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Subsequent Events
6 Months Ended
Jul. 31, 2012
Subsequent Events [Text Block]

NOTE 11 - Subsequent Events


On August 31, 2012 the Company entered into a $300,000 bridge loan financing arrangement with an unaffiliated accredited investor, the proceeds of which were used to pay maintenance fees to the Bureau of Land Management and the payment of general operating expenses of the Company.  The note payable accumulates interest at a rate of 15% per annum and is payable on or before October 30, 2012.  In addition, the note is secured by all of the property of the Company.  The Company issued a five year warrant to the lender to purchase 6,814,000 shares of Company common stock, exercisable at $0.02 per share.