Star Gold (SRGZ) 10-Q 16 Dec 13 2013 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Oct. 31, 2013	Dec. 16, 2013
Document And Entity Information	'	'
Entity Registrant Name	'Star Gold Corp.	'
Entity Central Index Key	'0001401835	'
Document Type	'10-Q	'
Document Period End Date	31-Oct-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--04-30	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	35,036,326
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2013	'

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Oct. 31, 2013	Apr. 30, 2013
Statement of Financial Position [Abstract]	'	'
Cash and cash equivalents	$1,008,288	$353,571
Receivable from sale of stock	60,000	334,000
Prepaid expenses	11,143	68,482
TOTAL CURRENT ASSETS	1,079,431	756,053
EQUIPMENT AND MINING INTERESTS, net (NOTE 5)	395,768	384,725
OTHER LONG-TERM ASSETS	21,600	21,600
TOTAL ASSETS	1,496,799	1,162,378
Accounts payable	9,267	8,897
Other accrued liabilities	4,215	11,700
TOTAL CURRENT LIABILITIES	13,482	20,597
TOTAL LIABILITIES	13,482	20,597
COMMITMENTS AND CONTINGENCIES (NOTE 5)	'	'
STOCKHOLDERS' EQUITY	'	'
Preferred Stock, $.001 par value; 10,000,0000 shares authorized, none issued and outstanding	'	'
Common Stock, $.001 par value; 300,000,000 shares authorized; 35,036,326 and 30,612,501 shares issued and outstanding, respectively.	$35,036	$30,612
Additional paid-in capital	8,527,848	7,293,682
Accumulated deficit	-7,079,567	-6,182,513
TOTAL STOCKHOLDERS' EQUITY	1,483,317	1,141,781
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$1,496,799	$1,162,378

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical)	Oct. 31, 2013	Apr. 30, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, $.001 par value, authorized	10,000,000	10,000,000
Preferred stock, $.001 par value, issued	0	0
Common Stock, $.001 par value, authorized	300,000,000	300,000,000
Common stock, $.001 par value, issued	35,036,326	30,612,501

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended		59 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Income Statement [Abstract]	'	'	'	'	'
REVENUE	'	'	'	'	'
COST OF REVENUE	'	'	'	'	'
GROSS PROFIT	'	'	'	'	'
Mineral exploration expense	54,955	493,528	516,296	658,975	1,858,730
Legal and professional fees	70,063	41,103	108,260	94,565	651,824
Management and administrative	177,575	287,666	269,053	580,203	1,991,208
Depreciation	1,479	1,591	2,957	2,958	10,222
Directors fees	'	3,000	750	3,000	12,950
TOTAL OPERATING EXPENSES	304,072	826,888	897,316	1,339,701	4,524,934
LOSS FROM OPERATIONS	-304,072	-826,888	-897,316	-1,339,701	-4,524,934
Loss on extinguishment of debt	'	'	'	'	-1,639,575
Amortization of debt discount	'	'	'	-119,821	-874,421
Financing expense	'	-8,000	'	-8,000	-13,700
Interest income (expense)	159	-122	262	-236	-26,937
TOTAL OTHER INCOME (EXPENSE)	159	-8,122	262	-128,057	-2,554,633
NET LOSS BEFORE INCOME TAXES	-303,913	-835,010	-897,054	-1,467,758	-7,079,567
Provision for income taxes	'	'	'	'	'
NET LOSS	($303,913)	($835,010)	($897,054)	($1,467,758)	($7,079,567)
Basic and diluted loss per share	($0.01)	($0.04)	($0.03)	($0.07)	'
Basic and diluted weighted average number shares outstanding	31,904,744	22,948,752	31,258,623	21,827,491	'

