10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-K/A -1

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ü	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
	ACT OF 1934
For the fiscal year ended: September 30, 2011
or
	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
	ACT OF 1934
For the transition period from: _____________ to _____________

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SILVERSTAR MINING CORP.

(Exact name of registrant as specified in its charter)

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Nevada	333-113296	98-0425627
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation or Organization)	File Number)	Identification No.)

2500 Plaza 5, 25th Floor, Harborside Financial Center, Jersey City, NJ 07311

(Address of Principal Executive Office) (Zip Code)

210-633-4716

(Registrant’s telephone number, including area code)

350 East 82nd. Street, Suite 15D New York NY 10028

(Former name or former address, if changed since last report)

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Securities registered pursuant to Section 12(b) of the Act:
Title of each class		Name of each exchange on which registered
Not Applicable		None
Securities registered pursuant to Section 12(g) of the Act:
	None
	(Title of Class)

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
			Yes	ü	No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
			Yes	ü	No
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.		ü	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).		ü	Yes		No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
Large accelerated filer	Accelerated filer
Non-accelerated filer	Smaller reporting company			ü
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).			Yes	ü	No
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant computed by reference to the price at which the common equity was last sold, or the average bid and asked price for such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter as reported by the OTCBB on March 31, 2011 was approximately $1,265,910.
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.  [Insert]
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
			Yes		No
DOCUMENTS INCORPORATED BY REFERENCE
None

Forward-Looking Statements

 We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Annual Report on  Form 10-k or made by our management involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. You can identify these statements as those that may predict, forecast, indicate or imply future results, performance or advancements and by forward-looking words such as “believe,” “anticipate,” “expect,” “estimate,” “predict,” “intend,” “plan,” “project,” “will,” “will be,” “will continue,” “will result,” “could,” “may,” “might” or any variations of such words or other words with similar meanings. Forward-looking statements address, among other things, our expectations, our growth strategies, our plans to acquire additional wind farms, commence development of the wind farms,   our actions, plans or strategies. We are including this cautionary statement in this report to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf, of us.

 The following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results for fiscal 2012 and beyond to differ materially from those expressed or implied in any forward-looking statements included in this report or otherwise made by our management:  Actions by our competitors; our inability to manage our growth,  borrowing costs, the regulatory environment  and  the loss of our key executives could materially adversely impact operations.

 In addition, new risk factors can arise, and it is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on our business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. We do not assume any obligation and do not intend to update any forward-looking statements except as may be required by securities laws.

     EXPLANATORY NOTE

 Silverstar Mining Corp.  is filing this Amendment No. 1 to its Annual Report on Form 10–K for the fiscal year ended September 30, 2011,  as filed with the U.S. Securities and Exchange Commission on January 13, 2012.    This Amendment No. 1 is being filed to submit the Company’s financial statements in an XBRL format.   There has been no change to the Company’s financial statements.

 This Amendment No. 1 does not reflect events that have occurred after the original filing of the Annual Report.

 Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as a result of this Amendment No. 1, the certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, filed and furnished respectively, as exhibits to the original filing, have been amended  and refiled as of the date of this Amendment No. 1 and are included as Exhibits 31.2, 31.2, 32.1 and 32.2 hereto.

 This Amendment No. 1 should be read in conjunction with the original filing of our Annual Report for the period ended September 30, 2011 and our other filings made with the Securities and Exchange Commission.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

Index to Exhibits

23.           Consent of James Staffford

31.1 Certificate of the Chief Executive Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002

31.2    Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32 .1   Certificate of the Chief Executive Officer  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32 .2   Certificate of the Chief Financial  Officer  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

 In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Silverstar Mining Corp.  

Date:  January 25, 2012	By: /s/ Neil Kleinman
	Neil Kleinman
	CEO/President

JAMES STAFFORD
	James Stafford, Inc. Chartered Accountants Suite 350 – 1111 Melville Street Vancouver, British Columbia Canada V6E 3V6 Telephone +1 604 669 0711 Facsimile +1 604 669 0754 www.jamesstafford.ca

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation of our report dated 24 December 2010, except for Note 15, asto which the date is 7 January 2011, with respect to the consolidated balance sheets of Silverstar Mining Corp. (the “Company”) as at 30 September 2010 and 2009, and the related consolidated statements of operations, cash flows and changes in stockholders’ deficiency for each of the years in the three-year period ended 30 September 2010 on Form 10-K of the Company dated 13 January 2012.

	/s/ “James Stafford”
Vancouver, Canada	Chartered Accountants
13 January 2012

EX-31.1

 Exhibit 31.1

OFFICER'S CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT

I, Neil Kleinman, certify that:

1. I have reviewed this annual report on Form 10-K/A-1  for the year ended September 30, 2011 of Silverstar, Mining Corp.

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  issuer as of, and for, the periods presented in this report;

4.   The  issuer'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  issuer 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  small  business  issuer, 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   issuer'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 issuer’s internal  control  over  financial  reporting  that  occurred  during  the  issuer's most recent fiscal quarter (the  issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially  affect, the  issuer's internal control over financial reporting; and

5. The issuer’s  other certifying officer(s) and I have disclosed, based  on  our  most  recent  evaluation  of  internal  control  over  financial reporting,  to the   issuer's  auditors and the audit committee of the small  business  issuer'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 small  business  issuer's  ability to record, process, summarize and report financial information; and

a)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date:  January 25, 2012	By: /s/ Neil Kleinman
	Neil Kleinman
	Chief Executive Officer

EX-31.2

EXHIBIT 31.2

      OFFICER'S CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT

I, Neil Kleinman, certify that:

1. I have reviewed this annual report on Form 10-K/A-1 for the year ended September 30, 2011 of Silverstar, Mining Corp.

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  issuer as of, and for, the periods presented in this report;

4.    The issuer'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  issuer 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 issuer, 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  issuer'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 small  business issuer's internal control over financial reporting that occurred during the issuer's most recent fiscal quarter (the issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal  control over financial reporting, to the issuer's auditors and the audit committee of the small business  issuer'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 small business issuer'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 issuer’s internal control over financial reporting.

