Star Gold (SRGZ) 10-K 29 Jul 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Apr. 30, 2014	Jul. 28, 2014	Oct. 31, 2013
Document And Entity Information	'	'	'
Entity Registrant Name	'Star Gold Corp.	'	'
Entity Central Index Key	'0001401835	'	'
Document Type	'10-K	'	'
Document Period End Date	30-Apr-14	'	'
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 Public Float	'	'	$9,276,994
Entity Common Stock, Shares Outstanding	'	34,981,326	'
Document Fiscal Period Focus	'FY	'	'
Document Fiscal Year Focus	'2014	'	'

Balance_Sheets

Balance Sheets (USD $)	Apr. 30, 2014	Apr. 30, 2013
Statement of Financial Position [Abstract]	'	'
Cash and cash equivalents	$542,757	$353,571
Receivable from sale of stock	'	334,000
Prepaid expenses	31,549	68,482
TOTAL CURRENT ASSETS	574,306	756,053
EQUIPMENT AND MINING INTERESTS, net	432,811	384,725
RESTRICTED CASH	21,600	21,600
TOTAL ASSETS	1,028,717	1,162,378
CURRENT LIABILITIES:	'	'
Accounts payable	39,734	8,897
Other accrued liabilities	7,396	11,700
TOTAL CURRENT LIABILITIES	47,130	20,597
TOTAL LIABILITIES	47,130	20,597
COMMITMENTS AND CONTINGENCIES	'	'
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; 34,981,326 and 30,612,501 shares issued and outstanding, respectively	$34,981	$30,612
Additional paid-in capital	8,670,797	7,293,682
Accumulated deficit	-7,724,191	-6,182,513
TOTAL STOCKHOLDERS' EQUITY	981,587	1,141,781
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$1,028,717	$1,162,378

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical)	Apr. 30, 2014	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	34,981,326	30,612,501

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Income Statement [Abstract]	'	'
Mineral exploration expense	$701,976	$799,862
Legal and professional fees	150,060	192,948
Management and administrative	683,798	1,009,480
Depreciation	5,915	5,915
Directors fees	750	3,000
TOTAL OPERATING EXPENSES	1,542,499	2,011,205
LOSS FROM OPERATIONS	-1,542,499	-2,011,205
Loss on extinguishment of debt	'	'
Amortization of debt discount	'	-119,821
Financing expense	'	'
Interest income (expense)	821	-1,059
TOTAL OTHER INCOME (EXPENSE)	821	-120,880
NET LOSS BEFORE INCOME TAXES	-1,541,678	-2,132,085
Provision for income taxes	'	'
NET LOSS	($1,541,678)	($2,132,085)
Basic and diluted loss per share	($0.05)	($0.09)
Basic and diluted weighted average number shares outstanding	33,138,045	23,360,565

