10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No.1)

(Mark One)

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

For the quarterly period ended July 31, 2011

£ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

COMMISSION FILE NUMBER  000-50569

TERRACE VENTURES INC.

(Exact name of registrant as specified in its charter)

NEVADA	91-2147101
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Suite 201, 810 Peace Portal Drive,
Blaine, WA	98230
(Address of principal executive offices)	(Zip Code)
(360) 220-5218
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

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

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

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

Large accelerated filer £	Accelerated filer £
Non-accelerated filer £ (Do not check if a smaller reporting company)	Smaller reporting company T

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). T Yes   £ No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:  As of September 19, 2011, the Registrant had 29,470,660 shares of common stock outstanding.

EXPLANATORY NOTE

The sole purpose of this Amendment No. 1 to Terrace Ventures Inc. Quarterly Report on Form 10-Q for the quarter ended July 31, 2011, filed with the Securities and Exchange Commission on September 19, 2011 (the “Original Form 10-Q”), is to furnish Exhibit 101 in accordance with Rule 405 of Regulation S-T.  Exhibit 101 to this report provides the financial statements and notes to the financial statements contained in the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).

Except as described above, Amendment No. 1 does not modify, amend or update the disclosure made in the Original Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

ITEM 6.EXHIBITS.

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Label Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

SIGNATURES

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

			TERRACE VENTURES INC.
Date:	September 26, 2011	By:	/s/ Howard Thomson
			HOWARD THOMSON
			Chief Executive Officer, Chief Financial Officer,
			President, Secretary and Treasurer
			(Principal Executive Officer & Principal Accounting Officer)

EX-31.1

CERTIFICATIONS

I, Howard Thomson, certify that;

(1) I have reviewed this Quarterly Report on Form 10-Q/A of Terrace Ventures Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) I am 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 Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5) I have disclosed, based on my most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

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

Date:    September 26, 2011

/s/ Howard Thomson

___________________________________

By: HOWARD THOMSON

Title: Chief Executive Officer and

Chief Financial Officer

EX-32.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Howard Thomson, the Chief Executive Officer and Chief Financial Officer of Terrace Ventures Inc. (the “Company”), hereby certify  pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(i) the Quarterly Report on Form 10-Q/A of the Company, for the fiscal quarter ended July 31, 2011, and to which this certification is attached as Exhibit 32.1 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Howard Thomson
Name:	HOWARD THOMSON
Title:	Chief Executive Officer and Chief Financial Officer
Date:	September 26, 2011

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

This certification accompanies the Form 10-Q/A to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Form 10-Q/A), irrespective of any general incorporation language contained in such filing.

XML



BALANCE SHEET (Parenthetical) (USD $)	Jul. 31, 2011	Apr. 30, 2011
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	400,000,000	400,000,000
Common Stock, shares issued	29,470,660	29,470,660

XML



STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT (USD $)	3 Months Ended		127 Months Ended
	Jul. 31, 2011	Jul. 31, 2010	Jul. 31, 2011
Revenues	$ 0	$ 0	$ 0
Operating Expenses	(19,912)	(10,155)	(1,081,676)
Loss Before Other Income And Expenses	(19,912)	(10,155)	(1,081,676)
Other Income
Interest Income	0	0	14,491
Other Expense
Unrealized Loss on Investment	0	0	(1,028,980)
Loss Before Provision for Income Taxes	(19,912)	(10,155)	(2,096,165)
Provision for Income Taxes	0	0	0
Net Loss	(19,912)	(10,155)	(2,096,165)
Accumulated Deficit, Beginning of Period	(2,076,253)	(1,979,058)	0
Accumulated Deficit, End of Period	$ (2,096,165)	$ (1,989,213)	$ (2,096,165)
Net Loss per Share	$ 0.00	$ (0.01)	$ (0.28)
Weighted Average Shares Outstanding	29,470,660	9,470,660	7,699,215

XML



Document and Entity Information	3 Months Ended
	Jul. 31, 2011	Sep. 19, 2011
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q1
Trading Symbol	TVER
Entity Registrant Name	TERRACE VENTURES INC
Entity Central Index Key	0000821899
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		29,470,660

XML



NOTE PAYABLE

3 Months Ended

Jul. 31, 2011

NOTE PAYABLE

NOTE 5 – NOTE PAYABLE

Note payable consists of short term monies due to Pengram Corporation. The company has agreed to pay Pengram Corporation $25,000 by way of promissory note (see Note 2), bearing interest at a rate of 10% per annum, due on September 27, 2011.

