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5) Depository Payment Towards Acquisition of Iron Ore Mine | 12 Months Ended
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Dec. 31, 2012
Notes |
5) Depository Payment Towards Acquisition of Iron Ore Mine | 5) DEPOSITORY PAYMENT TOWARDS ACQUISITION OF IRON ORE MINE On September 21, 2011, the Company entered into an agreement to acquire title to an iron ore mine in the Republic of Chile at an acquisition cost of $3,250,000 in which the Company paid an initial deposit of $250,000 to the seller. The agreement provides for the participation of the Republic of Chile in 15% of the mining profits. On April 26, 2012, the Company amended the payment terms of the agreement and paid an additional deposit of $100,000 upon execution of the amended agreement. Under the terms of the amended agreement, the Company is required to remit the remaining balance of $2,900,000 over a three year period as follows:
|  | Amount
May 31, 2012 | $ | 400,000
August 31, 2012 |  | 500,000
February 28, 2013 |  | 500,000
August 31, 2013 |  | 500,000
February 28, 2014 |  | 500,000
August 31, 2014 |  | 500,000
Total | $ | 2,900,000
As of December 31, 2012, the Company is not in compliance with the terms of this agreement due to non-payment of the amounts due on May 31, 2012, August 31, 2012 and February 28, 2013. However, the seller has not issued the Company a formal notice of default.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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