XIANA MINING INC. | CIK:0001126932 | 3

  • Filed: 3/26/2018
  • Entity registrant name: XIANA MINING INC. (CIK: 0001126932)
  • Generator: Thunderdome
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1126932/000143774918005385/0001437749-18-005385-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1126932/000143774918005385/xiav-20180131.xml
  • XBRL Cloud Viewer: Click to open XBRL Cloud Viewer
  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0001126932
  • Open this page in separate window: Click

    • ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory

    6.
    INTEREST IN EXPLORATION PROPERT
    Y
     
    Deborah Gold Property
     
    On
    September 16, 2011,
    the Company signed an option agreement with Sociedad Minera de Responsabilidad Limitada La Luminose de Cajamarca to acquire the Deborah Gold
    property. In order to earn a
    100%
    interest, the Company is required to make cumulative cash payments of US 
    $6,000,000
    over a minimum of
    five
    years. The claims are included in the South Zone.
     
    The material terms are as follows:
     
       
    Cash Payments (USD)
    		  
             
    September 16 (effective date)
    		  
    50,000 (paid)
    		  
    On commencing drill testing (“drill date”)
    		    
    200,000
    		  
    One year anniversary of drill date
    		    
    400,000
    		  
    Two-year anniversary of drill date
    		    
    600,000
    		  
    Three-year anniversary of drill date
    		    
    900,000
    		  
    Four-year anniversary of drill date
    		    
    1,200,000
    		  
    Five-year anniversary of drill date
    		    
    2,650,000
    		  
         
    6,000,000
    		  
     
    The option agreement required an immediate payment of
    US 
    $50,000
    on receipt of TSX.V approval. This payment was made and the Company commenced systematic surface exploration of the property in early
    February 2012.
    A
    second
    payment of US 
    $200,000
    is payable on the commencement of drilling (“Drill Date”) and all subsequent payments are tied to this Drill Date. In addition, a royalty of US 
    $4.00
    per ounce of gold produced is payable to the underlying vendors up to a maximum of US 
    $2,000,000.
    There was
    no
    finder’s fee paid by the Company in connection with the option agreement. The option to acquire the property continues to be available to the Company.
     
    During the year ended
    January
     
    31,
    2014,
    the Company wrote-off the remaining
    $500,000
    in carrying value of its exploration properties (
    2013
    -
    $5,459,566
    ) due to the Company
    not
    having sufficient funds to perform further work on the Deborah Gold property. However, the Company maintains the option to continue with the option agreement, as the Drill Date has yet to occur and therefore
    no
    payments beyond the initial (paid) US 
    $50,000
    are yet due.