XML



REVERSE STOCK SPLIT

3 Months Ended

Jul. 31, 2011

REVERSE STOCK SPLIT

NOTE 10 – REVERSE STOCK SPLIT

On September 2, 2009, the Board of Directors approved a one-for-five reverse split of the Company’s common stock.  Upon the completion of the reverse stock split, which was effective on October 1, 2009, the Company’s authorized shares of common stock was decreased from 400,000,000 shares, par value $0.001 per share, to 80,000,000 shares, par value $0.001 per share.  Issued and outstanding common stock was reduced from 47,353,200 shares to approximately 9,470,660 shares.  Weighted Average Shares Outstanding and Net Loss per Share have been restated on the Statements of Operations and Accumulated Deficit for the effect of the reverse stock split.

XML



SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jul. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

Terrace Ventures Inc. was incorporated on February 20, 2001 in the state of Nevada.  The Company acquires and develops certain mineral rights in Canada.

Basis of Presentation

The Company reports revenue and expenses using the accrual method of accounting for financial and tax reporting purposes.

Use of Estimates

Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses.

Exploration Stage Company

In accordance with FASB ASC 915, the Company has been in the exploration stage since its formation and has not yet realized any revenues from its planned operations.

Stock-Based Compensation

Stock-based compensation is accounted for using the Equity-Based Payments to Non-Employees Topic of the FASB ASC (FASB ASC Topic 718), which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services.  It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.  The Company determines the value of stock issued at the date of grant. It also determines at the date of grant, the value of stock at fair market value or the value of services rendered (based on contract or otherwise) whichever is more readily determinable.

Shares issued to employees are expensed upon issuance.

The Company uses the fair value method for equity instruments granted to employees and will use the Black Scholes model for measuring the fair value of options, if issued.  The stock based fair value compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement date) and is recognized over the vesting periods.

No stock options have been issued by Terrace Ventures, Inc.

Mineral Property Acquisition and Exploration Costs

The Company expenses all costs related to the acquisition and exploration of mineral properties in which it has secured exploration rights prior to establishment of proven and probable reserves.  To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all costs are being expensed.

Depreciation, Amortization and Capitalization

The Company records depreciation and amortization when appropriate using both straight-line and declining balance methods over the estimated useful life of the assets (five to seven years).

Expenditures for maintenance and repairs are charged to expense as incurred.  Additions, major renewals and replacements that increase the property's useful life are capitalized.  Property sold or retired, together with the related accumulated depreciation, is removed from the appropriate accounts and the resultant gain or loss is included in net income.

Income Taxes

The Company accounts for its income taxes in accordance with FASB ASC 740, “Accounting for Income Taxes".  Under this statement, a liability method is used whereby deferred tax assets and liabilities are determined based on temporary differences between basis used for financial reporting and income tax reporting purposes.  Income taxes are provided based on tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not, that the Company will not realize the tax assets through future operations.

Fair Value of Financial Instruments

FASB ASC 825, “Financial Instruments”, requires the Company to disclose, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments.  The Company's financial instruments consist primarily of cash and certain investments.

Investments

Investments that are purchased in other companies are valued at cost less any impairment in the value that is other than temporary in nature.

Per Share Information

The Company follows FASB ASC 260 “Earnings Per Share” which establishes standards for the computation, presentation and disclosure requirements for basic and diluted earnings per share for entities with publicly-held common shares and potential common stock issuances. Basic earnings (loss) per share are computed by dividing net income by the weighted average number of common shares outstanding.  In computing diluted earnings per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities, such as convertible notes, stock options, and warrants.  Common stock equivalent shares are excluded from the computation if their effect is antidilutive.