Date:  January 25, 2012	By: /s/ Neil Kleinman
	Neil Kleinman, CFO

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

In connection with the Annual Report of Silverstar  Mining Corp.   (the "Company") on Form 10-K/A-1 for the period ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.   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 operation of the Company.

3.   A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date:  January 25, 2012	By: /s/ Neil Kleinman
	Neil Kleinman
	Chief Executive Officer

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

In connection with the Annual Report of Silverstar Mining Corp. (the “Company") on Form 10-K/A-1 for the period ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.   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 operation of the Company.

3.   A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date:  January 25, 2012	By: /s/ Neil Kleinman
	Neil Kleinman
	Chief Financial Officer

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Acquisition

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Acquisition

Acquisition

In accordance with ASC 805, Business Combinations, acquisitions are accounted for under the purchase method of accounting. Under the purchase method of accounting, assets acquired and liabilities assumed are recorded at their estimated fair values. Goodwill is recorded to the extent the purchase price consideration, including certain acquisition and closing costs, exceeds the fair value of the net identifiable assets acquired at the date of the acquisition.

On 24 July 2008, the Company acquired Silverdale. The aggregate consideration paid by the Company was $791,860 of which $141,760 was paid in cash, and the Company issued 4,334 common shares of the Company valued at $650,100 to acquire 100% of the issued and outstanding common shares of Silverdale (Notes 10 and 12). Silverdale was acquired pursuant to a Stock Exchange Agreement with Silverdale and the former shareholders of Silverdale dated 13 June 2008. The acquisition of Silverdale expands the Company’s business of acquiring and exploring mineral properties.

A valuation of certain assets was completed and the Company internally determined the fair value of other assets and liabilities. In determining the fair value of acquired assets, standard valuation techniques were used including the market and income approach.

The purchase price allocation has been determined as follows:

Assets purchased:
Cash and cash equivalents	$	1,539
Mineral property interests		790,321
Total assets acquired		791,860
Purchase price	$	791,860

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Significant Accounting Policies

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Significant Accounting Policies

Significant Accounting Policies

The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements.

Principles of consolidation

All inter-company transactions and balances have been eliminated in these consolidated financial statements.

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with original maturities of three months or less.

Mineral property costs

The Company is primarily engaged in the acquisition, exploration and development of mineral properties.

Mineral property acquisition costs are initially capitalized as tangible assets when purchased. At the end of each fiscal quarter end, the Company assesses the carrying costs for impairment. If proven and probable reserves are established for a property and it has been determined that a mineral property can be economically developed, costs will be amortized using the units-of-production method over the estimated life of the probable reserve.

Mineral property exploration costs are expensed as incurred.

Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis. Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards. Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred.

As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and incurred only acquisition and exploration costs (Note 5).

Although the Company has taken steps to verify title to mineral properties in which it has an interest, according to the usual industry standards for the stage of exploration of such properties, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

 Reclamation costs

The Company’s policy for recording reclamation costs is to record a liability for the estimated costs to reclaim mined land by recording charges to production costs for each tonne of ore mined over the life of the mine. The amount charged is based on management’s estimation of reclamation costs to be incurred. The accrued liability is reduced as reclamation expenditures are made. Certain reclamation work is performed concurrently with mining and these expenditures are charged to operations at that time.

Long-lived assets

Long-term assets of the Company are reviewed for impairment whenever events or circumstances indicate that the carrying amount of assets may not be recoverable, pursuant to guidance established in ASC 360-10-35-15, “Impairment or Disposal of Long-Lived Assets”.

Management considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations (undiscounted and without interest charges). If impairment is deemed to exist, the assets will be written down to fair value. Fair value is generally determined using a discounted cash flow analysis.

Financial instruments

The carrying value of cash and cash equivalents, accounts payable and accrued liabilities and convertible debentures approximates their fair value because of the short maturity of these instruments. The Company’s operations are in Canada and virtually all of its assets and liabilities are giving rise to significant exposure to market risks from changes in foreign currency rates. The Company’s financial risk is the risk that arises from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.

Derivative financial instruments

The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

Website development costs

The costs of computer software developed or obtained for internal use, during the preliminary project phase, as defined under ASC 350-40, “Internal-Use Software”, will be expensed as incurred. The costs of website development during the planning stage, as defined under ASC 350-50, “Website Development Costs”, will also be expensed as incurred.

Computer software, website development incurred during the application and infrastructure development stage, including external direct costs of materials and services consumed in developing the software and creating graphics and website content, will be capitalized and amortized over the estimated useful life, beginning when the software is ready for use and after all substantial testing is completed and the website is operational.

Income taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.

Basic and diluted net loss per share

The Company computes net income (loss) per share in accordance with ASC 260 “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive.

Comprehensive loss

ASC 220, “Comprehensive Income”, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at 30 September 2011, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the consolidated financial statements.

Segments of an enterprise and related information

ASC 280, “Segment Reporting” establishes guidance for the way that public companies report information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial statements issued to the public. It also establishes standards for disclosures regarding products and services, geographic areas and major customers. ASC 280 defines operating segments as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has evaluated this Codification and does not believe it is applicable at this time.

Start-up expenses

The Company has adopted ASC 720-15, “Start-Up Costs”, which requires that costs associated with start-up activities be expensed as incurred.  Accordingly, start-up costs associated with the Company's formation have been included in the Company’s general and administrative expenses for the period from the date of inception on 5 December 2003 to 30 September 2011.

Foreign currency translation

The Company’s functional and reporting currency is U.S. dollars. The consolidated financial statements of the Company are translated to U.S. dollars in accordance with ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates.

Comparative figures

Certain comparative figures have been adjusted to conform to the current year’s presentation.

