10-Q

 FORM 10-Q

x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2012

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT

Commission file number: 0-17386

FISCHER-WATT GOLD COMPANY, INC.

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

Nevada	88-0227654
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

2186 S. Holly St., Suite 104

Denver, CO  80222

(Address of principal executive offices)

303-800-0678

Telephone number, including

Area code

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

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 o

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company:

Large accelerated filer o     Accelerated filer o     Non-accelerated filer o   Smaller reporting Company x

There were 141,062,125 shares of the issuer's common stock, par value $0.001, outstanding as of September 7, 2012.

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EXCHANGE RATES

Except as otherwise indicated, all dollar amounts described in this Report are expressed in United States (US) dollars.

CONVERSION TABLE

For ease of reference, the following conversion factors are provided:

1 mile = 1.6093 kilometers	1 metric tonne = 2,204.6 pounds
1 foot = 0.305 meters	1 ounce (troy) = 31.1035 grams
1 acre = 0.4047 hectare	1 imperial gallon = 4.5546 liters
1 long ton = 2,240 pounds	1 imperial gallon = 1.2010 U.S. gallons

Forward Looking Statements

The Company desires to take advantage of the "safe harbor" provisions contained in Section 27A of the Securities Act of 1933, as amended (the "1933 Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "1934 Act"),and is including this statement herein in order to do so:

From time to time, the Company's management or persons acting on the Company's behalf may wish to make, either orally or in writing, forward-looking statements (which may come within the meaning of Section 27A of the 1933 Act and Section 21E of the 1934 Act), to inform existing and potential security holders regarding various matters including, without limitation, projections regarding financial matters, timing regarding transfer of licenses and receipts of government approvals, effects of regulation and completion of work programs.

Such forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believes," "expect," "anticipate," "goal" or other words that convey the uncertainty of future events or outcomes. Forward-looking statements by their nature are subject  to certain risks, uncertainties and assumptions and will be influenced by various factors. Should one or more of these forecasts or underlying assumptions prove incorrect, actual results could vary materially.

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FISCHER-WATT GOLD COMPANY, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED JULY 31, 2012

CONTENTS

PART I – Financial Information	Page
Item 1.  Financial Statements	4
Condensed Consolidated Financial Statements (unaudited):
Balance Sheets	4
Statements of Operations	5
Statements of Cash Flows	6
Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition     And Results of Operations	15
Item 3.  Quantitative and Qualitative Disclosures About Market Risk	18
Item 4. Controls and Procedures	19
PART II – Other Information
Item 1. Legal Proceedings	19
Item 1A. Risk Factors	20
Item 2. Unregistered Sales of Equity Securities	20
Item 3.  Defaults Upon Senior Securities	20
Item 4.  Mine Safety Disclosure	20
Item 5.  Other Information	20
Item 6. Exhibits	20
Signatures	21

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ITEM 1. Financial Statements and Notes

Fischer-Watt Gold Company, Inc.

(An Exploration Stage Company)

CONDENSED CONSOLIDATED BALANCE SHEETS

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						July 31		January 31
						2012		2012
						(unaudited)
ASSETS
	CURRENT ASSETS
		Cash			$	46,205	$	315
		Restricted deposits				35,000		35,000
		Prepaid and other current assets				107,971		74,894
				Total Current Assets		189,176		110,209
	OTHER ASSETS
		Mineral interests				1,400,000		-
				Total Other Assets		1,400,000		-
	TOTAL ASSETS				$	1,589,176	$	110,209
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
	CURRENT LIABILITIES
		Accounts payable and accrued expenses			$	19,161	$	6,614
		Accounts payable and accrued expenses - related party				260,193		227,373
		Note payable shareholders				191,000		340,000
		Accounts payable and accrued expenses - shareholders				271,667		271,667
				Total Current Liabilities		742,021		845,654
	STOCKHOLDERS' EQUITY (DEFICIT)
		Common stock,  $0.001 par value, 200,000,000 shares authorized
			141,062,125 and 87,062,125 shares issued and outstanding, respectively			141,061		87,061
		Additional paid-in capital				20,800,593		18,604,669
		Accumulated (deficit) prior to exploration stage				(15,353,115)		(15,353,115)
		Accumulated (deficit) during exploration stage				(4,741,384)		(4,074,060)
			Total Stockholders' Equity (Deficit)			847,155		(735,445)
	TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)				$	1,589,176	$	110,209

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

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Fischer-Watt Gold Company, Inc.

(An Exploration Stage Company)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  

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												February 1, 2001
												(Inception of
				Three Months Ended				Six Months Ended				Exploration Stage)
				July 31				July 31				to July 31
				2012		2011		2012		2011		2012
				(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
REVENUE			$	-	$	-	$	-	$	-	$	44,240
COSTS AND EXPENSES
	Cost of revenue			-		-		-		-		50,000
	Exploration expense			66,039		31,745		97,784		63,490		1,543,807
	Impairment of mineral interests			-		-		281,477		-		590,977
	Write down of inventory to market value			-		-		-		-		125,000
	General and administrative			112,415		154,027		272,738		208,118		4,302,221
		TOTAL OPERATING EXPENSES		178,454		185,772		651,999		271,608		6,612,005
INCOME (LOSS) FROM OPERATIONS				(178,454)		(185,772)		(651,999)		(271,608)		(6,567,765)
OTHER INCOME (EXPENSES)
	Interest expense - related party			(6,777)		(4,927)		(15,325)		(9,853)		(138,829)
	Relief of payables and other indebtedness			-		-		-		-		66,935
	Other income			-		-		-		504		2,404,688
	Interest income			-		4		-		39		37,705
		TOTAL OTHER INCOME (EXPENSES)		(6,777)		(4,923)		(15,325)		(9,309)		2,370,499
INCOME (LOSS) BEFORE TAXES				(185,231)		(190,695)		(667,324)		(280,917)		(4,197,266)
INCOME TAXES				-		-		-		-		556,868
NET INCOME (LOSS)			$	(185,231)	$	(190,695)	$	(667,324)	$	(280,917)	$	(4,754,134)
	NET LOSS PER COMMON SHARE
		BASIC AND DILUTED	$	(0.00)	$	(0.00)	$	(0.01)	$	(0.00)
	WEIGHTED AVERAGE NUMBER OF       COMMON STOCK SHARES       OUTSTANDING, BASIC AND       DILUTED			140,170,821		80,571,272		127,393,617		80,571,272

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

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Fischer-Watt Gold Company, Inc.

(An Exploration Stage Company)

STATEMENTS OF CASH FLOWS

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										Period from
										February 1, 2001
										(Inception of
					Six months ended					Exploration Stage
					July 31		July 31			to July 31
					2012		2011			2012
					(unaudited)		(unaudited)			(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net (loss)		$		(667,324)	$	(280,917)	$		(4,754,134)
	Adjustments to reconcile net (loss) to net cash
		(used in) operating activities:
		Income from sale of mineral interests			-		-			(2,235,000)
		Writedown of inventory to market value			-		-			125,000
		Impairment of mineral interests			281,477		-			590,977
		Relief of payables and other indebtedness			-		-			(66,935)
		Depreciation			-		-			7,062
		Common stock issued for services			100,000		32,000			419,814
		Stock subscriptions related to services provided			-		-			82,750
		Stock options issued for services			-		-			75,500
		Stock based compensation								699,937
		Stock option expense			99,924		76,741			176,665
	Changes in assets and liabilities:
		Inventory			-		-			50,000
		Prepaids and other current assets			56,912		63,490			(14,780)
		Accounts payable and accrued expenses			(56,483)		53,986			466,407
		Asset retirement obligation			-		-			(52,000)
		Accounts payable and accrued expenses - shareholders			32,820		-			563,676
		Net cash (used in) operating activities			(152,674)		(54,700)			(3,865,061)
CASH FLOWS FROM INVESTING ACTIVITIES:
	Cash received in New Fork acquisition			297,564			-			297,564
	Cash received in Tournigan acquisition			-			-			12,829
	Proceeds from sale of mineral interests			-			-			2,235,000
	Release of reclamation bonds			-			-			895,000
		Net cash provided by investing activities		297,564			-			3,440,393
CASH FLOWS FROM FINANCING ACTIVITIES:
	Repayment of amounts due to Tournigan Energy, Inc.			-			-			(330,000)
	Cash received from sale of common stock and subscriptions			50,000			-			856,486
	Proceeds from the exercise of stock options			-			-			35,000
	Proceeds from notes payable - shareholder			-			-			350,500
	Repayment of note payable - shareholder			(149,000)			-			(1,150,568)
	Capital contribution by shareholder			-			-			689,068
		Net cash provided by (used in) financing activities		(99,000)			-			450,486
INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS				45,890			(54,700)			25,818
Cash, beginning of period				315			58,764			20,387
Cash, end of period			$	46,205		$	4,064		$	46,205
NON-CASH INVESTING AND FINANCING ACTIVITIES:
	Reclassification of capital contributions to note payable		$			$			$	864,068
	Conversion of notes payable and accrued interest to common stock		$			$			$	187,500
	Conversion of amounts due to shareholders to common stock		$			$			$	374,089
	Conversion of amounts due to shareholders upon exercise of
	stock warrants		$			$			$	116,000
	Common shares issued for stock subscriptions		$			$			$	433,813
	Conversion of amounts due to affiliate to stock subscription		$			$			$	131,282
	Purchase of inventory via direct payment by shareholder		$			$			$	175,000
	Contribution of accounts payable and accrued expenses - shareholder		$			$			$	50,000
	Contribution of amounts due Tournigan Energy Ltd. to capital		$			$			$	873,327
	Common shares issued for New Fork acquisition		$	2,000,000		$			$	2,000,000

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

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FISCHER-WATT GOLD COMPANY, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2012

(Unaudited)

NOTE 1 – Nature of Operations and Basis of Presentation

Fischer-Watt Gold Company, Inc. (“Ficsher-Watt” or the “Company”), and its subsidiaries are engaged in the business of mining and mineral exploration.  This includes locating, acquiring, exploring, improving, leasing and developing mineral interests, primarily in the field of precious metals.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Item 210 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Report on Form 8-K as filed July 3, 2012 and the Annual Report on Form 10-K for the year ended January 31, 2012.

