10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2013

or

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________________________ to _______________________________

Commission File Number 000-54881

LITHIUM EXPLORATION GROUP, INC.
(Exact name of registrant as specified in its charter)

Nevada	06-1781911
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
3200 N. Hayden Road, Suite 235, Scottsdale, Arizona	85251
(Address of principal executive offices)	(Zip Code)

480-641-4790
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X] YES     [   ] NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
[X] YES     [   ] NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [   ]		Accelerated filer                 [   ]
Non-accelerated filer   [   ]	(Do not check if a smaller reporting company)	Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act
[   ] YES     [X] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.
[   ] YES     [   ] NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

49,976,963 common shares issued and outstanding as of May 2, 2013.

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2013

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	43
PART II – OTHER INFORMATION		44
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
SIGNATURES		49

2

PART I – FINANCIAL INFORMATION

Item 1.             Financial Statements

Our consolidated unaudited interim financial statements for the three and nine month periods ended March 31, 2013 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

3

LITHIUM EXPLORATION GROUP, INC.
(An Exploration Stage Company)

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

March 31, 2013

(Unaudited)

4

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Consolidated Balance Sheets

		March 31,			June 30,
		2013			2012
		(Unaudited)			(Restated)
ASSETS
Current
Cash and cash equivalents	$	52,471		$	1,239,603
Prepaid expenses		64,611			-
Total current assets		117,082			1,239,603
Investment (Note 9)		197,393			197,393
Total Assets	$	314,475		$	1,436,996
LIABILITIES
Current
Accounts payable and accrued liabilities	$	20,964		$	52,898
Note payable (Note 5)		106,667			-
Derivative liability – convertible debentures (Note 6)		-			2,159,035
Derivative liability – convertible promissory notes (Note 7)		876,324			-
Due to related party (Note 8)		45,332			45,332
Convertible debentures (net of discount of $780,107 and $3,738,145) (Note 6)		1,038,354			119,198
Convertible promissory notes (net of discount of $487,687 and nil) (Note 7)		5,456			-
Accrued interest – convertible debenture (Note 6)		-			18,273
Accrued interest – convertible promissory notes (Note 7)		231			-
Total Current Liabilities		2,093,328			2,394,736
STOCKHOLDERS’ DEFICIT
Capital stock (Note 3)
Authorized:         100,000,000 preferred shares, $0.001 par value         500,000,000 common shares, $0.001 par value
Issued and outstanding:         20,000,000 preferred shares (June 30, 2012 – nil)		20,000			-
47,360,432 common shares (June 30, 2012 – 54,416,272)		47,363			54,417
Additional paid-in capital		30,969,639			27,406,774
Deficit accumulated during the exploration stage		(32,815,855	)		(28,418,931	)
Total Stockholders’ Deficit		(1,778,853	)		(957,740	)
Total Liabilities and Stockholders’ Deficit	$	314,475		$	1,436,996

5

The accompanying notes are an integral part of these consolidated financial statements.

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Consolidated Statements of Operations

(Unaudited)

		Three Months			Three Months			Nine Months			Nine Months
		Ended			Ended			Ended			Ended			Cumulative from
		March 31,			March 31,			March 31,			March 31,			Inception
		2013			2012			2013			2012			(May 31, 2006) to
					(Restated)						(Restated)			March 31, 2013
Revenue	$	-		$	-		$	-		$	-		$	-
Operating Expenses:
Advertising		8,438			43,818			63,786			69,090			204,013
Consulting fees (Notes 3 & 8)		88,329			13,071			244,011			154,746			630,334
Director fees (Note 3)		-			-			-			-			17,913,000
General and administrative		13,723			10,696			49,078			36,391			121,581
Investor relations (Note 3)		62,000			32,000			130,000			613,600			918,000
Management fees		-			-			-			-			45,000
Mining expenses (Notes 3 & 5)		225,586			52,514			669,575			224,118			7,957,111
Professional fees		45,019			22,087			242,990			90,635			716,928
Travel		7,747			9,925			52,371			32,315			112,697
Wages		76,078			48,891			229,443			147,210			443,324
Loss from operations		(526,920	)		(233,002	)		(1,681,254	)		(1,368,105	)		(29,061,988	)
Other income (expenses)
Interest expense (Notes 6 & 7)		(2,322,114	)		(48,751	)		(3,946,753	)		(1,706,539	)		(8,067,280	)
Gain (loss) on derivative liability (Notes 6 & 7)		459,997			(487,951	)		1,231,083			1,602,410			4,313,413
Loss before income taxes		(2,389,037	)		(769,704	)		(4,396,924	)		(1,472,234	)		(32,815,855	)
Provision for Income Taxes (Note 4)		-			-			-			-			-
Net loss for the period		(2,389,037	)		(769,704	)		(4,396,924	)		(1,472,234	)		(32,815,855	)
Basic and Diluted Loss per Common Share	$	(0.06	)	$	(0.01	)	$	(0.09	)	$	(0.03	)
Basic and Diluted Weighted Average Number of Common Shares Outstanding		40,434,181			53,115,476			47,051,676			52,060,931

6

The accompanying notes are an integral part of these consolidated financial statements.

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

For the Period of Inception (May 31, 2006) to March 31, 2013

	Preferred Shares			Common Shares
									Deficit
									Accumulated
									During the
	Number of			Number of			Additional		Exploration			Stockholders’
	Shares		Amount	Shares	Amount		Paid-in Capital		Stage			Equity (Deficit)
Inception – May 31, 2006	-	$	-	- $	-	$	-	$	-		$	-
Common shares issued to a founder at $0.01 cash per share, June 6, 2006	-		-	20,000,000	20,000		-		-			20,000
Loss for the period (Unaudited)	-		-	-	-		-		(2,687	)		(2,687	)
Balance – June 30, 2006 (Unaudited)	-		-	20,000,000	20,000		-		(2,687	)		17,313
Common shares issued to founders at $0.01 per share, July 1, 2006	-		-	10,000,000	10,000		-		-			10,000
Common shares issued for cash at $0.04 per share, December 11, 2006	-		-	17,375,000	17,375		52,125		-			69,500
Loss for the year (Unaudited)	-		-	-	-		-		(59,320	)		(59,320	)
Balance – June 30, 2007 (Unaudited)	-		-	47,375,000	47,375		52,125		(62,007	)		37,493
Loss for the year	-		-	-	-		-		(22,888	)		(22,888	)
Balance – June 30, 2008	-		-	47,375,000	47,375		52,125		(84,895	)		14,605
Loss for the year	-		-	-	-		-		(31,624	)		(31,624	)
Balance – June 30, 2009	-		-	47,375,000	47,375		52,125		(116,519	)		(17,019	)
Loss for the year	-		-	-	-		-		(20,639	)		(20,639	)
Balance – June 30, 2010	-		-	47,375,000	47,375		52,125		(137,158	)		(37,658	)
Common shares issued for cash at $1.00 per share, January 27, 2011	-		-	250,000	250		249,750		-			250,000
Common shares issued for cash at $5.25 per share, April 28, 2011	-		-	190,476	191		999,809		-			1,000,000
Common shares issued for mining expenses and related finder’s fees	-		-	500,000	500		49,500		-			50,000

7

The accompanying notes are an integral part of these consolidated financial statements.

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

For the Period of Inception (May 31, 2006) to March 31, 2013

	Preferred Shares			Common Shares
												Deficit
												Accumulated
												During the
	Number of			Number of						Additional		Exploration			Stockholders’
	Shares		Amount	Shares			Amount			Paid-in Capital		Stage			Equity (Deficit)
Common shares issued for settlement of mining expenses	-		-	200,000			200			739,800		-			740,000
Common shares issued for director fees	-		-	2,300,000			2,300			17,592,700		-			17,595,000
Common shares issued for investor relations	-		-	300,000			300			701,700		-			702,000
Options issued for mining expenses	-		-							4,940,000					4,940,000
Loss for the year	-		-	-			-			-		(25,891,334	)		(25,891,334	)
Balance – June 30, 2011	-		-	51,115,476			51,116			25,325,384		(26,028,492	)		(651,992	)
Common shares issued for consulting fees	-		-	366,364			366			367,634		-			368,000
Common shares issued for debt conversion	-		-	2,934,432			2,935			1,713,756		-			1,716,691
Loss for the year	-		-	-			-			-		(2,390,439	)		(2,390,439	)
Balance – June 30, 2012 (Restated)	-		-	54,416,272			54,417			27,406,774		(28,418,931	)		(957,740	)
Common shares issued for consulting fees	-		-	166,836			167			36,833		-			37,000
Common shares issued for investor relations	-		-	598,604			599			121,401		-			122,000
Common shares issued for mining expenses	-		-	300,946			301			74,699		-			75,000
Common shares issued for debt conversion	-		-	10,849,661			10,851			2,058,685		-			2,069,536
Common shares issued for exercise of warrants	-		-	1,028,113			1,028			1,271,247		-			1,272,275
Common shares exchanged for preferred shares	20,000,000		20,000	(20,000,000	)		(20,000	)		-		-			-
Net loss for the period (Unaudited)	-		-	-			-			-		(4,396,924	)		(4,396,924	)
Balance – March 31, 2013	20,000,000	$	20,000	47,360,432		$	47,363		$	30,969,639	$	(32,815,855	)	$	(1,778,853	)

8

The accompanying notes are an integral part of these consolidated financial statements.

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Consolidated Statements of Cash Flows

(Unaudited)

								Cumulative from
		Nine Months			Nine Months			Inception
		Ended			Ended			(May 31, 2006) to
		March 31, 2013			March 31, 2012			March 31, 2013
					(Restated)
Cash Flows from Operating Activities
Net loss for the period	$	(4,396,924	)	$	(1,472,234	)	$	(32,815,855	)
Items not affecting cash:
Common shares issued for mining expenses and related finder’s fees		75,000			-			865,000
Common shares issued for director fees		-			-			17,913,000
Non-cash mining expenses		106,667			-			106,667
Common shares issued for investor relations		122,000			-			824,000
Common shares issued for consulting fees		37,000			-			87,000
Options issued for mining expenses		-			-			4,940,000
Interest expense		3,946,753			1,706,539			8,067,280
(Gain) loss on derivative liability		(1,231,083	)		(1,602,410	)		(4,313,413	)
Changes in operating assets and liabilities:
Prepaid expenses		(64,611	)		436,600			(64,611	)
Accounts payable and accrued liabilities		(31,934	)		(170,698	)		20,964
Net cash used in operations		(1,437,132	)		(1,102,203	)		(4,369,968	)
Cash Flows from Investing Activities
Investment		-			(197,393	)		(197,393	)
Net cash used in investing activities		-			(197,393	)		(197,393	)
Cash Flows from Financing Activities
Advance from related party		-			-			47,537
Repayment to related party		-			(2,205	)		(2,205	)
Issuance of common shares for cash		-			-			1,349,500
Issuance of convertible debentures		-			500,000			3,000,000
Issuance cost of convertible debentures		-			-			(25,000	)
Issuance of convertible promissory notes		250,000			-			250,000
Net cash provided by financing activities		250,000			497,795			4,619,832
Increase (decrease) in cash and cash equivalents		(1,187,132	)		(801,801	)		52,471
Cash and cash equivalents - beginning of period		1,239,603			1,009,993			-
Cash and cash equivalents - end of period	$	52,471		$	208,192		$	52,471
Supplementary Cash Flow Information
Non-cash investing and financing activities:
Common stock issued for debt	$	2,069,536		$	585,000		$	3,131,682
Cash paid for:
Interest	$	-		$	-		$	-
Income taxes	$	-		$	-		$	-

9

The accompanying notes are an integral part of these consolidated financial statements.

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

1.      Organization

Lithium Exploration Group, Inc. (formerly Mariposa Resources, Ltd.) (the “Company”) was incorporated on May 31, 2006 in the State of Nevada, U.S.A. It is based in Scottsdale, Arizona, USA. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is June 30.

Effective November 30, 2010, the Company changed its name to “Lithium Exploration Group, Inc.,” by way of a merger with its wholly-owned subsidiary Lithium Exploration Group, Inc., which was formed solely for the change of name.

A wholly owned subsidiary, 1617437 Alberta Ltd was incorporated in the province of Alberta, Canada on July 8, 2011.

The Company is an exploration stage company that engages principally in the acquisition, exploration, and development of resource properties. Prior to June 25, 2009, the Company had the right to conduct exploration work on 20 mineral mining claims in Esmeralda County, Nevada, U.S.A. On July 31, 2009, the Company acquired an option to enter into a joint venture for the management and ownership of the Jack Creek Project, a mining project located in Elko County, Nevada. On September 25, 2009, the joint venture was terminated and the Company entered into an agreement with Beeston Enterprises Ltd., under which the Company was granted an option to acquire an undivided 50% interest in eight mineral claims located in the Clinton Mining District of British Columbia, Canada. On December 16, 2010, the Company entered into an Assignment Agreement to acquire an undivided 100% right, title and interest in and to certain mineral permits located in the Province of Alberta, Canada (see Note 5). On January 18, 2011, the Company entered into a Purchase Option Agreement to acquire an undivided 60% interest in certain mineral claims known as the Salta Aqua Claims located in Salta Province, Argentina (See Note 5). To date, the Company’s activities have been limited to its formation, the raising of equity capital and its mining exploration work program.

Exploration Stage Company

The Company is considered to be in the exploration stage as defined in FASC 915-10-05 “Development Stage Entities,” and interpreted by the Securities and Exchange Commission for mining companies in Industry Guide 7. The Company is devoting substantially all of its efforts to development of business plans and the acquisition of mineral properties.

10

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

2.      Significant Accounting Policies

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

The consolidated financial statements include the accounts of the Company and its subsidiary 1617437 Alberta Ltd. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. Significant estimates that may materially change in the near term include the valuation of derivative liabilities and the underlying warrants, as well as fair value of investments.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $52,471 and $1,239,603 in cash and cash equivalents at March 31, 2013 and June 30, 2012, respectively.

Concentration of Risk

The Company maintains cash balances at a financial institution which, from time to time, may exceed Federal Deposit Insurance Corporation insured limits for banks located in the US. As of March 31, 2013 and June 30, 2012, the Company had $nil and $1,016,716, respectively, in deposits in excess of federally insured limits in its US bank. The Company has not experienced any losses with regard to its bank accounts and believes it is not exposed to any risk of loss on its cash in bank accounts.

Prepaid expenses

Prepaid expenses mainly consist of legal retainers and deposit paid to obtain a license on patent rights. Legal retainers will be expensed in the period when services are completed. Deposit for patent rights will be expensed as exploration cost when the Company is licensed.

Start-Up Costs

In accordance with FASC 720-15-20 “Start-Up Costs,” the Company expenses all costs incurred in connection with the start-up and organization of the Company.

11

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

2.      Significant Accounting Policies - Continued

Mineral Acquisition and Exploration Costs

The Company has been in the exploration stage since its formation on May 31, 2006 and has not yet realized any revenue from its planned operations. It is primarily engaged in the acquisition, exploration, and development of mining properties. Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserves.

Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

Net Income or (Loss) per Share

The Company has adopted FASC Topic No. 260, “Earnings Per Share,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income(loss) by the weighted average number of shares of common stock and preferred shares respectively outstanding during the period.

Potentially dilutive securities are not presented in the computation of EPS since their effects are anti-dilutive.

Foreign Currency Translations

The Company’s functional and reporting currency is the US dollar. All transactions initiated in other currencies are translated into US dollars using the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the US dollar at the rate of exchange in effect at the balance sheet date. Unrealized exchange gains and losses arising from such transactions are deferred until realization and are included as a separate component of stockholders’ equity (deficit) as a component of comprehensive income or loss. Upon realization, the amount deferred is recognized in income in the period when it is realized.

No significant realized exchange gain or losses were recorded from inception (May 31, 2006) to March 31, 2013.

12

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

2.      Significant Accounting Policies - Continued

Comprehensive Income (Loss)

FASC Topic No. 220, “Comprehensive Income,” establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. From inception (May 31, 2006) to March 31, 2013, the Company had no items of other comprehensive income. Therefore, net loss equals comprehensive loss from inception (May 31, 2006) to March 31, 2013.

Risks and Uncertainties

The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure.

Environmental Expenditures

The operations of the Company have been, and may in the future be, affected from time to time in varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company's policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

Warrants

We value our warrants with provisions resulting in derivative liabilities at fair value using the lattice model according to ASC-815-10-55. We revalue our warrants at the end of every period at fair value and record the difference in other income (expense) in the consolidated statement of operations.

Convertible Debentures and Convertible Promissory Notes

We value our convertible debentures and convertible promissory notes with provisions resulting in beneficial conversion features from the embedded derivative at fair value according to ASC-840-10-25-14, rather than have its conversion feature bifurcated and reported separately due to ASC-815-15-25-1b. Because the value of the derivative related to the warrant exceeds the proceeds of the loan, the company allocated 100% of the proceeds to the warrant derivative and took a day one loss for the difference between the proceeds and the fair value of the warrants, resulting in a debt discount on the full fair value of the debenture because no proceeds were available to be allocated to the debt or its beneficial conversion feature. That debt discount is accreted to interest expense over the stated life of the note using the interest method in accordance with ASC 470-20-35-7a and 835-30-35-2. Unaccreted debt discount on the date of conversion is accreted to interest expense on that date.

13

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

2.      Significant Accounting Policies - Continued

Recent Accounting Pronouncements

Recent accounting pronouncements that are listed below did not, and are not currently expected to, have a material effect on the Company’s financial statements, but will be implemented in the Company’s future financial reporting when applicable.

FASB Statements:

In June 2009 the FASB established the Accounting Standards Codification ("Codification" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). Rules and interpretive releases of the Securities and Exchange Commission ("SEC") issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented.

Accounting Standards Updates ("ASUs") through ASU No. 2013-07 which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.

14

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

3.      Capital Stock

Authorized Stock

At inception, the Company authorized 100,000,000 common shares and 100,000,000 preferred shares, both with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

Effective April 8, 2009, the Company increased the number of authorized shares to 600,000,000 shares, of which 500,000,000 shares are designated as common stock par value $0.001 per share, and 100,000,000 shares are designated as preferred stock, par value $0.001 per share.

Share Issuances

For the period ended March 31, 2013:

On July 10, 2012, the Company issued 1,504,415 common shares at a deemed price of $0.1925 per share for debenture conversion and accrued interest of $289,600 (Note 6).

On August 21, 2012, the Company issued 815,047 common shares at a deemed price of $0.1595 per share for debenture conversion of $130,000 (Note 6).

On September 17, 2012, the Company issued 1,581,028 common shares at a deemed price of $0.1265 per share for debenture conversion of $200,000 (Note 6).

On October 25, 2012, the Company cancelled 20,000,000 common shares and in exchange, 20,000,000 preferred shares were issued.

On November 1, 2012, the Company issued 62,500 common shares at a market price of $0.24 per share for mining expenses.

On November 13, 2012, the Company issued 41,667 common shares at a market price of $0.24 per share for investor relation expenses.

On November 22, 2012, the Company issued 949,171 common shares at a deemed price of $0.1170 per share for debenture conversion and accrued interest of $111,053 (Note 6).

On December 1, 2012, the Company issued 55,556 common shares at a market price of $0.27 per share for mining expenses.

On December 13, 2012, the Company issued 38,462 common shares at a market price of $0.26 per share for investor relation expenses.

On January 2, 2013, the Company issued 55,556 common shares at a market price of $0.27 per share for mining expenses.

On January 14, 2013, the Company issued 40,000 common shares at a market price of $0.25 per share for investor relation expenses.

On January 25, 2013, the Company issued 1,028,113 common shares at a deemed price of $0.25 per share for warrants exercise of $257,028 (Note 6).

15

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

3.      Capital Stock - Continued

On February 1, 2013, the Company issued 78,947 common shares at a market price of $0.19 per share for mining expenses.

On February 14, 2013, the Company issued 41,667 common shares at a market price of $0.24 per share for investor relation expenses.

On February 19, 2013, the Company issued 2,000,000 common shares at a deemed price of $0.077 per share for debenture conversion of $154,000 (Note 6).

On March 1, 2013, the Company issued 48,387 common shares at a market price of $0.31 per share for mining expenses.

On March 8, 2013, the Company issued 2,000,000 common shares at a deemed price of $0.077 per share for debenture conversion of $154,000 (Note 6).

On March 14, 2013, the Company issued 47,619 common shares at a market price of $0.21 per share for investor relation expenses.

On March 15, 2013, the Company issued 2,000,000 common shares at a deemed price of $0.095 per share for debenture conversion of $190,000 (Note 6).

On March 15, 2013, the Company issued 38,945 common shares at a market price of $0.2311 per share for consulting fees.

On March 15, 2013, the Company issued 95,238 common shares at a market price of $0.21 per share for consulting fees.

On March 27, 2013, the Company issued 32,653 common shares at a market price of $0.245 per share for consulting fees.

On March 27, 2013, the Company issued 389,189 common shares at a market price of $0.185 per share for investor relation expenses.

16

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

3.      Capital Stock - Continued

For the year ended June 30, 2012:

On November 22, 2011, the Company issued 2,000,000 common shares at a deemed price of $0.2925 per share for debenture conversion of $585,000 (Note 6).

On April 18, 2012, the Company issued 610,795 common shares at a deemed price of $0.352 per share for debenture conversion of $215,000 (Note 6).

On April 18, 2012, the Company issued 323,637 common shares at a market price of $0.81 for conversion of interest payable and interest expense of $262,146 (Note 6).

On April 27, 2012, the Company issued 300,000 common shares at a market price of $1.06 per share for director fees (Note 11).

On May 1, 2012, the Company issued 26,041 common shares at a market price of $0.96 per share for consulting fees (Note 11).

On May 15, 2012, the Company issued 40,323 common shares at a market price of $0.62 per share for consulting fees (Note 11).

