10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended  July 31, 2013

or

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from   to

Commission File Number  000-52499

 

DEL TORO SILVER CORP.

(Exact name of registrant as specified in its charter)

Nevada	98-0515290
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
320 North Carson Street, Carson City, Nevada	89701
(Address of principal executive offices)	(Zip Code)

775-782-3999

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] YES          [  ] NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§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). 

[X] YES          [  ] NO

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

Large accelerated filer    [  ]	Accelerated filer          [  ]
Non-accelerated filer      [  ]            (Do not check if a smaller reporting company)	Smaller reporting company         [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

[  ] YES           [X] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.

[  ] YES           [  ] NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

21,763,623 common shares issued and outstanding as of September 16, 2013.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
PART II – OTHER INFORMATION		29
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mining Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	29
SIGNATURES		32

2

PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements

Our unaudited consolidated interim financial statements for the three and nine month periods ended July 31, 2013 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

3

DEL TORO SILVER CORP.

CONSOLIDATED FINANCIAL STATEMENTS

PERIODS ENDED JULY 31, 2013 (UNAUDITED) AND OCTOBER 31, 2012

	Index
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
Consolidated Statements of Cash Flows	7
Notes to the Consolidated Financial Statements	8-16

4

DEL TORO SILVER CORP

(An Exploration Stage Company)

CONSOLIDATED BALANCE SHEETS

JULY 31, 2013 AND OCTOBER 31, 2012

	July 31, 2013			October 31, 2012
ASSETS	(unaudited)			(audited)
CURRENT ASSETS
Cash	$	7,999		$	14,590
Prepaid expense		2,500			3,753
TOTAL CURRENT ASSETS		10,499			18,343
TOTAL ASSETS	$	10,499		$	18,343
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	$	57,187		$	16,804
Convertible debenture		70,000			51,500
Shareholder convertible loan		700,923			421,763
Due to related party		17,255			59,030
TOTAL CURRENT LIABILITIES		845,365			549,097
TOTAL LIABILITIES		845,365			549,097
STOCKHOLDERS' DEFICIT:
Preferred stock: 100,000,000 shares authorized, par value
$0.001 issued and outstanding: none
Common stock: 100,000,000 shares authorized, par value		-			-
$0.001 issued and outstanding: 19,763,623
(2012 - 17,452,240) shares		19,763			17,452
Additional paid-in capital		1,409,297			1,289,273
Deficit accumulated during exploration stage		(2,263,926	)		(1,837,479	)
TOTAL STOCKHOLDERS' DEFICIT		(834,866	)		(530,754	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	10,499		$	18,343

 See accompanying notes to financial statements.

5

DEL TORO SILVER CORP

(An Exploration Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED JULY 31, 2013 AND 2012 AND FROM THE DATE OF INCEPTION TO JULY 31, 2013

	For the Three Months Ended						For the Nine Months Ended						Accumulated Amounts From Inception, January 9, 2006 to
	July 31, 2013			July 31, 2012			July 31, 2013			July 31, 2012			July 31, 2013
GENERAL AND ADMINISTRATIVE EXPENSES:
Amortization	$	-		$	-		$	-		$	-		$	2,692
Consulting fee		75,399			-			226,196			-			904,765
Foreign exchange (gain) loss		(78	)		81			(163	)		400			(2,387	)
General and administrative		11,719			13,723			35,803			52,217			194,770
Mineral property costs		5,664			54,208			24,414			89,837			468,273
Professional fees		16,143			20,306			61,677			54,161			495,242
Write-down of property and equipment		-			-			-			-			1,838
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES		108,847			88,318			347,927			196,615			2,065,193
OTHER INCOME (EXPENSES):
Accretion of discount on convertible debt		-			-			-			-			(55,000	)
Interest expense		(60,156	)		(3,030	)		(119,385	)		(3,115	)		(136,646	)
Gain on termination of partial purchase option agreement		40,865			-			40,865			-			40,865
Loss on change in fair value of derivative liability		-			-			-			-			(14,962	)
Gain/(loss) on settlement of debt		-			-			-			-			(32,990	)
TOTAL OTHER INCOME (EXPENSES)		(19,291	)		(3,030	)		(78,520	)		(3,115	)		(198,733	)
NET LOSS	$	(128,138	)	$	(91,348	)	$	(426,447	)	$	(199,730	)	$	(2,263,926	)
Basic and diluted net loss per common share	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.01	)
Weighted average number of basic and diluted common shares outstanding	$	19,449,069		$	15,852,240		$	18,135,486		$	15,701,004

 See accompanying notes to financial statements.

6

DEL TORO SILVER CORP

(An Exploration Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS ENDED JULY 31, 2013 AND 2012 AND FROM THE DATE OF INCEPTION TO JULY 31, 2013

							Accumulated
							Amounts
							From
	For the Nine Months Ended						Inception to
	July 31, 2013			July 31,2012			July 31, 2013
CASH PROVIDED BY (USED FOR):
OPERATING ACTIVITIES
Net loss for the period	$	(426,447	)	$	(199,730	)	$	(2,263,926	)
Items not requiring (providing) cash:
Accretion of discount on convertible debenture		-			-			55,000
Amortization		-			-			2,692
Loss on change in fair value of derivative liability		-			-			14,962
Loss on settlement of debt		-			-			12,183
Shareholder loan issued for consulting service		153,000			-			312,000
Shares issued for mineral property		-			16,000			176,460
Shares issued to settle debt		-			-			14,060
Shares issued for consulting service		-			34,000			134,000
Share-based compensation		73,197			-			413,521
Write-down of property and equipment		-			-			1,838
Changes in operating assets and liabilities:
Receivables		-			616			-
Prepaid expenses		1,253			(32,267	)		(2,500	)
Related party liabilities		(19,304	)		10,597			(14,800	)
Accounts payable and accrued liabilities		61,021			(24,119	)		119,697
CASH USED FOR OPERATING ACTIVITIES		(157,280	)		(194,903	)		(1,024,813	)
INVESTING ACTIVITY:
Equipment acquired		-			-			(4,530	)
CASH USED FOR INVESTING ACTIVITIES		-			-			(4,530	)
FINANCING ACTIVITIES:
Net proceeds from (paid for) issuance of common stocks		-			(2,946	)		536,729
Proceeds from issuance of convertible debenture		70,000			40,000			216,500
Proceeds from (paid to) related parties		103,689			154,000			380,113
Repayment of convertible debenture		(23,000	)		-			(96,000	)
CASH PROVIDED BY FINANCING ACTIVITIES		150,689			191,054			1,037,342
NET INCREASE (DECREASE) IN CASH		(6,591	)		(3,849	)		7,999
CASH, BEGINNING OF PERIOD		14,590			24,088			-
CASH, END OF PERIOD	$	7,999		$	20,239		$	7,999
NON CASH ACTIVITIES
Shares issued for conversion of debenture	$	28,500		$	-		$	63,500
Shares issued to settle debt	$	-		$	-		$	14,250
SUPPLEMENTAL DISCLOSURE
Interest paid	$	19,409		$	85		$	35,270
Income taxes paid	$	-		$	-		$	-

 See accompanying notes to financial statements.

7

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 1 – NATURE OF OPERATIONS AND CONTINUANCE OF BUSINESS

Del Toro Silver Corp. (the “Company”) was incorporated on January 9, 2006 as Candev Resource Exploration, Inc. under the laws of the State of Nevada and extra-provincially registered under the laws of the Province of British Columbia on August 15, 2006. Effective July 28, 2009, the Company completed a merger with its wholly owned subsidiary, Del Toro Silver Corp., a Nevada corporation which was incorporated on July 7, 2009 solely to change the Company’s name to Del Toro Silver Corp. The Company is an exploration stage company as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, “Development Stage Entities”, and is engaged in the acquisition, exploration and development of mineral properties.

These financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As of July 31, 2013, the Company has not earned any revenue, has a working capital deficit of $834,866, and an accumulated deficit of $2,263,926. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation – The financial statements and the related notes of the Company are prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is October 31.

Interim Financial Statements – These interim unaudited financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended October 31, 2012.

The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at July 31, 2013, and the results of its operations and cash flows for the nine month period ended July 31, 2013 and 2012.  The results of operations for the period ended July 31, 2013 is not necessarily indicative of the results to be expected for future quarters or the full year.

Recent Accounting Pronouncements – The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Reclassification – The cash flow statement for accumulated amounts from inception to July 31, 2013 has been reclassified to conform to the current quarter presentation.

Cash and Cash Equivalents – The Company considers all highly liquid investments with maturity of three months or less at the date of acquisition to be cash equivalents.

Prepaid Expenses – Prepaid expenses are expenses paid by the Company in cash or stock before they are used or consumed.

Accounts Payable and Accrued Expenses – Accounts payable and accrued expenses consist principally of amounts due to various suppliers and professional service providers.

8

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

Mineral Property Exploration and Development – The Company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360 “Property, Plant and Equipment” at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

Due to Related Parties – Due to related parties consist principally of amounts due to officers and directors of the Company, with respect to expenditures paid by officers and directors on behalf of the Company.

NOTE 3 – MINERAL PROPERTIES

Dos Naciones

On July 7, 2009, and as amended on June 25, 2010, October 21, 2010, and July 9, 2012 the Company entered into an option agreement (the “Dos Naciones Agreement”) to acquire a 50% undivided interest in the Dos Naciones Property located in Sonora, Mexico. Under the terms of the Dos Naciones Agreement, the Company paid a purchase price of $29,658 (Cdn $35,000) and had an option to acquire a further 20% interest in the property subject to the following terms:

● Issuance of 150,000 common shares on or before January 25, 2010 (issued);

● Issuance of 200,000 common shares on or before July 7, 2010 (issued);

● Issuance of 250,000 common shares on or before October 21, 2010 (issued);

● Issuance of 200,000 common shares on or before July 9, 2012 (issued);

● Issuance of 200,000 common shares on or before September 15, 2012 (issued); and

● Incur exploration expenditures of Cdn $800,000 on or before July 7, 2013.

Because the Company did not pay Cdn $800,000 by the July 7, 2013 deadline, the option agreement is no longer applicable. Management has not pursued renewing the Dos Naciones Agreement as of July 31, 2013.

Discovery Day Gold Property

The Company entered into an agreement with Bowerman Holdings, LLC (“Bowerman”) on November 14, 2011 in which it can acquire up to 75% of Bowerman’s interest in various mining claims located in Siskiyou County, California, known as the Discovery Day Gold Property. The current expected closing of the acquisition is November 30, 2013. During the nine months ended July 31, 2013, the Company incurred $5,000 in costs as part of this activity.

9

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 3 – MINERAL PROPERTIES – (CONTINUED)

Natchez Pass

On August 31, 2012, the Company entered into a partial purchase option agreement, as subsequently amended, with Natchez Pass LLC. Subsequently, on June 6, 2013, the company entered into a purchase option termination agreement with Natchez Pass LLC wherein the company has agreed to terminate the partial purchase agreement pursuant to the following terms:

● the Company has been released from all obligations under the partial purchase agreement;

● the Company has been granted a 5% net smelter royalty related to all of the claims under the partial purchase agreement. Within 10 days Natchez Pass LLC will record the net smelter royalty against those claims with the Bureau of Land Management;

● the Company shall be paid 5% of the gross sale price, such price to be reduced by sales commissions, closing costs, and Natchez Pass LLC’s repayment of its third party debts related to the claims. The sales proceeds to the Company shall not be less than $300,000;

● the Company shall issue 2,000,000 shares of its common stock; and

● Natchez Pass LLC shall retain all money paid to it under the partial purchase agreement and, upon sale of the claims to a third party, or upon the sale to a third party of a majority or greater of interest in the claims, the Company shall assign all of its rights in the net smelter royalty to Natchez Pass LLC.

During the nine months ended July 31, 2013, the Company incurred $10,500 in mineral properties costs and was released from liabilities totaling $40,865, which was included in other income on the consolidated statements of operations. The Company has accumulated $52,548 of net costs on the property, since inception on the agreement.

NOTE 4 – COMMON SHARES

Year Ended October 31, 2012

● On January 31, 2012, the Company issued 300,000 common shares for prepaid consulting services of $30,000 less the share issuance costs of $2,928.

● On February 29, 2012, the Company issued 40,000 common shares for consulting services of $4,000, less share issuance costs of $18.

● On July 9, 2012 the Company issued 200,000 common shares as part of the Dos Naciones Agreement described in Note 3 and charged $16,000 to mineral property costs.

● On September 14, 2012 the Company issued 200,000 common shares as part of the Dos Naciones Agreement described in Note 3 and charged $18,000 to mineral property costs.

● On October 31, 2012 the Company issued 1,250,000 common shares as part of the agreement described in Note 7 for consulting services of $100,000.

Nine Months Ended July 31, 2013

● On April 24, 2013, the Company issued 574,714 common shares to partially settle convertible debenture of $10,000.

● On May 10, 2013, the Company issued 870,690 common shares to partially settle convertible debenture of $10,100.