The accounting policies followed by the Company are set forth in Note 1 to the Company’s consolidated financial statements in the Report on Form 8-K as filed July 3, 2012 and the Form 10-K for the year ended January 31, 2012, and are supplemented throughout the notes to condensed consolidated financial statements in this report. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in the Report on Form 8-K as filed July 3, 2012 and the Form 10-K for the year ended January 31, 2012.

The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

NOTE 2 - Mineral Properties

On February 27, 2009, the Company completed the acquisition of 100% of the common shares of Tournigan USA, Inc (“TUSA”), a wholly owned subsidiary of Tournigan Energy, Ltd. (“Tournigan Energy”). As consideration for this transaction, the Company issued Tournigan Energy an interest-free promissory note in the amount of $325,327. In addition, the Company agreed to secure the release of, or reimburse Tournigan Energy for, the existing reclamation bonds on the properties in the amount of $930,000, less any applicable reclamation costs. The Company granted Tournigan Energy a 30% carried interest on each of the existing properties up to the completion of a feasibility study for any project encompassing any of these properties. At that point, Tournigan Energy could elect to convert its interest into a 30% contributing working interest or allow its interest to dilute to a 5% net profits interest.

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The Company delivered a promissory note in the amount of $325,327 to Tournigan Energy. This note represented the amount paid by Tournigan Energy for the then current year’s Federal mineral claim maintenance fees along with working capital adjustments on the closing date. In addition to this note, the Company agreed to secure the release of reclamation bonds in the amount of $930,000 less any applicable reclamation costs. As of July 31, 2012, the deposit for reclamation bonds remains $35,000.

Both the promissory note to Tournigan Energy and the release of the reclamation bonds were unsecured, non-interest-bearing and were due August 31, 2009. The due date of the promissory note was extended to December 15, 2009. In a further agreement dated December 14, 2009, Tournigan Energy agreed to reduce the promissory note to $100,000 with payment of this amount on December 15, 2009. This payment was made by Fischer-Watt and the promissory note was extinguished.

Tournigan Energy also extended the repayment date of the first $530,000 of the reclamation bonds to December 15, 2009 and the repayment of the remaining $400,000, less the cost of the reclamation work, to September 30, 2010. Tournigan Energy agreed to accept a payment of $100,000 on December 15, 2009 as part payment of the $530,000 installment of the reclamation bond due on that date. The balance of $400,000, less the cost of reclamation work was to be paid from one half of subsequent equity share issues of common stock of the Company until paid in full. The $100,000 payment was made to Tournigan Energy as scheduled.

On December 22, 2010, Fischer-Watt paid Tournigan Energy $130,000 as a payment on its outstanding debt.

At April 30, 2011, after completion of reclamation, the balance due to Tournigan Energy was $600,000. This amount was to be repaid from one-half of the proceeds (net of issuance costs) of all equity share issues of common stock of the Company until Tournigan Energy has been paid in full.

On July 13, 2011, the Company renegotiated its debt and property interests with Tournigan Energy concerning its uranium properties in the western United States. Tournigan Energy agreed to defer receipt of its debt and property interests by converting these Company liabilities to a two percent (2%) net smelter return (“NSR”) royalty interest on uranium properties within the Company’s current areas of work.

Pursuant to the renegotiated terms between the Company and Tournigan Energy:

a) Tournigan Energy forgave the $600,000 payable by the Company;

b) Tournigan Energy converted its interests in the Company’s properties to a two percent (2%) NSR royalty up to a maximum of $10,000,000;

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c) The Company is entitled to buy back up to one-half of this royalty for $3,000,000 at any time up to July 13, 2016, and thereby reduce the remaining royalty to a one percent (1%) NSR royalty capped at $5,000,000;

d) The NSR royalty will apply to any uranium production by the Company in the Wyoming counties of Carbon, Fremont, Sublette and Sweetwater, and the South Dakota county of Fall River. These are all areas where the Company currently holds uranium property interests.

This transaction has been approved by the TSX Venture Exchange, as Tournigan Energy is listed in Toronto on the TSX Venture Exchange.

The transaction described above relating to the acquisition of TUSA was accounted for as a business combination. A summary of the transaction is presented below:

Fair value of net tangible assets acquired:
	Cash	$            12,829
	Accrued interests receivable	3,202
	Restricted deposits	930,000
	Accounts payable	(204)
	Asset retirement obligation	(52,000)
	Acquired net assets (100%)	893,827
Purchase Price:
	Promissory note payable	$           325,327
	Due to Tournigan Energy, net	878,000
	Total	$        1,203,327
	Mineral rights	$           309,500

Subsequent to the acquisition of TUSA, the Company evaluated its new holdings, and determined that the carrying value of the mineral rights exceeded their net realizable value. Accordingly, the Company recorded an impairment charge of $309,500 for the year ended January 31, 2010.

NOTE 3 - Acquisition of New Fork Uranium Corporation

On March 14, 2012, the Company entered into a Stock Purchase Agreement whereby the shareholders of New Fork Uranium Corporation (“New Fork”) sold all of the issued and outstanding shares of New Fork to the Company in exchange for the issuance to the shareholders of an aggregate of 50,000,000 shares of common stock, at $0.001 par value, of the Company.

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The 50,000,000 shares of common stock of the Company issued pursuant to the Stock Purchase Agreement were issued pro rata to all of the shareholders of New Fork on the basis of 0.877192983 shares of the Company’s common stock for each outstanding New Fork share of common stock issued and outstanding on the effective date of the Stock Purchase Agreement.

New Fork holds 521 mining claims in the areas adjacent to the Company’s Cyclone Rim uranium exploration properties in Sweetwater County, Wyoming. New Fork’s assets are comprised of 521 federal mining claims covering about 10,000 acres of BLM land. These claims cover a large portion of the sinuous, uranium bearing roll-front that exists in this part of south-central Wyoming. The Company’s existing Cyclone Rim claims cover a 28 mile extent of the western portion of this same roll-front trend. This area of Sweetwater County is a historical uranium-mining district that is seeing a resurgence of development activity. The Company now holds significant acreage on key uranium ground in the Red Desert.

The transaction described above relating to the acquisition of New Fork was accounted for as a business combination. A summary of the transaction is presented below:

Fair value of net tangible assets acquired:
	Cash	$   297,564
	Prepaid expenses and other assets	89,958
	Accounts payable	(69,030)
	Acquired net assets (100%)	318,523
Purchase Price:
	Issuance of 50,000,000 shares of stock	$2 ,000,000
	Total	$2,000,000
	Mineral rights	$1,684,477

Subsequent to the acquisition of New Fork, the Company evaluated its new holdings, and determined that the carrying value of the mineral rights exceeded their net realizable value. Accordingly, the Company recorded an impairment charge of $281,477 for the quarter ended April 30, 2012.

NOTE 4 - Earnings Per Share

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares and dilutive common stock equivalents outstanding. During periods when they are anti-dilutive, common stock equivalents are not included in the calculation.

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NOTE 5 - Going Concern Consideration

The Company has incurred operating losses of $20,094,499 since inception and had a working capital deficit of $552,845 at July 31, 2012 and no revenue producing operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

The ability of the Company to achieve its operating goals and thus positive cash flows from operations is dependent upon the future market price of metals, future capital raising efforts, and the ability to achieve future operating efficiencies anticipated with increased production levels. Management's plans will require additional financing, reduced exploration activity or disposition of or joint ventures with respect to mineral properties. While the Company has been successful in these capital raising endeavors in the past, there can be no assurance that its future efforts and anticipated operating improvements will be successful.