Statements_of_Changes_in_Share

Statements of Changes in Shareholders Equity (Deficit) (USD $)	12 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2012
Conversion of debentures	'	$900,000	'
Compensation of officers	'	92,000	'
Interest	'	22,276	'
Mineral interests	'	2,250	'
Common stock issued upon conversion of debentures	'	25,000	'
Common stock issued for cash	'	357,846	'
Stock-based compensation	282,434	708,521	'
Options issued for mining interests	5,000	10,500	'
Common stock issued for mining interests	5,000	10,500	'
Common stock issued for interest	'	146	'
Common stock issued in consideration of services	8,250	19,650	'
Common stock issued for exercise of warrants	'	1,138,985	'
Relative fair value of warrants issued with debentures	'	119,821	'
Common stock and warrants issued for cash	1,080,800	'	'
Net loss	-1,541,678	-2,132,085	'
Balance	981,587	11,418,781	-358,629
Common Stock	'	'	'
Conversion of debentures	'	9,000	'
Conversion of debentures, in shares	'	9,000,000	'
Compensation of officers	'	130	'
Compensation of officers, in shares	'	130,333	'
Interest	'	37	'
Interest, in shares	'	37,168	'
Mineral interests	'	25	'
Mineral interests, in shares	'	25,000	'
Common stock issued upon conversion of debentures	'	833	'
Common stock issued upon conversion of debentures, in shares	'	83,334	'
Common stock issued for cash	'	895	'
Common stock issued for cash, in shares	'	894,614	'
Stock-based compensation	0	0	'
Options issued for mining interests	0	0	'
Common stock issued for mining interests	25	25	'
Common stock issued for mining interests, in shares	25,000	25,000	'
Common stock issued for interest	'	1	'
Common stock issued for interest, in shares	'	486	'
Common stock issued in consideration of services	21	55	'
Common stock issued in consideration of services, in shares	20,625	55,000	'
Common stock issued for exercise of warrants	'	7,593	'
Common stock issued for exercise of warrants, in shares	'	7,593,233	'
Relative fair value of warrants issued with debentures	'	0	'
Common stock and warrants issued for cash	4,323	'	'
Common stock and warrants issued for cash, in shares	4,323,200	'	'
Net loss	0	0	'
Balance	34,981	30,612	12,018
Balance, in shares	34,981,326	30,612,501	12,018,333
Additional Paid-In Capital	'	'	'
Conversion of debentures	'	891,000	'
Compensation of officers	'	91,870	'
Interest	'	22,239	'
Mineral interests	'	2,225	'
Common stock issued upon conversion of debentures	'	249,167	'
Common stock issued for cash	'	356,951	'
Stock-based compensation	282,434	708,521	'
Options issued for mining interests	5,000	10,500	'
Common stock issued for mining interests	4,975	10,475	'
Common stock issued for interest	'	145	'
Common stock issued in consideration of services	8,229	19,595	'
Common stock issued for exercise of warrants	'	1,131,392	'
Relative fair value of warrants issued with debentures	'	119,821	'
Common stock and warrants issued for cash	1,076,477	'	'
Net loss	0	0	'
Balance	8,670,797	7,293,682	3,679,781
Retained Earnings / Accumulated Deficit	'	'	'
Conversion of debentures	'	0	'
Compensation of officers	'	0	'
Interest	'	0	'
Mineral interests	'	0	'
Common stock issued upon conversion of debentures	'	0	'
Common stock issued for cash	'	0	'
Stock-based compensation	0	0	'
Options issued for mining interests	0	0	'
Common stock issued for mining interests	0	0	'
Common stock issued for interest	'	0	'
Common stock issued in consideration of services	0	0	'
Common stock issued for exercise of warrants	'	0	'
Relative fair value of warrants issued with debentures	'	0	'
Common stock and warrants issued for cash	0	'	'
Net loss	-154,678	-2,132,085	'
Balance	($7,724,191)	($6,182,513)	($4,050,428)

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Statement of Cash Flows [Abstract]	'	'
CASH FLOWS FROM OPERATING ACTIVITIES:	$1,086,884	$215,704
Net loss	0	0
Common stock issued in lieu of interest	'	146
Common stock issued in consideration of services	8,250	19,650
Stock based compensation	30,000	34,355
Interest expense from debt discounts	'	119,821
Loss on extinguishment of debt	'	'
Depreciation	683,798	5,915
Prepaid expenses	334,000	65,072
Accounts payable	-1	-31,455
Other accrued liabilities	30,837	2,200
Net cash used by operating activities	1,086,884	215,704
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Payments for mining interests	-44,000	-41,000
Purchase of equipment	'	-1,986
Restricted cash as collateral for exploration bonds	'	'
Net cash used by investing activities	-44,000	-42,986
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from issuance of stock and warrants	1,080,800	357,846
Collection of receivable from sale of stock	334,000	'
Proceeds from exercise of warrants	'	804,986
Proceeds from convertible debentures and warrants	'	250,000
Proceeds from short-term notes, related party	'	30,000
Repayment of short-term notes, related party	'	-30,000
Net cash provided by financing activities	1,414,800	1,412,832
Net increase in cash and cash equivalents	2,457,684	1,585,550
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,811,490	225,940
CASH AND CASH EQUIVALENTS AT END OF YEAR	$2,457,684	$1,811,490

Nature_of_Operaions

Nature of Operaions	12 Months Ended
	Apr. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Operatons	'
	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, silver and other base metal-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.