● On May 23, 2013, the Company issued 865,979 common shares to partially settle convertible debenture of $8,400.

10

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 5 – SHARE PURCHASE WARRANTS

The following table summarizes the continuity of share purchase warrants:

				Weighted
				Average
	Number of			Exercise Price
	Warrants				$
Balance, October 31, 2011		-
Issued		2,000,000			0.25
Expired		-			-
Balance, October 31, 2012		2,000,000			0.25
Expired		(2,000,000	)		(0.25	)
Balance, July 31, 2013		-			-

As of July 31, 2013, no share purchase warrants were outstanding. The balance of share purchase warrants expired on December 6, 2012.

NOTE 6 – STOCK OPTIONS

On September 7, 2010, the Company adopted a stock option plan (“2010 Stock Option Plan”) allowing for the issuance of stock options to acquire up to 5,000,000 common shares. There were a total of 1,000,000 options outstanding at October 31, 2011 with a weighted average exercise price of $0.10. All of the outstanding shares expired and the stock option plan expired on September 7, 2012.

On August 29, 2012 the Company adopted a stock option plan (the “2012 Stock Option Plan”) allowing for the issuance of stock options to acquire up to 3,000,000 common shares. As of July 31, 2013 and October 31, 2012, there were 1,000,000 shares available for issuance under the 2012 Stock Option Plan. Officers and directors have been granted 1,500,000 of the 2,000,000 granted stock options.

11

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 6 – STOCK OPTIONS – (CONTINUED)

The following table summarizes the continuity of the Company’s 2012 Stock Option Plan:

			Weighted		Weighted average
			average		remaining
	Number		exercise price		contractual life
	of options		(US $)		(years)
Outstanding, October 31, 2012		2,000,000		0.145
Outstanding and exercisable, July 31, 2013		2,000,000		0.145		4.11

The Company’s options vest at different periods. As such, the Company records stock-based compensation over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards.

Additional information regarding stock options as of July 31, 2013, is as follows:

	Exercise
Number of	Price			Life
Options	$	Vesting Date	Expiry Date	(years)
575,000	0.10	9/12/2012	9/12/2017	5
505,000	0.15	3/12/2013	9/12/2017	4.5
560,000	0.15	9/12/2013	9/12/2017	4
360,000	0.20	3/12/2014	9/12/2017	3.5
2,000,000

Compensation cost will be recognized over the requisite service period that began September 12, 2012. For the nine months ended July 31, 2013, the Company recognized $73,197 (2012 $nil) as compensation cost. Stock-based compensation expense was estimated using the Black-Scholes option pricing model assuming no expected dividends, a risk-free interest rate ranging from 0.42% to 0.70%, expected option life of 3.5 to 5 years and a volatility of 281%.

12

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 7 – RELATED PARTY TRANSACTIONS

The Company has entered into various convertible loan agreements with related parties including officers and directors. The principal amount of the loans plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date of each loan. The related parties may provide the Company with written notice of conversion at any time to exercise their rights of conversion in respect of either a portion of or the total outstanding amount of each loan plus accrued interest as of that date into shares of the Company.

On September 1, 2012 the Company entered into consulting agreements with officers and directors. Under the terms of the agreement compensation for the provision of services for the 14 months prior to the effective date shall be $125,000 and the issuance of 1,250,000 shares of common stock of the Company. The cash portion plus any accrued and unpaid interest shall be due and payable in one full year from the date of the agreement. The officers and directors may provide the Company with written notice of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the Company at the price of $0.10 per share. The loan shall bear interest at a rate of 5% per annum.

Additionally, compensation per the agreements is $17,000 per month. The cash portion shall continue to accrue and interest shall accrue on the unpaid balance of the cash portion at a rate of 5% per annum. The officers and directors may provide the Company with written notice of conversion of all accrued and unpaid compensation including interest, payable in common shares of the company based on the price of 80% of the average closing prices for the five trading days prior to the end of the one year term. 

Additional information on these agreements as of July 31, 2013 and October 31, 2012 is as follows:

	Loan Balance Including Accrued Interest
Loan Agreement	July 31, 2013		October 31, 2012
On May 26, 2012 agreements were formalized for the advancement of $104,000, accruing interest at 8.0%, with a conversion price of $0.06 per share. Accrued interest as of 7/31/13 was $2,229.	$	64,177	$	93,946
On July 16, 2012 an agreement was formalized for the advancement of $50,000, accruing interest at 8.0%, with a conversion price of $0.08 per share. Accrued interest as of 7/31/13 was $4,175.		54,175		51,184

13

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 7 – RELATED PARTY TRANSACTIONS – (CONTINUED)

	Loan Balance Including Accrued Interest
Loan Agreement - continued	July 31, 2013		October 31, 2012
On August 30, 2012 an agreement was formalized for the advancement of $100,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $7,364.		107,364		101,381
On September 1, 2012 an agreement was entered (see consulting agreement above) totaling $125,000, accruing interest at 5%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $5,719.		130,719		126,045
On September 1, 2012 an agreement was entered (see consulting agreement above) totaling $17,000 per month, accruing interest at 5%, with an unknown future conversion price. Accrued interest as of 7/31/13 was $3,894.		190,894		34,072

On September 21, 2012 an agreement was formalized for the advancement of $15,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $1,032.	16,032	15,135
On December 11, 2012 an agreement was formalized for the advancement of $40,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $2,043.	42,043	-
On May 6, 2013 an agreement was formalized for the advancement of $20,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Loan was paid back in full on 6/25/13.	-	-
On May 24, 2013 an agreement was formalized for the advancement of $40,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Loan was paid back in full on 7/22/13.	-	-
On June 14, 2013 an agreement was formalized for the advancement of $35,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $361.	35,361	-

14

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 7 – RELATED PARTY TRANSACTIONS – (CONTINUED)
On July 19, 2013 an agreement was formalized for the advancement of $60,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $158.		60,158		-
Total Convertible Loans Payable to Related Parties	$	700,923	$	421,763

The Company is in debt to officers and directors of the Company for an additional $17,254 and $18,165 as of July 31, 2013 and October 31, 2012, respectively. The additional related party indebtedness is unsecured, non-interest bearing, and due on demand.

NOTE 8 – CONVERTIBLE DEBENTURES

On October 10, 2012 the Company issued a convertible debenture with a non-related party for $51,500. Under the terms of the debenture the amount is unsecured with a stated interest rate of 8% per annum, and is due on or before July 15, 2013. Any amount of principal or interest on this debenture which is not paid when due will bear interest at the rate of 22% per annum from the due date thereof. The debenture is convertible into common shares of the Company commencing April 8, 2013 (180 days from the issuance date), at a conversion price equal to 58% of the market price on conversion date, where the market price is equal to the average of the lowest three trading prices in the prior ten trading days as of the conversion date. The conversion feature limits issuing shares of stock to 4.99% of the total issued and outstanding shares. The Company has the right to repay the note within 180 days from April 8, 2013, in consideration of the payment of cash equal to 120% to 140% of the outstanding balance plus accrued interest. A total of $28,500 of the debenture was converted to common stock (Note 4) during the nine months ended July 31, 2013.  The Company has recognized interest expense related to the debt and equity portion of the convertible debenture totaling $32,588 for the nine months ended July 31, 2013. A principal payment of $23,000 was paid on May 28, 2013 to fully satisfy the remaining balance on the convertible debenture.

On February 12, 2013 the Company issued a convertible debenture with a non-related party for $37,500. Under the terms of the debenture the amount is unsecured with a stated interest rate of 8% per annum, and is due on or before November 14, 2013. Any amount of principal or interest on this debenture which is not paid when due will bear interest at the rate of 22% per annum from the due date thereof. The debenture is convertible into common shares of the Company commencing August 11, 2013 (180 days from the issuance date), at a conversion price equal to 50% of the market price on conversion date, where the market price is equal to the average of the lowest three trading prices in the prior ten trading days as of the conversion date. The conversion feature limits issuing shares of stock to 4.99% of the total issued and outstanding shares. The Company has the right to repay the note within 180 days from February 12, 2013, in consideration of the payment of cash equal to 120% to 140% of the outstanding balance plus accrued interest. The Company has also accreted and accrued interest expense of $35,208 related to the intrinsic value of the beneficial conversion feature for the nine months ended July 31, 2013.

On April 2, 2013 the Company issued a convertible debenture with a non-related party for $32,500. Under the terms of the debenture the amount is unsecured with a stated interest rate of 8% per annum, and is due on or before January 4, 2014. Any amount of principal or interest on this debenture which is not paid when due will bear interest at the rate of 22% per annum from the due date thereof. The debenture is convertible into common shares of the Company commencing September 29, 2013 (180 days from the issuance date), at a conversion price equal to 50% of the market price on conversion date, where the market price is equal to the average of the lowest three trading prices in the prior ten trading days as of the conversion date. The conversion feature limits issuing shares of stock to 4.99% of the total issued and outstanding shares. The Company has the right to repay the note within 180 days from April 2, 2013, in consideration of the payment of cash equal to 120% to 140% of the outstanding balance plus accrued interest. The Company has also accreted and accrued interest expense of $21,486 related to the intrinsic value of the beneficial conversion feature for the nine months ended July 31, 2013.

15

DEL TORO SILVER CORP

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2013

NOTE 9 – COMMITMENTS

The Company entered into an investor relations agreement with a consulting company on January 26, 2012. Pursuant to the agreement, the Company agreed to pay $1,000 and issue an aggregate of 140,000 common shares during the next six months. As of July 31, 2013 40,000 shares have been issued relative to this agreement. At the time the financial statements were released, both parties have agreed to temporarily delay the agreement.

NOTE 10 – SUBSEQUENT EVENTS

On August 5, 2013 the Company issued 2,000,000 common shares. The shares were issued in connection with subscription and settlement agreements related to the termination of the Company’s partial purchase option agreement with Natchez Pass LLC.

On August 26, 2013, the Company entered into a convertible loan agreement with Patrick Fagen, a director and officer of the Company. Under the terms of the convertible loan agreement, Mr. Fagen had agreed to loan the Company $60,000, which was advanced to the Company on August 26, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date. Mr. Fagen may provide the Company with written notice of conversion at any time to exercise his rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the Company, at the price of $0.10 per share. The loan shall bear interest at a rate of 8% per annum.

On July 7, 2009, the Company entered into an Option Agreement, as subsequently amended, with Alta Vista Ventures Ltd. (formerly Yale Resources Ltd.) to acquire up to a 70% undivided interest the Dos Naciones Property, located in state of Sonora, Mexico.

On September 13, 2013, the Company entered into a Termination Agreement with Alta Vista Ventures Ltd. wherein the Company has agreed to terminate the Option Agreement dated July 7, 2009, as subsequently amended. Pursuant to the Termination Agreement, the Company has transferred, in kind, its 50% ownership of the Dos Naciones Property to Alta Vista Ventures Ltd., such that Alta Vista Ventures Ltd. retains a 100% interest in the Dos Naciones Property.

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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our consolidated unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to "US$" refer to United States dollars and all references to "common stock" refer to the common shares in our capital stock.

As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean Del Toro Silver Corp., unless otherwise indicated.

General Overview

Our company was incorporated on January 9, 2006 as Candev Resource Exploration, Inc. under the laws of the State of Nevada and extra-provincially registered under the laws of the Province of British Columbia on August 15, 2006. Effective July 28, 2009, our company completed a merger with our wholly owned subsidiary, Del Toro Silver Corp., a Nevada corporation, which was incorporated on July 7, 2009 solely to change our company’s name to Del Toro Silver Corp.

Our head office is located at 320 North Carson Street, Carson City, Nevada 89701.

Corporate History

Effective July 9, 2009, we completed the acquisition of a 50% undivided interest and the option to acquire a further 30% interest in, the Dos Naciones Property, located in the state of Sonora, Mexico, in accordance with the terms of a property option agreement with Yale Resources Ltd. dated July 7, 2009. We entered into an amendment agreement dated June 25, 2010, amending certain terms of the option agreement.

In October 2010, we announced that we expanded the Josefina target at the Dos Naciones Property. Fieldwork completed by our company was successful in identifying multiple new exposures of veins as well as an historic working that was previously unknown. The Josefina target now consists of a series of at least six sub-parallel veins with the core of the silver/lead system having been traced along surface for approximately 600 meters along the strike and over 250 meters in width. Highlights from the 38 samples submitted are channel chip samples from the interior of the Josefina working returning 129g/t Ag with 5.23% Pb over 1.0 meters and 105g/t Ag with 4.21% Pb over 0.50 meters.

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In December 2010, we completed an ASTER (Satellite Imaging) study on the Dos Naciones Property and surrounding mines, and continued our field work consisting of detailed geological mapping, sampling and prospecting towards identifying drill targets. A follow up field program in the area was commenced in January 2011 to expand the mapping and sampling of the surrounding areas based on the ASTER report study.

In October 2011, we were notified by our joint venture participant, Yale, that a drilling contract had been signed with Geometrics Mineral Services S.A. de C.V. Drilling on the property began in November 2011.

