NT Mining Corporation is an exploration and develo
Post# of 73
NT Mining Corporation is an exploration and development company conducting operations through its wholly owned Canadian subsidary "Bullmoose Mines Ltd." The company asset is the former producing "Bullmoose Gold Mine." The company plans to re-activate the mine in the spring of 2010 or as soon as the financing is completed.
Management believes that the mine can be operated profitably when Gold prices stay above $500/oz.
Share Structure
| Market Value | $62,395 | a/o Dec 26, 2012 |
| Shares Outstanding | 41,596,826 | a/o Sep 26, 2012 |
| Float | 34,447,756 | a/o Sep 26, 2012 |
| Authorized Shares | 501,000,000 | a/o Sep 26, 2012 |
| Par Value | 0.001 |
Shareholders
| Shareholders of Record | 163 | a/o Sep 26, 2012 |
BML owns Mineral Lease #2775 plus 4 mineral claims located in the South MacKenzie Mining District, Northwest Territories, Canada (the “ Bullmoose Gold Mine Property ” ). According to a geological report issued May 6, 2008, from 1985 until shutdown in January 1987, approximately 54,000 tons of ore were mined and milled to produce approximately 20,001 ounces of gold by a former owner of the Bullmoose Gold Mine Property (Note 4).
As part of the acquisition of BML, the Company is obligated to pay annual royalties of $36,000 and to pay down a debenture liability as disclosed in Note 7. Since the Company continues to retain title to Bullmoose Gold Mine Property as of September 30, 2012, these obligations continue to be reflected in the interim consolidated financial statements of the Company.
On or about December 15, 2010, the Company entered into an agreement to settle litigation related to the ownership of BML and to rescind its acquisition of BML (the “ Settlement Agreement ” ). More particularly, the 6,000,000 common shares issued by the Company in consideration for the acquisition would be cancelled and $75,000 of the $85,000 paid as part consideration for the acquisition will be returned to the Company. The closing date was set for June 30, 2012 (the “ Closing Date ” ).
On the Closing Date (July 3, 2012, the first business day after June 30, 2012) all parties to the Settlement Agreement, except those responsible to return the $75,000 to the Company tendered signed settlement documents. As a result, the Company cancelled the 6,000,000 common shares and commenced an action to recover the $75,000. The Company takes the position that until this sum is paid, it continues to hold title to Bullmoose Gold Mine Property through its ownership of all issued shares of BML (Notes 3, 4, 7, 8, 11 and 14).
The Company is an exploration stage enterprise, as defined in Accounting Standards Codification (the “ Codification ” or “ ASC ” ) 915-10, “ Development Stage Entities ” . The Company is devoting all of its present efforts in securing and establishing a new business, and its planned principle operations have not commenced, and, accordingly, no revenue has been derived during the organization period.
These interim consolidated financial statements as at September 30, 2012 and for the nine month period then ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has a loss of $573,012 for the nine month period ended September 30, 2012 (September 30, 2011 - $144,363) and has working capital deficit of $1,210,838 at September 30, 2012 (December 31, 2011 - $1,072,607).
The Company is subject to a cease trade order, which was pronounced by the British Columbia Securities
EXPENSES - Total expenses were $573,012 for the nine month period ended September 30, 2012. Expenses had increased for the current nine month period as compared to the nine month period ended September 30, 2011 – $144,363. A total of $3,904,929 in expenses has been incurred by NT Mining since inception on February 10, 1997 through to September 30, 2012 (excluding the expenses prior to discontinued operation). The increase in costs over this nine month period is due to loss on settlement of accounts payable, the increase in selling, general and administrative expenses and interest expense. The costs can be subdivided into the following categories.
1.
Selling, general and administrative expenses : $97,226 in general and administrative expenses was incurred for the nine month period ended September 30, 2012 as compared to $56,013 for the nine month period ended September 30, 2011, an increase of $41,213, due to the increase in legal and accounting services.
2.
Interest expense : The Company incurred interest expenses of $54,786 for the nine month period ended September 30, 2012 as compared to $52,350 for the nine month period ended September 30, 2011.
3.
Royalty expenses : $36,000 in royalty expenses was incurred for the nine month period ended September 30, 2012 as compared to $36,000 for the nine period ended September 30, 2011.
4.
Loss on settlement of accounts payable : $385,000 in loss on settlement of accounts payable was incurred for the nine month period ended September 30, 2012 as compared to $nil for the nine period ended September 30, 2011.
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