We were incorporated under the laws of the State of Nevada on June 21, 2002 under the name Ucluelet Exploration Corp. Following our incorporation, we engaged in the business of exploring mineral resource properties, with claims on properties located on Vancouver Island in British Columbia, Canada.
In January, 2003 David Heel, a former President and ex-director of our company, acquired sixteen mineral claims known as the Kennedy Lake property. This property covered approximately 1,000 acres of land located on Vancouver Island, British Columbia, approximately 82 miles west of the city of Nanaimo and approximately 10 miles north of the town of Ucluelet. This property was without known reserves and our initial program was preliminary in nature. We intended to conduct an exploration program to determine the presence of minerals, if any, on the property. Our preliminary evaluation of this property did not look promising. Due in part to the results of our preliminary evaluation of this property and in part to our lack of sufficient funding to initiate a meaningful exploration program, we permitted all sixteen of these Kennedy Lake mineral claims to lapse in February 2005.
In January, 2004 we purchased an option to acquire up to a 100% interest in a mineral property known as the Hit Property for $7,400, subject to a 2% net smelter royalty in favour of the Optionor. This property was located in Aspen Grove, British Columbia and consisted of 23 mineral claims over a total of approximately 1,543 acres. These claims were without known reserves. Although we lacked the funds required to pay the first option payment due in January, 2005, the grantor of the option gave us an extension until July 29, 2005. We were unable to raise funds to make the option payment on July 29, 2005 and, on October 1, 2005, the grantor of the option terminated the option because of our failure to make the option payment.
In January, 2003 David Heel, a former President and ex-director of our company, acquired sixteen mineral claims known as the Kennedy Lake property. This property covered approximately 1,000 acres of land located on Vancouver Island, British Columbia, approximately 82 miles west of the city of Nanaimo and approximately 10 miles north of the town of Ucluelet. This property was without known reserves and our initial program was preliminary in nature. We intended to conduct an exploration program to determine the presence of minerals, if any, on the property. Our preliminary evaluation of this property did not look promising. Due in part to the results of our preliminary evaluation of this property and in part to our lack of sufficient funding to initiate a meaningful exploration program, we permitted all sixteen of these Kennedy Lake mineral claims to lapse in February 2005.
In January, 2004 we purchased an option to acquire up to a 100% interest in a mineral property known as the Hit Property for $7,400, subject to a 2% net smelter royalty in favour of the Optionor. This property was located in Aspen Grove, British Columbia and consisted of 23 mineral claims over a total of approximately 1,543 acres. These claims were without known reserves. Although we lacked the funds required to pay the first option payment due in January, 2005, the grantor of the option gave us an extension until July 29, 2005. We were unable to raise funds to make the option payment on July 29, 2005 and, on October 1, 2005, the grantor of the option terminated the option because of our failure to make the option payment.