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended		59 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Statement of Cash Flows [Abstract]	'	'	'
CASH FLOWS FROM OPERATING ACTIVITIES:	($706,083)	($722,568)	($3,296,951)
Net loss	-897,054	-1,467,758	-7,079,567
Common stock issued in lieu of interest	'	146	146
Common stock issued in consideration of servivces	8,250	'	100,650
Stock based compensation	129,540	354,048	1,098,187
Interest expense from debt discounts	'	119,821	874,421
Loss on extinguishment of debt	'	'	1,639,575
Depreciation	2,957	2,958	10,222
Prepaid expenses	57,339	105,027	-11,143
Accounts payable	370	10,310	29,366
Other accrued expenses	-7,485	152,880	41,192
Net cash used by operating activities	-706,083	-722,568	-3,296,951
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'
Payments for mining interests	-14,000	-11,000	-231,000
Purchase of equipment	'	-1,986	-28,993
Restricted cash as collateral for exploration bonds	'	'	-21,600
Net cash used by investing activities	-14,000	-12,986	-281,593
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'	'
Proceeds from issuance of stock and warrants	1,100,800	'	2,060,146
Proceeds from exercise of warrants	'	256,734	1,137,486
Proceeds from convertible debentures and warrants	'	250,000	969,600
Receivable from sale of stock	274,000	'	274,000
Proceeds from short-term notes, related party	'	30,000	175,600
Repayment of short-term notes, related party	'	'	-30,000
Net cash provided by financing activities	1,374,800	536,734	4,586,832
Net increase (decrease) in cash	654,717	-198,820	1,008,288
CASH AT BEGINNING OF PERIOD	353,571	225,940	'
CASH AT END OF PERIOD	1,008,288	27,120	1,008,288
NON-CASH FINANCING AND INVESTING ACTIVITIES:	'	'	'
Options to purchase common stock issued for mining interests	0	0	111,249
Common stock payable/issued for mining interests	'	'	37,000
Short term notes, related party converted to debenture	'	'	145,400
Debentures converted to common stock payable	'	250,000	1,150,000
Accrued interest paid with common stock payable	'	'	22,276
Executive compensation paid with common stock payable	'	'	92,000
Common stock issued for receivable from sale of stock	60,000	'	394,000
Common stock issued for common stock payable	'	$1,010,710	$1,016,326

Note_1_Nature_of_Operations

Note 1 Nature of Operations	6 Months Ended
	Oct. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Operations	'
	NOTE 1 - NATURE OF OPERATIONS
	Star Gold Corp. (the "Company") was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold-bearing properties in Nevada.
	The financial statement represents those of an exploration stage company whose main focus is in the exploration of gold bearing properties. The Company's main business consists of assembling and/or acquiring land packages and mining claims the Company believes have potential mining reserves, and expending capital to explore these claims by drilling, geophysical work or other exploration work deemed necessary. The business is a high risk business as there is no guarantee that the Company's exploration work will ultimately discover or produce any economically viable minerals.

Note_2_Significant_Accounting_

Note 2 Significant Accounting Policies	6 Months Ended
	Oct. 31, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Accounting Standard Codification (ASC) Topic 915 “Accounting and Reporting by Development Stage Enterprises”. Until such interests are engaged in commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.
	Use of Estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations.
	Cash and cash equivalents
	For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.
	Restricted cash
	Restricted cash represents collateral for bonds held for exploration permits and is presented as other long-term assets in the balance sheet.
	Fair Value Measures
	ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:
			Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
			Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
			Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
	Mining Interests and Mineral Exploration Expenditures
	Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.
	Equipment
	Equipment are stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years.  Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.
	Reclamation and Remediation
	The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.
	Impaired Asset Policy
	The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.
	Stock-based Compensation
	The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.
	Loss Per Share
	Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants.
	The dilutive effect of outstanding securities for three and six months ended October 31, 2013 and 2012, would be as follows:
			31-Oct-13	31-Oct-12
		Stock options	3,197,000	2,532,000
		Warrants	3,929,548	6,811,793
		Total Possible Dilution	7,126,548	9,343,793
	At October 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.
	Income Taxes
	Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.
	Reclassifications
	Certain reclassifications have been made to the prior period financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit.

Note_3_Receivable_From_Sale_of

Note 3 Receivable From Sale of Stock	6 Months Ended
	Oct. 31, 2013
Other Liabilities Disclosure [Abstract]	'
Receivable From Sale of Stock	'
	NOTE 3 – RECEIVABLE FROM SALE OF STOCK
	As of April 30, 2013, holders exercised 2,226,667 share purchase warrants at $0.15 per share. Proceeds of $334,000 were received during the six months ended October 31, 2013. As of October 31, 2013, receivable from the sale of stock was $60,000, proceeds of which were received thereafter.

