In March 2002, we acquired from Linux Gold Corp., a company with common directors, an option to earn a 50% interest in the thirty Fish Creek claims, located in the Fairbanks Mining District in Alaska, by expending $500,000 US within three years and the issuance of 200,000 common shares, which shares were issued in December 2002. An additional 100,000 shares were issued in February 2007 in payment for an extension of the date on which expenditures were required to be completed to March 5, 2007, which dates was extended to March 5, 2012.
- Located adjacent to the Teryl / Kinross joint venture Gil Gold Prospect
- The Fish Creek claims are joint ventured with Linux Gold Corp. wherein Teryl can earn a 50% interest by expending $500,000(See news release dated March 5th 2002)
- A geophysical survey was completed by Fugro Airborne Survey, Inc. under contract to Fairbanks Gold Mining / Kinross Gold, which has identified six main gold targets on the Fish Creek prospect
Linux Gold Corp. will retain a 5% net royalty interest until we pay $2,000,000 US and/or back in for a 25% working interest prior to commencement of production. During the year ended May 31, 2010, we wrote off our cumulative exploration and development expenditures of $111,947 entirely, since the claims were not explored. We did not incur exploration and development expenditures on Fish Creek Claims during the year ended May 31, 2011 or the six months ended November 30, 2011.
West Ridge Claims l
Fish Creek Claims
Gil Claim Joint Venture Property