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Note 6 - Promissory Note
6 Months Ended
May 31, 2018
Notes to Financial Statements  
Debt Disclosure [Text Block]
NOTE
6
– PROMISSORY NOTE
 
The Company has a promissory note payable to Barrick of
$51,576,
plus interest at a rate of U.S. prime plus
2%,
amounting to
$41,551
in accrued interest. The promissory note resulted from the agreement that led to the formation of Donlin Gold LLC, where the Company agreed to reimburse Barrick for a portion of their expenditures incurred from
April 1, 2006
to
November 30, 2007.
The promissory note and accrued interest are payable from
85%
of the Company’s share of revenue from future mine production or from any net proceeds resulting from a reduction of the Company’s interest in Donlin Gold LLC. The carrying value of the promissory note approximates fair value.