Converted by EDGARwiz

Options issued

Weighted average volatility

356.7% to 473.9%

Expected dividends

Expected term (years)

Risk-free rate

0.11% to 0.18%

0001056520-13-000206.txt : 20130916 0001056520-13-000206.hdr.sgml : 20130916 20130916164514 ACCESSION NUMBER: 0001056520-13-000206 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130731 FILED AS OF DATE: 20130916 DATE AS OF CHANGE: 20130916 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Star Gold Corp. CENTRAL INDEX KEY: 0001401835 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52711 FILM NUMBER: 131099279 BUSINESS ADDRESS: STREET 1: 6240 E. SELTICE WAY, STE. C CITY: POST FALLS STATE: ID ZIP: 83854 BUSINESS PHONE: 208-755-5374 MAIL ADDRESS: STREET 1: 6240 E. SELTICE WAY, STE. C CITY: POST FALLS STATE: ID ZIP: 83854 FORMER COMPANY: FORMER CONFORMED NAME: Elan Development Inc DATE OF NAME CHANGE: 20070604 10-Q 1 stargold10q073113aqsfinalcle.htm 10Q Converted by EDGARwiz

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 July 31, 2013

¨ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act Of 1934

For the transition period ________ to ________

COMMISSION FILE NUMBER 000-52711

STAR GOLD CORP.

(Exact name of the registrant business issuer as specified in its charter)


NEVADA	27-0348508
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
611 E. Sherman Avenue Coeur d'Alene, Idaho (Address of principal executive office)	83814 (Postal Code)
(208) 664-5066 (Issuer's telephone number)

Indicate by check mark whether the issuer (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. Yes [x] 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [x] No [ ]

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “Accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check one):

Large Accelerated Filer [ ]

Accelerated Filer [ ]

Non-Accelerated Filer [ ]

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 [ ] No [x]

As of September 13, 2013 there were 30,612,501 shares of issuer’s common stock outstanding.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

BALANCE SHEETS AT JULY 31, 2013 AND APRIL 30, 2013

STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JULY 31, 2013 AND 2012, AND FOR THE PERIOD FROM DECEMBER 8, 2006 (INCEPTION) TO JULY 31, 2013

STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JULY 31, 2013 AND 2012, AND FOR THE PERIOD FROM DECEMBER 8, 2006 (INCEPTION) TO JULY 31, 2013

NOTES TO THE FINANCIAL STATEMENTS

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 4.

CONTROLS AND PROCEDURES

PART II - OTHER INFORMATION

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

ITEM 3.

DEFAULTS ON SENIOR SECURITIES

ITEM 4.

MINE SAFETY DISCLOSURES

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements

STAR GOLD CORP.

(An Exploration Stage Company)

BALANCE SHEETS


					July 31, 2013	April 30, 2013
					(unaudited)
ASSETS
	CURRENT ASSETS
		Cash and cash equivalents			$ 189,741	$ 353,571
		Receivable from sale of stock			-	334,000
		Prepaid expenses			19,623	68,482
			TOTAL CURRENT ASSETS		209,364	756,053
	EQUIPMENT AND MININIG INTERESTS, net (NOTE 5)				397,247	384,725
	OTHER LONG-TERM ASSETS				21,600	21,600
TOTAL ASSETS					$ 628,211	$ 1,162,378
LIABILITIES AND STOCKHOLDERS' EQUITY
	CURRENT LIABILITIES
		Accounts payable			$ 16,544	$ 8,897
		Other accrued liabilities			12,948	11,700
				TOTAL CURRENT LIABILITIES	29,492	20,597
	TOTAL LIABILITIES				29,492	20,597
	COMMITMENTS AND CONTINGENCIES (NOTE 5)				-	-
	STOCKHOLDERS' EQUITY
		Preferred Stock, $.001 par value; 10,000,0000 shares authorized, none issued and outstanding			-	-
		Common Stock, $.001 par value; 300,000,000 shares authorized; 30,612,501 shares issued and outstanding.			30,612	30,612
		Additional paid-in capital			7,343,761	7,293,682
		Accumulated deficit			(6,775,654)	(6,182,513)
				TOTAL STOCKHOLDERS' EQUITY	598,719	1,141,781
	TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY				$ 628,211	$ 1,162,378

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

STAR GOLD CORP.

(An Exploration Stage Company)

STATEMENTS OF OPERATIONS (UNAUDITED)


			Three months ended July 31,		For the period from December 6, 2008 (inception) to July 31, 2013
			2013	2012
REVENUE			$ -	$ -	$ -
COST OF REVENUE			-	-	-
GROSS PROFIT			-	-	-
OPERATING EXPENSE
	Mineral exploration expense		461,342	168,615	1,803,776
	Legal and professional fees		38,197	53,462	581,761
	Management and administrative		91,477	289,369	1,813,632
	Depreciation		1,478	1,367	8,743
	Directors fees		750	-	12,950
		TOTAL OPERATING EXPENSES	593,244	512,813	4,220,862
LOSS FROM OPERATIONS			(593,244)	(512,813)	(4,220,862)

OTHER INCOME (EXPENSE)
	Loss on extinguishment of debt		-	-	(1,639,575)
	Amortization of debt discount		-	(119,821)	(874,421)
	Financing expense		-	-	(13,700)
	Interest income (expense)		103	(114)	(27,096)
		TOTAL OTHER INCOME (EXPENSE)	103	(119,935)	(2,554,792)

NET LOSS BEFORE INCOME TAXES			(593,141)	(632,748)	(6,775,654)

Provision for income taxes			-	-	-

NET LOSS			$ (593,141)	$ (632,748)	$ (6,775,654)

Basic and diluted loss per share			$ (0.02)	$ (0.03)

Basic and diluted weighted average number shares outstanding			30,612,501	20,706,230

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

STAR GOLD CORP.

(An Exploration Stage Company)

STATEMENTS OF CASH FLOWS (UNAUDITED)


						For the three months ended July 31,						For the period from December 6, 2008 (inception) to July 31, 2013
						2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net loss				$ (593,141)			$ (632,748)			$ (6,775,655)
		Adjustments to reconcile net loss to cash used by operating activities
		Common stock issued in lieu of interest			-			146			146
		Common stock issued in consideration of services			-			-			92,400
		Stock based compensation			50,079			193,384			1,018,726
		Interest expense from debt discounts			-			119,821			874,421
		Loss on extinguishment of debt			-			-			1,639,575
		Depreciation			1,478			1,367			8,743
	Changes in assets and liabilities:
		Prepaid expenses			48,859			(205,209)			(19,623)
		Receivable from sale of stock			334,000			-			334,000
		Accounts payable			7,647			(13,111)			36,644
		Other accrued expenses			1,248			70,933			49,925
			Net cash used by operating activities		(149,830)			(465,417)			(2,740,698)
CASH FLOWS FROM INVESTING ACTIVITIES:
	Payments for mining interests				(14,000)			(11,000)			(231,000)
	Purchase of equipment				-			(1,986)			(28,993)
	Restricted cash as collateral for exploration bonds				-			-			(21,600)
			Net cash used by investing activities		(14,000)			(12,986)			(281,593)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from issuance of stock				-			-			959,346
	Proceeds from exercise of warrants				-			167,000			1,137,486
	Proceeds from convertible debentures and warrants				-			250,000			969,600
	Proceeds from short-term notes, related party				-			-			175,600
	Repayment of short-term notes, related party				-			-			(30,000)
			Net cash provided by financing activities		-			417,000			3,212,032
Net increase (decrease) in cash				(163,830)			(61,403)			189,741
CASH AT BEGINNING OF PERIOD				353,571			225,940			-
CASH AT END OF PERIOD				$ 189,741			$ 164,537			$ 189,741

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

STAR GOLD CORP.

(An Exploration Stage Company)

STATEMENTS OF CASH FLOWS (UNAUDITED)


			For the three months ended July 31,				For the period from December 6, 2008 (inception) to July 31, 2013
			2013		2012
NON-CASH FINANCING AND INVESTING ACTIVITIES:
	Options to purchase common stock issued for mining interests	$ -		$ -		$ 111,249
	Common stock payable/issued for mining interests	-		-		37,000
	Short term notes, related party converted to debenture	-		-		145,400
	Debentures converted to common stock payable	-		250,000		1,150,000
	Accrued interest paid with common stock payable	-		-		22,276
	Executive compensation paid with common stock payable	-		-		92,000
	Common stock issued for receivable from sale of stock	-		-		334,000
	Common stock issued for common stock payable	-		1,010,710		1,016,326

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

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013

NOTE 1 - NATURE OF OPERATIONS

Star Gold Corp. (the "Company") was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold-bearing properties in Nevada.

The financial statement represents those of an exploration stage company whose main focus is in the exploration of gold bearing properties. The Company's main business is putting together land packages and mining claims that the Company perceives to have some potential for mineral reserves. The Company then spends capital to explore these claims by drilling, geophysical work or other exploration work deemed necessary. The business is a high risk business as there is no guarantee that the Company's exploration work will ultimately discover or produce any economically viable minerals.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Accounting Standard Codification (ASC) Topic 915 “Accounting and Reporting by Development Stage Enterprises”.

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations.

Exploration Stage Enterprise

The Company's financial statements are prepared using the accrual method of accounting and according to "Accounting for Development Stage Enterprises," as it devotes substantially all of its efforts to acquiring and exploring mining interests that will eventually provide sufficient net profits to sustain the Company's existence. Until such interests are engaged in commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.

Cash and cash equivalents

For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.

Restricted cash

Restricted cash represents collateral for bonds held for exploration permits.

Fair Value Measures

ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013

Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Mining Interests and Mineral Exploration Expenditures

Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.

Equipment

Equipment are stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years. Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.

Reclamation and Remediation

The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.

Impaired Asset Policy

The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.

Stock-based Compensation

The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013

Loss Per Share

Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities.

The dilutive effect of convertible and outstanding securities for the years ended July 31, 2013 and 2012, would be as follows:


		July 31, 2013	July 31, 2012
Stock options		3,196,000	2,530,000
Warrants		1,727,948	7,410,001
	Total Possible Dilution	4,923,948	9,940,001

At July 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.

Income Taxes

Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.

Reclassifications

Certain reclassifications have been made to the 2012 financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as restated.

NOTE 3 – RECEIVABLE FROM SALE OF STOCK

As of April 30, 2013, exercised 2,226,667 share purchase warrants at $0.15 per share. Proceeds of $334,000 were received during the three months ended July 31, 2013.

NOTE 4 – PREPAID EXPENSES

The following is a summary of the Company’s prepaid expenses at July 31, 2013 and April 30, 2013:


		July 31, 2013	April 30, 2013
Exploration expense		$ -	$ 41,849
Directors and officers liability insurance		19,623	26,633
	Total prepaid expenses	$ 19,623	$ 68,482

At April 30, 2013, exploration expense was prepaid as deposit on unbilled drilling activity. The prepaid balance was reduced as invoices were applied to ongoing drilling and exploration activities which the Company recognized as exploration expense during the three months ended July 31, 2013.

NOTE 5 – EQUIPMENT AND MINING INTERESTS

The following is a summary of the Company's equipment and mining interests at July 31, 2013 and April 30, 2013, respectively:

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013


		July 31, 2013	April 30, 2013
Equipment		$ 28,992	$ 28,992
	Less accumulated depreciation	(8,744)	(7,266)
Equipment, net of accumulated depreciation		20,248	21,726
Mining interests		376,999	362,999
	Total	$ 397,247	$ 384,725

The Longstreet Property

The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Longstreet Agreement is as follows:


		Required expenditure	Payment to optioner	Annual stock option obligation	Annual stock grant obligation
January 15, 2014		$ 450,000	$ 36,000	25,000	25,000
January 15, 2015		550,000	56,000	25,000	25,000
January 15, 2016		750,000	56,000	25,000	25,000
January 15, 2017		1,000,000	56,000	25,000	25,000
	Total	$ 2,750,000	$ 204,000	100,000	100,000

The Company has performed substantially all required expenditures for the option agreement period ending January 15, 2014.

Excalibur Property

The Excalibur Property Option Agreement was amended on January 30, 2012 revising the payment date of the final required expenditure to August 31, 2012 and thereafter amended on August 31, 2012 extending the payment date of the final expenditure to August 31, 2013. The Excalibur Property Option Agreement was subsequently amended on September 7, 2012, revising the payment date on the final required expenditure to October 31, 2013. On July 12, 2013, the Excalibur Property Option Agreement was amended revising the payment date of the final required expenditure from October 31, 2013 to October 31, 2014.

The schedule of remaining minimum expenditures and number of stock options to be issued pursuant to the Excalibur Property agreement is as follows:


		Required expenditure
October 31, 2013		$ -
October 31, 2014		100,000
	Total	$ 100,000

The Jet Property

The Jet Property Option Agreement was amended on September 7, 2012 revising the payment date of the required 2013 expenditure from July 7, 2013 to August 31, 2013; the extension was granted only for the 2013 payment. On July 12, 2013, the Jet Property Option Agreement was amended revising the payment date of the required 2013 expenditure from August 31, 2013 to August 31, 2014.

