I-Minerals (IMAHF) 10-Q 17 Mar 15 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Jan. 31, 2015	Mar. 17, 2015
Document And Entity Information
Entity Registrant Name	I-Minerals Inc
Entity Central Index Key	1405663
Document Type	10-Q
Document Period End Date	31-Jan-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-26
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		79,255,728
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2014

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Current assets
Cash	$55,652	$604,936
Receivables and prepaids	345,310	109,007
[us-gaap:AssetsCurrent]	400,962	713,943
Equipment	16,113	19,547
Mineral property interest	305,850	305,850
Deposits	14,932	8,728
TOTAL ASSETS	737,857	1,048,068
Current liabilities
Accounts payable and accrued liabilities	744,385	607,226
[us-gaap:LiabilitiesCurrent]	744,385	607,226
Promissory notes	5,510,462	4,346,769
Second promissory notes	192,285
Derivative liabilities	690,820	3,280,245
TOTAL LIABILITIES	7,137,952	8,234,240
Unlimited common shares with no par value Issued and fully paid: 79,255,728 (April 30, 2014 - 76,019,706)	16,586,067	15,935,039
Additional paid-in capital	1,822,604	1,548,395
Commitment to issue shares	18,915	79,223
Deficit	-24,827,681	-24,748,829
TOTAL CAPITAL DEFICIT	-6,400,095	-7,186,172
TOTAL LIABILITIES AND CAPITAL DEFICIT	$737,857	$1,048,068

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Statement of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized
Common Stock, shares issued	79,255,728	76,019,706
Common Stock, shares outstanding	79,255,728	76,019,706

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Loss (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
OPERATING EXPENSES
Amortization	$1,416	$2,094	$4,238	$6,283
Management and consulting fees	272,913	77,897	366,149	215,514
Mineral property expenditures	464,615	453,158	1,118,699	1,444,825
General and miscellaneous	117,315	102,303	271,463	184,663
Professional fees	120,933	46,854	484,208	132,509
[us-gaap:OperatingExpenses]	-977,192	-682,306	-2,244,757	-1,983,794
OTHER (EXPENSES) INCOME
Foreign exchange gain	3,774	1,394	5,313	6,651
Loss on extinguishment of debt				-335,297
Accretion expense	-35,806	-7,882	-84,548	-8,698
Interest expense	-173,061	-109,302	-485,163	-252,668
Change in fair value of derivative liabilities	754,598	-126,358	2,730,303	-1,907,092
LOSS FOR THE PERIOD	($427,687)	($924,454)	($78,852)	($4,480,898)
Loss per share - basic and diluted	($0.01)	($0.01)	$0	($0.06)
Weighted average number of shares outstanding	78,158,611	71,792,306	77,055,768	69,767,624

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
OPERATING ACTIVITIES
Income (loss) for the year/period	($78,852)	($4,480,898)
Items not involving cash:
Amortization	4,238	6,283
Stock-based compensation	294,186	155,847
Unrealized foreign exchange		-4,420
Loss on extinguishment of debt		335,297
Accretion expense	84,548	8,698
Change in fair value of derivative liabilities	-2,730,303	1,907,092
Change in non-cash operating working capital items:
Receivables and prepaids	-236,303	-65,905
Accounts payable and accrued liabilities	661,025	259,895
Cash flows used in operating activities	-2,001,461	-1,878,111
INVESTING ACTIVITIES
Deposits recovered (paid)	-6,204	50,000
Purchase of equipment	-804	-8,276
Cash flows provided by (used in) investing activities	-7,008	41,724
FINANCING ACTIVITIES
Proceeds from exercise of stock options	9,185
Proceeds from private placement, net of cash issuance costs		533,414
Promissory notes received	1,233,000	1,895,000
Second promissory notes received	217,000
Demand loans repaid		-100,000
Cash flows provided by financing activities	1,459,185	2,328,414
(DECREASE) INCREASE IN CASH	-549,284	492,027
CASH, BEGINNING OF THE PERIOD	604,936	43,196
CASH, END OF THE PERIOD	55,652	535,223
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid		7,211
Taxes paid

