Equipment and Mining Expenses

9 Months Ended

Jan. 31, 2015

Extractive Industries [Abstract]

Equipment and Mining Expenses

NOTE 4 – EQUIPMENT AND MINING INTERESTS

The following is a summary of the Company's equipment and mining interests at January 31, 2015 and April 30, 2014, respectively:

	January 31, 2015	April 30, 2014
Equipment	$                        -	$              28,992
Less accumulated depreciation	-	(13,181)
Equipment, net of accumulated depreciation	-	15,811
Mining interests	-	417,000
Total	$                        -	$            432,811

The Longstreet Property

On December 10, 2014, the Longstreet Property Option Agreement was amended revising the required expenditures and annual stock option obligation. The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the amended Longstreet Property Option Agreement is as follows:

	Required expenditure	Payment to optioner	Annual stock option obligation
January 15, 2016	100,000	56,000	25,000
January 15, 2017	150,000	56,000	25,000
January 15, 2018	300,000	40,000	40,000
January 15, 2019	500,000	45,000	45,000
January 15, 2020	700,000	50,000	50,000
Total	$          1,750,000	$             247,000	185,000

Under terms of the agreement, during the year ended April 30, 2014, the Company paid $39,000, issued 25,000 shares of common stock with fair value of $5,000 based on the price of common stock on the date of issuance, and issued options to purchase 25,000 shares of common stock with fair value of $5,000 (Note 6). For the nine months ended January 31, 2015, the Company paid $56,000 and issued options to purchase 25,000 shares of common stock with fair value of $3,000 (Note 6). The Company also paid $9,000 of capitalized mineral claims on the Longstreet property during the nine months ended January 31, 2015.

Through January 15, 2015 (the “Measurement Date), the Company has incurred eligible exploration expenditures per the terms of the agreement of $1,936,216 compared to a cumulative required exploration expenditure through the same date of $1,800,000, creating a surplus of $136,216 as of the Measurement Date.

Excalibur Property

On August 21, 2014, the Excalibur Property Option Agreement was amended revising the payment date of the final required expenditure from October 31, 2014 to October 31, 2015.

The schedule of remaining minimum expenditures pursuant to the amended Excalibur Property agreement is as follows:

	Required expenditure
October 31, 2015	$            175,000
Total	$            175,000

The Jet Property

On August 21, 2014, the Jet Property Option Agreement was amended, revising the payment date of the required 2011 to 2013 expenditures to October 31, 2015. As consideration for the amendments, Star Gold Corp. paid the claims filing fees for 2014.

The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Property Option Agreement is as follows:

	Required expenditure	Payment to optioner
July 7, 2015	$              10,000	$                5,000
July 7, 2016	10,000	5,000
July 7, 2017	40,000	10,000
Total	$              60,000	$              20,000

The following is a summary of capitalized mineral interests as of January 31, 2015 and April 30, 2014, respectively:

	July 31, 2014	April 30, 2014
Longstreet Property	$            229,500	$            220,500
Excalibur Property	176,500	176,500
Jet Property	20,000	20,000
Total	$            426,000	$            417,000