The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Agreement is as follows:

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013


		Required expenditure	Payment to optioner
August 31, 2014		20,000	-
July 7, 2014		10,000	5,000
July 7, 2015		10,000	5,000
July 7, 2016		10,000	5,000
July 7, 2017		10,000	5,000
	Total	$ 60,000	$ 20,000

The following is a summary of capitalized mineral interests as of July 31, 2013 and April 30, 2012, respectively:


		July 31, 2013	April 30, 2013
Longstreet Property		$ 180,499	$ 171,499
Excalibur Property		176,500	176,500
Jet Property		20,000	15,000
	Total	$ 376,999	$ 362,999

NOTE 6– RELATED PARTY TRANSACTIONS

On September 1, 2011, the Company moved its offices to Coeur d’Alene, Idaho and leased office space for $2,500 per month plus a proportionate share of utilities and insurance from Marlin Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company President. For the three months ended July 31, 2013 and 2012, $8,413 and $8,539, respectively, was paid to this related entity inclusive of the Company’s pro-rata share of common expenses.

NOTE 7 - WARRANTS

The following is a summary of the Company’s warrants outstanding:


				Shares	Weighted Average Exercise Price		Expiration Date

	Outstanding at April 30, 2012			7,690,000	$ 0.16
			Issued - June 18, 2012	833,334	0.75		June 18, 2014
			Issued - January 18, 2013	894,614	0.60	^(a)	January 18, 2015
			Exercised	(7,593,233)	(0.15)
			Expired	(96,767)	(1.33)
	Outstanding at April 30, 2013			1,727,948	$ 0.67
			Issued	-
			Exercised	-
			Expired	-
	Balance outstanding at July 31, 2013			1,727,948	$ 0.67
^(a)		Exercise price is $0.60 per share during the first year and $0.80 during the second year.

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013

NOTE 8 - STOCK OPTIONS

Options issued for mining interests

In consideration for mining interests on several properties (see Note 5), the Company is obligated to issue a total of 400,000 stock options based on "fair market price" which is considered to be the closing price of the Company's common stock on the grant dates.

The following is a summary of the Company’s options issued and outstanding in conjunction with certain mining interest agreements on several properties:


		For the three months ended		For the year ended
		July 31, 2013		April 30, 2013
		Shares	Price^(a)	Shares	Price^(a)
Beginning balance, outstanding		300,000	$ 0.37	275,000	$ 0.36
	Issued	-	-	25,000	0.42
	Exercised	-	-	-	-
	Expired	-	-	-	-
Balance outstanding		300,000	$ 0.37	300,000	$ 0.37

(a)

Weighted average exercise price per share

Future stock option obligations under the terms of property agreements detailed in Note 5 are as follows:


				Fiscal year ending April 30,								Stock options
				2014								25,000
				2015								25,000
				2016								25,000
				2017								25,000
												100,000

Options issued for consulting services

As per an agreement fully executed on October 3, 2012, in consideration for consulting and advisory services rendered, the Company is obligated to issue a total of 1,000 stock options based on 5 day variable weighted-average price (VWAP) at the end of each month of the associated consulting contract. The consultant options vest on the first day of the following month of service and are exercisable for a period of six months following the termination of the agreement. The Company has estimated the fair value of these option grants using the Black-Scholes model for the three months ended July 31, 2013 and the year ended April 30, 2013, respectively, with the following information and range of assumptions:

The following is a summary of the Company’s options issued and outstanding associated with certain consulting agreements:

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013


		For the three months ended		For the year ended
		July 31, 2013		April 30, 2013
		Shares	Price (a)	Shares	Price (a)

Beginning balance, outstanding		8,000	$ 0.46	-	$ -
	Issued	3,000	0.45	8,000	0.46
	Exercised	-	-	-	-
	Expired	-	-	-	-
Balance outstanding		11,000	$ 0.46	8,000	$ 0.46
	(a) Weighted average exercise price per share

The fair value of the consultant options issued for the year ended April 30, 2013 was $3,583. Fair value of the option grants for consulting services was $1,141 for the three months ended July 31, 2013. These costs are classified under management and administrative expense.

Options issued under the 2011 Stock Option/Restricted Plan

The Company established the 2011 Stock Option/Restricted Stock Plan. The Stock Option Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction.

The Stock Option Plan has a fixed maximum percentage of 10% of the Company's outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of shares outstanding increase. The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company's common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company's assets.

The Stock Option plan also has terms and limitations, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock's fair market value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a ten year maximum term and varying vesting periods as determined by the Board.

On June 18, 2012 the Board of Directors authorized the grant of 1,725,000 options to purchase shares of common stock of the Company to various directors, officers and advisors. The options have a strike price of $0.30 based on the closing price of the Company's common stock on the date of grant and vest over one year.

On May 22, 2013 the Board of Directors authorized the grant of 675,000 options to purchase shares of common stock of the Company to various directors, officers and consultants. The options have a strike price of $0.29 based on the closing price of the Company’s common stock on the date of grant and vest over one year.

The fair value of each option award was estimated on the date of the grant using the information and assumptions noted in the following table:


	June 18, 2012	May 22, 2013
Options issued	1,725,000	675,000
Exercise price	$ 0.30	$ 0.29
Weighted average volatility	302.2%	336.7%
Expected dividends	-	-
Expected term (years)	3.1	3.1
Risk-free rate	0.41%	0.41%

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013

The following is a summary of the Company’s options issued and outstanding in conjunction with the Company’s Stock Option Plan:


		For the three months ended		For the year ended
		July 31, 2013		April 30, 2013
		Shares	Price (a)	Shares	Price (a)

Beginning balance, outstanding		2,215,000	$ 0.43	530,000	$ 0.83
	Issued	675,000	0.29	1,725,000	0.30
	Exercised	-		-
	Forfeited or rescinded	(5,000)	(0.78)	(40,000)	(0.51)
Balance outstanding		2,885,000	$ 0.40	2,215,000	$ 0.43
	(a) Weighted average exercise price per share

The following table summarizes additional information about the options under the Company’s Stock Option Plan as of July 31, 2013:


		Options outstanding			Options exerciable
Date of Grant		Shares	Price (a)	Life	Shares	Price (a)


May 27, 2011		283,333	$ 0.90	7.83	283,333	$ 0.90
March 22, 2012		226,667	0.78	8.65	118,357	0.78
June 18, 2012		1,700,000	0.30	8.89	1,700,000	0.30
May 22, 2013		675,000	0.29	9.81	168,750	0.29

	Total options	2,885,000	$ 0.40	8.98	2,270,440	$ 0.40

	(a) Weighted average exercise price per share

The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of July 31, 2013, total unrecognized compensation cost related to stock-based options and awards is $235,021 and the related weighted average period over which it is expected to be recognized is approximately .69 years. There are 2,270,440 options vested under the Plan at July 31, 2013, and 619,560 unvested options as of the same date.

The average remaining contractual term of the options both outstanding and exercisable at July 31, 2013 was 8.98 years. No options were exercised during the three months ended July 31, 2013.

Total compensation charged against operations under the plan for employees and advisors was $48,937 and $193,384 for the three months ended July 31, 2013 and 2012, respectively. These costs are classified under management and administrative expense.

The following is a summary of the Company’s stock options outstanding and vested:

STAR GOLD CORP.

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2013


	Shares	Weighted Average Exercise Price	Expiration Date

Options issued for mining interests	300,000	$ 0.37	April 11, 2019 through January 15, 2023 October 1, 2013 through July 31, 2014 May 30, 2021 through May 22, 2023
Options issued for consulting services	11,000	0.46
Options issued under the 2011 Stock Option/Restricted Plan	2,885,000	0.40
Outstanding at July 31, 2013	3,196,000	$ 0.40

Total vested stock options	2,581,440

The aggregate intrinsic value of options exercisable at July 31, 2013, was $388,951 based on the Company's closing price of $0.48 per common share at July 31, 2013. The Company's current policy is to issue new shares to satisfy option exercises.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report and the exhibits attached hereto contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements concern the Company’s anticipated results and developments in the Company’s operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Any statement that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates”, or “intends”, or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

Risks related to the Company’s properties being in the exploration stage;

Risks related to the mineral operations being subject to government regulation;

Risks related to the Company’s ability to obtain additional capital to develop the Company’s resources, if any;

Risks related to mineral exploration and development activities;

Risks related to mineral estimates;

Risks related to the Company’s insurance coverage for operating risks;

Risks related to the fluctuation of prices for precious and base metals, such as gold, silver and copper;

Risks related to the competitive industry of mineral exploration;

Risks related to the title and rights in the Company’s mineral properties;

Risks related to the possible dilution of the Company’s common stock from additional financing activities;

Risks related to potential conflicts of interest with the Company’s management;

Risks related to the Company’s shares of common stock;

This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors and Uncertainties”, “Description of Business” and “Management’s Discussion and Analysis” of this Quarterly Report. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Star Gold Corp. disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review the reports and documents filed from time to time with the Securities and Exchange Commission (the “SEC”), particularly the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Star Gold Corp qualifies all forward-looking statements contained in this Quarterly Report by the foregoing cautionary statement.

Certain statements contained in this Quarterly Report on Form 10-Q constitute “forward-looking statements.” These statements, identified by words such as “plan,” “anticipate,” “believe,” “estimate,” “should,” “expect,” and similar expressions include the Company’s expectations and objectives regarding its future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under the caption “Management’s Discussion and Analysis or Plan of Operation” and elsewhere in this Quarterly Report.

As used in this Quarterly Report, the terms “we,” “us,” “our,” “Star Gold,” and the “Company”, mean Star Gold Corp., unless otherwise indicated. All dollar amounts in this Quarterly Report are expressed in U.S. dollars, unless otherwise indicated.

Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending April 30, 2012. The following statements may be forward-looking in nature and actual results may differ materially.

Corporate Background

The Company was originally incorporated on December 8, 2006 under the laws of the State of Nevada as Elan Development, Inc. On April 25, 2008, the name of the company was changed to Star Gold Corp. Star Gold Corp. is an exploration stage company engaged in the acquisition and exploration of precious metal deposit properties and advancing them toward production. The Company is engaged in the business of exploring, evaluating and acquiring mineral prospects with the potential for economic deposits of precious and base metals.

Star Gold Corp. currently leases with an option to acquire 113 unpatented mining claims (covering approximately 490 Hectares) located in the State of Nevada and known as the Longstreet Property.

The Company currently owns the rights to acquire up to a 100% mining interest (covering a total of 50 unpatented claims) in a mineral property (known as the Excalibur Property) located in the State of Nevada.

The Company has completed an initial exploration program on the Excalibur Property, which included Geological Mapping, Rock Sampling and Assaying. Based on this analysis the Company has decided to move forward with the permitting of this property and associated drilling program. The permitting was completed in June 2010 and the drilling program originally commenced the week of June 20th, 2010. The Company conducted additional drilling and exploration of the Excalibur Property which commenced in late October 2012.

On July 7th, 2010, Star Gold Corp. entered into a Property Option agreement whereby it may earn a 100% mineral interest in a Property located in the State of Nevada (approximately 300 kilometers northwest of Las Vegas) known as the Jet Property.

The Company has no patents, licenses, franchises or concessions which are considered by the Company to be of importance. The business is not of a seasonal nature. Since the potential products are traded in the open market, the Company has no control over the competitive conditions in the industry.

Overview of Mineral Exploration and Current Operations

Star Gold Corp. is a mineral exploration stage company with no producing mines. Mineral exploration is essentially a research activity that does not produce a product. Successful exploration often results in increased project value that can be realized through the optioning or selling of the claimed site to larger companies. As such the Company acquires properties which it believes have potential to host economic concentrations of minerals, particularly gold and silver. These acquisitions have and may take the form of unpatented mining claims on federal land, or leasing claims, or private property owned by others. An unpatented mining claim is an interest that can be acquired to the mineral rights on open lands of the federal owned public domain. Claims are staked in accordance with the Mining Law of 1872, recorded with the federal government pursuant to laws and regulations established by the Bureau of Land Management The Company intends to remain in the business of exploring for mining properties that have the potential to produce gold, silver, base metals and other commodities.

Compliance with Government Regulations

If the Company decides to continue with the acquisition and exploration of mineral properties in the State of Nevada it will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the exploration of minerals in the State of Nevada and the United States Federal agencies.

United States

Mining in the State of Nevada is subject to federal, state and local law. Three types of laws are of particular importance to the Company’s U.S. mineral properties: those affecting land ownership and mining rights; those regulating mining operations; and those dealing with the environment.

Land Ownership and Mining Rights.

On Federal Lands, mining rights are governed by the General Mining Law of 1872 (General Mining Law) as amended, 30 U.S.C. §§ 21-161 (various sections), which allows the location of mining claims on certain Federal Lands upon the discovery of a valuable mineral deposit and proper compliance with claim location requirements. A valid mining claim provides the holder with the right to conduct mining operations for the removal of locatable minerals, subject to compliance with the General Mining Law and Nevada state law governing the staking and registration of mining claims, as well as compliance with various federal, state and local operating and environmental laws, regulations and ordinances. As the owner or lessee of the unpatented mining claims, the Company has the right to conduct mining operations on the lands subject to the prior procurement of required operating permits and approvals, compliance with the terms and conditions of any applicable mining lease, and compliance with applicable federal, state, and local laws, regulations and ordinances.

Mining Operations

The exploration of mining properties and development and operation of mines is governed by both federal and state laws.

The State of Nevada likewise requires various permits and approvals before mining operations can begin, although the state and federal regulatory agencies usually cooperate to minimize duplication of permitting efforts. Among other things, a detailed reclamation plan must be prepared and approved, with bonding in the amount of projected reclamation costs. The bond is used to ensure that proper reclamation takes place, and the bond will not be released until that time. The Nevada Department of Environmental Protection, which is referred to as the NDEP, is the state agency that administers the reclamation permits, mine permits and related closure plans on the Nevada property. Local jurisdictions (such as Eureka County) may also impose permitting requirements (such as conditional use permits or zoning approvals).