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Apr. 30, 2014
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.
	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 revenues and 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.
	Exploration Stage Enterprise
	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.
	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.
	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 is 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 years ended April 30, 2014 and 2013, would be as follows:
		30-Apr-14	30-Apr-13
	Stock options	3,572,000	2,523,000
	Warrants	3,889,548	1,727,948
	Total Possible Dilution	7,461,548	4,250,948
	At April 30, 2014 and 2013, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.
	Income Taxes
	The Company recognizes provision for income tax using the liability method. 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.
	New Accounting Pronouncement
	In June 2014 the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-10 (“the ASU”). This update changes the requirements for disclosures as it relates to exploration stage entities.  The ASU specifies that the ‘inception–to-date’ information is no longer required to be presented in the financial statements of an exploration stage entity.  The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein, with early application permitted for any financial statements that have not yet been issued.  The Company has elected to apply the amendments as of April 30, 2014.
	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.

Prepaid_Expenses

Prepaid Expenses	12 Months Ended
	Apr. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Prepaid Expenses	'
	NOTE 3 – PREPAID EXPENSES
	The following is a summary of the Company’s prepaid expenses at April 30, 2014 and April 30, 2013:
		30-Apr-14	30-Apr-13
	Exploration expense	$                       -	$             41,849
	Directors and officers liability insurance	31,549	26,633
	Total prepaid expenses	$              31,549	$             68,482
	The prepaid exploration balance of $41,849 was reduced as invoices were applied to ongoing drilling and exploration activities which the Company recognized as exploration expense during the year ended April 30, 2014.

Equipment_and_Mining_Interests

Equipment and Mining Interests	12 Months Ended
	Apr. 30, 2014
Extractive Industries [Abstract]	'
Equipment and Mining Interests	'
	NOTE 4 – EQUIPMENT AND MINING INTERESTS
	The following is a summary of the Company's equipment and mining interests at April 30, 2014 and April 30, 2013, respectively:
			30-Apr-14		30-Apr-13
	Equipment		$               28,992		$              28,992
	Less accumulated depreciation		-13,181		-7,266
	Equipment, net of accumulated depreciation		15,811		21,726
	Mining interests		417,000		362,999
	Total		$             432,811		$            384,725
	The Longstreet Property
	The schedule of remaining annual payments, minimum expenditures, stock to be granted 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-15	$            550,000		$               59,000		25,000	25,000
	15-Jan-16	750,000		62,000		25,000	25,000
	15-Jan-17	1,000,000		62,000		25,000	25,000
	Total	$         2,300,000		$             183,000		75,000	75,000
	Under terms of the agreement, during the year ended April 30, 2014, the Company paid $39,000, issued 25,000 shares of common stock with fair value of $5,000 based on the price of common stock on the date of issuance, and issued options to purchase 25,000 shares of common stock with fair value of $5,000 (Note 9). Through January 15, 2014 (the “Measurement Date), the Company has incurred eligible exploration expenditures per the terms of the agreement of $1,545,478 compared to a cumulative required exploration expenditure through the same date of $1,250,000, creating a surplus of $295,478 as of the Measurement Date.
	Excalibur Property
	The Excalibur Property Option Agreement has been amended revising the payment date of the final required expenditure from April 30, 2014 to October 31, 2014.
	The schedule of remaining minimum expenditures pursuant to the Excalibur Property agreement is as follows:
							Required expenditure
	31-Oct-14						$            175,000
	Total						$            175,000
	The Jet Property
	The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Property Option Agreement is as follows:
						Required expenditure	Payment to optioner
	7-Jul-14					$              10,000	$                5,000
	August 31, 2014 (2011 to 2013 extended)					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
	Under terms of the agreement, during the year ended April 30, 2014, the Company paid $5,000 on this property to the optioner. The Jet Property Option Agreement was amended, revising the payment date of the required 2011 to 2013 expenditures to August 31, 2014.
	The following is a summary of capitalized mineral interests as of April 30, 2014 and April 30, 2013, respectively:
						30-Apr-14	30-Apr-13
	Longstreet Property					$            220,500	$            171,499
	Excalibur Property					176,500	176,500
	Jet Property					20,000	15,000
	Total					$            417,000	$            362,999