17

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

3.      Capital Stock - Continued

Since its inception (May 31, 2006), the Company has issued shares of its common stock as follows, retroactively adjusted to give effect to the 10 for 1 forward split:

					Price Per
Date	Description	Shares			Share		Amount
06/06/06	Shares issued for cash	20,000,000		$	0.001	$	20,000
07/01/06	Shares issued for cash	10,000,000			0.001		10,000
12/11/06	Shares issued for cash	17,375,000			0.004		69,500
01/18/11	Shares issued for mining expenses	250,000			0.100		25,000
01/27/11	Shares issued for cash	250,000			1.000		250,000
03/07/11	Shares issued for mining expenses	250,000			0.100		25,000
04/27/11	Shares issued for director fees	2,300,000			7.650		17,595,000
04/29/11	Shares issued for settlement of mining expenses	200,000			3.700		740,000
05/10/11	Shares issued for cash	190,476			5.250		1,000,000
06/11/11	Shares issued for investor relation	300,000			2.340		702,000
11/22/11	Shares issued for debenture conversion	2,000,000			0.2925		585,000
4/18/12	Shares issued for debenture conversion	610,795			0.352		215,000
4/18/12	Shares issued for interest	323,637			0.810		262,146
4/27/12	Shares issued for director fees	300,000			1.060		318,000
5/1/12	Shares issued for consulting fees	26,041			0.960		25,000
5/15/12	Shares issued for consulting fees	40,323			0.620		25,000
7/10/12	Shares issued for debenture conversion	1,504,415			0.1925		289,600
8/21/12	Shares issued for debenture conversion	815,047			0.1595		130,000
9/17/12	Shares issued for debenture conversion	1,581,028			0.1265		200,000
10/25/12	Shares cancelled in exchange for preferred shares	(20,000,000	)		0.0010		(20,000	)
11/1/12	Shares issued for mining expenses	62,500			0.2400		15,000
11/13/12	Shares issued for investor relation	41,667			0.2400		10,000
11/22/12	Shares issued for debenture conversion	949,171			0.1170		111,053
12/1/12	Shares issued for mining expenses	55,556			0.2700		15,000
12/13/12	Shares issued for investor relation	38,462			0.2600		10,000
1/2/13	Shares issued for mining expenses	55,556			0.2700		15,000
1/14/13	Shares issued for investor relation	40,000			0.2500		10,000
1/25/13	Shares issued for warrants exercise	1,028,113			0.2500		257,028
2/1/13	Shares issued for mining expenses	78,947			0.1900		15,000
2/14/13	Shares issued for investor relation	41,667			0.2400		10,000
2/29/13	Shares issued for debenture conversion	2,000,000			0.0770		154,000
3/1/13	Shares issued for mining expenses	48,387			0.3100		15,000
3/8/13	Shares issued for debenture conversion	2,000,000			0.0770		154,000
3/14/13	Shares issued for investor relation	47,619			0.2100		10,000
3/15/13	Shares issued for consulting fees	38,945			0.2311		9,000
3/15/13	Shares issued for consulting fees	95,238			0.2100		20,000
3/15/13	Shares issued for debenture conversion	2,000,000			0.0950		190,000
3/27/13	Shares issued for consulting fees	32,653			0.245		8,000
3/27/13	Shares issued for investor relation	389,189			0.185		72,000
	Cumulative Totals	47,360,432				$	23,566,327

18

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

3.      Capital Stock - Continued

Of these shares, 10,833,200 were issued to directors and officers of the Company. 17,815,476 were issued to independent investors. 800,946 were issued for mining expenses (Note 5). 898,604 were issued for investor relation expenses. 200,000 were issued for debt settlement. 13,784,093 were issued for debenture and interest conversion (Note 6). 1,028,113 were issued for exercise of warrants attached to convertible debentures (Note 6). 2,000,000 were issued for a mining option settlement (Note 5). As of March 31, 2013, the Company has issued 20,000,000 preferred shares to a director of the Company. The preferred shares have a par value of $0.001 per share and are convertible on a one for one basis into common shares subject to a one year hold period expiring on October 24, 2013. There are no other preferential rights attached to the preferred shares. The Company has no stock option plan, warrants or other dilutive securities, other than warrants issued to acquire 4,172,973 shares of the Company regarding convertible promissory notes (Note 7).

As per management agreements, the Company is obligated to issue 300,000 common shares to two directors by April 27, 2013 provided that they continue to serve as members to the Company’s board of directors (issued subsequent to March 31, 2013). 300,000 common shares were issued to the two directors on April 27, 2011 and April 27, 2012 respectively.

4.      Provision for Income Taxes

The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes. Deferred taxes are provided in the financial statements under FASC 740-20-20 to give effect to the resulting temporary differences which may arise from differences in the bases of fixed assets, depreciation methods, allowances, and start-up costs based on the income taxes expected to be payable in future years.

Exploration stage deferred tax assets arising as a result of net operating loss carryforwards have been offset completely by a valuation allowance due to the uncertainty of their utilization in future periods. Operating loss carryforwards generated during the period from May 31, 2006 (date of inception) through March 31, 2013 of $10,214,905 will begin to expire in 2026. Accordingly, deferred tax assets were offset by the valuation allowance that increased by approximately $1,367,596 and $1,345,000 during the periods ended March 31, 2013 and 2012, respectively.

The Company follows the provisions of uncertain tax positions as addressed in FASC 740-10-65-1. The Company recognized approximately no increase in the liability for unrecognized tax benefits.

The Company has no tax position at March 31, 2013 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at March 31, 2013. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended exploration stage activities. The tax years for June 30, 2012, June 30, 2011, June 30, 2010 and June 30, 2009 are still open for examination by the Internal Revenue Service (IRS).

19

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

5.      Mineral Property Costs

Mineral Claims, Clinton Mining District

On September 25, 2009, and amended June 24, 2010, the Company entered into an Option Agreement under which the Company was granted an option to acquire an undivided 50% interest in eight mineral claims located in the Clinton Mining District, Province of British Columbia, Canada (the “Claims”), which Claims total in excess of 3,900 hectares, in consideration of the issuance of 1,500,000 common shares of the Company on or before December 31, 2010. The Claims were subject to a two percent net smelter royalty which can be paid out for the sum of $1,000,000 (CAD). The Company can earn an undivided 50% interest in the Claims by carrying out a $100,000 (CAD) exploration and development program on the Claims on or before December 31, 2010, plus an additional $200,000 (CAD) exploration and development program on the Claims on or before September 25, 2011.

In the event that the Company acquires an interest in the Claims, the Company and the Optionor have further agreed, at the request of either party, to negotiate a joint venture agreement for further exploration and development of the Claims.

On April 29, 2011, the Company entered into a mutual release agreement. The Company is released from any obligations related to the Claims for considerations of a cash payment of CDN $ 54,624 (US$57,901) and the issuance of 200,000 common shares of the Company. The shares have been valued at a market price of $3.70 for a total of $740,000. The total amount of $797,901 has been recorded as mining expenses.

Mineral Permit

On December 16, 2010, the Company entered into an Assignment Agreement to acquire the following:

a.)	An undivided 100% right, title and interest in and to certain mineral permits located in the Province of Alberta, Canada.
b.)	All of the assignor’s right, title and interest in and to the Option Agreement.

In consideration for the Assignment, the Company agreed to pay US$90,000 by way of cash or stock of equal value (consisting of amounts previously paid by the Assignor pursuant to the Option Agreement). The Option shall be in good standing and exercisable by the Company by paying the following amounts on or before the dates specified in the following schedule:

i.)	CDN $40,000 (paid) upon execution of the agreement;
ii.)	CDN $60,000 (paid) on or before January 1, 2012;
iii.)	CDN $100,000 on or before January 1, 2013 (amended);
iv.)	CDN $300,000 on or before January 1, 2014; and
v.)	Paying all such property payments as may be required to maintain the mineral permits in good standing.
vi.)	The Optionee shall provide a refundable amount of CDN$50,000 (paid) to the Optionor by November 2, 2010, which shall be applied by the Optionor towards work assessment expenses acceptable to the Government of Alberta, with any unused portion to be applied against payments required to maintain the permits underlying the property in good standing.

20

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

5.      Mineral Property Costs - Continued

On December 31, 2012, the Company entered into an agreement to amend the original payment requirement of CDN$100,000 due on January 1, 2013 to the following payments: CDN $20,000 (paid) cash payment due on January 1, 2013 and CDN $80,000 by a 15% one year promissory note starting January 1, 2013. The promissory note is interest free until March 31, 2013. After then, interest will accrue on the principal balance then in arrears at the rate of 15% per annum. No payments shall be payable until December 31, 2013. At any time, the optionor may elect to convert the remaining balance of CDN $80,000 plus accrued interest into common shares of the Company at 75% of the closing market price of the Company’s common shares on the election day. The full $100,000 (consisting of cash payment of $20,000 and note payable of $80,000) was expensed. The note is subject to be measured at its fair value in accordance with ASC 480-10-25-14. The fair value at issuance was $106,667. An additional $26,667 was charged to mining expense and the note balance at March 31, 2013 is $106,667.

Glottech Technology

On March 17, 2011 and subsequently amended on November 18, 2011, the Company entered into a letter agreement to acquire one initial unit of proprietary and patented mechanical ultrasound technology for use in water purification, inclusive of its process of separating from water, as the primary fluid stock, the salt and other minerals and by –products contained therein, with Glottech – USA.

To acquire the unit, the Company must make the following payments:

a)	US$25,000 upon execution of the agreement (paid);
b)	US$75,000 within 180 days of execution of the agreement (paid);
c)	US$700,000 within 10 days of receipt of invoice from Glottech –USA LLC if the payment in b) is made (paid).
d)	The Company also granted an option to acquire 2,000,000 shares for $1.00 to Glottech – USA upon receipt of the operational ultrasonic generator that they are building for Lithium Exploration Group. The 2,000,000 shares are to be paid from outstanding shares owned by Alex Walsh, company CEO. During the year ended June 30, 2011, the option resulting in additional mining expenses of $4,940,000 was valued using the fair market value of the shares to be issued. On October 1, 2012, Alex Walsh and GD International entered into an agreement to transfer 2,000,000 common shares owned by Alex Walsh to GD International. The shares were received by GD International on October 29, 2012.

Commencing as of the end of an initial sixty day testing and training period following satisfactory delivery and physical setup of the technology, and continuing thereafter for as long as the technology remains in the possession of the Company, the Company shall pay continuing monthly royalties in an amount equal to $2.00 per physical ton of water processed pursuant to the usage of the technology.

On June 12, 2012, the Company filed a complaint with the court of common pleas of Chester County, Pennsylvania against Glottech – USA, LLC, Eldredge, Inc., and the Eldredge Companies, Inc. The complaint seeks an order of the court granting possession of the unit, in its current state, to the Company.

Effective August 14, 2012, the Company entered into an option agreement with GD Glottech-International, Limited (“GD International”) to protect our license and distribution rights in the event that GD-Glottech-USA, LLC (“GD USA”) is unable to perform and honor the obligations contingent to a letter agreement dated November 8, 2011.

21

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

5.      Mineral Property Costs - Continued

Pursuant to the terms of the option agreement, we are required to provide an initial deposit of $150,000 to be held in escrow for the option to obtain a license on the patent rights, as set forth in the option agreement. A further $15,000 was required for exercising the option agreement and it will be credited to future fees when patents rights are exercised. We exerised this option agreement on September 1, 2012 and released the funds to GD International.

On October 1, 2012, the Company entered into a sales agency agreement with GD International.The agreement shall replace all agreements entered previously. Pursuant to the agreement, the Company is appointed as GD International’s sales agent for the technology within the territory. As a consideration, 2,000,000 common shares of the Company shall be issued to GD International (issued: see d) above). GD International retains all right, title and interest in the technology. The term of this agreement will be an intial period of five years. The term shall be automatically renewable threrafter for successive five year periods provided that the Company has sold not less than 25 or more technology units during each applicable five year period.

6.      Convertible Debentures

On June 29, 2011, the Company entered into a securities purchase agreement with one investor. Pursuant to the terms of the agreement, the investor acquired convertible debentures with an aggregate face amount of $1,500,000. The debenture is due on December 28, 2012 and carries an interest rate of 12% per annum, with an effective interest rate of 680.71% . The debenture is convertible at the lower of $0.83 and 55% of the lowest reported sales price of the common stock for the 20 days immediately prior to conversion date subject to various prescribed conditions. The convertible loan has a fixed stated principal amount but is not convertible into a fixed number of shares, so the conversion feature is considered an imbedded derivative. However, the convertible debenture as a standalone instrument is to be measure at its fair value in accordance with ASC 480-10-25-14, rather than have its conversion feature bifurcated and reported separately. The fair value at issuance was $2,727,273. On November 22, 2011, $585,000 in face value of the debenture was converted to 2,000,000 common shares at a price of $0.2925 per share in accordance with the terms of the agreement. On April 18, 2012, $215,000 in face value of the debenture was converted to 610,795 common shares at a price of $0.352 per share in accordance with the terms of the agreement. On July 10, 2012, $270,000 in face value of the debenture was converted to 1,402,597 common shares at a price of $0.1925 per share in accordance with the terms of the agreement. On August 21, 2012, $130,000 in face value of the debenture was converted to 815,047 common shares at a price of $0.1595 per share in accordance with the terms of the agreement. On September 17, 2012, $200,000 in face value of the debenture was converted to 1,581,028 common shares at a price of $0.1265 per share in accordance with the terms of the agreement. On November 22, 2012, $100,000 in face value of the debenture was converted to 854,701 common shares at a price of $0.117 per share in accordance with the terms of the agreement. During the period ended December 31, 2012, an interest expense of $12,380 was accrued. On July 10, 2012, accrued interest of $19,600 on the debenture was converted to 101,818 common shares at the same rate used for conversion of principal. On November 22, 2012, accrued interest of $11,053 on the debenture was converted to 94,470 common share at the same rate used for conversion of principal. All principal has been converted as of March 31, 2013.

22

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

6.      Convertible Debentures – Continued

On May 15, 2012, the Company entered into another securities purchase agreement with the same investor. Pursuant to the terms of the agreement, the investor acquired convertible debentures with an aggregate face value of $1,680,000, at an original issuance discount of $180,000; resulting in $1,500,000 net proceeds to the Company. The debenture is due on May 15, 2013 and carries no interest, with an effective interest rate of 561.35% . The debenture is convertible at the lower of $0.45 and 65% of the lowest reported sales price of the common stock for the 20 days immediately prior to conversion date subject to various prescribed conditions. It is also subject to be measured at its fair value in accordance with ASC 480-10-25-14, rather than have its conversion feature bifurcated and reported separately. The fair value at issuance was $2,584,615. On February 19, 2013, $154,000 in face value of the debenture was converted to 2,000,000 common shares at a price of $0.077 per share in accordance with the terms of the agreement. On March 8, 2013, $154,000 in face value of the debenture was converted to 2,000,000 common shares at a price of $0.077 per share in accordance with the terms of the agreement. On March 15, 2013, $190,000 in face value of the debenture was converted to 2,000,000 common shares at a price of $0.095 per share in accordance with the terms of the agreement. As of March 31, 2013, the debenture has a remaining balance of $1,182,000.

On September 17, 2012, the Company entered into an amended agreement to revise the conversion price of the debentures entered into on June 29, 2011 and May 15, 2012. The debentures are now convertible at the lower of $0.20 and 65% of the lowest reported sales price of the common stock for the 20 days immediately prior to conversion date subject to various prescribed conditions.

Along with the debenture issued on June 29, 2011, the Company issued warrants to acquire a total of 1,807,229 shares of the Company for a period of five years at an exercise price of $0.913 of which 1,204,819 warrants were granted on June 29, 2011 and 602,410 warrants were granted on July 12, 2011. Along with the debenture entered into on May 15, 2012, the Company issued warrants to acquire a total of 3,333,333 shares of the Company for a period of five years at an exercise price of $0.45. Effective September 17, 2012, the excise price of warrants granted on June 29, 2011, July 12, 2011 and May 15, 2012 is revised to $0.20 per amended agreement.

The warrants bear a cashless exercise provision. The warrants also include anti-dilution protection with respect to lower priced issuances of common stock or securities convertible or exchangeable into common stock, which provision resulted in derivative liability treatment under ASC topic 815-10-55. Fair values at issuance totaled $2,168,674, $1,006,025 and $2,066,666 for warrants issued on June 29, 2011, July 12, 2011 and May 15, 2012 respectively.

The Company used the Lattice Model for valuing warrants using the following assumptions:

• Risk-free interest rate – 0.72%
• Term – 5 years
• Dividend yield – 0%
• Underlying stock price - $0.42
• Volatility – 274%

23

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

6.      Convertible Debentures – Continued

On January 25, 2013, 5,140,562 warrants were exercised for 1,028,113 common shares of the Company at a deemed price of $0.25 in accordance with the terms of the agreement. A gain of $886,759 was recorded when the warrants were valued prior to the warrants exercise. As of March 31, 2013, all the warrants issued prior to June 30, 2012 have been exercised.

The corresponding debt discount of the debentures were accreted to interest expense over the terms of debentures of 18 months and 12 months respectively. During the period ended March 31, 2013, an accretion of $1,738,163 was recognized as interest expense.

	Warrants			Weighted	Weighted
	Outstanding			Average	Average
				Exercise	Remaining
				Price	life
Balance, June 30, 2011	1,204,819		$	0.913	5 years
Warrants issued	3,935,743		$	0.521	4.75 years
Exercised	-		$	-	-
Cancelled	-		$	-	-
Expired	-		$	-	-
Balance, June 30, 2012	5,140,562		$	0.613	4.57 years
Warrants issued (Note 7)	4,172,973		$	0.185	4.91 years
Exercised	(5,140,562	)	$	0.250	-
Cancelled	-		$	-	-
Expired	-		$	-	-
Exercise price revised	-		$	0.200	-
Balance, March 31, 2013	4,172,973		$	0.185	4.91 years

24

Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

7.      Convertible Promissory Notes

On February 13, 2013, the Company entered into a securities purchase agreement with one investor. Pursuant to the terms of the agreement, the investor acquired a convertible promissory note with an aggregate face value of $1,100,000, at an issuance discount of $100,000; resulting in $1,000,000 net proceeds to the Company. On February 13, 2013, $100,000 net proceeds were received with an issuance discount of $10,000 for an aggregate face value of $110,000. There is no guarantee the investor will make additional payments. The note of $110,000 is due on February 13, 2016 and carries a one time interest rate of 5% over the term of note, with an effective interest rate of 171.61% . The note is convertible at the lower of $0.25 and 70% of the lowest reported sales price of the common stock for the 20 days immediately prior to conversion date subject to various prescribed conditions. The convertible note has a fixed stated principal amount but is not convertible into a fixed number of shares, so the conversion feature is considered an imbedded derivative. However, the convertible note as a standalone instrument is to be measure at its fair value in accordance with ASC 480-10-25-14, rather than have its conversion feature bifurcated and reported separately. The fair value at issuance was $157,143. During the period ended March 31, 2013, an interest expense of $231 was accrued.

Effective March 1, 2013, the Company entered into another securities purchase agreement with another investor. Pursuant to the terms of the agreement, the investor acquired a convertible promissory note with an aggregate face value of $672,000, at an issuance discount of $72,000; resulting in $600,000 net proceeds to the Company. On March 1, 2013, $150,000 net proceeds were received with an issuance discount of $18,000 for an aggregate face value of $168,000. Additional payments are due as follows:

• $150,000 on April 1, 2013 (paid subsequent to March 31, 2013)
• $100,000 on May 1, 2013 (paid subsequent to March 31, 2013)
• $100,000 on June 1, 2013
• $100,000 on July 1, 2013

The note of $168,000 is due on March 1, 2014 and carries no interest, with an effective interest rate of 561.36% . The note is convertible at the lower of 50% of the lowest reported sale price of the common stock for the 20 trading days immediately prior to (i) the closing date on March 1, 2013 or (ii) 50 % of the lowest reported sale price for the 20 days prior the conversion date of the Note. The convertible note has a fixed stated principal amount but is not convertible into a fixed number of shares, so the conversion feature is considered an imbedded derivative. However, the convertible note as a standalone instrument is to be measure at its fair value in accordance with ASC 480-10-25-14, rather than have its conversion feature bifurcated and reported separately. The fair value at issuance was $336,000.

Along with the promissory note issued on February 13, 2013, the Company issued warrants to acquire a total of 540,540 shares of the Company for a period of five years at an exercise price of $0.185. Along with the promissory note issued on March 1, 2013, the Company issued warrants to acquire a total of 3,632,433 shares of the Company for a period of five years at an exercise price of $0.185.

The warrants bear a cashless exercise provision. The warrants also include anti-dilution protection with respect to lower priced issuances of common stock or securities convertible or exchangeable into common stock, which provision resulted in derivative liability treatment under ASC topic 815-10-55. Fair values at issuance totaled $94,594, and $1,126,054 for warrants issued on February 13, 2013 and March 1, 2013 respectively.

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Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

7.      Convertible Promissory Notes - Continued

The Company used the Lattice Model for valuing warrants using the following assumptions:

• Risk-free interest rates – 0.92% and 0.75%
• Term – 5 years
• Dividend yield – 0%
• Underlying stock prices - $0.21 and $0.31
• Volatilities – 485% and 486%

At March 31, 2013, the warrants were valued at $876,324 resulting in a loss of $344,324 in the period ended March 31, 2013. The corresponding debt discount of the promissory notes was accreted to interest expenses over the terms of notes of 3 years and 1 year respectively. During the period ended March 31, 2013, an accretion of $5,456 was recognized as interest expense.

8.      Related Party Transactions

During the period ended March 31, 2013, the Company incurred consulting fees of $36,000 (2012 - $25,000) with directors and officers.

As of March 31, 2013, the Company was obligated to a director for a non-interest bearing demand loan with a balance of $45,332 (June 30, 2012 - $45,332). The Company plans to pay the loan back as cash flows become available.

These transactions are in the normal course of operations and are measured at the exchange amount of consideration established and agreed to by the related parties.

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Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

9.      Investment

During the year ended June 30, 2012, the Company paid US$197,393 (CDN $200,000) in consideration for 800,000 shares of First Reef Energy Inc.

The Company intends to sell the securities purchased in the near term, and accordingly, has classified them as Available-for-Sale securities, wherein, unrealized gains or losses resulting from marking the securities to market are recorded in other comprehensive income. The securities are valued using Tier Three inputs in accordance with FASB ASC 870-10: Fair Value Measurements and Disclosure (FASB 157) resulting in estimated fair value of $197,393 at March 31, 2013. Resulting other comprehensive income is nominal.