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Capital Deficit (Unaudited) (USD $)	9 Months Ended
	Jan. 31, 2015
Beginning Balance	($7,186,172)
Balance (in Shares)	76,019,706
Shares issued pursuant to the exercise of stock options	9,185
Shares issued as a debt discount	88,777
Shares issuable as a debt discount	18,915
Shares issued to settle accounts payable and accrued liabilities	523,866
Transfer of value on exercise of stock options
Share-based payments	224,186
Loss for the period	-78,852
Ending Balance	-6,400,095
Balance (in Shares)	79,255,728
Common Stock
Beginning Balance	15,935,039
Balance (in Shares)	76,019,706
Shares issued pursuant to the exercise of stock options	9,185
Shares issued pursuant to the exercise of stock options (shares)	100,000
Shares issued as a debt discount	168,000
Shares issued as a debt discount (shares)	772,760
Shares issuable as a debt discount
Shares issued to settle accounts payable and accrued liabilities	466,272
Shares issued to settle accounts payable and accrued liabilities (shares)	2,363,262
Transfer of value on exercise of stock options
Share-based payments
Loss for the period
Ending Balance	16,586,067
Balance (in Shares)	79,255,728
Commitment to Issue Shares
Beginning Balance	79,223
Shares issued pursuant to the exercise of stock options
Shares issued as a debt discount	-79,223
Shares issuable as a debt discount	18,915
Shares issued to settle accounts payable and accrued liabilities
Transfer of value on exercise of stock options	7,571
Share-based payments
Loss for the period
Ending Balance	18,915
Additional Paid-In Capital
Beginning Balance	1,548,395
Shares issued pursuant to the exercise of stock options
Shares issued as a debt discount
Shares issuable as a debt discount
Shares issued to settle accounts payable and accrued liabilities	57,594
Transfer of value on exercise of stock options	-7,571
Share-based payments	224,186
Loss for the period
Ending Balance	1,822,604
Accumulated Deficit
Beginning Balance	-24,748,829
Shares issued pursuant to the exercise of stock options
Shares issued as a debt discount
Shares issuable as a debt discount
Shares issued to settle accounts payable and accrued liabilities
Transfer of value on exercise of stock options
Share-based payments
Loss for the period	-78,852
Ending Balance	($24,827,681)

NATURE_OF_BUSINESS_AND_BASIS_O

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY	9 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY		1	NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY:
	I-Minerals Inc. (the “Company”) was incorporated under the laws of British Columbia, Canada, in 1984. The Company is listed for trading on the TSX Venture Exchange under the symbol “IMA” and the OTCQX marketplace under the symbol “IMAHF”.
	The Company’s principal business is the development of the Helmer-Bovill industrial mineral property (“the property”) located in Latah County, Idaho. The Helmer-Bovill property is comprised of twelve mineral leases that host potentially economic deposits of feldspar, quartz and kaolinitic clays, primarily kaolinite and halloysite.
	Basis of Presentation and Liquidity
	The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information as well as Article 10 of Regulation S-X on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At January 31, 2015, the Company had not yet achieved profitable operations, had an accumulated deficit of $24,827,681 since inception and expects to incur further losses in the development of its business, all of which casts substantial doubt upon the Company’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business.
	Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of our management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the nine months ended January 31, 2015 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2015. All amounts presented are in US dollars except where otherwise indicated. For further information refer to the financial statements and footnotes thereto for the year ended April 30, 2014 included in the Company’s Registration Statement on Form 10/A filed on December 24, 2014.
	The Company’s ability to continue as a going concern is dependent upon its ability to complete a feasibility study, to obtain the necessary financing to develop the property and to meet its obligations and repay its liabilities arising from normal business operations when they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. The Company is currently receiving funds from a company controlled by a director of the Company through promissory notes (Notes 5 and 11).

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES		2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
	Financial Instruments and Fair Value Measures
	The book value of cash, accounts receivable, and accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under US GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:
	Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
	Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and
	Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities.
	The Company’s Promissory Notes and Second Promissory Notes are based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using rates representative of current borrowing rates. At January 31, 2015, the Promissory Notes had a fair value of $5,528,039 (April 30, 2014 - $4,368,045) and the Second Promissory Notes had a fair value of $204,312 (April 30, 2014 - $nil).
	The Company had certain Level 3 liabilities required to be recorded at fair value on a recurring basis in accordance with US GAAP as at January 31, 2015 and April 30, 2014. As at January 31, 2015, the Company’s Level 3 liabilities consisted of the warrants issued in connection with the Company’s offering of equity units in a private placement and warrants issued as financing fees as well as the grant of share purchase options granted to non-employees.
	The resulting Level 3 liabilities have no active market and are required to be measured at their fair value each reporting period based on information that is unobservable.
	A summary of the Company’s Level 3 liabilities for the nine months ended January 31, 2015 and 2014 is as follows:
		31-Jan-15	31-Jan-14
		$	$
	Warrants (Note 6)
	Beginning fair value	3,211,386	234,596
	Issuance	70,878	289,314
	Change in fair value	-2,686,359	1,828,211
	Ending fair value	595,905	2,352,121
	Non-employee options (Note 7(c))
	Beginning fair value	68,859	1,607
	Issuance	70,000	30,272
	Change in fair value	-43,944	78,881
	Ending fair value	94,915	110,760
	Total Level 3 liabilities	690,820	2,462,881
	Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended January 31, 2015 and April 30, 2014.
	Loss Per Share
	The basic loss per common share is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the nine months ended January 31, 2015, loss per share excludes 29,288,934 (2014 – 27,333,976) potentially dilutive common shares (related to outstanding options and warrants and a commitment to issue shares and warrants) as their effect was anti-dilutive.

