Gold Lakes (GLLK) 10-Q/A 11 Aug 16 2016 Q3 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Apr. 30, 2016	Jul. 08, 2016
Document And Entity Information
Entity Registrant Name	GOLD LAKES CORP.
Entity Central Index Key	1,386,936
Document Type	10-Q/A
Document Period End Date	Apr. 30, 2016
Amendment Flag	true
Amendment Description	Amendment
Current Fiscal Year End Date	--07-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		33,135,645
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Apr. 30, 2016	Jul. 31, 2015
CURRENT ASSETS
Cash	$ 14,459
Loan receivable	14,270
Deferred charges	49,226
Total Current Assets	77,955
LONG TERM ASSETS
Investment in mineral leases	50,501
TOTAL ASSETS	128,456	0
CURRENT LIABILITIES
Accounts payable and accrued interest	105,660	110,204
Due to related parties	17,500	24,590
Promissory Note Payable	21,500	21,500
Derivative liabilities	861,753
Convertible Notes Payable (net of unamortized discounts of $271,785 and $0 respectively)	48,715	116,000
Total Current Liabilities	1,055,128	272,294
LONG TERM LIABITIES
Convertible Notes Payable (net of unamortized discounts of $123,856 and $0 respectively)	73,644
Total long term liabilities	73,644
TOTAL LIABILITIES	1,128,772	272,294
STOCKHOLDER'S DEFICIT
Common stock 500,000,000 shares authorized, at $0.001 par value; 33,135,645 shares issued and outstanding as of April 30, 2016 (July 31, 2015 - 225,525 shares)	33,136	225
Capital in excess of par value	28,526,675	378,641
Accumulated deficit	(29,560,127)	(651,160)
Total Stockholders' Deficiency	(1,000,316)	(272,294)
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT	$ 128,456	$ 0

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
CURRENT LIABILITIES
Convertible Notes Payable net of unamortized discounts	$ 271,785	$ 0
LONG TERM LIABITIES
Convertible Notes Payable net of unamortized discounts	$ 123,856	$ 0
STOCKHOLDERS' DEFICIT
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	33,135,645	225,525
Common stock, shares outstanding	33,135,645	225,525

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Condensed Statements Of Operations
REVENUES
EXPENSES
General and administrative	139,156	2,000	298,677	6,000
TOTAL EXPENSES	139,156	2,000	298,677	6,000
OTHER EXPENSE
Interest expense	54,178	3,613	69,797	10,820
Amortization of debt discount	109,779		122,359
Loss on revaluation of derivative liability	343,753		343,753
Shares for service	8,000		280,000
Loss (Gain) on debt settlement			(96,819)
Impairment loss on mineral claims			23,500,000
Loss on conversion of debt			4,391,200
NET LOSS	$ (654,866)	$ (5,613)	$ (28,908,967)	$ (16,820)
NET LOSS PER COMMON SHARE
Basic and Fully diluted	$ (0.02)	$ (0.02)	$ (1.04)	$ (0.07)
WEIGHTED AVERAGE OUTSTANDING SHARES
Basic	33,128,867	225,525	27,858,492	225,525
Fully diluted	85,550,258	115,225,525	85,550,258	115,225,525

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (28,908,967)	$ (16,820)
Adjustments to reconcile net loss to net cash provided by operating activities:
Impairment loss on mineral claims	23,500,000
Loss on conversion of debt	4,391,200
Shares for services	280,000
Inferred interest on related party debt	945
Amortization of deferred charges	10,474
Amortization of debt discounts	122,359
Loss from valuation and revaluation of convertible debt	343,753
Deferred charges incurred on debt	(37,500)
Increase in derivative liability	198,500
Gain on debt settlement	(96,819)
Change in related party accounts payable	17,500
Changes in accounts payable	24,476	16,820
Net cash (used in) operating activities	(153,479)
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in Loan Receivable	(14,271)
Investment in Mineral Leases	(50,501)
Net cash (used in) investing activities	(64,772)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of advances shareholder	(24,590)
Repayment of convertible debt	(55,200)
Cash from issue of convertible debt	312,500
Net cash (used in) provided by financing activities	232,710
Net (Decrease) Increase in Cash	14,459
Cash at Beginning of Period
CASH AT END OF PERIOD	14,459
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCIAL ACTIVITIES:
Shares issued for services	280,000
Shares issued for debt	4,400,000
Shares issued for property	23,500,000
OTHER SUPPLEMENTAL DISCLOSURE
Taxes paid
Interest paid

