Property, Plant, and Equipment

3 Months Ended

Jan. 31, 2013

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 January 31, 2013 and April 30, 2012, respectively:

		January 31, 2013		April 30, 2012
Equipment		$	28,992	$	27,007
Less accumulated depreciation			(5,787)		(1,351)
	Equipment, net of accumulated depreciation		23,205		25,656
Mining interests			362,999		300,999
	Total	$	386,204	$	326,655

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 originally commenced the week of June 20, 2010.

The Excalibur Agreement requires cash payments, from the Company to MinQuest, totaling $100,000 over five (5) years and the issuance, to MinQuest, of 200,000 stock options based on “fair market price” over the same five-year period.  The Company also agreed to make work commitments, on the Property, of $275,000 over the same 5 year period.  Following the fifth anniversary, if the Company has made all cash payments, issued all required options and all of the required work commitments have been met, the Company shall receive, from MinQuest, a quitclaim for 100% interest in the Property with MinQuest reserving 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 and thereafter amended on August 31, 2012 extending the payment date of the final expenditure to January 31, 2013.  The Excalibur Property Option Agreement was subsequently amended on September 7, 2012, revising the payment date on the final required expenditure to October 31, 2013.  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
October 31, 2013		$	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, MinQuest, of $20,000, issuance, to MinQuest, of 25,000 common shares and 25,000 stock options based on “fair market price.”  The Longstreet Agreement terms also include cash payments, to MinQuest, totaling $250,000 payable over seven (7) years and the issuance of 175,000 common shares and 175,000 stock options based on “fair market price” over the same 7year period.  The Company also agreed to make work commitments totaling  $3,550,000 over the same 7 year period.  Following the seventh anniversary of the agreement, if all terms have been met, the Company shall receive a quitclaim deed for a 100% interest in the property with MinQuest retaining a 3% Net Smelter Return. 

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, 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
	$	2,750,000	$	204,000	100,000	100,000

The Jet Property

On July 7, 2010, the Company acquired, pursuant to the Jet Agreement, the right to earn 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 seven year period commencing with the execution of the agreement.  Under the Jet Agreement, MinQuest is also entitled to receive residual payments if and when the project enters into production. The Jet Property Option Agreement was amended on September 7, 2012 revising the payment date of the required 2013 expenditure from July 7, 2013 to August 31, 2013; the extension was granted only for the 2013 payment. The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Agreement is as follows:

		Required expenditure		Payment to Optioner
July 7, 2013		$	-	$	5,000
August 31, 2013			20,000		-
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	$	25,000

The following is a summary of capitalized mineral interests as of January 31, 2013 and April 30, 2012, respectively:                                               

		January 31, 2013		April 30, 2012
Longstreet Property		$	171,499	$	114,499
Excalibur Property			176,500		176,500
Jet Property			15,000		10,000
	Total	$	362,999	$	300,999