Income_Taxes

Income Taxes	12 Months Ended
	Apr. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	NOTE 5 - INCOME TAXES
	There was no income tax expense for the years ended April 30, 2014 and 2013 due to the Company’s net losses.
	The components of the Company's deferred tax asset is as follows:
					April 30,
					2014	2013
	Deferred tax asset
	Exploration costs				$            585,964	$            403,510
	Mineral properties and equipment				40,127	40,385
	Stock-based compensation				155,798	131,945
	Other				3,693	1,339
	Federal and state operating net losses				856,402	586,931
	Deferred tax assets				1,641,984	1,164,110
	Deferred tax liability				-	-
	Net Deferred tax liability				1,641,984	1,164,110
	Excess valuation allowance				-1,641,984	-1,164,110
	Deferred tax asset				$                       -	$                        -
	Deferred income taxes arise from timing differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. A deferred tax asset valuation allowance is recorded when it is more likely than not that deferred tax assets will not be realized. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to 100% of the net deferred tax asset has been recorded at April 30, 2014 and 2013.
	A reconciliation between the statutory federal income tax rate and the Company's tax provision is as follows:
					April 30,
					2014		2013
		Expected income tax benefit based on statutory rate		$	-539,588	-35%	$	-746,229	-35%
		Permanent differences
			Interest expense from debt discount					41,937	2%
			Stock issuance costs					210	-%
			Share based compensation		75,662	5%		140,062	7%
			Meals and entertainment		1,427	-%		1,461	-%
			Effect of state taxes		-15,374	-1%		-31,224	-2%
		Non-recognition due to increase in valuation account			477,873	31%		593,783	28%
			Total income tax benefit	$	-	-%	$	-	-%
	At April 30, 2014 and 2013 respectively, the Company had federal net operating loss carry forwards of approximately $2,378,894 and $1,630,364 which will expire in fiscal years ending April 30, 2029 through April 30, 2033.
	The Company has concluded that the guidance regarding accounting for uncertainty in income taxes had no significant impact on its results of operations or financial position as of April 30, 2014 or 2013. Therefore, the Company does not have an accrual for uncertain tax positions as April 30, 2014 or 2013.  As a result, tabular reconciliation of beginning and ending balances would not be meaningful.  If interest and penalties were to be assessed, the Company would charge interest to interest expense, and penalties to other operating expense.  It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of the reporting date. Fiscal years starting April 30, 2011 through April 30, 2014 are open to examination by federal and state taxing agencies.

Related_party_Transactions

Related party Transactions	12 Months Ended
	Apr. 30, 2014
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 years ended April 30, 2014 and 2013, $34,566 and $34,693, respectively, was paid to this related entity inclusive of the Company’s pro-rata share of common expenses.

Convertible_Debentures

Convertible Debentures	12 Months Ended
	Apr. 30, 2014
Debt Disclosure [Abstract]	'
Convertible Debentures	'
	NOTE 7 - CONVERTIBLE DEBENTURES
	During the year ended April 30, 2013, the Company closed on a private placement. The placement consisted of issuing two hundred fifty thousand dollars ($250,000) in five percent (5%) convertible debentures. The debentures were due one (1) year from their original issue date and were convertible into a total of 833,334 shares of the Company’s common stock, at the conversion price of $.30 per share, at any time before maturity, solely at the option of the Company. The placement also included the issuance of warrants to the debenture holders, giving the holders thereof the ability to purchase, at the exercise price of $.75 per share, one (1) share of common stock of the Company for each share of Company’s common stock issuable to the holder upon conversion of the debentures issued in conjunction with the warrants. The warrants expire two (2) years from their original issue date.
	Management recognized a debt discount of $119,821 representing the relative fair value of the detachable warrants, to be amortized over the term of the associated debt. Management determined the fair value of the detachable warrants using a Black-Scholes pricing model with the following inputs:
		Stock price	$0.30
		Exercise price	$0.75
		Expected life	2 years
		Weighted average volatility	275.00%
		Risk-free rate	1.00%
	On June 18, 2012, the Company elected to convert all the debentures into common shares pursuant to the terms of the debentures. Therefore, all remaining debt discount was recognized as an expense during the year ended April 30, 2013.