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

NOTE 6 - Notes Payable – Shareholders

In 2005, a shareholder advanced $30,000 to the Company for working capital purposes and to assist in identification of new mining properties.  This loan is due on demand and bears interest at 10% per annum.  During the years ended January 31, 2010 and 2009, the shareholder advanced an additional $50,000 and $80,000, respectively, under substantially identical terms.  On August 31, 2011, the shareholder advanced a further $150,000 and added an additional $30,000 on October 27, 2011, for a loan total at the time of $340,000.  The terms of the loans and interest rates are the same.  The Company repaid $149,000 related to the loans during the six months ended July 31, 2012.  The balance outstanding on the Notes Payable – Shareholder totaled $191,000 as of July 31, 2012.

NOTE 7 - Asset Retirement Obligations and Restricted Deposits

Asset retirement obligations relate to legal obligations for site restoration and clean-up costs for exploration drilling activities in Arizona and Wyoming. The Company posts restricted deposits with US government agencies that are legally restricted for the purpose of settling these obligations.

During 2008 and 2009, TUSA carried out the required reclamation work and reseeding of affected areas in Wyoming. During the year ended January 31, 2010, the Wyoming Department of Environmental Quality (WDEQ) inspected the property and subsequently released $575,600 of restricted deposits. Approximately $340,000 of this amount was used to pay annual mineral claim fees, $200,000 was paid to Tournigan Energy, and the balance was used for operations.

During the year ended January 31, 2011, the remaining reclamation work was completed, and $304,400 of restricted deposits were released. Approximately $127,000 of this amount was used to pay annual mineral claim fees, $130,000 was paid to Tournigan Energy, and $47,000 was used for operations.

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The balance of restricted deposits at July 31, 2012 was $35,000, which will be released upon future inspection by the Arizona BLM.

NOTE 8 - Stockholders’ Equity (Deficit)

During the six months ended July 31, 2012, the Company issued 50,000,000 shares to the shareholders of New Fork at $0.04 per share, 2,000,000 shares for services at $0.05 per share valued at $100,000, and 2,000,000 units each consisting of one common share and one half warrant for cash of $50,000.

NOTE 9 - Common Stock Options and Warrants

The Company's Stock Option Plan states that the exercise price of each option will be granted at an amount that equals the market value at the date of grant. All options vest at a time determined at the discretion of the Company's Board of Directors. All options expire if not exercised within 10 years from the date of grant, unless stated otherwise by the Board of Directors upon issuance.

The Company records compensation expense for the fair value of options granted under the Company's stock option plan. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option-pricing model.

During the quarter ending April 30, 2012, the Company issued stock options of 2,500,000 to the officers and directors. The options were priced at $0.06 per share and expire 5 years from the date of issuance. The fair value of the option grant was estimated on the date of grant utilizing the Black-Scholes option pricing model. The fair value of these options was determined to be $99,924 based on the following assumptions: expected life of options of 5 years, expected volatility of 305.3%, risk-free interest rate of 1.01% and no dividend yield.

Options	Number of Shares	Weighted Average Exercise Price	Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at February 1, 2012	13,450,000	$0.25	2.02 yrs	$0.00
Issued	2,500,000	$0.06	4.63 yrs	$0.00
Exercised	-	-	-
Expired/Cancelled	(1,700,000)	$0.10	-	$0.00
Outstanding at July 31, 2012	14,250,000	$0.23	2.82 yrs	$0.00
Exercisable at July 31, 2012	14,250,000	$0.23	2.82 yrs	$0.00

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The following table summarizes information about stock options at July 31, 2012:

Range of Prices	Weighted Average Number Outstanding	Contractual Life	Weighted Average Exercise Price	Weighted Average Number Exercisable	Weighted Average Exercise Price
$0.05	2,000,000	3.81 yrs	$0.05	2,000,000	$0.05
$0.06	3,150,000	2.48 yrs	$0.06	3,150,000	$0.06
$0.08	500,000	2.48 yrs	$0.08	500,000	$0.08
$0.30	100,000	2.48 yrs	$0.30	100,000	$0.30
$0.40	4,000,000	.35 yrs	$0.40	4,000,000	$0.40
$0.60	2,000,000	3.35 yrs	$0.60	2,000,000	$0.60
$0.06	2,500,000	4.64 yrs	$0.06	2,500,000	$0.06

During the year ended January 31, 2011, the Company issued 6,626,486 warrants in connection with a private placement. The warrants are exercisable for a period of two years for $0.12 per share. However, if the common shares trade at over $0.18 per share in any 20-day period during the life of the warrants, the Company has the right to accelerate the expiration date of the warrants. Warrants in the amount of 2,859,820 were exercised by two shareholders in settlement of debt. During the six months ended July 31, 2012, 3,766,666 warrants expired.

On June 19, 2012 the company issued 2,000,000 shares of common stock and a warrant to purchase 1,000,000 shares of our common stock at $0.05 per share within a three year period.

		Weighted	Remaining	Aggregate
		Average Exercise	Contractual	Intrinsic
	Shares	Price	Life	Value
Warrants at 1/31/12	3,766,666	$0.12	0.17	$0.00
Issued	1,000,000	$0.05	2.92	$0.00
Issued	-	-	-	-
Expired	(3,766,666)	$0.12	-	$0.00
Balance at 7/31/12	1,000,000	$0.05	2.92	$0.00

13

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On July 31, 2012, the Company had the following outstanding warrants:

Exercise Price	Number of Shares	Remaining Contractual Life	Exercise Price Times Number of Shares	Weighted Average Exercise Price	Aggregate Intrinsic Value
$0.05	1,000,000	3.0 yrs	$50,000	$0.05	$0.00

NOTE 10 - Related Party Transactions

During 2011, Minex Exploration which is controlled by our Director Gregory Schifrin, provided services to New Fork related to maintaining our mining claims in Sweetwater County, Wyoming for $86,358. As of July 31, 2012, $51,358 was owed to Minex Exploration for these services.

During 2011 James G. Baughman, our CEO and Director, was owed $8,000 in fees for his duties as CEO and $4,995 in expense reimbursements. As of July 31, 2012, the entire amount of $12,995 was owed to Mr. Baughman.

NOTE 11 - Subsequent Events

On August 31, 2012 the Company entered into a $300,000 bridge loan financing arrangement with an unaffiliated accredited investor, the proceeds of which were used to pay maintenance fees to the Bureau of Land Management and the payment of general operating expenses of the Company.  The note payable accumulates interest at a rate of 15% per annum and is payable on or before October 30, 2012.  In addition, the note is secured by all of the property of the Company.  The Company issued a five year warrant to the lender to purchase 6,814,000 shares of Company common stock, exercisable at $0.02 per share.  

14

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 ITEM 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary Statement about Forward-Looking Statements

This Form 10-Q contains forward-looking statements regarding future events and the Company’s future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). These statements are based on current expectations, estimates, forecasts, and projections about the industry in which the Company operates and the beliefs and assumptions of the Company’s management. Words such as “hopes,” “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” variations of such words, and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of the Company’s future financial performance, the continuing development of the Company’s website, the prospects for selling advertising on the website and new visitors and visitor page views related to advertising agreements, the Company’s anticipated growth and potentials in its business, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified under “Risk Factors” in our Form 10-K for the year ended January 31, 2012.  Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements.

The Company is under no duty to update any of these forward-looking statements after the date of this report. You should not place undue reliance on these forward-looking statements.

Overview

Fischer-Watt Gold Company, Inc. (collectively with its subsidiaries, "Fischer-Watt", "FWG" or the "Company"), was formed under the laws of the State of Nevada in 1986. Fischer-Watt's primary business is mining and mineral exploration, and to that end to own, acquire, improve, sell, lease, convey lands or  mineral  claims or any  right,  title or  interest  therein;  and to search, explore,  prospect or drill for and exploit ores and minerals therein or thereupon.

Mineral Properties

Through several acquisitions, the Company evolved and has focused on building a portfolio of uranium mining claims in Wyoming, South Dakota and Arizona.  The most recent of which was the March 14, 2012 acquisition of New Fork.  New Fork's assets are comprised of 521 federal mining claims covering about 10,000 acres of BLM land.  These claims cover a large portion of the sinuous, uranium bearing roll-front that exists in this part of south-central Wyoming.  The Company’s existing Cyclone Rim claims cover a 28-mile extent of the western portion of this same roll-front trend.  This area of Sweetwater County is a historical uranium-mining district that is seeing a resurgence of development activity.  The Company now holds significant acreage on key uranium ground in the Red Desert.

15

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On March 19, 2012, James G. Baughman was appointed Chairman, President, CEO, and acting Chief Financial Officer to succeed Peter Bojtos who had held those positions since 2005.  Mr. Baughman is an experienced geologist and mining company executive with proven management skills, and possesses an international background in the mining industry. Mr. Baughman has worked as a geologist for more than 25 years in mining operations and mineral exploration projects for precious, base metals, and uranium and has also provided technical services and project management for a number of major and junior mining companies.

Results of Operations

The following discussion involves the results of operations for the quarters ended July 31, 2012 and July 31, 2011.

The Company had no revenue during the quarters ended July 31, 2012 or 2011 from production as the Company had no properties in production.

Exploration expenses for the quarter ended July 31, 2012 were $66,039 compared to $31,745 for the quarter ended July 31, 2011.  This increase is attributed to the additional mining claims acquired in the New Fork transaction.

