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2. Going Concern
3 Months Ended
Mar. 31, 2016
Notes  
2. Going Concern

2.   Going Concern

 

As shown in the accompanying financial statements, the Company had minimal revenue and a net loss of $190,503 for the first quarter of 2016 as well as an accumulated deficit, negative working capital, and a cash and cash equivalents balance of $11,582 at March 31, 2016. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

However, the Company did put the New Jersey Mill into production in 2015. In the first quarter of 2016 the mill has been maintained with minimal activity as the Company is proceeding with plans to both mine and mill ore from the Golden Chest property starting the second quarter if successful in raising the required startup funds.

 

The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue its operations.