Warrants

Warrants	12 Months Ended
	Apr. 30, 2014
Notes to Financial Statements	'
Warrants	'
	NOTE 8 - 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	2,161,600	0.5		4-Oct-14
	Balance outstanding at April 30, 2014	3,889,548	$                 0.62
	(a) Exercise price is $0.60 during first year and $0.80 during second year.
	The composition of the Company’s warrants outstanding at April 30, 2014, is as follows:
	Issue Date	Warrants	Exercise price		Expiration Date
	18-Jun-12	833,334	$                   0.75		6/18/14
	18-Jan-13	894,614	0.8		1/18/15
	4-Oct-13	2,161,600	0.5		10/4/14
		3,889,548	$                   0.62

Stock_Options

Stock Options	12 Months Ended
	Apr. 30, 2014
Equity [Abstract]	'
Stock Options	'
	NOTE 9 - 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 years ended April 30, 2014 and April 30, 2013, respectively:
		For the year ended			For the year ended
		30-Apr-14			30-Apr-13
		Shares		Price (a)	Shares	Price (a)
	Beginning balance, outstanding	300,000		$                   0.37	275,000	$                   0.36
	Issued	25,000		0.2	25,000	0.42
	Exercised	-		-	-	-
	Expired	-		-	-	-
	Balance outstanding	325,000		$                   0.36	300,000	$                   0.37
	(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
	2015				25,000
	2016				25,000
	2017				25,000
					75,000
	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:
				For the year ended
				30-Apr-14	30-Apr-13
	Options issued			25,000	25,000
	Weighted average volatility			356.10%	326.40%
	Expected term (years)			10	10
	Risk-free rate			2.67%	1.86%
	Fair value of the option grants for mining interests for the years ended April 30, 2014 and 2013, was $5,000 and $10,500, respectively. These costs are classified under Mining Interests (Note 5).
	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 year ended
				30-Apr-14	30-Apr-13
	Options issued			12,000	8,000
	Weighted average volatility			279.9% to 366.6%	364.9% to 473.9%
	Expected dividends			-	-
	Expected term (years)			1	1
	Risk-free rate			0.10% to 0.15%	0.14% to 0.18%
	The following is a summary of the Company’s options issued and outstanding associated with certain consulting agreements:
		For the year ended			For the year ended
		30-Apr-14			30-Apr-13
		Shares		Price (a)	Shares	Price (a)
	Beginning balance, outstanding	8,000		$                   0.46	-	$                         -
	Issued	12,000		0.34	8,000	0.46
	Exercised	-		-	-	-
	Expired	-8,000		-0.46	-	-
	Balance outstanding	12,000		$                   0.34	8,000	$                    0.46
		(a)	Weighted average exercise price per share
	Fair value of the option grants for consulting services for the years ended April 30, 2014 and 2013, was $2,976 and $4,400, respectively. Total charged against operations under the option grants for consulting services was $3,508 and $3,583, for the years ended April 30, 2014 and 2013, respectively. These costs are classified as management and administrative expense.
	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.
	On February 13, 2014, the Board of Directors authorized the grant of 350,000 options to purchase shares of common stock of the Company to a director. These options have an exercise price of $0.28 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:
					Year ended April 30,
					2014	2013
	Options issued				1,025,000	1,725,000
	Expected volatility				305.03% to 325.1%	302.20%
	Weighted average volatility				311.90%	302.20%
	Expected dividends				-	-
	Expected term (years)				3.07	3.1
	Risk-free rate				0.31%	0.41%
The following is a summary of the Company’s options issued and outstanding in conjunction with the Company’s Stock Option Plan:
	For the year ended			For the year ended
	30-Apr-14			30-Apr-13
	Shares		Price (a)	Shares	Price (a)
Beginning balance, outstanding	2,215,000		$                  0.43	530,000	$                   0.83
Issued	1,025,000		0.29	1,725,000	0.3
Exercised	-		-	-	-
Forfeited or rescinded	-5,000		-0.78	-40,000	-0.51
Balance outstanding	3,235,000		$                  0.38	2,215,000	$                   0.43
(a) Weighted average exercise price per shares
The following table summarizes additional information about the options under the Company’s Stock Option Plan as of April 30, 2014:
	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	8.14	188,904	0.78
18-Jun-12	1,700,000		0.3	8.38	1,700,000	0.3
22-May-13	675,000		0.29	9.31	675,000	0.29
13-Feb-14	350,000		0.28	9.8	87,500	0.28
Total options	3,235,000		$               0.38	8.45	2,934,737	$             0.39
The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of April 30, 2014, total unrecognized compensation cost related to stock-based options and awards is $102,490 and the related weighted average period over which it is expected to be recognized is approximately.52 years. There are 2,934,737 options vested under the Plan at April 30, 2014, and 300,263 unvested options as of the same date.
The average remaining contractual term of the options both outstanding and exercisable at April 30, 2014 was 8.45 years. No options were exercised during the year ended April 30, 2014.