General and administrative expenses for the quarter ended July 31, 2012 amounted to $112,415 compared to $154,027 for the quarter ended July 31, 2011.  General and administrative costs are closely monitored and the Company continues to use contract personnel whenever needed.

For the quarter ended July 31, 2012, the Company reported a net loss of $185,231 compared to a net loss of $190,695 the quarter ended July 31, 2011.

The following discussion involves the results of operations for the six months ended July31, 2012 and July 31, 2011

The Company had no revenue during the six months ended July 31, 2012 or 2011 from production as the Company had no properties in production.

Exploration expenses for the six months ended July 31, 2012 were $97,784compared to $63,490 for the six months ended July 31, 2011.  This increase is attributed to the additional mining claims acquired in the New Fork transaction.

General and administrative expenses for the six months ended July 31, 2012 amounted to $272,738 compared to $208,118 for the six months ended July 31, 2011.  This increase was largely attributable with costs associated with the New Fork acquisition.  General and administrative costs are closely monitored and the Company continues to use contract personnel whenever needed.

During the six months ended July 31, 2012 we recognized $281,477 of impairment charges relating to our mineral interests compared to $-0- of impairment charges for the six months ended July 31, 2011.  The impairment charges resulted from the Company’s evaluation of certain mineral interests associated with the New Fork acquisition.

16

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For the six months ended July 31, 2012, the Company reported a net loss of $667,324 compared to a net loss of $280,917 the six months ended July 31, 2011.

Liquidity and Financial Condition

The Company had free cash on hand at July 31, 2012, of $46,205 compared to $315 on January 31, 2012. The increase was attributable to cash injected from the acquisition of New Fork.  The Company also holds restricted cash of $35,000 relating to reclamation bonds covering the mineral properties acquired from Tournigan Energy.

Current liabilities amounted to $742,021 on July 31, 2012 compared to $845,654 on January 31, 2012 of which $722,860 and 839,040 respectively were owed to affiliates. Current assets amount to $189,176 resulting in a working capital deficit of $552,845 at July 31, 2012.

Cash used in operating activities for the six months ended July 31, 2012 was $152,674 compared to $54,700 for the six months ended July 31, 2011.

Cash provided from investing activities for the six months ended July 31, 2012 was $297,564 compared to $-0- for the six months ended July 31, 2011.  This increase was due to an infusion of cash from the New Fork acquisition.

Cash used in financing activities for the six months ended July 31, 2012 was $99,000 compared to $-0- for the six months ended July 31, 2011.  This increase was due to the repayment of a note payable to a shareholder offset by the sale of common stock.

While the working capital deficit of $552,845 indicates an inability to pay bills and accrued interest, the current debt to non-affiliates is not significant, being primarily its accounts payable of $19,161. The Company recognizes its need for additional funding either from equity sales or borrowings to create a more favorable working capital ratio and allow for a more aggressive property acquisition program. The Company also recognizes that there is no assurance that adequate additional financing is either available or achievable on terms acceptable to it.

The Company's financial statements are prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has experienced significant net losses during its exploration stage and while management made progress in reducing its working capital deficit in the current quarter, the Company’s negative working capital position raises substantial doubt about the Company's ability to continue as a going concern.

Other

Management believes that the Company has adequately reserved its reclamation commitments. Management also believes that the Company is substantially in compliance with all environmental regulations.

17

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While it intends to continue with its uranium exploration, management also continues to evaluate precious and/or base-metal mineral properties with a view to developing into a cash generating, profitable, producing mine. The chief area of interest is in the western United States.

Contractual Obligations

The Company entered into an employment agreement with James Baughman on March 19, 2012.  The term is indefinite and provides for an annual salary of $36,000.  Upon termination without cause, Mr. Baughman is entitled to two times the annual salary, two times the targeted annual bonus and accrued but unused vacation time.

Off Balance Sheet Arrangements

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

Recently issued and adopted accounting pronouncements

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to have a material impact on the Company's consolidated financial statements.

Business Combinations

On March 14, 2012, Fischer-Watt and the Shareholders of New Fork Uranium Corporation, a Wyoming corporation, entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) whereby the shareholders of Company sold all of the issued and outstanding shares of New Fork to the Fischer-Watt in exchange for the issuance to the shareholders of an aggregate of 50,000,000 shares of common stock, $.001 par value, of Fischer-Watt.

The 50,000,000 shares of common stock of Fischer-Watt issued pursuant to the Stock Purchase Agreement were issued pro rata to all of the shareholders of New Fork on the basis of 0.877192983 shares of Fischer-Watt’s common stock for each outstanding New Fork share of common stock issued and outstanding on the effective date of the Stock Purchase Agreement.  

Critical Accounting Policies

There were no material changes to critical accounting policies since January 31, 2012.

Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

           Not applicable.

18

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Item 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As required by Rule 13a-15 under the Securities Exchange Act of 1934 (the “1934 Act”), as of July 31, 2012, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures.  This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer (our principal executive officer).  Based upon and as of the date of that evaluation, our Chief Executive Officer concluded that our disclosure controls and procedures are not effective to timely alert management to material information required to be included in our periodic reports filed with the Securities and Exchange Commission  and to ensure that information required to be disclosed in such reports is accumulated and communicated to our management, including our Chief Executive Officer, to allow timely decisions regarding required disclosures.  However, management believes that the financial statements included in this report present fairly, in all material respects, the Company’s consolidated financial position, results of operations and cash flows for the periods presented.  Due to our limited financial resources and limited personnel we are not able to, and do not intend to, immediately take any action to remediate the material weaknesses identified.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the 1934 Act is accumulated and communicated to our management, including our principal executive officer as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

We had significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated by the SEC under the 1934 Act) during the six months ended July 31, 2012, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting as a result of the acquisition of New Fork. Primarily we had changes in key personnel and changes in key policies and procedures as we integrated the results of this new entity. We continue to develop controls and procedures and plans to implement additional controls and procedures sufficient to accurately report our financial performance in the foreseeable future.

PART II - OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS

None.

19

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Item 1A.  RISK FACTORS

There have been no material changes to the risk factors set forth in Item 1A. to Part II of our Form 10-Q, as filed on July 6, 2012, except to the extent factual information disclosed elsewhere in this Form 10-Q relates to such risk factors.

Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES

On June 19, 2012 the company issued 2,000,000 shares of common stock and a warrant to purchase 1,000,000 shares of our common stock at $0.05 per share within a three year period.  The Company received $50,000 for the purchase of these securities.  The common stock and warrant were issued to the investor in reliance on the exemption from registration contained in Rule 506 of Regulation D under the Securities Act of 1933.  No commissions or other remuneration were paid on the transaction.  

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

Item 5. OTHER INFORMATION

None.

Item 6. EXHIBITS

Exhibit No.	Document
3.1	Articles of Incorporation, as amended.  Filed as Exhibit 2.3 to Form 10-QSB filed January 6, 1998 and incorporated herein by reference.
3.2	By-laws of the Corporation. Amended and Restated. Filed as Exhibit 3.3 to Form 10-QSB filed December 16, 1996 and incorporated herein by reference.
31	Officers Certification under Section 302 of the Sarbanes-Oxley Act of 2002 for James G. Baughman.  Filed herewith.
32	Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002 for James G. Baughman. Filed herewith.

20

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SIGNATURES

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

		FISCHER-WATT GOLD COMPANY, INC.
Date:	September 14, 2012	By:	/s/ James G. Baughman
			James G. Baughman
			President and Chief Executive Officer

21

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EX-31

EXHIBIT 31

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

AND PRINCIPAL FINANCIAL OFFICER

I, James G. Baughman, certify that:

1.

I have reviewed this annual report on Form 10-Q of Fischer-Watt Gold Company, Inc.;

2.

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

3.

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

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

5.

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

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.

September 14, 2012 /s/ James G. Baughman
James G. Baughman Chief Executive and Chief Financial Officer

EX-32

EXHIBIT 32

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

OF FISCHER-WATT GOLD COMPANY, INC.

PURSUANT TO 18 U.S.C. SECTION 1350

Pursuant to 18 U.S.C. Section 1350 and in connection with the accompanying report on Form 10-Q for the quarter ended July 31, 2012 that is being filed concurrently with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of Fischer-Watt Gold Company, Inc. (the "Company") hereby certifies 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 results of operations of the Company.

September 14, 2012 /s/ James G. Baughman
James G. Baughman Chief Executive and Chief Financial Officer

XML

Related Party Transactions (Detail) (USD $)	12 Months Ended
	Jan. 31, 2011	Jul. 31, 2012
Professional Fees	$ 8,000
Reimbursements Expenses	4,995
Due to Officers or Stockholders, Current		12,995
Minex Exploration [Member]
Due to Related Parties		$ 51,358

XML

Notes Payable - Shareholders (Detail) (USD $)	6 Months Ended	138 Months Ended
	Jul. 31, 2012	Jul. 31, 2012	Jan. 31, 2012	Oct. 27, 2011	Aug. 31, 2011	Jan. 31, 2010	Jan. 31, 2009	Jan. 31, 2005
Notes Payable, Related Parties, Current	$ 191,000	$ 191,000	$ 340,000	$ 30,000	$ 150,000	$ 50,000	$ 80,000	$ 30,000
Debt Instrument, Interest Rate, Effective Percentage	10.00%	10.00%
Repayments of Notes Payable	$ 149,000	$ 1,150,568

XML

Earnings Per Share

6 Months Ended

Jul. 31, 2012

Earnings Per Share [Text Block]

NOTE 4 - Earnings Per Share

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares and dilutive common stock equivalents outstanding. During periods when they are anti-dilutive, common stock equivalents are not included in the calculation.