Note_4_Prepaid_Expenses

Note 4 Prepaid Expenses	6 Months Ended
	Oct. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Prepaid Expenses	'
	NOTE 4 – PREPAID EXPENSES
	The following is a summary of the Company’s prepaid expenses at October 31, 2013 and April 30, 2013:
			31-Oct-13	30-Apr-13
		Exploration expense	$                           -	$                 41,849
		Directors and officers liability insurance	11,143	26,633
		Total prepaid expenses	$                 11,143	$                 68,482
	At April 30, 2013, exploration expense was prepaid as deposit on unbilled drilling activity. The prepaid balance was reduced as invoices were applied to ongoing drilling and exploration activities which the Company recognized as exploration expense during the six months ended October 31, 2013.

Note_5_Equipment_and_Mining_In

Note 5 Equipment and Mining Interests	6 Months Ended
	Oct. 31, 2013
Property, Plant and Equipment [Abstract]	'
Equipment and Mining Interests	'
	NOTE 5 – EQUIPMENT AND MINING INTERESTS
	The following is a summary of the Company's equipment and mining interests at October 31, 2013 and April 30, 2013, respectively:
			31-Oct-13		30-Apr-13
		Equipment	$                  28,992		$                  28,992
		Less accumulated depreciation	-10,223		-7,266
		Equipment, net of accumulated depreciation	18,769		21,726
		Mining interests	376,999		362,999
		Total	$                395,768		$                384,725
	The Longstreet Property
	The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Longstreet Agreement is as follows:
		Required expenditure		Payment to optioner		Annual stock option obligation	Annual stock grant obligation
	15-Jan-14	$           450,000		$          36,000		25,000	25,000
	15-Jan-15	550,000		56,000		25,000	25,000
	15-Jan-16	750,000		56,000		25,000	25,000
	15-Jan-17	1,000,000		56,000		25,000	25,000
	Total	$        2,750,000		$        204,000		100,000	100,000
	The Company has performed substantially all required expenditures for the option agreement period ending January 15, 2014.
	Excalibur Property
	The Excalibur Property Option Agreement was amended on January 30, 2012 revising the payment date of the final required expenditure to August 31, 2012 and thereafter amended on August 31, 2012 extending the payment date of the final expenditure to August 31, 2013. The Excalibur Property Option Agreement was subsequently amended on September 7, 2012, revising the payment date on the final required expenditure to October 31, 2013. On July 12, 2013, the Excalibur Property Option Agreement was amended revising the payment date of the final required expenditure from October 31, 2013 to October 31, 2014.
	The schedule of remaining minimum expenditures and number of stock options to be issued pursuant to the Excalibur Property agreement is as follows:
							Required expenditure
	31-Oct-13						$                           -
	31-Oct-14						100,000
	Total						$                100,000
	The Jet Property
	The Jet Property Option Agreement was amended on September 7, 2012 revising the payment date of the required 2013 expenditure from July 7, 2013 to August 31, 2013; the extension was granted only for the 2013 payment. On July 12, 2013, the Jet Property Option Agreement was amended revising the payment date of the required 2013 expenditure from August 31, 2013 to August 31, 2014.
	The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Agreement is as follows:
						Required expenditure	Payment to optioner
	7-Jul-14					$                  10,000	$                    5,000
	31-Aug-14					20,000	-
	7-Jul-15					10,000	5,000
	7-Jul-16					10,000	5,000
	7-Jul-17					10,000	5,000
	Total					$                  60,000	$                  20,000
	The following is a summary of capitalized mineral interests as of October 31, 2013 and April 30, 2012, respectively:
						31-Oct-13	30-Apr-13
	Longstreet Property					$                180,499	$                171,499
	Excalibur Property					176,500	176,500
	Jet Property					20,000	15,000
	Total					$                376,999	$                362,999

Note_6_Related_Party_Transacti

Note 6 Related Party Transactions	6 Months Ended
	Oct. 31, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	NOTE 6– RELATED PARTY TRANSACTIONS
	On September 1, 2011, the Company moved its offices to Coeur d’Alene, Idaho and leased office space for $2,500 per month plus a proportionate share of utilities and insurance from Marlin Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company’s then President and current Chairman of the Board. For the three months and six months ended October 31, 2013 and 2012, $8,581 and $8,643, and $16,994 and $17,227, respectively, was paid to this related entity inclusive of the Company’s pro-rata share of common expenses.