Environmental Law

The development, operation, closure, and reclamation of mining projects in the United States requires numerous notifications, permits, authorizations, and public agency decisions. Compliance with environmental and related laws and regulations requires us to obtain permits issued by regulatory agencies, and to file various reports and keep records of the Company’s operations. Certain of these permits require periodic renewal or review of their conditions and may be subject to a public review process during which opposition to the Company’s proposed operations may be encountered. The Company is currently operating under various permits for activities connected to mineral exploration, reclamation, and environmental considerations. Unless and until a mineral resource is proved, it is unlikely Star Gold Corp. operations will move beyond the exploration stage. If in the future the Company decides to proceed beyond exploration, there will be numerous notifications, permit applications, and other decisions to be addressed at that time.

Competition

Star Gold Corp. competes with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties. Many of the mineral resource exploration and development companies with whom the Company competes have greater financial and technical resources. Accordingly, competitors may be able to spend greater amounts on acquisitions of mineral properties of merit, on exploration of their mineral properties and on development of their mineral properties. In addition, they may be able to afford greater geological expertise in the targeting and exploration of mineral properties. This competition could result in competitors having mineral properties of greater quality and interest to prospective investors who may finance additional exploration and development. This competition could adversely impact on Star Gold Corp.’s ability to finance further exploration and to achieve the financing necessary for the Company to develop its mineral properties.

The Company provides no assurance it will be able to compete in any of its business areas effectively with current or future competitors or that the competitive pressures faced by the Company will not have a material adverse effect on the business, financial condition and operating results.

Office and Other Facilities

Star Gold Corp. currently maintains its administrative offices at 611 E. Sherman Avenue, Coeur d'Alene, ID 83814. The telephone number is (208) 664-5066. In September the Company relocated its offices, from Post Falls, Idaho, but continues to rent office space, under the same terms that governed the lease of its previous office space, from Marlin Property Management, LLC (“Marlin”) which is a single member limited liability company owned by the spouse of Lindsay Gorrill; the Company’s Chairman of the Board. This

office space consists of approximately 400 square feet, and beginning on January 1, 2012 Marlin will supply this office space to the Company at a monthly rental rate of $2,500. Star Gold Corp. does not currently own any physical or real property.

Employees

The Company has one employee other than its executive officers and directors as of the date of this Quarterly Report on Form 10-Q. Star Gold Corp. conducts business largely through agreements with consultants and arm’s length persons.

Research and Development Expenditures

The Company has not incurred any research expenditures since incorporation.

Reports to Security Holders

The Registrant does not issue annual or quarterly reports to security holders other than the annual Form 10-K and quarterly Forms 10-Q as electronically filed with the SEC. Electronically filed reports may be accessed at www.sec.gov. Interested parties also may read and copy any materials filed with the SEC at the SEC’s Public Reference Room at 450 Fifth Street NW, Washington, DC 20549. Information may be obtained on the operation of the Public Reference Room by calling the SEC at (800) SEC-0330.

PLAN OF OPERATION

The Company maintains a corporate office in Coeur d'Alene, Idaho. This is the primary administrative office for the company and is utilized by Company Chairman Lindsay Gorrill and Chief Financial Officer Kelly Stopher.

The Company's plan of operations for the next twelve months, subject to funding, and the availability of contractors, is as follows:

Continue the advance exploration and pre-development program for the Longstreet Project.

Initiate metallurgical studies to further determine the leachability of the gold/silver mineralization.

Continue to explore possible collaboration with potential joint venture or capital partners to advance the project into the next phase of exploration and pre-production goals.

Update technical resource report to reflect most recent drilling program.

Initiate a technical study which focuses on the economic viability of the outlined pit.

Drilling Highlights – Main

The 2013 drilling program was designed to infill drill positions of the Main Zone which were not captured in the calculations of the Technical Report dated December 2012 issued by Agnarian Consultants. Four (4) holes of the twenty drilled were outside the proposed pit area outlined in the February 2013 Technical Report Highlights.

Highlights of the drilling results can be found on the Star Gold website at http://www.stargoldcorp.com/news/2013-08-28.php .

The plan map can be found at http://www.stargoldcorp.com/news/LSMain2013DrillingMap.pdf .

The drilling table can be found at http://www.stargoldcorp.com/news/LSMain2013DrillingTable.pdf .

At July 31, 2013, the Company had $189,741 cash on hand, and working capital of $179,872. As such, the Company will require additional financing in the near future in order to meet current obligations and to continue our operations. Currently, Star Gold Corp. does not have any financing arrangements in place and there are no assurances that it will be able to obtain sufficient financing on terms acceptable to the Company, if at all.

Management believes it can source additional capital in the investment markets in the coming months and years. The Company may also consider other sources of funding, including joint-ventures, mergers or other alternate exploration and development arrangements.

Future liquidity and capital requirements depend on many factors including timing, cost and progress of the Company's exploration efforts. The Company will consider additional public offerings, private placements of its debt and/or equity securities, mergers or debt financing instruments.

Additional financing will be required in the future to complete planned exploration projections and expand operations to the production stage. The Company is unsure whether additional financing will be available at the time needed or at on acceptable terms, if at all. If the Company is unable to raise additional financing when necessary, it may have to delay exploration efforts or property acquisitions, or be forced to cease operations. Collaborative arrangements may require the Company to relinquish rights to certain of its mining claims.

RESULTS OF OPERATIONS

The Company has earned no revenue from operations in 2013 or 2012 and does not anticipate earning any revenues in the foreseeable future. Star Gold Corp. is an exploration stage company and presently is seeking other business opportunities.


		Three months ended July 31,
		2013	2012
REVENUES		$ -	$ -

Mineral exploration expense		461,342	168,615
Legal and professional fees		38,197	53,462
Management and administrative		91,477	289,369
Depreciation		1,478	1,367
Directors fees		750	-
Other expense (income)		(103)	119,935
	Total	$ 593,141	$ 632,748

Total expenses for the three months ended July 31, 2013 of $593,141 decreased $39,607 from total expenses of $632,748 for the comparable period ended July 31, 2012.


		Three months ended July 31,
SUMMARY OF MINERAL EXPLORATION EXPENSE		2013	2012
Drilling and field work		$ 235,604	$ 90,372
Geochemical analysis and metallurgy		46,277	2,289
Field consultants and payroll		75,937	66,671
Technical consultants		76,408	660
Claims		27,115	8,623
	Total mineral exploration expense	$ 461,342	$ 168,615

Mineral exploration expense for the three months ended July 31, 2013 was $461,342 an increase of $292,727 over the three months ended July 31, 2012 expense of $168,615. The increase in exploration expense is a result of performing and completing the Company’s primary drilling and exploration program earlier in the year than in the prior comparable period.

Claims expense for the three months ended July 31, 2013, increased $18,493 over the comparable period ended July 31, 2012, as a result of expansion of the boundaries of the Longstreet property. The Company expects the additional claims to be a recurring expense of the Longstreet project.


		Three months ended July 31,
SUMMARY OF LEGAL AND PROFESSIONAL FEES		2013	2012
Audit and accounting		$ 27,528	$ 15,592
Legal fees		8,168	18,940
Public company expense		1,005	17,590
Investor relations		1,496	1,340
	Total legal and professional fees	$ 38,197	$ 53,462

Legal and professional fees decreased $15,265 for the three months ended July 31, 2013 from the three months ended July 31, 2012. Audit and accounting fees for the three months ended July 31, 2013, increased $11,936 compared to the three months ended July 31, 2012, as a result of more timely completion of the Company’s audit and 10-K filing. The Company expects a relative offset in audit and accounting fees for the subsequent fiscal quarter.



		Three months ended July 31,
SUMMARY OF MANAGEMENT AND ADMINISTRATIVE EXPENSES		2013	2012
Auto and travel		$ 5,691	$ 5,332
General administrative and insurance		7,990	7,839
Management fees and payroll		18,343	73,200
Office and computer expense		1,096	1,885
Rent and lease expense		7,500	7,500
Stock option expense		50,079	193,384
Telephone and utilities		778	229
	Total management and administrative expenses	$ 91,477	$ 289,369

Management and administrative expenses for the three months ended July 31, 2013 decreased $197,892 to $91,477 compared to 2012 expense of $289,369.

The Company granted 675,000 stock options under the 2011 Stock Option Plan during the quarter ended July 31, 2013, accounting for $48,937 of stock option expense. The remainder of the non-cash stock option expense relates to certain Property Option agreements and consulting agreements. Stock option expense decreased $143,305 for the period July 31, 2013, compared to the three months ended July 31, 2012.

Management fees and payroll of $18,343 for the three months ended July 31, 2013, decreased $54,857 compared to the three months ended July 31, 2012, as the Company’s President and Chief Executive Officer continues to forego compensation to conserve the Company’s cash.

LIQUIDITY AND FINANCIAL CONDITION


BALANCE SHEET INFORMATION			July 31, 2013	April 30, 2013
	Working capital		$ 179,872	$ 735,456
	Total assets		628,211	1,162,378
	Accumulated deficit		(6,775,654)	(6,182,513)
	Stockholder equity		598,719	1,141,781



WORKING CAPITAL			July 31, 2013	April 30, 2013
	Current assets		$ 209,364	$ 756,053
	Current liabilities		(29,492)	(20,597)
		Working capital	$ 179,872	$ 735,456


CASH FLOWS			Three months ended July 31,
			2013	2012
	Cash flow used by operating activities		$ (149,830)	$ (465,417)
	Cash flow used by investing activities		(14,000)	(12,986)
	Cash flow from financing activities		-	417,000
		Net decrease in cash during period	$ (163,830)	$ (61,403)

The Company decreased total assets to $628,211 at July 31, 2013 compared to $1,162,378 at April 30, 2013, primarily as a result of cash expenditures related to exploration activities on the Longstreet Property.

Mining Interests (Note 5) increased from $362,999 at April 30, 2013 to $376,999. Prepaid expenses decreased from $68,482 at April 30, 2013 to $19,623 at July 31, 2013 due to deposits required on exploration activities at the Longstreet Property being utilized for exploration activities at the property and utilization of a legal retainer during the fiscal year to date.

At July 31, 2013, the Company had working capital of $179,872 primarily as a result of a reduction of $41,849 in prepaid drilling expense.

The Company utilized $14,000 in cash from Investing Activities on certain annual lease payments on capitalized mineral assets at its Longstreet, Jet and Excalibur projects for the three months ended July 31, 2013 per the terms of Property Option Agreement described in Note 5 of the Financial Statements. The Company is in compliance with all obligations of the Property Option Agreements.

As of July 31, 2013, the Company had cash of $189,741. Since inception, the sources of the Company’s financing have been through offerings of its equity securities and through debt financing. Star Gold Corp. has not attained profitable operations and its ability to pursue any future plan of operation is dependent upon our ability to obtain financing.

Star Gold Corp. anticipates continuing to rely on offerings of its debt and/or equity securities in order to continue to fund business operations. Issuances of additional equity securities will result in dilution to the Company's existing stockholders. There is no assurance that the Company will be able to complete any additional offerings of its securities or that it will be able arrange for other financing to fund its planned business activities.

Disruptions in the credit and financial markets over the past several years have had a material adverse impact on a number of financial institutions and have limited access to capital and credit for many companies. While access to capital has improved recently, these disruptions could, among other things, make it more difficult for the Company to obtain, or increase the cost of obtaining, capital and financing for operations. Access to additional capital may not be available to terms acceptable to the Company or at all.

The Company's continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain additional financing as may be required, or ultimately to attain profitability. Potential sources of cash, or relief of demand for cash, include additional external debt, the sale of shares of the Company's stock or alternative methods such as mergers, joint-ventures or sale of the Company's assets. No assurances can be given, however, that the Company will be able to obtain any of these potential sources of cash. The Company currently requires additional cash funding from outside sources to sustain existing operations and to meet current obligations and ongoing capital requirements.

The Company plans for the long term continuation as a going concern include financing future operations through sales of our common stock and/or debt and the eventual profitable exploitation of the Company's mining properties. These plans may also, at some future point, include the formation of mining joint ventures with senior mining company partners on specific mineral properties whereby the joint venture partner would provide the necessary financing in return for equity in the property.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We do not hold any derivative instruments and do not engage in any hedging activities.

ITEM 4.

CONTROLS AND PROCEDURES.

Conclusions of Management Regarding Effectiveness of Disclosure Controls and Procedures

At the end of the period covered by this report, an evaluation was carried out under the supervision of and with the participation of the Company's management, including the President and Chief Executive Officer, David Segelov ("President/CEO") and Chief Financial Officer, Kelly J. Stopher ("CFO"), of the effectiveness of the design and operations of the Company's disclosure controls and procedures (as defined in Rule 13a - 15(e) and Rule 15d - 15(e) under the Exchange Act). Based on that evaluation the President and the CFO have concluded that as of the end of the period covered by the report, the Company's disclosure controls and procedures were

adequately designed and effective in ensuring that (i) information required to be disclosed by the Company in reports that it files or submits to the Securities and Exchange Commission under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including the Company's President and CFO, as appropriate , to allow for accurate and timely decisions regarding required disclosures.

Changes in internal controls over financial reporting

There have been no material changes in internal controls over financial reporting during the quarter ended July 31, 2013.

PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

Star Gold Corp. is not a party to any material legal proceedings and, to management’s knowledge, no such proceedings are threatened or contemplated. No director, officer or affiliate of Star Gold Corp. and no owner of record or beneficial owner of more than 5% of our securities or any associate of any such director, officer or security holder is a party adverse to Star Gold Corp. or has a material interest adverse to Star Gold Corp. in reference to pending litigation

ITEM 1A.

RISK FACTORS

There have been no material changes from the risk factors as previously disclosed in our Form 10-K for the year ended April 30, 2012 which was filed with the SEC on August 9, 2012.

ITEM 2.

RECENT SALES OF UNREGISTERED SECURITIES

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. -

MINE SAFETY DISCLOSURES

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. The Company is in the exploration stage and has no operations.

ITEM 5.

OTHER INFORMATION.

None

ITEM 6.

EXHIBITS


Exhibit
Number	Description of Exhibits

3.1	Articles of Incorporation.⁽¹⁾

3.2	Bylaws, as amended.⁽¹⁾

4.1	Form of Share Certificate.⁽¹⁾

10.1	Purchase Agreement dated June 22, 2004 between Guy R. Delorme and Star Gold Corp.⁽¹⁾

10.2	Declaration of Trust executed by Guy R. Delorme.⁽¹⁾

14.1	Code of Ethics. ⁽²⁾

31.1	Certification of Principal Executive Officer and Principal Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	Certification of Principal Executive Officer and Principal Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS(3)	XBRL Instance

101.SCH*	XBRL Taxonomy Extension Schema

101.CAL*	XBRL Taxonomy Extension Calculation

101.DEF*	XBRL Taxonomy Extension Definition

101.LAB*	XBRL Taxonomy Extension Labels

101.PRE*	XBRL Taxonomy Extension Presentation

(1)	Filed with the SEC as an exhibit to our Registration Statement on Form SB-2 originally filed on June 14, 2007, as amended.
(2)	Filed as an exhibit to a Form 8-K filed with the SEC on February 02, 2012. .
(3)	XBRL Information is furnished to the reader but is not filed with or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and is not deemed as filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended and otherwise is not subject to liability under these sections.

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.


			STAR GOLD CORP.


Date:	September 13, 2013	By:	/s/ David Segelov
			President & Chief Executive Officer
			(Principal Executive Officer )

Date:	September 13, 2013		/s/Kelly J. Stopher
		By:	Kelly J. Stopher
			Chief Financial Officer and Secretary
			(Principal Financial Officer)

EX-31 2 exhibit31.htm CERTIFICATION Converted by EDGARwiz

Exhibit 31.1

CERTIFICATION

PURSUANT TO SECTION 302 OF

THE SARBANES-OXLY ACT OF 2002

Rule 13a-14(a)/15d-14(a) Certifications.

I, David Segelov, certify that:


	1.	I have reviewed this quarterly report on Form 10-Q of Star Gold 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 small business issuer as of, and for, the periods presented in this report;


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


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

Date: September 13, 2013



/s/ David Segelov
David Segelov President and Chief Executive Officer

Exhibit 31.2 Certification of Chief Executive Officer

Pursuant to Section 302 of Sarbanes-Oxley Act

I, Kelly J. Stopher, certify that:



1.	I have reviewed this annual report on Form 10-Q of Star Gold 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 small business issuer as of, and for, the periods presented in this report;

4.	The small business 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 13(a)-15(f) of 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 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 small business 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 small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting.

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

Date: September 13, 2013

/s/ KELLY J. STOPHER

Kelly J. Stopher

Chief Financial Officer

EX-32 3 exhibit32.htm CERTIFICATION Converted by EDGARwiz

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 Quarterly Report of Star Gold Corp. a Nevada corporation (the "Company") on Form 10-Q for the period ending July 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), David Segelov, Chief Executive Officer of the Company, certifies to the best of his knowledge, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:


	(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 result of operations of the Company.

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

/s/ David Segelov

David Segelov

President & Chief Executive Officer

September 13, 2013

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NOTE 1 - NATURE OF OPERATIONS   Star Gold Corp. (the "Company") was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold-bearing properties in Nevada.   The financial statement represents those of an exploration stage company whose main focus is in the exploration of gold bearing properties. The Company's main business is putting together land packages and mining claims that the Company perceives to have some potential for mineral reserves. The Company then spends capital to explore these claims by drilling, geophysical work or other exploration work deemed necessary. The business is a high risk business as there is no guarantee that the Company's exploration work will ultimately discover or produce any economically viable minerals.

Basis of Presentation   This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Accounting Standard Codification (ASC) Topic 915 Accounting and Reporting by Development Stage Enterprises.   Use of Estimates   The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Companys reported financial position and results of operations.   Exploration Stage Enterprise   The Company's financial statements are prepared using the accrual method of accounting and according to "Accounting for Development Stage Enterprises," as it devotes substantially all of its efforts to acquiring and exploring mining interests that will eventually provide sufficient net profits to sustain the Company's existence. Until such interests are engaged in commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.   Cash and cash equivalents   For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.   Restricted cash   Restricted cash represents collateral for bonds held for exploration permits.   Fair Value Measures   ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:   	Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets 	or liabilities.   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in"></td><td style="text-align: justify">Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</td></tr></table>   	Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology 	that are significant to the measurement of the fair value of the assets or liabilities.   Mining Interests and Mineral Exploration Expenditures   Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.   Equipment   Equipment are stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years.  Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.   Reclamation and Remediation   The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.   Impaired Asset Policy   The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.   Stock-based Compensation   The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected life), the estimated volatility of the Companys common stock price over the expected term (volatility), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Companys stock on the date of the award.   Loss Per Share   Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities.   The dilutive effect of convertible and outstanding securities for the years ended July 31, 2013 and 2012, would be as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 64%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 2%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2012</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-left: 0.1in; text-align: justify">Stock options</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,196,000</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,530,000</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.1in; text-align: justify">Warrants</td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,410,001</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total Possible dilution</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,923,948</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,940,001</td></tr> </table>     At July 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.   Income Taxes   Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.   Reclassifications   Certain reclassifications have been made to the 2012 financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as restated.

Basis of Presentation   This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Accounting Standard Codification (ASC) Topic 915 Accounting and Reporting by Development Stage Enterprises.

Use of Estimates   The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Companys reported financial position and results of operations.

Exploration Stage Enterprise   The Company's financial statements are prepared using the accrual method of accounting and according to "Accounting for Development Stage Enterprises," as it devotes substantially all of its efforts to acquiring and exploring mining interests that will eventually provide sufficient net profits to sustain the Company's existence. Until such interests are engaged in commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.

Cash and cash equivalents   For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.

Restricted cash   Restricted cash represents collateral for bonds held for exploration permits.

Fair Value Measures   ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:   	Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets 	or liabilities.   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in"></td><td style="text-align: justify">Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</td></tr></table>   	Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology 	that are significant to the measurement of the fair value of the assets or liabilities.

Mining Interests and Mineral Exploration Expenditures   Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.

Equipment   Equipment are stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years.  Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.

Reclamation and Remediation   The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.

Impaired Asset Policy   The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.

Stock-based Compensation   The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected life), the estimated volatility of the Companys common stock price over the expected term (volatility), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Companys stock on the date of the award.

Loss Per Share   Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities.   The dilutive effect of convertible and outstanding securities for the years ended July 31, 2013 and 2012, would be as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 64%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 2%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2012</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-left: 0.1in; text-align: justify">Stock options</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,196,000</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,530,000</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.1in; text-align: justify">Warrants</td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,410,001</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total Possible dilution</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,923,948</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,940,001</td></tr> </table>     At July 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.

Income Taxes   Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.

Reclassifications   Certain reclassifications have been made to the 2012 financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as restated.

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 64%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 2%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2012</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-left: 0.1in; text-align: justify">Stock options</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,196,000</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,530,000</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.1in; text-align: justify">Warrants</td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,410,001</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total Possible dilution</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,923,948</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,940,001</td></tr> </table>

NOTE 3 RECEIVABLE FROM SALE OF STOCK   As of April 30, 2013, exercised 2,226,667 share purchase warrants at $0.15 per share. Proceeds of $334,000 were received during the three months ended July 31, 2013.

NOTE 4 PREPAID EXPENSES   The following is a summary of the Companys prepaid expenses at July 31, 2013 and April 30, 2013:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">April 30, 2013</td></tr> <tr> <td style="vertical-align: top; width: 66%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Exploration expense</td> <td style="vertical-align: top; width: 2%; padding-top: 6pt; text-align: center">$</td> <td style="vertical-align: bottom; width: 13%; border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="vertical-align: top; width: 3%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: top; width: 2%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="vertical-align: top; width: 14%; border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,849</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Directors and officers liability insurance</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,623</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,633</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total prepaid expenses</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,623</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68,482</td></tr> </table>     At April 30, 2013, exploration expense was prepaid as deposit on unbilled drilling activity. The prepaid balance was reduced as invoices were applied to ongoing drilling and exploration activities which the Company recognized as exploration expense during the three months ended July 31, 2013.

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">April 30, 2013</td></tr> <tr> <td style="vertical-align: top; width: 66%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Exploration expense</td> <td style="vertical-align: top; width: 2%; padding-top: 6pt; text-align: center">$</td> <td style="vertical-align: bottom; width: 13%; border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="vertical-align: top; width: 3%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: top; width: 2%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="vertical-align: top; width: 14%; border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,849</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Directors and officers liability insurance</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,623</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,633</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total prepaid expenses</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,623</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68,482</td></tr> </table>

NOTE 5 EQUIPMENT AND MINING INTERESTS   The following is a summary of the Company's equipment and mining interests at July 31, 2013 and April 30, 2013, respectively:       <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Equipment</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $              28,992 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                 28,992 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Less accumulated depreciation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(8,744)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(7,266)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Equipment, net of accumulated depreciation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,248</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,726</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Mining interests</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">376,999</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">362,999</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $            397,247 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $               384,725 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 10%"> </td> <td style="width: 15%"> </td> <td style="width: 2%"> </td> <td style="width: 16%"> </td> <td style="width: 3%"> </td> <td style="width: 24%"> </td></tr> </table>   The Longstreet Property   The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Longstreet Agreement is as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 200px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Payment to optioner</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annual stock option obligation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annual stock grant obligation</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $       450,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $         36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">550,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">750,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,000,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $    2,750,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $       204,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td></tr> </table>     The Company has performed substantially all required expenditures for the option agreement period ending January 15, 2014.   Excalibur Property   The Excalibur Property Option Agreement was amended on January 30, 2012 revising the payment date of the final required expenditure to August 31, 2012 and thereafter amended on August 31, 2012 extending the payment date of the final expenditure to August 31, 2013. The Excalibur Property Option Agreement was subsequently amended on September 7, 2012, revising the payment date on the final required expenditure to October 31, 2013. On July 12, 2013, the Excalibur Property Option Agreement was amended revising the payment date of the final required expenditure from October 31, 2013 to October 31, 2014.   The schedule of remaining minimum expenditures and number of stock options to be issued pursuant to the Excalibur Property agreement is as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 20%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">October 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                  - </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">October 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $       100,000 </td></tr> </table>     The Jet Property   The Jet Property Option Agreement was amended on September 7, 2012 revising the payment date of the required 2013 expenditure from July 7, 2013 to August 31, 2013; the extension was granted only for the 2013 payment. On July 12, 2013, the Jet Property Option Agreement was amended revising the payment date of the required 2013 expenditure from August 31, 2013 to August 31, 2014.   The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Agreement is as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 354px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 96px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Payment to optioner</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">August 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $          60,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $         20,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>       The following is a summary of capitalized mineral interests as of July 31, 2013 and April 30, 2012, respectively:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 14%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 13%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="11" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Longstreet Property</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $          180,499 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $      171,499 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Excalibur Property</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,500</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Jet Property</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $          376,999 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $      362,999 </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Equipment</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $              28,992 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                 28,992 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Less accumulated depreciation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(8,744)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(7,266)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Equipment, net of accumulated depreciation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,248</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,726</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Mining interests</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">376,999</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">362,999</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $            397,247 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $               384,725 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 10%"> </td> <td style="width: 15%"> </td> <td style="width: 2%"> </td> <td style="width: 16%"> </td> <td style="width: 3%"> </td> <td style="width: 24%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 200px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Payment to optioner</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annual stock option obligation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annual stock grant obligation</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $       450,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $         36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">550,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">750,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,000,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $    2,750,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $       204,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 20%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">October 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                  - </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">October 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $       100,000 </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 354px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 96px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Payment to optioner</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">August 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $          60,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $         20,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 14%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 13%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="11" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Longstreet Property</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $          180,499 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $      171,499 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Excalibur Property</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,500</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Jet Property</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $          376,999 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $      362,999 </td></tr> </table>

NOTE 6 RELATED PARTY TRANSACTIONS   On September 1, 2011, the Company moved its offices to Coeur dAlene, Idaho and leased office space for $2,500 per month plus a proportionate share of utilities and insurance from Marlin Property Management, LLC (Marlin) an entity owned by the spouse of the Company President. For the three months ended July 31, 2013 and 2012, $8,413 and $8,539, respectively, was paid to this related entity inclusive of the Companys pro-rata share of common expenses.