XML

Common Stock Options and Warrants (Detail) - Stock Options Activity (USD $)	6 Months Ended
	Jul. 31, 2012
Outstanding at February 1, 2012	13,450,000
Outstanding at February 1, 2012 (in Dollars per share)	$ 0.25
Outstanding at February 1, 2012	2 years 7 days
Outstanding at February 1, 2012 (in Dollars)	$ 0.00
Issued	2,500,000
Issued (in Dollars per share)	$ 0.06
Issued	4 years 229 days
Issued (in Dollars)	0.00
Expired/Cancelled	(1,700,000)
Expired/Cancelled (in Dollars per share)	$ 0.10
Expired/Cancelled (in Dollars)	0.00
Outstanding at July 31, 2012	14,250,000
Outstanding at July 31, 2012 (in Dollars per share)	$ 0.23
Outstanding at July 31, 2012	2 years 299 days
Outstanding at July 31, 2012 (in Dollars)	0.00
Exercisable at July 31, 2012	14,250,000
Exercisable at July 31, 2012 (in Dollars per share)	$ 0.23
Exercisable at July 31, 2012	2 years 299 days
Exercisable at July 31, 2012 (in Dollars)	$ 0.00

XML

Common Stock Options and Warrants (Detail) (USD $)	3 Months Ended	6 Months Ended				12 Months Ended
	Apr. 30, 2012	Jul. 31, 2012	Aug. 31, 2012	Jun. 19, 2012	Jan. 31, 2011	Jan. 31, 2011 Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	2,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in Dollars per share)	$ 0.06
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars)	$ 99,924
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	305.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.01%
Debt Conversion, Converted Instrument, Warrants or Options Issued						6,626,486
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item)			0.02	0.05		0.12
Warrants and Rights Outstanding (in Dollars)					$ 2,859,820
Expiration Of Warrants		3,766,666
Shares, Issued				2,000,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)			6,814,000	1,000,000

XML

Common Stock Options and Warrants (Detail) - Information about Stock Options (USD $)	6 Months Ended
	Jul. 31, 2012	Jan. 31, 2012
Weighted Average Exercise Price, Options Outstanding	$ 0.23	$ 0.25
Weighted Average Number Outstanding (in Shares)	14,250,000	13,450,000
Contractual Life	2 years 7 days
Weighted Average Number Exercisable (in Shares)	14,250,000
Weighted Average Exercise Price, Options Exercisable	$ 0.23
Range of Price 0.05 [Member]
Weighted Average Exercise Price, Options Outstanding	$ 0.05
Weighted Average Number Outstanding (in Shares)	2,000,000
Contractual Life	3 years 295 days
Weighted Average Number Exercisable (in Shares)	2,000,000
Weighted Average Exercise Price, Options Exercisable	$ 0.05
Range Of Price 0.06 [Member]
Weighted Average Exercise Price, Options Outstanding	$ 0.06
Weighted Average Number Outstanding (in Shares)	3,150,000
Contractual Life	2 years 175 days
Weighted Average Number Exercisable (in Shares)	3,150,000
Weighted Average Exercise Price, Options Exercisable	$ 0.06
Range Of Price 0.08 [Member]
Weighted Average Exercise Price, Options Outstanding	$ 0.08
Weighted Average Number Outstanding (in Shares)	500,000
Contractual Life	2 years 175 days
Weighted Average Number Exercisable (in Shares)	500,000
Weighted Average Exercise Price, Options Exercisable	$ 0.08
Range Of Price 0.30 [Member]
Weighted Average Exercise Price, Options Outstanding	$ 0.30
Weighted Average Number Outstanding (in Shares)	100,000
Contractual Life	2 years 175 days
Weighted Average Number Exercisable (in Shares)	100,000
Weighted Average Exercise Price, Options Exercisable	$ 0.30
Range Of Price 0.40 [Member]
Weighted Average Exercise Price, Options Outstanding	$ 0.40
Weighted Average Number Outstanding (in Shares)	4,000,000
Contractual Life	127 days
Weighted Average Number Exercisable (in Shares)	4,000,000
Weighted Average Exercise Price, Options Exercisable	$ 0.40
Range Of Price 0.60 [Member]
Weighted Average Exercise Price, Options Outstanding	$ 0.60
Weighted Average Number Outstanding (in Shares)	2,000,000
Contractual Life	3 years 127 days
Weighted Average Number Exercisable (in Shares)	2,000,000
Weighted Average Exercise Price, Options Exercisable	$ 0.60
Range Of Price 0.06 [Member]
Weighted Average Exercise Price, Options Outstanding	$ 0.06
Weighted Average Number Outstanding (in Shares)	2,500,000
Contractual Life	4 years 233 days
Weighted Average Number Exercisable (in Shares)	2,500,000
Weighted Average Exercise Price, Options Exercisable	$ 0.06

XML

Common Stock Options and Warrants (Detail) - Warrant Activity (USD $)	6 Months Ended
	Jul. 31, 2012
Warrants at 1/31/12	3,766,666
Warrants at 1/31/12 (in Dollars per share)	$ 0.12
Warrants at 1/31/12	62 days
Warrants at 1/31/12 (in Dollars)	$ 0.00
Issued	1,000,000
Issued (in Dollars per share)	$ 0.05
Issued	2 years 335 days
Issued (in Dollars)	0.00
Expired	(3,766,666)
Expired (in Dollars per share)	$ 0.12
Expired (in Dollars)	0.00
Balance at 7/31/12	1,000,000
Balance at 7/31/12 (in Dollars per share)	$ 0.05
Balance at 7/31/12	2 years 335 days
Balance at 7/31/12 (in Dollars)	$ 0.00

XML

Acquisition of New Fork Uranium Corporation

6 Months Ended

Jul. 31, 2012

Business Combination Disclosure [Text Block]

NOTE 3 - Acquisition of New Fork Uranium Corporation

On March 14, 2012, the Company entered into a Stock Purchase Agreement whereby the shareholders of New Fork Uranium Corporation (“New Fork”) sold all of the issued and outstanding shares of New Fork to the Company in exchange for the issuance to the shareholders of an aggregate of 50,000,000 shares of common stock, at $0.001 par value, of the Company.

The 50,000,000 shares of common stock of the Company issued pursuant to the Stock Purchase Agreement were issued pro rata to all of the shareholders of New Fork on the basis of 0.877192983 shares of the Company’s common stock for each outstanding New Fork share of common stock issued and outstanding on the effective date of the Stock Purchase Agreement.

New Fork holds 521 mining claims in the areas adjacent to the Company’s Cyclone Rim uranium exploration properties in Sweetwater County, Wyoming. New Fork’s assets are comprised of 521 federal mining claims covering about 10,000 acres of BLM land. These claims cover a large portion of the sinuous, uranium bearing roll-front that exists in this part of south-central Wyoming. The Company’s existing Cyclone Rim claims cover a 28 mile extent of the western portion of this same roll-front trend. This area of Sweetwater County is a historical uranium-mining district that is seeing a resurgence of development activity. The Company now holds significant acreage on key uranium ground in the Red Desert.

The transaction described above relating to the acquisition of New Fork was accounted for as a business combination. A summary of the transaction is presented below:

Fair value of net tangible assets acquired:
	Cash	$   297,564
	Prepaid expenses and other assets	89,958
	Accounts payable	(69,030)
	Acquired net assets (100%)	318,523
Purchase Price:
	Issuance of 50,000,000 shares of stock	$2 ,000,000
	Total	$2,000,000
	Mineral rights	$1,684,477

Subsequent to the acquisition of New Fork, the Company evaluated its new holdings, and determined that the carrying value of the mineral rights exceeded their net realizable value. Accordingly, the Company recorded an impairment charge of $281,477 for the quarter ended April 30, 2012.