In November 2011, our management announced that our company will begin to change our corporate strategy to target high grade precious metals properties, located in the western United States, that have the potential for near-term production and positive cash flow.

On July 9, 2012, we entered into a further amendment agreement to the Dos Naciones Property option agreement with Yale as amended on June 25, 2010 and October 21, 2010. Pursuant to the terms of the further-amended agreement, Yale agreed to grant our company an option to acquire a further 20% interest in the Dos Naciones Property (for a total of 70%) in consideration of the issuance of 250,000 more shares of our common stock upon signing of the agreement and the issuance of 400,000 more shares of our common stock to Yale. Yale also agreed to rescind its option to repurchase the property during the option period.

Under the terms of the July 9, 2012 amendment agreement, our company paid a purchase price of $29,658 (Cdn $35,000) and has an option to acquire a further 20% interest in the property subject to the following terms:

● Issuance of 150,000 common shares on or before January 25, 2010 (issued);

● Issuance of 200,000 common shares on or before July 7, 2010 (issued);

● Issuance of 250,000 common shares on or before October 21, 2010 (issued);

● Issuance of 200,000 common shares on or before July 9, 2012 (issued);

● Issuance of 200,000 common shares on or before September 15, 2012 (issued); and

● Incur exploration expenditures of Cdn $800,000 on or before July 7, 2013.

Because our company did not pay the Cdn $800,000 by the July 7, 2013 deadline, the option agreement has lapsed. Management did not pursue renewing the Dos Naciones Agreement and on September 13, 2013, we entered into a termination agreement with Alta Vista Ventures Ltd. (formerly Yale Resources Ltd.) wherein we agreed to terminate the option agreement dated July 7, 2009, as subsequently amended.

During the nine months ended July 31, 2013, we incurred $8,250 of mineral property costs on the Dos Naciones property.

On November 14, 2011, we entered into an asset sale agreement with Bowerman Holdings LLC, a related party, to acquire up to 75% of 100% of Bowerman’s right, title and interest in and to 31 KM mining claims and 17 Raddlefinger mining claims, known as the Discovery Day Gold Property, located in Siskiyou County, California. Closing of the acquisition was scheduled to occur by May 12, 2012. On November 13, 2012, our company and Bowerman extended the closing date through May 31, 2013, and subsequently, on May 31, 2013, our company and Bowerman extended the closing date through November 30, 2013.

In consideration of a 60% interest in the Discovery Day Gold Property, we have agreed to pay to Bowerman an aggregate purchase price of $6,525,000, payable as follows:

● $25,000 payable by December 14, 2011 (the date of the payment has been extended to November 30, 2013); 

● $4,500,000 payable upon closing by execution and delivery of a promissory note and a first position deed of trust against the Discovery Day Gold Property, which secures our company’s full repayment of the amount due under the promissory note; and

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● $2,000,000 payable upon closing by delivery of 40,000,000 shares of our common stock at $0.05 per share (issued to Bowerman and certain assignees of Bowerman). We have agreed to use our good faith efforts to file with the Securities and Exchange Commission a reseller prospectus registering the shares within 160 days of the closing, failing which we will be required to pay a $10,000 fee to Bowerman in lieu of registration.

The $4,500,000 secured by the promissory note and deed of trust shall accrue interest (on unpaid principal and interest) from closing at the rate of 10% interest per annum, compounded monthly. Principal and interest shall be due and payable in full on closing by way of a balloon payment equal to the amount of the entire balance then-due. We may prepay all or any part of the sum due under the promissory note any time without penalty. Delinquent payments under the note will be subject to a late fee equal to 10% of the delinquent payment amount. Subject to timely payment of the promissory note and all consideration due and payable, our company is entitled to acquire, within 48 months from closing, up to an additional 15% interest in the Discovery Day Gold Property at a rate of $300,000 per 1%.

In addition to the $6,525,000 aggregate purchase price, we have agreed to incur, within 36 months of the closing, not less than $1,500,000 in exploration, development, or operating expenses in respect of the Discovery Day Gold Property. Our company’s work commitment shall be carried out in accordance with a joint operations agreement between our company and Bowerman, also entered into on November 14, 2011, whereby Bowerman and our company have agreed to jointly develop the Discovery Day Gold Property through January 1, 2017.

Pursuant to the agreement, our company and Bowerman shall form a single purpose entity to serve as the sole operator of the Discovery Day Gold Property, with our company serving as manager of the entity. Subject to and upon completion of the $1,500,000, 36-month work commitment to be financed by our company, subsequent work programs and budgets shall be determined by our company at our sole discretion, and the operating costs of the entity shall be shared by our company and Bowerman on a pro-rata basis with their respective ownership interest in the Discovery Day Gold Property. Net proceeds of the entity shall also be divided between our company and Bowerman on a pro-rata basis with their respective ownership interest in the Discovery Day Gold Property.

Bowerman's parent company has caused one of its wholly owned subsidiaries to conditionally license to the entity the use of all equipment, improvements and other items of personal property and improvements overlying the Discovery Day Gold Property. Our company shall have the option to exercise the license by paying to Bowerman a license fee of $100,000 per year. At our company’s election and sole determination, our company may pay each license fee either in cash, in common shares of our company discounted by 20% of the then-market value, or by crediting the value of the license fee toward Bowerman’s financial obligation to pay its pro rata interest for work performed under the joint operations agreement, provided that Bowerman’s obligation shall not accrue until our company’s $1,500,000 work commitment has been fully expended. Our company shall also have the option to buy out the licensed equipment and improvements. The entity shall be charged with maintaining, repairing, servicing, supplying, insuring and otherwise keeping in good condition through due care all of the equipment and improvements for the duration of the license.

During the nine months ended July 31, 2013, we incurred $5,000 of mineral property costs on the Bowerman property

On August 31, 2012, and as amended on September 27, 2012, our company entered into a partial purchase option agreement with Natchez Pass, LLC to acquire up to a 67.5% interest, in leasehold interests to land in Pershing County, Nevada. In order to earn the option, over a five year period our company was required to make an aggregate cash payment of $4,005,000 to, or on behalf of, Natchez Pass and certain amounts for the work program on the Natchez Pass Property, and issue up to 5,000,000 restricted shares of common stock to Natchez Pass. If our company fully exercised the option to earn 67.5% interest, our company had an option to earn up to an additional 7.5% interest at the price of $150,000 per point.

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On June 6, 2013, we entered into a purchase option termination agreement with Natchez Pass LLC wherein we have agreed to terminate the partial purchase option agreement dated August 31, 2012.

During the nine months ended July 31, 2013, our company incurred $10,500 in mineral properties costs and was released from liabilities totaling $40.865, which was included in other income on the consolidated statements of operations. Our company has accumulated $52,548 of net costs on the property, since inception of the agreement.

Our Current Business

In November 2011, our management announced that our company will change our corporate strategy from that of a junior exploration company to one which targets high grade precious metals properties, located in the western United States, with the potential for near-term production and positive cash flow. Most junior explorers and majors have had little interest in such properties due to permitting issues, smaller resource potential and lower projected production rates. We believe that this niche market offers many opportunities ignored or overlooked by the junior gold companies. Our new corporate strategy is to best position our company to capitalize on this opportunity and build shareholder value.

We have established five performance milestones for this strategy which include: 1) identifying and purchasing high grade prospects and/or past producers that can be cost-effectively put into production, 2) designing an efficient development plan tailored for each property, 3) obtaining the necessary operating permits, 4) validating the status of the property through an independently written Canadian National Instrument 43-101 technical report and 5) monetizing the asset either through production, a sale or joint venture. We plan to have several such high-grade mines in the development pipeline and achieving each of these milestones is expected to build significant value to each asset. Throughout the development process our company will constantly assess the monetization options available for each of the advanced properties with the intention of putting the most profitable into production ourselves and selling or optioning the others to generate additional cash flow.

Based on our experience, the recent increase in gold prices along with the popularity of owning physical gold has generated a significant demand in the private and international markets for turnkey, permitted, cost-effective gold producers. We intend to be the industry leader in this market and build shareholder value by diligently implementing our new corporate strategy.

Effective August 31, 2012, we entered into a partial purchase option agreement with Natchez Pass LLC to acquire up to a 67.5% interest in leasehold interests to land in Pershing County, Nevada. In order to earn the option, over a five year period our company is required to make aggregate cash payments of $4,055,000, consisting of payments to Natchez Pass, certain repayments on behalf of Natchez Pass and certain amounts for the work program on the property, and issue up to 5,000,000 restricted shares of common stock to Natchez Pass. If our company fully exercises the option to earn 67.5% interest, our company then has an option to earn up to an additional 7.5% interest at the price of $150,000 per point. On June 6, 2013, our company entered into a purchase option termination agreement for the partial purchase agreement dated August 31, 2012 and we have been released from all obligations, including all monies owed at that time, under the agreement. Our company has been granted a 5% net smelter royalty related to all the claims under the agreement and shall be pad 5% of the gross sale price which shall not be less than $300,000. Our company issued 2,000,000 shares of our common stock and Natchez Pass shall retain all money paid to it under the partial purchase option agreement.

Effective September 1, 2012, our company entered into consulting agreements with Greg Painter, a director of our company, for services performed as our company’s president and chief executive officer and with Patrick Fagen, a director of our company, for services performed as our company’s chief financial officer. The term of the consulting agreements are to September 1, 2013 and are currently being re-negotiated for another one year term.

On October 10, 2012, we entered into a securities purchase agreement with Asher Enterprises, Inc.  Under the terms of the securities purchase agreement we issued an 8% convertible note in the aggregate principal amount of $51,500, which note matures on July 15, 2013 and may be converted into shares of our company's common stock at a rate of 58% of the market price on any conversion date, any time after 180 days from October 10, 2012. Our company has the right to prepay the note within 60 days of October 10, 2012, in consideration of the payment of an amount in cash equal to 120%, multiplied by the sum of: the then outstanding principal amount of the note plus accrued and unpaid interest on the unpaid principal. Our company received the $51,500 principal under the note on October 15, 2012. A total of $28,500 of the debenture was converted to common stock (Note 4) during the nine months ended July 31, 2013. The Company has recognized interest expense related to the debt and equity portion of the convertible debenture totaling $32,588 for the period ended July 31, 2013. The remaining balance of the convertible debenture has been paid in its entirety as of July 31, 2013.

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On February 12, 2013, we entered into a securities purchase agreement with Asher Enterprises, Inc. Under the terms of the agreement our company issued an 8% convertible promissory note, in the principal amount of $37,500, which note matures on November 30, 2013 and may be converted into shares of our company’s common stock at a rate of 50% of the market price on any conversion date, any time after 180 days from February 28, 2013. Our company has the right to prepay the note within 30 days of February 28, 2013, in consideration of the payment of an amount equal to 120%, multiplied by the sum of: the then outstanding principal amount of the note plus accrued and unpaid interest on the unpaid principal. Our company received the sum of $36,000 principal under the note on February 28, 2013. Our company fully repaid the note without any conversions. The Company has also accreted and accrued interest expense of $35,208 related to the intrinsic value of the beneficial conversion feature for the period ended July 31, 2013.

On March 15, 2013, we signed a joint venture partnership terms agreement with Noble Mining Inc. with respect to the acquisition of a toll milling facility in the western United States. Pursuant to the terms agreement, Noble Mining will provide financing of up to $6,000,000 for the acquisition, development, permitting and operating capital for the toll milling partnership. Our company will be responsible for securing and delivering the toll milling facility through the necessary permitting requirements in order to process ore, locating mining customers that will contract with the toll mill to process ore, and managing day to day operations of the toll mill. Once both parties have successfully executed their respective roles and responsibilities, Noble Mining and our company will share ownership and profits from the toll mill in a 50/50 split. Noble Mining and our company will also partner together with respect to the acquisition of mines that they become aware of through servicing the toll mill customers. The joint venture partnership terms agreement will terminate 180 days from March 15, 2013.

On April 2, 2013, we entered into a securities purchase agreement with Asher. Under the terms of the agreement our company issued an 8% convertible promissory note, in the principal amount of $32,500, which note matures on January 4, 2014 and may be converted into shares of our company’s common stock at any time after 180 days from April 2, 2013, subject to adjustments as further set out in the note. The conversion price shall be at a variable conversion rate of 50% multiplied by the market price, being the average of the lowest three trading prices for our company’s common stock during the 10 trading day period ended on the latest complete trading day prior to the conversion date, subject to adjustments as further set out in the note. Our company has the right to prepay the note within 30 days of April 2, 2013, in consideration of the payment of an amount equal to 120%, multiplied by the sum of the then outstanding principal amount of the note plus accrued and unpaid interest on the unpaid principal. Our company received the sum of $31,000 principal under the note on April 2, 2013. The Company has also accreted and accrued interest expense of $21,486 related to the intrinsic value of the beneficial conversion feature for the period ended July 31, 2013.

On August 31, 2012, we entered into a partial purchase option agreement, as subsequently amended, with Natchez Pass LLC Nevada to acquire up to a 67.5% interest, in leasehold interests to land in Pershing County.