ORGANIZATION

ORGANIZATION	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 1 - Organization	The Company, Gold Lakes Corp., was incorporated under the laws of the State of Nevada on January 18, 2007 with the authorized capital stock of 300,000,000 shares at $0.001 par value. On April 30, 2008, the Secretary of State for Nevada approved an amendment to the Articles of Incorporation where the total number of shares of common stock was increased to 500,000,000 shares of common stock with a par value of $0.001 per share. The Company was organized for the purpose of acquiring and developing mineral properties.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 2 - Summary of Significant Accounting Policies	Accounting Methods The Company recognizes income and expenses based on the accrual method of accounting. Dividend Policy The Company has not yet adopted a policy regarding payment of dividends. Basic and Diluted Net Income (loss) Per Share Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes anti-dilutive and then the basic and diluted per share amounts are the same. As of April 30, 2016 and December 31, 2015, the Company has 80,287,932 and 115,225,525, respectively, of common stock equivalents outstanding, calculated using the if-converted method. Income Taxes The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized. Foreign Currency Translations Part of the transactions of the Company were completed in Canadian dollars and have been translated to US dollars as incurred, at the exchange rate in effect at the time, and therefore, no gain or loss from the translation is recognized. The functional currency is US dollars. Revenue Recognition Revenue is recognized on the sale and delivery of a product or the completion of a service provided. Advertising and Market Development The Company expenses advertising and market development costs as incurred. Financial Instruments The carrying amounts of financial instruments are considered by management to be their fair value due to their short term maturities. Estimates and Assumptions Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements. Impairment of Long-lived Assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. Mineral Property Acquisition and Exploration Costs M Statement of Cash Flows For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. Environmental Requirements At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made. Reclassifications Certain prior period amounts have been reclassified to conform with current period presentation. Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as "Development Stage Entities" (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company has adopted this standard. In May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The revenue recognition standard affects all entities that have contracts with customers, except for certain items. The new revenue recognition standard eliminates the transaction-and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. Public entities are required to adopt the revenue recognition standard for reporting periods beginning after December 15, 2016, and interim and annual reporting periods thereafter. Early adoption is not permitted for public entities. The Company has reviewed the applicable ASU and has not, at the current time, quantified the effects of this pronouncement, however it believes that there will be no material effect on the consolidated financial statements. In June 2014, FASB issued Accounting Standards Update (ASU) No. 2014-12 Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. A performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification (ASC) 718, Compensation — Stock Compensation. As a result, the target is not reflected in the estimation of the award's grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved. The guidance is effective for annual periods beginning after 15 December 2015 and interim periods within those annual periods. Early adoption is permitted. Management has reviewed the ASU and believes that they currently account for these awards in a manner consistent with the new guidance, therefore there is no anticipation of any effect to the consolidated financial statements. We have reviewed the FASB issued Accounting Standards Update ("ASU") accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation's reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

LOAN RECEIVABLE

LOAN RECEIVABLE	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 3 - Loan Receivable	On March 11, 2014, the Company agreed to a Loan document whereby it would lend $25,000 at no interest to an unrelated third party. As of April 30, 2016, $14,271 had been advanced under this loan agreement.