Total compensation charged against operations under the plan for employees and advisors was $278,927 and $780,521 for the years ended April 30, 2014 and 2013, respectively. These costs are classified under management and administrative expense.
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	325,000		$          0.36	April 11, 2019 through January 15, 2023
Options issued for consulting services	12,000		0.34	May 1, 2014 through April 1, 2015
Options issued under the 2011 Stock Option/Restricted Plan	3,235,000		0.38	May 30, 2021 through February 13, 2024
Outstanding at April 30, 2014	3,572,000		$          0.38
Total vested stock options	3,271,737
The aggregate intrinsic value of all options vested and exercisable at April 30, 2014, was $5,176 based on the Company's closing price of $0.25 per common share at April 30, 2014. The Company's current policy is to issue new shares to satisfy option exercises.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Apr. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	NOTE 10 – STOCKHOLDERS’ EQUITY
	The table below details common shares issued for the year ended April 30, 2013:
	Date	Debenture Conversion	Private Placement	Interest	Exercise of warrants	Compensation for services	Mining interests	Share Price	Shares issued
	10-May-12	$  900,000		$        -	$             -	$                -	$          -	$    0.15	9,000,000
			$ -
	10-May-12	-	-	16,461	-	-	-	0.6	27,475
	16-May-12	-	-	-	37,500	-	-	0.15	250,000
	25-May-12	-	-	-	30,000	-	-	0.15	200,000
	1-Jun-12	-	-	-	-	92,000	-	0.71	130,333
	6-Jun-12	-	-	-	-	-	2,250	0.09	25,000
	13-Jun-12	-	-	-	4,500	-	-	0.15	30,000
	15-Jun-12	-	-	-	50,000	-	-	0.15	333,333
	27-Jun-12	50,000	-	-	-	-	-	0.3	166,667
	27-Jun-12	-	-	146	-	-	-	0.3	486
	20-Aug-12	-	-	-	7,500	-	-	0.15	50,000
	22-Aug-12	200,000	-	-	-	-	-	0.3	666,667
	5-Sep-12	-	-	-	45,000	-	-	0.15	300,000
	5-Sep-12	-	-	5,815	-	-	-	0.6	9,693
	12-Oct-12	-	-	-	18,000	-	-	0.15	120,000
	29-Oct-12	-	-	-	39,231	-	-	0.15	261,543
	30-Oct-12	-	-	-	25,000	-	-	0.15	166,666
	15-Jan-13	-	-	-	-	-	10,500	0.42	25,000
	18-Jan-13	-	357,846	-	-	-	-	0.4	894,614
	14-Feb-13	-	-	-	43,560	-	-	0.15	290,398
	15-Feb-13	-	-	-	215,798	-	-	0.15	1,438,653
	22-Feb-13	-	-	-	-	7,000	-	0.35	20,000
	18-Mar-13	-	-	-	-	3,900	-	0.39	10,000
	10-Apr-13	-	-	-	25,796	-	-	0.15	171,973
	28-Apr-13	-	-	-	-	8,750	-	0.35	25,000
	29-Apr-13	-	-	-	77,000	-	-	0.15	513,334
	30-Apr-13	-	-	-	520,100	-	-	0.15	3,467,333
		$  1,150,000	$357,846	$22,422	$1,138,985	$  111,650	$12,750		18,594,168
	On October 4, 2013, the Company completed a private placement of its securities wherein it raised a total of $1,080,800 (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 4,323,200 shares of its common stock and warrants to purchase an additional 2,161,600 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 (1) year commencing with 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, 2014. These shares were valued at $8,250 or $0.40 per share which approximated the fair value of the shares at the date of issuance.
	On January 15, 2014, the Company awarded 25,000 shares of common stock to pursuant to the Longstreet Property Agreement. The shares were valued at $0.20 per share or $5,000 as of the date of issuance based on the current market price of the Company’s common stock.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	12 Months Ended
	Apr. 30, 2014
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.
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 revenues and 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.
Exploration Stage Enterprise	'
	Exploration Stage Enterprise
	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.
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.
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 is 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 years ended April 30, 2014 and 2013, would be as follows:
		30-Apr-14	30-Apr-13
	Stock options	3,572,000	2,523,000
	Warrants	3,889,548	1,727,948
	Total Possible Dilution	7,461,548	4,250,948
	At April 30, 2014 and 2013, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.
Income Taxes	'
	Income Taxes
	The Company recognizes provision for income tax using the liability method. 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.
New Accounting Pronouncement	'
	New Accounting Pronouncement
	In June 2014 the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-10 (“the ASU”). This update changes the requirements for disclosures as it relates to exploration stage entities.  The ASU specifies that the ‘inception–to-date’ information is no longer required to be presented in the financial statements of an exploration stage entity.  The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein, with early application permitted for any financial statements that have not yet been issued.  The Company has elected to apply the amendments as of April 30, 2014.
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.