Changes in accounting policies

In January 2010, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2010-02, “Accounting and Reporting for Decreases in Ownership of a Subsidiary - a Scope Clarification”. ASU No. 2010-2 addresses implementation issues related to the changes in ownership provisions in the Consolidation—Overall Subtopic (Subtopic 810-10) of the FASB ASC, originally issued as Statement of Financial Accounting Standards (“SFAS”) No. 160, “Noncontrolling Interests in Consolidated Financial Statements”. Subtopic 810-10 establishes the accounting and reporting guidance for noncontrolling interests and changes in ownership interests of a subsidiary. An entity is required to deconsolidate a subsidiary when the entity ceases to have a controlling financial interest in the subsidiary. Upon deconsolidation of a subsidiary, an entity recognizes a gain or loss on the transaction and measures any retained investment in the subsidiary at fair value. The gain or loss includes any gain or loss associated with the difference between the fair value of the retained investment in the subsidiary and its carrying amount at the date the subsidiary is deconsolidated. In contrast, an entity is required to account for a decrease in ownership interest of a subsidiary that does not result in a change of control of the subsidiary as an equity transaction. ASU No. 2010-02 was effective for the Company starting 1 January 2010. The Company’s adoption of ASU No. 2010-2 did not have a material impact on the Company’s consolidated financial statements.

In January 2010, the FASB issued ASU No. 2010-01, “Equity (ASC Topic 505): Accounting for Distributions to Shareholders with Components of Stock and Cash”, which clarifies that the stock portion of a distribution to shareholders that allow them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected prospectively in earnings per share and is not considered a stock dividend for purposes of ASC Topic 505 and ASC Topic 260. ASU No. 2010-2 was effective for the Company starting 1 January 2010. The adoption of the ASU No. 2010-01 did not have a material impact on the Company’s consolidated financial statements.

In August 2009, the FASB issued ASU No. 2009-05, “Fair Value Measurement and Disclosure (Topic 820) – Measuring Liabilities at Fair Value”, which provides valuation techniques to measure fair value in circumstances in which a quoted price in an active market for the identical liability is not available. The guidance provided in this update is effective 1 October 2009. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)”. SFAS No. 167, which amends ASC 810-10, “Consolidation”, prescribes a qualitative model for identifying whether a company has a controlling financial interest in a variable interest entity (“VIE”) and eliminates the quantitative model. The new model identifies two primary characteristics of a controlling financial interest: (1) provides a company with the power to direct significant activities of the VIE, and (2) obligates a company to absorb losses of and/or provides rights to receive benefits from the VIE. SFAS No. 167 requires a company to reassess on an ongoing basis whether it holds a controlling financial interest in a VIE. A company that holds a controlling financial interest is deemed to be the primary beneficiary of the VIE and is required to consolidate the VIE. SFAS No. 167, which is referenced in ASC 105-10-65, has not yet been adopted into the Codification and remains authoritative. SFAS No. 167 was effective 1 January 2010. The adoption of SFAS No. 167 did not have a material impact on the Company’s consolidated financial statements.

In June 2009, the FASB issued SFAS No. 166, “Accounting for Transfer of Financial Assets – an amendment of FASB Statement”. SFAS No. 166 removes the concept of a qualifying special-purpose entity from ASC 860-10, “Transfers and Servicing”, and removes the exception from applying ASC 810-10, “Consolidation”. This statements also clarifies the requirements for isolation and limitations on portions of financial assets that are eligible for sale accounting. SFAS No. 166, which is referenced in ASC 105-10-65, has not yet been adopted into the Codification and remains authoritative. This statement was effective 1 January 2010. The adoption of SFAS No. 166 did not have a material impact on the Company’s consolidated financial statements.

In April 2008, the FASB issued new guidance for determining the useful life of an intangible assets, the new guidance, which is now part of ASC 350, “Intangibles – Goodwill and Other”. In determining the useful life of intangible assets, ASC 350 removes the requirement to consider whether an intangible asset can be renewed without substantial cost of material modifications to the existing terms and conditions and, instead, requires an entity to consider its own historical experience in renewing similar arrangements. ASC 350 also requires expanded disclosure related to the determination of intangible asset useful lives. The new guidance was effective for financial statements issued for fiscal years beginning after 15 December 2008. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Recent accounting pronouncements

In February 2010, the FASB issued ASU No. 2010-11, “Derivatives and Hedging (Topic 815): Scope Exception Related to Embedded Credit Derivatives”. ASU No. 2010-11 clarifies the type of embedded credit derivative that is exempt from embedded derivative bifurcation requirements. Specifically, only one form of embedded credit derivative qualifies for the exemption – one that is related only to the subordination of one financial instrument to another. As a result, entities that have contracts containing an embedded credit derivative feature in a form other than such subordination may need to separately account for the embedded credit derivative feature. The amendments in ASU No. 2010-11 are effective for each reporting entity at the beginning of its first fiscal quarter beginning after 15 June 2010. Early adoption is permitted at the beginning of each entity’s first fiscal quarter beginning after 5 March 2010. The adoption of ASC No. 2010-11 is not expected to have a material impact on the Company’s consolidated financial statements.

In February 2010, the FASB issued ASC No. 2010-09, “Amendments to Certain Recognition and Disclosure Requirements”, which eliminates the requirement for SEC filers to disclose the date through which an entity has evaluated subsequent events.  ASC No. 2010-09 is effective for its fiscal quarter beginning after 15 December 2010.  The adoption of ASC No. 2010-06 is not expected to have a material impact on the Company’s consolidated financial statements

In January 2010, the FASB issued ASC No. 2010-06, “Fair Value Measurement and Disclosures (Topic 820): Improving Disclosure and Fair Value Measurements”, which requires that purchases, sales, issuances, and settlements for Level 3 measurements be disclosed.  ASC No. 2010-06 is effective for its fiscal quarter beginning after 15 December 2010.  The adoption of ASC No. 2010-06 is not expected to have a material impact on the Company’s consolidated financial statements.