10.    Going Concern and Liquidity Considerations

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As at March 31, 2013, the Company had a working capital deficiency of $1,976,246 and an accumulated deficit of $32,815,855. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the next twelve months.

The ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to continue operations, explore and develop the mineral properties and the discovery, development and sale of ore reserves.

In response to these problems, management intends to raise additional funds through public or private placement offerings.

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

11.    Commitments

Employment Agreements

On January 12, 2012, the Company entered into an employment agreement with a director and officer. Commencing on January 12, 2012, the director and officer will be employed for 24 months ending on January 12, 2014. Pursuant to the agreement, annual salary of US$120,000 is payable monthly in cash or if the Company does not have available cash, in shares of the Company’s common stock.

On May 1, 2012, the Company entered into an employment agreement with an officer. Commencing on May 1, 2012, the officer will be employed for 12 months ending on May 1, 2013. Pursuant to the agreement, annual salary of US$100,000 is payable monthly or in more frequent installments in cash. On May 1, 2012, the officer received 26,041 common shares of the Company at a market price of $0.96 per share for a total of $25,000 as a signing bonus (Note 3).

Consulting Agreements

On January 12, 2012, the Company entered into two consulting agreements with consultants to provide services as members of the Board of Directors in regards to the Company’s management and operations. The compensation for the services to be provided by each consultant will be 150,000 shares of the Company’s common stock issuable at the beginning of each year from an effective date of April 27, 2011 to April 27, 2014, of which 150,000 shares have already been issued to each consultant in each of their first and second years of service (Note 3).

On May 1, 2012, the Company entered into two consulting agreements with consultants. Pursuant to agreements, consultants will receive monthly payments of $5,000 and $10,000 respectively ending on July 31, 2012. The agreements expired on July 31, 2012.

On May 15, 2012, the Company entered into a consulting agreement with a contractor to provide services in regards to the Company’s management and operations. Resulting from the consulting agreement the contractor became an officer of the Company. Commencing on May 15, 2012, the officer will be employed for 12 months ending on May 15, 2013. Pursuant to the agreement, a monthly salary of US$3,000 is payable in cash. On May 15, 2012, the officer received 40,323 common shares of the Company at a market price of $0.62 per share for a total of $25,000 as a signing bonus (Note 3). The agreement was terminated and replaced by a new agreement on March 15, 2013. Pursuant to the new agreement, a monthly salary of US$12,000 is payable in cash and/or common shares of the Company at the discretion of the Company for six months starting March 15, 2013.

On October 1, 2012, the Company’s wholly owned subsidiary entered into an agreement with a consultant to provide consulting services for mining operations. Pursuant to agreement, the consultant will receive a cash payment of $20,000 per month for five months starting October 15, 2012.

On November 1, 2012, the Company entered into an agreement with a consultant to provide consulting services for mining operations. Pursuant to agreement, the consultant will receive a number of common shares of the Company valued at $15,000 per month for six months starting November 1, 2012.

On November 13, 2012, the Company entered into an agreement with a consultant to provide public relations and investor relations services. Pursuant to agreement, the consultant will receive a number of common shares of the Company valued at $10,000 per month for six months starting November 13, 2012.

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Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

11.    Commitments - Continued

On February 1, 2013, the Company entered into an agreement with a consultant to provide investor relations service. Pursuant to the agreement, the contractor received 389,189 common shares of the Company valued at $12,000 per month for six months.

On February 15, 2013, the Company entered into an agreement with an advisor to provide services for six months regarding the Company’s corporate restructuring. Pursuant to the agreement, the advisor will receive $20,000 in cash for the first month and a number of common shares of the Company valued at $20,000 per month for the remaining five months.

On March 1, 2013, the Company entered into an agreement with a contractor to provide the services regarding the Company’s management and operation. Pursuant to the agreement, the contractor will receive a number of common shares of the Company valued at $8,000 and $8,000 in cash per month for five months starting March 1, 2013.

12.    Subsequent Events

On April 1, 2013, the Company issued 71,429 common shares at a market price of $0.21 per share for mining expenses.

On April 1, 2013, the Company issued 38,095 common shares at a market price of $0.21 per share for consulting fees.

On April 15, 2013, the Company issued 100,000 common shares at a market price of $0.20 per share for consulting fees.

On April 15, 2013, the Company issued 57,007 common shares at a market price of $0.2105 per share for consulting fees.

On April 15, 2013, the Company issued 50,000 common shares at a market price of $0.20 per share for investor relation expenses.

On April 23, 2013, the Company issued 2,000,000 common shares at a deemed price of $0.085 per share for debenture conversion of $170,000.

On April 27, 2013, the Company issued 300,000 common shares at a market price of $0.18 per share for director fees.

The Company has evaluated subsequent events from March 31, 2013 through the date of this report, and determined there are no other items to disclose.

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Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

13.    Restatement of March 31, 2012 Financial Statement

Subsequent to the issuance of the March 31, 2012 financial statements, management determined that convertible debentures had not been properly valued. The financial statements have been revised to accurately record the transaction. Accordingly, the statements of operations and cash flows have been revised as follows:

		As Previously
Effect of corrections		Reported			As Restated			Adjustment
STATEMENT OF OPERATIONS
Three months period ended March 31, 2012
Interest expense	$	(538,419	)	$	(48,751	)	$	489,668
Net loss		(1,259,372	)		(769,704	)		489,668
Basic and diluted loss per share	$	(0.02	)	$	(0.01	)	$	0.01
Nine months period ended March 31, 2012
Interest expense	$	(4,009,210	)	$	(1,706,539	)	$	2,302,671
Net loss		(3,774,905	)		(1,472,234	)		2,302,671
Basic and diluted loss per share	$	(0.07	)	$	(0.03	)		0.04
STATEMENT OF CASH FLOWS
Nine months period ended March 31, 2012
Net loss for the period	$	(3,774,905	)	$	(1,472,234	)	$	2,302,671
Interest expense	$	4,009,210		$	1,706,539		$	(2,302,671	)

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Lithium Exploration Group, Inc.

(An Exploration Stage Company)

Notes to Consolidated Interim Financial Statements

March 31, 2013

(Unaudited)

14.    Restatement of June 30, 2012 Financial Statement

Subsequent to the issuance of the June 30, 2012 financial statements, management determined that convertible debentures had not been properly valued. The financial statements have been revised to accurately record the transaction. Accordingly, the balance sheet as of June 30, 2012 and the statement of changes in stockholders’ equity (deficit) have been revised as follows:

		As Previously
Effect of corrections		Reported			As Restated			Adjustment
BALANCE SHEET
At June 30, 2012
LIABILITIES
Convertible debentures	$	1,573,743		$	119,198		$	(1,454,545	)
STOCKHOLDERS’ EQUITY
Additional paid-in capital	$	26,752,229		$	27,406,774		$	654,545
Deficit accumulated during the exploration stage	$	(29,218,931	)	$	(28,418,931	)	$	800,000
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
At June 30, 2012
Additional paid-in capital	$	26,752,229		$	27,406,774		$	654,545
Loss for the year	$	(3,190,439	)	$	(2,390,439	)	$	800,000
Deficit accumulated during the exploration stage	$	(29,218,931	)	$	(28,418,931	)	$	800,000

15.    Reclassifications

Certain items on the 2012 financial statements have been reclassed to conform to the 2013 presentation.

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Item 2.             Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our consolidated unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

Unless otherwise specified in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to shares of our common stock.

As used in this quarterly report, the terms “we”, “us”, “our”, and “our company” mean Lithium Exploration Group, Inc. and our wholly owned subsidiary, 1617437 Alberta Ltd., an Alberta, Canada corporation, unless otherwise indicated.

Corporate History

We were incorporated on May 31, 2006 in the State of Nevada under the name “Mariposa Resources, Ltd.”. Effective November 30, 2010, we changed our name to “Lithium Exploration Group, Inc.”, by way of a merger with our wholly-owned subsidiary Lithium Exploration Group, Inc., which was formed solely for the change of name.

Our executive offices are located at 3200 N. Hayden Road, Suite 235, Scottsdale, Arizona 85251, and our telephone number is (480) 641-4790.

We have one wholly-owned subsidiary, 1617437 Alberta Ltd., an Alberta, Canada corporation. Other than as set out herein, we have not been involved in any bankruptcy, receivership or similar proceedings, nor have we been a party to any material reclassification, merger, consolidation or purchase or sale of a significant amount of assets not in the ordinary course of our business.

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Our Current Business

We are an exploration-stage company that engages principally in the acquisition, exploration, and development of resource properties. Prior to June 25, 2009, we had the right to conduct exploration work on 20 mineral mining claims in Esmeralda County, Nevada. On July 31, 2009, we acquired an option to enter into a joint venture for the management and ownership of the Jack Creek Project, a mining project located in Elko County, Nevada. On September 25, 2009, the joint venture was terminated and we entered into an agreement with Beeston Enterprises Ltd., under which our company was granted an option to acquire an undivided 50% interest in eight mineral claims located in the Clinton Mining District of British Columbia, Canada. On February 14, 2011, we sent notice to Beeston to terminate the option agreement.

On December 16, 2010, we entered into an assignment agreement to acquire an undivided 100% right, title and interest in and to certain mineral permits located in the province of Alberta, Canada. To date, our activities have been limited to our formation, the raising of equity capital and our mining exploration work program.

On January 18, 2011, we entered into a purchase option agreement with Salta Water Co. and we acquired a 60% interest on the Salta Aqua claims in Salta Province, Argentina. We had a further option to acquire the remaining 40% interest from Salta Water. On February 1, 2011, we issued 250,000 common shares at a deemed price of $0.10 per share for mining expenses relating to the Salta Aqua Claims. The price of the issued shares was based on the market price of the shares on January 31, 2011.

On January 18, 2012, we elected not to pursue our option to purchase the property at our Salta Project in Argentina. The decision was made after reviewing the geological findings, evaluating both the short and long-term financial commitments of the option agreement, considering the recent political unrest in Argentina, and, most importantly, the decision to focus our company’s attention on our Valleyview Project in Alberta, Canada.

On March 17, 2011, we entered into a letter agreement between our company and Glottech-USA, LLC, for an acquisition of one initial unit of certain proprietary and patented mechanical ultrasound technology for use in the water treatment in regards to our lithium operations in Alberta, Canada. Our officer and director, Alexander Walsh, met the principals of Glottech-USA in 2009 in the course of operating his consulting company, AW Enterprises LLC.

On June 29, 2011, we entered into a securities purchase agreement with Hagen Investments Ltd., as modified on September 17, 2012. Pursuant to the terms of the agreement, Hagen acquired convertible debentures with an aggregate total of $1,500,000. $1,000,000 was paid on June 29, 2011 and $500,000 was paid on July 12, 2011. The initial debenture for $1,000,000 was due on December 28, 2012. The release of the full $1,500,000 to us is governed by the terms of an escrow agreement entered into on the same day. The debenture initially carries an interest rate of 12% per annum and is convertible at $0.83 per share subject to various prescribed conditions. Along with the debentures, we have issued warrants to acquire a total of 1,204,819 shares of our common stock for a period of 5 years. On September 17, 2012, we entered into an agreement to modify the pricing mechanisms of the warrant and the convertible debenture such that the exercise price per share of the common stock under the warrant shall be $0.20, subject to adjustment, and the conversion price of the debenture shall be the lesser of (i) 65% of the lowest reported sale price of the common stock for the 20 trading days immediately prior to the conversion date, or (ii) $0.20. The warrants also include cashless exercise provisions in the event that the registration statement is not effective. On December 31, 2012 the principal balance of debt remaining to Hagen had been converted to common shares. Excluding the modifications to the exercise price of the warrant and to reduce the conversion price of the debenture, the original securities purchase agreement dated June 29, 2011, will remain un-amended and in full force and effect.

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Pursuant to a registration rights agreement entered into with Hagen on June 29, 2011, we were required to file a registration statement for the shares underlying the convertible debentures, as well as the warrants, within 30 days of the closing of the initial $1,000,000 and ensure that the registration statement is declared effective by the Securities and Exchange Commission within 120 days of the closing. The registration was made effective on February 29, 2012, but because effectiveness was granted following 120 days from closing of the registration rights agreement, we will incur a 10% penalty on all convertible debentures registered pursuant to the agreement. Accordingly, whereas the conversion price of the debentures was previously the lesser of (i) 65% of the lowest reported sale price of our common stock for the 20 trading days immediately prior to the conversion date, or (ii) $0.20, the discounted conversion price will be the lesser of (i) 55% of the lowest reported sale price of our common stock for the 20 trading days immediately prior to the conversion date, or (ii) $0.20. Subsequently, in January 2013, the debenture was satisfied and we issued a total of 240,964 shares of our company’s common stock upon exercise of the warrants.

Also on June 29, 2011, our officer and director, Alexander Walsh, entered into a guaranty and pledge agreement whereby he pledged 25,000,000 shares of our common stock currently held by him, as collateral and guaranty for our obligations under the securities purchase agreement and the debentures. On September 24, 2012 this guaranty and pledge agreement was mutually terminated by Hagen and Alexander Walsh.

On November 8, 2011, we entered into a letter agreement with Glottech-USA. Pursuant to the terms of the agreement, we were granted an exclusive license to use and distribute the technology within the Swan Hills region of Alberta as well as a non-exclusive right to distribute the technology within Canada.

We previously made the following payments in association with the production of a working unit of Glottech-USA’s technology:

A.	$25,000 on March 21, 2011 in consideration for entering into the letter agreement dated March 17, 2011;
B.	$75,000 on May 27, 2011 in consideration for continuance of the March 17, 2011 agreement; and
C.	$700,000 on May 27, 2011 in consideration for a licensing and technology payment.

As part of the November 8, 2011 agreement, our officer and director, Alexander Walsh, agreed to provide Glottech-USA with the option, for a period of 12 months from delivery of the first unit, to acquire 2,000,000 shares of our common stock currently held by him, for a total price of $1.00. Additionally, if, for any reason, Mr. Walsh failed to deliver the 2,000,000 shares of our common stock to Glottech-USA, we agreed to issue the shares from treasury.

On June 12, 2012, we filed a complaint against Glottech-USA in the Court of Common Pleas of Chester County, Pennsylvania, alleging that Glottech-USA misused our funds and was in breach of our agreements that called for Glottech-USA to deliver one initial unit of the mechanical ultrasound technology. We further alleged that Glottech-USA was financially insolvent and unable to fulfill its promises to us.

On June 12, 2012, we filed a complaint with the Court of Common Pleas of Chester County, Pennsylvania against Glottech-USA, LLC, Eldredge, Inc., and the Eldredge Companies, Inc. The complaint sought an order of the Court granting possession of the unit to our company. As the unit is currently located on the property of Eldredge, Inc., and the Eldredge Companies, Inc., these companies were included as defendants in the complaint. The Eldredge defendants were subsequently dismissed from the lawsuit.

Effective August 14, 2012, we entered into an option agreement with GD Glottech International to protect our license and distribution rights in the event that Glottech-USA became unable to perform and honor its obligations to us.

Pursuant to the terms of the option agreement, we were required to provide an initial amount of $150,000 to be held in escrow for the option to obtain a license on the patent rights, as set forth in the option agreement. On September 1, 2012, Glottech-USA’s license to the technology expired and also on September 1, 2012, we exercised this option agreement and released the funds to GD Glottech International.

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On October 1, 2012, we entered into a license agreement and a sales agency agreement with GD Glottech, regarding GD Glottech International’s proprietary and patented mechanical ultrasound technology for use in water purification in the process of separation of salt and other minerals from lithium bearing brine produced from oil and gas operations. The license agreement and sales agency agreement expands and replaces all prior agreements among our company, GD Glottech International and Glottech-USA, LLC regarding our rights to use and sell the mechanical ultrasound technology, including our letter of intent dated November 18, 2012, and our option agreement dated August 14, 2012.

Pursuant to the sales agency agreement we have been appointed as sales agent for the patented mechanical ultrasound technology within Canada. Our appointment will be exclusive within the field of non petro-chemical mining and non-exclusive in all other fields of use. In consideration of the sales agency rights, we agreed to issue to GD Glottech International 2,000,000 common shares in our capital stock, which obligation has been satisfied through the transfer to GD Glottech International of 2,000,000 shares held by our officer and director, Alexander Walsh. It was the explicit intention of the parties that this share transfer fulfills the prior obligations of Alexander Walsh and our company with respect to the option contemplated in the March and November 2011 agreements with Glottech-USA. We will receive a royalty in respect of sales of the technology secured by us. The term of the initial agreement will be for 5 years with the possibility of extension if sales targets are achieved.

Pursuant to the license agreement, we have obtained the exclusive right to use the mechanical ultrasound technology within the field of non-petro-chemical mining within the territory of Canada. We may also sublicense our rights under the license in respect of one or more units of the technology to any entity operating within the field of use in which we own or beneficially own at least a 20% equity interest. GD Glottech International has agreed to supply us with up to 5 technology units per 12-month period from the effective date of the license term, which will start from the month of delivery of the unit of the technology. The first unit of the technology provided under the license will be provided at no additional cost to us and subsequent units shall be subject to a fee based on the then current retail price of the units. If we sublicense any of our rights, the term of the applicable license will be for 5 years from the date the applicable unit is delivered. Pursuant to the license agreement, GD Glottech International shall provide ongoing technical assistance and training in respect of our use of the technology at our cost.

In consideration of the license, we will pay to GD Glottech International a royalty based on the tonnage of water produced by our use of the technology in accordance with the agreement. A minimum annual royalty will be applicable. The term of the license agreement shall be for an initial period of 5 years and shall be renewable for additional terms of 5 years provided that we satisfy the minimum royalty requirements during each period.

GD Glottech International’s technology is designed to separate suspended solids from water (brine), which is one step in the process that we are taking to produce commercially viable minerals. The technology produces extremely high temperatures, which destroy organic substances such as bacteria and other toxic agents. We believe that GD Glottech International's technology can provide lower costs of operation as well as reduced time for site clean-up than traditional methods of water treatment. We anticipate using this application to extract dissolved solids like lithium, potassium, and magnesium from oil field brine. The disposal of produced water (brine) from oil and gas production in Alberta is a significant environmental issue for the province and presents a considerable economic issue for producers. We intend to use the technology on our Valleyview Property in Alberta, in cooperation with oil and gas producers, to treat and dispose of their produced water while monetizing the minerals that are contained within that produced water stream that is being brought to the surface during the oil and gas production process. As we own the MAIM (Metals and Industrial Minerals) claims to the minerals on the Valleyview Property, the minerals contained in their produced water stream fall under our rights. While we have had discussions with oil and gas consultants and oil operators regarding their difficulties in treating the brine at some of their fields, we have no formal agreements in place.

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The technical process is based on the use of mechanical ultrasound generated through the production of a series of cavitations. Mechanical ultrasound is a machine-produced sound of a frequency above the upper limit of the normal range of human hearing. Cavitations are the rapid formation and collapse of bubbles in liquids, caused by the movement of something such as a propeller or by waves of high-frequency sound. The production of mechanical ultrasound allows GD Glottech International’s technology to distill the fluid stock. Using mechanical ultrasound for distillation has been attempted before, but the external energy requirement needed to produce the mechanical ultrasound was far too expensive to make it commercially viable. GD Glottech International’s technology uses the energy released during the cavitations in order to make it commercially viable from an economic perspective. During these cavitations, a millisecond of energy is released. During this release, temperatures can reach 5000 degrees Centigrade. As this is a pilot unit, no other units are currently in production.

On October 19, 2012, GD Glottech International moved to intervene as an interested party in the litigation pending against Glottech-USA. GD Glottech International cited its role as owner of the patents as a basis for intervening in the litigation against Glottech-USA. We believe GD Glottech International’s entry into the litigation against Glottech-USA is favorable to our cause in the litigation.

On October 22, 2012 the Court of Common Pleas in Chester County, Pennsylvania, granted our motion to amend our complaint against Glottech-USA to add claims for fraud and damages reflective of the malfeasance which we allege against Glottech-USA and its officers.

On December 12, 2012, GD Glottech International removed the management of Glottech-USA and appointed itself as the manager of Glottech-USA. On the same day, Larry Nesbit, Mark Siegel and Ron Fender filed a motion to dissolve Glottech-USA in Mississippi on the basis that Glottech-USA was unable to meet its financial obligations and could not finish or deliver the unit to us.

On December 19, 2012, an attorney purportedly acting on behalf of Glottech-USA filed a motion in the lawsuit pending in Chester County, Pennsylvania, seeking possession of the unit.

GD Glottech International immediately filed a motion to quash Glottech-USA’s motion and for sanctions against the law firm that filed the motion. We also filed a motion, seeking disqualification of the law firm that purported to represent Glottech-USA on the basis that the new management for Glottech-USA had fired the law firm and, as such, the law firm no longer had authority to represent Glottech-USA.

On April 25, 2013, we attended a hearing on the motions pending in the lawsuit filed in Chester County, Pennsylvania. The Court did not rule on any of the motions and, instead, stayed the case as to Glottech-USA until December of 2013 pending the outcome of the lawsuit seeking dissolution of Glottech-USA.

Given pending litigation against Glottech-USA, and the uncertainties naturally inherent of any litigation (particularly as to outcome and timing thereof), we have moved to assure continuity of our licensing rights through entering into, and exercising, the option to contract directly with the technology inventor and patents owner, GD Glottech International. Thus, regardless of the outcome of the litigation, or indeed any action or inaction of Glottech-USA, our interest in the technology is assured.

On March 28, 2012, we entered into a securities purchase agreement with Hagen, as modified on May 15, 2012 and September 17, 2012. Pursuant to the terms of the agreement, within 45 days Hagen will acquire convertible debentures with an aggregate total of $1,680,000, at an original issuance discount of $180,000, resulting in $1,500,000 net proceeds to us.

