ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN (Tables)

3 Months Ended

Jan. 31, 2013

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, 2012 and January 31, 2013		2,500,000		1.00		1.00

Options Granted May 2011 [Member]

Schedule of fair value assumptions used for stock options

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		2.02	%		2.02	%		2.02	%
Volatility		100	%		100	%		100	%
Exercise price	$	US1.00		$	US1.00		$	US1.00
Call option value	$	US0.91		$	US0.95		$	US0.99

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, 2012 and January 31, 2013		750,000		1.00		1.00