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Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Sep. 30, 2010
Assets
Cash and cash equivalents	$ 1,674	$ 1,907
Other
Investment in Mineral Properties	10,000	0
Total Assets	11,674	1,907
Liabilities and Stockholders' Deficit
Accounts payable and accrued liabilities	11,800	20,374
Convertible debentures	18,618	17,118
Shareholder’s Demand loans	120,960	35,184
Share issuance liability	7,500	7,500
Due to related parties	2,500	22,500
Total Current Liabilities	161,378	102,676
Stockholders' Deficit
Capital stock 225,000 of common shares, par value $1.00 Issued and outstanding 2011 – 42,171 common shares, par value $1.00 2010 – 42,171 common shares, par value $1.00	42,171	42,171
Additional paid-in capital	1,345,850	1,321,850
Deficit, accumulated during the development stage	(1,537,725)	(1,464,790)
Total Stockholders Deficit	(149,704)	(100,769)
Total Liabilities And Stockholders Deficit	$ 11,674	$ 1,907

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Consolidated Statements of Changes in Shareholders Equity (USD $)	Number of shares issued / Share capital	Share subscriptions received in advance / Additional paid-in capital	Deficit, accumulated during the development stage	Total
Beginning Balance - Amount at Dec. 04, 2003	$ 0	$ 0	$ 0	$ 0
Beginning Balance - Shares at Dec. 04, 2003	0
Common shares issued for cash, Shares	0.003
Common shares issued for cash, Amount	0	1	0	1
Net loss for the year			(450)	(450)
Ending Balance, Amount at Sep. 30, 2004	0	1	(450)	(449)
Ending Balance, Shares at Sep. 30, 2004	0.003
Net loss for the year			(300)	(300)
Ending Balance, Amount at Sep. 30, 2005	0	1	(750)	(749)
Beginning Balance - Shares at Sep. 30, 2005	0.003
Common shares issued for cash, Shares	30,000
Common shares issued for cash, Amount	30,000	(20,000)		10,000
Common shares redeemed to treasury and cancelled– cash, Shares	(0.003)
Common shares redeemed to treasury and cancelled – cash, Amount	0	(1)		(1)
Contributions to capital by related parties – expenses		24,000		24,000
Net loss for the year			(40,190)	(40,190)
Ending Balance, Amount at Sep. 30, 2006	30,000	4,000	(40,940)	(6,940)
Ending Balance, Shares at Sep. 30, 2006	30,000
Common shares issued for cash, Shares	25,500
Common shares issued for cash, Amount	25,500	59,500		85,000
Contributions to capital by related parties – expenses		24,000		24,000
Net loss for the year			(64,567)	(64,567)
Ending Balance, Amount at Sep. 30, 2007	55,500	87,500	(105,507)	37,493
Ending Balance, Shares at Sep. 30, 2007	55,500
Common shares issued for business acquisition, Shares	4,334
Common shares issued for business acquisition, Amount	4,334	645,766		650,100
Common shares redeemed to treasury and cancelled– cash, Shares	(15,000)
Common shares redeemed to treasury and cancelled – cash, Amount	(15,000)	15,000		0
Contributions to capital by related parties – expenses		12,000		12,000
Share subscriptions received in advance		422,176		422,176
Share issue costs		(1,255)		(1,255)
Net loss for the year			(263,596)	(263,596)
Ending Balance, Amount at Sep. 30, 2008	44,834	1,181,187	(369,103)	856,918
Ending Balance, Shares at Sep. 30, 2008	44,834
Common shares issued for cash, Shares	1,437
Common shares issued for cash, Amount	1,437	454,239		455,676
Common shares redeemed to treasury and cancelled– cash, Shares	(4,100)
Common shares redeemed to treasury and cancelled – cash, Amount	(4,100)	4,100		0
Contributions to capital by related parties – expenses		65,500		65,500
Share subscriptions received in advance		(422,176)		(422,176)
Intrinsic value of beneficial conversion feature		15,000		15,000
Net loss for the year			(1,010,522)	(1,010,522)
Ending Balance, Amount at Sep. 30, 2009	42,171	1,297,850	(1,379,625)	(39,604)
Ending Balance, Shares at Sep. 30, 2009	42,171
Contributions to capital by related parties – expenses		24,000		24,000
Net loss for the year			(85,165)	(85,165)
Ending Balance, Amount at Sep. 30, 2010	42,171	1,321,850	(1,464,790)	(100,769)
Ending Balance, Shares at Sep. 30, 2010	42,171
Contributions to capital by related parties – expenses		24,000		24,000
Net loss for the year			(72,935)	(72,935)
Ending Balance, Amount at Sep. 30, 2011	$ 42,171	$ 1,345,850	$ (1,538)	$ (149,704)
Ending Balance, Shares at Sep. 30, 2011	42,171

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Nature, Basis of Presentation and Continuance of Operations

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Nature, Basis of Presentation and Continuance of Operations

Nature, Basis of Presentation and Continuance of Operations

Silverstar Mining Corp. (formerly Rose Explorations Inc.) (the “Company”) was incorporated under the laws of the State of Nevada on 5 December 2003. On 4 March 2008, the Company completed a merger with its wholly-owned subsidiary, Silverstar Mining Corp., which was incorporated by the Company solely to effect the name change of the Company to Silverstar Mining Corp. The Company was incorporated for the purpose to promote and carry on any lawful business for which a corporation may be incorporated under the laws of the State of Nevada.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Silverdale Mining Corp. (“Silverdale”) from 24 July 2008, the date of acquisition.

The Company is a development stage enterprise, as defined in Accounting Standards Codification (the “Codification” or “ASC”) 915-10, “Development Stage Entities”. The Company is devoting all of its present efforts in securing and establishing a new business, and its planned principle operations have not commenced, and, accordingly, no revenue has been derived during the organization period.

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to development stage enterprises (“U.S. GAAP”), and are expressed in U.S. dollars. The Company’s fiscal year end is 30 September.

These consolidated financial statements as at 30 September 2011 and for the year then ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has a loss of $72,935 for the year ended 30 September 2011 (2010 - $85,165, 2009 - $1,010,522, 2008 - $263,596, cumulative - $1,537,725) and has working capital deficit of $149,704 at 30 September 2011 (2010 – working capital deficit of $93,269; 2009 – working capital deficit of $39,604).

Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. If the Company is unable to raise additional capital in the near future, due to the Company’s liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favourable terms and/or pursue other remedial measures. These consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

At 30 September 2011, the Company had suffered losses from development stage activities to date. Although management is currently attempting to implement its business plan, and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2011	Sep. 30, 2010
Stockholders' deficiency
Common stock, par value	$ 1.00	$ 1.00
Common stock, Authorized	225,000	225,000
Common stock, Issued	42,171	42,171
Common stock, outstanding	42,171	42,171

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Capital Stock

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Capital Stock

Capital Stock

Authorized capital stock consists of 225,000 post reverse split common shares with a par value of $0.001 per common share. The total issued and outstanding capital stock is 42,171 common shares with a par value of $1.00 per common share.

On 7 September 2011 the Company announced effective 22 September 2011, the Company will complete a reverse split with a 1,000 to 1 ratio thereby reducing issued and outstanding capital stock from 42,168,837 common shares with a par value of $0.001 to 42,171 common shares with a par value of $1.00. Unless otherwise noted, all references herein to number of shares, price per share or weighted average number of shares outstanding have been adjusted to reflect this reverse stock split on a retroactive basis.

On 3 December 2003, a total of .003 common shares of the Company were issued for cash proceeds of $1.

On 1 January 2006, a total of 30,000 common shares were issued to an officer and director of the Company for cash proceeds of $10,000.

On 1 January 2006, a total of .003 common shares of the Company were redeemed for proceeds of $1. These common shares were cancelled on the same date.

On 3 May 2007, the Company completed a public offering of securities pursuant to an exemption provided by Rule 504 of Regulation D, registered in the State of Nevada, and issued 25,500 common shares for total cash proceeds of $85,000.

On 4 March 2008, the Company affected a three (3) for one (1) forward stock split of all outstanding common shares and a corresponding forward increase in the Company’s authorized common stock. The effect of the forward split was to increase the number of the Company’s common shares issued and outstanding from 18,500,000 to 55,500,000 and to increase the Company’s authorized common shares from 75,000,000 shares par value $0.001 to 225,000,000 shares par value $0.001. The consolidated financial statements have been retroactively adjusted to reflect this stock split.

On 24 July 2008, the Company issued 4,334 common shares of the Company valued at $650,100 to acquire 100% of the issued and outstanding common shares of Silverdale (Note 13).

On 24 July 2008, the Company issued 1,000 common shares related to a public offering of securities in error. A total of 500 of these common shares were returned to treasury and cancelled. A total of 500 of these common shares remain outstanding and the Company is in the process of obtaining these common shares for return to treasury and cancellation. The Company has placed a trading restriction on these common shares pending their receipts to treasury and cancellation and has excluded them from total number of common shares reported as issued and outstanding at 30 September 2009.

On 30 September 2008, a former director and officer of the Company returned to treasury 15,000 common shares of the Company for proceeds of $Nil. These shares were cancelled during the year ended 30 September 2008 (Note 13).

On 10 October 2008, the Company completed a public offering of securities pursuant to an exemption provided by Rule 504 of Regulation D, registered in the State of Nevada, and issued 950 common shares for total cash proceeds of $237,500. As noted above on 24 July 2008, the Company issued 1,000 common shares related to this public offering of securities in error. A total of 500 of these common shares were returned to treasury and cancelled. A total of 500 of these common shares remain outstanding and the Company is in the process of obtaining these common shares for return to treasury and cancellation. The Company has placed a trading restriction on these common shares pending their receipts to treasury and cancellation and has excluded them from total number of common shares reported as issued and outstanding at 30 September 2009.

On 15 January 2009, the Company completed a public offering of securities pursuant to an exemption provided by Rule 504 of Regulation D, registered in the State of Nevada, and issued 487 common shares for total cash proceeds of $218,176.

During the year ended 30 September 2009, former directors and officers of the Company returned to treasury 4,100 common shares of the Company for proceeds of $Nil. These shares were cancelled during the year ended 30 September 2009 (Note 13).

During the year ended 30 September 2009, an officer and director of the Company made contributions to capital for management fees in the amount of $22,000 (2008 - $9,000, 2007 - $18,000) and rent in the amount of $4,500 (2008 - $3,000, 2007 - $6,000) (Notes 10 and 13).

During the year ended 30 September 2009, former officer of the Company forgave loans to the Company totaling $39,000. This loan forgiveness has been recorded as contributions to capital (Notes 10 and 13).

During the year ended 30 September 2011, an officer and director of the Company made contributions to capital for management fees in the amount of $18,000 (2010 - $18,000, 2009 - $22,000, 2008 - $9,000, 2007 - $18,000) and rent in the amount of $6,000 (2010 - $6,000, 2009 - $4,500, 2008 - $3,000, 2007 - $6,000) (Notes 11 and 13).

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Document and Entity Information (USD $)	12 Months Ended
	Sep. 30, 2011	Jan. 20, 2012
Document And Entity Information
Entity Registrant Name	SILVERSTAR MINING CORP.
Entity Central Index Key	0001385329
Document Type	10-K
Document Period End Date	Sep. 30, 2011
Amendment Flag	true
Amendment Description	This amendment is being filed to comply with regulations.
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 41,167
Entity Common Stock, Shares Outstanding		42,171
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2011

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Income Taxes

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Income Taxes

Income Taxes

The Company has losses carried forward for income tax purposes to 30 September 2011. There are no current or deferred tax expenses for the year ended 30 September 2011 due to the Company’s loss position. The Company has fully reserved for any benefits of these losses. The deferred tax consequences of temporary differences in reporting items for financial statement and income tax purposes are recognized, as appropriate. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including the Company’s ability to generate taxable income within the net operating loss carry-forward period. Management has considered these factors in reaching its conclusion as to the valuation allowance for financial reporting purposes.

The provision for refundable federal income tax consists of the following:

	For the year ended 30 September 2011 $		For the year ended 30 September 2010 $
Deferred tax asset attributable to:
Current operations	26,498		26,406
Contributions to capital by related parties	(4,930	)	(8,160	)
Write-down of mineral property acquisition costs	—		—
Less: Change in valuation allowance	(21,568	)	(18,246	)
Net refundable amount	—		—

The composition of the Company’s deferred tax assets as at 30 September 2011, 2010, 2009 and 2008 are as follows:

	As at 30 September 2011 $			As at 30 September 2010 $
Net income tax operating loss carry forward		1,535,225			1,457,290
Statutory federal income tax rate		34	%		34	%
Other reconciling items, net		0	%		0	%
Effective income tax rate		0	%		0	%
Deferred tax assets		193,945			184,099
Less: Valuation allowance		(193,945	)		(184,099	)
Net deferred tax asset		—			—

The potential income tax benefit of these losses has been offset by a full valuation allowance.