XML

Common Stock Options and Warrants (Detail) - Information about outstanding warrants (USD $)				6 Months Ended
	Aug. 31, 2012	Jun. 19, 2012	Jan. 31, 2011	Jul. 31, 2012 Exercise Price 0.05 [Member]
Weighted Average Exercise Price (in Dollars per Item)	0.02	0.05		0.05
Number of Shares (in Shares)				1,000,000
Remaining Contractual Life				3 years
Exercise Price Times Number of Shares			$ 2,859,820	$ 50,000
Aggregate Intrinsic Value				$ 0.00

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jul. 31, 2012	Jan. 31, 2012
CURRENT ASSETS
Cash	$ 46,205	$ 315
Restricted deposits	35,000	35,000
Prepaid and other current assets	107,971	74,894
Total Current Assets	189,176	110,209
OTHER ASSETS
Mineral interests	1,400,000
Total Other Assets	1,400,000
TOTAL ASSETS	1,589,176	110,209
CURRENT LIABILITIES
Accounts payable and accrued expenses	19,161	6,614
Accounts payable and accrued expenses - related party	260,193	227,373
Note payable shareholders	191,000	340,000
Accounts payable and accrued expenses - shareholders	271,667	271,667
Total Current Liabilities	742,021	845,654
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value, 200,000,000 shares authorized 141,062,125 and 87,062,125 shares issued and outstanding, respectively	141,061	87,061
Additional paid-in capital	20,800,593	18,604,669
Accumulated (deficit) prior to exploration stage	(15,353,115)	(15,353,115)
Accumulated (deficit) during exploration stage	(4,741,384)	(4,074,060)
Total Stockholders' Equity (Deficit)	847,155	(735,445)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 1,589,176	$ 110,209

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Nature of Operations and Basis of Presentation

6 Months Ended

Jul. 31, 2012

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 – Nature of Operations and Basis of Presentation

Fischer-Watt Gold Company, Inc. (“Ficsher-Watt” or the “Company”), and its subsidiaries are engaged in the business of mining and mineral exploration.  This includes locating, acquiring, exploring, improving, leasing and developing mineral interests, primarily in the field of precious metals.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Item 210 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Report on Form 8-K as filed July 3, 2012 and the Annual Report on Form 10-K for the year ended January 31, 2012.

The accounting policies followed by the Company are set forth in Note 1 to the Company’s consolidated financial statements in the Report on Form 8-K as filed July 3, 2012 and the Form 10-K for the year ended January 31, 2012, and are supplemented throughout the notes to condensed consolidated financial statements in this report. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in the Report on Form 8-K as filed July 3, 2012 and the Form 10-K for the year ended January 31, 2012.

The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

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Acquisition of New Fork Uranium Corporation (Detail) (USD $)	6 Months Ended
	Jul. 31, 2012
New Fork [Member] | Stock Purchase Agreement [Member]
Sale of Stock, Number of Shares Issued in Transaction	50,000,000
Sale of Stock, Price Per Share (in Dollars per share)	$ 0.001
Stock Conversion Price Per Share	0.877192983
New Fork [Member]
Number of Businesses Acquired	521
Area of Land (in Square Meters)	10,000
Asset Impairment Charges (in Dollars)	$ 281,477

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Going Concern Consideration (Detail) (USD $)	138 Months Ended
	Jul. 31, 2012
Operating Loss	$ 20,094,499
Working Capital Deficit	$ 552,845

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Mineral Properties

6 Months Ended

Jul. 31, 2012

Mineral Industries Disclosures [Text Block]

NOTE 2 - Mineral Properties

On February 27, 2009, the Company completed the acquisition of 100% of the common shares of Tournigan USA, Inc (“TUSA”), a wholly owned subsidiary of Tournigan Energy, Ltd. (“Tournigan Energy”). As consideration for this transaction, the Company issued Tournigan Energy an interest-free promissory note in the amount of $325,327. In addition, the Company agreed to secure the release of, or reimburse Tournigan Energy for, the existing reclamation bonds on the properties in the amount of $930,000, less any applicable reclamation costs. The Company granted Tournigan Energy a 30% carried interest on each of the existing properties up to the completion of a feasibility study for any project encompassing any of these properties. At that point, Tournigan Energy could elect to convert its interest into a 30% contributing working interest or allow its interest to dilute to a 5% net profits interest.

The Company delivered a promissory note in the amount of $325,327 to Tournigan Energy. This note represented the amount paid by Tournigan Energy for the then current year’s Federal mineral claim maintenance fees along with working capital adjustments on the closing date. In addition to this note, the Company agreed to secure the release of reclamation bonds in the amount of $930,000 less any applicable reclamation costs. As of July 31, 2012, the deposit for reclamation bonds remains $35,000.

Both the promissory note to Tournigan Energy and the release of the reclamation bonds were unsecured, non-interest-bearing and were due August 31, 2009. The due date of the promissory note was extended to December 15, 2009. In a further agreement dated December 14, 2009, Tournigan Energy agreed to reduce the promissory note to $100,000 with payment of this amount on December 15, 2009. This payment was made by Fischer-Watt and the promissory note was extinguished.

Tournigan Energy also extended the repayment date of the first $530,000 of the reclamation bonds to December 15, 2009 and the repayment of the remaining $400,000, less the cost of the reclamation work, to September 30, 2010. Tournigan Energy agreed to accept a payment of $100,000 on December 15, 2009 as part payment of the $530,000 installment of the reclamation bond due on that date. The balance of $400,000, less the cost of reclamation work was to be paid from one half of subsequent equity share issues of common stock of the Company until paid in full. The $100,000 payment was made to Tournigan Energy as scheduled.

On December 22, 2010, Fischer-Watt paid Tournigan Energy $130,000 as a payment on its outstanding debt.

At April 30, 2011, after completion of reclamation, the balance due to Tournigan Energy was $600,000. This amount was to be repaid from one-half of the proceeds (net of issuance costs) of all equity share issues of common stock of the Company until Tournigan Energy has been paid in full.

On July 13, 2011, the Company renegotiated its debt and property interests with Tournigan Energy concerning its uranium properties in the western United States. Tournigan Energy agreed to defer receipt of its debt and property interests by converting these Company liabilities to a two percent (2%) net smelter return (“NSR”) royalty interest on uranium properties within the Company’s current areas of work.

Pursuant to the renegotiated terms between the Company and Tournigan Energy:

a) Tournigan Energy forgave the $600,000 payable by the Company;

b) Tournigan Energy converted its interests in the Company’s properties to a two percent (2%) NSR royalty up to a maximum of $10,000,000;

c) The Company is entitled to buy back up to one-half of this royalty for $3,000,000 at any time up to July 13, 2016, and thereby reduce the remaining royalty to a one percent (1%) NSR royalty capped at $5,000,000;

d) The NSR royalty will apply to any uranium production by the Company in the Wyoming counties of Carbon, Fremont, Sublette and Sweetwater, and the South Dakota county of Fall River. These are all areas where the Company currently holds uranium property interests.

This transaction has been approved by the TSX Venture Exchange, as Tournigan Energy is listed in Toronto on the TSX Venture Exchange.

The transaction described above relating to the acquisition of TUSA was accounted for as a business combination. A summary of the transaction is presented below:

Fair value of net tangible assets acquired:
	Cash	$            12,829
	Accrued interests receivable	3,202
	Restricted deposits	930,000
	Accounts payable	(204)
	Asset retirement obligation	(52,000)
	Acquired net assets (100%)	893,827
Purchase Price:
	Promissory note payable	$           325,327
	Due to Tournigan Energy, net	878,000
	Total	$        1,203,327
	Mineral rights	$           309,500

Subsequent to the acquisition of TUSA, the Company evaluated its new holdings, and determined that the carrying value of the mineral rights exceeded their net realizable value. Accordingly, the Company recorded an impairment charge of $309,500 for the year ended January 31, 2010.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Jul. 31, 2012	Jan. 31, 2012
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	141,062,125	141,062,125
Common stock, shares outstanding	87,062,125	87,062,125

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Mineral Properties (Tables)

6 Months Ended

Jul. 31, 2012

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair value of net tangible assets acquired:
	Cash	$            12,829
	Accrued interests receivable	3,202
	Restricted deposits	930,000
	Accounts payable	(204)
	Asset retirement obligation	(52,000)
	Acquired net assets (100%)	893,827
Purchase Price:
	Promissory note payable	$           325,327
	Due to Tournigan Energy, net	878,000
	Total	$        1,203,327
	Mineral rights	$           309,500

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Document And Entity Information	6 Months Ended
	Jul. 31, 2012	Sep. 07, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	FISCHER WATT GOLD CO INC
Document Type	10-Q
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		141,062,125
Amendment Flag	false
Entity Central Index Key	0000844788
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jul. 31, 2012
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2

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Acquisition of New Fork Uranium Corporation (Tables)

6 Months Ended

Jul. 31, 2012

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Fair value of net tangible assets acquired:
	Cash	$   297,564
	Prepaid expenses and other assets	89,958
	Accounts payable	(69,030)
	Acquired net assets (100%)	318,523
Purchase Price:
	Issuance of 50,000,000 shares of stock	$2 ,000,000
	Total	$2,000,000
	Mineral rights	$1,684,477