Note_7_Warrants

Note 7 Warrants	6 Months Ended
	Oct. 31, 2013
Notes to Financial Statements	'
Warrants	'
	NOTE 7 - WARRANTS
	The following is a summary of the Company’s warrants outstanding:
			Shares	Weighted Average Exercise Price		Expiration Date
		Outstanding at April 30, 2012	7,690,000	$                  0.16
		Issued - June 18, 2012	833,334	0.75		18-Jun-14
		Issued - January 18, 2013	894,614	0.6	(a)	18-Jan-15
		Exercised	-7,593,233	-0.15
		Expired	-96,767	-1.33
		Outstanding at April 30, 2013	1,727,948	$                  0.67
		Issued - October 4, 2013	2,201,600	0.5		4-Oct-14
		Exercised	-
		Expired	-
		Balance outstanding at October 31, 2013	3,929,548	$                  0.58

Note_8_Stock_Options

Note 8 Stock Options	6 Months Ended
	Oct. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Options	'
	NOTE 8 - STOCK OPTIONS
	Options issued for mining interests
	In consideration for mining interests on several properties (see Note 5), the Company is obligated to issue a total of 400,000 stock options based on "fair market price" which is considered to be the closing price of the Company's common stock on the grant dates.
	The following is a summary of the Company’s options issued and outstanding in conjunction with certain mining interest agreements on several properties:
			For the three and six months ended				For the three and six months ended
			31-Oct-13				31-Oct-12
			Shares		Price (a)		Shares		Price (a)
		Beginning balance, outstanding	300,000		$                     0.37		275,000		$                     0.36
		Issued	-		-		-		-
		Exercised	-		-		-		-
		Expired	-		-		-		-
		Balance outstanding	300,000		$                     0.37		275,000		$                     0.36
		(a) Weighted average exercise price per share
	Future remaining stock option obligations under the terms of property agreements detailed in Note 5 are as follows:
		Fiscal year ending April 30,					Stock options
		2014					25,000
		2015					25,000
		2016					25,000
		2017					25,000
							100,000
	The aggregate intrinsic value of options issued for mining interests vested and exercisable was $31,000 based on the Company's closing price of $0.40 per common share at October 31, 2013.
	Options issued for consulting services
	As per an agreement fully executed on October 3, 2012, in consideration for consulting and advisory services rendered, the Company is obligated to issue a total of 1,000 stock options based on 5 day variable weighted-average price (VWAP) at the end of each month of the associated consulting contract. The consultant options vest on the first day of the following month of service and are exercisable for a period of six months following the termination of the agreement. The Company has estimated the fair value of these option grants using the Black-Scholes model with the following information and range of assumptions:
						For the six months ended
						31-Oct-13		31-Oct-12
		Options issued				6,000		2,000
		Weighted average volatility				279.9% to 366.6%		453.0% to 465.9%
		Expected dividends				-		-
		Expected term (years)				1		1
		Risk-free rate				0.10% to 0.15%		0.15% to 0.17%
	The following is a summary of the Company’s options issued and outstanding associated with certain consulting agreements:
			For the three months ended				For the three months ended
			31-Oct-13				31-Oct-12
			Shares		Price (a)		Shares		Price (a)
		Beginning balance, outstanding	11,000		$                     0.46		-		$                        -
		Issued	3,000		0.39		2,000		0.45
		Exercised	-		-		-		-
		Expired	(2,000)		(0.45)		-		-
		Balance outstanding	12,000		$                     0.44		2,000		$                     0.45
	(a) Weighted average exercise price per share
			Shares		Price (a)		Shares		Price (a)
		Beginning balance, outstanding	8,000		$                     0.46		-		$                        -
		Issued	6,000		0.42		2,000		0.45
		Exercised	-		-		-		-
		Expired	(2,000)		(0.45)		-		-
		Balance outstanding	12,000		$                     0.44		2,000		$                     0.45
		(a) Weighted average exercise price per share
	Fair value of the option grants for consulting services for the three months ended October 31, 2013 and 2012, was $1,109 and $1,508, respectively. Fair value of the option grants for consulting services for the six months ended October 31, 2013 and 2012, was $2,250 and $1,508, respectively. These costs are classified under management and administrative expense.
	The aggregate intrinsic value of consultant options vested and exercisable was $99 based on the Company's closing price of $0.40 per common share at October 31, 2013.
	Options issued under the 2011 Stock Option/Restricted Plan
	The Company established the 2011 Stock Option/Restricted Stock Plan. The Stock Option Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction.
	The Stock Option Plan has a fixed maximum percentage of 10% of the Company's outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of shares outstanding increase. The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company's common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company's assets.