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On May 15, 2012, we received $1,500,000 from Hagen and closed the securities purchase agreement. In conjunction with this closing we issued the convertible debenture in the amount of $1,680,000. The debenture is due on May 15, 2013, carries no interest, and is convertible at the lower of $0.45 per share or 65% of the lowest reported price of our common stock over the 20 trading days immediately prior to the date of conversion. Additionally, we issued Hagen a warrant to acquire 3,333,333 shares of our common stock for a period of five years. On September 17, 2012, we entered into an agreement to modify pricing mechanisms of the warrant and the convertible debenture in the original securities purchase agreement such that the exercise price per share of the common stock under the warrant shall be $0.20, subject to adjustment, and the conversion price of the debenture shall be the lesser of (i) 65% of the lowest reported sale price of the common stock for the 20 trading days immediately prior to the conversion date, or (ii) $0.20. Excluding the modifications to the exercise price of the warrant and to reduce the conversion price of the debenture, the original securities purchase agreement dated March 28, 2012, will remain un-amended and in full force and effect.

On February 13, 2013 we entered into a securities purchase agreement with JMJ Financial. Pursuant to the terms of the agreement, our company will also enter into a convertible promissory note in the principal amount of $1,100,000 (for consideration of up to $1,000,000), of which $100,000 shall be paid to our company upon closing of the convertible promissory note and a common stock purchase warrant for the purchase of up to 540,540 shares of our common stock at an exercise price of $0.185 for a period of five years. The convertible promissory note shall have a maturity date of February 13, 2016. The remainder of the convertible debenture can be drawn down on by mutual agreement from JMJ Financial and our company.

On February 19, 2013, we entered into a securities purchase agreement, with an effective date of March 1, 2013, with JDF Capital Inc. Pursuant to the terms of the agreement, our company has issued a secured convertible promissory note in an aggregate principal amount of $672,000 and a warrant to purchase 3,632,433 shares of our company’s common stock with an exercise price of $0.185 per share for an aggregate exercise price of $672,000 for a period of five years, for consideration of $600,000 (original issue discount of $72,000 in lieu of interest), of which $150,000 shall be paid to our company upon closing on March 1, 2013. The note shall have a maturity date of 12 months from each tranche of consideration, as set out in the note. Additional payments of $150,000 are due on April 1, 2013, $100,000 on May 1, 2013, $100,000 on June 1, 2013, and $100,000 on July 1, 2013 to satisfy the aggregate amount of $600,000 as part of the February 19, 2013 agreement. The March, April, and May payments have been received by our company.

Effective February 27, 2013, Alexander Walsh, our company's president and director, established a 10b5-1 Sales Plan in connection with an overall asset diversification strategy. The plan was made effective on March 7, 2013. Under his 10b5-1 Plan, Mr. Walsh may sell a number of shares of our company's common stock not to exceed 10% of the daily volume on any trading day during the term of the plan. The plan will expire on May 27, 2013. The authorized sale price of the shares shall be a limit price, such that sales may only be made if the market price on the day of sale is greater than or equal to $0.20 per share, subject to adjustment for capital alterations. The sale of our company’s common stock owned by Mr. Walsh pursuant to his 10b5-1 Plan is scheduled to occur at regular intervals until May 27, 2013, provided that a designated minimum share price is met. Sales transactions occurring under Mr. Walsh’s 10b5-1 Plan will be disclosed publicly through Form 4 filings with the SEC and will be subject to the restrictions and filing requirements of Rule 144. Mr. Walsh may terminate his 10b5-1 Plan at any time.

Effective March 15, 2013, we entered into a consulting agreement with International Compass, LLC for the services of Bryan Kleinlein as chief financial officer of our company. The term of the agreement is six months. As compensation, our company has agreed to pay to International Compass $12,000 per month during the term payable in cash or common shares registered on Form S-8. The value of the shares of our company issued as compensation, if any, shall be based on the weighted average trading price of the shares of our company in the five trading days immediately preceding the dates when the shares are due. Mr. Kleinlein was first appointed as our chief financial officer on May 15, 2012. The agreement with International Compass replaces and supersedes our agreement with Mr. Kleinlein dated May 15, 2012.

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In February 2013, we explored the acquisition of a machine shop in Arizona to assist in the future development of the GD Glottech International technology. This acquisition was explored to provide existing cash flow to our company from the machine shop’s ongoing business and provide a place where work could be performed on the technology. GD Glottech International subsequently entered into a partnership with a machine shop in Houston, Texas to provide those services and given that development we ceased pursuing the acquisition.

Effective April 22, 2013, we entered into a non-binding letter of intent to purchase the mining concessions held by another lithium exploration company. The letter of intent prohibits the lithium exploration company from soliciting or accepting offers for those assets while we perform due diligence and negotiate the terms of the acquisition. This acquisition is being contemplated to increase our lithium bearing asset holdings and diversify the geographic location of our lithium holdings. However, we have not entered into any definitive agreements for the acquisition and cannot provide any assurances that the acquisition will be successfully concluded.

Effective May 1, 2013, we entered into a non-binding letter of intent to purchase Golden Spike Energy, a Calgary, Alberta, Canada based oil and gas operator. The letter of intent prohibits Gold Spike from soliciting or accepting offers for their company or any of their assets while we perform due diligence and negotiate terms of the acquisition. If successfully completed, this acquisition would provide immediate cash flow to our company and will give us operations in Canada where we can perform future work on our lithium exploration efforts. However, we have not entered into any definitive agreements for the acquisition and cannot provide any assurances that the acquisition will be successfully concluded.

Results of Operations

We have generated no revenues since inception and have incurred $526,920 and $1,681,254 respectively, in operating expenses for the three and nine month periods ended March 31, 2013.

The following provides selected financial data about our company for the three and nine month periods ended March 31, 2013 and 2012.

Three months ended March 31, 2013 and 2012.

		Three months			Three months
		ended			ended
		March 31,			March 31,
		2013			2012
Revenue	$	Nil		$	Nil
Operating expenses (loss)	$	(526,920	)	$	(233,002	)
Other income (expenses):
Interest expense	$	(2,322,114) 2,579,143		$	(48,751	)
Gain (loss) on derivative liability	$	459,997		$	(487,951	)
Net loss	$	(2,389,037	)	$	(769,704	)

Operating expenses for the three months ended March 31, 2013 increased as a result of increases in consulting fees, general and administrative expenses, investor relations, mining expenses, professional fees and wages.

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Nine months ended March 31, 2013 and 2012.

		Nine months			Nine months
		ended			ended
		March 31,			March 31,
		2013			2012
Revenue	$	Nil		$	Nil
Operating expenses (loss)	$	(1,681,254	)	$	(1,368,105	)
Other income (expenses):
Interest expense	$	(3,946,753)		$	(1,706,539	)
Gain (loss) on derivative liability	$	1,231,083		$	1,602,410
Net loss	$	(4,396,924	)	$	(1,472,234	)

Operating expenses for the nine months ended March 31, 2013 increased as a result of increases in consulting fees, general and administrative expenses, mining expenses, professional fees, travel expenses and wages.

Liquidity and Capital Resources

The following table provides selected financial data about our company as of March 31, 2013, and June 30, 2012, respectively.

Working Capital

		As at			As at
		March 31,			June 30,
		2013			2012
Total current assets	$	117,082		$	1,239,603
Total current liabilities	$	2,093,328		$	2,394,736
Working capital (deficit)	$	(1,976,246	)	$	(1,155,133	)

Cash Flows

		Nine Months			Nine Months
		ended			ended
		March 31,			March 31,
		2013			2012
Net cash provided by (used in) operating activities	$	(1,437,132	)	$	(1,102,203	)
Net cash provided by (used in) investing activities	$	Nil		$	(197,393	)
Net cash provided by (used in) financing activities	$	250,000		$	497,795
Increase (Decrease) in cash	$	(1,187,132	)	$	(801,801	)

We had cash of $52,471 as of March 31, 2013 compared to cash of $1,239,603 as of June 30, 2012. We had a working capital deficit of $1,976,246 as of March 31, 2013 compared to a working capital deficit of $1,155,133 as of June 30, 2012.

The report of our auditors on our audited consolidated financial statements for the fiscal year ended June 30, 2012, contains a going concern qualification as we have suffered losses since our inception. We have minimal assets and have achieved no operating revenues since our inception. We have depended on loans and sales of equity securities to conduct operations. Unless and until we commence material operations and achieve material revenues, we will remain dependent on financings to continue our operations.

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Anticipated Cash Requirements

We estimate that our expenses over the next 12 months will be approximately $400,000 as described in the table below. These estimates may change significantly depending on the nature of our future business activities and our ability to raise capital from shareholders or other sources.

Description	Estimated		Estimated
	Completion		Expenses
	Date		($)
General and administrative	12 months	$	250,000
Mining expenses	12 months	$	100,000
Professional fees	12 months	$	50,000
Total		$	400,000

We intend to meet our cash requirements for the next 12 months through cash on hand, funds that are coming in from past financings, and additional financings. We currently do not have any other arrangements in place to complete any private placement financings and there is no assurance that we will be successful in completing any such financings on terms that will be acceptable to us.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

Inflation

The amounts presented in our financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

Critical Accounting Policies and Estimates

Basis of Presentation and Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

The consolidated financial statements include the accounts of our company and our subsidiary 1617437 Alberta Ltd. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Our company’s periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of our company. Significant estimates that may materially change in the near term include the valuation of derivative liabilities and the underlying warrants, as well as fair value of investments.

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Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. Our company had $52,471 and $1,239,603 in cash and cash equivalents at March 31, 2013 and June 30, 2012, respectively.

Concentration of Risk

Our company maintains cash balances at a financial institution which, from time to time, may exceed Federal Deposit Insurance Corporation insured limits for banks located in the US. As of March 31, 2013 and June 30, 2012, our company had $Nil and $1,016,716, respectively, in deposits in excess of federally insured limits in its US bank. Our company has not experienced any losses with regard to its bank accounts and believes it is not exposed to any risk of loss on its cash in bank accounts.

Concentrations of Credit Risk

Our company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables it will likely incur in the near future. Our company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. Our company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

Prepaid Expenses

Prepaid expenses mainly consist of legal retainers and deposit paid to obtain a license on patent rights. Legal retainers will be expensed in the period when services are completed. Deposit for patent rights will be expensed as exploration cost when our company is licensed.

Start-Up Costs

In accordance with FASC 720-15-20 “Start-Up Costs,” our company expenses all costs incurred in connection with the start-up and organization of our company.

Mineral Acquisition and Exploration Costs

Our company has been in the exploration stage since its formation on May 31, 2006 and has not yet realized any revenue from its planned operations. It is primarily engaged in the acquisition, exploration, and development of mining properties. Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserves.

Concentrations of Credit Risk

Our company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables it will likely incur in the near future. Our company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. Our company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

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Net Income or (Loss) per Share of Common Stock

Our company has adopted FASC Topic No. 260, “Earnings Per Share,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income(loss) by the weighted average number of shares of common stock outstanding during the period.

Potentially dilutive securities are not presented in the computation of EPS since their effects are anti-dilutive.

Foreign Currency Translations

Our company’s functional and reporting currency is the US dollar. All transactions initiated in other currencies are translated into US dollars using the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the US dollar at the rate of exchange in effect at the balance sheet date. Unrealized exchange gains and losses arising from such transactions are deferred until realization and are included as a separate component of stockholders’ equity (deficit) as a component of comprehensive income or loss. Upon realization, the amount deferred is recognized in income in the period when it is realized.

No significant realized exchange gain or losses were recorded from inception (May 31, 2006) to March 31, 2013.

Comprehensive Income (Loss)

FASC Topic No. 220, “Comprehensive Income,” establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. From inception (May 31, 2006) to March 31, 2013, our company had no items of other comprehensive income. Therefore, net loss equals comprehensive loss from inception (May 31, 2006) to March 31, 2013.

Risks and Uncertainties

Our company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure.

Environmental Expenditures

The operations of our company have been, and may in the future be, affected from time to time in varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon our company vary greatly and are not predictable. Our company's policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

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Warrants

We value our warrants with provisions resulting in derivative liabilities at fair value using the lattice model according to ASC-815-10-55. We revalue our warrants at the end of every period at fair value and record the difference in other income/(expense) in the consolidated statement of operations.

Convertible Debentures

We value our convertible debentures with provisions resulting in beneficial conversion features from the embedded derivative at fair value according to ASC-840-10-25-14, rather than have its conversion feature bifurcated and reported separately due to ASC-815-15-25-1b. Because the value of the derivative related to the warrant exceeds the proceeds of the loan, our company allocated 100% of the proceeds to the warrant derivative and took a day one loss for the difference between the proceeds and the fair value of the warrants, resulting in a debt discount on the full fair value of the debenture because no proceeds were available to be allocated to the debt or its beneficial conversion feature. That debt discount is accreted to interest expense over the stated life of the note using the interest method in accordance with ASC 470-20-35-7a and 835-30-35-2. Unaccreted debt discount on the date of conversion is accreted to interest expense on that date.

Item 3.             Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4.             Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer) and our chief financial officer (our principal financial officer and principal accounting officer) to allow for timely decisions regarding required disclosure.

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer) and our chief financial officer (our principal financial officer and principal accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer) and our chief financial officer (our principal financial officer and principal accounting officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report. The company is in the process of adopting specific internal control mechanisms with our board and officers’ collaboration to ensure effectiveness as we grow. We have engaged an outside consultant to assist in adopting new measures to improve upon our internal controls. Future controls, among other things, will include more checks and balances and communication strategies between the management and the board to ensure efficient and effective oversight over company activities as well as more stringent accounting policies to track and update our financial reporting.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarterly period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1.             Legal Proceedings

Other than as set out below, we know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

On June 12, 2012, we filed suit against Glottech-USA in the Court of Common Pleas of Chester County, Pennsylvania, alleging that Glottech-USA misused our funds and was in breach of our agreements that called for Glottech-USA to deliver one initial unit of the mechanical ultrasound technology. We further alleged that Glottech-USA was financially insolvent and unable to fulfill its promises to us.

On June 12, 2012, we filed a complaint with the Court of Common Pleas of Chester County, Pennsylvania against Glottech-USA, LLC, Eldredge, Inc., and the Eldredge Companies, Inc. The complaint seeks an order of the Court granting possession of the unit, in its current state, to our company. As the unit is currently located on the property of Eldredge, Inc., and the Eldredge Companies, Inc., these companies were included as defendants in the complaint.

On August 27, 2012 we filed a motion to amend our complaint to include claims of breach of trust and fiduciary duty, breach of good faith and fair dealing, breach of contract, conversion of funds, fraud, and the imposition of a constructive trust. We believe that this action is necessary to protect our interest against possible misuse of funds by Glottech-USA, LLC and its principals. We will also seek damages as appropriate.

On October 19, 2012, GD Glottech International moved to intervene as an interested party in the litigation pending against Glottech-USA. GD Glottech International cited its role as owner of the patents as a basis for intervening in the litigation against Glottech-USA. We believe GD Glottech International’s entry into the litigation against Glottech-USA is favorable to our cause in the litigation.

On October 22, 2012, the Court of Common Pleas in Chester County, Pennsylvania, granted our motion to amend our complaint against Glottech-USA to add claims for fraud and damages reflective of the malfeasance which we allege against Glottech-USA and its officers.

On December 12, 2012, GD Glottech International removed the management of Glottech-USA and appointed itself as the manager of Glottech-USA. On the same day, Larry Nesbit, Mark Siegel and Ron Fender filed a motion to dissolve Glottech-USA in Mississippi on the basis that Glottech-USA was unable to meet its financial obligations and could not finish or deliver the unit to us.

On December 19, 2012, an attorney purportedly acting on behalf of Glottech-USA filed a motion in the lawsuit pending in Chester County, Pennsylvania, seeking possession of the unit.

GD Glottech International immediately filed a motion to quash Glottech-USA’s motion and for sanctions against the law firm that filed the motion. We also filed a motion, seeking disqualification of the law firm that purported to represent Glottech-USA on the basis that the new management for Glottech-USA had fired the law firm and, as such, the law firm no longer had authority to represent Glottech-USA.

On April 25, 2013, we attended a hearing on the motions pending in the lawsuit filed in Chester County, Pennsylvania. The Court did not rule on any of the motions and, instead, stayed the case as to Glottech-USA until December of 2013 pending the outcome of the lawsuit seeking dissolution of Glottech-USA.

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We do not believe that Glottech-USA has sufficient capital to complete the technology unit and the former managers of Glottech-USA have admitted these facts in their lawsuit to dissolve Glottech-USA. We have provided full consideration to Glottech-USA and complied with all other agreed upon conditions for the delivery of the unit by Glottech-USA.

Item 1A.          Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2.             Unregistered Sales of Equity Securities and Use of Proceeds

On January 2, 2013, we issued 55,556 common shares at a market price of $0.27 per share for mining. These shares were issued pursuant to an exemption from registration relying on Section 4(2) of the Securities Act of 1933.

On January 14, 2013, we issued 40,000 common shares at a market price of $0.25 per share for investor relation expenses. These shares were issued pursuant to an exemption from registration relying on Section 4(2) of the Securities Act of 1933.

On February 1, 2013, we issued 78,947 common shares at a market price of $0.19 per share for mining expenses. These shares were issued pursuant to an exemption from registration relying on Section 4(2) of the Securities Act of 1933.

On February 14, 2013, we issued 41,667 common shares at a market price of $0.24 per share for investor relation expenses. These shares were issued pursuant to an exemption from registration relying on Section 4(2) of the Securities Act of 1933.

On March 1, 2013, we issued 48,387 common shares at a market price of $0.31 per share for mining expenses. These shares were issued pursuant to an exemption from registration relying on Section 4(2) of the Securities Act of 1933.

On March 14, 2013, we issued 47,619 common shares at a market price of $0.21 per share for investor relation expenses. These shares were issued pursuant to an exemption from registration relying on Section 4(2) of the Securities Act of 1933.

On March 27, 2013, we issued 389,189 common shares at a market price of $0.185 per share for investor relation expenses. These shares were issued pursuant to an exemption from registration relying on Section 4(2) of the Securities Act of 1933.

Item 3.             Defaults Upon Senior Securities

None.

Item 4.             Mine Safety Disclosures

Not applicable.

Item 5.             Other Information

None.

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Item 6.             Exhibits

Exhibit	Description
Number
(3)	(i) Articles of Incorporation; and (ii) Bylaws
3.1	Articles of Incorporations (incorporated by reference to our Registration Statement on Form SB-2 filed on September 20, 2006)
3.2	Bylaws (incorporated by reference to our Registration Statement on Form SB-2 filed on September 20, 2006)
3.3	Articles of Amendment dated May 31, 2006 (incorporated by reference to our Current Report on Form 8-K filed on April 21, 2009)
3.4	Certificate of Amendment dated April 8, 2009 (incorporated by reference to our Current Report on Form 8-K/A filed on April 23, 2009)
3.5	Articles of Merger dated November 17, 2010 (incorporated by reference to our Current Report on Form 8-K filed on December 7, 2010)
(10)	Material Contracts
10.1	Assignment Agreement between our company and Lithium Exploration VIII Ltd. dated December 16, 2010 (incorporated by reference to our Current Report on Form 8-K filed on January 10, 2011)
10.2	Letter Agreement between our company and Glottech-USA, LLC dated March 17, 2011 (incorporated by reference to our Current Report on Form 8-K filed on May 4, 2011)
10.3	Securities Purchase Agreement between our company and Hagen Investments Ltd. dated June 29, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 1, 2011)
10.4	Registration Rights Agreement between our company and Hagen Investments Ltd. dated June 29, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 1, 2011)
10.5	12% Senior Convertible Debenture between our company and Hagen Investments Ltd. dated June 29, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 1, 2011)
10.6	Escrow Agreement between our company and Hagen Investments Ltd. dated June 29, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 1, 2011)
10.7	Guaranty and Pledge Agreement between our company and Hagen Investments Ltd. dated June 29, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 1, 2011)
10.8	Common Stock Purchase Warrant between our company and Hagen Investments Ltd. dated June 29, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 1, 2011)
10.9	12% Senior Convertible Debenture between our company and Hagen Investments Ltd. dated July 12, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 13, 2011)
10.10	Common Stock Purchase Warrant between our company and Hagen Investments Ltd. dated July 12, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 13, 2011)
10.11	Letter Agreement between our company and Glottech-USA, LLC dated November 18, 2011 (incorporated by reference to our Current Report on Form 8-K filed on November 21, 2011)
10.12	Employment Agreement between our company and Alexander Walsh dated January 12, 2012 (incorporated by reference to our Current Report on Form 8-K filed on January 13, 2012)
10.13	Consulting Agreement between our company and Brandon Colker dated January 12, 2012 (incorporated by reference to our Current Report on Form 8-K filed on January 13, 2012)
10.14	Consulting Agreement between our company and Jonathan Jazwinski dated January 12, 2012 (incorporated by reference to our Current Report on Form 8-K filed on January 13, 2012)

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Exhibit	Description
Number
10.15	Securities Purchase Agreement between our company and Hagen Investments Ltd. dated March 28, 2012 (incorporated by reference to our Current Report on Form 8-K filed on April 3, 2012)
10.16	Debenture between our company and Hagen Investments Ltd. dated March 28, 2012 (incorporated by reference to our Current Report on Form 8-K filed on April 3, 2012)
10.17	Debenture between our company and Hagen Investments Ltd. dated May 15, 2012 (incorporated by reference to our Current Report on Form 8-K filed on May 18, 2012)
10.18	Employment Agreement between our company and Alexander Koretsky dated May 1, 2012 (incorporated by reference to our Current Report on Form 8-K filed on June 8, 2012)
10.19	Option Agreement between our company and GD Glottech International, Limited dated August 14, 2012 (incorporated by reference to our Current Report on Form 8-K filed on September 5, 2012)
10.20	Amendment Agreement between our company and Hagen Investments Ltd. dated September 17, 2012 (incorporated by reference to our Current Report on Form 8-K filed on September 18, 2012)
10.21	License Agreement between our company and GD Glottech-International Ltd. dated October 1, 2012 (incorporated by reference to our Current Report on Form 8-K filed on October 10, 2012)
10.22	Sales Agreement between our company and GD Glottech International Ltd. dated October 1, 2012 (incorporated by reference to our Current Report on Form 8-K filed on October 10, 2012)
10.23	Certificate of Designation, Series A Preferred Convertible Stock (incorporated by reference to our Current Report on Form 8-K filed on October 29, 2012)
10.24	Share Exchange Agreement between our company and Alexander Walsh dated October 18, 2012 (incorporated by reference to our Current Report on Form 8-K filed on October 29, 2012)
10.25	Securities Purchase Agreement between our company and JMJ Financial dated February 13, 2013 (incorporated by reference to our Current Report on Form 8-K filed on February 15, 2013)
10.26	Securities Purchase Agreement between our company and JDF Capital Inc. dated February 19, 2013 (incorporated by reference to our Current Report on Form 8-K filed on February 25, 2013)
10.27	Rule 10b5-1 Sales Plan, Client Representations, and Sales Instructions (incorporated by reference to our Current Report on Form 8-K filed on March 15, 2013)
10.28	Consulting Agreement with International Compass, LLC dated effective March 15, 2013 (incorporated by reference to our Current Report on Form 8-K filed on March 29, 2013)
(21)	Subsidiaries of the Registrant
21.1	1617437 Alberta Ltd., an Alberta corporation (wholly-owned)
(31)	Rule 13a-14(a)/15d-14(a) Certification
31.1*	Section 302 Certification under the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer
31.2*	Section 302 Certification under the Sarbanes-Oxley Act of 2002 of the Principal Financial Officer and Principal Accounting Officer
(32)	Section 1350 Certification
32.1*	Section 906 Certification under the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer
32.2*	Section 906 Certification under the Sarbanes-Oxley Act of 2002 of the Principal Financial Officer and Principal Accounting Officer

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Exhibit	Description
Number
101*	Interactive Data Files
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

*

Filed herewith.