MINERAL PROPERTIES

MINERAL PROPERTIES	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 4 - Mineral Properties	On August 28, 2015, (amended March 21, 2016) the Company entered into an Equity Participation and Earn-In Agreement (the "Agreement") with Flex Mining Ltd., a Delaware Corporation ("Flex"). Pursuant to the Agreement, the Company has the right to acquire 100% of Flex by incurring expenditures of $1 million over the next three years. The initial phase is expected to cost $67,500; and if successful in Phase 1, Phase 2 is budgeted at$310,400. The balance, of $622,100 will be spent subject to the success of Phase 2. In addition, the Company issued 23,500,000 shares of restricted common stock to Flex. Although the Agreement stipulates a deemed value of $0.05 per share, the transaction has been recorded at the market value at the date the shares were issued which was $1.00 per share, and the value of the Agreement was determined to be $23,500,000. The Company has incurred expenditures of $50,500 renewing the mining claims and planning the exploration during the last quarter. Management determined that there was an impairment of the investment in the amount of $23,500,000 was warranted due to firstly that, no exploration being conducted on the property to date; and secondly that, no mineral resource having been identified on the property to date. The Mining Claims are known as the "Big Monty Property" and are located in the Frecheville and Stoughton Townships, Ontario, Larder Lake District. The Claims currently in Big Monty are: Claim # # of hectares Claim Start Date Claim Expiry Date 4282128 16 February 16, 2016 February 16, 2019 4282129 16 February 16, 2016 February 16, 2019 4282130 6 February 16, 2016 February 16, 2019 4282131 9 February 16, 2016 February 16, 2019 4282132 11 February 16, 2016 February 16, 2019 4282133 13 February 16, 2016 February 16, 2019 4282134 2 February 16, 2016 February 16, 2019 Total 73 hectares (180.4 acres)

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 5 - Convertible Notes Payable	Issue Date Expiry date Amount of Loan Interest rate Unamortized Debt Discount Net Carrying Amount 7/31/2012 7/31/2013 $ 40,000 10 % $ - $ 40,000 11/20/2015 11/20/2017 30,000 8 % 16,721 13,279 12/21/2015 12/21/2017 50,000 8 % 41,040 8,960 12/21/2015 12/21/2017 50,000 8 % 41,040 8,960 1/21/2016 1/22/2017 35,500 12 % 25,829 9,671 2/25/2016 2/25/2018 27,500 8 % 25,055 2,445 3/11/2016 3/11/2017 285,000 8 % 245,956 39,044 Total Loans 518,000 395,641 122,359 Less short term notes (320,500 ) (271,785 ) (48,715 ) Total long term $ 197,500 $ 123,856 $ 73,644 On July 31, 2012, the Company converted $40,000 in accounts payable to a convertible promissory note. The note has a 10% per annum interest rate and a maturity date of July 31, 2013. The note is currently in arrears and is due and payable on demand. The note is convertible into shares of the Company's common stock at a conversion price of $0.001. Per ASC 470-50-40-10b, as this transaction added a substantive conversion feature to the debt, we have determined debt extinguishment accounting rules apply. However, as there was no difference between the reacquisition price and the net carrying amount of the old debt, no gain or loss was recorded. The Company On July 31, 2012, the Company converted $76,000 in advances to a convertible promissory note. The note has a 10% per annum interest rate and a maturity date of July 31, 2013. The note is currently in arrears and is due and payable on demand. The note was convertible into shares of the Company's common stock at a conversion price of $0.001. Per ASC 470-50-40-10b, as this transaction added a substantive conversion feature to the debt, we have determined debt