Mineral Interests and Maintenance Fees

9 Months Ended

Oct. 31, 2014

Mineral Interest And Maintenance Fees Disclosure [Abstract]

Mineral Interest And Maintenance Fees Disclosure [Text Block]

NOTE 7 – Mineral Interests and Maintenance Fees

On September 2, 2014 the annual lease payments to the Bureau of Land Management were due for our federal mining claims covering about 10,000 acres of land in Arizona and Wyoming and account for substantially all of the assets in the Company. We were unable to raise the capital required to make these payments to the BLM and as a result have lost all rights and interests in these claims. As of October 31, 2014, the Company recorded a loss of $1.4 million related to the mineral interests. For the three months ended October 31, 2014, the Company recorded an exploration expense of $11,461. All prepaid expenses related to maintenance fees are now at $-0- on the Balance Sheet.  

Management is currently assessing the options for the Company going forward.