Payables and Accruals

3 Months Ended

Mar. 31, 2012

Payables and Accruals

Accounts Payable and Accrued Liabilities Disclosure

NOTE 9 – LOANS PAYABLE

Loans payable consisted of the following at March 31, 2012 and December 31, 2011:

	2012		2011
Loan from Shanghai Rural Commercial Bank, Dachang Branch due on May 10, 2012 with interest rate of 6.31% per annum. Guaranteed by Shanghai Shanhai Group (a strategic partner of the Company), and Mr. Bian, Chairman of the Company (RMB 7,400,000).	$	1,175,667	$	-
Loan from Shanghai Rural Commercial Bank, Dachang Branch due on July 10, 2012 with interest rate of 6.56% per annum. Guaranteed by Shanghai Shanhai Group (a strategic partner of the Company), and Mr. Bian, Chairman of the Company (RMB 2,600,000)		413,072		-
	$	1,588,739	$	-

NOTE 11 – TAXES PAYABLE

Taxes payable consisted of the following at March 31, 2012 and December 31, 2011, respectively:

	2012		2011
Income tax payable (receivable)	$	(37,088)	$	-
Value added tax payable		208,733		-
Other taxes payable		3,673		-
	$	175,318	$	-

                NOTE 12 - NOTES PAYABLE

    Pursuant to the respective purchase and sale agreements dated April 15, 2011 No. NV01, NV02 and NV03, the sellers financed buyer by carrying two notes payable $5,625,000 due April 15, 2012 and $5,625,000 due April 15, 2013 free of interest. In March 2012, we entered into an extension agreement with the sellers pursuant to which upon the payment of $300,000, of which $150,000 was due by April 15, 2012 and the balance was due by April 30, 2012, the due date of April 15, 2012 payment of $5,625,000 was extended to June 15, 2012. The $300,000 payment will be applied to the $5,625,000 installment balance due on April 15, 2013. Metamining paid, on behalf of Metamining Nevada, $150,000 on April 10, 2012 and another $150,000 payment on May 10, 2012 to the sellers of the real property and mineral rights. The sellers provided written confirmation to Metamining Nevada stating that Metamining Nevada’s ownership of the real property and mineral rights was in good standing.

Short term and long term Notes Payable:

(1	)	Little Valley Group, LLC	short term	$	4,342,106.24
			Long term		4,342,106.24
				$	8,684,212.48
(2	)	Greater Nevada Ranches, LLC	short term	$	690,789.38
			Long term		690,789.38
					1,381,578.76
(3	)	Western Resource Group, LLC	short term	$	592,104.38
			Long term		592,104.38
					1,184,208.76
			Grand Total:	$	11,250,000