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		138 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012
REVENUE	$ 0	$ 0	$ 0	$ 0	$ 44,240
COSTS AND EXPENSES
Cost of revenue	0	0	0	0	50,000
Exploration expense	66,039	31,745	97,784	63,490	1,543,807
Impairment of mineral interests	0	0	281,477	0	590,977
Write down of inventory to market value	0	0	0	0	125,000
General and administrative	112,415	154,027	272,738	208,118	4,302,221
TOTAL OPERATING EXPENSES	178,454	185,772	651,999	271,608	6,612,005
INCOME (LOSS) FROM OPERATIONS	(178,454)	(185,772)	(651,999)	(271,608)	(6,567,765)
OTHER INCOME (EXPENSES)
Interest expense - related party	(6,777)	(4,927)	(15,325)	(9,853)	(138,829)
Relief of payables and other indebtedness	0	0	0	0	66,935
Other income	0	0	0	504	2,404,688
Interest income	0	4	0	39	37,705
TOTAL OTHER INCOME (EXPENSES)	(6,777)	(4,923)	(15,325)	(9,309)	2,370,499
INCOME (LOSS) BEFORE TAXES	(185,231)	(190,695)	(667,324)	(280,917)	(4,197,266)
INCOME TAXES	0	0	0	0	556,868
NET INCOME (LOSS)	$ (185,231)	$ (190,695)	$ (667,324)	$ (280,917)	$ (4,754,134)
NET LOSS PER COMMON SHARE
BASIC AND DILUTED (in Dollars per share)	$ 0.00	$ 0.00	$ (0.01)	$ 0.00
WEIGHTED AVERAGE NUMBER OF COMMON STOCK SHARES OUTSTANDING, BASIC AND DILUTED (in Shares)	140,170,821	80,571,272	127,393,617	80,571,272

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Asset Retirement Obligations and Restricted Deposits

6 Months Ended

Jul. 31, 2012

Asset Retirement Obligation Disclosure [Text Block]

NOTE 7 - Asset Retirement Obligations and Restricted Deposits

Asset retirement obligations relate to legal obligations for site restoration and clean-up costs for exploration drilling activities in Arizona and Wyoming. The Company posts restricted deposits with US government agencies that are legally restricted for the purpose of settling these obligations.

During 2008 and 2009, TUSA carried out the required reclamation work and reseeding of affected areas in Wyoming. During the year ended January 31, 2010, the Wyoming Department of Environmental Quality (WDEQ) inspected the property and subsequently released $575,600 of restricted deposits. Approximately $340,000 of this amount was used to pay annual mineral claim fees, $200,000 was paid to Tournigan Energy, and the balance was used for operations.

During the year ended January 31, 2011, the remaining reclamation work was completed, and $304,400 of restricted deposits were released. Approximately $127,000 of this amount was used to pay annual mineral claim fees, $130,000 was paid to Tournigan Energy, and $47,000 was used for operations.

The balance of restricted deposits at July 31, 2012 was $35,000, which will be released upon future inspection by the Arizona BLM.

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Notes Payable - Shareholders

6 Months Ended

Jul. 31, 2012

Mortgage Notes Payable Disclosure [Text Block]

NOTE 6 - Notes Payable – Shareholders

In 2005, a shareholder advanced $30,000 to the Company for working capital purposes and to assist in identification of new mining properties.  This loan is due on demand and bears interest at 10% per annum.  During the years ended January 31, 2010 and 2009, the shareholder advanced an additional $50,000 and $80,000, respectively, under substantially identical terms.  On August 31, 2011, the shareholder advanced a further $150,000 and added an additional $30,000 on October 27, 2011, for a loan total at the time of $340,000.  The terms of the loans and interest rates are the same.  The Company repaid $149,000 related to the loans during the six months ended July 31, 2012.  The balance outstanding on the Notes Payable – Shareholder totaled $191,000 as of July 31, 2012.

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Acquisition of New Fork Uranium Corporation (Detail) - Acquisition of New Fork Uranium Corporation (New Fork [Member], USD $)	Jul. 31, 2012
New Fork [Member]
Fair value of net tangible assets acquired:
Cash	$ 297,564
Prepaid expenses and other assets	89,958
Accounts payable	(69,030)
Acquired net assets (100%)	318,523
Purchase Price:
Issuance of 50,000,000 shares of stock	2,000,000
Total	2,000,000
Mineral rights	$ 1,684,477

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Common Stock Options and Warrants (Tables)

6 Months Ended

Jul. 31, 2012

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Options	Number of Shares	Weighted Average Exercise Price	Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at February 1, 2012	13,450,000	$0.25	2.02 yrs	$0.00
Issued	2,500,000	$0.06	4.63 yrs	$0.00
Exercised	-	-	-
Expired/Cancelled	(1,700,000)	$0.10	-	$0.00
Outstanding at July 31, 2012	14,250,000	$0.23	2.82 yrs	$0.00
Exercisable at July 31, 2012	14,250,000	$0.23	2.82 yrs	$0.00

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

Range of Prices	Weighted Average Number Outstanding	Contractual Life	Weighted Average Exercise Price	Weighted Average Number Exercisable	Weighted Average Exercise Price
$0.05	2,000,000	3.81 yrs	$0.05	2,000,000	$0.05
$0.06	3,150,000	2.48 yrs	$0.06	3,150,000	$0.06
$0.08	500,000	2.48 yrs	$0.08	500,000	$0.08
$0.30	100,000	2.48 yrs	$0.30	100,000	$0.30
$0.40	4,000,000	.35 yrs	$0.40	4,000,000	$0.40
$0.60	2,000,000	3.35 yrs	$0.60	2,000,000	$0.60
$0.06	2,500,000	4.64 yrs	$0.06	2,500,000	$0.06

Schedule Of Share Based Compensation Warrants Activity Table Text Block

		Weighted	Remaining	Aggregate
		Average Exercise	Contractual	Intrinsic
	Shares	Price	Life	Value
Warrants at 1/31/12	3,766,666	$0.12	0.17	$0.00
Issued	1,000,000	$0.05	2.92	$0.00
Issued	-	-	-	-
Expired	(3,766,666)	$0.12	-	$0.00
Balance at 7/31/12	1,000,000	$0.05	2.92	$0.00

Schedule of Share-based Compensation, Shares Authorized under Warrants Plans, by Exercise Price Range

Exercise Price	Number of Shares	Remaining Contractual Life	Exercise Price Times Number of Shares	Weighted Average Exercise Price	Aggregate Intrinsic Value
$0.05	1,000,000	3.0 yrs	$50,000	$0.05	$0.00
					.

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Related Party Transactions

6 Months Ended

Jul. 31, 2012

Related Party Transactions Disclosure [Text Block]

NOTE 10 - Related Party Transactions

During 2011, Minex Exploration which is controlled by our Director Gregory Schifrin, provided services to New Fork related to maintaining our mining claims in Sweetwater County, Wyoming for $86,358. As of July 31, 2012, $51,358 was owed to Minex Exploration for these services.

During 2011 James G. Baughman, our CEO and Director, was owed $8,000 in fees for his duties as CEO and $4,995 in expense reimbursements. As of July 31, 2012, the entire amount of $12,995 was owed to Mr. Baughman.

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Stockholders' Equity (Deficit)

6 Months Ended

Jul. 31, 2012

Stockholders' Equity Note Disclosure [Text Block]

NOTE 8 - Stockholders’ Equity (Deficit)

During the six months ended July 31, 2012, the Company issued 50,000,000 shares to the shareholders of New Fork at $0.04 per share, 2,000,000 shares for services at $0.05 per share valued at $100,000, and 2,000,000 units each consisting of one common share and one half warrant for cash of $50,000.

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Common Stock Options and Warrants

6 Months Ended

Jul. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 9 - Common Stock Options and Warrants

The Company's Stock Option Plan states that the exercise price of each option will be granted at an amount that equals the market value at the date of grant. All options vest at a time determined at the discretion of the Company's Board of Directors. All options expire if not exercised within 10 years from the date of grant, unless stated otherwise by the Board of Directors upon issuance.

The Company records compensation expense for the fair value of options granted under the Company's stock option plan. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option-pricing model.

During the quarter ending April 30, 2012, the Company issued stock options of 2,500,000 to the officers and directors. The options were priced at $0.06 per share and expire 5 years from the date of issuance. The fair value of the option grant was estimated on the date of grant utilizing the Black-Scholes option pricing model. The fair value of these options was determined to be $99,924 based on the following assumptions: expected life of options of 5 years, expected volatility of 305.3%, risk-free interest rate of 1.01% and no dividend yield.

Options	Number of Shares	Weighted Average Exercise Price	Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at February 1, 2012	13,450,000	$0.25	2.02 yrs	$0.00
Issued	2,500,000	$0.06	4.63 yrs	$0.00
Exercised	-	-	-
Expired/Cancelled	(1,700,000)	$0.10	-	$0.00
Outstanding at July 31, 2012	14,250,000	$0.23	2.82 yrs	$0.00
Exercisable at July 31, 2012	14,250,000	$0.23	2.82 yrs	$0.00

The following table summarizes information about stock options at July 31, 2012:

Range of Prices	Weighted Average Number Outstanding	Contractual Life	Weighted Average Exercise Price	Weighted Average Number Exercisable	Weighted Average Exercise Price
$0.05	2,000,000	3.81 yrs	$0.05	2,000,000	$0.05
$0.06	3,150,000	2.48 yrs	$0.06	3,150,000	$0.06
$0.08	500,000	2.48 yrs	$0.08	500,000	$0.08
$0.30	100,000	2.48 yrs	$0.30	100,000	$0.30
$0.40	4,000,000	.35 yrs	$0.40	4,000,000	$0.40
$0.60	2,000,000	3.35 yrs	$0.60	2,000,000	$0.60
$0.06	2,500,000	4.64 yrs	$0.06	2,500,000	$0.06

During the year ended January 31, 2011, the Company issued 6,626,486 warrants in connection with a private placement. The warrants are exercisable for a period of two years for $0.12 per share. However, if the common shares trade at over $0.18 per share in any 20-day period during the life of the warrants, the Company has the right to accelerate the expiration date of the warrants. Warrants in the amount of 2,859,820 were exercised by two shareholders in settlement of debt. During the six months ended July 31, 2012, 3,766,666 warrants expired.

