Based on our current assessment, we anticipate approximately $2,320,000 in future expenses relating to: (i) $320,000 for the performance of ZTEM (Z-Axis Tipper Electromagnetic system), a highly technological method of mineral deposit exploration for drill targets which also includes extensive analysis; (ii) $1,000,000 relating to Big Chunk drilling for multiple one thousand foot HQ Core Holes, plus Mobe-Demobe, geology supervision, helicopter, camp, permitting, and sundries, for expense in August 2012 of $500,000 and again in September 2012 of $500,000; and (iii) $1,000,000 for drilling at Tombstone with HQ Diamond Core. These anticipated future expenses are not required to be undertaken, and we will only proceed with these activities if we are able to obtain financing through the sale of equity by way of private placement or with funds obtained through the Investment Agreement we have entered into with Fairhills, which was assigned to Deer Valley. In addition, if we are able to obtain appropriate funding, we also plan to pay off the Northern Dynasty debt and all related accrued interest, which as of July 31, 2012 had a balance of $4,473,878. The Northern Dynasty debt will continue to accrue interest until it is paid in full. As of November 13, 2012, this debt has been extinguished by the loan settlement agreement between the Company and Northern Dynasty attached as exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 15, 2012, whereby we agreed to settle the loan owing to Northern Dynasty in the principal amount of $3,730,174 plus all accrued interest in the amount of $872,543 in consideration for the transfer by us to U5 Resources Inc., a subsidiary of Northern Dynasty, 199 mining claims within the south block of our Big Chunk Super Project.
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