	The Stock Option plan also has terms and conditions, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock's fair market value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a ten year maximum term and varying vesting periods as determined by the Board.
	On June 18, 2012 the Board of Directors authorized the grant of 1,725,000 options to purchase shares of common stock of the Company to various directors, officers and advisors. The options have an exercise price of $0.30 based on the closing price of the Company's common stock on the date of grant and vest over one year.
	On May 22, 2013 the Board of Directors authorized the grant of 675,000 options to purchase shares of common stock of the Company to various directors, officers and consultants. The options have an exercise price of $0.29 based on the closing price of the Company’s common stock on the date of grant and vest over one year.
	The fair value of each option award was estimated on the date of the grant using the information and assumptions noted in the following table:
												Six months ended		Six months ended
												31-Oct-13		31-Oct-12
	Expected volatility											305.30%		276.1% to 350.2%
	Weighted average volatility											303.80%		303.40%
	Expected dividends											-		-
	Expected term (years)											3.1		3.1
	Expected forfeiture weight											0%		0%
Risk-free rate											0.11%		0.11% to 3.07%
The following is a summary of the Company’s options issued and outstanding in conjunction with the Company’s Stock Option Plan:
								For the three months ended				For the three months ended
								31-Oct-13				31-Oct-12
								Shares		Price (a)		Shares		Price (a)
	Beginning balance, outstanding							2,890,000		$                     0.40		2,255,000		$                     0.42
	Issued							-				-		-
	Exercised							-		-		-		-
	Forfeited or rescinded							(5,000)		(0.78)		-		-
	Balance outstanding							2,885,000		$                     0.40		2,255,000		$                     0.42
	(a) Weighted average exercise price per share
The following table summarizes additional information about the options under the Company’s Stock Option Plan as of October 31, 2013:
	For the three months ended				For the three months ended
	31-Oct-13				31-Oct-12
	Shares		Price (a)		Shares		Price (a)
Beginning balance, outstanding	2,215,000		$                    0.43		530,000		$                     0.83
Issued	675,000		0.29		1,725,000		0.3
Exercised	-				-
Forfeited or rescinded	-5,000		-0.78		-		-
Balance outstanding	2,885,000		$                    0.40		2,255,000		$                     0.42
			Options outstanding						Options exercisable
	Date of Grant		Shares		Price (a)		Life		Shares		Price (a)
	27-May-11		283,333		$                 0.90		7.58		283,333		$                     0.90
	22-May-12		226,667		0.78		8.39		151,142		0.78
	18-Jun-12		1,700,000		0.30		8.64		1,700,000		0.30
	22-May-13		675,000		0.29		9.56		337,500		0.29
	Total options		2,885,000		$                 0.40		8.73		2,471,975		$                     0.40
The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of October 31, 2013, total unrecognized compensation cost related to stock-based options and awards is $156,669 and the related weighted average period over which it is expected to be recognized is approximately .42 years. There are 2,471,975 options vested under the Plan at October 31, 2013, and 413,025 unvested options as of the same date.
The average remaining contractual term of the options both outstanding and exercisable at October 31, 2013 was 8.73 years. No options were exercised during the six months ended October 31, 2013.
Total compensation charged against operations under the plan for employees and advisors was $78,353 and $159,084 for the three months ended October 31, 2013 and 2012, respectively and $127,290 and $352,469 for the six months ended thereof. These costs are classified under management and administrative expense.
The aggregate intrinsic value of options under the Plan vested and exercisable at October 31, 2013, was $207,125 based on the Company's closing price of $0.40 per common share at October 31, 2013.
The following is a summary of the Company’s stock options outstanding and vested:
		Shares		Weighted Average Exercise Price		Expiration Date
	Options issued for mining interests	300,000		$               0.37		April 11, 2019 through January 15, 2023
	Options issued for consulting services	12,000		0.44		October 31, 2013 through October 31, 2014
	Options issued under the 2011 Stock Option/Restricted Plan	2,885,000		0.40		May 30, 2021 through May 22, 2023
	Outstanding at October 31, 2013	3,197,000		$               0.40
	Total vested stock options	2,783,975
The aggregate intrinsic value of all options vested and exercisable at October 31, 2013, was $238,224 based on the Company's closing price of $0.40 per common share at October 31, 2013. The Company's current policy is to issue new shares to satisfy option exercises.