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	12 Months Ended
	Apr. 30, 2014
Accounting Policies [Abstract]	'
Dilutive Effects of outstanding securities	'
		30-Apr-14	30-Apr-13
	Stock options	3,572,000	2,523,000
	Warrants	3,889,548	1,727,948
	Total Possible Dilution	7,461,548	4,250,948

Prepaid_Expenses_Tables

Prepaid Expenses (Tables)	12 Months Ended
	Apr. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Prepaid Expenses	'
		30-Apr-14	30-Apr-13
	Exploration expense	$                       -	$             41,849
	Directors and officers liability insurance	31,549	26,633
	Total prepaid expenses	$              31,549	$             68,482

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Apr. 30, 2014
Income Tax Disclosure [Abstract]	'
Schedule of deferred tax asset	'
					April 30,
					2014	2013
	Deferred tax asset
	Exploration costs				$            585,964	$            403,510
	Mineral properties and equipment				40,127	40,385
	Stock-based compensation				155,798	131,945
	Other				3,693	1,339
	Federal and state operating net losses				856,402	586,931
	Deferred tax assets				1,641,984	1,164,110
	Deferred tax liability				-	-
	Net Deferred tax liability				1,641,984	1,164,110
	Excess valuation allowance				-1,641,984	-1,164,110
	Deferred tax asset				$                       -	$                        -
Reconciliation of federal and company's tax rate	'
					April 30,
					2014		2013
		Expected income tax benefit based on statutory rate		$	-539,588	-35%	$	-746,229	-35%
		Permanent differences
			Interest expense from debt discount					41,937	2%
			Stock issuance costs					210	-%
			Share based compensation		75,662	5%		140,062	7%
			Meals and entertainment		1,427	-%		1,461	-%
			Effect of state taxes		-15,374	-1%		-31,224	-2%
		Non-recognition due to increase in valuation account			477,873	31%		593,783	28%
			Total income tax benefit	$	-	-%	$	-	-%