Effective February 20, 2012 the Board of Directors approved the purchase of half of the minority interest in the Chloride Copper Mine from the Medina Property Group, LLC under the terms of a letter of intent. The execution of this transaction would increase the Company’s interests in the Chloride Copper Mine to 90%. The Company paid an initial deposit in February 2012 of $6,500 for the additional interest. The letter of intent has been extended to December 1, 2012 at which time a definitive agreement is expected to be executed.