As at 30 September 2011, the Company has an unused net operating loss carry-forward balance of approximately $1,535,225 that is available to offset future taxable income. This unused net operating loss carry-forward balance expires between 2024 and 2030.

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Consolidated Statements of Operations (Unaudited) (USD $)	12 Months Ended		94 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Expenses
Bank charges and interest	$ 8,454	$ 13,134	$ 39,266
Consulting	0	0	138,467
Exploration and development	0	0	13,028
Filing fees	5,294	1,988	22,494
Investor relations	0	0	84,992
Legal and accounting	28,682	40,090	223,277
Licences and permits	0	0	3,415
Management fees	18,000	18,000	103,000
Rent	6,000	6,000	38,700
Transfer agent fees	5,695	3,432	25,949
Travel, entertainment and office	739	2,539	26,788
Foreign exchange gain (loss)	71	(18)	53
Write-down of mineral property acquisition costs	0	0	811,696
Write-down of website development costs	0	0	6,600
Net loss for the period	$ (72,935)	$ (85,165)	$ (1,537,725)
Basic and diluted loss per common share	$ (1.73)	$ (2.02)
Weighted average number of common shares used in per share calculation	42,171	42,171

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Accounts Payable and Accrued Liabilities

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are non-interest bearing, unsecured and have settlement dates within one year.

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Mineral Property Costs

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Mineral Property Costs

Mineral Property Costs

Rose Prospect Lode Mining Claim

During the year ended 30 September 2006, the Company acquired an interest in a mineral claim located in Clark County, Nevada (the “Rose Prospect Lode Mining Claim”) for $6,375. In May 2006, the Company commissioned a geological evaluation report of the Rose Prospect Lode Mining Claim and in June 2006, the Company commissioned a Phase I work program as recommended by the evaluation report. During the Phase I work program, the Company staked a second claim adjacent to the west of the Rose Lode Claim to cover other indicated mineralized zones observed in that area (the “Rose Prospect II Lode Mining Claim”). The acquisition cost of $6,375 was initially capitalized as a tangible asset.

Expenditures related to the Rose Prospect Lode Mining Claim property for the year ended 30 September 2011 were $Nil (2010 – recovery ($600), 2009 - $600, 2008 - $445, 2007 - $Nil).

During the year ended 30 September 2006, the Company recorded a write-down of mineral property acquisition costs of $6,375 related to the Rose Prospect Lode Mining Claim.

Pinehurst Properties

During the year ended 30 September 2007, the Company entered into a mineral property option agreement, through its wholly-owned subsidiary, to acquire an undivided 100% right, title and interest in eight unpatented mining claims described as the “Corby”, “Cory FR”, “Walker”, “Linda”, “Eddie”, “Smokey”, “Dorian” and “Valerine” claims (the “Pinehurst Properties”) located near Pinehurst, Shoshone County, Idaho. The mineral property option agreement calls for cash payments of $1,000,000 ($50,000 paid), the issuance of 1,000 restricted common shares of the Company and the completion of exploration expenditures of $1,000,000 on the claims detailed as follows:

		Payments $		Shares		Exploration expenditures $
Upon execution of agreement	(paid)		50,000		100		100,000
On or before 14 September 2009			100,000		150		200,000
On or before 14 September 2010			350,000		250		300,000
On or before 14 September 2011			500,000		500		400,000
Total			1,000,000		1,000		1,000,000

Expenditures related to the Pinehurst Properties for the year ended 30 September 2011 consist of geology and engineering of $Nil (2010 - $Nil, 2009 - $Nil, 2008 - $6,800, 2007 - $Nil). During the year ended 30 September 2011, the Company recorded a recovery of expenditures related to the Pinehurst Properties of $Nil (201 - $Nil, 2009 - $3,400, 2008 - $Nil, 2007 - $Nil).

The Company is in default under the terms of the option agreement, and does not have any short term prospects for raising the funds needed to complete these projects and has written off its deferred mineral property costs related to the project.

Silver Strand Properties

On 1 March 2008, the Company entered into a mineral property option agreement with New Jersey Mining Company (“NJMC”) to purchase a 50% Joint Venture Interest in mining operations on certain mining properties collectively known as the Silver Strand Properties, located in Kootenai County, Idaho. The terms of the option agreement calls for the Company to make payments as follows:

i.$120,000 upon the signing of the agreement (paid);

ii.$150,000 on or before 30 April 2008 (paid); and

iii.$230,000 on or before 30 May 2008.

The terms of the option agreements call for the Company to contribute 50% of the reclamation bond held as a treasury bill, the receipt of which is due on or before 30 May 2008, for the benefit of the Joint Venture. NJMC will be the operator of the mine.

Expenditures related to the Silver Strand Properties for the year ended 30 September 2011 consist of acquisition costs of $Nil (201 - $Nil, 2009 - $Nil, 2008 - $270,000, 2007 - $Nil).

The Company is in default under the terms of the option agreement, and does not have any short term prospects for raising the funds needed to complete these projects and has written off its deferred mineral property costs related to the project.

Cobalt Canyon Gold Project

On 8 September 2008, the Company entered into a letter of intent with Gold Canyon Properties, LLP to examine and possibly acquire 100% of the Cobalt Canyon Gold Project located in Lincoln County, Nevada. The Cobalt Canyon properties are located in the Chief Mining District of southeastern Nevada. The project includes numerous small underground mines within the Chief District situated just north of Caliente, Nevada. The project includes 22 unpatented federal lode claims (approximately 363 acres) and an option to acquire 59 acres in three patented mining claims.

Expenditures related to the Cobalt Canyon Gold Project for the year ended 30 September 2011 consist of acquisition costs of $Nil (2010 - $Nil, 2009 - $2,458, 2008 - $15,000, 2007 - $Nil).

