Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended 11 Months Ended
Mar. 31, 2012
Mar. 31, 2012
Cash flows from operating activities:    
Net loss $ (2,959,879) $ (3,069,201)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation on warrants granted 2,536,075 2,536,075
Common stock issued for services 75,000 75,000
Non-cash other income (125,000) (125,000)
Impairment of mineral rights    99,474
Changes in operating assets and liabilities    
Prepaid expenses (88,855) (108,855)
Deposits 3,500   
Accounts payable and accrued expenses 75,260 79,260
Net cash used in operating activities (483,899) (513,247)
Cash flows from investing activities:    
Acquisition of mineral rights (325,000) (325,000)
Net cash used in investing activities (325,000) (325,000)
Cash flows from financing activities:    
Payment on note payable (930,000) (930,000)
Payment on note payable - related party (152,974) (152,974)
Proceeds from advances payables    100,000
Proceeds from promissory note - related party    53,500
Proceeds from sale of common stock, net of issuance costs 5,768,965 5,773,965
Net cash provided by financing activities 4,685,991 4,844,491
Net increase in cash 3,877,092 4,006,244
Cash at beginning of period 129,152   
Cash at end of period 4,006,244 4,006,244
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest      
Cash paid for income taxes      
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of a note payable to a related party in connection with the purchase of mining rights    99,474
Issuance of a note payable in connection with an option agreement 1,000,000 1,000,000
Issuance of common stock in connection with an option agreement 1,000 1,000
Issuance of common stock for advances payable $ 100,000 $ 100,000