READ VERY CAREFULLY ..FROM THE APRIL 2015 CANWEALTH 10 K
In order to retain title to each mining claim, we are required, within the two-year claim term, to either spend at least CAD1,200 per claim on exploration of the property underlying the claim, or make a CAD1,200 cash payment to the MNR (or, where applicable, an amount equal to the difference between CAD1,200 and the cost of the exploration work performed on the property underlying the claim). Any amount in excess of CAD1,200 disbursed to perform exploration work on the property may be applied to subsequent terms of the claim. The expiration date, prior to which we must spend at least CAD1,200 on exploration, with respect to each of our mining claims is set forth in Annex A to the Form S-1 Registration Statement filed by the Company with the SEC on January 13, 2015. Failure to spend the required exploration costs with respect to any claim prior to its expiration date would cause the claim to lapse and we would risk losing our rights to such claim permanently if Mr. Howarth is not able to re-acquire the claim on our behalf.
Our business activities to date have involved only the acquisition of mining claims and conducting assay testing on surface samples. Surface samples were taken from random locations on the Lake View and Shadow Mountain properties in May 2011 and assay testing was conducted on some of these samples. Although surface samples are generally drained by weather and the mineral content in such samples is typically low, the assay reports with respect to these samples indicated traces of various elements such as gold, silver, copper, REE and other minerals on these properties.
Our current proposed program is exploratory in nature. Accordingly, the properties currently are without known reserves. We do not currently have detailed plans of our intended exploration of the properties, as our exploration program for each property will not be known until our exploration team, led by our mining engineer and chief geologist, conducts a comprehensive sampling and analysis
IN CONCLUSION MONEY WAS NOT SPENT ON EXPLORATION,SO 2 YEAR CLAIMS EXPIRED,NO RESERVES DETERMINED!!
WITHOUT EXPLORATION THE CLAIMS HAVE NO KNOWN RESERVES...SO $11 BILLION IS MEANINGLESS
READ THE 10K AND STICK TO THE FACTS!! LMFAO!!