**

Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.

48

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LITHIUM EXPLORATION GROUP, INC.
	(Registrant)
Date: May 15, 2013	/s/ Alexander Walsh
	Alexander Walsh
	President, Secretary, Treasurer and Director
	(Principal Executive Officer)
Date: May 15, 2013	/s/ Bryan A. Kleinlein
	Bryan A. Kleinlein
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting
	Officer)

49

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alexander Walsh, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Lithium Exploration Group, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 15, 2013

/s/ Alexander Walsh

Alexander Walsh

President, Secretary, Treasurer and Director

(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bryan A. Kleinlein, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Lithium Exploration Group, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 15, 2013

/s/ Bryan A. Kleinlein

Bryan A. Kleinlein

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Alexander Walsh, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the Quarterly Report on Form 10-Q of Lithium Exploration Group, Inc. for the period ended March 31, 2013 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Lithium Exploration Group, Inc.

Dated: May 15, 2013

/s/ Alexander Walsh

Alexander Walsh

President, Secretary, Treasurer and Director

(Principal Executive Officer)

LITHIUM EXPLORATION GROUP, INC.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Lithium Exploration Group, Inc. and will be retained by Lithium Exploration Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Bryan A. Kleinlein, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the Quarterly Report on Form 10-Q of Lithium Exploration Group, Inc. for the period ended March 31,2013 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Lithium Exploration Group, Inc.

Dated: May 15, 2013

/s/ Bryan A. Kleinlein

Bryan A. Kleinlein

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

LITHIUM EXPLORATION GROUP, INC.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Lithium Exploration Group, Inc. and will be retained by Lithium Exploration Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Schedule of Equity Issuances (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Capital Stock Schedule Of Equity Issuances 1	$ 20,000,000
Capital Stock Schedule Of Equity Issuances 2	0.001
Capital Stock Schedule Of Equity Issuances 3	20,000
Capital Stock Schedule Of Equity Issuances 4	10,000,000
Capital Stock Schedule Of Equity Issuances 5	0.001
Capital Stock Schedule Of Equity Issuances 6	10,000
Capital Stock Schedule Of Equity Issuances 7	17,375,000
Capital Stock Schedule Of Equity Issuances 8	0.004
Capital Stock Schedule Of Equity Issuances 9	69,500
Capital Stock Schedule Of Equity Issuances 10	250,000
Capital Stock Schedule Of Equity Issuances 11	0.100
Capital Stock Schedule Of Equity Issuances 12	25,000
Capital Stock Schedule Of Equity Issuances 13	250,000
Capital Stock Schedule Of Equity Issuances 14	1.000
Capital Stock Schedule Of Equity Issuances 15	250,000
Capital Stock Schedule Of Equity Issuances 16	250,000
Capital Stock Schedule Of Equity Issuances 17	0.100
Capital Stock Schedule Of Equity Issuances 18	25,000
Capital Stock Schedule Of Equity Issuances 19	2,300,000
Capital Stock Schedule Of Equity Issuances 20	7.650
Capital Stock Schedule Of Equity Issuances 21	17,595,000
Capital Stock Schedule Of Equity Issuances 22	200,000
Capital Stock Schedule Of Equity Issuances 23	3.700
Capital Stock Schedule Of Equity Issuances 24	740,000
Capital Stock Schedule Of Equity Issuances 25	190,476
Capital Stock Schedule Of Equity Issuances 26	5.250
Capital Stock Schedule Of Equity Issuances 27	1,000,000
Capital Stock Schedule Of Equity Issuances 28	300,000
Capital Stock Schedule Of Equity Issuances 29	2.340
Capital Stock Schedule Of Equity Issuances 30	702,000
Capital Stock Schedule Of Equity Issuances 31	2,000,000
Capital Stock Schedule Of Equity Issuances 32	0.2925
Capital Stock Schedule Of Equity Issuances 33	585,000
Capital Stock Schedule Of Equity Issuances 34	610,795
Capital Stock Schedule Of Equity Issuances 35	0.352
Capital Stock Schedule Of Equity Issuances 36	215,000
Capital Stock Schedule Of Equity Issuances 37	323,637
Capital Stock Schedule Of Equity Issuances 38	0.810
Capital Stock Schedule Of Equity Issuances 39	262,146
Capital Stock Schedule Of Equity Issuances 40	300,000
Capital Stock Schedule Of Equity Issuances 41	1.060
Capital Stock Schedule Of Equity Issuances 42	318,000
Capital Stock Schedule Of Equity Issuances 43	26,041
Capital Stock Schedule Of Equity Issuances 44	0.960
Capital Stock Schedule Of Equity Issuances 45	25,000
Capital Stock Schedule Of Equity Issuances 46	40,323
Capital Stock Schedule Of Equity Issuances 47	0.620
Capital Stock Schedule Of Equity Issuances 48	25,000
Capital Stock Schedule Of Equity Issuances 49	1,504,415
Capital Stock Schedule Of Equity Issuances 50	0.1925
Capital Stock Schedule Of Equity Issuances 51	289,600
Capital Stock Schedule Of Equity Issuances 52	815,047
Capital Stock Schedule Of Equity Issuances 53	0.1595
Capital Stock Schedule Of Equity Issuances 54	130,000
Capital Stock Schedule Of Equity Issuances 55	1,581,028
Capital Stock Schedule Of Equity Issuances 56	0.1265
Capital Stock Schedule Of Equity Issuances 57	200,000
Capital Stock Schedule Of Equity Issuances 58	(20,000,000)
Capital Stock Schedule Of Equity Issuances 59	0.0010
Capital Stock Schedule Of Equity Issuances 60	(20,000)
Capital Stock Schedule Of Equity Issuances 61	62,500
Capital Stock Schedule Of Equity Issuances 62	0.2400
Capital Stock Schedule Of Equity Issuances 63	15,000
Capital Stock Schedule Of Equity Issuances 64	41,667
Capital Stock Schedule Of Equity Issuances 65	0.2400
Capital Stock Schedule Of Equity Issuances 66	10,000
Capital Stock Schedule Of Equity Issuances 67	949,171
Capital Stock Schedule Of Equity Issuances 68	0.1170
Capital Stock Schedule Of Equity Issuances 69	111,053
Capital Stock Schedule Of Equity Issuances 70	55,556
Capital Stock Schedule Of Equity Issuances 71	0.2700
Capital Stock Schedule Of Equity Issuances 72	15,000
Capital Stock Schedule Of Equity Issuances 73	38,462
Capital Stock Schedule Of Equity Issuances 74	0.2600
Capital Stock Schedule Of Equity Issuances 75	10,000
Capital Stock Schedule Of Equity Issuances 76	55,556
Capital Stock Schedule Of Equity Issuances 77	0.2700
Capital Stock Schedule Of Equity Issuances 78	15,000
Capital Stock Schedule Of Equity Issuances 79	40,000
Capital Stock Schedule Of Equity Issuances 80	0.2500
Capital Stock Schedule Of Equity Issuances 81	10,000
Capital Stock Schedule Of Equity Issuances 82	1,028,113
Capital Stock Schedule Of Equity Issuances 83	0.2500
Capital Stock Schedule Of Equity Issuances 84	257,028
Capital Stock Schedule Of Equity Issuances 85	78,947
Capital Stock Schedule Of Equity Issuances 86	0.1900
Capital Stock Schedule Of Equity Issuances 87	15,000
Capital Stock Schedule Of Equity Issuances 88	41,667
Capital Stock Schedule Of Equity Issuances 89	0.2400
Capital Stock Schedule Of Equity Issuances 90	10,000
Capital Stock Schedule Of Equity Issuances 91	2,000,000
Capital Stock Schedule Of Equity Issuances 92	0.0770
Capital Stock Schedule Of Equity Issuances 93	154,000
Capital Stock Schedule Of Equity Issuances 94	48,387
Capital Stock Schedule Of Equity Issuances 95	0.3100
Capital Stock Schedule Of Equity Issuances 96	15,000
Capital Stock Schedule Of Equity Issuances 97	2,000,000
Capital Stock Schedule Of Equity Issuances 98	0.0770
Capital Stock Schedule Of Equity Issuances 99	154,000
Capital Stock Schedule Of Equity Issuances 100	47,619
Capital Stock Schedule Of Equity Issuances 101	0.2100
Capital Stock Schedule Of Equity Issuances 102	10,000
Capital Stock Schedule Of Equity Issuances 103	38,945
Capital Stock Schedule Of Equity Issuances 104	0.2311
Capital Stock Schedule Of Equity Issuances 105	9,000
Capital Stock Schedule Of Equity Issuances 106	95,238
Capital Stock Schedule Of Equity Issuances 107	0.2100
Capital Stock Schedule Of Equity Issuances 108	20,000
Capital Stock Schedule Of Equity Issuances 109	2,000,000
Capital Stock Schedule Of Equity Issuances 110	0.0950
Capital Stock Schedule Of Equity Issuances 111	190,000
Capital Stock Schedule Of Equity Issuances 112	32,653
Capital Stock Schedule Of Equity Issuances 113	0.245
Capital Stock Schedule Of Equity Issuances 114	8,000
Capital Stock Schedule Of Equity Issuances 115	389,189
Capital Stock Schedule Of Equity Issuances 116	0.185
Capital Stock Schedule Of Equity Issuances 117	72,000
Capital Stock Schedule Of Equity Issuances 118	47,360,432
Capital Stock Schedule Of Equity Issuances 119	$ 23,566,327

XML

Convertible Promissory Note (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013 Y D
Convertible Promissory Notes 1	$ 1,100,000
Convertible Promissory Notes 2	100,000
Convertible Promissory Notes 3	1,000,000
Convertible Promissory Notes 4	100,000
Convertible Promissory Notes 5	10,000
Convertible Promissory Notes 6	110,000
Convertible Promissory Notes 7	110,000
Convertible Promissory Notes 8	5.00%
Convertible Promissory Notes 9	171.61%
Convertible Promissory Notes 10	0.25
Convertible Promissory Notes 11	70.00%
Convertible Promissory Notes 12	20
Convertible Promissory Notes 13	157,143
Convertible Promissory Notes 14	231
Convertible Promissory Notes 15	672,000
Convertible Promissory Notes 16	72,000
Convertible Promissory Notes 17	600,000
Convertible Promissory Notes 18	150,000
Convertible Promissory Notes 19	18,000
Convertible Promissory Notes 20	168,000
Convertible Promissory Notes 21	150,000
Convertible Promissory Notes 22	100,000
Convertible Promissory Notes 23	100,000
Convertible Promissory Notes 24	100,000
Convertible Promissory Notes 25	168,000
Convertible Promissory Notes 26	561.36%
Convertible Promissory Notes 27	50.00%
Convertible Promissory Notes 28	20
Convertible Promissory Notes 29	50.00%
Convertible Promissory Notes 30	20
Convertible Promissory Notes 31	336,000
Convertible Promissory Notes 32	540,540
Convertible Promissory Notes 33	0.185
Convertible Promissory Notes 34	3,632,433
Convertible Promissory Notes 35	0.185
Convertible Promissory Notes 36	94,594
Convertible Promissory Notes 37	1,126,054
Convertible Promissory Notes 38	0.92%
Convertible Promissory Notes 39	0.75%
Convertible Promissory Notes 40	5
Convertible Promissory Notes 41	0.00%
Convertible Promissory Notes 42	0.21
Convertible Promissory Notes 43	0.31
Convertible Promissory Notes 44	485.00%
Convertible Promissory Notes 45	486.00%
Convertible Promissory Notes 46	876,324
Convertible Promissory Notes 47	344,324
Convertible Promissory Notes 48	3
Convertible Promissory Notes 49	1
Convertible Promissory Notes 50	$ 5,456

XML

Restatement of March 31, 2012 Financial Statement (Tables)

9 Months Ended

Mar. 31, 2013

Restatement of Financials [Table Text Block]

		As Previously
Effect of corrections		Reported			As Restated			Adjustment
STATEMENT OF OPERATIONS
Three months period ended March 31, 2012
Interest expense	$	(538,419	)	$	(48,751	)	$	489,668
Net loss		(1,259,372	)		(769,704	)		489,668
Basic and diluted loss per share	$	(0.02	)	$	(0.01	)	$	0.01
Nine months period ended March 31, 2012
Interest expense	$	(4,009,210	)	$	(1,706,539	)	$	2,302,671
Net loss		(3,774,905	)		(1,472,234	)		2,302,671
Basic and diluted loss per share	$	(0.07	)	$	(0.03	)		0.04
STATEMENT OF CASH FLOWS
Nine months period ended March 31, 2012
Net loss for the period	$	(3,774,905	)	$	(1,472,234	)	$	2,302,671
Interest expense	$	4,009,210		$	1,706,539		$	(2,302,671	)

XML

Restatement of Financials June 30, 2012 (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 1	$ 1,573,743
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 2	119,198
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 3	(1,454,545)
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 4	26,752,229
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 5	27,406,774
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 6	654,545
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 7	(29,218,931)
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 8	(28,418,931)
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 9	800,000
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 10	26,752,229
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 11	27,406,774
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 12	654,545
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 13	(3,190,439)
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 14	(2,390,439)
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 15	800,000
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 16	(29,218,931)
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 17	(28,418,931)
Restatement Of June 30, 2012 Financial Statement Restatement Of Financials June 30, 2012 18	$ 800,000

XML

Commitments (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013 M
Commitments 1	24
Commitments 2	$ 120,000
Commitments 3	12
Commitments 4	100,000
Commitments 5	26,041
Commitments 6	$ 0.96
Commitments 7	25,000
Commitments 8	150,000
Commitments 9	150,000
Commitments 10	5,000
Commitments 11	10,000
Commitments 12	12
Commitments 13	3,000
Commitments 14	40,323
Commitments 15	$ 0.62
Commitments 16	25,000
Commitments 17	12,000
Commitments 18	20,000
Commitments 19	15,000
Commitments 20	10,000
Commitments 21	389,189
Commitments 22	12,000
Commitments 23	20,000
Commitments 24	20,000
Commitments 25	8,000
Commitments 26	$ 8,000

XML

Capital Stock

9 Months Ended

Mar. 31, 2013

Capital Stock [Text Block]

3.      Capital Stock

Authorized Stock

At inception, the Company authorized 100,000,000 common shares and 100,000,000 preferred shares, both with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

Effective April 8, 2009, the Company increased the number of authorized shares to 600,000,000 shares, of which 500,000,000 shares are designated as common stock par value $0.001 per share, and 100,000,000 shares are designated as preferred stock, par value $0.001 per share.

Share Issuances

For the period ended March 31, 2013:

On July 10, 2012, the Company issued 1,504,415 common shares at a deemed price of $0.1925 per share for debenture conversion and accrued interest of $289,600 (Note 6).

On August 21, 2012, the Company issued 815,047 common shares at a deemed price of $0.1595 per share for debenture conversion of $130,000 (Note 6).

On September 17, 2012, the Company issued 1,581,028 common shares at a deemed price of $0.1265 per share for debenture conversion of $200,000 (Note 6).

On October 25, 2012, the Company cancelled 20,000,000 common shares and in exchange, 20,000,000 preferred shares were issued.

On November 1, 2012, the Company issued 62,500 common shares at a market price of $0.24 per share for mining expenses.

On November 13, 2012, the Company issued 41,667 common shares at a market price of $0.24 per share for investor relation expenses.

On November 22, 2012, the Company issued 949,171 common shares at a deemed price of $0.1170 per share for debenture conversion and accrued interest of $111,053 (Note 6).

On December 1, 2012, the Company issued 55,556 common shares at a market price of $0.27 per share for mining expenses.

On December 13, 2012, the Company issued 38,462 common shares at a market price of $0.26 per share for investor relation expenses.

On January 2, 2013, the Company issued 55,556 common shares at a market price of $0.27 per share for mining expenses.

On January 14, 2013, the Company issued 40,000 common shares at a market price of $0.25 per share for investor relation expenses.

On January 25, 2013, the Company issued 1,028,113 common shares at a deemed price of $0.25 per share for warrants exercise of $257,028 (Note 6).

On February 1, 2013, the Company issued 78,947 common shares at a market price of $0.19 per share for mining expenses.

On February 14, 2013, the Company issued 41,667 common shares at a market price of $0.24 per share for investor relation expenses.

On February 19, 2013, the Company issued 2,000,000 common shares at a deemed price of $0.077 per share for debenture conversion of $154,000 (Note 6).

On March 1, 2013, the Company issued 48,387 common shares at a market price of $0.31 per share for mining expenses.

On March 8, 2013, the Company issued 2,000,000 common shares at a deemed price of $0.077 per share for debenture conversion of $154,000 (Note 6).

On March 14, 2013, the Company issued 47,619 common shares at a market price of $0.21 per share for investor relation expenses.

On March 15, 2013, the Company issued 2,000,000 common shares at a deemed price of $0.095 per share for debenture conversion of $190,000 (Note 6).

On March 15, 2013, the Company issued 38,945 common shares at a market price of $0.2311 per share for consulting fees.

On March 15, 2013, the Company issued 95,238 common shares at a market price of $0.21 per share for consulting fees.

On March 27, 2013, the Company issued 32,653 common shares at a market price of $0.245 per share for consulting fees.

On March 27, 2013, the Company issued 389,189 common shares at a market price of $0.185 per share for investor relation expenses.

For the year ended June 30, 2012:

On November 22, 2011, the Company issued 2,000,000 common shares at a deemed price of $0.2925 per share for debenture conversion of $585,000 (Note 6).

On April 18, 2012, the Company issued 610,795 common shares at a deemed price of $0.352 per share for debenture conversion of $215,000 (Note 6).

On April 18, 2012, the Company issued 323,637 common shares at a market price of $0.81 for conversion of interest payable and interest expense of $262,146 (Note 6).

On April 27, 2012, the Company issued 300,000 common shares at a market price of $1.06 per share for director fees (Note 11).

On May 1, 2012, the Company issued 26,041 common shares at a market price of $0.96 per share for consulting fees (Note 11).

On May 15, 2012, the Company issued 40,323 common shares at a market price of $0.62 per share for consulting fees (Note 11).

Since its inception (May 31, 2006), the Company has issued shares of its common stock as follows, retroactively adjusted to give effect to the 10 for 1 forward split:

					Price Per
Date	Description	Shares			Share		Amount
06/06/06	Shares issued for cash	20,000,000		$	0.001	$	20,000
07/01/06	Shares issued for cash	10,000,000			0.001		10,000
12/11/06	Shares issued for cash	17,375,000			0.004		69,500
01/18/11	Shares issued for mining expenses	250,000			0.100		25,000
01/27/11	Shares issued for cash	250,000			1.000		250,000
03/07/11	Shares issued for mining expenses	250,000			0.100		25,000
04/27/11	Shares issued for director fees	2,300,000			7.650		17,595,000
04/29/11	Shares issued for settlement of mining expenses	200,000			3.700		740,000
05/10/11	Shares issued for cash	190,476			5.250		1,000,000
06/11/11	Shares issued for investor relation	300,000			2.340		702,000
11/22/11	Shares issued for debenture conversion	2,000,000			0.2925		585,000
4/18/12	Shares issued for debenture conversion	610,795			0.352		215,000
4/18/12	Shares issued for interest	323,637			0.810		262,146
4/27/12	Shares issued for director fees	300,000			1.060		318,000
5/1/12	Shares issued for consulting fees	26,041			0.960		25,000
5/15/12	Shares issued for consulting fees	40,323			0.620		25,000
7/10/12	Shares issued for debenture conversion	1,504,415			0.1925		289,600
8/21/12	Shares issued for debenture conversion	815,047			0.1595		130,000
9/17/12	Shares issued for debenture conversion	1,581,028			0.1265		200,000
10/25/12	Shares cancelled in exchange for preferred shares	(20,000,000	)		0.0010		(20,000	)
11/1/12	Shares issued for mining expenses	62,500			0.2400		15,000
11/13/12	Shares issued for investor relation	41,667			0.2400		10,000
11/22/12	Shares issued for debenture conversion	949,171			0.1170		111,053
12/1/12	Shares issued for mining expenses	55,556			0.2700		15,000
12/13/12	Shares issued for investor relation	38,462			0.2600		10,000
1/2/13	Shares issued for mining expenses	55,556			0.2700		15,000
1/14/13	Shares issued for investor relation	40,000			0.2500		10,000
1/25/13	Shares issued for warrants exercise	1,028,113			0.2500		257,028
2/1/13	Shares issued for mining expenses	78,947			0.1900		15,000
2/14/13	Shares issued for investor relation	41,667			0.2400		10,000
2/29/13	Shares issued for debenture conversion	2,000,000			0.0770		154,000
3/1/13	Shares issued for mining expenses	48,387			0.3100		15,000
3/8/13	Shares issued for debenture conversion	2,000,000			0.0770		154,000
3/14/13	Shares issued for investor relation	47,619			0.2100		10,000
3/15/13	Shares issued for consulting fees	38,945			0.2311		9,000
3/15/13	Shares issued for consulting fees	95,238			0.2100		20,000
3/15/13	Shares issued for debenture conversion	2,000,000			0.0950		190,000
3/27/13	Shares issued for consulting fees	32,653			0.245		8,000
3/27/13	Shares issued for investor relation	389,189			0.185		72,000
	Cumulative Totals	47,360,432				$	23,566,327

Of these shares, 10,833,200 were issued to directors and officers of the Company. 17,815,476 were issued to independent investors. 800,946 were issued for mining expenses (Note 5). 898,604 were issued for investor relation expenses. 200,000 were issued for debt settlement. 13,784,093 were issued for debenture and interest conversion (Note 6). 1,028,113 were issued for exercise of warrants attached to convertible debentures (Note 6). 2,000,000 were issued for a mining option settlement (Note 5). As of March 31, 2013, the Company has issued 20,000,000 preferred shares to a director of the Company. The preferred shares have a par value of $0.001 per share and are convertible on a one for one basis into common shares subject to a one year hold period expiring on October 24, 2013. There are no other preferential rights attached to the preferred shares. The Company has no stock option plan, warrants or other dilutive securities, other than warrants issued to acquire 4,172,973 shares of the Company regarding convertible promissory notes (Note 7).