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Subsequently, on June 6, 2013, we entered into a purchase option termination agreement with Natchez Pass LLC wherein we have agreed to terminate the partial purchase option agreement dated August 31, 2012 pursuant to the following terms:

● our company has been released from all obligations, including all monies owed at that time, under the partial purchase option agreement;

● our company has been granted a 5% net smelter royalty related to all of the claims under the partial purchase option agreement. Within 10 days Natchez Pass LLC will record the net smelter royalty against those claims with the Bureau of Land Management;

● our company shall be paid 5% of the gross sale price, such price to be reduced by sales commissions, closing costs and of Natchez Pass LLC’s repayment of its third party debts related to the claims. The sales proceeds to our company shall not be less than $300,000;

● our company shall issue 2,000,000 shares of our common stock, as more particularly described in the termination agreement (issued on August 5, 2013); and

● Natchez Pass LLC shall retain all money paid to it under the partial purchase option agreement and, upon sale of the claims to a third party, or upon the sale to a third party of a majority or greater of interest in the claims, our company shall assign all of our rights in the net smelter royalty to Natchez Pass LLC.

On September 13, 2013, we entered into a termination agreement with Alta Vista Ventures Ltd. (formerly Yale Resources Ltd.) wherein we have agreed to terminate the option agreement dated July 7, 2009, as subsequently amended, related to the Dos Naciones Property. Pursuant to the termination agreement, our company has transferred, in kind, its 50% ownership of the Dos Naciones Property to Alta Vista, such that Alta Vista retains a 100% interest in the Dos Naciones Property.

Plan of Operation

Our plan of operation is to continue to evaluate, and if warranted close on the acquisition of our interest in the Discovery Day property, following which, in conjunction with our partners, we intend to carry out rehabilitation and exploration work on our Discovery Day property in order to ascertain whether it possesses additional commercially exploitable quantities of gold, silver, and other metals. We intend to primarily rehabilitate the mine workings in order that operations can re-commence, as well as explore for additional gold, silver, and copper. We will not be able to determine whether or not the Discovery Day property contains a further commercially exploitable mineral deposit, or reserve, until appropriate rehabilitation and exploratory work is done and an economic evaluation based on that work indicates economic viability.

Cash Requirements

We anticipate that we will incur the following expenses over the next twelve months:

Expense Item	Cost
Ongoing professional expenses associated with our company being a reporting issuer under the Securities Exchange Act of 1934		60,000
General and administrative expenses		25,000
Total Expenses	$	85,000

In addition to the above expense items, as we proceed with the Discovery Day Property, we shall incur the following additional costs:

On or before date of closing of the asset sale agreement with Bowerman on November 31, 2013, our company will pay Bowerman $25,000 pursuant to the current agreement. Additionally, during the subsequent 12 months from the closing, we anticipate spending an aggregate of $270,000 in the associated categories for operations at the Discovery Day property:

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● $50,000 for Mine Safety and Health Administration (MSHA) and Cal-OSHA safety compliance;

● $75,000 for underground rehabilitation;

● $15,000 for environmental permitting compliance;

● $35,000 for equipment costs;

● $25,000 for fuel;

● $20,000 for supplies; and

● $50,000 for general and administrative items.

Trinity Alps, the parent company to Bowerman, has spent in excess of $130,000 since June 10, 2013, to prepare the Discovery Day mine for operations.

As of July 31, 2013 we had cash of $7,999.

Based on the above estimate of $380,000 for our expenses for the next twelve months we do not have enough funds to proceed with our plan of operation over the next twelve months. Note that this amount does not include any funds that may be required under the terms of our agreement regarding the Discovery Day Property.  We plan to rely on equity financing in order to raise any additional funds necessary to pursue our plan of operation and to fund our working capital deficit in order to enable us to pay our accounts payable and accrued liabilities. We currently do not have any arrangements in place for the completion of any equity financings and there is no assurance that we will be successful in completing any equity financings.

Results of Operations

The following discussion of our results of operations should be read in conjunction with our unaudited consolidated financial statements for the three and nine month periods ended July 31, 2013 which are included herein.

Our operating results for the three and nine month periods ended July 31, 2013 and 2012 are summarized as follows:

	Three Months Ended July 31,						Nine Months Ended July 31,
	2013			2012			2013			2012
Revenue	$	Nil		$	Nil		$	Nil		$	Nil
Operating Expenses		108,847			88,318			347,927			196,615
Other Expenses		19,291			3,030			78,520			3,115
Net Loss	$	(128,138	)	$	(91,348	)	$	(426,447	)	$	(199,730	)

Revenues

We have not earned any revenues to date. We do not anticipate earning revenues from our planned mineral operations until such time as we enter into commercial production of mineral properties we may acquire from time to time, and of which there are no assurances.

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Expenses

Our expenses for the three and nine months ended July 31, 2013 and 2012 are outlined in the table below:

	Three Months Ended July 31,					Nine Months Ended July 31,
	2013			2012		2013			2012
Consulting	$	75,399		$	Nil	$	226,196		$	Nil
Foreign exchange loss (gain)		(78	)		81		(163	)		400
General and administrative		11,719			13,723		35,803			52,217
Mineral property expense		5,664			54,208		24,414			89,837
Professional fees		16,143			20,306		61,677			54,161
Interest expense		60,156			3,030		119,385			3,115
Gain on termination of partial purchase option agreement		(40,865)			Nil		(40,865)			Nil
Total	$	128,138		$	91,348	$	426,447		$	199,730

General and Administrative

For this discussion we have defined general and administrative costs to also include mineral property costs and professional fees.  The $20,529 increase in our general and administrative expenses for the three month period ended July 31, 2013 compared to the three month period ended July 31, 2012 was primarily due to consulting fees incurred with our officers and directors, stock based compensation incurred in 2013 and not in 2012 and a decrease in mineral property expenses. The $151,312 increase in our general and administrative expenses for the nine month period ended July 31, 2013 compared to the nine month period ended July 31, 2012 was primarily due to the same factors.

Other Income/ Expenses

We had $60,156 of interest expense on convertible debt for the three month period ended July 31, 2013.  There was $3,030 of interest expense on convertible debt for the same three month period ended July 31, 2012. We had $119,385 of interest expense on convertible debt for the nine month period ended July 31, 2013.  There was $3,115 of interest expense on convertible debt for the same nine month period ended July 31, 2012. During the period ended July 31, 2013 we were released from the partial purchase option agreement with Natchez Pass that resulted in other income of $40,865 reported as other income.

Liquidity and Capital Resources

Working Capital

	As of July 31, 2013			As of October 31, 2012			Percentage Increase / (Decrease)
Current Assets	$	10,499		$	18,343		$	(42.8	)%
Current Liabilities	$	845,365		$	549,097		$	54.0	%
Working Deficit	$	(834,866	)	$	(530,754	)	$	57.3	%

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Cash Flows

	Nine Month Period Ended July 31, 2013			Nine Month Period Ended July 31, 2012			Percentage Increase / (Decrease)
Cash used for Operating Activities	$	157,280		$	(194,903	)	$	(19.3)	%
Cash provided by Financing Activities	$	150,689		$	191,054		$	(21.2)	%
Cash provided by (used in) Investing Activities	$	Nil		$	Nil		$	Nil	%
Net increase (decrease) in Cash	$	(6,591	)	$	(3,849	)	$	71.2	%

We anticipate that we will incur approximately $85,000 for operating expenses, including professional, legal and accounting expenses associated with our reporting requirements under the Exchange Act during the next twelve months. We also expect to incur $295,000 over the next 12 months pursuant to our obligations on the Discovery Day Property. As of July 31, 2013 we had cash of $7,999, accordingly, we will need to obtain additional financing in order to complete our business plan.

On July 16, 2012, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company, for the sum of $50,000, which was advanced to our company on July 16, 2012.  The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.08 per share. The loan shall bear interest at a rate of 8% per annum. As of the date of this report, the principle and accrued interest remains unpaid.

On September 21, 2012, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company, for the sum of $15,000, which was advanced to our company on September 21, 2012.  The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.10 per share. The loan shall bear interest at a rate of 8% per annum.

On April 2, 2013, we entered into a securities purchase agreement with Asher. Under the terms of the agreement our company issued an 8% convertible promissory note, in the principal amount of $32,500, which note matures on January 4, 2014 and may be converted into shares of our company’s common stock at any time after 180 days from April 2, 2013, subject to adjustments as further set out in the note. The conversion price shall be at a variable conversion rate of 50% multiplied by the market price, being the average of the lowest three trading prices for our company’s common stock during the 10 trading day period ended on the latest complete trading day prior to the conversion date, subject to adjustments as further set out in the note. Our company has the right to prepay the note within 30 days of April 2, 2013, in consideration of the payment of an amount equal to 120%, multiplied by the sum of the then outstanding principal amount of the note plus accrued and unpaid interest on the unpaid principal. Our company received the sum of $31,000 principal under the note on April 2, 2013.

On May 6, 2013, we entered into a convertible loan agreement with Greg Painter, a director and officer of our company for the sum of $20,000, which was advanced to our company on May 6, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.10 per share. Our company fully repaid the note without any conversions.

On May 24, 2013, we entered into a convertible loan agreement with Arnold Fagen, a shareholder of our company, for the sum of $40,000, which was advanced to our company on May 24, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.10 per share. Our company fully repaid the note without any conversions.

On June 14, 2013, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company, for the sum of $35,000, which was advanced to our company on June 14, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of US$0.10 per share. The loan shall bear interest at a rate of 8% per annum.

On July 19, 2013, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company for the sum of $60,000, which was advanced to our company on July 19, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.10 per share. The loan shall bear interest at a rate of 8% per annum.

25

On August 26, 2013, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company. Under the terms of the convertible loan agreement, Mr. Fagen had agreed to loan the company $60,000, which was advanced on August 26, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date. Mr. Fagen may provide the company with written notice of conversion at any time to exercise his rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the company, at the price of $0.10 per share. The loan shall bear interest at a rate of 8% per annum.

Cash Used for Operating Activities

We used cash in operating activities in the amount of $157,280 during the nine month period ended July 31, 2013 and $194,903 during the nine month period ended July 31, 2012. Cash used in operating activities for both periods was funded by cash from financing activities, and a $43,012 decrease in cash used compared to the nine month period end July 31, 2012 was primarily due to more cash expensed on mineral property costs.

Cash Provided by Financing Activities

We generated cash of $150,689 from financing activities during the nine month period ended July 31, 2013 compared to cash generated of $191,054 by financing activities during the nine month period ended July 31, 2012. There was $40,365 more cash received in the prior year. This was primarily due to $50,311 more related party funding in the prior year, less a net advance of $7,000 from third parties.

Going Concern

The financial statements accompanying this report have been prepared on a going concern basis, which implies that our company will continue to realize our assets and discharge our liabilities and commitments in the normal course of business. Our company has not generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of our company as a going concern is dependent upon the continued financial support from our shareholders, the ability of our company to obtain necessary equity financing to achieve our operating objectives, and the attainment of profitable operations. As of July 31, 2013, our company has accumulated losses of $2,263,926 since inception. We do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

Due to the uncertainty of our ability to meet our current operating expenses and the capital expenses noted above in their report on the financial statements for the year ended October 31, 2012, our independent auditors included an explanatory paragraph regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

The continuation of our business is dependent upon us raising additional financial support. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

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 is material to stockholders.

26

Critical Accounting Policies

Basis of Presentation

The financial statements and the related notes of our company are prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars.  Our company’s fiscal year end is October 31.

Interim Financial Statements

These interim unaudited financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  Therefore, these financial statements should be read in conjunction with our company’s audited financial statements and notes thereto for the year ended October 31, 2012.

The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly our company’s financial position at July 31, 2013, and the results of its operations and cash flows for the three and nine month periods ended July 31, 2013 and 2012.  The results of operations for the period ended July 31, 2013 is not necessarily indicative of the results to be expected for future quarters or the full year.

Reclassification

The cash flow statement for accumulated amounts from inception to July 31, 2013 has been reclassified to conform to the current quarter presentation.

Mineral Property Exploration and Development

Our company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations.  It is primarily engaged in the acquisition and exploration of mining properties.  Mineral property exploration costs are expensed as incurred.  Mineral property acquisition costs are initially capitalized.  Our company assesses the carrying costs for impairment under ASC 360 “Property, Plant and Equipment” at each fiscal quarter end.  When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized.  Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve.  If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

Due to Related Parties

Due to related parties consist principally of amounts due to officers and directors of our company, in respect of expenditures paid by officers and directors on behalf of our company.

Recent Accounting Pronouncements

Our company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

27

Item 4.     Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer) and chief financial officer (our principal financial officer and principal accounting officer) to allow for timely decisions regarding required disclosure.

As the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer) and chief financial officer (our principal financial officer and principal accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer) and chief financial officer (our principal financial officer and principal accounting officer) concluded that our disclosure controls and procedures were not effective in providing reasonable assurance in the reliability of our reports as of the end of the period covered by this quarterly report.