XML



COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jul. 31, 2011

COMMITMENTS AND CONTINGENCIES

NOTE 7 - COMMITMENTS AND CONTINGENCIES

Pengram Corporation Agreement – Golden Snow Project

The Company is obligated to Pengram Corporation for up to $175,000 in direct payments and $1,750,000 in exploration expenses as follows:

(i) The first 25% interest in the Underlying Agreement upon the Company:

a.     Paying Pengram $25,000 by way of a promissory note, bearing interest at a rate of 10% per annum, due on September 27, 2011;

b.     Completing exploration expenditures on the Property totaling $250,000 by July 31, 2012.

(ii) An additional 25% interest in the Underlying Agreement upon the Company:

a.     Paying Pengram $50,000 on or before May 31, 2013;

b.     Completing additional exploration expenditures on the Property totaling $500,000 by July 31, 2013:

(iii) An additional 25% interest in the Underlying Agreement upon the Company:

a.     Paying Pengram $100,000 on or before May 31, 2014;

b.     Completing additional exploration expenditures on the Property totaling $1,000,000 by July 31, 2014.

The Company is also obligated to pay all advance royalties, county and BLM claim fees and Nevada state taxes during the currency of the Earn-In Agreement.

Operating Leases

The Company currently rents administrative office space under a monthly renewable contract.

Litigation

The Company is not presently involved in any litigation.

XML



RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Jul. 31, 2011

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

NOTE 8 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Recently issued accounting pronouncements will have no significant impact on the Company and its reporting methods.

XML



PROVISION FOR INCOME TAXES

3 Months Ended

Jul. 31, 2011

PROVISION FOR INCOME TAXES

NOTE 6 - PROVISION FOR INCOME TAXES

The provision for income taxes for the periods ended July 31, 2011 and July 31, 2010 represents the minimum state income tax expense of the Company, which is not considered significant.

XML



STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (USD $)	2 Months Ended	12 Months Ended
	Apr. 30, 2001	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2008	Apr. 30, 2006	Apr. 30, 2004	Apr. 30, 2003	Apr. 30, 2002	Apr. 30, 2006 November 23, 2005	Apr. 30, 2006 February 3, 2006	Apr. 30, 2006 March 13, 2006	Apr. 30, 2006 March 31, 2006	Apr. 30, 2007 May 24, 2006	Apr. 30, 2007 June 5, 2006	Apr. 30, 2007 January 23, 2007	Apr. 30, 2009 October 10, 2008	Apr. 30, 2009 April 8, 2009
Common Stock Issued, per share	$ 0.001	$ 0.01		$ 0.10		$ 0.10	$ 0.10	$ 0.01	$ 1.00	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.30	$ 0.10	$ 0.10	$ 0.02
Issuance date	Apr. 09, 2001	Mar. 24, 2011		Jul. 12, 2007		Nov. 06, 2003	Sep. 30, 2002	Aug. 15, 2001	Nov. 23, 2005	Feb. 03, 2006	Mar. 13, 2006	Mar. 31, 2006	May 24, 2006	Jun. 05, 2006	Jan. 23, 2007	Oct. 10, 2008	Apr. 08, 2009
Reverse Stock Split, ratio			0.02
Stock Split, ratio					4
Stock Split, date			Oct. 01, 2009		Dec. 19, 2005

XML



INVESTMENT IN MINERAL RIGHTS

3 Months Ended

Jul. 31, 2011

INVESTMENT IN MINERAL RIGHTS

NOTE 2 – INVESTMENT IN MINERAL RIGHTS

On April 26, 2011, we entered into an agreement with Pengram Corporation (“Pengram”) dated April 26, 2011, as amended on June 29, 2011, (the “Earn-In Agreement”).  Under the terms of the Earn-In Agreement, the Company will earn up to a 75% interest in Pengram’s agreement with Scoonover Exploration LLC and JR Exploration LLC (the “Underlying Agreement”) to acquire the Golden Snow Property, by paying to Pengram up to $175,000 and expending up to $1,750,000 in exploration work.  The Golden Snow project consists of 111 mineral claims located in the Eureka Mining District in Eureka County, Nevada.  As of July 31, 2011, $25,000 was invested in Pengram by way of promissory note.

XML



LOANS PAYABLE

3 Months Ended

Jul. 31, 2011

LOANS PAYABLE

NOTE 3 – LOANS PAYABLE

Loans payable consist of short term monies advanced.  These loans are unsecured, bear no interest rate and no specified maturity date.