NOTE 7 - WARRANTS   The following is a summary of the Companys warrants outstanding:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 272px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 83px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Weighted Average Exercise Price</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expiration Date</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at April 30, 2012</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,690,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.16 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued - June 18, 2012</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">833,334</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">             0.75 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">June 18, 2014</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued - January 18, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">894,614</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">             0.60 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">(a)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">January 18, 2015</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,593,233)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           (0.15)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(96,767)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           (1.33)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at April 30, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,727,948</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.67 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Balance outstanding at July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.67 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">(a)</td> <td nowrap="nowrap" colspan="12" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Exercise price is $0.60 per share during the first year and $0.80 during the second year.</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 272px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 83px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Weighted Average Exercise Price</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expiration Date</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at April 30, 2012</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,690,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.16 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued - June 18, 2012</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">833,334</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">             0.75 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">June 18, 2014</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued - January 18, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">894,614</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">             0.60 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">(a)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">January 18, 2015</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,593,233)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           (0.15)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(96,767)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           (1.33)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at April 30, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,727,948</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.67 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Balance outstanding at July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.67 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">(a)</td> <td nowrap="nowrap" colspan="12" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Exercise price is $0.60 per share during the first year and $0.80 during the second year.</td></tr> </table>

NOTE 8 - STOCK OPTIONS   Options issued for mining interests   In consideration for mining interests on several properties (see Note 5), the Company is obligated to issue a total of 400,000 stock options based on "fair market price" which is considered to be the closing price of the Company's common stock on the grant dates.   The following is a summary of the Companys options issued and outstanding in conjunction with certain mining interest agreements on several properties:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the three months ended</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the year ended</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="3" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="3" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: top"> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="width: 3%; border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 13%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price(a)</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="width: 4%; border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 11%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price(a)</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Beginning balance, outstanding</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">300,000</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$               0.37</td> <td style="border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">275,000</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           0.36</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Issued</td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.42</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Exercised</td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Expired</td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Balance outstanding</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; text-align: right">300,000</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; text-align: right">$               0.37</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; text-align: right">300,000</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; text-align: right">$           0.37</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 58.3pt"></td><td style="width: 18pt">(a)</td><td style="text-align: justify">Weighted average exercise price per share</td></tr></table>   Future stock option obligations under the terms of property agreements detailed in Note 5 are as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Fiscal year ending April 30, </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Stock options </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    25,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    25,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    25,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    25,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 12%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 12%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 17%; text-align: right">100,000</td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   Options issued for consulting services   As per an agreement fully executed on October 3, 2012, in consideration for consulting and advisory services rendered, the Company is obligated to issue a total of 1,000 stock options based on 5 day variable weighted-average price (VWAP) at the end of each month of the associated consulting contract. The consultant options vest on the first day of the following month of service and are exercisable for a period of six months following the termination of the agreement. The Company has estimated the fair value of these option grants using the Black-Scholes model for the three months ended July 31, 2013 and the year ended April 30, 2013, respectively, with the following information and range of assumptions:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Options issued</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 283px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    11,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted average volatility</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">356.7% to 473.9%</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Expected dividends</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                           -   </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Expected term (years)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                             1 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Risk-free rate</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.11% to 0.18%</td></tr> </table>   The following is a summary of the Companys options issued and outstanding associated with certain consulting agreements:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the three months ended</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">For the year ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 66px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Beginning balance, outstanding</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">$                0.46</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">$                   -</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Issued</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.45</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">8,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.46</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Expired</td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Balance outstanding </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                0.46</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                0.46</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">(a) Weighted average exercise price per share</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>     The fair value of the consultant options issued for the year ended April 30, 2013 was $3,583. Fair value of the option grants for consulting services was $1,141 for the three months ended July 31, 2013. These costs are classified under management and administrative expense.   Options issued under the 2011 Stock Option/Restricted Plan   The Company established the 2011 Stock Option/Restricted Stock Plan. The Stock Option Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction.   The Stock Option Plan has a fixed maximum percentage of 10% of the Company's outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of shares outstanding increase. The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company's common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company's assets.   The Stock Option plan also has terms and limitations, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock's fair market value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a ten year maximum term and varying vesting periods as determined by the Board. On June 18, 2012 the Board of Directors authorized the grant of 1,725,000 options to purchase shares of common stock of the Company to various directors, officers and advisors. The options have a strike price of $0.30 based on the closing price of the Company's common stock on the date of grant and vest over one year. On May 22, 2013 the Board of Directors authorized the grant of 675,000 options to purchase shares of common stock of the Company to various directors, officers and consultants. The options have a strike price of $0.29 based on the closing price of the Companys common stock on the date of grant and vest over one year. The fair value of each option award was estimated on the date of the grant using the information and assumptions noted in the following table:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 344px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">June 18, 2012</td> <td nowrap="nowrap" style="width: 16px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">May 22, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Options issued</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">               1,725,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                  675,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercise price</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> $                     0.30 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> $                     0.29 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Weighted average volatility</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">302.2%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">336.7%</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expected dividends</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                           -   </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expected term (years)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                          3.1 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                          3.1 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Risk-free rate</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.41%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.41%</td></tr> </table>   The following is a summary of the Companys options issued and outstanding in conjunction with the Companys Stock Option Plan:     <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the three months ended</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the year ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 10%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 21%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 9%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 12%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Beginning balance, outstanding</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,215,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                  0.43</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">530,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$              0.83</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">675,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.29</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,725,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.30</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Forfeited or rescinded</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(5,000)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(0.78)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(40,000)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(0.51)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Balance outstanding </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,885,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                  0.40</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,215,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$              0.43</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">(a) Weighted average exercise price per share</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>   The following table summarizes additional information about the options under the Companys Stock Option Plan as of July 31, 2013:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Options outstanding</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Options exerciable</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Date of Grant</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Life</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">May 27, 2011</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">283,333</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 0.90</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.83</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">283,333</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                     0.90</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">March 22, 2012</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">226,667</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.78</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.65</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">118,357</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.78</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">June 18, 2012</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,700,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.30</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.89</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,700,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.30</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">May 22, 2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">675,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.29</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.81</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">168,750</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.29</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-top: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total options</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,885,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 0.40</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.98</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,270,440</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                     0.40</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="padding-right: 5.4pt; padding-left: 5.4pt">   (a) Weighted average exercise price per share</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>   The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of July 31, 2013, total unrecognized compensation cost related to stock-based options and awards is $235,021 and the related weighted average period over which it is expected to be recognized is approximately .69 years. There are 2,270,440 options vested under the Plan at July 31, 2013, and 619,560 unvested options as of the same date.   The average remaining contractual term of the options both outstanding and exercisable at July 31, 2013 was 8.98 years. No options were exercised during the three months ended July 31, 2013.   Total compensation charged against operations under the plan for employees and advisors was $48,937 and $193,384 for the three months ended July 31, 2013 and 2012, respectively. These costs are classified under management and administrative expense.   The following is a summary of the Companys stock options outstanding and vested:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 272px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 98px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Weighted Average Exercise Price</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Expiration Date</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Options issued for mining interests</td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right">300,000</td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: right">$               0.37</td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td rowspan="4" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> April 11, 2019 through January 15, 2023 October 1, 2013 through July 31, 2014 May 30, 2021 through May 22, 2023</td></tr> <tr> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Options issued for consulting services</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right">11,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: right">0.46</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Options issued under the 2011 Stock Option/Restricted Plan</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">2,885,000</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.40</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,196,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$               0.40</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total vested stock options</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,581,440</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>   The aggregate intrinsic value of options exercisable at July 31, 2013, was $388,951 based on the Company's closing price of $0.48 per common share at July 31, 2013. The Company's current policy is to issue new shares to satisfy option exercises.

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(the "Company") was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold-bearing properties in Nevada.   The financial statement represents those of an exploration stage company whose main focus is in the exploration of gold bearing properties. The Company's main business is putting together land packages and mining claims that the Company perceives to have some potential for mineral reserves. The Company then spends capital to explore these claims by drilling, geophysical work or other exploration work deemed necessary. 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If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6003-108592 false0Nature of OperationsfalseNature of OperationsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://SRGZ/role/NatureOfOperations12 XML 12 R17.htm IDEA: XBRL DOCUMENT

Equipment and Mining Interests (Tables)

3 Months Ended

Jul. 31, 2013

Property, Plant and Equipment [Abstract]

Summary of Equipment and Mining Interests

		July 31, 2013	April 30, 2013
Equipment		$ 28,992	$ 28,992
	Less accumulated depreciation	(8,744)	(7,266)
Equipment, net of accumulated depreciation		20,248	21,726
Mining interests		376,999	362,999
	Total	$ 397,247	$ 384,725

Schedule of Agreement Obligations

		Required expenditure	Payment to optioner	Annual stock option obligation	Annual stock grant obligation
January 15, 2014		$ 450,000	$ 36,000	25,000	25,000
January 15, 2015		550,000	56,000	25,000	25,000
January 15, 2016		750,000	56,000	25,000	25,000
January 15, 2017		1,000,000	56,000	25,000	25,000
	Total	$ 2,750,000	$ 204,000	100,000	100,000

Schedule of Required Expenditures

		Required expenditure
October 31, 2013		$ -
October 31, 2014		100,000
	Total	$ 100,000

Schedule of Payments and Expenditures Remaining

		Required expenditure	Payment to optioner
August 31, 2014		20,000	-
July 7, 2014		10,000	5,000
July 7, 2015		10,000	5,000
July 7, 2016		10,000	5,000
July 7, 2017		10,000	5,000
	Total	$ 60,000	$ 20,000

Summary of Capitalized Mineral interests

		July 31, 2013	April 30, 2013
Longstreet Property		$ 180,499	$ 171,499
Excalibur Property		176,500	176,500
Jet Property		20,000	15,000
	Total	$ 376,999	$ 362,999

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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- Definition

Tabular disclosure of the underlying assumptions and percentages or rates used in determining the fair value of guarantee obligations for each type of long-duration contract.

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Statements of Operations (Unaudited) (USD $)	3 Months Ended		56 Months Ended
Statements of Operations (Unaudited) (USD $)	Jul. 31, 2013	Jul. 31, 2012	Jul. 31, 2013
Income Statement [Abstract]
REVENUE
COST OF REVENUE
GROSS PROFIT
Mineral exploration expense	461,342	168,615	1,803,776
Legal and professional fees	38,197	53,462	581,761
Management and administrative	91,477	289,369	1,813,632
Depreciation	1,478	1,367	8,743
Directors fees	750		12,950
TOTAL OPERATING EXPENSES	593,244	512,813	4,220,862
LOSS FROM OPERATIONS	(593,244)	(512,813)	(4,220,862)
Loss on extinguishment of debt			(1,639,575)
Amortization of debt discount		(119,821)	(874,421)
Financing expense			(13,700)
Interest income (expense)	103	(114)	(27,096)
TOTAL OTHER INCOME (EXPENSE)	103	(119,935)	(2,554,792)
NET LOSS BEFORE INCOME TAXES	(593,141)	(632,748)	(6,775,654)
Provision for income taxes
NET LOSS	$ (593,141)	$ (632,748)	$ (6,775,654)
Basic and diluted loss per share	$ 0.0	$ 0.0
Basic and diluted weighted average number shares outstanding	30,612,501	20,706,230

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Equipment and Mining Interests

3 Months Ended

Jul. 31, 2013

Property, Plant and Equipment [Abstract]

Equipment and Mining Interests

NOTE 5 – EQUIPMENT AND MINING INTERESTS

The following is a summary of the Company's equipment and mining interests at July 31, 2013 and April 30, 2013, respectively:

		July 31, 2013	April 30, 2013
Equipment		$ 28,992	$ 28,992
	Less accumulated depreciation	(8,744)	(7,266)
Equipment, net of accumulated depreciation		20,248	21,726
Mining interests		376,999	362,999
	Total	$ 397,247	$ 384,725

The Longstreet Property

The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Longstreet Agreement is as follows:

		Required expenditure	Payment to optioner	Annual stock option obligation	Annual stock grant obligation
January 15, 2014		$ 450,000	$ 36,000	25,000	25,000
January 15, 2015		550,000	56,000	25,000	25,000
January 15, 2016		750,000	56,000	25,000	25,000
January 15, 2017		1,000,000	56,000	25,000	25,000
	Total	$ 2,750,000	$ 204,000	100,000	100,000

The Company has performed substantially all required expenditures for the option agreement period ending January 15, 2014.

Excalibur Property

The schedule of remaining minimum expenditures and number of stock options to be issued pursuant to the Excalibur Property agreement is as follows:

		Required expenditure
October 31, 2013		$ -
October 31, 2014		100,000
	Total	$ 100,000

The Jet Property

The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Agreement is as follows:

		Required expenditure	Payment to optioner
August 31, 2014		20,000	-
July 7, 2014		10,000	5,000
July 7, 2015		10,000	5,000
July 7, 2016		10,000	5,000
July 7, 2017		10,000	5,000
	Total	$ 60,000	$ 20,000

The following is a summary of capitalized mineral interests as of July 31, 2013 and April 30, 2012, respectively:

		July 31, 2013	April 30, 2013
Longstreet Property		$ 180,499	$ 171,499
Excalibur Property		176,500	176,500
Jet Property		20,000	15,000
	Total	$ 376,999	$ 362,999

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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Warrants (Tables)

3 Months Ended

Jul. 31, 2013

Notes to Financial Statements

Summary of Warrant Outstanding

				Shares	Weighted Average Exercise Price		Expiration Date

	Outstanding at April 30, 2012			7,690,000	$ 0.16
			Issued - June 18, 2012	833,334	0.75		June 18, 2014
			Issued - January 18, 2013	894,614	0.60	^(a)	January 18, 2015
			Exercised	(7,593,233)	(0.15)
			Expired	(96,767)	(1.33)
	Outstanding at April 30, 2013			1,727,948	$ 0.67
			Issued	-
			Exercised	-
			Expired	-
	Balance outstanding at July 31, 2013			1,727,948	$ 0.67
^(a)		Exercise price is $0.60 per share during the first year and $0.80 during the second year.

