Income Taxes

3 Months Ended

Jun. 30, 2011

Income Taxes

Income Tax Disclosure [Text Block]

INCOME TAXES:

Significant components of income tax benefit during the three and nine months ended June 30, 2011 and 2010 are as follows:

	April 1, 2011 to June 30, 2011	April 1, 2010 to June 30, 2010	October 1, 2010 to June 30, 2011	October 1, 2009 to June 30, 2010
Current:
Federal	$              -	$               -	$              -	$              -
State	-	-	-	-
Discontinued operations	-	-	-	-
Total current income tax benefit	-	-	-	-
Deferred:
Federal	123,034	-	770,573	-
Total deferred income tax benefit	123,034	-	770,573	-
Total income tax benefit	$  123,034	$              -	$   770,573	$           -

The federal deferred income tax benefit is realized in the Company’s wholly owned subsidiary, BH Minerals USA, Inc., which is not consolidated with the federal income taxes of the remainder of the Company since BH Minerals USA, Inc. is wholly owned by the Company’s wholly owned Canadian subsidiary, Staccato Gold Resources Ltd.

For the fiscal year ending September 30, 2011 the Company anticipates an effective income tax rate of 0% in the United States and 0% in Canada due to the availability of accumulated net operating losses to offset any U.S. and Canadian income taxes.