ACCOUNTS_PAYABLE_AND_ACCRUED_L

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	9 Months Ended
	Jan. 31, 2015
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	3. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES:
		31-Jan-15	April 30,
		$	2014
			$
	Trade payables	449,575	272,436
	Amounts due to related parties (Note 8)	176,334	177,611
	Interest payable on promissory notes and second promissory notes	118,476	157,179
	Total accounts payable and accrued liabilities	744,385	607,226

PROMISSORY_NOTES

PROMISSORY NOTES	9 Months Ended
	Jan. 31, 2015
Debt Disclosure [Abstract]
PROMISSORY NOTES		4	PROMISSORY NOTES:
		31-Jan-15	April 30,
		$	2014
			$
	Promissory notes	5,510,462	4,346,769
	Total promissory notes	5,510,462	4,346,769
	On September 13, 2013 and January 27, 2014, the Company entered into additional agreements with a company controlled by a director of the Company (the “Lender”) pursuant to which up to $5,787,280 will be advanced to the Company in tranches, of which $5,787,280 had been advanced as at January 31, 2015 (the “Promissory Notes”). The Promissory Notes mature as to $1,000,000 on December 31, 2015, $2,000,000 on June 30, 2016 and the balance due on December 31, 2016. Certain conditions may result in early repayment. On December 4, 2014, the maturity dates of the Promissory Notes were amended so that the maturity dates are the later of the original maturity dates and one year after resolution of the IIM litigation (Note 9).
	The Promissory Notes bear interest at the rate of 12% per annum and during the nine months ended January 31, 2015, the Company recorded interest of $483,982 (2014 - $240,677). During the three months ended January 31, 2015, the Company recorded interest of $171,880 (2014 - $109,302). Interest is payable semi-annually as calculated on May 31st and November 30th. Interest is to be paid either in cash or in common shares at the option of the Lender. During the nine months ended January 31, 2015, the Company settled $523,866 of interest payable on the Promissory Notes by the issuance of 2,363,262 common shares at the fair value of $466,272 based on their quoted market price at the date of issuance. Accordingly, the Company recorded an increase in additional paid-in capital on extinguishment of debt of $57,594. The interest settled was for the period from January 1, 2014 to November 30, 2014.
	The Company and the Lender have agreed that the Lender is to receive bonus shares equal to 6% of each loan tranche advanced divided by the Company’s common share market price where, for purposes of calculating the number of shares issuable for each loan tranche, the Company’s common share market share price is discounted by 25% as allowed by regulation. The amount of bonus shares issued is subject to a minimum price of CDN$0.105 and a maximum of 1,720,649 bonus shares. In addition, the Company will issue the Lender an equal number of share purchase warrants for each loan tranche advanced. Each bonus share purchase warrant will entitle the Lender to purchase one common share of the Company at a price equal to the greater of (a) the market price of the Company’s common shares on the date of the advance and (b) the volume weighted average price of the Company’s common shares over the twenty trading days immediately prior to the date of the advance. The bonus share purchase warrants expire on the earlier of (a) December 1, 2016 and (b) the date the advance has been repaid in full, including interest.
	During the nine months ended January 31, 2015, the Company issued 772,760 bonus shares to the Lender at the fair value of $168,000, based on their quoted market price at the date the shares were committed to being issued, including 313,350 shares having a fair value of $79,223 that the Company had previously committed to issue. The Company was committed to issuing an additional 13,588 bonus shares to the Lender at the fair value of $2,640. The fair value of the bonus shares was determined by reference to the trading price of the Company’s common shares on the date the advances were received.
	The fair value of 472,998 bonus share purchase warrants committed to be issued (based on advances received during the period) during the nine months ended January 31, 2015 of $60,161 was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: stock price – CDN$0.23; exercise price – CDN$0.24; expected risk-free interest rate – 1.15%; expected life – 2.2 years; expected volatility – 113% and expected dividend rate – 0%.
	The aggregate finance fees are recorded against the Promissory Notes balance and are being amortized to the Statement of Loss over the life of the Promissory Notes using the effective interest method. The unamortized debt discount as at January 31, 2015 is $276,818 (April 30, 2014 – $207,511).
	The Promissory Notes are collateralized by the Company’s Helmer-Bovill Property.

