Equipment and Mining Interests

3 Months Ended

Jul. 31, 2016

Property, Plant and Equipment [Abstract]

Equipment and Mining Interests

NOTE 3 – EQUIPMENT AND MINING INTEREST

The following is a summary of the Company's equipment and mining interest at July 31,2016 and April 30, 2015.

	July 31, 2016		April 30, 2016
Equipment	$	27,007	$	27,007
Less accumulated depreciation		(24,306)		(22,956)
Equipment, net of accumulated depreciation		2,701		4,051
Mining interest - Longstreet		333,999		321,999
TOTAL EQUIPMENT AND MINING INTEREST	$	336,700	$	326,050

The Longstreet Property

The Company leases with an option to acquire unpatented mining claims located in the State of Nevada and known as the Longstreet Property. On December 10, 2014, the Longstreet Property Option Agreement was amended revising the required expenditures and annual stock option obligation. The Company is also obligated to pay an annual owners advance royalty payment of $12,000 related to the Clifford claims.

On January 5, 2016, the Longstreet Property Option Agreement was further amended revising the required expenditures and annual stock option obligation. All allowable expenditures in excess of the required annual expenditures shall be carried-over to the subsequent year.

For the year ended April 30, 2016, the Company made an annual required payment to the optioner of $20,000 which is included in “Equipment and Mining Interest”. The Company issued options to purchase 25,000 shares of common stock with fair value of $1,500 (Note 6).

For the three months ended July 31, 2016, the Company paid the annual $12,000 advance royalty for additional mining interest on the Longstreet property related to the Clifford claims.

The schedule of annual payments, minimum expenditures and number of stock options to be issued pursuant to the amended Longstreet Property Option Agreement of January 5, 2016, is as follows:

Required annual expenditure between:	Required Expenditure		Cash payment(1)		Stock options
January 17, 2016 through January 16, 2017	$	150,000	$	25,000		25,000
January 17, 2017 through January 16, 2018		300,000		35,000		40,000
January 17, 2018 through January 16, 2019		500,000		40,000		45,000
January 17, 2019 through January 16, 2020		700,000		45,000		50,000
Payment due upon transfer but no later than January 16, 2021		-		85,000		-
TOTAL	$	1,650,000	$	230,000		160,000

⁽¹⁾ Does not include $12,000 annual advance royalty payment related to Clifford claims.