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XML 17 R9.xml IDEA: Prepaid Expenses 2.4.0.800000009 - Disclosure - Prepaid Expensestruefalsefalse1false falsefalseFrom2013-05-01to2013-07-31http://www.sec.gov/CIK0001401835duration2013-05-01T00:00:002013-07-31T00:00:001true 1us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]2false 2us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00 NOTE 4 PREPAID EXPENSES   The following is a summary of the Companys prepaid expenses at July 31, 2013 and April 30, 2013:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">April 30, 2013</td></tr> <tr> <td style="vertical-align: top; width: 66%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Exploration expense</td> <td style="vertical-align: top; width: 2%; padding-top: 6pt; text-align: center">$</td> <td style="vertical-align: bottom; width: 13%; border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="vertical-align: top; width: 3%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: top; width: 2%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="vertical-align: top; width: 14%; border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,849</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Directors and officers liability insurance</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,623</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,633</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total prepaid expenses</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,623</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68,482</td></tr> </table>     At April 30, 2013, exploration expense was prepaid as deposit on unbilled drilling activity. The prepaid balance was reduced as invoices were applied to ongoing drilling and exploration activities which the Company recognized as exploration expense during the three months ended July 31, 2013. falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0Prepaid ExpensesfalsePrepaid ExpensesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://SRGZ/role/PrepaidExpenses12 XML 18 R12.xml IDEA: Warrants 2.4.0.800000012 - Disclosure - Warrantstruefalsefalse1false falsefalseFrom2013-05-01to2013-07-31http://www.sec.gov/CIK0001401835duration2013-05-01T00:00:002013-07-31T00:00:001true 1SRGZ_NotesToFinancialStatementsAbstractSRGZ_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes to Financial Statements2false 2us-gaap_DerivativesAndFairValueTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00 NOTE 7 - WARRANTS   The following is a summary of the Companys warrants outstanding:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 272px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 83px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; 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padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at April 30, 2012</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,690,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.16 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued - June 18, 2012</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">833,334</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">             0.75 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">June 18, 2014</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued - January 18, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">894,614</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">             0.60 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">(a)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">January 18, 2015</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,593,233)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           (0.15)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(96,767)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           (1.33)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at April 30, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,727,948</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.67 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Balance outstanding at July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.67 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">(a)</td> <td nowrap="nowrap" colspan="12" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Exercise price is $0.60 per share during the first year and $0.80 during the second year.</td></tr> </table> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for derivatives and fair value of assets and liabilities.No definition available.false0WarrantsfalseWarrantsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://SRGZ/role/Warrants12 XML 19 R6.htm IDEA: XBRL DOCUMENT

Nature of Operations

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Jul. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

NOTE 1 - NATURE OF OPERATIONS

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Receivable From Sale of Stock

3 Months Ended

Jul. 31, 2013

Other Liabilities Disclosure [Abstract]

Receivable From Sale of Stock

NOTE 3 – RECEIVABLE FROM SALE OF STOCK

As of April 30, 2013, exercised 2,226,667 share purchase warrants at $0.15 per share. Proceeds of $334,000 were received during the three months ended July 31, 2013.

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details

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Jul. 31, 2013

Related Party Transactions

NOTE 6– RELATED PARTY TRANSACTIONS

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

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ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:   	Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets 	or liabilities.   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in"></td><td style="text-align: justify">Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</td></tr></table>   	Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology 	that are significant to the measurement of the fair value of the assets or liabilities.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.No definition available.false0Fair Value Measures8false 2us-gaap_OilAndGasPropertiesPolicyPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Mining Interests and Mineral Exploration Expenditures   Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. 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Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years.  Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2155824 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 false0Equipment10false 2us-gaap_RegulatoryEnvironmentalCostsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Reclamation and Remediation   The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for liabilities for remediation of environmental matters. The accounting policy may specify the conditions under which rate actions of a regulator provide reasonable assurance of the existence of an asset pertaining thereto.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 410 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 10.F) -URI http://asc.fasb.org/extlink&oid=6228715&loc=d3e660557-123036 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 10 -Section F false0Reclamation and Remediation11false 2us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Impaired Asset Policy   The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section CC -Subsection 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2155824 false0Impaired Asset Policy12false 2us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Stock-based Compensation   The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected life), the estimated volatility of the Companys common stock price over the expected term (volatility), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Companys stock on the date of the award.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for stock option and stock incentive plans. 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Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities.   The dilutive effect of convertible and outstanding securities for the years ended July 31, 2013 and 2012, would be as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 64%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 2%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2012</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-left: 0.1in; text-align: justify">Stock options</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,196,000</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,530,000</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.1in; text-align: justify">Warrants</td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,410,001</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total Possible dilution</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,923,948</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,940,001</td></tr> </table>     At July 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. 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Prepaid Expenses

3 Months Ended

Jul. 31, 2013

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses

NOTE 4 – PREPAID EXPENSES

The following is a summary of the Company’s prepaid expenses at July 31, 2013 and April 30, 2013:

	July 31, 2013		April 30, 2013
Exploration expense	$	-	$	41,849
Directors and officers liability insurance		19,623		26,633
Total prepaid expenses	$	19,623	$	68,482

XML 26 R10.xml IDEA: Equipment and Mining Interests 2.4.0.800000010 - Disclosure - Equipment and Mining Intereststruefalsefalse1false falsefalseFrom2013-05-01to2013-07-31http://www.sec.gov/CIK0001401835duration2013-05-01T00:00:002013-07-31T00:00:001true 1us-gaap_PropertyPlantAndEquipmentAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Property, Plant and Equipment [Abstract]2false 2us-gaap_PropertyPlantAndEquipmentDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00 NOTE 5 EQUIPMENT AND MINING INTERESTS   The following is a summary of the Company's equipment and mining interests at July 31, 2013 and April 30, 2013, respectively:       <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Equipment</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $              28,992 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                 28,992 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Less accumulated depreciation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(8,744)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(7,266)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Equipment, net of accumulated depreciation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,248</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,726</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Mining interests</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">376,999</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">362,999</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $            397,247 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $               384,725 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 10%"> </td> <td style="width: 15%"> </td> <td style="width: 2%"> </td> <td style="width: 16%"> </td> <td style="width: 3%"> </td> <td style="width: 24%"> </td></tr> </table>   The Longstreet Property   The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Longstreet Agreement is as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 200px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Payment to optioner</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annual stock option obligation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annual stock grant obligation</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $       450,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $         36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">550,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">750,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,000,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $    2,750,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $       204,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td></tr> </table>     The Company has performed substantially all required expenditures for the option agreement period ending January 15, 2014.   Excalibur Property   The Excalibur Property Option Agreement was amended on January 30, 2012 revising the payment date of the final required expenditure to August 31, 2012 and thereafter amended on August 31, 2012 extending the payment date of the final expenditure to August 31, 2013. The Excalibur Property Option Agreement was subsequently amended on September 7, 2012, revising the payment date on the final required expenditure to October 31, 2013. On July 12, 2013, the Excalibur Property Option Agreement was amended revising the payment date of the final required expenditure from October 31, 2013 to October 31, 2014.   The schedule of remaining minimum expenditures and number of stock options to be issued pursuant to the Excalibur Property agreement is as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 20%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">October 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                  - </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">October 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $       100,000 </td></tr> </table>     The Jet Property   The Jet Property Option Agreement was amended on September 7, 2012 revising the payment date of the required 2013 expenditure from July 7, 2013 to August 31, 2013; the extension was granted only for the 2013 payment. On July 12, 2013, the Jet Property Option Agreement was amended revising the payment date of the required 2013 expenditure from August 31, 2013 to August 31, 2014.   The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Agreement is as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 354px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 96px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Payment to optioner</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">August 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $          60,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $         20,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>       The following is a summary of capitalized mineral interests as of July 31, 2013 and April 30, 2012, respectively:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 14%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 13%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="11" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Longstreet Property</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $          180,499 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $      171,499 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Excalibur Property</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,500</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Jet Property</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $          376,999 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $      362,999 </td></tr> </table>   falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. 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Jul. 31, 2013

Apr. 30, 2013

Statement of Financial Position [Abstract]

Preferred stock, $.001 par value, authorized 10,000,000 10,000,000

Preferred stock, 001 par value, issued 0 0

Common Stock, $.001 par value, authorized 300,000,000 300,000,000

Common stock, $.001 par value, issued 30,612,501 30,612,501

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Significant Accounting Policies (Policies)
3 Months Ended

Jul. 31, 2013

Accounting Policies [Abstract]

Basis of Presentation
Basis of Presentation

This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Accounting Standard Codification (ASC) Topic 915 “Accounting and Reporting by Development Stage Enterprises”.

Use of Estimates
Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations.

Exploration Stage Enterprise
Exploration Stage Enterprise

The Company's financial statements are prepared using the accrual method of accounting and according to "Accounting for Development Stage Enterprises," as it devotes substantially all of its efforts to acquiring and exploring mining interests that will eventually provide sufficient net profits to sustain the Company's existence. Until such interests are engaged in commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.

Cash and cash equivalents
Cash and cash equivalents

For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.

Restricted cash
Restricted cash

Restricted cash represents collateral for bonds held for exploration permits.

Fair Value Measures
Fair Value Measures

ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Mining Interests and Mineral Exploration Expenditures
Mining Interests and Mineral Exploration Expenditures

Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.

Equipment
Equipment

Equipment are stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years. Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.

Reclamation and Remediation
Reclamation and Remediation

The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.

Impaired Asset Policy
Impaired Asset Policy

The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.

Stock-based Compensation
Stock-based Compensation

The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.

Loss Per Share
Loss Per Share

Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities.

The dilutive effect of convertible and outstanding securities for the years ended July 31, 2013 and 2012, would be as follows:

July 31, 2013 July 31, 2012

Stock options 3,196,000 2,530,000

Warrants 1,727,948 7,410,001

Total Possible dilution 4,923,948 9,940,001

At July 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.

Income Taxes
Income Taxes

Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.

Reclassifications
Reclassifications

Certain reclassifications have been made to the 2012 financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as restated.

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Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended 56 Months Ended

Jul. 31, 2013

Jul. 31, 2012

Jul. 31, 2013

Statement of Cash Flows [Abstract]

CASH FLOWS FROM OPERATING ACTIVITIES: $ (149,830) $ (465,417) $ (2,740,698)

Net loss (593,141) (632,748) (6,775,655)

Common stock issued in lieu of interest 146 146

Common stock issued in consideration of services 92,400

Stock based compensation 50,079 193,384 1,018,726

Interest expense from debt discounts 119,821 874,421

Loss on extinguishment of debt 1,639,575

Depreciation 1,478 1,367 8,743

Prepaid expenses 48,859 (205,209) (19,623)

Receivable from sale of stock 334,000 334,000

Accounts payable 7,647 (13,111) 36,644

Other accrued expenses 1,248 70,933 49,925

Net cash used by operating activities (149,830) (465,417) (2,740,698)

CASH FLOWS FROM INVESTING ACTIVITIES:

Payments for mining interests (14,000) (11,000) (231,000)

Purchase of equipment (1,986) (28,993)

Restricted cash as collateral for exploration bonds (21,600)

Net cash used by investing activities (14,000) (12,986) (281,593)

Proceeds from issuance of stock 959,346

Proceeds from exercise of warrants 167,000 1,137,486

Proceeds from convertible debentures and warrants 250,000 969,600

Proceeds from short-term notes, related party 175,600

Repayment of short-term notes, related party (30,000)

Net cash provided by financing activities 417,000 3,212,032

Net increase (decrease) in cash (163,830) (61,403) 189,741

CASH AT BEGINNING OF PERIOD 353,571 225,940

CASH AT END OF PERIOD 189,741 164,537 189,741

NON-CASH FINANCING AND INVESTING ACTIVITIES:

Options to purchase common stock issued for mining interests 111,249

Common stock payable/issued for mining interests 37,000

Short term notes, related party converted to debenture 145,400

Debentures converted to common stock payable 250,000 1,150,000

Accrued interest paid with common stock payable 22,276

Executive compensation paid with common stock payable 92,000

Common stock issued for receivable from sale of stock 334,000

Common stock issued for common stock payable $ 1,010,710 $ 1,016,326

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XML 34 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8

Balance Sheets (USD $)

Jul. 31, 2013

Apr. 30, 2013

Statement of Financial Position [Abstract]

Cash and cash equivalents $ 189,741 $ 353,571

Receivable from sale of stock 334,000

Prepaid expenses 19,623 68,482

TOTAL CURRENT ASSETS 209,364 756,053

EQUIPMENT AND MININIG INTERESTS, net (NOTE 5) 397,247 384,725

OTHER LONG-TERM ASSETS 21,600 21,600

TOTAL ASSETS 628,211 1,162,378

Accounts payable 16,544 8,897

Other accrued liabilities 12,948 11,700

TOTAL CURRENT LIABILITIES 29,492 20,597

TOTAL LIABILITIES 29,492 20,597

COMMITMENTS AND CONTINGENCIES (NOTE 5)