As per management agreements, the Company is obligated to issue 300,000 common shares to two directors by April 27, 2013 provided that they continue to serve as members to the Company’s board of directors (issued subsequent to March 31, 2013). 300,000 common shares were issued to the two directors on April 27, 2011 and April 27, 2012 respectively.

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Capital Stock (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Capital Stock 1	100,000,000
Capital Stock 2	100,000,000
Capital Stock 3	$ 0.001
Capital Stock 4	600,000,000
Capital Stock 5	500,000,000
Capital Stock 6	$ 0.001
Capital Stock 7	100,000,000
Capital Stock 8	$ 0.001
Capital Stock 9	1,504,415
Capital Stock 10	$ 0.1925
Capital Stock 11	$ 289,600
Capital Stock 12	815,047
Capital Stock 13	$ 0.1595
Capital Stock 14	130,000
Capital Stock 15	1,581,028
Capital Stock 16	$ 0.1265
Capital Stock 17	200,000
Capital Stock 18	20,000,000
Capital Stock 19	20,000,000
Capital Stock 20	62,500
Capital Stock 21	$ 0.24
Capital Stock 22	41,667
Capital Stock 23	$ 0.24
Capital Stock 24	949,171
Capital Stock 25	$ 0.1170
Capital Stock 26	111,053
Capital Stock 27	55,556
Capital Stock 28	$ 0.27
Capital Stock 29	38,462
Capital Stock 30	$ 0.26
Capital Stock 31	55,556
Capital Stock 32	$ 0.27
Capital Stock 33	40,000
Capital Stock 34	$ 0.25
Capital Stock 35	1,028,113
Capital Stock 36	$ 0.25
Capital Stock 37	257,028
Capital Stock 38	78,947
Capital Stock 39	$ 0.19
Capital Stock 40	41,667
Capital Stock 41	$ 0.24
Capital Stock 42	2,000,000
Capital Stock 43	$ 0.077
Capital Stock 44	154,000
Capital Stock 45	48,387
Capital Stock 46	$ 0.31
Capital Stock 47	2,000,000
Capital Stock 48	$ 0.077
Capital Stock 49	154,000
Capital Stock 50	47,619
Capital Stock 51	$ 0.21
Capital Stock 52	2,000,000
Capital Stock 53	$ 0.095
Capital Stock 54	190,000
Capital Stock 55	38,945
Capital Stock 56	$ 0.2311
Capital Stock 57	95,238
Capital Stock 58	$ 0.21
Capital Stock 59	32,653
Capital Stock 60	$ 0.245
Capital Stock 61	389,189
Capital Stock 62	$ 0.185
Capital Stock 63	2,000,000
Capital Stock 64	$ 0.2925
Capital Stock 65	585,000
Capital Stock 66	610,795
Capital Stock 67	$ 0.352
Capital Stock 68	215,000
Capital Stock 69	323,637
Capital Stock 70	0.81
Capital Stock 71	$ 262,146
Capital Stock 72	300,000
Capital Stock 73	$ 1.06
Capital Stock 74	26,041
Capital Stock 75	$ 0.96
Capital Stock 76	40,323
Capital Stock 77	$ 0.62
Capital Stock 78	10
Capital Stock 79	1
Capital Stock 80	10,833,200
Capital Stock 81	17,815,476
Capital Stock 82	800,946
Capital Stock 83	898,604
Capital Stock 84	200,000
Capital Stock 85	13,784,093
Capital Stock 86	1,028,113
Capital Stock 87	2,000,000
Capital Stock 88	20,000,000
Capital Stock 89	$ 0.001
Capital Stock 90	4,172,973
Capital Stock 91	300,000
Capital Stock 92	300,000

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Significant Accounting Policies (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Significant Accounting Policies 1	$ 52,471
Significant Accounting Policies 2	1,239,603
Significant Accounting Policies 3	0
Significant Accounting Policies 4	$ 1,016,716
Significant Accounting Policies 9	100.00%

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Provision For Income Taxes (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Provision For Income Taxes 1	$ 10,214,905
Provision For Income Taxes 2	1,367,596
Provision For Income Taxes 3	$ 1,345,000

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Mineral Property Costs (Narrative) (Details)	9 Months Ended
	Mar. 31, 2013 USD ($) D ha	Mar. 31, 2013 CAD
Mineral Property Costs 1	50.00%	50.00%
Mineral Property Costs 2	3,900	3,900
Mineral Property Costs 3	1,500,000	1,500,000
Mineral Property Costs 4	$ 1,000,000
Mineral Property Costs 5	50.00%	50.00%
Mineral Property Costs 6	100,000
Mineral Property Costs 7	200,000
Mineral Property Costs 8		54,624
Mineral Property Costs 9	57,901
Mineral Property Costs 10	200,000	200,000
Mineral Property Costs 11	3.70
Mineral Property Costs 12	740,000
Mineral Property Costs 13	797,901
Mineral Property Costs 14	100.00%	100.00%
Mineral Property Costs 15	90,000
Mineral Property Costs 16		40,000
Mineral Property Costs 17		60,000
Mineral Property Costs 18		100,000
Mineral Property Costs 19		300,000
Mineral Property Costs 20		50,000
Mineral Property Costs 21		100,000
Mineral Property Costs 22		20,000
Mineral Property Costs 23		80,000
Mineral Property Costs 24	15.00%	15.00%
Mineral Property Costs 25	15.00%	15.00%
Mineral Property Costs 26		80,000
Mineral Property Costs 27	75.00%	75.00%
Mineral Property Costs 28	100,000
Mineral Property Costs 29	20,000
Mineral Property Costs 30	80,000
Mineral Property Costs 31	106,667
Mineral Property Costs 32	26,667
Mineral Property Costs 33	106,667
Mineral Property Costs 34	25,000
Mineral Property Costs 35	75,000
Mineral Property Costs 36	180	180
Mineral Property Costs 37	700,000
Mineral Property Costs 38	10	10
Mineral Property Costs 39	2,000,000	2,000,000
Mineral Property Costs 40	1.00
Mineral Property Costs 41	2,000,000	2,000,000
Mineral Property Costs 42	4,940,000
Mineral Property Costs 43	2,000,000	2,000,000
Mineral Property Costs 44	2.00
Mineral Property Costs 45	150,000
Mineral Property Costs 46	$ 15,000
Mineral Property Costs 47	2,000,000	2,000,000
Mineral Property Costs 48	25	25

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Significant Accounting Policies

9 Months Ended

Mar. 31, 2013

Significant Accounting Policies [Text Block]

2.      Significant Accounting Policies

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

The consolidated financial statements include the accounts of the Company and its subsidiary 1617437 Alberta Ltd. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. Significant estimates that may materially change in the near term include the valuation of derivative liabilities and the underlying warrants, as well as fair value of investments.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $52,471 and $1,239,603 in cash and cash equivalents at March 31, 2013 and June 30, 2012, respectively.

Concentration of Risk

The Company maintains cash balances at a financial institution which, from time to time, may exceed Federal Deposit Insurance Corporation insured limits for banks located in the US. As of March 31, 2013 and June 30, 2012, the Company had $nil and $1,016,716, respectively, in deposits in excess of federally insured limits in its US bank. The Company has not experienced any losses with regard to its bank accounts and believes it is not exposed to any risk of loss on its cash in bank accounts.

Prepaid expenses

Prepaid expenses mainly consist of legal retainers and deposit paid to obtain a license on patent rights. Legal retainers will be expensed in the period when services are completed. Deposit for patent rights will be expensed as exploration cost when the Company is licensed.

Start-Up Costs

In accordance with FASC 720-15-20 “ Start-Up Costs,” the Company expenses all costs incurred in connection with the start-up and organization of the Company.

Mineral Acquisition and Exploration Costs

The Company has been in the exploration stage since its formation on May 31, 2006 and has not yet realized any revenue from its planned operations. It is primarily engaged in the acquisition, exploration, and development of mining properties. Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserves.

Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

Net Income or (Loss) per Share

The Company has adopted FASC Topic No. 260, “ Earnings Per Share ,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income(loss) by the weighted average number of shares of common stock and preferred shares respectively outstanding during the period.

Potentially dilutive securities are not presented in the computation of EPS since their effects are anti-dilutive.

Foreign Currency Translations

The Company’s functional and reporting currency is the US dollar. All transactions initiated in other currencies are translated into US dollars using the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the US dollar at the rate of exchange in effect at the balance sheet date. Unrealized exchange gains and losses arising from such transactions are deferred until realization and are included as a separate component of stockholders’ equity (deficit) as a component of comprehensive income or loss. Upon realization, the amount deferred is recognized in income in the period when it is realized.

No significant realized exchange gain or losses were recorded from inception (May 31, 2006) to March 31, 2013.

Comprehensive Income (Loss)

FASC Topic No. 220, “ Comprehensive Income,” establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. From inception (May 31, 2006) to March 31, 2013, the Company had no items of other comprehensive income. Therefore, net loss equals comprehensive loss from inception (May 31, 2006) to March 31, 2013.

Risks and Uncertainties

The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure.

Environmental Expenditures

The operations of the Company have been, and may in the future be, affected from time to time in varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company's policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

Warrants

We value our warrants with provisions resulting in derivative liabilities at fair value using the lattice model according to ASC-815-10-55. We revalue our warrants at the end of every period at fair value and record the difference in other income (expense) in the consolidated statement of operations.

Convertible Debentures and Convertible Promissory Notes

We value our convertible debentures and convertible promissory notes with provisions resulting in beneficial conversion features from the embedded derivative at fair value according to ASC- 840 - 10 - 25 - 14, rather than have its conversion feature bifurcated and reported separately due to ASC-815-15-25-1b. Because the value of the derivative related to the warrant exceeds the proceeds of the loan, the company allocated 100% of the proceeds to the warrant derivative and took a day one loss for the difference between the proceeds and the fair value of the warrants, resulting in a debt discount on the full fair value of the debenture because no proceeds were available to be allocated to the debt or its beneficial conversion feature. That debt discount is accreted to interest expense over the stated life of the note using the interest method in accordance with ASC 470-20-35-7a and 835-30-35-2. Unaccreted debt discount on the date of conversion is accreted to interest expense on that date.

Recent Accounting Pronouncements

Recent accounting pronouncements that are listed below did not, and are not currently expected to, have a material effect on the Company’s financial statements, but will be implemented in the Company’s future financial reporting when applicable.

FASB Statements:

In June 2009 the FASB established the Accounting Standards Codification ("Codification" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). Rules and interpretive releases of the Securities and Exchange Commission ("SEC") issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented.

Accounting Standards Updates ("ASUs") through ASU No. 2013-07 which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.

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Convertible Debentures (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013 M Y D
Convertible Debentures 1	$ 1,500,000
Convertible Debentures 2	12.00%
Convertible Debentures 3	680.71%
Convertible Debentures 4	0.83
Convertible Debentures 5	55.00%
Convertible Debentures 6	20
Convertible Debentures 7	2,727,273
Convertible Debentures 8	585,000
Convertible Debentures 9	2,000,000
Convertible Debentures 10	$ 0.2925
Convertible Debentures 11	215,000
Convertible Debentures 12	610,795
Convertible Debentures 13	$ 0.352
Convertible Debentures 14	270,000
Convertible Debentures 15	1,402,597
Convertible Debentures 16	$ 0.1925
Convertible Debentures 17	130,000
Convertible Debentures 18	815,047
Convertible Debentures 19	$ 0.1595
Convertible Debentures 20	200,000
Convertible Debentures 21	1,581,028
Convertible Debentures 22	$ 0.1265
Convertible Debentures 23	100,000
Convertible Debentures 24	854,701
Convertible Debentures 25	$ 0.117
Convertible Debentures 26	12,380
Convertible Debentures 27	19,600
Convertible Debentures 28	101,818
Convertible Debentures 29	11,053
Convertible Debentures 30	94,470
Convertible Debentures 31	1,680,000
Convertible Debentures 32	180,000
Convertible Debentures 33	1,500,000
Convertible Debentures 34	561.35%
Convertible Debentures 35	0.45
Convertible Debentures 36	65.00%
Convertible Debentures 37	20
Convertible Debentures 38	2,584,615
Convertible Debentures 39	154,000
Convertible Debentures 40	2,000,000
Convertible Debentures 41	$ 0.077
Convertible Debentures 42	154,000
Convertible Debentures 43	2,000,000
Convertible Debentures 44	$ 0.077
Convertible Debentures 45	190,000
Convertible Debentures 46	2,000,000
Convertible Debentures 47	$ 0.095
Convertible Debentures 48	1,182,000
Convertible Debentures 49	0.20
Convertible Debentures 50	65.00%
Convertible Debentures 51	20
Convertible Debentures 52	1,807,229
Convertible Debentures 53	0.913
Convertible Debentures 54	1,204,819
Convertible Debentures 55	602,410
Convertible Debentures 56	3,333,333
Convertible Debentures 57	0.45
Convertible Debentures 58	0.20
Convertible Debentures 59	2,168,674
Convertible Debentures 60	1,006,025
Convertible Debentures 61	2,066,666
Convertible Debentures 62	0.72%
Convertible Debentures 63	5
Convertible Debentures 64	0.00%
Convertible Debentures 65	0.42
Convertible Debentures 66	274.00%
Convertible Debentures 67	5,140,562
Convertible Debentures 68	1,028,113
Convertible Debentures 69	0.25
Convertible Debentures 70	886,759
Convertible Debentures 71	18
Convertible Debentures 72	12
Convertible Debentures 73	$ 1,738,163

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Schedule of Stockholders' Equity Warrants Activity (Details) (USD $)	9 Months Ended
	Mar. 31, 2013 Y
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 1	$ 1,204,819
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 2	0.913
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 3	5
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 4	3,935,743
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 5	0.521
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 6	4.75
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 7	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 8	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 9	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 10	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 11	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 12	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 13	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 14	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 15	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 16	5,140,562
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 17	0.613
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 18	4.57
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 19	4,172,973
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 20	0.185
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 21	4.91
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 22	(5,140,562)
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 23	0.250
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 24	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 25	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 26	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 27	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 28	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 29	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 30	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 31	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 32	0.200
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 33	0
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 34	$ 4,172,973
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 35	0.185
Convertible Debentures Schedule Of Stockholders' Equity Warrants Activity 36	4.91

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Consolidated Balance Sheets (USD $)	Mar. 31, 2013	Jun. 30, 2012
Current
Cash and cash equivalents	$ 52,471	$ 1,239,603
Prepaid expenses	64,611	0
Total current assets	117,082	1,239,603
Investment	197,393	197,393
Total Assets	314,475	1,436,996
Current
Accounts payable and accrued liabilities	20,964	52,898
Note payable	106,667	0
Derivative liability - convertible debentures	0	2,159,035
Derivative liability - convertible promissory notes	876,324	0
Due to related party	45,332	45,332
Convertible debentures (net of discount of $780,107 and $3,738,145)	1,038,354	119,198
Convertible promissory notes (net of discount of $487,687 and nil)	5,456	0
Accrued interest - convertible debenture	0	18,273
Accrued interest - convertible promissory notes	231	0
Total Current Liabilities	2,093,328	2,394,736
STOCKHOLDERS' DEFICIT
Capital stock Authorized: 100,000,000 preferred shares, $0.001 par value Issued and Outstanding: 20,000,000 preferred shares (June 30, 2012 - nil)	20,000	0
Capital stock Authorized: 500,000,000 common shares, $0.001 par value Issued and outstanding: 47,360,432 common shares (June 30, 2012 - 54,416,272)	47,363	54,417
Additional paid-in capital	30,969,639	27,406,774
Deficit accumulated during the exploration stage	(32,815,855)	(28,418,931)
Total Stockholders' Deficit	(1,778,853)	(957,740)
Total Liabilities and Stockholders' Deficit	$ 314,475	$ 1,436,996

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Consolidated Statements of Changes in Stockholders' Equity (Deficit) (USD $)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Deficit Accumulated During the Exploration Stage [Member]	Total
Beginning Balance at May. 31, 2006
Common shares issued to a founder at $0.01 cash per share, June 6, 2006		$ 20,000			$ 20,000
Common shares issued to a founder at $0.01 cash per share, June 6, 2006 (Shares)		20,000,000
Net Income (Loss)				(2,687)	(2,687)
Ending Balance at Jun. 30, 2006		20,000		(2,687)	17,313
Ending Balance (Shares) at Jun. 30, 2006		20,000,000
Common shares issued to founders at $0.01 per share, July 1, 2006		10,000			10,000
Common shares issued to founders at $0.01 per share, July 1, 2006 (Shares)		10,000,000
Common shares issued for cash at $0.04 per share, December 11, 2006		17,375	52,125		69,500
Common shares issued for cash at $0.04 per share, December 11, 2006 (Shares)		17,375,000
Net Income (Loss)				(59,320)	(59,320)
Ending Balance at Jun. 30, 2007		47,375	52,125	(62,007)	37,493
Ending Balance (Shares) at Jun. 30, 2007		47,375,000
Net Income (Loss)				(22,888)	(22,888)
Ending Balance at Jun. 30, 2008		47,375	52,125	(84,895)	14,605
Ending Balance (Shares) at Jun. 30, 2008		47,375,000
Net Income (Loss)				(31,624)	(31,624)
Ending Balance at Jun. 30, 2009		47,375	52,125	(116,519)	(17,019)
Ending Balance (Shares) at Jun. 30, 2009		47,375,000
Net Income (Loss)				(20,639)	(20,639)
Ending Balance at Jun. 30, 2010		47,375	52,125	(137,158)	(37,658)
Beginning Balance (Shares) at Jun. 30, 2010		47,375,000
Common shares issued for cash at $1.00 per share, January 27, 2011		250	249,750		250,000
Common shares issued for cash at $1.00 per share, January 27, 2011 (Shares)		250,000
Common shares issued for cash at $5.25 per share, April 28, 2011		191	999,809		1,000,000
Common shares issued for cash at $5.25 per share, April 28, 2011 (Shares)		190,476
Common shares issued for mining expenses and related finders fees		500	49,500		50,000
Common shares issued for mining expenses and related finders fees (Shares)		500,000
Common shares issued for settlement of mining expenses		200	739,800		740,000
Common shares issued for settlement of mining expenses (Shares)		200,000
Common shares issued for director fees		2,300	17,592,700		17,595,000
Common shares issued for director fees (Shares)		2,300,000
Common shares issued for investor relations		300	701,700		702,000
Common shares issued for investor relations (Shares)		300,000
Options issued for mining expenses			4,940,000		4,940,000
Net Income (Loss)				(25,891,334)	(25,891,334)
Ending Balance at Jun. 30, 2011		51,116	25,325,384	(26,028,492)	(651,992)
Ending Balance (Shares) at Jun. 30, 2011		51,115,476
Common shares issued for consulting fees		366	367,634		368,000
Common shares issued for consulting fees (shares)		366,364
Common shares issued for debt conversion		2,935	1,713,756		1,716,691
Common shares issued for debt conversion (Shares)		2,934,432
Net Income (Loss)				(2,390,439)	(2,390,439)
Ending Balance at Jun. 30, 2012		54,417	27,406,774	(28,418,931)	(957,740)
Ending Balance (Shares) at Jun. 30, 2012		54,416,272
Common shares issued for mining expenses and related finders fees					(75,000)
Common shares issued for director fees					0
Common shares issued for investor relations		599	121,401		122,000
Common shares issued for investor relations (Shares)		598,604
Options issued for mining expenses					0
Common shares issued for consulting fees		167	36,833		37,000
Common shares issued for consulting fees (shares)		166,836
Common shares issued for debt conversion		10,851	2,058,685		2,069,536
Common shares issued for debt conversion (Shares)		10,849,661
Common shares issued for mining expenses		301	74,699		75,000
Common shares issued for mining expenses (Shares)		300,946
Common shares issued for exercise of warrants		1,028	1,271,247		1,272,275
Common shares issued for exercise of warrants (Shares)		1,028,113
Common shares exchanged for preferred shares	20,000	(20,000)
Common shares exchanged for preferred shares (Shares)	20,000,000	(20,000,000)
Net Income (Loss)				(4,396,924)	(4,396,924)
Ending Balance at Mar. 31, 2013	$ 20,000	$ 47,363	$ 30,969,639	$ (32,815,855)	$ (1,778,853)
Ending Balance (Shares) at Mar. 31, 2013	20,000,000	47,360,432

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Investment (Narrative) (Details)	9 Months Ended
	Mar. 31, 2013 USD ($)	Mar. 31, 2013 CAD
Investment 1	$ 197,393
Investment 2		200,000
Investment 3	800,000	800,000
Investment 4	$ 197,393

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Mar. 31, 2013

Basis of Presentation and Consolidation [Policy Text Block]

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

The consolidated financial statements include the accounts of the Company and its subsidiary 1617437 Alberta Ltd. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. Significant estimates that may materially change in the near term include the valuation of derivative liabilities and the underlying warrants, as well as fair value of investments.

