ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN (Tables)

12 Months Ended

Oct. 31, 2012

Options Granted December 13, 2010 [Member]

Schedule of fair value assumptions used for stock options

An external consultant has calculated the fair value of the 2,500,000 options using the Binomial valuation method using the following inputs:

Grant date	Dec 13, 2010	Dec 13, 2010	Dec 13, 2010
Grant date share price	US$1.10	US$1.10	US$1.10
Vesting date	Dec 13, 2010	Nov 17, 2011	Nov 17, 2012
Expected life in years	4.5	5.0	5.5
Risk-free rate	1.91%	1.91%	1.91%
Volatility	95%	95%	95%
Exercise price	US$1.00	US$1.00	US$1.00
Call option value	US$0.78	US$0.81	US$0.83

Schedule of stock option activity

	Options		Option Price Per Share US$		Weighted Average Exercise Price US$
Outstanding at November 1, 2010		-		-		-
Granted		2,500,000		1.00		1.00
Forfeited		-		-		-
Outstanding at October 31, 2011		2,500,000		1.00		1.00
Granted		-		-		-
Forfeited		-		-		-
Outstanding at October 31, 2012		2,500,000		1.00		1.00

Options Granted May 2011 [Member]

Schedule of fair value assumptions used for stock options

An external consultant has calculated the fair value of the 750,000 options using the Binomial valuation method using the following inputs:

Grant date	May 1, 2011	May 1, 2011	May 1, 2011
Grant date share price	US$1.30	US$1.30	US$1.30
Vesting date	May 1, 2011	Feb 1, 2012	Feb 1, 2013
Expected life in years	3.5	4.0	4.5
Risk-free rate	1.04%	2.02%	2.02%
Volatility	100%	100%	100%
Exercise price	US$1.00	US$1.00	US$1.00
Call option value	US$0.91	US$0.95	US$0.99

Schedule of stock option activity

	Options		Option Price Per Share US$		Weighted Average Exercise Price US$
Outstanding at November 1, 2010		-		-		-
Granted		750,000		1.00		1.00
Forfeited		-		-		-
Outstanding at October 31, 2011		750,000		1.00		1.00
Granted		-		-		-
Forfeited		-		-		-
Outstanding at October 31, 2012		750,000		1.00		1.00