EXPLORATION STAGE COMPANY

9 Months Ended

Jul. 31, 2012

EXPLORATION STAGE COMPANY

(10) EXPLORATION STAGE COMPANY

As a result of the Company’s focus on mineral exploration, it is considered an exploration stage company and accordingly reports operations, stockholders deficit and cash flows since inception through the date that revenues are generated from management’s intended operations. Since inception, the Company has incurred an operating loss of approximately $8,800,000. The Company’s working capital has been primarily generated through the sales of common stock as well as advances from an affiliated entity.