Cash and Cash Equivalents [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $52,471 and $1,239,603 in cash and cash equivalents at March 31, 2013 and June 30, 2012, respectively.

Concentration of Risk [Policy Text Block]

Concentration of Risk

The Company maintains cash balances at a financial institution which, from time to time, may exceed Federal Deposit Insurance Corporation insured limits for banks located in the US. As of March 31, 2013 and June 30, 2012, the Company had $nil and $1,016,716, respectively, in deposits in excess of federally insured limits in its US bank. The Company has not experienced any losses with regard to its bank accounts and believes it is not exposed to any risk of loss on its cash in bank accounts.

Prepaid expenses [Policy Text Block]

Prepaid expenses

Prepaid expenses mainly consist of legal retainers and deposit paid to obtain a license on patent rights. Legal retainers will be expensed in the period when services are completed. Deposit for patent rights will be expensed as exploration cost when the Company is licensed.

Start-Up Costs [Policy Text Block]

Start-Up Costs

In accordance with FASC 720-15-20 “ Start-Up Costs,” the Company expenses all costs incurred in connection with the start-up and organization of the Company.

Mineral Acquisition and Exploration Costs [Policy Text Block]

Mineral Acquisition and Exploration Costs

The Company has been in the exploration stage since its formation on May 31, 2006 and has not yet realized any revenue from its planned operations. It is primarily engaged in the acquisition, exploration, and development of mining properties. Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserves.

Concentrations of Credit Risk [Policy Text Block]

Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

Net Income or (Loss) per Share of Common Stock [Policy Text Block]

Net Income or (Loss) per Share

The Company has adopted FASC Topic No. 260, “ Earnings Per Share ,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income(loss) by the weighted average number of shares of common stock and preferred shares respectively outstanding during the period.

Potentially dilutive securities are not presented in the computation of EPS since their effects are anti-dilutive.

Foreign Currency Translations [Policy Text Block]

Foreign Currency Translations

The Company’s functional and reporting currency is the US dollar. All transactions initiated in other currencies are translated into US dollars using the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the US dollar at the rate of exchange in effect at the balance sheet date. Unrealized exchange gains and losses arising from such transactions are deferred until realization and are included as a separate component of stockholders’ equity (deficit) as a component of comprehensive income or loss. Upon realization, the amount deferred is recognized in income in the period when it is realized.

No significant realized exchange gain or losses were recorded from inception (May 31, 2006) to March 31, 2013.

Comprehensive Income (Loss) [Policy Text Block]

Comprehensive Income (Loss)

FASC Topic No. 220, “ Comprehensive Income,” establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. From inception (May 31, 2006) to March 31, 2013, the Company had no items of other comprehensive income. Therefore, net loss equals comprehensive loss from inception (May 31, 2006) to March 31, 2013.

Risks and Uncertainties [Policy Text Block]

Risks and Uncertainties

The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure.

Environmental Expenditures [Policy Text Block]

Environmental Expenditures

The operations of the Company have been, and may in the future be, affected from time to time in varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company's policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

Warrants [Policy Text Block]

Warrants

We value our warrants with provisions resulting in derivative liabilities at fair value using the lattice model according to ASC-815-10-55. We revalue our warrants at the end of every period at fair value and record the difference in other income (expense) in the consolidated statement of operations.

Convertible Debentures and Convertible Promissory Notes [Policy Text Block]

Convertible Debentures and Convertible Promissory Notes

We value our convertible debentures and convertible promissory notes with provisions resulting in beneficial conversion features from the embedded derivative at fair value according to ASC- 840 - 10 - 25 - 14, rather than have its conversion feature bifurcated and reported separately due to ASC-815-15-25-1b. Because the value of the derivative related to the warrant exceeds the proceeds of the loan, the company allocated 100% of the proceeds to the warrant derivative and took a day one loss for the difference between the proceeds and the fair value of the warrants, resulting in a debt discount on the full fair value of the debenture because no proceeds were available to be allocated to the debt or its beneficial conversion feature. That debt discount is accreted to interest expense over the stated life of the note using the interest method in accordance with ASC 470-20-35-7a and 835-30-35-2. Unaccreted debt discount on the date of conversion is accreted to interest expense on that date.

Recent Accounting Pronouncements [Policy Text Block]

Recent Accounting Pronouncements

Recent accounting pronouncements that are listed below did not, and are not currently expected to, have a material effect on the Company’s financial statements, but will be implemented in the Company’s future financial reporting when applicable.

FASB Statements [Policy Text Block]

FASB Statements:

In June 2009 the FASB established the Accounting Standards Codification ("Codification" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). Rules and interpretive releases of the Securities and Exchange Commission ("SEC") issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented.

Accounting Standards Updates ("ASUs") through ASU No. 2013-07 which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.

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Going Concern And Liquidity Considerations (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Going Concern And Liquidity Considerations 1	$ 1,976,246
Going Concern And Liquidity Considerations 2	$ 32,815,855

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Convertible Debentures (Tables)

9 Months Ended

Mar. 31, 2013

Schedule of Stockholders' Equity Warrants Activity [Table Text Block]

	Warrants			Weighted	Weighted
	Outstanding			Average	Average
				Exercise	Remaining
				Price	life
Balance, June 30, 2011	1,204,819		$	0.913	5 years
Warrants issued	3,935,743		$	0.521	4.75 years
Exercised	-		$	-	-
Cancelled	-		$	-	-
Expired	-		$	-	-
Balance, June 30, 2012	5,140,562		$	0.613	4.57 years
Warrants issued (Note 7)	4,172,973		$	0.185	4.91 years
Exercised	(5,140,562	)	$	0.250	-
Cancelled	-		$	-	-
Expired	-		$	-	-
Exercise price revised	-		$	0.200	-
Balance, March 31, 2013	4,172,973		$	0.185	4.91 years

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Organization

9 Months Ended

Mar. 31, 2013

Organization [Text Block]

1.      Organization

Lithium Exploration Group, Inc. (formerly Mariposa Resources, Ltd.) (the “Company”) was incorporated on May 31, 2006 in the State of Nevada, U.S.A. It is based in Scottsdale, Arizona, USA. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is June 30.

Effective November 30, 2010, the Company changed its name to “Lithium Exploration Group, Inc.,” by way of a merger with its wholly-owned subsidiary Lithium Exploration Group, Inc., which was formed solely for the change of name.

A wholly owned subsidiary, 1617437 Alberta Ltd was incorporated in the province of Alberta, Canada on July 8, 2011.

The Company is an exploration stage company that engages principally in the acquisition, exploration, and development of resource properties. Prior to June 25, 2009, the Company had the right to conduct exploration work on 20 mineral mining claims in Esmeralda County, Nevada, U.S.A. On July 31, 2009, the Company acquired an option to enter into a joint venture for the management and ownership of the Jack Creek Project, a mining project located in Elko County, Nevada. On September 25, 2009, the joint venture was terminated and the Company entered into an agreement with Beeston Enterprises Ltd., under which the Company was granted an option to acquire an undivided 50% interest in eight mineral claims located in the Clinton Mining District of British Columbia, Canada. On December 16, 2010, the Company entered into an Assignment Agreement to acquire an undivided 100% right, title and interest in and to certain mineral permits located in the Province of Alberta, Canada (see Note 5). On January 18, 2011, the Company entered into a Purchase Option Agreement to acquire an undivided 60% interest in certain mineral claims known as the Salta Aqua Claims located in Salta Province, Argentina (See Note 5). To date, the Company’s activities have been limited to its formation, the raising of equity capital and its mining exploration work program.

Exploration Stage Company

The Company is considered to be in the exploration stage as defined in FASC 915-10-05 “ Development Stage Entities, ” and interpreted by the Securities and Exchange Commission for mining companies in Industry Guide 7. The Company is devoting substantially all of its efforts to development of business plans and the acquisition of mineral properties.

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Statement of Financial Position (Parenthetical) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Discount on convertible debentures	$ 780,107	$ 3,738,145
Discount on convertible promissory notes	$ 487,687	$ 0
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Par Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Issued	20,000,000	0
Preferred Stock, Shares Outstanding	20,000,000	0
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	47,360,432	54,416,272
Common Stock, Shares, Outstanding	47,360,432	54,416,272

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Commitments

9 Months Ended

Mar. 31, 2013

Commitments [Text Block]

11.    Commitments

Employment Agreements

On January 12, 2012, the Company entered into an employment agreement with a director and officer. Commencing on January 12, 2012, the director and officer will be employed for 24 months ending on January 12, 2014. Pursuant to the agreement, annual salary of US$120,000 is payable monthly in cash or if the Company does not have available cash, in shares of the Company’s common stock.

On May 1, 2012, the Company entered into an employment agreement with an officer. Commencing on May 1, 2012, the officer will be employed for 12 months ending on May 1, 2013. Pursuant to the agreement, annual salary of US$100,000 is payable monthly or in more frequent installments in cash. On May 1, 2012, the officer received 26,041 common shares of the Company at a market price of $0.96 per share for a total of $25,000 as a signing bonus (Note 3).

Consulting Agreements

On January 12, 2012, the Company entered into two consulting agreements with consultants to provide services as members of the Board of Directors in regards to the Company’s management and operations. The compensation for the services to be provided by each consultant will be 150,000 shares of the Company’s common stock issuable at the beginning of each year from an effective date of April 27, 2011 to April 27, 2014, of which 150,000 shares have already been issued to each consultant in each of their first and second years of service (Note 3).

On May 1, 2012, the Company entered into two consulting agreements with consultants. Pursuant to agreements, consultants will receive monthly payments of $5,000 and $10,000 respectively ending on July 31, 2012. The agreements expired on July 31, 2012.

On May 15, 2012, the Company entered into a consulting agreement with a contractor to provide services in regards to the Company’s management and operations. Resulting from the consulting agreement the contractor became an officer of the Company. Commencing on May 15, 2012, the officer will be employed for 12 months ending on May 15, 2013. Pursuant to the agreement, a monthly salary of US$3,000 is payable in cash. On May 15, 2012, the officer received 40,323 common shares of the Company at a market price of $0.62 per share for a total of $25,000 as a signing bonus (Note 3). The agreement was terminated and replaced by a new agreement on March 15, 2013. Pursuant to the new agreement, a monthly salary of US$12,000 is payable in cash and/or common shares of the Company at the discretion of the Company for six months starting March 15, 2013.

On October 1, 2012, the Company’s wholly owned subsidiary entered into an agreement with a consultant to provide consulting services for mining operations. Pursuant to agreement, the consultant will receive a cash payment of $20,000 per month for five months starting October 15, 2012.

On November 1, 2012, the Company entered into an agreement with a consultant to provide consulting services for mining operations. Pursuant to agreement, the consultant will receive a number of common shares of the Company valued at $15,000 per month for six months starting November 1, 2012.

On November 13, 2012, the Company entered into an agreement with a consultant to provide public relations and investor relations services. Pursuant to agreement, the consultant will receive a number of common shares of the Company valued at $10,000 per month for six months starting November 13, 2012.

On February 1, 2013, the Company entered into an agreement with a consultant to provide investor relations service. Pursuant to the agreement, the contractor received 389,189 common shares of the Company valued at $12,000 per month for six months.

On February 15, 2013, the Company entered into an agreement with an advisor to provide services for six months regarding the Company’s corporate restructuring. Pursuant to the agreement, the advisor will receive $20,000 in cash for the first month and a number of common shares of the Company valued at $20,000 per month for the remaining five months.

On March 1, 2013, the Company entered into an agreement with a contractor to provide the services regarding the Company’s management and operation. Pursuant to the agreement, the contractor will receive a number of common shares of the Company valued at $8,000 and $8,000 in cash per month for five months starting March 1, 2013.

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Document and Entity Information	9 Months Ended
	Mar. 31, 2013	May 02, 2013
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Trading Symbol	lexg
Entity Registrant Name	Lithium Exploration Group, Inc.
Entity Central Index Key	0001375576
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		49,976,963
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

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Subsequent events

9 Months Ended

Mar. 31, 2013

Subsequent events [Text Block]

12.    Subsequent Events

On April 1, 2013, the Company issued 71,429 common shares at a market price of $0.21 per share for mining expenses.

On April 1, 2013, the Company issued 38,095 common shares at a market price of $0.21 per share for consulting fees.

On April 15, 2013, the Company issued 100,000 common shares at a market price of $0.20 per share for consulting fees.

On April 15, 2013, the Company issued 57,007 common shares at a market price of $0.2105 per share for consulting fees.

On April 15, 2013, the Company issued 50,000 common shares at a market price of $0.20 per share for investor relation expenses.

On April 23, 2013, the Company issued 2,000,000 common shares at a deemed price of $0.085 per share for debenture conversion of $170,000.

On April 27, 2013, the Company issued 300,000 common shares at a market price of $0.18 per share for director fees.

The Company has evaluated subsequent events from March 31, 2013 through the date of this report, and determined there are no other items to disclose.

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Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended		82 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Revenue	$ 0	$ 0	$ 0	$ 0	$ 0
Operating Expenses:
Advertising	8,438	43,818	63,786	69,090	204,013
Consulting fees	88,329	13,071	244,011	154,746	630,334
Director fees	0	0	0	0	17,913,000
General and administrative	13,723	10,696	49,078	36,391	121,581
Investor relations	62,000	32,000	130,000	613,600	918,000
Management fees	0	0	0	0	45,000
Mining expenses	225,586	52,514	669,575	224,118	7,957,111
Professional fees	45,019	22,087	242,990	90,635	716,928
Travel	7,747	9,925	52,371	32,315	112,697
Wages	76,078	48,891	229,443	147,210	443,324
Loss from operations	(526,920)	(233,002)	(1,681,254)	(1,368,105)	(29,061,988)
Other income (expenses)
Interest expense	(2,322,114)	(48,751)	(3,946,753)	(1,706,539)	(8,067,280)
Gain (loss) on derivative liability	459,997	(487,951)	1,231,083	1,602,410	4,313,413
Loss before income taxes	(2,389,037)	(769,704)	(4,396,924)	(1,472,234)	(32,815,855)
Provision for Income Taxes	0	0	0	0	0
Net loss for the period	$ (2,389,037)	$ (769,704)	$ (4,396,924)	$ (1,472,234)	$ (32,815,855)
Basic and Diluted Loss per Common Share	$ (0.06)	$ (0.01)	$ (0.09)	$ (0.03)
Basic and Diluted Weighted Average Number of Common Shares Outstanding	40,434,181	53,115,476	47,051,676	52,060,931

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Convertible Debentures

9 Months Ended

Mar. 31, 2013

Convertible Debentures [Text Block]

6.      Convertible Debentures

On June 29, 2011, the Company entered into a securities purchase agreement with one investor. Pursuant to the terms of the agreement, the investor acquired convertible debentures with an aggregate face amount of $1,500,000. The debenture is due on December 28, 2012 and carries an interest rate of 12% per annum, with an effective interest rate of 680.71% . The debenture is convertible at the lower of $0.83 and 55% of the lowest reported sales price of the common stock for the 20 days immediately prior to conversion date subject to various prescribed conditions. The convertible loan has a fixed stated principal amount but is not convertible into a fixed number of shares, so the conversion feature is considered an imbedded derivative. However, the convertible debenture as a standalone instrument is to be measure at its fair value in accordance with ASC 480-10-25-14, rather than have its conversion feature bifurcated and reported separately. The fair value at issuance was $2,727,273. On November 22, 2011, $585,000 in face value of the debenture was converted to 2,000,000 common shares at a price of $0.2925 per share in accordance with the terms of the agreement. On April 18, 2012, $215,000 in face value of the debenture was converted to 610,795 common shares at a price of $0.352 per share in accordance with the terms of the agreement. On July 10, 2012, $270,000 in face value of the debenture was converted to 1,402,597 common shares at a price of $0.1925 per share in accordance with the terms of the agreement. On August 21, 2012, $130,000 in face value of the debenture was converted to 815,047 common shares at a price of $0.1595 per share in accordance with the terms of the agreement. On September 17, 2012, $200,000 in face value of the debenture was converted to 1,581,028 common shares at a price of $0.1265 per share in accordance with the terms of the agreement. On November 22, 2012, $100,000 in face value of the debenture was converted to 854,701 common shares at a price of $0.117 per share in accordance with the terms of the agreement. During the period ended December 31, 2012, an interest expense of $12,380 was accrued. On July 10, 2012, accrued interest of $19,600 on the debenture was converted to 101,818 common shares at the same rate used for conversion of principal. On November 22, 2012, accrued interest of $11,053 on the debenture was converted to 94,470 common share at the same rate used for conversion of principal. All principal has been converted as of March 31, 2013.

On May 15, 2012, the Company entered into another securities purchase agreement with the same investor. Pursuant to the terms of the agreement, the investor acquired convertible debentures with an aggregate face value of $1,680,000, at an original issuance discount of $180,000 ; resulting in $1,500,000 net proceeds to the Company. The debenture is due on May 15, 2013 and carries no interest, with an effective interest rate of 561.35% . The debenture is convertible at the lower of $0.45 and 65% of the lowest reported sales price of the common stock for the 20 days immediately prior to conversion date subject to various prescribed conditions. It is also subject to be measured at its fair value in accordance with ASC 480-10-25-14, rather than have its conversion feature bifurcated and reported separately. The fair value at issuance was $2,584,615. On February 19, 2013, $154,000 in face value of the debenture was converted to 2,000,000 common shares at a price of $0.077 per share in accordance with the terms of the agreement. On March 8, 2013, $154,000 in face value of the debenture was converted to 2,000,000 common shares at a price of $0.077 per share in accordance with the terms of the agreement. On March 15, 2013, $190,000 in face value of the debenture was converted to 2,000,000 common shares at a price of $0.095 per share in accordance with the terms of the agreement. As of March 31, 2013, the debenture has a remaining balance of $1,182,000.

On September 17, 2012, the Company entered into an amended agreement to revise the conversion price of the debentures entered into on June 29, 2011 and May 15, 2012. The debentures are now convertible at the lower of $0.20 and 65% of the lowest reported sales price of the common stock for the 20 days immediately prior to conversion date subject to various prescribed conditions.

Along with the debenture issued on June 29, 2011, the Company issued warrants to acquire a total of 1,807,229 shares of the Company for a period of five years at an exercise price of $0.913 of which 1,204,819 warrants were granted on June 29, 2011 and 602,410 warrants were granted on July 12, 2011. Along with the debenture entered into on May 15, 2012, the Company issued warrants to acquire a total of 3,333,333 shares of the Company for a period of five years at an exercise price of $0.45. Effective September 17, 2012, the excise price of warrants granted on June 29, 2011, July 12, 2011 and May 15, 2012 is revised to $0.20 per amended agreement.

The warrants bear a cashless exercise provision. The warrants also include anti-dilution protection with respect to lower priced issuances of common stock or securities convertible or exchangeable into common stock, which provision resulted in derivative liability treatment under ASC topic 815-10-55. Fair values at issuance totaled $2,168,674, $1,006,025 and $2,066,666 for warrants issued on June 29, 2011, July 12, 2011 and May 15, 2012 respectively.

The Company used the Lattice Model for valuing warrants using the following assumptions:

• Risk-free interest rate – 0.72%
• Term – 5 years
• Dividend yield – 0%
• Underlying stock price - $0.42
• Volatility – 274%

On January 25, 2013, 5,140,562 warrants were exercised for 1,028,113 common shares of the Company at a deemed price of $0.25 in accordance with the terms of the agreement. A gain of $886,759 was recorded when the warrants were valued prior to the warrants exercise. As of March 31, 2013, all the warrants issued prior to June 30, 2012 have been exercised.

The corresponding debt discount of the debentures were accreted to interest expense over the terms of debentures of 18 months and 12 months respectively. During the period ended March 31, 2013, an accretion of $1,738,163 was recognized as interest expense.

	Warrants			Weighted	Weighted
	Outstanding			Average	Average
				Exercise	Remaining
				Price	life
Balance, June 30, 2011	1,204,819		$	0.913	5 years
Warrants issued	3,935,743		$	0.521	4.75 years
Exercised	-		$	-	-
Cancelled	-		$	-	-
Expired	-		$	-	-
Balance, June 30, 2012	5,140,562		$	0.613	4.57 years
Warrants issued (Note 7)	4,172,973		$	0.185	4.91 years
Exercised	(5,140,562	)	$	0.250	-
Cancelled	-		$	-	-
Expired	-		$	-	-
Exercise price revised	-		$	0.200	-
Balance, March 31, 2013	4,172,973		$	0.185	4.91 years

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Mineral Property Costs

9 Months Ended

Mar. 31, 2013

Mineral Property Costs [Text Block]

5.      Mineral Property Costs

Mineral Claims, Clinton Mining District

On September 25, 2009, and amended June 24, 2010, the Company entered into an Option Agreement under which the Company was granted an option to acquire an undivided 50% interest in eight mineral claims located in the Clinton Mining District, Province of British Columbia, Canada (the “Claims”), which Claims total in excess of 3,900 hectares, in consideration of the issuance of 1,500,000 common shares of the Company on or before December 31, 2010. The Claims were subject to a two percent net smelter royalty which can be paid out for the sum of $1,000,000 (CAD). The Company can earn an undivided 50% interest in the Claims by carrying out a $100,000 (CAD) exploration and development program on the Claims on or before December 31, 2010, plus an additional $200,000 (CAD) exploration and development program on the Claims on or before September 25, 2011.

In the event that the Company acquires an interest in the Claims, the Company and the Optionor have further agreed, at the request of either party, to negotiate a joint venture agreement for further exploration and development of the Claims.

On April 29, 2011, the Company entered into a mutual release agreement. The Company is released from any obligations related to the Claims for considerations of a cash payment of CDN $54,624 (US$57,901) and the issuance of 200,000 common shares of the Company. The shares have been valued at a market price of $3.70 for a total of $740,000. The total amount of $797,901 has been recorded as mining expenses.