STOCKHOLDERS' EQUITY

Preferred Stock, $.001 par value; 10,000,0000 shares authorized, none issued and outstanding

Common Stock, $.001 par value; 300,000,000 shares authorized; 30,612,501 shares issued and outstanding. $ 30,612 $ 30,612

Additional paid-in capital 7,343,761 7,293,682

Accumulated deficit (6,775,654) (6,182,513)

TOTAL STOCKHOLDERS' EQUITY 598,719 1,141,781

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 628,211 $ 1,162,378

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XML 35 R7.xml IDEA: Significant Accounting Policies 2.4.0.800000007 - Disclosure - Significant Accounting Policiestruefalsefalse1false falsefalseFrom2013-05-01to2013-07-31http://www.sec.gov/CIK0001401835duration2013-05-01T00:00:002013-07-31T00:00:001true 1us-gaap_AccountingPoliciesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Accounting Policies [Abstract]2false 2us-gaap_SignificantAccountingPoliciesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00 Basis of Presentation   This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Accounting Standard Codification (ASC) Topic 915 Accounting and Reporting by Development Stage Enterprises.   Use of Estimates   The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. 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A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:   	Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets 	or liabilities.   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in"></td><td style="text-align: justify">Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</td></tr></table>   	Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology 	that are significant to the measurement of the fair value of the assets or liabilities.   Mining Interests and Mineral Exploration Expenditures   Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.   Equipment   Equipment are stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years.  Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.   Reclamation and Remediation   The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.   Impaired Asset Policy   The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.   Stock-based Compensation   The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected life), the estimated volatility of the Companys common stock price over the expected term (volatility), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Companys stock on the date of the award.   Loss Per Share   Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities.   The dilutive effect of convertible and outstanding securities for the years ended July 31, 2013 and 2012, would be as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 64%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 2%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2012</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-left: 0.1in; text-align: justify">Stock options</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,196,000</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,530,000</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.1in; text-align: justify">Warrants</td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,410,001</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total Possible dilution</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,923,948</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,940,001</td></tr> </table>     At July 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.   Income Taxes   Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.   Reclassifications   Certain reclassifications have been made to the 2012 financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as restated. falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 false0Significant Accounting PoliciesfalseSignificant Accounting PoliciesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://SRGZ/role/SignificantAccountingPolicies12 XML 36 R17.xml IDEA: Equipment and Mining Interests (Tables) 2.4.0.800000017 - Disclosure - Equipment and Mining Interests (Tables)truefalsefalse1false falsefalseFrom2013-05-01to2013-07-31http://www.sec.gov/CIK0001401835duration2013-05-01T00:00:002013-07-31T00:00:001true 1us-gaap_PropertyPlantAndEquipmentAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Property, Plant and Equipment [Abstract]2false 2us-gaap_InventoryDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Equipment</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $              28,992 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                 28,992 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Less accumulated depreciation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(8,744)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(7,266)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Equipment, net of accumulated depreciation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,248</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,726</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Mining interests</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">376,999</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">362,999</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $            397,247 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $               384,725 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 10%"> </td> <td style="width: 15%"> </td> <td style="width: 2%"> </td> <td style="width: 16%"> </td> <td style="width: 3%"> </td> <td style="width: 24%"> </td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 false0Summary of Equipment and Mining Interests3false 2us-gaap_ScheduleOfAssumptionsForLongDurationContractsByProductAndGuaranteeTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 200px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Payment to optioner</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annual stock option obligation</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annual stock grant obligation</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $       450,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $         36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">550,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">750,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">January 15, 2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,000,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $    2,750,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $       204,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the underlying assumptions and percentages or rates used in determining the fair value of guarantee obligations for each type of long-duration contract.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14931-158439 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 55 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6588021&loc=d3e7104-158389 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14937-158439 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14944-158439 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6484115&loc=d3e19393-158473 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6481800&loc=d3e11318-158416 false0Schedule of Agreement Obligations4false 2us-gaap_LongTermPurchaseCommitmentTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 20%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">October 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                  - </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">October 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $       100,000 </td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of key provisions of an arrangement under which the entity has agreed to purchase goods or services over a period of time greater than one year or the normal operating cycle, if longer, including the item for which expenditures will be made, minimum quantities, milestones, time period and committed amount.No definition available.false0Schedule of Required Expenditures5false 2us-gaap_BusinessAndContractualArrangementsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 354px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 96px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Required expenditure</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 93px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Payment to optioner</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">August 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">July 7, 2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $          60,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $         20,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for prepaid health care service provider's significant business and contractual arrangements with hospitals, physicians, or other associated entities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 405 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6491204&loc=d3e4879-115612 false0Schedule of Payments and Expenditures Remaining6false 2us-gaap_ScheduleOfCapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 14%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 13%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="11" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Longstreet Property</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $          180,499 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $      171,499 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Excalibur Property</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,500</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Jet Property</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,000</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $          376,999 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $      362,999 </td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the capitalized costs of unproved properties and major development projects that are excluded from capitalized costs being amortized. This includes the total costs excluded and, at a minimum, these categories of costs: acquisition costs, exploration costs, development costs in the case of significant development projects, and capitalized interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10.(c)(7)(ii)) -URI http://asc.fasb.org/extlink&oid=27015464&loc=d3e511914-122862 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph c -Subparagraph 3(ii)(A) -Article 4 false0Summary of Capitalized Mineral interestsfalseEquipment and Mining Interests (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://SRGZ/role/EquipmentAndMiningInterestsTables16 XML 37 R16.xml IDEA: Prepaid Expenses (Tables) 2.4.0.800000016 - Disclosure - Prepaid Expenses (Tables)truefalsefalse1false falsefalseFrom2013-05-01to2013-07-31http://www.sec.gov/CIK0001401835duration2013-05-01T00:00:002013-07-31T00:00:001true 1us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]2false 2us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">April 30, 2013</td></tr> <tr> <td style="vertical-align: top; width: 66%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Exploration expense</td> <td style="vertical-align: top; width: 2%; padding-top: 6pt; text-align: center">$</td> <td style="vertical-align: bottom; width: 13%; border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="vertical-align: top; width: 3%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: top; width: 2%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="vertical-align: top; width: 14%; border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,849</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Directors and officers liability insurance</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,623</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,633</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total prepaid expenses</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,623</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68,482</td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.No definition available.false0Prepaid ExpensesfalsePrepaid Expenses (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://SRGZ/role/PrepaidExpensesTables12 XML 38 R18.xml IDEA: Warrants (Tables) 2.4.0.800000018 - Disclosure - Warrants (Tables)truefalsefalse1false falsefalseFrom2013-05-01to2013-07-31http://www.sec.gov/CIK0001401835duration2013-05-01T00:00:002013-07-31T00:00:001true 1SRGZ_NotesToFinancialStatementsAbstractSRGZ_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes to Financial Statements2false 2us-gaap_ScheduleOfDerivativeInstrumentsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 272px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 83px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Weighted Average Exercise Price</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expiration Date</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at April 30, 2012</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,690,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.16 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued - June 18, 2012</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">833,334</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">             0.75 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">June 18, 2014</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued - January 18, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">894,614</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">             0.60 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">(a)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">January 18, 2015</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,593,233)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           (0.15)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(96,767)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           (1.33)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at April 30, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,727,948</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"> $          0.67 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                   -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; 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Stock Options
3 Months Ended

Jul. 31, 2013

Accounting Policies [Abstract]

Stock Options

NOTE 8 - STOCK OPTIONS

Options issued for mining interests

In consideration for mining interests on several properties (see Note 5), the Company is obligated to issue a total of 400,000 stock options based on "fair market price" which is considered to be the closing price of the Company's common stock on the grant dates.

The following is a summary of the Company’s options issued and outstanding in conjunction with certain mining interest agreements on several properties:

For the three months ended For the year ended

July 31, 2013 April 30, 2013

Shares Price^(a) Shares Price^(a)

Beginning balance, outstanding 300,000 $ 0.37 275,000 $ 0.36

Issued - - 25,000 0.42

Exercised - - - -

Expired - - - -

Balance outstanding 300,000 $ 0.37 300,000 $ 0.37

(a) Weighted average exercise price per share

Future stock option obligations under the terms of property agreements detailed in Note 5 are as follows:

Fiscal year ending April 30, Stock options

2014 25,000

2015 25,000

2016 25,000

2017 25,000

100,000

Options issued for consulting services

As per an agreement fully executed on October 3, 2012, in consideration for consulting and advisory services rendered, the Company is obligated to issue a total of 1,000 stock options based on 5 day variable weighted-average price (VWAP) at the end of each month of the associated consulting contract. The consultant options vest on the first day of the following month of service and are exercisable for a period of six months following the termination of the agreement. The Company has estimated the fair value of these option grants using the Black-Scholes model for the three months ended July 31, 2013 and the year ended April 30, 2013, respectively, with the following information and range of assumptions:

Options issued 11,000

Weighted average volatility 356.7% to 473.9%

Expected dividends -

Expected term (years) 1

Risk-free rate 0.11% to 0.18%

The following is a summary of the Company’s options issued and outstanding associated with certain consulting agreements:

For the three months ended For the year ended

July 31, 2013 April 30, 2013

Shares Price (a) Shares Price (a)

Beginning balance, outstanding 8,000 $ 0.46 - $ -

Issued 3,000 0.45 8,000 0.46

Exercised - - - -

Expired - - - -

Balance outstanding 11,000 $ 0.46 8,000 $ 0.46

(a) Weighted average exercise price per share

The fair value of the consultant options issued for the year ended April 30, 2013 was $3,583. Fair value of the option grants for consulting services was $1,141 for the three months ended July 31, 2013. These costs are classified under management and administrative expense.

Options issued under the 2011 Stock Option/Restricted Plan

The Company established the 2011 Stock Option/Restricted Stock Plan. The Stock Option Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction.

The Stock Option Plan has a fixed maximum percentage of 10% of the Company's outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of shares outstanding increase. The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company's common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company's assets.

The Stock Option plan also has terms and limitations, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock's fair market value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a ten year maximum term and varying vesting periods as determined by the Board.

On June 18, 2012 the Board of Directors authorized the grant of 1,725,000 options to purchase shares of common stock of the Company to various directors, officers and advisors. The options have a strike price of $0.30 based on the closing price of the Company's common stock on the date of grant and vest over one year.

On May 22, 2013 the Board of Directors authorized the grant of 675,000 options to purchase shares of common stock of the Company to various directors, officers and consultants. The options have a strike price of $0.29 based on the closing price of the Company’s common stock on the date of grant and vest over one year.

The fair value of each option award was estimated on the date of the grant using the information and assumptions noted in the following table:

June 18, 2012 May 22, 2013

Options issued 1,725,000 675,000

Exercise price $ 0.30 $ 0.29

Weighted average volatility 302.2% 336.7%

Expected dividends - -

Expected term (years) 3.1 3.1

Risk-free rate 0.41% 0.41%

The following is a summary of the Company’s options issued and outstanding in conjunction with the Company’s Stock Option Plan:

For the three months ended For the year ended

July 31, 2013 April 30, 2013

Shares Price (a) Shares Price (a)

Beginning balance, outstanding 2,215,000 $ 0.43 530,000 $ 0.83

Issued 675,000 0.29 1,725,000 0.30

Exercised - -

Forfeited or rescinded (5,000) (0.78) (40,000) (0.51)

Balance outstanding 2,885,000 $ 0.40 2,215,000 $ 0.43

(a) Weighted average exercise price per share

The following table summarizes additional information about the options under the Company’s Stock Option Plan as of July 31, 2013:

Options outstanding Options exerciable

Date of Grant Shares Price (a) Life Shares Price (a)

May 27, 2011 283,333 $ 0.90 7.83 283,333 $ 0.90

March 22, 2012 226,667 0.78 8.65 118,357 0.78

June 18, 2012 1,700,000 0.30 8.89 1,700,000 0.30

May 22, 2013 675,000 0.29 9.81 168,750 0.29

Total options 2,885,000 $ 0.40 8.98 2,270,440 $ 0.40

(a) Weighted average exercise price per share

The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of July 31, 2013, total unrecognized compensation cost related to stock-based options and awards is $235,021 and the related weighted average period over which it is expected to be recognized is approximately .69 years. There are 2,270,440 options vested under the Plan at July 31, 2013, and 619,560 unvested options as of the same date.

The average remaining contractual term of the options both outstanding and exercisable at July 31, 2013 was 8.98 years. No options were exercised during the three months ended July 31, 2013.

Total compensation charged against operations under the plan for employees and advisors was $48,937 and $193,384 for the three months ended July 31, 2013 and 2012, respectively. These costs are classified under management and administrative expense.

The following is a summary of the Company’s stock options outstanding and vested:

Shares Weighted Average Exercise Price Expiration Date

Options issued for mining interests 300,000 $ 0.37
April 11, 2019 through January 15, 2023

October 1, 2013

through July 31, 2014

May 30, 2021 through

May 22, 2023

Options issued for consulting services 11,000 0.46

Options issued under the 2011 Stock Option/Restricted Plan 2,885,000 0.40

Outstanding at July 31, 2013 3,196,000 $ 0.40

Total vested stock options 2,581,440

The aggregate intrinsic value of options exercisable at July 31, 2013, was $388,951 based on the Company's closing price of $0.48 per common share at July 31, 2013. The Company's current policy is to issue new shares to satisfy option exercises.