On June 19, 2012 the company issued 2,000,000 shares of common stock and a warrant to purchase 1,000,000 shares of our common stock at $0.05 per share within a three year period.

		Weighted	Remaining	Aggregate
		Average Exercise	Contractual	Intrinsic
	Shares	Price	Life	Value
Warrants at 1/31/12	3,766,666	$0.12	0.17	$0.00
Issued	1,000,000	$0.05	2.92	$0.00
Issued	-	-	-	-
Expired	(3,766,666)	$0.12	-	$0.00
Balance at 7/31/12	1,000,000	$0.05	2.92	$0.00

On July 31, 2012, the Company had the following outstanding warrants:

Exercise Price	Number of Shares	Remaining Contractual Life	Exercise Price Times Number of Shares	Weighted Average Exercise Price	Aggregate Intrinsic Value
$0.05	1,000,000	3.0 yrs	$50,000	$0.05	$0.00
					.

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Subsequent Events

6 Months Ended

Jul. 31, 2012

Subsequent Events [Text Block]

NOTE 11 - Subsequent Events

On August 31, 2012 the Company entered into a $300,000 bridge loan financing arrangement with an unaffiliated accredited investor, the proceeds of which were used to pay maintenance fees to the Bureau of Land Management and the payment of general operating expenses of the Company.  The note payable accumulates interest at a rate of 15% per annum and is payable on or before October 30, 2012.  In addition, the note is secured by all of the property of the Company.  The Company issued a five year warrant to the lender to purchase 6,814,000 shares of Company common stock, exercisable at $0.02 per share.  

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Subsequent Events (Detail) (USD $)	Aug. 31, 2012	Jun. 19, 2012
Bridge Loan (in Dollars)	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	15.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)	6,814,000	1,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item)	0.02	0.05

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Mineral Properties (Detail) - Mineral Properties: Fair Value Disclosure Table (USD $)	Jul. 31, 2012
Purchase Price:
Mineral rights	$ 1,400,000
Mining Properties and Mineral Rights [Member]
Fair value of net tangible assets acquired:
Cash	12,829
Accrued interests receivable	3,202
Restricted deposits	930,000
Accounts payable	(204)
Asset retirement obligation	(52,000)
Acquired net assets (100%)	893,827
Purchase Price:
Promissory note payable	325,327
Due to Tournigan Energy, net	878,000
Total	1,203,327
Mineral rights	$ 309,500

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Asset Retirement Obligations and Restricted Deposits (Detail) (USD $)			12 Months Ended
	Jan. 31, 2011 WDEQ Tournigan Energy [Member]	Jan. 31, 2010 WDEQ Tournigan Energy [Member]	Jan. 31, 2011 WDEQ	Jan. 31, 2010 WDEQ	Jul. 31, 2012 Arizona BLM
Restricted Cash and Investments, Noncurrent			$ 304,400	$ 575,600	$ 35,000
Mineral Extraction Processing and Marketing Costs			127,000	340,000
Business Acquisition, Cost of Acquired Entity, Transaction Costs	130,000	200,000
Other General Expense			$ 47,000

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STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		138 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$ (667,324)	$ (280,917)	$ (4,754,134)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Income from sale of mineral interests	0	0	(2,235,000)
Writedown of inventory to market value	0	0	125,000
Impairment of mineral interests	281,477	0	590,977
Relief of payables and other indebtedness	0	0	(66,935)
Depreciation	0	0	7,062
Common stock issued for services	100,000	32,000	419,814
Stock subscriptions related to services provided	0	0	82,750
Stock options issued for services	0	0	75,500
Stock based compensation	0	0	699,937
Stock option expense	99,924	76,741	176,665
Changes in assets and liabilities:
Inventory	0	0	50,000
Prepaids and other current assets	56,912	63,490	(14,780)
Accounts payable and accrued expenses	(56,483)	53,986	466,407
Asset retirement obligation	0	0	(52,000)
Accounts payable and accrued expenses - shareholders	32,820	0	563,676
Net cash (used in) operating activities	(152,674)	(54,700)	(3,865,061)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received in New Fork acquisition	297,564	0	297,564
Cash received in Tournigan acquisition	0	0	12,829
Proceeds from sale of mineral interests	0	0	2,235,000
Release of reclamation bonds	0	0	895,000
Net cash provided by investing activities	297,564	0	3,440,393
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of amounts due to Tournigan Energy, Inc.	0	0	(330,000)
Cash received from sale of common stock and subscriptions	50,000		856,486
Proceeds from the exercise of stock options	0	0	35,000
Proceeds from notes payable - shareholder	0	0	350,500
Repayment of note payable - shareholder	(149,000)		(1,150,568)
Capital contribution by shareholder	0	0	689,068
Net cash provided by (used in) financing activities	(99,000)	0	450,486
INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS	45,890	(54,700)	25,818
Cash, beginning of period	315	58,764	20,387
Cash, end of period	46,205	4,064	46,205
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Reclassification of capital contributions to note payable	0	0	864,068
Conversion of notes payable and accrued interest to common stock	0	0	187,500
Conversion of amounts due to shareholders to common stock	0	0	374,089
Conversion of amounts due to shareholders upon exercise of stock warrants	0	0	116,000
Common shares issued for stock subscriptions	0	0	433,813
Conversion of amounts due to affiliate to stock subscription	0	0	131,282
Purchase of inventory via direct payment by shareholder	0	0	175,000
Contribution of accounts payable and accrued expenses - shareholder	0	0	50,000
Contribution of amounts due Tournigan Energy Ltd. to capital	0	0	873,327
Common shares issued for New Fork acquisition	$ 2,000,000	$ 0	$ 2,000,000

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Going Concern Consideration

6 Months Ended

Jul. 31, 2012

Going Concern Note

NOTE 5 - Going Concern Consideration

The Company has incurred operating losses of $20,094,499 since inception and had a working capital deficit of $552,845 at July 31, 2012 and no revenue producing operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

The ability of the Company to achieve its operating goals and thus positive cash flows from operations is dependent upon the future market price of metals, future capital raising efforts, and the ability to achieve future operating efficiencies anticipated with increased production levels. Management's plans will require additional financing, reduced exploration activity or disposition of or joint ventures with respect to mineral properties. While the Company has been successful in these capital raising endeavors in the past, there can be no assurance that its future efforts and anticipated operating improvements will be successful.

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

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Stockholders' Equity (Deficit) (Detail) (USD $)	6 Months Ended
	Jul. 31, 2012
Share Price (in Dollars per share)	$ 0.05
Stock Issued During Period, Shares, Issued for Services	2,000,000
Stock Issued During Period, Value, Issued for Services (in Dollars)	$ 100,000
New Fork [Member]
Stock Issued During Period, Shares, New Issues	50,000,000
Share Price (in Dollars per share)	$ 0.04

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Mineral Properties (Detail) (USD $)				6 Months Ended		6 Months Ended	119 Months Ended	6 Months Ended	32 Months Ended
	Jul. 31, 2012	Jan. 31, 2012	Feb. 27, 2009	Jul. 31, 2012 Tournigan USA, Inc	Feb. 27, 2009 Tournigan USA, Inc	Jul. 31, 2012 Tournigan Energy, Ltd.[Member]	Dec. 22, 2010 Tournigan Energy, Ltd.[Member]	Jul. 31, 2012 1% NSR Royalty [Member]	Jul. 31, 2012 Promissory Notes [Member]
Business Acquisition, Date of Acquisition Agreement				Feb. 27, 2009
Business Acquisition, Percentage of Voting Interests Acquired					100.00%
Business Acquisition, Purchase Price Allocation, Notes Payable and Long-term Debt				$ 325,327	$ 325,327
Restricted Investments, Noncurrent			930,000
Business Acquisition Percentage Of Contributing Working Interest			30.00%
Business Acquisition Percentage Of Net Profits Interest			5.00%
Deposits Assets, Current	35,000	35,000
Payments of Debt Extinguishment Costs									100,000
Repayments of Debt							130,000
Due to Related Parties						600,000
Debt Instrument, Decrease, Forgiveness						600,000
Royalty Revenue						10,000,000		5,000,000
Royalty Expense						3,000,000
Mineral Properties, Accumulated Impairment	$ 309,500