Equity

3 Months Ended

Jul. 31, 2011

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 6 - WARRANTS

The following is a summary of the Company’s warrants outstanding:

		Shares	Weighted Average Exercise Price	Expiration Date
Oustanding at April 30, 2009		1,200,000	$                    0.20	April 15, 2012
	Issued	-
	Exercised	-	-
	Expired	-
Oustanding at April 30, 2010		1,200,000	0.20
	Issued	240,000	0.75	November 15, 2012
	Exercised	(650,000)	(0.20)
	Expired	-
Oustanding at April 30, 2011		790,000	0.37
	Issued
	Exercised
	Expired	-
Oustanding at July 31, 2011		790,000	$                    0.37

NOTE 7 - STOCK OPTIONS

The following is a summary of the Company's options issued and outstanding in conjunction with certain mining interest agreements on several properties:

		Options	Weighted Average Exercise Price
Outstanding at April 30, 2008		-	-
	Issued	50,000	$                     0.11
	Exercised	-	-
	Expired	-
Outstanding at April 30, 2009		50,000	0.11
	Issued	75,000	0.45
	Exercised	-	-
	Expired	-
Outstanding at April 30, 2010		125,000	0.32
	Issued	75,000	0.45
	Exercised	-	-
	Expired	-
Outstanding at April 30, 2011		200,000	0.29
	Issued	-	-
	Exercised	-	-
	Expired	-	-
Outstanding at July 31, 2011		200,000	0.29

Total mining interest cost capitalized under the issuance of options was $ Nil and $19,250 for the three months ended July 31, 2011 and the year ended April 30, 2011, respectively.  These costs are classified on the Company's balance sheets as mining interests.

The Company has established the 2011 Stock Option/Restricted Stock Plan.  The Stock Option Plan will be administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. 

The Stock Option Plan has a fixed maximum percentage of 10% of the Company's outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of shares outstanding increase.  The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriated by the Board of Directors if the Company's common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company's assets. 

The Stock Option plan also has terms and limitations, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock's fair market value, based on the closing price per share of common stock, at the time the stock option is granted.  The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. 

On May 30, 2011 the Board of Directors authorized grant of 1,960,000 options to purchase shares of common stock of the Company to various directors, officers and consultants.  The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table:

	2011
Options issued	1,960,000
Weight average volatility	276.1%
Expected dividends	-
Expected term (years)	1.5
Risk-free rate	3.07%
Expected forfeiture rate	0% - 10%

The following is a summary of the Company's options issued and outstanding in conjunction with the the 2011 Stock Option/Restricted Stock Plan:

		Options	Weighted Average Exercise Price	Expiration Date
Oustanding at April 30, 2011		-	-
	Issued	1,960,000	0.15	May 30, 2021
	Exercised	-
	Expired	-
Oustanding at July 31, 2011		-	-
		1,960,000	$                    0.15

Total stock option expensed under the issuance of options was $ 66,863 for the three months ended July 31, 2011.  These costs are classified on the Company's statement of operations as "management and administrative".