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Financial Condition, Liquidity, and Going Concern
12 Months Ended
Jan. 31, 2012
Financial Condition, Liquidity, and Going Concern [Abstract]  
Financial Condition, Liquidity, and Going Concern [Text Block]

Note 2. Financial Condition, Liquidity, and Going Concern

 

At January 31, 2012, the Company had stockholders’ and working capital deficits of $735,445 and an accumulated deficit of $19,439,925.  In addition, the Company has no revenue producing operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

The ability of the Company to achieve its operating goals and thus positive cash flows from operations is dependent upon its ability to acquire a mineral property and ultimately achieve production status, the future market price of metals, future capital raising efforts, and the ability to achieve future operating efficiencies anticipated with increased production levels. Management’s plans will require additional financing, and exploration activity with respect to mineral properties. While the Company has been successful in capital raising endeavors in the past, there can be no assurance that its future efforts and anticipated operations will be successful.

 

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.