Changes in Internal Control over Financial Reporting

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.     Legal Proceedings

We know of no material, active or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A.     Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

On August 5, 2013 we issued 2,000,000 common shares in the capital of our company. These shares were issued in connection with subscription and settlement agreements related to the termination of our partial purchase option agreement with Natchez Pass LLC. We issued the securities to three U.S. persons pursuant to the exemption from registration provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.

Item 3.     Defaults Upon Senior Securities

None.

Item 4.     Mining Safety Disclosures

Not applicable.

28

Item 5.     Other Information

None.

Item 6.     Exhibits

Exhibit Number	Description
(3)	Articles of Incorporation and Bylaws
3.1	Articles of Incorporation (incorporated by reference to our Form SB-2 Registration Statement filed on January 22, 2007)
3.2	Bylaws (incorporated by reference to our Form SB-2 Registration Statement, filed on January 22, 2007)
3.3	Articles of Merger (incorporated by reference to our Current Report on Form 8-K, filed on August 19, 2009)
(10)	Material Contracts
10.1	Letter of Intent between our company and Yale Resources Ltd. dated February 24, 2009 (incorporated by reference to our Quarterly Report on Form 10-Q, filed on June 18, 2009)
10.2	Amendment to Letter of Intent between our company and Yale Resources Ltd. dated March 11, 2009 (incorporated by reference to our Quarterly Report on Form 10-Q, filed on June 18, 2009)
10.3	Option Agreement between our company and Yale Resources Ltd. dated July 7, 2009 (incorporated by reference to our Current Report on Form 8-K, filed on July 15, 2009)
10.4	Amendment to Option Agreement between our company and Yale Resources Ltd. dated June 25, 2010 (incorporated by reference to our Current Report on Form 8-K, filed on June 29, 2010)
10.5	Amendment #2 to Option Agreement between our company and Yale Resources Ltd. dated October 21, 2010 (incorporated by reference to our Current Report on Form 8-K filed on October 25, 2010)
10.6	Asset Sale Agreement between our company and Bowerman Holdings, LLC dated November 14, 2011 (incorporated by reference to an exhibit to our Current Report on Form 8-K filed on November 21, 2011)
10.7	Joint Operations Agreement between our company and Bowerman Holdings, LLC dated November 14, 2011 (incorporated by reference to an exhibit to our Current Report on Form 8-K filed on November 21, 2011)
10.8	Investor Relations and Consulting Agreement between our company and Stock Signal IR and Consulting Group dated January 26, 2012 (incorporated by reference to an exhibit to our Current Report on Form 8-K filed on February 2, 2012)
10.9	Amendment #3 to Option Agreement between our company and Yale Resources Ltd. Dated July 9, 2012 (incorporated by reference to our Current Report on Form 8-K filed on July 9, 2012)
10.10	Convertible Loan Agreement between our company and Greg Painter dated May 26, 2012 (incorporated by reference to our Current Report on Form 8-K filed on May 29, 2012)
10.11	Convertible Loan Agreement between our company and Patrick Fagen dated May 26, 2012 (incorporated by reference to our Current Report on Form 8-K filed on May 29, 2012)
10.12	Convertible Loan Agreement between our company and Patrick Fagen dated July 16, 2012 (incorporated by reference to our Current Report on Form 8-K filed on July 20, 2012)
10.13	2012 Stock Option Plan (incorporated by reference to our Current Report on Form 8-K filed on August 30, 2012)
10.14	Convertible Loan Agreement between our company and Patrick Fagen dated August 30, 2012 (incorporated by reference to our Current Report on Form 8-K filed on September 5, 2012)
10.15	Partial Property Option Agreement between our company and Natchez Pass LLC dated August 31, 2012 (incorporated by reference to our Current Report on Form 8-K filed on September 6, 2012)
10.16	Consulting Agreement between our company and Greg Painter dated September 1, 2012 (incorporated by reference to our Current Report on Form 8-K filed on September 5, 2012)

29

Exhibit Number	Description
10.17	Consulting Agreement between our company and Patrick Fagen dated September 1, 2012 (incorporated by reference to our Current Report on Form 8-K filed on September 5, 2012)
10.18	Convertible Loan Agreement between our company and Patrick Fagen dated September 21, 2012 (incorporated by reference to our Current Report on Form 8-K filed on September 26, 2012)
10.19	Securities Purchase Agreement between our company and Asher Enterprises, Inc. dated October 10, 2012 (incorporated by reference to our Current Report on Form 8-K filed on October 25, 2012)
10.20	Convertible Loan Agreement between our company and Patrick Fagen dated December 11, 2012 (incorporated by reference to our Current Report on Form 8-K filed on December 12, 2012)
10.21	Partial Purchase Option Agreement, Second Amendment between our company and Natchez Pass LLC dated January 15, 2013 (incorporated by reference to our Current Report on Form 8-K filed on January 16, 2013)
10.22	Securities Purchase Agreement between our company and Asher Enterprises, Inc. dated February 12, 2013 (incorporated by reference to our Current Report on Form 8-K filed on March 1, 2013)
10.23	Convertible Promissory Note between our company and Asher Enterprises, Inc. dated February 12, 2013 (incorporated by reference to our Current Report on Form 8-K filed on March 1, 2013)
10.24	Securities Purchase Agreement between our company and Asher Enterprises, Inc. dated April 2, 2013 (incorporated by reference to our Current Report on Form 8-K filed on April 8, 2013)
10.25	Convertible Promissory Note between our company and Asher Enterprises, Inc. dated April 2, 2013 (incorporated by reference to our Current Report on Form 8-K filed on April 8, 2013)
10.26	Convertible Loan Agreement between our company and Greg Painter dated May 6, 2013 (incorporated by reference to our Current Report on Form 8-K filed on May 10, 2013)
10.27	Extension Agreement between our company and Bowerman Holdings, LLC dated May 31, 2013 (incorporated by reference to an exhibit to our Current Report on Form 8-K filed on May 31, 2013)
10.28	Convertible Loan Agreement between our company and Arnold Fagen dated May 24, 2013 (incorporated by reference to our Current Report on Form 8-K filed on June 12, 2013)
10.29	Purchase Option Termination Agreement between our company and Natchez Pass LLC dated June 6, 2013 (incorporated by reference to our Current Report on Form 8-K filed on June 12, 2013)
10.30	Convertible Loan Agreement between our company and Patrick Fagen dated June 14, 2013 (incorporated by reference to our Current Report on Form 8-K filed on June 19, 2013)
10.31	Convertible Loan Agreement between our company and Patrick Fagen dated July 19, 2013 (incorporated by reference to our Current Report on Form 8-K filed on July 26, 2013)
10.32	Termination Agreement between our company and Alta Vista Ventures Ltd. dated September 13, 2013 (incorporated by reference to our Current Report on Form 8-K filed on September 16, 2013)
(14)	Code of Ethics
14.1	Code of Ethics (incorporated by reference to our Quarterly Report on Form 10-QSB filed on September 19, 2007)
(31)	Rule 13a-14(a) / 15d-14(a) Certifications
31.1*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer
31.2*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer
(32)	Section 1350 Certifications
32.1*	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer
32.2*	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer
(99)	Additional Exhibits
99.1	Audit Committee Charter (incorporated by reference to our Annual Report on Form 10-K filed on January 29, 2009)

30

Exhibit Number	Description
101**	Interactive Data Files
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

*

Filed herewith.

**

Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.

31

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DEL TORO SILVER CORP.
Date: September 23, 2013	/s/ Greg Painter
	Greg Painter
	Chief Executive Officer, President, Secretary, Treasurer
	and Director
	(Principal Executive Officer)
Date: September 23, 2013	/s/ Patrick Fagen
	Patrick Fagen
	Chief Financial Officer and Director
	(Principal Financial Officer and Principal Accounting
	Officer)

32

EX-31

EXHIBIT 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Greg Painter, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Del Toro Silver Corp.;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the 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; and

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 functions):

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

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

Date: September 23, 2013

/s/ Greg Painter

Greg Painter

Chief Executive Officer, President, Secretary, Treasurer and Director 
(Principal Executive Officer)

EX-31

EXHIBIT 31.2

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Patrick Fagen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Del Toro Silver Corp.;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the 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; and

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 functions):

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

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

Date: September 23, 2013

/s/ Patrick Fagen

Patrick Fagen

Chief Financial Officer and Director 
(Principal Financial Officer and Principal Accounting Officer)

EX-32

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Greg Painter, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Quarterly Report on Form 10-Q of Del Toro Silver Corp. for the period ended July 31, 2013 (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 Del Toro Silver Corp.

Dated: September 23, 2013
	/s/ Greg Painter
	Greg Painter
	Chief Executive Officer, President, Secretary, Treasurer and Director (Principal Executive Officer)
	Del Toro Silver Corp.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Del Toro Silver Corp. and will be retained by Del Toro Silver Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Patrick Fagen, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Quarterly Report on Form 10-Q of Del Toro Silver Corp. for the period ended July 31, 2013 (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 Del Toro Silver Corp.

Dated: September 23, 2013
	/s/ Patrick Fagen
	Patrick Fagen
	Chief Financial Officer and Director (Principal Financial Officer and Principal Accounting Officer)
	Del Toro Silver Corp.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Del Toro Silver Corp. and will be retained by Del Toro Silver Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Note 5 - Share Purchase Warrants (Tables)

9 Months Ended

Jul. 31, 2013

Stockholders' Equity Note [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

				Weighted
				Average
	Number of			Exercise Price
	Warrants				$
Balance, October 31, 2011		-
Issued		2,000,000			0.25
Expired		-			-
Balance, October 31, 2012		2,000,000			0.25
Expired		(2,000,000	)		(0.25	)
Balance, July 31, 2013		-			-

XML

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		91 Months Ended
	Jul. 31, 2013	Jul. 31, 2012	Jul. 31, 2013	Jul. 31, 2012	Jul. 31, 2013
GENERAL AND ADMINISTRATIVE EXPENSES:
Amortization					$ 2,692
Consulting fee	75,399		226,196		904,765
Foreign exchange (gain) loss	(78)	81	(163)	400	(2,387)
General and administrative	11,719	13,723	35,803	52,217	194,770
Mineral property costs	5,664	54,208	24,414	89,837	468,273
Professional fees	16,143	20,306	61,677	54,161	495,242
Write-down of property and equipment					1,838
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES	108,847	88,318	347,927	196,615	2,065,193
OTHER INCOME (EXPENSES):
Accretion of discount on convertible debt					(55,000)
Interest expense	(60,156)	(3,030)	(119,385)	(3,115)	(136,646)
Gain on termination of partial purchase option agreement	40,865		40,865		40,865
Loss on change in fair value of derivative liability					(14,962)
Gain/(loss) on settlement of debt					(32,990)
TOTAL OTHER INCOME (EXPENSES)	(19,291)	(3,030)	(78,520)	(3,115)	(198,733)
NET LOSS	$ (128,138)	$ (91,348)	$ (426,447)	$ (199,730)	$ (2,263,926)
Basic and diluted net loss per common share (in Dollars per share)	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.01)
Weighted average number of basic and diluted common shares outstanding (in Shares)	19,449,069	15,852,240	18,135,486	15,701,004

XML

Note 5 - Share Purchase Warrants

9 Months Ended

Jul. 31, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 5 – SHARE PURCHASE WARRANTS

The following table summarizes the continuity of share purchase warrants:

				Weighted
				Average
	Number of			Exercise Price
	Warrants				$
Balance, October 31, 2011		-
Issued		2,000,000			0.25
Expired		-			-
Balance, October 31, 2012		2,000,000			0.25
Expired		(2,000,000	)		(0.25	)
Balance, July 31, 2013		-			-

As of July 31, 2013, no share purchase warrants were outstanding. The balance of share purchase warrants expired on December 6, 2012.