The Company wrote off its deferred mineral property costs related to the Gold Canyon Gold Project.

AHB Claims

On 16 May 2011, tthe Company entered into an Agreement of Purchase and Sale with Jaime Mayo to acquire 100% of the AHB claims located in British Columbia, Canada. The AHB Claims consist of 3 claims (approximately 1,006 ha).

The Company paid $10,000 cash, is required to issue 2,000 common shares (Note 15) and is subject to a 2% NSR (Net Smelter Royalty). The Company has an option to purchase 1% of the NSR for $1 million and an additional 0.5% of the NSR $500,000.

Expenditures related to the AHB Claims for the year ended 30 September 2011 consist of acquisition costs of $10,000.

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Supplemental Disclosures with Respect to Cash Flows

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Supplemental Disclosures with Respect to Cash Flows

Supplemental Disclosures with Respect to Cash Flows

	For the period from the date of inception on 5 December 2003 to 30 September 2011 (Unaudited)	For the year ended 30 September 2011	For the year ended 30 September 2010
	$	$	$
Cash paid during the year for interest	-	-	-
Cash paid during the year for income taxes	-	-	-

On 24 July 2008, the Company issued 4,334 common shares of the Company valued at $650,100 to acquire 100% of the issued and outstanding common shares of Silverdale (Note 10).

On 30 September 2008, a former director and officer of the Company returned to treasury 15,000 common shares of the Company for proceeds of $Nil. These shares were cancelled during the year ended 30 September 2008 (Note 10).

On 30 September 2009, a former directors and officers of the Company returned to treasury 4,100 common shares of the Company for proceeds of $Nil. These shares were cancelled during the year ended 30 September 2009 (Note 10).

During the year ended 30 September 2009, an officer and director of the Company made contributions to capital for management fees in the amount of $22,000 (2008 - $9,000, 2007 - $18,000) and rent in the amount of $4,500 (2008 - $3,000, 2007 - $6,000) (Notes 9 and 10).

During the year ended 30 September 2009, former officer of the Company forgave loans to the Company totaling $39,000. This loan forgiveness has been recorded as contributions to capital (Notes 9 and 10).

During the year ended 30 September 2009, the Company accrued interest of $616 related to the convertible debentures (Note 7).

During the year ended 30 September 2010, the Company accrued interest of $4,186 related to the convertible debentures (Note 7) and demand loans (Note 8).

During the year ended 30 September 2011, the Company accrued interest of $8,093 related to the convertible debentures (Note 7) and demand loans (Note 8).

During the year ended 30 September 2011, an officer and director of the Company made contributions to capital for management fees in the amount of $18,000 (2010 - $18,000, 2009 - $22,000, 2008 - $9,000, 2007 - $18,000) and rent in the amount of $6,000 (2010 - $6,000, 2009 - $4,500, 2008 - $3,000, 2007 - $6,000) (Notes 11 and 13).

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Due to Related Parties

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Due to Related Parties

Due to Related Parties

Amounts due to related parties are due to individuals or companies controlled by individuals who are shareholders, directors and/or former directors of the Company.

A demand loan issued to the Company’s former President (Note 8) bears interest at 10% p.a. and is payable on demand. At September 30, 2011 the balance owing was $2,845 (30 September 2010 - $2,595; (Note (8).

A trade payable due to a shareholder that provides contract services to the company was on September 30, 2011 $2,500 (30 September 2010 - $22,500) is non-interest bearing, unsecured and has no fixed terms of repayment.

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Convertible Debentures

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Convertible Debentures

Convertible Debentures

	Balance at 30 September 2011	Balance at 30 September 2010
	$	$
Three convertible debentures issued to three unrelated parties bearing interest at a rate of 10% per annum on any unpaid principle balances, unsecured, and having no fixed terms of repayment. The holders of the convertible debentures have the right to convert any portion of the unpaid principle and/or accrued interest into restricted common shares of the Company at any time within thirty-six months from the issue date on the basis of $2.50 per common share for each dollar of principle and/or interest due and payable. The Company may repay principal amounts due at any time without premium or penalty.  During the year ended 30 September 2011, the Company accrued interest expense of $1,500 (30 September 2010 - $1,502; 30 September 2009 – $15,616 of which $15,000 is related to amortization of debt discount (Note 13)). The balance as at 30 September 2011 consists of principal and accrued interest of $15,000 (30 September 2010 - $15,000; 30 September 2009 – $15,000) and $3,618 (30 September 2010 - $2,118; 30 September 2009 – $616), respectively.	18,618	17,118

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Shareholder’s Demand Loans

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Shareholder’s Demand Loans

Shareholder’s Demand Loans

	Balance at 30 September 2011			Balance at 30 September 2010
	$			$
A demand loan issued to a shareholder bearing interest at a rate of 10% per annum on any unpaid principle balances, unsecured, and having no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. In addition, the Company will issue 250 common shares in the Company upon repayment of the loan (Note 14). During the twelve month period ended 30 September 2011, the Company accrued interest expense of $3,096 (30 September 2010 - $2,589; 30 September 2009 – $Nil). The balance as at 30 September 2011 consists of principal of $30,000 (30 September 2010 - $30,000; 30 September 2009 – $Nil) and accrued interest of $5,685 (30 September 2010 - $2,589; 30 September 2009 – $Nil).	35,685			32,589
A demand loan issued to a shareholder who is also the Company’s sole officer and director bearing interest at a rate of 10% per annum on any unpaid principle balances, unsecured, and having no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the twelve month period ended 30 September 2011, the Company accrued interest expense of $250 (30 September 2010 - $95; 30 September 2009 – $Nil). The balance as at 30 September 2011 consists of principal of $2,500 (30 September 2010 - $2,500; 30 September 2009 – $Nil) and accrued interest of $345 (30 September 2010 - $95; 30 September 2009 – $Nil).	2,845			2,595
During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 9% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2011, the Company accrued interest expense of $1,208 (2010 – $Nil) (Note 11). The balance as at 30 September 2011 consists of principal of $17,183 (30 September 2010 – $Nil) and accrued interest of $1,208 (30 September 2010 – $Nil).	18,392			-
During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 10% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2011, the Company accrued interest expense of $978 (2010 – $Nil) (Note 11). The balance as at 30 September 2011 consists of principal of $16,000 (30 September 2010 – $Nil) and accrued interest of $978 (30 September 2010 – $Nil).			16,978			-
During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 10% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2011, the Company accrued interest expense of $744 (2010 – $Nil) (Note 11). The balance as at 30 September 2011 consists of principal of $16,000 (30 September 2010 – $Nil) and accrued interest of $744 (30 September 2010 – $Nil).			16,744			-
During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 10% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2011, the Company accrued interest expense of $207 (2010 – $Nil) (Note 11). The balance as at 30 September 2011 consists of principal of $14,000 (30 September 2010 – $Nil) and accrued interest of $207 (30 September 2010 – $Nil).		14,207			-
During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 10% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2011, the Company accrued interest expense of $110 (2010 – $Nil) (Note 11). The balance as at 30 September 2011 consists of principal of $16,000 (30 September 2010 – $Nil) and accrued interest of $110 (30 September 2010 – $Nil).		16,110			-
		120,961			35,184

