Deferred Costs, Capitalized, Prepaid, and Other Assets

3 Months Ended

Jul. 31, 2012

Disclosure Text Block Supplement [Abstract]

Other Assets Disclosure [Text Block]

NOTE 3 – PREPAID EXPENSES

The following is a summary of the Company’s prepaid expenses at July 31, 2012 and April 30, 2012:

		July 31, 2012		April 30, 2012
Exploration expense		$	317,488	$	92,424
Legal retainer			2,984		15,000
Directors and officers liability insurance			18,291		26,130
	Total	$	338,763	$	133,554

Exploration expense was prepaid at July 31, 2012 in order to satisfy certain deposit requirements by contractors for which corresponding work had not been completed by the balance sheet date.  Exploration expense at April 30, 2012 was prepaid in order to satisfy required expenditure obligations for the year ended January 15, 2012 for which the corresponding work could not be completed by that date.  The prepaid balance will be reduced as invoices are applied to ongoing drilling and exploration activities in the future which the Company expects to recognize as exploration expense during the remainder of its fiscal year ending April 30, 2013.