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Note 5 - Share Purchase Warrants (Details) - Share Purchase Warrants (USD $)	9 Months Ended	12 Months Ended
	Jul. 31, 2013	Oct. 31, 2012	Oct. 31, 2011
Share Purchase Warrants [Abstract]
Number of Warrants Outstanding	0	2,000,000	0
Warrants Outstanding, Weighted Average Exercise Price (in Dollars per share)	$ 0	$ 0.25	$ 0
Issued		2,000,000
Issued (in Dollars per share)		$ 0.25
Number of Warrants Expired	(2,000,000)	0
Warrants Expired, Weighted Average Exercise Price (in Dollars per share)	$ (0.25)	$ 0

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Note 6 - Stock Options (Tables)

9 Months Ended

Jul. 31, 2013

Note 6 - Stock Options (Tables) [Line Items]

Additional Information Stock Options [Table Text Block]

	Exercise
Number of	Price			Life
Options	$	Vesting Date	Expiry Date	(years)
575,000	0.10	9/12/2012	9/12/2017	5
505,000	0.15	3/12/2013	9/12/2017	4.5
560,000	0.15	9/12/2013	9/12/2017	4
360,000	0.20	3/12/2014	9/12/2017	3.5
2,000,000

2012 Plan [Member]

Note 6 - Stock Options (Tables) [Line Items]

Schedule of Stock Options Roll Forward [Table Text Block]

			Weighted		Weighted average
			average		remaining
	Number		exercise price		contractual life
	of options		(US $)		(years)
Outstanding, October 31, 2012		2,000,000		0.145
Outstanding and exercisable, July 31, 2013		2,000,000		0.145		4.11

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Note 6 - Stock Options (Details) - Additional Information Stock Options (USD $)			9 Months Ended
	Jul. 31, 2013	Oct. 31, 2011	Jul. 31, 2013 575,000 Options [Member]	Jul. 31, 2013 505,000 Options [Member]	Jul. 31, 2013 560,000 Options [Member]	Jul. 31, 2013 360,000 Options [Member]
Note 6 - Stock Options (Details) - Additional Information Stock Options [Line Items]
Number of Options	2,000,000	1,000,000	575,000	505,000	560,000	360,000
Exercise Price (in Dollars per share)		$ 0.10	$ 0.10	$ 0.15	$ 0.15	$ 0.20
Expiry Date			9/12/2017	9/12/2017	9/12/2017	9/12/2017
Life			5 years	4 years 6 months	4 years	3 years 6 months

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Note 6 - Stock Options (Details) - Stock Options Roll Forward, 2012 Plan (USD $)			12 Months Ended
	Jul. 31, 2013	Oct. 31, 2011	Oct. 31, 2013 2012 Plan [Member]	Oct. 31, 2012 2012 Plan [Member]
Note 6 - Stock Options (Details) - Stock Options Roll Forward, 2012 Plan [Line Items]
Outstanding, October 31, 2012	2,000,000	1,000,000		2,000,000
Outstanding, October 31, 2012 (in Dollars per share)		$ 0.10		$ 0.145
Outstanding and exercisable, July 31, 2013			2,000,000
Outstanding and exercisable, July 31, 2013 (in Dollars per share)			$ 0.145
Outstanding and exercisable, July 31, 2013			4 years 40 days

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Note 8 - Convertible Debenture (Details) (USD $)	0 Months Ended			9 Months Ended	1 Months Ended	9 Months Ended			0 Months Ended
	Apr. 02, 2013	Feb. 12, 2013	Oct. 10, 2012	Jul. 31, 2013	May 28, 2013 Convertible Debt [Member] Convertible Debenture 1 [Member]	Jul. 31, 2013 Convertible Debenture 1 [Member]	Jul. 31, 2013 Convertible Debenture 2 [Member]	Jul. 31, 2013 Convertible Debenture 3 [Member]	Apr. 02, 2013 Minimum [Member]	Feb. 12, 2013 Minimum [Member]	Oct. 10, 2012 Minimum [Member]	Apr. 02, 2013 Maximum [Member]	Feb. 12, 2013 Maximum [Member]	Oct. 10, 2012 Maximum [Member]
Note 8 - Convertible Debenture (Details) [Line Items]
Debt Instrument, Face Amount (in Dollars)	$ 32,500	$ 37,500	$ 51,500
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%	8.00%
Debt Instrument, Interest Rate On Unpaid Principal And Interest	22.00%	22.00%	22.00%
Debt Instrument, Convertible, Conversion Ratio	0.50	0.50	0.58
Percent of Issued and Outstanding Shares		4.99%	4.99%					4.99%
Percent of the Outstanding Principal Amount of Debenture									120.00%	120.00%	120.00%	140.00%	140.00%	140.00%
Debt Conversion, Converted Instrument, Amount (in Dollars)				28,500
Interest Expense, Debt (in Dollars)						32,588	35,208	21,486
Debt Instrument, Periodic Payment, Principal (in Dollars)					$ 23,000

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Note 6 - Stock Options (Details) (USD $)	9 Months Ended
	Jul. 31, 2013	Oct. 31, 2012	Aug. 29, 2012	Oct. 31, 2011	Sep. 07, 2010
Note 6 - Stock Options (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			3,000,000		5,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,000,000			1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share)				$ 0.10
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,000,000	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,000,000
Allocated Share-based Compensation Expense (in Dollars)	$ 73,197
Fair Value Assumptions, Expected Volatility Rate	281.00%
Officers and Directors [Member]
Note 6 - Stock Options (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,500,000
Minimum [Member]
Note 6 - Stock Options (Details) [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	0.42%
Fair Value Assumptions, Expected Term	3 years 6 months
Maximum [Member]
Note 6 - Stock Options (Details) [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	0.70%
Fair Value Assumptions, Expected Term	5 years

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Note 1 - Nature of Operations and Continuance of Business

9 Months Ended

Jul. 31, 2013

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

NOTE 1 – NATURE OF OPERATIONS AND CONTINUANCE OF BUSINESS

Del Toro Silver Corp. (the “Company”) was incorporated on January 9, 2006 as Candev Resource Exploration, Inc. under the laws of the State of Nevada and extra-provincially registered under the laws of the Province of British Columbia on August 15, 2006. Effective July 28, 2009, the Company completed a merger with its wholly owned subsidiary, Del Toro Silver Corp., a Nevada corporation which was incorporated on July 7, 2009 solely to change the Company’s name to Del Toro Silver Corp. The Company is an exploration stage company as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, “Development Stage Entities”, and is engaged in the acquisition, exploration and development of mineral properties.

These financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As of July 31, 2013, the Company has not earned any revenue, has a working capital deficit of $834,866, and an accumulated deficit of $2,263,926. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern.

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Note 3 - Mineral Properties

9 Months Ended

Jul. 31, 2013

Mineral Industries Disclosures [Abstract]

Mineral Industries Disclosures [Text Block]

NOTE 3 – MINERAL PROPERTIES

Dos Naciones

On July 7, 2009, and as amended on June 25, 2010, October 21, 2010, and July 9, 2012 the Company entered into an option agreement (the “Dos Naciones Agreement”) to acquire a 50% undivided interest in the Dos Naciones Property located in Sonora, Mexico. Under the terms of the Dos Naciones Agreement, the Company paid a purchase price of $29,658 (Cdn $35,000) and had an option to acquire a further 20% interest in the property subject to the following terms:

● Issuance of 150,000 common shares on or before January 25, 2010 (issued);

● Issuance of 200,000 common shares on or before July 7, 2010 (issued);

● Issuance of 250,000 common shares on or before October 21, 2010 (issued);

● Issuance of 200,000 common shares on or before July 9, 2012 (issued);

● Issuance of 200,000 common shares on or before September 15, 2012 (issued); and

● Incur exploration expenditures of Cdn $800,000 on or before July 7, 2013.

Because the Company did not pay Cdn $800,000 by the July 7, 2013 deadline, the option agreement is no longer applicable. Management has not pursued renewing the Dos Naciones Agreement as of July 31, 2013.

Discovery Day Gold Property

The Company entered into an agreement with Bowerman Holdings, LLC (“Bowerman”) on November 14, 2011 in which it can acquire up to 75% of Bowerman’s interest in various mining claims located in Siskiyou County, California, known as the Discovery Day Gold Property. The current expected closing of the acquisition is November 30, 2013. During the nine months ended July 31, 2013, the Company incurred $5,000 in costs as part of this activity.

Natchez Pass

On August 31, 2012, the Company entered into a partial purchase option agreement, as subsequently amended, with Natchez Pass LLC. Subsequently, on June 6, 2013, the company entered into a purchase option termination agreement with Natchez Pass LLC wherein the company has agreed to terminate the partial purchase agreement pursuant to the following terms:

● the Company has been released from all obligations under the partial purchase agreement;

● the Company has been granted a 5% net smelter royalty related to all of the claims under the partial purchase agreement. Within 10 days Natchez Pass LLC will record the net smelter royalty against those claims with the Bureau of Land Management;

● the Company shall be paid 5% of the gross sale price, such price to be reduced by sales commissions, closing costs, and Natchez Pass LLC’s repayment of its third party debts related to the claims. The sales proceeds to the Company shall not be less than $300,000;

● the Company shall issue 2,000,000 shares of its common stock; and

● Natchez Pass LLC shall retain all money paid to it under the partial purchase agreement and, upon sale of the claims to a third party, or upon the sale to a third party of a majority or greater of interest in the claims, the Company shall assign all of its rights in the net smelter royalty to Natchez Pass LLC.

During the nine months ended July 31, 2013, the Company incurred $10,500 in mineral properties costs and was released from liabilities totaling $40,865, which was included in other income on the consolidated statements of operations. The Company has accumulated $52,548 of net costs on the property, since inception on the agreement.

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Note 6 - Stock Options

9 Months Ended

Jul. 31, 2013

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

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

NOTE 6 – STOCK OPTIONS

On September 7, 2010, the Company adopted a stock option plan (“2010 Stock Option Plan”) allowing for the issuance of stock options to acquire up to 5,000,000 common shares. There were a total of 1,000,000 options outstanding at October 31, 2011 with a weighted average exercise price of $0.10. All of the outstanding shares expired and the stock option plan expired on September 7, 2012.

On August 29, 2012 the Company adopted a stock option plan (the “2012 Stock Option Plan”) allowing for the issuance of stock options to acquire up to 3,000,000 common shares. As of July 31, 2013 and October 31, 2012, there were 1,000,000 shares available for issuance under the 2012 Stock Option Plan. Officers and directors have been granted 1,500,000 of the 2,000,000 granted stock options.

The following table summarizes the continuity of the Company’s 2012 Stock Option Plan:

			Weighted		Weighted average
			average		remaining
	Number		exercise price		contractual life
	of options		(US $)		(years)
Outstanding, October 31, 2012		2,000,000		0.145
Outstanding and exercisable, July 31, 2013		2,000,000		0.145		4.11

The Company’s options vest at different periods. As such, the Company records stock-based compensation over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards.

Additional information regarding stock options as of July 31, 2013, is as follows:

	Exercise
Number of	Price			Life
Options	$	Vesting Date	Expiry Date	(years)
575,000	0.10	9/12/2012	9/12/2017	5
505,000	0.15	3/12/2013	9/12/2017	4.5
560,000	0.15	9/12/2013	9/12/2017	4
360,000	0.20	3/12/2014	9/12/2017	3.5
2,000,000

Compensation cost will be recognized over the requisite service period that began September 12, 2012. For the nine months ended July 31, 2013, the Company recognized $73,197 (2012 $nil) as compensation cost. Stock-based compensation expense was estimated using the Black-Scholes option pricing model assuming no expected dividends, a risk-free interest rate ranging from 0.42% to 0.70%, expected option life of 3.5 to 5 years and a volatility of 281%.

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Note 4 - Common Shares

9 Months Ended

Jul. 31, 2013

Equity [Abstract]

Schedule of Capital Units [Table Text Block]

NOTE 4 – COMMON SHARES

Year Ended October 31, 2012

● On January 31, 2012, the Company issued 300,000 common shares for prepaid consulting services of $30,000 less the share issuance costs of $2,928.

● On February 29, 2012, the Company issued 40,000 common shares for consulting services of $4,000, less share issuance costs of $18.

● On July 9, 2012 the Company issued 200,000 common shares as part of the Dos Naciones Agreement described in Note 3 and charged $16,000 to mineral property costs.

● On September 14, 2012 the Company issued 200,000 common shares as part of the Dos Naciones Agreement described in Note 3 and charged $18,000 to mineral property costs.

● On October 31, 2012 the Company issued 1,250,000 common shares as part of the agreement described in Note 7 for consulting services of $100,000.

Nine Months Ended July 31, 2013

● On April 24, 2013, the Company issued 574,714 common shares to partially settle convertible debenture of $10,000.

● On May 10, 2013, the Company issued 870,690 common shares to partially settle convertible debenture of $10,100.

● On May 23, 2013, the Company issued 865,979 common shares to partially settle convertible debenture of $8,400.

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Note 7 - Related Party Transactions (Details) (USD $)	0 Months Ended
	Sep. 01, 2012	Jul. 31, 2013	Oct. 31, 2012
Note 7 - Related Party Transactions (Details) [Line Items]
Debt Conversion, Original Debt, Amount	$ 125,000
Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares)	1,250,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)	$ 0.10
Debt Instrument, Interest Rate, Effective Percentage	5.00%
Percent of Average Closing Price	80.00%
Due to Related Parties		17,254	18,165
Compensation Expense [Member]
Note 7 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 17,000
Unpaid Cash Portion [Member]
Note 7 - Related Party Transactions (Details) [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	5.00%

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Note 9 - Commitments (Details)			1 Months Ended
	Jul. 31, 2013	Oct. 31, 2012	Jan. 26, 2012 Cash Payment [Member]	Jan. 26, 2012 Common Shares Issued [Member]	Jul. 31, 2013 Investor Relations Agreement [Member]
Note 9 - Commitments (Details) [Line Items]
Long-term Purchase Commitment, Specified Form of Payment			$1,000	140,000
Common Stock, Shares, Issued (in Shares)	19,763,623	17,452,240			40,000

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Consolidated Balance Sheets (Unaudited July 31, 2013) (Parentheticals) (USD $)	Jul. 31, 2013	Oct. 31, 2012
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	19,763,623	17,452,240
Common stock, shares outstanding	19,763,623	17,452,240

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Note 9 - Commitments

9 Months Ended

Jul. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 9 – COMMITMENTS

The Company entered into an investor relations agreement with a consulting company on January 26, 2012. Pursuant to the agreement, the Company agreed to pay $1,000 and issue an aggregate of 140,000 common shares during the next six months. As of July 31, 2013 40,000 shares have been issued relative to this agreement. At the time the financial statements were released, both parties have agreed to temporarily delay the agreement.