XML



STOCK ISSUANCES

3 Months Ended

Jul. 31, 2011

STOCK ISSUANCES

NOTE 11 – STOCK ISSUANCES

On June 8, 2010 our Board of Directors terminated the convertible notes offering approved on March 16, 2010 and approved two private placement offerings for up to an aggregate of 10,000,000 Units for proceeds of up to $100,000 as follows:

Foreign Private Placement

On June 8, 2010, our Board of Directors approved a private placement offering of up to 5,000,000 Units at a price of $0.01 US per unit, with each Unit consisting of one share of our common stock and one share purchase warrant (the Foreign Private Placement”).  Each share purchase warrant entitled the holder to purchase an additional share of common stock exercisable for a period of two years at a price of $0.01 US per share.  The private placement offering was made to persons who are not “U.S. Persons” as defined in Regulation S.  Subsequent to the offering, the corporation received subscriptions for an aggregate of 14,700,000 shares and payment in full of the subscription proceeds.  In order to allow for the oversubscriptions to the Foreign Offering, on March 24, 2011, the Corporation increased the number of Shares being issued under the Offering to 14,700,000 Shares.  Upon the issuance of the Shares, the Corporation terminated this Foreign Offering.

U.S. Private Placement

Also, on June 8, 2010, our Board of Directors approved a private placement offering of up to 5,000,000 Units at a price of $0.01 US per Unit, with each Unit consisting of one share of our common stock and one share purchase warrant (the “U.S. Private Placement”).  Each share purchase warrant entitled the holder to purchase an additional share of common stock exercisable for a period of two years at a price of $.01 US per share.  The private placement offering was made to persons who are “Accredited Investors” as defined in Regulation D. Subsequent to the offering, the corporation received subscriptions for an aggregate of 5,300,000 shares and payment in full of the subscription proceeds.  In order to allow for the oversubscriptions to the US Offering, on March 24, 2011, the Corporation increased the number of Shares being issued under the Offering to 5,300,000 Shares.  Upon the issuance of the Shares, the Corporation terminated this US Offering.

On April 26, 2011 our Board of Directors approved two concurrent private placements as follows:

Foreign Private Placement

On April 26, 2011, our Board of Directors approved a private placement offering of up to 2,500,000 shares of our common stock at a price of $0.10 US per share to persons who are not “US Persons” as defined in Regulation S if the Securities Act of 1933.

U.S. Private Placement

Also, on April 26, 2011, our Board of Directors approved a private placement offering of up to 2,500,000 shares of our common stock at a price of $0.10 US per share.  The offering will be made in the United States to persons who are accredited investors as defined in Regulation D of the Securities Act of 1933.

SUPPLEMENTAL STATEMENT

TERRACE VENTURES INC.

(AN EXPLORATION STAGE COMPANY)

STATEMENT OF OPERATING EXPENSES

	THREE MONTHS ENDED				INCEPTION to
	JULY 31,2011		JULY 31,2010		JULY 31, 2011
Operating Expenses:
Accounting	$	4,840	$	-0-	$	161,510
Bad Debt Expense		-0-		-0-		214,892
Bank Charges		30		45		1,230
Cancelled Merger Costs		-0-		-0-		8,300
Consulting		-0-		-0-		119,650
Exploration Expense		-0-		-0-		24,266
Interest Expense		664		-0-		664
Legal		6,090		2,010		289,404
Office Administration		7,500		7,500		182,100
Office Expenses		-0-		-0-		4,271
Regulatory Expenses/Fees		188		-0-		37,025
Rent		375		375		26,700
Telephone		225		225		6,956
Travel & Entertainment		-0-		-0-		4,708
Total Operating Expenses	$	19,912	$	10,155	$	1,081,676

XML



LOANS PAYABLE - RELATED PARTIES

3 Months Ended

Jul. 31, 2011

LOANS PAYABLE - RELATED PARTIES

NOTE 4 – LOANS PAYABLE – RELATED PARTIES

Loans payable related parties consist of various short term monies advanced by shareholders.  These loans are unsecured, bear no interest rate and no specified maturity date.