extinguishment accounting rules apply. However, as there was no difference between the reacquisition price and the net carrying amount of the old debt, no gain or loss was recorded. On December 23, 2015, The Company acquired the full face of the $76,000 promissory note and the $25,819 of accrued interest for $5,000 resulting in a gain on the settlement of debt of $96,819. On October 16, 2015, the Company issued a $33,500 convertible promissory note. The note has an 10% per annum interest rate and a maturity date of October 16, 2016. Closing costs of $7,500 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $2,000 was recorded and is being amortized over the life of the loan. On March 14, 2016, the Company paid out the loan in full for $52,273. The conversion benefit recorded was reversed and the unamortized portion of the finder's fees and legal expenses deferred were expensed. On October 16, 2015, the Company issued a $27,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of October 16, 2016. Closing costs of $4,500 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $11,250 has been recorded and is being amortized over the life of the loan. On March 14, 2016, the Company paid out the loan in full for $37,296. The conversion benefit recorded was reversed and the unamortized portion of the finder's fees and legal expenses deferred were expensed. On November 20, 2015, the Company issued a $30,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of November 20, 2016. Closing costs of $3,500 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $30,000 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Sholes and is estimated to be $52,276 at April 30, 2016. On December 21, 2015, the Company issued a $50,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of December 21, 2017. Closing costs of $5,000 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $50,000 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Sholes and is estimated to be $100,208 at April 30, 2016. On December 21, 2015, the Company issued a $50,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of December 21, 2017. Closing costs of $5,000 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $50,000 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Sholes and is estimated to be $100,207 at April 30, 2016. On January 22, 2016, the Company issued a $35,500 convertible promissory note. The note has an 12% per annum interest rate and a maturity date of January 22, 2017. Closing costs of $9,050 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $35,500 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Sholes and is estimated to be $61,860 at April 30, 2016. On February 25, 2016, the Company issued a $27,500 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of February 25, 2017. Closing costs of $9,050 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $27,500 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Sholes and is estimated to be $50,583 at April 30, 2016. On March 14, 2016, the Company issued a $285,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of March 11, 2017. Closing costs of $35,000 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $285,000 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Sholes and is estimated to be $496,620 at April 30, 2016.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 6 - Related Party Transactions	During the period, the Company has paid its officer consulting fees of $5,000 (2015 - $nil) and rent of $3,000 (2015 - $nil). On October 15, 2015, the Company remunerated the officer of the Company 400,000 shares of the Company's common stock. The price of the stock was $0.43 and a charge of $172,000 has been expensed as Shares for Service.