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Disclosure of accounting policy for director stock option and stock incentive plans. This disclosure may include (1) the types of director stock option or incentive plans sponsored by the entity (2) significant plan provisions and (3) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.

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Prepaid Expenses (Tables)
3 Months Ended

Jul. 31, 2013

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses

July 31, 2013 April 30, 2013

Exploration expense $ - $ 41,849

Directors and officers liability insurance 19,623 26,633

Total prepaid expenses $ 19,623 $ 68,482

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Warrants
3 Months Ended

Jul. 31, 2013

Notes to Financial Statements

Warrants

NOTE 7 - WARRANTS

The following is a summary of the Company’s warrants outstanding:

Shares Weighted Average Exercise Price Expiration Date

Outstanding at April 30, 2012 7,690,000 $ 0.16

Issued - June 18, 2012 833,334 0.75 June 18, 2014

Issued - January 18, 2013 894,614 0.60 ^(a) January 18, 2015

Exercised (7,593,233) (0.15)

Expired (96,767) (1.33)

Outstanding at April 30, 2013 1,727,948 $ 0.67

Issued -

Exercised -

Expired -

Balance outstanding at July 31, 2013 1,727,948 $ 0.67

^(a) Exercise price is $0.60 per share during the first year and $0.80 during the second year.

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Significant Accounting Policies
3 Months Ended

Jul. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Accounting Standard Codification (ASC) Topic 915 “Accounting and Reporting by Development Stage Enterprises”.

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations.

Exploration Stage Enterprise

The Company's financial statements are prepared using the accrual method of accounting and according to "Accounting for Development Stage Enterprises," as it devotes substantially all of its efforts to acquiring and exploring mining interests that will eventually provide sufficient net profits to sustain the Company's existence. Until such interests are engaged in commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.

Cash and cash equivalents

For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.

Restricted cash

Restricted cash represents collateral for bonds held for exploration permits.

Fair Value Measures

ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Mining Interests and Mineral Exploration Expenditures

Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.

Equipment

Equipment are stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years. Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.

Reclamation and Remediation

The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.

Impaired Asset Policy

The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.

Stock-based Compensation

The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.

Loss Per Share

Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities.

The dilutive effect of convertible and outstanding securities for the years ended July 31, 2013 and 2012, would be as follows:

July 31, 2013 July 31, 2012

Stock options 3,196,000 2,530,000

Warrants 1,727,948 7,410,001

Total Possible dilution 4,923,948 9,940,001

At July 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.

Income Taxes

Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.

Reclassifications

Certain reclassifications have been made to the 2012 financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as restated.

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The entire disclosure for all significant accounting policies of the reporting entity.

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font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the three months ended</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the year ended</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="3" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="3" style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: top"> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="width: 3%; border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 13%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price(a)</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="width: 4%; border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 11%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price(a)</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Beginning balance, outstanding</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">300,000</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$               0.37</td> <td style="border-top: windowtext 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">275,000</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           0.36</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Issued</td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.42</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Exercised</td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Expired</td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 12pt; text-indent: -0.25in">-           </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Balance outstanding</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; text-align: right">300,000</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; text-align: right">$               0.37</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; text-align: right">300,000</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; text-align: right">$           0.37</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 58.3pt"></td><td style="width: 18pt">(a)</td><td style="text-align: justify">Weighted average exercise price per share</td></tr></table>   Future stock option obligations under the terms of property agreements detailed in Note 5 are as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Fiscal year ending April 30, </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Stock options </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    25,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    25,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    25,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">2017</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    25,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 12%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 12%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"> </td> <td nowrap="nowrap" style="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 17%; text-align: right">100,000</td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   Options issued for consulting services   As per an agreement fully executed on October 3, 2012, in consideration for consulting and advisory services rendered, the Company is obligated to issue a total of 1,000 stock options based on 5 day variable weighted-average price (VWAP) at the end of each month of the associated consulting contract. The consultant options vest on the first day of the following month of service and are exercisable for a period of six months following the termination of the agreement. The Company has estimated the fair value of these option grants using the Black-Scholes model for the three months ended July 31, 2013 and the year ended April 30, 2013, respectively, with the following information and range of assumptions:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Options issued</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 283px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                    11,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted average volatility</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">356.7% to 473.9%</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Expected dividends</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                           -   </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Expected term (years)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                             1 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Risk-free rate</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.11% to 0.18%</td></tr> </table>   The following is a summary of the Companys options issued and outstanding associated with certain consulting agreements:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the three months ended</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">For the year ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 66px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Beginning balance, outstanding</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">$                0.46</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">$                   -</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Issued</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.45</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">8,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.46</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Expired</td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Balance outstanding </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                0.46</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                0.46</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">(a) Weighted average exercise price per share</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>     The fair value of the consultant options issued for the year ended April 30, 2013 was $3,583. Fair value of the option grants for consulting services was $1,141 for the three months ended July 31, 2013. These costs are classified under management and administrative expense.   Options issued under the 2011 Stock Option/Restricted Plan   The Company established the 2011 Stock Option/Restricted Stock Plan. The Stock Option Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction.   The Stock Option Plan has a fixed maximum percentage of 10% of the Company's outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of shares outstanding increase. The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company's common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company's assets.   The Stock Option plan also has terms and limitations, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock's fair market value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a ten year maximum term and varying vesting periods as determined by the Board. On June 18, 2012 the Board of Directors authorized the grant of 1,725,000 options to purchase shares of common stock of the Company to various directors, officers and advisors. The options have a strike price of $0.30 based on the closing price of the Company's common stock on the date of grant and vest over one year. On May 22, 2013 the Board of Directors authorized the grant of 675,000 options to purchase shares of common stock of the Company to various directors, officers and consultants. The options have a strike price of $0.29 based on the closing price of the Companys common stock on the date of grant and vest over one year. The fair value of each option award was estimated on the date of the grant using the information and assumptions noted in the following table:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 344px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">June 18, 2012</td> <td nowrap="nowrap" style="width: 16px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">May 22, 2013</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Options issued</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">               1,725,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                  675,000 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercise price</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> $                     0.30 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> $                     0.29 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Weighted average volatility</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">302.2%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">336.7%</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expected dividends</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                           -   </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Expected term (years)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                          3.1 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">                          3.1 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Risk-free rate</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.41%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.41%</td></tr> </table>   The following is a summary of the Companys options issued and outstanding in conjunction with the Companys Stock Option Plan:     <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the three months ended</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For the year ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 30, 2013</td></tr> <tr style="vertical-align: bottom"> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 10%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 21%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 9%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 12%; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Beginning balance, outstanding</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,215,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                  0.43</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">530,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$              0.83</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Issued</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">675,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.29</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,725,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.30</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Forfeited or rescinded</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(5,000)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(0.78)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(40,000)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(0.51)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Balance outstanding </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,885,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                  0.40</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,215,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$              0.43</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">(a) Weighted average exercise price per share</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>   The following table summarizes additional information about the options under the Companys Stock Option Plan as of July 31, 2013:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="5" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Options outstanding</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Options exerciable</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Date of Grant</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Life</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price (a)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">May 27, 2011</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">283,333</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 0.90</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.83</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">283,333</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                     0.90</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">March 22, 2012</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">226,667</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.78</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.65</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">118,357</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.78</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">June 18, 2012</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,700,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.30</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.89</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,700,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.30</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">May 22, 2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">675,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.29</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.81</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">168,750</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.29</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-top: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total options</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,885,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 0.40</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.98</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,270,440</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                     0.40</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="padding-right: 5.4pt; padding-left: 5.4pt">   (a) Weighted average exercise price per share</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>   The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of July 31, 2013, total unrecognized compensation cost related to stock-based options and awards is $235,021 and the related weighted average period over which it is expected to be recognized is approximately .69 years. There are 2,270,440 options vested under the Plan at July 31, 2013, and 619,560 unvested options as of the same date.   The average remaining contractual term of the options both outstanding and exercisable at July 31, 2013 was 8.98 years. No options were exercised during the three months ended July 31, 2013.   Total compensation charged against operations under the plan for employees and advisors was $48,937 and $193,384 for the three months ended July 31, 2013 and 2012, respectively. These costs are classified under management and administrative expense.   The following is a summary of the Companys stock options outstanding and vested:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 272px; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 98px; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Weighted Average Exercise Price</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Expiration Date</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Options issued for mining interests</td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right">300,000</td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: right">$               0.37</td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td rowspan="4" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> April 11, 2019 through January 15, 2023 October 1, 2013 through July 31, 2014 May 30, 2021 through May 22, 2023</td></tr> <tr> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Options issued for consulting services</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right">11,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: right">0.46</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Options issued under the 2011 Stock Option/Restricted Plan</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">2,885,000</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.40</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at July 31, 2013</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,196,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$               0.40</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="6" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Total vested stock options</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,581,440</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>   The aggregate intrinsic value of options exercisable at July 31, 2013, was $388,951 based on the Company's closing price of $0.48 per common share at July 31, 2013. The Company's current policy is to issue new shares to satisfy option exercises. falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for director stock option and stock incentive plans. This disclosure may include (1) the types of director stock option or incentive plans sponsored by the entity (2) significant plan provisions and (3) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2228939 false0Stock OptionsfalseStock OptionsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://SRGZ/role/StockOptions12 XML 47 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8

Significant Accounting Policies (Tables)
3 Months Ended

Jul. 31, 2013

Accounting Policies [Abstract]

Dilutive Effect of Convertible and Outstanding Securities

July 31, 2013 July 31, 2012

Stock options 3,196,000 2,530,000

Warrants 1,727,948 7,410,001

Total Possible dilution 4,923,948 9,940,001

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Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

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XML 48 R15.xml IDEA: Significant Accounting Policies (Tables) 2.4.0.800000015 - Disclosure - Significant Accounting Policies (Tables)truefalsefalse1false falsefalseFrom2013-05-01to2013-07-31http://www.sec.gov/CIK0001401835duration2013-05-01T00:00:002013-07-31T00:00:001true 1us-gaap_AccountingPoliciesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Accounting Policies [Abstract]2false 2us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 64%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 2%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2013</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">July 31, 2012</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-left: 0.1in; text-align: justify">Stock options</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,196,000</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,530,000</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.1in; text-align: justify">Warrants</td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,727,948</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,410,001</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; padding-left: 0.5in; text-align: justify">Total Possible dilution</td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,923,948</td> <td style="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: windowtext 1.5pt double; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,940,001</td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 false0Dilutive Effect of Convertible and Outstanding SecuritiesfalseSignificant Accounting Policies (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://SRGZ/role/SignificantAccountingPoliciesTables12 XML 49 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8

Document and Entity Information
3 Months Ended

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Document And Entity Information

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Balance Sheets (Parenthetical)	Jul. 31, 2013	Apr. 30, 2013
Statement of Financial Position [Abstract]
Preferred stock, $.001 par value, authorized	10,000,000	10,000,000
Preferred stock, 001 par value, issued	0	0
Common Stock, $.001 par value, authorized	300,000,000	300,000,000
Common stock, $.001 par value, issued	30,612,501	30,612,501

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		56 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Jul. 31, 2013	Jul. 31, 2012	Jul. 31, 2013
Statement of Cash Flows [Abstract]
CASH FLOWS FROM OPERATING ACTIVITIES:	$ (149,830)	$ (465,417)	$ (2,740,698)
Net loss	(593,141)	(632,748)	(6,775,655)
Common stock issued in lieu of interest		146	146
Common stock issued in consideration of services			92,400
Stock based compensation	50,079	193,384	1,018,726
Interest expense from debt discounts		119,821	874,421
Loss on extinguishment of debt			1,639,575
Depreciation	1,478	1,367	8,743
Prepaid expenses	48,859	(205,209)	(19,623)
Receivable from sale of stock	334,000		334,000
Accounts payable	7,647	(13,111)	36,644
Other accrued expenses	1,248	70,933	49,925
Net cash used by operating activities	(149,830)	(465,417)	(2,740,698)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interests	(14,000)	(11,000)	(231,000)
Purchase of equipment		(1,986)	(28,993)
Restricted cash as collateral for exploration bonds			(21,600)
Net cash used by investing activities	(14,000)	(12,986)	(281,593)
Proceeds from issuance of stock			959,346
Proceeds from exercise of warrants		167,000	1,137,486
Proceeds from convertible debentures and warrants		250,000	969,600
Proceeds from short-term notes, related party			175,600
Repayment of short-term notes, related party			(30,000)
Net cash provided by financing activities		417,000	3,212,032
Net increase (decrease) in cash	(163,830)	(61,403)	189,741
CASH AT BEGINNING OF PERIOD	353,571	225,940
CASH AT END OF PERIOD	189,741	164,537	189,741
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Options to purchase common stock issued for mining interests			111,249
Common stock payable/issued for mining interests			37,000
Short term notes, related party converted to debenture			145,400
Debentures converted to common stock payable		250,000	1,150,000
Accrued interest paid with common stock payable			22,276
Executive compensation paid with common stock payable			92,000
Common stock issued for receivable from sale of stock			334,000
Common stock issued for common stock payable		$ 1,010,710	$ 1,016,326

Document and Entity Information	3 Months Ended
Document and Entity Information	Jul. 31, 2013	Sep. 13, 2013
Document And Entity Information
Entity Registrant Name	Star Gold Corp.
Entity Central Index Key	0001401835
Document Type	10-Q
Document Period End Date	Jul. 31, 2013
Amendment Flag	false
Current Fiscal Year End Date	--04-30
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 Common Stock, Shares Outstanding		30,612,501
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2013