6. MINERAL PROPERTIES (Tables)

6 Months Ended

Aug. 31, 2012

Notes to Financial Statements

The Company incurred exploration expenses as follows in the six months ended August 31, 2012:

	Cieneguita	Cerro Delta	New Projects	Total
	$	$	$	$
Drilling and sampling	-	13,910	3,854	17,764
Field work preparations	-	369,204	-	369,204
Land use permits	8,604	-	-	8,604
Travel	5,948	-	-	5,948
Consulting	454,195	7,265	-	461,460
Equipment	88,801	-	-	88,801
General	6,543	892	50,659	58,094
	564,091	391,271	54,513	1,009,875

The Company incurred exploration expenses as follows in the six months ended August 31, 2011:

	Cieneguita	Cerro Delta	Encino Gordo	Total
	$	$	$	$
Geological, geochemical, geophysics	17,156	25,515	-	42,671
Land use permits	7,817	-	2,259	10,076
Automotive	21,388	-	-	21,388
Travel	2,910	-	-	2,910
Consulting	10,912	27,036	-	37,948
Equipment	572	-	-	572
General	2,806	1,382	-	4,188
	63,561	53,933	2,259	119,753

According to the amended development agreement

Holder	Ownership Percentage	Net Cash Flow Interest From First Phase Production	Net Cash Flow Interest Following First Phase Production
MRT	54% (1)	74%	54% (1)
Marje Minerals	6%	6%	6%
Panam	40%	20%	40%

Under the agreement, the parties agreed to restructure

Holder	Ownership Percentage	Net Cash Flow Interest From First Phase Production	Net Cash Flow Interest Following First Phase Production
MRT	20%	74%	20%
Marje Minerals	0%	6%	0%
Panam	80%	20%	80%