XML



STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $)	Total	Common Stock	Additional Paid in Capital	Deficit Accumulated During the Exploration Stage	November 23, 2005	November 23, 2005 Common Stock	November 23, 2005 Additional Paid in Capital	February 3, 2006	February 3, 2006 Common Stock	February 3, 2006 Additional Paid in Capital	March 13, 2006	March 13, 2006 Common Stock	March 13, 2006 Additional Paid in Capital	March 31, 2006	March 31, 2006 Common Stock	March 31, 2006 Additional Paid in Capital	May 24, 2006	May 24, 2006 Common Stock	May 24, 2006 Additional Paid in Capital	June 5, 2006	June 5, 2006 Common Stock	June 5, 2006 Additional Paid in Capital	January 23, 2007	January 23, 2007 Common Stock	January 23, 2007 Additional Paid in Capital	October 10, 2008	October 10, 2008 Common Stock	October 10, 2008 Additional Paid in Capital	April 8, 2009	April 8, 2009 Common Stock	April 8, 2009 Additional Paid in Capital
Beginning Balance at Feb. 19, 2001	$ 0	$ 0	$ 0	$ 0
Beginning Balance (in shares) at Feb. 19, 2001		0
Common Stock Issued (in shares)		4,000,000
Common Stock Issued	4,000	400	3,600
Net Loss	(1,410)			(1,410)
Ending Balance at Apr. 30, 2001	2,590	400	3,600	(1,410)
Ending Balance (in shares) at Apr. 30, 2001		4,000,000
Common Stock Issued (in shares)		2,500,000
Common Stock Issued	25,000	250	24,750
Net Loss	(19,196)			(19,196)
Ending Balance at Apr. 30, 2002	8,394	650	28,350	(20,606)
Ending Balance (in shares) at Apr. 30, 2002		6,500,000
Common Stock Issued (in shares)		142,500
Common Stock Issued	14,250	14	14,236
Net Loss	(17,632)			(17,632)
Ending Balance at Apr. 30, 2003	5,012	664	42,586	(38,238)
Ending Balance (in shares) at Apr. 30, 2003		6,642,500
Common Stock Issued (in shares)		400,000
Common Stock Issued	40,000	40	39,960
Net Loss	(58,708)			(58,708)
Ending Balance at Apr. 30, 2004	(13,696)	704	82,546	(96,946)
Ending Balance (in shares) at Apr. 30, 2004		7,042,500
Net Loss	(37,532)			(37,532)
Ending Balance at Apr. 30, 2005	(51,228)	704	82,546	(134,478)
Beginning Balance (in shares) at Apr. 30, 2005		7,042,500
Common Stock Issued (in shares)						500,000			400,000			380,000			999,920
Common Stock Issued					500,000	50	499,950	100,000	400	99,600	95,000	380	94,620	249,980	1,000	248,980
Net Loss	(987,633)			(987,633)
4-for-1 Stock Split, December 19, 2005 (in shares)		22,627,500
4-for-1 Stock Split, December 19, 2005		29,416	(29,416)
Ending Balance at Apr. 30, 2006	(93,881)	31,950	996,280	(1,122,111)
Ending Balance (in shares) at Apr. 30, 2006		31,949,920
Common Stock Issued (in shares)																		220,080			335,000			1,678,200
Common Stock Issued																	55,020	220	54,800	100,500	335	100,165	167,820	1,678	166,142
Net Loss	(301,060)			(301,060)
Ending Balance at Apr. 30, 2007	(71,601)	34,183	1,317,387	(1,423,171)
Beginning Balance (in shares) at Apr. 30, 2007		34,183,200
Common Stock Issued (in shares)		2,570,000
Common Stock Issued	257,325	2,570	254,755
Net Loss	(100,450)			(100,450)
Ending Balance at Apr. 30, 2008	85,274	36,753	1,572,142	(1,523,621)
Ending Balance (in shares) at Apr. 30, 2008		36,753,200
Common Stock Issued (in shares)																											10,000,000			600,000
Common Stock Issued																										200,000	10,000	190,000	12,000	600	11,400
Net Loss	(355,923)			(355,923)
Ending Balance at Apr. 30, 2009	(58,649)	47,353	1,773,542	(1,879,544)
Beginning Balance (in shares) at Apr. 30, 2009		47,353,200
1-for-5 Reverse Stock Split, October 1, 2009 (in shares)		(37,882,540)
1-for-5 Reverse Stock Split, October 1, 2009	0	(37,882)	37,882
Net Loss	(99,514)			(99,514)
Ending Balance at Apr. 30, 2010	(158,163)	9,471	1,811,424	(1,979,058)
Ending Balance (in shares) at Apr. 30, 2010		9,470,660
Common Stock Issued (in shares)		20,000,000
Common Stock Issued	200,000	20,000	180,000
Net Loss	(97,195)			(97,195)
Ending Balance at Apr. 30, 2011	(55,358)	29,471	1,991,424	(2,076,253)
Ending Balance (in shares) at Apr. 30, 2011		29,470,660
Net Loss	(19,912)			(19,912)
Ending Balance at Jul. 31, 2011	$ (75,270)	$ 29,471	$ 1,991,424	$ (2,096,165)
Ending Balance (in shares) at Jul. 31, 2011		29,470,660