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended		91 Months Ended
	Jul. 31, 2013	Jul. 31, 2012	Jul. 31, 2013
OPERATING ACTIVITIES
Net loss for the period	$ (426,447)	$ (199,730)	$ (2,263,926)
Items not requiring (providing) cash:
Accretion of discount on convertible debenture			55,000
Amortization			2,692
Loss on change in fair value of derivative liability			14,962
Loss on settlement of debt			12,183
Shareholder loan issued for consulting service	153,000		312,000
Shares issued for mineral property		16,000	176,460
Shares issued to settle debt			14,060
Shares issued for consulting service		34,000	134,000
Share-based compensation	73,197		413,521
Write-down of property and equipment			1,838
Changes in operating assets and liabilities:
Receivables		616
Prepaid expenses	1,253	(32,267)	(2,500)
Related party liabilities	(19,304)	10,597	(14,800)
Accounts payable and accrued liabilities	61,021	(24,119)	119,697
CASH USED FOR OPERATING ACTIVITIES	(157,280)	(194,903)	(1,024,813)
INVESTING ACTIVITY:
Equipment acquired			(4,530)
CASH USED FOR INVESTING ACTIVITIES			(4,530)
FINANCING ACTIVITIES:
Net proceeds from (paid for) issuance of common stocks		(2,946)	536,729
Proceeds from issuance of convertible debenture	70,000	40,000	216,500
Proceeds from (paid to) related parties	103,689	154,000	380,113
Repayment of convertible debenture	(23,000)		(96,000)
CASH PROVIDED BY FINANCING ACTIVITIES	150,689	191,054	1,037,342
NET INCREASE (DECREASE) IN CASH	(6,591)	(3,849)	7,999
CASH, BEGINNING OF PERIOD	14,590	24,088
CASH, END OF PERIOD	7,999	20,239	7,999
NON CASH ACTIVITIES
Shares issued for conversion of debenture	28,500		63,500
Shares issued to settle debt (in Shares)			14,250
SUPPLEMENTAL DISCLOSURE
Interest paid	19,409	85	35,270
Income taxes paid

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Consolidated Balance Sheets (Unaudited July 31, 2013) (USD $)	Jul. 31, 2013	Oct. 31, 2012
CURRENT ASSETS
Cash	$ 7,999	$ 14,590
Prepaid expense	2,500	3,753
TOTAL CURRENT ASSETS	10,499	18,343
TOTAL ASSETS	10,499	18,343
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	57,187	16,804
Convertible Debt	70,000	51,500
Due to related party	17,255	59,030
TOTAL CURRENT LIABILITIES	845,365	549,097
TOTAL LIABILITIES	845,365	549,097
STOCKHOLDERS' DEFICIT:
$0.001 issued and outstanding: none
(2012 - 17,452,240) shares	19,763	17,452
Additional paid-in capital	1,409,297	1,289,273
Deficit accumulated during exploration stage	(2,263,926)	(1,837,479)
TOTAL STOCKHOLDERS' DEFICIT	(834,866)	(530,754)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	10,499	18,343
Shareholder [Member]
CURRENT LIABILITIES:
Convertible Debt	$ 700,923	$ 421,763

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Note 7 - Related Party Transactions (Details) - Loan Agreements (USD $)	Jul. 31, 2013	Oct. 31, 2012
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	$ 70,000	$ 51,500
NOTE 7 – RELATED PARTY TRANSACTIONS – (CONTINUED)
Total Convertible Loans Payable to Related Parties	700,923	421,763
Loan Agreement May 26, 2012 [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	64,177	93,946
Loan Agreement July 16, 2012 [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	54,175	51,184
Loan Agreement August 30, 2012 [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	107,364	101,381
Loan Agreement September 1, 2012 a [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	130,719	126,045
Loan Agreement September 1, 2012 b [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	190,894	34,072
Loan Agreement September 21, 2012 [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	16,032	15,135
Loan Agreement December 11, 2012 [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	42,043
Loan Agreement June 14, 2013 [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	35,361
Loan Agreement July 19, 2013 [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements [Line Items]
Loan Agreement	$ 60,158

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Note 5 - Share Purchase Warrants (Details)	Jul. 31, 2013	Oct. 31, 2012	Oct. 31, 2011
Stockholders' Equity Note [Abstract]
Number of Share Purchase Warrants	0	2,000,000	0

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Note 8 - Convertible Debenture

9 Months Ended

Jul. 31, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 8 – CONVERTIBLE DEBENTURES

On October 10, 2012 the Company issued a convertible debenture with a non-related party for $51,500. Under the terms of the debenture the amount is unsecured with a stated interest rate of 8% per annum, and is due on or before July 15, 2013. Any amount of principal or interest on this debenture which is not paid when due will bear interest at the rate of 22% per annum from the due date thereof. The debenture is convertible into common shares of the Company commencing April 8, 2013 (180 days from the issuance date), at a conversion price equal to 58% of the market price on conversion date, where the market price is equal to the average of the lowest three trading prices in the prior ten trading days as of the conversion date. The conversion feature limits issuing shares of stock to 4.99% of the total issued and outstanding shares. The Company has the right to repay the note within 180 days from April 8, 2013, in consideration of the payment of cash equal to 120% to 140% of the outstanding balance plus accrued interest. A total of $28,500 of the debenture was converted to common stock (Note 4) during the nine months ended July 31, 2013.  The Company has recognized interest expense related to the debt and equity portion of the convertible debenture totaling $32,588 for the nine months ended July 31, 2013. A principal payment of $23,000 was paid on May 28, 2013 to fully satisfy the remaining balance on the convertible debenture.

On February 12, 2013 the Company issued a convertible debenture with a non-related party for $37,500. Under the terms of the debenture the amount is unsecured with a stated interest rate of 8% per annum, and is due on or before November 14, 2013. Any amount of principal or interest on this debenture which is not paid when due will bear interest at the rate of 22% per annum from the due date thereof. The debenture is convertible into common shares of the Company commencing August 11, 2013 (180 days from the issuance date), at a conversion price equal to 50% of the market price on conversion date, where the market price is equal to the average of the lowest three trading prices in the prior ten trading days as of the conversion date. The conversion feature limits issuing shares of stock to 4.99% of the total issued and outstanding shares. The Company has the right to repay the note within 180 days from February 12, 2013, in consideration of the payment of cash equal to 120% to 140% of the outstanding balance plus accrued interest. The Company has also accreted and accrued interest expense of $35,208 related to the intrinsic value of the beneficial conversion feature for the nine months ended July 31, 2013.

On April 2, 2013 the Company issued a convertible debenture with a non-related party for $32,500. Under the terms of the debenture the amount is unsecured with a stated interest rate of 8% per annum, and is due on or before January 4, 2014. Any amount of principal or interest on this debenture which is not paid when due will bear interest at the rate of 22% per annum from the due date thereof. The debenture is convertible into common shares of the Company commencing September 29, 2013 (180 days from the issuance date), at a conversion price equal to 50% of the market price on conversion date, where the market price is equal to the average of the lowest three trading prices in the prior ten trading days as of the conversion date. The conversion feature limits issuing shares of stock to 4.99% of the total issued and outstanding shares. The Company has the right to repay the note within 180 days from April 2, 2013, in consideration of the payment of cash equal to 120% to 140% of the outstanding balance plus accrued interest. The Company has also accreted and accrued interest expense of $21,486 related to the intrinsic value of the beneficial conversion feature for the nine months ended July 31, 2013.

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Note 7 - Related Party Transactions (Details) - Loan Agreements (Parentheticals) (USD $)	0 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended
	Sep. 01, 2012	Jul. 31, 2013 Loan Agreement May 26, 2012 [Member]	Oct. 31, 2012 Loan Agreement May 26, 2012 [Member]	Jul. 31, 2013 Loan Agreement July 16, 2012 [Member]	Oct. 31, 2012 Loan Agreement July 16, 2012 [Member]	Jul. 31, 2013 Loan Agreement August 30, 2012 [Member]	Oct. 31, 2012 Loan Agreement August 30, 2012 [Member]	Jul. 31, 2013 Loan Agreement September 1, 2012 a [Member]	Oct. 31, 2012 Loan Agreement September 1, 2012 a [Member]	Jul. 31, 2013 Loan Agreement September 1, 2012 b [Member]	Oct. 31, 2012 Loan Agreement September 1, 2012 b [Member]	Jul. 31, 2013 Loan Agreement September 21, 2012 [Member]	Oct. 31, 2012 Loan Agreement September 21, 2012 [Member]	Jul. 31, 2013 Loan Agreement December 11, 2012 [Member]	Oct. 31, 2012 Loan Agreement December 11, 2012 [Member]	Jul. 31, 2013 Loan Agreement May 6, 2013 [Member]	Oct. 31, 2012 Loan Agreement May 6, 2013 [Member]	Jul. 31, 2013 Loan Agreement May 24, 2013 [Member]	Oct. 31, 2012 Loan Agreement May 24, 2013 [Member]	Jul. 31, 2013 Loan Agreement June 14, 2013 [Member]	Oct. 31, 2012 Loan Agreement June 14, 2013 [Member]	Jul. 31, 2013 Loan Agreement July 19, 2013 [Member]	Oct. 31, 2012 Loan Agreement July 19, 2013 [Member]
Note 7 - Related Party Transactions (Details) - Loan Agreements (Parentheticals) [Line Items]
Advancement	$ 125,000	$ 104,000	$ 104,000	$ 50,000	$ 50,000	$ 100,000	$ 100,000	$ 125,000	$ 125,000	$ 17,000	$ 17,000	$ 15,000	$ 15,000	$ 40,000	$ 40,000	$ 20,000	$ 20,000	$ 40,000	$ 40,000	$ 35,000	$ 35,000	$ 60,000	$ 60,000
Interest Rate	5.00%	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%	5.00%	5.00%	5.00%	5.00%	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%
Conversion Price (in Dollars per share)	$ 0.10	$ 0.06	$ 0.06	$ 0.08	$ 0.08	$ 0.10	$ 0.10	$ 0.10	$ 0.10			$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10
Accrued Interest		$ 2,229		$ 4,175		$ 7,364		$ 5,719		$ 3,894		$ 1,032		$ 2,043						$ 361		$ 158

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Accounting Policies, by Policy (Policies)

9 Months Ended

Jul. 31, 2013

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation – The financial statements and the related notes of the Company are prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is October 31.

Interim Financial Statements [Policy Text Block]

Interim Financial Statements – These interim unaudited financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended October 31, 2012.

The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at July 31, 2013, and the results of its operations and cash flows for the nine month period ended July 31, 2013 and 2012.  The results of operations for the period ended July 31, 2013 is not necessarily indicative of the results to be expected for future quarters or the full year.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements – The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Reclassification, Policy [Policy Text Block]

Reclassification – The cash flow statement for accumulated amounts from inception to July 31, 2013 has been reclassified to conform to the current quarter presentation.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents – The Company considers all highly liquid investments with maturity of three months or less at the date of acquisition to be cash equivalents.

Prepaid Expense [Policy Text Block]

Prepaid Expenses – Prepaid expenses are expenses paid by the Company in cash or stock before they are used or consumed.

Accounts Payable and Accrued Expenses [Policy Text Block]

Accounts Payable and Accrued Expenses – Accounts payable and accrued expenses consist principally of amounts due to various suppliers and professional service providers.

Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block]

Mineral Property Exploration and Development – The Company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360 “Property, Plant and Equipment” at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

Due to Related Parties [Policy Text Block]

Due to Related Parties – Due to related parties consist principally of amounts due to officers and directors of the Company, with respect to expenditures paid by officers and directors on behalf of the Company.

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Note 7 - Related Party Transactions

6 Months Ended

Apr. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 7 – RELATED PARTY TRANSACTIONS

The Company has entered into various convertible loan agreements with related parties including officers and directors. The principal amount of the loans plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date of each loan. The related parties may provide the Company with written notice of conversion at any time to exercise their rights of conversion in respect of either a portion of or the total outstanding amount of each loan plus accrued interest as of that date into shares of the Company.

On September 1, 2012 the Company entered into consulting agreements with officers and directors. Under the terms of the agreement compensation for the provision of services for the 14 months prior to the effective date shall be $125,000 and the issuance of 1,250,000 shares of common stock of the Company. The cash portion plus any accrued and unpaid interest shall be due and payable in one full year from the date of the agreement. The officers and directors may provide the Company with written notice of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the Company at the price of $0.10 per share. The loan shall bear interest at a rate of 5% per annum.

