From Inform Exploration Corp MD&A March 17 2014
During the period ended January 31, 2014, the Company elected to abandon the South Rim Project and consequently wrote-off all capitalized acquisition and exploration costs totalling $173,533. Please refer to Note 4 of the financial statements for additional information on the South Rim Project.
Results and Discussion of Operations
As at January 31, 2014, the Company had total assets of $144,846 (April 30, 2013 - $336,761). Significant assets are comprised of cash of $142,735 (April 30, 2013 - $157,780) and exploration and evaluation assets of $Nil (April 30, 2013 - $153,533).
During the period ended January 31, 2014, the Company continued to evaluate the South Rim Project and signed an amending letter agreement with St Elias. Under the terms of the letter agreement, the Company agreed to pay $20,000 to St. Elias, which St. Elias will spend on exploration work. St. Elias agreed to cancel the balance of the required $100,000 exploration expenditures required by 24 months from the listing date. During the period the Company elected to abandon the South Rim Project and recognized an expense of $173,533.
