Accounting Changes and Error Corrections

3 Months Ended

Jul. 31, 2011

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

NOTE 8 - CORRECTION OF ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS

As disclosed in the financial statements as of and for the year ended April 30, 2011, management has determined that certain errors were contained in the Company s financial statements for quarter ended July 31, 2010.

Since acquiring the first development property in Nevada, the Company has not been capitalizing the appropriate costs as mineral interest.  The Excalibur, Longstreet, and Jet properties call for annual lease payments, the issuance of common stock, and common stock purchase options, for the right to acquire the undivided right, title and interest in and to the properties.  In accordance with guidance contained in ASC 805 mineral rights to explore, extract and retain at least a portion of the benefits from mineral deposits are to be considered tangible assets.  The adjustments required to appropriately record these adjustments are material to the filed financial statements, thus management is restating the July 31, 2010 numbers.

The effect of the Company's previously issued July 31, 2010  financial statement is summarized as follows:

Balance Sheet

		July 31, 2010
		Previously	Increase
		Reported	(Decrease)	Restated
ASSETS
	Cash	$                    72,287	$                        -	$               72,287
	Mineral interest	20,000	104,000	124,000
	Leasehold Improvements	1,077	(1,077)	-
		$                    93,364	$            102,923	$            196,287
LIABILITIES
	Accounts payable	$                    69,140	$                        -	$               69,140
	Note payable, related party	200	-	200
		69,340	-	69,340
EQUITY
	Common stock	62,020	-	62,020
	APIC	419,480	39,000	458,480
	Stock subscription		-
	Retained deficit	(457,476)	63,923	(393,553)
		24,024	102,923	126,947
		$                    93,364	$            102,923	$            196,287

Statements of Operations

		Three months ended July 31, 2010
		Previously	Increase
		Reported	(Decrease)	Restated
EXPENSES
	Mineral exploration and consultants	$                              -	$               41,451	$               41,451
	Management and administrative	94,948	(69,291)	25,657
	Legal and professional	-	3,686	3,686
	Directors fees and other		231	231
NET LOSS		$                    94,948	$             (23,923)	$               71,025