Property, Plant, and Equipment

12 Months Ended

Apr. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – EQUIPMENT AND MINING INTERESTS

The following is a summary of the Company's equipment and mining interests at April 30, 2012 and 2011, respectively:

		2012		2011
Equipment		$	27,007	$	-
Less accumulated depreciation			(1,351)		-
	Equipment, net of accumulated depreciation		25,656		-
Mining interests			300,999		205,499
	Total	$	326,655	$	205,499

Excalibur Property

On April 11, 2008, the Company executed a property purchase agreement (the "Excalibur Agreement") with MinQuest, Inc. ("MinQuest") granting the Company the right to acquire 100% of the mining interests of the Nevada mineral exploration property known as the “Excalibur Property.”  The Excalibur Property is located in Mineral County, Nevada. On June 18, 2009 the Company entered into an amending agreement to add an additional 42 claims surrounding the original 8 claims, expanding the total claims to 50 claims held.

The Company has completed an initial exploration program on the Excalibur Property, which included geological mapping, rock sampling and assaying. Based on this analysis the Company decided to move forward with the exploration of this property and drilling program.  The permitting was completed in June 2010 and the drilling program commenced the week of June 20, 2010.

The Excalibur Agreement includes cash payments totaling $100,000 over five years and the issuance of 200,000 stock options based on “fair market price” over the same five-year period.  The Company has agreed to work commitments of $275,000 over five years.  Following the fifth anniversary, if commitments have been met, the Company shall receive a quitclaim for 100% interest in the property in consideration of a 3% Net Smelter Return.   The Excalibur Property Option Agreement was amended on January 30, 2012 revising the payment date of the final required expenditure to August 31, 2012.  The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Excalibur Property agreement is as follows:

		Required expenditure		Payment to optioner		Annual stock  option obligation
August 31, 2012		$	100,000		20,000		50,000
	Total	$	100,000	$	20,000		50,000

The Longstreet Property

On January 15, 2010, the Company signed an option agreement (the “Longstreet Agreement”) for the Sole Exclusive Rights to lease and obtain the option to acquire 60 unpatented mining claims totaling approximately 490 hectares known as the “Longstreet Property.”

The terms of the Longstreet Agreement included an initial cash payment of $20,000, issuance of 25,000 common shares and 25,000 stock options based on “fair market price” to MinQuest.  The Longstreet Agreement terms also include cash payments totaling $250,000 over seven years and the issuance of 175,000 common shares and 175,000 stock options based on “fair market price” over the same seven-year period.  The Company has agreed to work commitments of $3,550,000 over seven years.  Following the seventh anniversary of the agreement, if commitments have been met, the Company shall receive a quitclaim deed for a 100% interest in the property in consideration of a 3% Net Smelter Return.  

The Company recognized prepaid expense of $92,424 at April 30, 2012, paid to Minquest to satisfy certain required expenditure obligations under the Longstreet Property Agreement in advance of completion of exploration and drilling operations required. 

The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Longstreet Agreement is as follows:

	Required expenditure			Payment to  optioner	Annual stock option obligation	Annual stock grant obligation
January 15, 2013		350,000		36,000	25,000	25,000
January 15, 2014		450,000		36,000	25,000	25,000
January 15, 2015		550,000		56,000	25,000	25,000
January 15, 2016		750,000		56,000	25,000	25,000
January 15, 2017		1,000,000		56,000	25,000	25,000
	$	3,100,000	$	240,000	125,000	125,000

The Jet Property

On July 7, 2010 the Company acquired, pursuant to the Jet Agreement, a 100% mining interest in the Jet Property located in Nevada.  The Jet Agreement calls for the Company to invest a total of $110,000 (consisting of $40,000 in direct payments and $70,000 in expenditures towards development of the project) over the next seven years.  Under the Jet Agreement, MinQuest is also entitled to receive residual payments if and when the project enters into production. The Excalibur Property Option Agreement was amended on

January 30, 2012 revising the payment date of the required expenditure to August 31, 2012 for one year only. The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Agreement is as follows:

		Required expenditure		Payment to Optioner
August 31, 2012		$	10,000	$	5,000
July 7, 2013			10,000		5,000
July 7, 2014			10,000		5,000
July 7, 2015			10,000		5,000
July 7, 2016			10,000		5,000
July 7, 2017			10,000		5,000
	Total	$	60,000	$	30,000

The following is a summary of capitalized mineral interests as of April 30, 2012 and 2011:

		2012		2011
Longstreet Property			114,499	$	83,999
Excalibur Property			176,500		116,500
Jet Property			10,000		5,000
	Total	$	300,999	$	205,499