Note_9_Stockholders_Equity

Note 9 Stockholders Equity	6 Months Ended
	Oct. 31, 2013
Equity [Abstract]	'
Stockholders Equity	'
	NOTE 9 – STOCKHOLDERS’ EQUITY
	On October 4, 2013, the Company completed a private placement of its securities wherein it raised a total of $1,100,800 (the “Offering”). The Offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.25. Pursuant to the Offering, the Company issued 4,403,200 shares of its common stock and warrants to purchase and additional 2,201,600 shares of its common stock. Warrants issued pursuant to the Offering entitle the holders thereof to purchase shares of common stock for the price of $0.50 per share. The term of each warrant is for one year after its issuance date.
	On October 31, 2013, the Company issued 20,625 shares of common stock in lieu of cash in consideration of fees for Board of Director meetings accrued through October 31, 2013. These shares were value at $8,250 or $0.40 per share which approximated the fair value of the shares at the date of issuance.

Note_2_Significant_Accounting_1

Note 2 Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 31, 2013
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Accounting Standard Codification (ASC) Topic 915 “Accounting and Reporting by Development Stage Enterprises”. Until such interests are engaged in commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations.
Cash and cash equivalents	'
	Cash and cash equivalents
	For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.
Restricted cash	'
	Restricted cash
	Restricted cash represents collateral for bonds held for exploration permits and is presented as other long-term assets in the balance sheet.
Fair Value Measures	'
	Fair Value Measures
	ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:
			Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
			Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
			Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
Mining Interests and Mineral Exploration Expenditures	'
	Mining Interests and Mineral Exploration Expenditures
	Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.
Equipment	'
	Equipment
	Equipment are stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years.  Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.
Reclamation and Remediation	'
	Reclamation and Remediation
	The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.
Impaired Asset Policy	'
	Impaired Asset Policy
	The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.
Stock-based Compensation	'
	Stock-based Compensation
	The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.
Loss Per Share	'
	Loss Per Share
	Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants.
	The dilutive effect of outstanding securities for three and six months ended October 31, 2013 and 2012, would be as follows:
			31-Oct-13	31-Oct-12
		Stock options	3,197,000	2,532,000
		Warrants	3,929,548	6,811,793
		Total Possible Dilution	7,126,548	9,343,793
	At October 31, 2013 and 2012, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.
Income Taxes	'
	Income Taxes
	Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to the prior period financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit.

Note_2_Significant_Accounting_2

Note 2 Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2013
Accounting Policies [Abstract]	'
Dilutive Effect of outstanding securities	'
			31-Oct-13	31-Oct-12
		Stock options	3,197,000	2,532,000
		Warrants	3,929,548	6,811,793
		Total Possible Dilution	7,126,548	9,343,793

Note_4_Prepaid_Expenses_Tables

Note 4 Prepaid Expenses (Tables)	6 Months Ended
	Oct. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Prepaid Expenses	'
			31-Oct-13	30-Apr-13
		Exploration expense	$                           -	$                 41,849
		Directors and officers liability insurance	11,143	26,633
		Total prepaid expenses	$                 11,143	$                 68,482

Note_7_Warrants_Tables

Note 7 Warrants (Tables)	6 Months Ended
	Oct. 31, 2013
Notes to Financial Statements	'
Stock Option obligations	'
			Shares	Weighted Average Exercise Price		Expiration Date
		Outstanding at April 30, 2012	7,690,000	$                  0.16
		Issued - June 18, 2012	833,334	0.75		18-Jun-14
		Issued - January 18, 2013	894,614	0.6	(a)	18-Jan-15
		Exercised	-7,593,233	-0.15
		Expired	-96,767	-1.33
		Outstanding at April 30, 2013	1,727,948	$                  0.67
		Issued - October 4, 2013	2,201,600	0.5		4-Oct-14
		Exercised	-
		Expired	-
		Balance outstanding at October 31, 2013	3,929,548	$                  0.58

Note_3_Receivable_From_Sale_of1

Note 3 Receivable From Sale of Stock (Details Narrative) (USD $)	6 Months Ended
	Oct. 31, 2013
Other Liabilities Disclosure [Abstract]	'
Proceeds from exercise of warrants	$334,000
Proceeds from sale of stock	$60,000