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Notes Payable - Shareholders
6 Months Ended
Jul. 31, 2012
Mortgage Notes Payable Disclosure [Text Block]

NOTE 6 - Notes Payable – Shareholders


In 2005, a shareholder advanced $30,000 to the Company for working capital purposes and to assist in identification of new mining properties.  This loan is due on demand and bears interest at 10% per annum.  During the years ended January 31, 2010 and 2009, the shareholder advanced an additional $50,000 and $80,000, respectively, under substantially identical terms.  On August 31, 2011, the shareholder advanced a further $150,000 and added an additional $30,000 on October 27, 2011, for a loan total at the time of $340,000.  The terms of the loans and interest rates are the same.  The Company repaid $149,000 related to the loans during the six months ended July 31, 2012.  The balance outstanding on the Notes Payable – Shareholder totaled $191,000 as of July 31, 2012.