XML



STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		127 Months Ended
	Jul. 31, 2011	Jul. 31, 2010	Jul. 31, 2011
Cash Flows from Operating Activities:
Net Loss	$ (19,912)	$ (10,155)	$ (2,096,165)
Adjustments to Reconcile Net Loss To Net Cash Provided/(Used) by Operating Activities:
Unrealized Loss on Investment	0	0	1,028,980
(Increase)/Decrease in:
Loan Receivable	0	0	0
Increase/(Decrease) in:
Accounts Payable	17,872	9,082	68,689
Loan Payable	0	0	6,000
Loan Payable - Related Party	0	0	1,000
Net Cash Used by Operating Activities	(2,040)	(1,073)	(991,496)
Cash Flows from Investing Activities:
Investment in Stock	0	0	(1,028,980)
Investment in Mineral Rights	0	0	(25,000)
Net Cash Used by Investing Activities	0	0	(1,053,980)
Cash Flows from Financing Activities:
Note Payable	0	0	25,000
Loans from Shareholders	0	0	157,395
Payments on Loans	0	0	(157,395)
Proceeds from Issuance of Common Stock	0	0	2,020,895
Net Cash Provided by Financing Activities	0	0	2,045,895
Net Increase (Decrease) in Cash	(2,040)	(1,073)	419
Cash at Beginning of Period	2,459	1,169	0
Cash at End of Period	$ 419	$ 96	$ 419

XML



GOING CONCERN

3 Months Ended

Jul. 31, 2011

GOING CONCERN

NOTE 9 – GOING CONCERN

Future issuances of the Company’s equity or debt securities will be required in order for the Company to continue to finance its operations and continue as a going concern.  The Company’s present revenues are insufficient to meet operating expenses.

The consolidated financial statements of the Company have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business.  The Company has incurred cumulative net losses of $2,096,165 since its inception and requires capital for its contemplated operational and marketing activities to take place.  The Company's ability to raise additional capital through the future issuances of common stock is unknown.  The obtainment of additional financing, the successful development of the Company's contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations.  The ability to successfully resolve these factors raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

XML



BALANCE SHEET (USD $)	Jul. 31, 2011	Apr. 30, 2011
Current Assets:
Cash	$ 419	$ 2,459
Total Current Assets	419	2,459
Investment in Mineral Rights	25,000	25,000
TOTAL ASSETS	25,419	27,459
Current Liabilities:
Accounts Payable and Accrued Expenses	68,689	50,817
Loans Payable	6,000	6,000
Loans Payable Related Parties	1,000	1,000
Note Payable	25,000	25,000
Total Current Liabilities	100,689	82,817
Stockholders' Equity:
Common Stock, $0.001 par value 400,000,000 shares authorized, 29,470,660 shares issued	29,471	29,471
Additional Paid in Capital	1,991,424	1,991,424
Deficit Accumulated During the Exploration Stage	(2,096,165)	(2,076,253)
Total Stockholders' Equity (Deficit)	(75,270)	(55,358)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 25,419	$ 27,459