MINERAL PROPERTY	12 Months Ended
Feb. 28, 2013
Notes to Financial Statements
Note 3. MINERAL PROPERTY	On July 6, 2010 the Company entered into an Option Agreement to acquire a 100% undivided legal, beneficial and register-able interest in an Exploration License E 80/3757 located in Halls Creek Shire in Western Australia. The option period is for two years from the effective date of the Agreement. Initial cash consideration is AUD$7,000 (paid) upon signing the agreement. The exercise price of the option is AUD$200,000 cash at the time the notice of exercise of option is sent to the Owner. At February 28, 2013, the accumulated costs totalled $7,703. These costs have been expensed in a prior period.

MINERAL PROPERTY

12 Months Ended

Feb. 28, 2013

On July 6, 2010 the Company entered into an Option Agreement to acquire a 100% undivided legal, beneficial and register-able interest in an Exploration License E 80/3757 located in Halls Creek Shire in Western Australia. The option period is for two years from the effective date of the Agreement. Initial cash consideration is AUD$7,000 (paid) upon signing the agreement. The exercise price of the option is AUD$200,000 cash at the time the notice of exercise of option is sent to the Owner.

At February 28, 2013, the accumulated costs totalled $7,703. These costs have been expensed in a prior period.

Penola Inc. 10-K