SOX SECTION 906 CETIFICATION OF THE CEO - TORON INC.exhibit321.htm
EX-31 - SOX SECTION 302(A) CETIFICATION OF THE CEO - TORON INC.exhibit311.htm
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v2.4.0.6
NOTE 7 - MINERAL PROPERTIES
9 Months Ended
Oct. 31, 2012
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization [Table Text Block]

NOTE – MINERAL PROPERTIES


a)       Effective August 23, 2011, the Company entered into a mining property acquisition agreement (the "Acquisition Agreement) whereby the Company has agreed to acquire an undivided 100% interest in and to an aggregate of 62 mineral claims located in the Province of Quebec, Canada (the “Claims”).  Pursuant to the Acquisition Agreement, the Company agreed to pay $100,000 and issue an aggregate of 2,000,000 shares of common stock as follows:


i.         Deposit: a non-refundable deposit of $5,000 to be paid to the Vendor upon signing of the Acquisition Agreement; (paid).


ii.        Stage 1: in consideration of the 22 claims constituting “Block 1” (as defined in the Acquisition Agreement) the Company shall issue 700,000 shares of common stock and pay $35,000 on or before September 30, 2011; (these shares were issued and money paid on September 30, 2011).


iii.      Stage 2: in consideration of the 20 claims constituting “Block 2” (as defined in the Acquisition Agreement) the Company shall issue 700,000 shares of common stock and $35,000 within 45 days following the completion of Stage 1; (these shares were issued and money paid on November 14, 2011).


iv.      Stage 3: in consideration of the 20 claims constituting “Block 3” (as defined in the Acquisition Agreement”) the Company shall issue 600,000 shares of common stock and $25,000 in within 45 days following the completion of Stage 2; (these shares were issued and money paid on December 29, 2011).


The Claims shall be subject to a 2% net smelter royalty payable to the Vendor of which 1% may be purchased back from the Vendor in consideration of $500,000.


On January 31, 2012, the Company determined the acquisition costs for these mineral properties were impaired and recorded a related impairment loss in the statement of operations of $231,600. 


b)       Effective January 25, 2012, the Company entered into a mining property acquisition agreement (the "Acquisition Agreement) whereby the Company has agreed to acquire an undivided 100% interest in and to an aggregate of 193  mineral claims located in the Province of Quebec, Canada (the “Claims”).  Pursuant to the Acquisition Agreement, the Company agreed to pay $40,000  and issue an aggregate of 8,500,000 shares of common stock as follows:


i.         Stage 1: The Company shall pay $15,000 on or before January 31, 2012 (paid on January 31, 2012)


ii.        Stage 2: The Company shall issue 8,500,000 shares and pay $25,000 on or before February 29, 2012 (these shares were issued and money paid on February 29, 2012).


The Claims shall be subject to a 2% net smelter royalty payable to the Vendor


On April 30, 2012, the Company determined the acquisition costs for these mineral properties were impaired and recorded a related impairment loss in the statement of operations of $894,250. During the six  months ended October   31, 2012, the Company incurred exploration costs related to these claims of $7,149 for geologist fees related to a 43-101 report.


c)       Effective  February 6, 2012, the Company entered into a mining property acquisition agreement (the "Acquisition Agreement”) whereby the Company has agreed to acquire an undivided 100% interest in and to an aggregate of 140 mineral claims located in the Province of Quebec, Canada (the “Claims”). The Claims are subject to a 2% net smelter royalty payable to the Vendor. Pursuant to the agreement, the Company agreed to pay $20,000 and issue 5,000,000 shares of common stock on or before April 16, 2012. (these shares were issued and money paid on April 16, 2012)


On April 30, 2012, the Company determined the acquisition costs for these mineral properties were impaired and recorded a related impairment loss in the statement of operations of $544,500