Additionally, compensation per the agreements is $17,000 per month. The cash portion shall continue to accrue and interest shall accrue on the unpaid balance of the cash portion at a rate of 5% per annum. The officers and directors may provide the Company with written notice of conversion of all accrued and unpaid compensation including interest, payable in common shares of the company based on the price of 80% of the average closing prices for the five trading days prior to the end of the one year term. 

Additional information on these agreements as of July 31, 2013 and October 31, 2012 is as follows:

	Loan Balance Including Accrued Interest
Loan Agreement	July 31, 2013		October 31, 2012
On May 26, 2012 agreements were formalized for the advancement of $104,000, accruing interest at 8.0%, with a conversion price of $0.06 per share. Accrued interest as of 7/31/13 was $2,229.	$	64,177	$	93,946
On July 16, 2012 an agreement was formalized for the advancement of $50,000, accruing interest at 8.0%, with a conversion price of $0.08 per share. Accrued interest as of 7/31/13 was $4,175.		54,175		51,184

	Loan Balance Including Accrued Interest
Loan Agreement - continued	July 31, 2013		October 31, 2012
On August 30, 2012 an agreement was formalized for the advancement of $100,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $7,364.		107,364		101,381
On September 1, 2012 an agreement was entered (see consulting agreement above) totaling $125,000, accruing interest at 5%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $5,719.		130,719		126,045
On September 1, 2012 an agreement was entered (see consulting agreement above) totaling $17,000 per month, accruing interest at 5%, with an unknown future conversion price. Accrued interest as of 7/31/13 was $3,894.		190,894		34,072

On September 21, 2012 an agreement was formalized for the advancement of $15,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $1,032.	16,032	15,135
On December 11, 2012 an agreement was formalized for the advancement of $40,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $2,043.	42,043	-
On May 6, 2013 an agreement was formalized for the advancement of $20,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Loan was paid back in full on 6/25/13.	-	-
On May 24, 2013 an agreement was formalized for the advancement of $40,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Loan was paid back in full on 7/22/13.	-	-
On June 14, 2013 an agreement was formalized for the advancement of $35,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $361.	35,361	-

NOTE 7 – RELATED PARTY TRANSACTIONS – (CONTINUED)
On July 19, 2013 an agreement was formalized for the advancement of $60,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $158.		60,158		-
Total Convertible Loans Payable to Related Parties	$	700,923	$	421,763

The Company is in debt to officers and directors of the Company for an additional $17,254 and $18,165 as of July 31, 2013 and October 31, 2012, respectively. The additional related party indebtedness is unsecured, non-interest bearing, and due on demand.

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Note 2 - Summary of Significant Accounting Policies

9 Months Ended

Jul. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation – The financial statements and the related notes of the Company are prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is October 31.

Interim Financial Statements – These interim unaudited financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended October 31, 2012.

The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at July 31, 2013, and the results of its operations and cash flows for the nine month period ended July 31, 2013 and 2012.  The results of operations for the period ended July 31, 2013 is not necessarily indicative of the results to be expected for future quarters or the full year.

Recent Accounting Pronouncements – The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Reclassification – The cash flow statement for accumulated amounts from inception to July 31, 2013 has been reclassified to conform to the current quarter presentation.

Cash and Cash Equivalents – The Company considers all highly liquid investments with maturity of three months or less at the date of acquisition to be cash equivalents.

Prepaid Expenses – Prepaid expenses are expenses paid by the Company in cash or stock before they are used or consumed.

Accounts Payable and Accrued Expenses – Accounts payable and accrued expenses consist principally of amounts due to various suppliers and professional service providers.

Mineral Property Exploration and Development – The Company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360 “Property, Plant and Equipment” at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

Due to Related Parties – Due to related parties consist principally of amounts due to officers and directors of the Company, with respect to expenditures paid by officers and directors on behalf of the Company.

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Note 10 - Subsequent Events (Details) (USD $)	Jul. 31, 2013	Apr. 02, 2013	Feb. 12, 2013	Oct. 31, 2012	Oct. 10, 2012	Sep. 01, 2012	Aug. 26, 2013 Subsequent Event [Member] Director [Member]	Sep. 13, 2013 Subsequent Event [Member] Dos Naciones Property [Member]	Jul. 07, 2009 Subsequent Event [Member] Dos Naciones Property [Member]	Aug. 05, 2013 Subsequent Event [Member]
Note 10 - Subsequent Events (Details) [Line Items]
Common Stock, Shares, Issued (in Shares)	19,763,623			17,452,240						2,000,000
Debt Instrument, Face Amount (in Dollars)		$ 32,500	$ 37,500		$ 51,500		$ 60,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)						$ 0.10	$ 0.10
Debt Instrument, Interest Rate, Stated Percentage		8.00%	8.00%		8.00%		8.00%
Business Acquisition, Percentage of Voting Interests Acquired									70.00%
Ownerhsip Percentage Transferred In Kind								50.00%

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Note 7 - Related Party Transactions (Tables)

6 Months Ended

Apr. 30, 2013

Related Party Transactions [Abstract]

Schedule of Debt [Table Text Block]

	Loan Balance Including Accrued Interest
Loan Agreement	July 31, 2013		October 31, 2012
On May 26, 2012 agreements were formalized for the advancement of $104,000, accruing interest at 8.0%, with a conversion price of $0.06 per share. Accrued interest as of 7/31/13 was $2,229.	$	64,177	$	93,946
On July 16, 2012 an agreement was formalized for the advancement of $50,000, accruing interest at 8.0%, with a conversion price of $0.08 per share. Accrued interest as of 7/31/13 was $4,175.		54,175		51,184

	Loan Balance Including Accrued Interest
Loan Agreement - continued	July 31, 2013		October 31, 2012
On August 30, 2012 an agreement was formalized for the advancement of $100,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $7,364.		107,364		101,381
On September 1, 2012 an agreement was entered (see consulting agreement above) totaling $125,000, accruing interest at 5%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $5,719.		130,719		126,045
On September 1, 2012 an agreement was entered (see consulting agreement above) totaling $17,000 per month, accruing interest at 5%, with an unknown future conversion price. Accrued interest as of 7/31/13 was $3,894.		190,894		34,072

On September 21, 2012 an agreement was formalized for the advancement of $15,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $1,032.	16,032	15,135
On December 11, 2012 an agreement was formalized for the advancement of $40,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $2,043.	42,043	-
On May 6, 2013 an agreement was formalized for the advancement of $20,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Loan was paid back in full on 6/25/13.	-	-
On May 24, 2013 an agreement was formalized for the advancement of $40,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Loan was paid back in full on 7/22/13.	-	-
On June 14, 2013 an agreement was formalized for the advancement of $35,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $361.	35,361	-

NOTE 7 – RELATED PARTY TRANSACTIONS – (CONTINUED)
On July 19, 2013 an agreement was formalized for the advancement of $60,000, accruing interest at 8.0%, with a conversion price of $0.10 per share. Accrued interest as of 7/31/13 was $158.		60,158		-
Total Convertible Loans Payable to Related Parties	$	700,923	$	421,763

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Note 10 - Subsequent Events

9 Months Ended

Jul. 31, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 10 – SUBSEQUENT EVENTS

On August 5, 2013 the Company issued 2,000,000 common shares. The shares were issued in connection with subscription and settlement agreements related to the termination of the Company’s partial purchase option agreement with Natchez Pass LLC.

On August 26, 2013, the Company entered into a convertible loan agreement with Patrick Fagen, a director and officer of the Company. Under the terms of the convertible loan agreement, Mr. Fagen had agreed to loan the Company $60,000, which was advanced to the Company on August 26, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date. Mr. Fagen may provide the Company with written notice of conversion at any time to exercise his rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the Company, at the price of $0.10 per share. The loan shall bear interest at a rate of 8% per annum.

On July 7, 2009, the Company entered into an Option Agreement, as subsequently amended, with Alta Vista Ventures Ltd. (formerly Yale Resources Ltd.) to acquire up to a 70% undivided interest the Dos Naciones Property, located in state of Sonora, Mexico.

On September 13, 2013, the Company entered into a Termination Agreement with Alta Vista Ventures Ltd. wherein the Company has agreed to terminate the Option Agreement dated July 7, 2009, as subsequently amended. Pursuant to the Termination Agreement, the Company has transferred, in kind, its 50% ownership of the Dos Naciones Property to Alta Vista Ventures Ltd., such that Alta Vista Ventures Ltd. retains a 100% interest in the Dos Naciones Property.

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Note 4 - Common Shares (Details) (USD $)	0 Months Ended								9 Months Ended		91 Months Ended
	May 23, 2013	May 10, 2013	Apr. 24, 2013	Oct. 31, 2012	Sep. 14, 2012	Jul. 09, 2012	Feb. 29, 2012	Jan. 31, 2012	Jul. 31, 2013	Jul. 31, 2012	Jul. 31, 2013
Equity [Abstract]
Stock Issued During Period, Shares, Issued for Services (in Shares)				1,250,000			40,000	300,000
Stock Issued During Period, Value, Issued for Services				$ 100,000			$ 4,000	$ 30,000		$ (34,000)	$ (134,000)
Payments of Stock Issuance Costs							18	2,928
Stock Issued During Period, Shares, Acquisitions (in Shares)					200,000	200,000
Exploration Expense, Mining					18,000	16,000
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares)	865,979	870,690	574,714
Stock Issued During Period, Value, Conversion of Convertible Securities	$ 8,400	$ 10,100	$ 10,000						$ 28,500		$ 63,500

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Note 1 - Nature of Operations and Continuance of Business (Details) (USD $)	Jul. 31, 2013
Disclosure Text Block [Abstract]
Working Capital Deficit	$ 834,866
Retained Earnings (Accumulated Deficit)	$ (2,263,926)

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Document And Entity Information	9 Months Ended
	Jul. 31, 2013	Sep. 16, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	DEL TORO SILVER CORP.
Document Type	10-Q
Current Fiscal Year End Date	--10-31
Entity Common Stock, Shares Outstanding		21,763,623
Amendment Flag	false
Entity Central Index Key	0001382462
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, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

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Note 3 - Mineral Properties (Details)											9 Months Ended		11 Months Ended	9 Months Ended
	Jul. 07, 2013 CAD	Sep. 15, 2012	Jul. 09, 2012	Oct. 21, 2010	Jul. 07, 2010	Jan. 25, 2010	Jul. 07, 2009 USD ($)	Jul. 07, 2009 CAD	Jun. 06, 2013 Purchase Option Termination Agreement [Member] Natchez Pass, LLC [Member]	Jun. 06, 2013 Purchase Option Termination Agreement [Member] Natchez Pass, LLC [Member] Maximum [Member] USD ($)	Jul. 31, 2013 Other Income [Member] Natchez Pass, LLC [Member] USD ($)	Jul. 31, 2013 Natchez Pass, LLC [Member] USD ($)	Jul. 31, 2013 Natchez Pass, LLC [Member] USD ($)	Jul. 31, 2013 Discovery Day Gold Property [Member] USD ($)	Nov. 14, 2011 Maximum [Member] Discovery Day Gold Property [Member]
Note 3 - Mineral Properties (Details) [Line Items]
Undivided Interest Percentage Acquired Dos Naciones Property							50.00%	50.00%
Cost To Acquire Dos Naciones Property (in Dollars)							$ 29,658
Cost To Acquire Dos Naciones Property Cdn (in Dollars)								35,000
Additional Undivided Interest Percentage Option Dos Naciones Property							20.00%	20.00%
Additional Undivided Interest Option Dos Naciones Property Term 1 Issuance of Common Shares Before January 25 2010						150,000
Additional Undivided Interest Option Doc Naciones Property Term Issuance Of Common Shares Before July 7, 2010					200,000
Additional Undivided Interest Option Doc Naciones Property Term Issuance Of Common Shares Before October 21, 2010				250,000
Additional Undivided Interest Option Dos Naciones Property Term 2 Issuance Of Common Shares Before July 9 2012			200,000
Additional Undivided Interest Option Dos Naciones Property Term 2 I ssuance Of Common Shares Before September 15 2012		200,000
Additional Undivided Interest Option Dos Naciones Property Term 6 Incur Exploration Expenditures Cdn 800,000 Before July 7 2013 (in Dollars)	800,000
Business Acquisition, Percentage of Voting Interests Acquired															75.00%
Business Combination, Acquisition Related Costs (in Dollars)														5,000
Royalty Percentage									5.00%
Sale Proceeds, Percentage of Gross Sale Price									5.00%
Sale Proceeds (in Dollars)										300,000
Common Stock, Shares to be Issued									2,000,000
Mineral Properties Costs (in Dollars)												10,500
Extinguishment of Debt, Amount (in Dollars)											40,865
Mineral Propety Cost Inception to Date (in Dollars)													$ 52,548