Mineral Permit

On December 16, 2010, the Company entered into an Assignment Agreement to acquire the following:

a.)	An undivided 100% right, title and interest in and to certain mineral permits located in the Province of Alberta, Canada.
b.)	All of the assignor’s right, title and interest in and to the Option Agreement.

In consideration for the Assignment, the Company agreed to pay US$90,000 by way of cash or stock of equal value (consisting of amounts previously paid by the Assignor pursuant to the Option Agreement). The Option shall be in good standing and exercisable by the Company by paying the following amounts on or before the dates specified in the following schedule:

i.)	CDN $40,000 (paid) upon execution of the agreement;
ii.)	CDN $60,000 (paid) on or before January 1, 2012;
iii.)	CDN $100,000 on or before January 1, 2013 (amended);
iv.)	CDN $300,000 on or before January 1, 2014; and
v.)	Paying all such property payments as may be required to maintain the mineral permits in good standing.
vi.)	The Optionee shall provide a refundable amount of CDN$50,000 (paid) to the Optionor by November 2, 2010, which shall be applied by the Optionor towards work assessment expenses acceptable to the Government of Alberta, with any unused portion to be applied against payments required to maintain the permits underlying the property in good standing.

On December 31, 2012, the Company entered into an agreement to amend the original payment requirement of CDN$100,000 due on January 1, 2013 to the following payments: CDN $20,000 (paid) cash payment due on January 1, 2013 and CDN $80,000 by a 15% one year promissory note starting January 1, 2013. The promissory note is interest free until March 31, 2013. After then, interest will accrue on the principal balance then in arrears at the rate of 15% per annum. No payments shall be payable until December 31, 2013. At any time, the optionor may elect to convert the remaining balance of CDN $80,000 plus accrued interest into common shares of the Company at 75% of the closing market price of the Company’s common shares on the election day. The full $100,000 (consisting of cash payment of $20,000 and note payable of $80,000) was expensed. The note is subject to be measured at its fair value in accordance with ASC 480-10-25-14. The fair value at issuance was $106,667. An additional $26,667 was charged to mining expense and the note balance at March 31, 2013 is $106,667.

Glottech Technology

On March 17, 2011 and subsequently amended on November 18, 2011, the Company entered into a letter agreement to acquire one initial unit of proprietary and patented mechanical ultrasound technology for use in water purification, inclusive of its process of separating from water, as the primary fluid stock, the salt and other minerals and by –products contained therein, with Glottech – USA.

To acquire the unit, the Company must make the following payments:

a)	US$25,000 upon execution of the agreement (paid);
b)	US$75,000 within 180 days of execution of the agreement (paid);
c)	US$700,000 within 10 days of receipt of invoice from Glottech –USA LLC if the payment in b) is made (paid).
d)	The Company also granted an option to acquire 2,000,000 shares for $1.00 to Glottech – USA upon receipt of the operational ultrasonic generator that they are building for Lithium Exploration Group. The 2,000,000 shares are to be paid from outstanding shares owned by Alex Walsh, company CEO. During the year ended June 30, 2011, the option resulting in additional mining expenses of $4,940,000 was valued using the fair market value of the shares to be issued. On October 1, 2012, Alex Walsh and GD International entered into an agreement to transfer 2,000,000 common shares owned by Alex Walsh to GD International. The shares were received by GD International on October 29, 2012.

Commencing as of the end of an initial sixty day testing and training period following satisfactory delivery and physical setup of the technology, and continuing thereafter for as long as the technology remains in the possession of the Company, the Company shall pay continuing monthly royalties in an amount equal to $2.00 per physical ton of water processed pursuant to the usage of the technology.

On June 12, 2012, the Company filed a complaint with the court of common pleas of Chester County, Pennsylvania against Glottech – USA, LLC, Eldredge, Inc., and the Eldredge Companies, Inc. The complaint seeks an order of the court granting possession of the unit, in its current state, to the Company.

Effective August 14, 2012, the Company entered into an option agreement with GD Glottech-International, Limited (“GD International”) to protect our license and distribution rights in the event that GD-Glottech-USA, LLC (“GD USA”) is unable to perform and honor the obligations contingent to a letter agreement dated November 8, 2011.

Pursuant to the terms of the option agreement, we are required to provide an initial deposit of $150,000 to be held in escrow for the option to obtain a license on the patent rights, as set forth in the option agreement. A further $15,000 was required for exercising the option agreement and it will be credited to future fees when patents rights are exercised. We exerised this option agreement on September 1, 2012 and released the funds to GD International.

On October 1, 2012, the Company entered into a sales agency agreement with GD International.The agreement shall replace all agreements entered previously. Pursuant to the agreement, the Company is appointed as GD International’s sales agent for the technology within the territory. As a consideration, 2,000,000 common shares of the Company shall be issued to GD International (issued: see d) above). GD International retains all right, title and interest in the technology. The term of this agreement will be an intial period of five years. The term shall be automatically renewable threrafter for successive five year periods provided that the Company has sold not less than 25 or more technology units during each applicable five year period.

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Capital Stock (Tables)

9 Months Ended

Mar. 31, 2013

Schedule of Equity Issuances [Table Text Block]

					Price Per
Date	Description	Shares			Share		Amount
06/06/06	Shares issued for cash	20,000,000		$	0.001	$	20,000
07/01/06	Shares issued for cash	10,000,000			0.001		10,000
12/11/06	Shares issued for cash	17,375,000			0.004		69,500
01/18/11	Shares issued for mining expenses	250,000			0.100		25,000
01/27/11	Shares issued for cash	250,000			1.000		250,000
03/07/11	Shares issued for mining expenses	250,000			0.100		25,000
04/27/11	Shares issued for director fees	2,300,000			7.650		17,595,000
04/29/11	Shares issued for settlement of mining expenses	200,000			3.700		740,000
05/10/11	Shares issued for cash	190,476			5.250		1,000,000
06/11/11	Shares issued for investor relation	300,000			2.340		702,000
11/22/11	Shares issued for debenture conversion	2,000,000			0.2925		585,000
4/18/12	Shares issued for debenture conversion	610,795			0.352		215,000
4/18/12	Shares issued for interest	323,637			0.810		262,146
4/27/12	Shares issued for director fees	300,000			1.060		318,000
5/1/12	Shares issued for consulting fees	26,041			0.960		25,000
5/15/12	Shares issued for consulting fees	40,323			0.620		25,000
7/10/12	Shares issued for debenture conversion	1,504,415			0.1925		289,600
8/21/12	Shares issued for debenture conversion	815,047			0.1595		130,000
9/17/12	Shares issued for debenture conversion	1,581,028			0.1265		200,000
10/25/12	Shares cancelled in exchange for preferred shares	(20,000,000	)		0.0010		(20,000	)
11/1/12	Shares issued for mining expenses	62,500			0.2400		15,000
11/13/12	Shares issued for investor relation	41,667			0.2400		10,000
11/22/12	Shares issued for debenture conversion	949,171			0.1170		111,053
12/1/12	Shares issued for mining expenses	55,556			0.2700		15,000
12/13/12	Shares issued for investor relation	38,462			0.2600		10,000
1/2/13	Shares issued for mining expenses	55,556			0.2700		15,000
1/14/13	Shares issued for investor relation	40,000			0.2500		10,000
1/25/13	Shares issued for warrants exercise	1,028,113			0.2500		257,028
2/1/13	Shares issued for mining expenses	78,947			0.1900		15,000
2/14/13	Shares issued for investor relation	41,667			0.2400		10,000
2/29/13	Shares issued for debenture conversion	2,000,000			0.0770		154,000
3/1/13	Shares issued for mining expenses	48,387			0.3100		15,000
3/8/13	Shares issued for debenture conversion	2,000,000			0.0770		154,000
3/14/13	Shares issued for investor relation	47,619			0.2100		10,000
3/15/13	Shares issued for consulting fees	38,945			0.2311		9,000
3/15/13	Shares issued for consulting fees	95,238			0.2100		20,000
3/15/13	Shares issued for debenture conversion	2,000,000			0.0950		190,000
3/27/13	Shares issued for consulting fees	32,653			0.245		8,000
3/27/13	Shares issued for investor relation	389,189			0.185		72,000
	Cumulative Totals	47,360,432				$	23,566,327

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Restatement of March 31, 2012 Financial Statement

9 Months Ended

Mar. 31, 2013

Restatement of March 31, 2012 Financial Statement [Text Block]

13.    Restatement of March 31, 2012 Financial Statement

Subsequent to the issuance of the March 31, 2012 financial statements, management determined that convertible debentures had not been properly valued. The financial statements have been revised to accurately record the transaction. Accordingly, the statements of operations and cash flows have been revised as follows:

		As Previously
Effect of corrections		Reported			As Restated			Adjustment
STATEMENT OF OPERATIONS
Three months period ended March 31, 2012
Interest expense	$	(538,419	)	$	(48,751	)	$	489,668
Net loss		(1,259,372	)		(769,704	)		489,668
Basic and diluted loss per share	$	(0.02	)	$	(0.01	)	$	0.01
Nine months period ended March 31, 2012
Interest expense	$	(4,009,210	)	$	(1,706,539	)	$	2,302,671
Net loss		(3,774,905	)		(1,472,234	)		2,302,671
Basic and diluted loss per share	$	(0.07	)	$	(0.03	)		0.04
STATEMENT OF CASH FLOWS
Nine months period ended March 31, 2012
Net loss for the period	$	(3,774,905	)	$	(1,472,234	)	$	2,302,671
Interest expense	$	4,009,210		$	1,706,539		$	(2,302,671	)

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Investment

9 Months Ended

Mar. 31, 2013

Investment [Text Block]

9.      Investment

During the year ended June 30, 2012, the Company paid US$197,393 (CDN $200,000) in consideration for 800,000 shares of First Reef Energy Inc.

The Company intends to sell the securities purchased in the near term, and accordingly, has classified them as Available-for-Sale securities, wherein, unrealized gains or losses resulting from marking the securities to market are recorded in other comprehensive income. The securities are valued using Tier Three inputs in accordance with FASB ASC 870-10: Fair Value Measurements and Disclosure (FASB 157) resulting in estimated fair value of $197,393 at March 31, 2013. Resulting other comprehensive income is nominal.

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Convertible Promissory Note

9 Months Ended

Mar. 31, 2013

Convertible Promissory Note [Text Block]

7.      Convertible Promissory Notes

On February 13, 2013, the Company entered into a securities purchase agreement with one investor. Pursuant to the terms of the agreement, the investor acquired a convertible promissory note with an aggregate face value of $1,100,000, at an issuance discount of $100,000 ; resulting in $1,000,000 net proceeds to the Company. On February 13, 2013, $100,000 net proceeds were received with an issuance discount of $10,000 for an aggregate face value of $110,000. There is no guarantee the investor will make additional payments. The note of $110,000 is due on February 13, 2016 and carries a one time interest rate of 5% over the term of note, with an effective interest rate of 171.61% . The note is convertible at the lower of $0.25 and 70% of the lowest reported sales price of the common stock for the 20 days immediately prior to conversion date subject to various prescribed conditions. The convertible note has a fixed stated principal amount but is not convertible into a fixed number of shares, so the conversion feature is considered an imbedded derivative. However, the convertible note as a standalone instrument is to be measure at its fair value in accordance with ASC 480-10-25-14, rather than have its conversion feature bifurcated and reported separately. The fair value at issuance was $157,143. During the period ended March 31, 2013, an interest expense of $231 was accrued.

Effective March 1, 2013, the Company entered into another securities purchase agreement with another investor. Pursuant to the terms of the agreement, the investor acquired a convertible promissory note with an aggregate face value of $672,000, at an issuance discount of $72,000 ; resulting in $600,000 net proceeds to the Company. On March 1, 2013, $150,000 net proceeds were received with an issuance discount of $18,000 for an aggregate face value of $168,000. Additional payments are due as follows:

• $150,000 on April 1, 2013 (paid subsequent to March 31, 2013)
• $100,000 on May 1, 2013 (paid subsequent to March 31, 2013)
• $100,000 on June 1, 2013
• $100,000 on July 1, 2013

The note of $168,000 is due on March 1, 2014 and carries no interest, with an effective interest rate of 561.36% . The note is convertible at the lower of 50% of the lowest reported sale price of the common stock for the 20 trading days immediately prior to (i) the closing date on March 1, 2013 or (ii) 50% of the lowest reported sale price for the 20 days prior the conversion date of the Note. The convertible note has a fixed stated principal amount but is not convertible into a fixed number of shares, so the conversion feature is considered an imbedded derivative. However, the convertible note as a standalone instrument is to be measure at its fair value in accordance with ASC 480-10-25-14, rather than have its conversion feature bifurcated and reported separately. The fair value at issuance was $336,000.

Along with the promissory note issued on February 13, 2013, the Company issued warrants to acquire a total of 540,540 shares of the Company for a period of five years at an exercise price of $0.185. Along with the promissory note issued on March 1, 2013, the Company issued warrants to acquire a total of 3,632,433 shares of the Company for a period of five years at an exercise price of $0.185.

The warrants bear a cashless exercise provision. The warrants also include anti-dilution protection with respect to lower priced issuances of common stock or securities convertible or exchangeable into common stock, which provision resulted in derivative liability treatment under ASC topic 815-10-55. Fair values at issuance totaled $94,594, and $1,126,054 for warrants issued on February 13, 2013 and March 1, 2013 respectively.

The Company used the Lattice Model for valuing warrants using the following assumptions:

• Risk-free interest rates – 0.92% and 0.75%
• Term – 5 years
• Dividend yield – 0%
• Underlying stock prices - $0.21 and $0.31
• Volatilities – 485% and 486%

At March 31, 2013, the warrants were valued at $876,324 resulting in a loss of $344,324 in the period ended March 31, 2013. The corresponding debt discount of the promissory notes was accreted to interest expenses over the terms of notes of 3 years and 1 year respectively. During the period ended March 31, 2013, an accretion of $5,456 was recognized as interest expense.

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Related Party Transactions

9 Months Ended

Mar. 31, 2013

Related Party Transactions [Text Block]

8.      Related Party Transactions

During the period ended March 31, 2013, the Company incurred consulting fees of $36,000 (2012 - $25,000) with directors and officers.

As of March 31, 2013, the Company was obligated to a director for a non-interest bearing demand loan with a balance of $45,332 (June 30, 2012 - $45,332). The Company plans to pay the loan back as cash flows become available.

These transactions are in the normal course of operations and are measured at the exchange amount of consideration established and agreed to by the related parties.

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Going Concern And Liquidity Considerations

9 Months Ended

Mar. 31, 2013

Going Concern And Liquidity Considerations [Text Block]

10.    Going Concern and Liquidity Considerations

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As at March 31, 2013, the Company had a working capital deficiency of $1,976,246 and an accumulated deficit of $32,815,855. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the next twelve months.

The ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to continue operations, explore and develop the mineral properties and the discovery, development and sale of ore reserves.

In response to these problems, management intends to raise additional funds through public or private placement offerings.

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Related Party Transactions (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Related Party Transactions 1	$ 36,000
Related Party Transactions 2	25,000
Related Party Transactions 3	45,332
Related Party Transactions 4	$ 45,332

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Reclassifications

9 Months Ended

Mar. 31, 2013

Reclassifications [Text Block]

15.    Reclassifications

Certain items on the 2012 financial statements have been reclassed to conform to the 2013 presentation.

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Restatement of June 30, 2012 Financial Statement (Tables)

9 Months Ended

Mar. 31, 2013

Restatement of Financials June 30, 2012 [Table Text Block]

		As Previously
Effect of corrections		Reported			As Restated			Adjustment
BALANCE SHEET
At June 30, 2012
LIABILITIES
Convertible debentures	$	1,573,743		$	119,198		$	(1,454,545	)
STOCKHOLDERS’ EQUITY
Additional paid-in capital	$	26,752,229		$	27,406,774		$	654,545
Deficit accumulated during the exploration stage	$	(29,218,931	)	$	(28,418,931	)	$	800,000
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
At June 30, 2012
Additional paid-in capital	$	26,752,229		$	27,406,774		$	654,545
Loss for the year	$	(3,190,439	)	$	(2,390,439	)	$	800,000
Deficit accumulated during the exploration stage	$	(29,218,931	)	$	(28,418,931	)	$	800,000

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Restatement of Financials (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 1	$ (538,419)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 2	(48,751)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 3	489,668
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 4	(1,259,372)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 5	(769,704)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 6	489,668
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 7	(0.02)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 8	(0.01)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 9	0.01
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 10	(4,009,210)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 11	(1,706,539)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 12	2,302,671
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 13	(3,774,905)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 14	(1,472,234)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 15	2,302,671
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 16	(0.07)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 17	(0.03)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 18	0.04
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 19	(3,774,905)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 20	(1,472,234)
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 21	2,302,671
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 22	4,009,210
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 23	1,706,539
Restatement Of March 31, 2012 Financial Statement Restatement Of Financials 24	$ (2,302,671)

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Consolidated Statements of Cash Flows (USD $)	9 Months Ended		82 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Cash Flows from Operating Activities
Net loss for the period	$ (4,396,924)	$ (1,472,234)	$ (32,815,855)
Items not affecting cash:
Common shares issued for mining expenses and related finder's fees	75,000	0	865,000
Common shares issued for director fees	0	0	17,913,000
Non-cash mining expenses	106,667	0	106,667
Common shares issued for investor relations	122,000	0	824,000
Common shares issued for consulting fees	37,000	0	87,000
Options issued for mining expenses	0	0	4,940,000
Interest expense	3,946,753	1,706,539	8,067,280
(Gain) loss on derivative liability	(1,231,083)	(1,602,410)	(4,313,413)
Changes in operating assets and liabilities:
Prepaid expenses	(64,611)	436,600	(64,611)
Accounts payable and accrued liabilities	(31,934)	(170,698)	20,964
Net cash used in operations	(1,437,132)	(1,102,203)	(4,369,968)
Cash Flows from Investing Activities
Investment	0	(197,393)	(197,393)
Net cash used in investing activities	0	(197,393)	(197,393)
Cash Flows from Financing Activities
Advance from related party	0	0	47,537
Repayment to related party	0	(2,205)	(2,205)
Issuance of common shares for cash	0	0	1,349,500
Issuance of convertible debentures	0	500,000	3,000,000
Issuance cost of convertible debentures	0	0	(25,000)
Issuance of convertible promissory notes	250,000	0	250,000
Net cash provided by financing activities	250,000	497,795	4,619,832
Increase (decrease) in cash and cash equivalents	(1,187,132)	(801,801)	52,471
Cash and cash equivalents - beginning of period	1,239,603	1,009,993	0
Cash and cash equivalents - end of period	52,471	208,192	52,471
Non-cash investing and financing activities:
Common stock issued for debt	2,069,536	585,000	3,131,682
Interest	0	0	0
Income taxes	$ 0	$ 0	$ 0

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Provision For Income Taxes

9 Months Ended

Mar. 31, 2013

Provision For Income Taxes [Text Block]

4 .      Provision for Income Taxes

The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes. Deferred taxes are provided in the financial statements under FASC 740-20-20 to give effect to the resulting temporary differences which may arise from differences in the bases of fixed assets, depreciation methods, allowances, and start-up costs based on the income taxes expected to be payable in future years.

Exploration stage deferred tax assets arising as a result of net operating loss carryforwards have been offset completely by a valuation allowance due to the uncertainty of their utilization in future periods. Operating loss carryforwards generated during the period from May 31, 2006 (date of inception) through March 31, 2013 of $10,214,905 will begin to expire in 2026. Accordingly, deferred tax assets were offset by the valuation allowance that increased by approximately $1,367,596 and $1,345,000 during the periods ended March 31, 2013 and 2012, respectively.

The Company follows the provisions of uncertain tax positions as addressed in FASC 740-10-65-1. The Company recognized approximately no increase in the liability for unrecognized tax benefits.

The Company has no tax position at March 31, 2013 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at March 31, 2013. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended exploration stage activities. The tax years for June 30, 2012, June 30, 2011, June 30, 2010 and June 30, 2009 are still open for examination by the Internal Revenue Service (IRS).

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Organization (Narrative) (Details)	9 Months Ended
	Mar. 31, 2013
Organization 1	20
Organization 2	50.00%
Organization 3	100.00%
Organization 4	60.00%

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Subsequent events (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013
Subsequent Events 1	71,429
Subsequent Events 2	$ 0.21
Subsequent Events 3	38,095
Subsequent Events 4	$ 0.21
Subsequent Events 5	100,000
Subsequent Events 6	$ 0.20
Subsequent Events 7	57,007
Subsequent Events 8	$ 0.2105
Subsequent Events 9	50,000
Subsequent Events 10	$ 0.20
Subsequent Events 11	2,000,000
Subsequent Events 12	$ 0.085
Subsequent Events 13	$ 170,000
Subsequent Events 14	300,000
Subsequent Events 15	$ 0.18

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Restatement of June 30, 2012 Financial Statement

9 Months Ended

Mar. 31, 2013

Restatement of June 30, 2012 Financial Statement [Text Block]

14.    Restatement of June 30, 2012 Financial Statement

Subsequent to the issuance of the June 30, 2012 financial statements, management determined that convertible debentures had not been properly valued. The financial statements have been revised to accurately record the transaction. Accordingly, the balance sheet as of June 30, 2012 and the statement of changes in stockholders’ equity (deficit) have been revised as follows:

		As Previously
Effect of corrections		Reported			As Restated			Adjustment
BALANCE SHEET
At June 30, 2012
LIABILITIES
Convertible debentures	$	1,573,743		$	119,198		$	(1,454,545	)
STOCKHOLDERS’ EQUITY
Additional paid-in capital	$	26,752,229		$	27,406,774		$	654,545
Deficit accumulated during the exploration stage	$	(29,218,931	)	$	(28,418,931	)	$	800,000
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
At June 30, 2012
Additional paid-in capital	$	26,752,229		$	27,406,774		$	654,545
Loss for the year	$	(3,190,439	)	$	(2,390,439	)	$	800,000
Deficit accumulated during the exploration stage	$	(29,218,931	)	$	(28,418,931	)	$	800,000