SHARES FOR SERVICE

SHARES FOR SERVICE	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 7 - Shares For Service	On November 1, 2015, there was 200,000 shares issued to a consultant. At the issue date, the fair market value of the shares was $0.50 and a charge of $100,000 has been expensed as Shares for Service. On April 1, 2016, there was 10,000 shares issued to a consultant for services. At the issue date, the fair market value of the shares was $0.80 and a charge of $8,000 has been expensed.

NOTE PAYABLE

NOTE PAYABLE	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 8 - Note Payable	The Company has received $17,500 under a promissory note agreement with a third party in July 2012. An additional $4,000 was received under this Note in 2014. Interest and principal were due on September 15, 2012. The Company is currently in default on this Note. Per the note agreement, interest of $11,768 was accrued through April 30, 2016 and has been disclosed on the balance sheets as accounts payable and accrued interest.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Apr. 30, 2016
Notes to Financial Statements
Note 9 - Going Concern	The Company will need additional working capital to service its debt and to develop the mineral claims acquired, which raises substantial doubt about its ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding, and long term financing, which will enable the Company to operate for the coming year.

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Apr. 30, 2016
Summary Of Significant Accounting Policies Policies
Accounting Methods	The Company recognizes income and expenses based on the accrual method of accounting.
Dividend Policy	The Company has not yet adopted a policy regarding payment of dividends.
Basic and Diluted Net Income (loss) Per Share	Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes anti-dilutive and then the basic and diluted per share amounts are the same. As of April 30, 2016 and December 31, 2015, the Company has 80,287,932 and 115,225,525, respectively, of common stock equivalents outstanding, calculated using the if-converted method.
Income Taxes	The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.
Foreign Currency Translations	Part of the transactions of the Company were completed in Canadian dollars and have been translated to US dollars as incurred, at the exchange rate in effect at the time, and therefore, no gain or loss from the translation is recognized. The functional currency is US dollars.
Revenue Recognition	Revenue is recognized on the sale and delivery of a product or the completion of a service provided.
Advertising and Market Development	The Company expenses advertising and market development costs as incurred.
Financial Instruments	The carrying amounts of financial instruments are considered by management to be their fair value due to their short term maturities.
Estimates and Assumptions	Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
Impairment of Long-lived Assets	The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.
Mineral Property Acquisition and Exploration Costs	Mineral property acquisition costs are initially capitalized when incurred. These costs are then assessed for impairment when factors are present to indicate the carrying costs may not be recoverable. Mineral exploration costs are expensed when incurred.
Statement of Cash Flows	For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.
Environmental Requirements	At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made.
Reclassifications	Certain prior period amounts have been reclassified to conform with current period presentation.
Recent Accounting Pronouncements	In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as "Development Stage Entities" (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company has adopted this standard. In May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The revenue recognition standard affects all entities that have contracts with customers, except for certain items. The new revenue recognition standard eliminates the transaction-and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. Public entities are required to adopt the revenue recognition standard for reporting periods beginning after December 15, 2016, and interim and annual reporting periods thereafter. Early adoption is not permitted for public entities. The Company has reviewed the applicable ASU and has not, at the current time, quantified the effects of this pronouncement, however it believes that there will be no material effect on the consolidated financial statements. In June 2014, FASB issued Accounting Standards Update (ASU) No. 2014-12 Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. A performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification (ASC) 718, Compensation — Stock Compensation. As a result, the target is not reflected in the estimation of the award's grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved. The guidance is effective for annual periods beginning after 15 December 2015 and interim periods within those annual periods. Early adoption is permitted. Management has reviewed the ASU and believes that they currently account for these awards in a manner consistent with the new guidance, therefore there is no anticipation of any effect to the consolidated financial statements. We have reviewed the FASB issued Accounting Standards Update ("ASU") accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation's reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	9 Months Ended
	Apr. 30, 2016
Mineral Properties Tables
Mining claims	Claim # # of hectares Claim Start Date Claim Expiry Date 4282128 16 February 16, 2016 February 16, 2019 4282129 16 February 16, 2016 February 16, 2019 4282130 6 February 16, 2016 February 16, 2019 4282131 9 February 16, 2016 February 16, 2019 4282132 11 February 16, 2016 February 16, 2019 4282133 13 February 16, 2016 February 16, 2019 4282134 2 February 16, 2016 February 16, 2019 Total 73 hectares (180.4 acres)

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	9 Months Ended
	Apr. 30, 2016
Convertible Notes Payable Tables
Schedule of convertible notes payable	Issue Date Expiry date Amount of Loan Interest rate Unamortized Debt Discount Net Carrying Amount 7/31/2012 7/31/2013 $ 40,000 10 % $ - $ 40,000 11/20/2015 11/20/2017 30,000 8 % 16,721 13,279 12/21/2015 12/21/2017 50,000 8 % 41,040 8,960 12/21/2015 12/21/2017 50,000 8 % 41,040 8,960 1/21/2016 1/22/2017 35,500 12 % 25,829 9,671 2/25/2016 2/25/2018 27,500 8 % 25,055 2,445 3/11/2016 3/11/2017 285,000 8 % 245,956 39,044 Total Loans 518,000 395,641 122,359 Less short term notes (320,500 ) (271,785 ) (48,715 ) Total long term $ 197,500 $ 123,856 $ 73,644

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	9 Months Ended	12 Months Ended
	Apr. 30, 2016	Jul. 31, 2015
Summary Of Significant Accounting Policies Details Narrative
Common stock equivalents outstanding	80,287,932	115,225,525

LOAN RECEIVABLE (Details Narrat

LOAN RECEIVABLE (Details Narrative) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Loan Receivable Details Narrative
Loan receivable	$ 14,270

