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ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN (Tables)
 12 Months Ended
Oct. 31, 2013
Grants In 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 October 31, 2011
2,500,000
1.00
1.00
Granted
-
-
-
Forfeited
-
-
-
Outstanding at October 31, 2012
2,500,000
1.00
1.00
Granted
-
-
-
Forfeited
-
-
-
Outstanding at October 31, 2013
2,500,000
1.00
1.00
Grants In 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 October 31, 2011
750,000
1.00
1.00
Granted
-
-
-
Forfeited
-
-
-
Outstanding at October 31, 2012
750,000
1.00
1.00
Granted
-
-
-
Forfeited
-
-
-
Outstanding at October 31, 2013
750,000
1.00
1.00