Item 2. Properties
Item
2.
Properties.
Our
principal office is 1521 North Cooper St., Suite 205, Arlington, Texas 76011, leased at a rate of $949 per month, plus the cost
of utilities, which is generally less than $100.00 per month. We believe these facilities are adequate for at least the next 12
months. We expect that we could locate to other suitable facilities at comparable rates, should we need more or less space.
We
have unpatented mining claims for the Arizona Property. An unpatented mining claim is one that is still owned by the federal government,
but which the claimant has a right to possession to extracted minerals, provided the land is open to mineral entry. A description
of the Arizona Property is included in “Item 1. Business” and is incorporated herein by reference. We believe that
we have satisfactory title to the Arizona Property, subject to liens for taxes not yet payable, liens incident to minor encumbrances,
liens for credit arrangements and easements and restrictions that do not materially detract from the value of these properties,
our interests in these properties, or the use of these properties in a business. We believe that the Arizona Property is adequate
and suitable for the conduct of a mining business, should we decide to proceed with such operations in the future.
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