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details)	9 Months Ended
	Apr. 30, 2016ha
Area of claim in hectares	73
Claim 1 [Member]
Claim number	4,282,128
Area of claim in hectares	16
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 2 [Member]
Claim number	4,282,129
Area of claim in hectares	16
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 3 [Member]
Claim number	4,282,130
Area of claim in hectares	6
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 4 [Member]
Claim number	4,282,131
Area of claim in hectares	9
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 5 [Member]
Claim number	4,282,132
Area of claim in hectares	11
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 6 [Member]
Claim number	4,282,133
Area of claim in hectares	13
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 7 [Member]
Claim number	4,282,134
Area of claim in hectares	2
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	9 Months Ended
	Apr. 30, 2016	Jul. 31, 2015
Amount of Loan	$ 197,500
Unamortized Debt Discount	123,856
Net Carrying Amount	$ 73,644
Convertible Notes Payable [Member]
Issue Date	7/31/2012
Expiry date	7/31/2013
Amount of Loan	$ 40,000
Interest rate	10.00%
Unamortized Debt Discount
Net Carrying Amount	$ 40,000
Convertible Notes Payable 1 [Member]
Issue Date	11/20/2015
Expiry date	11/20/2017
Amount of Loan	$ 30,000
Interest rate	8.00%
Unamortized Debt Discount	$ 16,721
Net Carrying Amount	$ 13,279
Convertible Notes Payable 2 [Member]
Issue Date	12/21/2015
Expiry date	12/21/2017
Amount of Loan	$ 50,000
Interest rate	8.00%
Unamortized Debt Discount	$ 41,040
Net Carrying Amount	$ 8,960
Convertible Notes Payable 3 [Member]
Issue Date	12/21/2015
Expiry date	12/21/2017
Amount of Loan	$ 50,000
Interest rate	8.00%
Unamortized Debt Discount	$ 41,040
Net Carrying Amount	$ 8,960
Convertible Notes Payable 4 [Member]
Issue Date	1/21/2016
Expiry date	1/22/2017
Amount of Loan	$ 35,500
Interest rate	12.00%
Unamortized Debt Discount	$ 25,829
Net Carrying Amount	$ 9,671
Convertible Notes Payable 5 [Member]
Issue Date	2/25/2016
Expiry date	2/25/2018
Amount of Loan	$ 27,500
Interest rate	8.00%
Unamortized Debt Discount	$ 25,055
Net Carrying Amount	$ 2,445
Convertible Notes Payable 6 [Member]
Issue Date	3/11/2016
Expiry date	3/11/2017
Amount of Loan	$ 285,000
Interest rate	8.00%
Unamortized Debt Discount	$ 245,956
Net Carrying Amount	39,044
Total Loans [Member]
Amount of Loan	518,000
Unamortized Debt Discount	395,641
Net Carrying Amount	122,359
Less short term notes [Member]
Amount of Loan	(320,500)
Unamortized Debt Discount	(271,785)
Net Carrying Amount	$ (48,715)

CONVERTIBLE NOTES PAYABLE (De22

CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015	Jul. 31, 2015
Debt face amount	$ 8,800		$ 8,800
Debt Convertible into common stock	8,800,000		8,800,000
Loss on conversion of debt			$ (4,391,200)
Derivative liabilities	861,753		861,753
On November 20, 2015 [Member]
Derivative liabilities	52,276		52,276
On December 21, 2015 [Member]
Derivative liabilities	100,208		100,208
On December 21, 2015 One [Member]
Derivative liabilities	100,207		100,207
On January 22, 2016 [Member]
Derivative liabilities	61,860		61,860
On February 25, 2016 [Member]
Derivative liabilities	50,583		50,583
On March 14, 2016 [Member]
Derivative liabilities	$ 496,620		$ 496,620

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Related Party Transactions Details Narrative
Consulting fees	$ 5,000	$ 0
Rent paid	$ 3,000	$ 0

NOTE PAYABLE (Details Narrative

NOTE PAYABLE (Details Narrative)	Apr. 30, 2016USD ($)
Note Payable Details Narrative
Accrued Interest	$ 11,768