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Related Party Transactions

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Related Party Transactions

 Related Party Transactions

On 1 April 2008, the Company has agreed to pay a officer and director of the Company of $6,500 per month for management and consulting services commencing 1 March 2008 expiring in 30 days upon cancellation notice by either party. The Company paid or accrued $26,000 to the director for these services during the year ended 30 September 2009. This officer and director of the Company resigned during the year ended 30 September 2009.

On 1 April 2008, the Company has agreed to pay a officer of the Company of $3,500 per month for management and consulting services commencing 1 March 2008 expiring in 30 days upon cancellation notice by either party. The Company paid or accrued $17,500 to the officer for these services during the year ended 30 September 2009. This officer of the Company resigned during the year ended 30 September 2009.

During the year ended 30 September 2009, the Company paid or accrued $9,000 to a company related to the Company by way of a director in common for investor relation services.

During the year ended 30 September 2009, the Company paid or accrued $28,500 to a Company related to the Company by way of a shareholder in common for accounting services.

During the year ended 30 September 2009, the Company paid or accrued $4,500 to a shareholder of the Company for management and consulting services.

During the year ended 30 September 2009, an officer and director of the Company made contributions to capital for management fees in the amount of $22,000 and rent in the amount of $4,500 (Notes 11 and 13).

During the year ended 30 September 2009, former officer of the Company forgave loans to the Company totaling $39,000. This loan forgiveness has been recorded as contributions to capital (Notes 11 and 13).

During the year ended 30 September 2011, an officer and director of the Company made contributions to capital for management fees in the amount of $18,000 (2010 - $18,000,) and rent in the amount of $6,000 (2010 - $6,000) (Notes 11 and 13).

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Subsequent Event

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Subsequent Event

Subsequent Event

On November 29, 2011 the Company's Board of Directors approved the sale of 125,000 units of the Company's securities to Larry Frick. The Units were offered at a price of $0.40 per unit for a total investment of $50,000. Each unit consisted of one share of common stock and one common stock purchase warrant. The warrants are exercisable at $0.70 per share. The warrant term is two years. The warrant(s) cannot be exercised for a period of six months following the date of issuance. With the issuance of the 125,000 shares of common stock, the Company will have 167,669 shares of common stock issued and outstanding. As a result, Mr. Frick will be our principal shareholder own approximately 75% of the Company's issued and outstanding shares of common stock.

On 22 December 2011 the Company issues 2,000 shares in accordance with the terms of the ABH Claims Purchase and Sale Agreement (Note 5 and 14) with a value of $320. The valuation was based on the closing price of the shares on 22 December 2011.

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	12 Months Ended		94 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Cash flows used in operating activities
Net loss for the period	$ (72,935)	$ (85,165)	$ (1,537,725)
Adjustments to reconcile loss to net cash used by operating activities
Accrued interest – convertible debentures	1,500	1,502	18,618
Accrued interest – shareholder demand loan	6,593	2,684	16,777
Contributions to capital by related parties	24,000	24,000	173,500
Write-down of mineral property acquisition costs	0	0	811,696
Write-down of website development costs	0	0	6,600
Changes in operating assets and liabilities
Increase (decrease) in accounts payable and accrued liabilities	(8,574)	3,873	11,800
Increase (decrease) in due to related parties	(20,000)	14,000	2,500
Net Cash Provided by Operating Activities	(69,416)	(31,606)	(496,234)
Cash flows used in investing activities
Acquisition of Silverdale, net of cash received	0	0	(140,221)
Mineral property acquisition costs	(10,000)	0	(31,375)
Website development costs	0	0	(6,600)
Net Cash Provided by Investing Activities	(10,000)	0	(178,196)
Cash flows from financing activities
Convertible debenture	0	0	15,000
Shareholder's demand loan	79,183	32,500	111,683
Share issue costs	0	0	(1,255)
Common shares issued for cash	0	0	550,677
Common shares redeemed	0	0	(1)
Net Cash Provided by Financing Activities	79,183	32,500	676,104
Increase (decrease) in cash and cash equivalents	(233)	894	1,674
Cash and cash equivalents, beginning of period	1,907	1,013
Cash and cash equivalents, end of period	$ 1,674	$ 1,907	$ 1,674

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Website Development Costs

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Website Development Costs

Website Development Costs

		Accumulated amortization / Impairment		Net Book Value
	Cost			30 September 2011	30 September 2010
	$		$	$	$
Website and development costs	6,600		(6,600)	-	-
	6,600		(6,600)	-	-

During the year ended 30 September 2011, the Company incurred website development costs of $Nil (2010 - $Nil).

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Commitment

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Commitment

Commitment

The Company is committed to issue 250 common shares of the Company upon repayment of the shareholder’s demand loan in the amount of $35,184 as at 30 September 2010 is repaid (Note 8).

The Company is committed to issue 2,000 common shares of the Company under the terms of the ABH Claims Purchase and Sale Agreement (Note 5 and 15).