SUBSEQUENT EVENTS

12 Months Ended

Apr. 30, 2014

SUBSEQUENT EVENTS [Text Block]

15. SUBSEQUENT EVENTS

Joint Venture Agreement

On April 16, 2014, the Company entered into an agreement with GJS Capital Corp (the “Creditor”) that the Creditor agrees to fund up to $287, 500 to the Scottsdale facility. As of the year ended April 30, 2014, the Company received a total of $163,654 contribution to the Company’s Scottsdale facility under this agreement.  From May 1, 2014 to August 13, 2014, the Creditor funded an additional $113,346, for a total contribution of $277,000. (See Note 2)

Letter of Intent

On July 10, 2014, the Company entered into a letter of intent with Lafarge North America Inc. (“Lafarge”) dated for reference July 7, 2014 (the “Letter of Intent"). As outlined in the Letter of Intent, the Company and Lafarge wish to enter into a joint venture (the “Venture”) with respect to the commercialization of the Company’s process for the recovery of precious metals from coal ash and other materials (the “Technology”). The Venture is subject to completion of satisfactory due diligence by both parties and the entry into a definitive agreement. The Letter of Intent shall terminate on December 31, 2015.

During the term of the Letter of Intent, the Company and Lafarge have agreed to do the following:

a)	Lafarge has agreed to provide the time and expertise of Steve Butler, a Lafarge technician, to assist the Company in the commercialization of the Technology, for up to 50 hours per month, for a period expiring December 31, 2014. In addition, Lafarge has agreed to provide sufficient lab facilities and equipment to Mr. Butler and cover all of the expenses related to Mr. Butler’s services, including, but not limited to, salary, benefits and reasonable travel costs.
b)	In exchange for Mr. Butler’s services, the Company has agreed to grant an exclusive right to Lafarge to exploit the Technology, subject to certain royalties, at 28 coal fired power generation stations under contract with Lafarge, up to 7 additional stations to be identified by Lafarge, and at facilities where Lafarge stores its coal by-products.
c)	The Company has agreed to develop a business plan for the commercialization of the Technology and present it to Lafarge no later than January 31, 2015.

Extension of Warrants

On July 10, 2014, the Company extended the expiration dates of 23,020,000 warrants previously issued on July 13, 2011, from an expiration date of July 12, 2014 to July 12, 2015. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10 per share.