SECOND_PROMISSORY_NOTES

SECOND PROMISSORY NOTES	9 Months Ended
	Jan. 31, 2015
Line of Credit Facility [Abstract]
SECOND PROMISSORY NOTES		5	SECOND PROMISSORY NOTES:
		31-Jan-15	April 30,
		$	2014
			$
	Second promissory notes	192,285	-
	Total second promissory notes	192,285	-
	On February 18, 2015, the Company entered into an agreement with a company controlled by a director of the Company (the “Lender”) pursuant to which up to $4,463,000 will be advanced to the Company in tranches, of which $217,000 had been advanced as at January 31, 2015 (the “Second Promissory Notes”). The Second Promissory Notes mature as to $1,000,000 one year after resolution of the IIM litigation (Note 9), $2,000,000 one and a half years after resolution of the IIM litigation and the balance due two years after resolution of the IIM litigation. Certain conditions may result in early repayment.
	The Second Promissory Notes bear interest at the rate of 12% per annum and during the nine months ended January 31, 2015, the Company recorded interest of $1,181 (2014 - $nil). During the three months ended January 31, 2015, the Company recorded interest of $1,181 (2014 - $nil). Interest is payable semi-annually as calculated on May 31st and November 30th. Interest is to be paid either in cash or in common shares at the option of the Lender.
	The Company and the Lender have agreed that the Lender is to receive bonus shares equal to 7.5% of each loan tranche advanced divided by the Company’s common share market price. In addition, the Company will issue the Lender an equal number of share purchase warrants for each loan tranche advanced. Each bonus share purchase warrant will entitle the Lender to purchase one common share of the Company at a price equal to the greater of (a) the market price of the Company’s common shares on the date of the advance and (b) the volume weighted average price of the Company’s common shares over the twenty trading days immediately prior to the date of the advance. The bonus share purchase warrants expire on the earlier of (a) December 1, 2018 and (b) the date the advance has been repaid in full, including interest.
	At January 31, 2015, the Company was committed to issuing 82,368 bonus shares to the Lender at the fair value of $16,275. The fair value of the bonus shares was determined by reference to the trading price of the Company’s common shares on the date the advances were received.
	The fair value of 82,368 bonus share purchase warrants committed to be issued (based on advances received during the period) during the nine months ended January 31, 2015 of $10,717 was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: stock price – CDN$0.24; exercise price – CDN$0.24; expected risk-free interest rate – 1.83%; expected life – 4.0 years; expected volatility – 94% and expected dividend rate – 0%.
	The aggregate finance fees are recorded against the Second Promissory Notes balance and are being amortized to the Statement of Loss over the life of the Second Promissory Notes using the effective interest method. The unamortized debt discount as at January 31, 2015 is $24,715 (April 30, 2014 – $nil).
	The Second Promissory Notes are collateralized by the Company’s Helmer-Bovill Property.

WARRANT_LIABILITY

WARRANT LIABILITY	9 Months Ended
	Jan. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
WARRANT LIABILITY	6. WARRANT LIABILITIES:
	The Company has share purchase warrants exercisable into common shares at an exercise price denominated in Canadian dollars. As a variable amount of US dollars are exercisable into a fixed number of common shares, the share purchase warrants are classified as derivative liabilities.
	The Company records the fair value of the share purchase warrants in accordance with ASC 815, “Derivatives and Hedging”. The Company uses the Black-Scholes option pricing model to calculate the fair values of the derivative liabilities. The fair value of the derivative liability is revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statement of loss.
		$
	Balance, April 30, 2014	3,211,386
	Bonus warrants issuable pursuant to Promissory Notes (Note 4)	60,161
	Bonus warrants issuable pursuant to Second Promissory Notes (Note 5)	10,717
	Change in fair value of warrant derivatives	-2,686,359
	Balance, January 31, 2015	595,905
	Warrant Derivative Liabilities
	At January 31, 2015, the Company determined the fair value of Warrant Derivative Liabilities to be $595,905 (April 30, 2014 - $3,211,386) as estimated using the Black-Scholes option pricing model with the following weighted average assumptions:
		January 31,           2015	April 30,
			2014
	Stock price (CDN$)	0.2	0.28
	Exercise price (CDN$)	0.38	0.38
	Risk-free interest rate (%)	1	1.13
	Expected life (years)	1.29	2.02
	Expected volatility (%)	76	117
	Expected dividends ($)	Nil	Nil

SHARE_CAPITAL

SHARE CAPITAL	9 Months Ended
	Jan. 31, 2015
Equity [Abstract]
SHARE CAPITAL		7	SHARE CAPITAL:
	Common shares
		a)	Authorized:
	Unlimited number of common shares, without par value.
	The holders of common shares are entitled to receive dividends which are declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company’s residual assets.
		b)	Stock transactions:
	During the nine months ended January 31, 2015, the Company completed the following stock transactions:
		i)	On May 7, 2014, the Company issued 100,000 common shares on the exercise of stock options with an exercise price of CDN$0.10 per common share resulting in gross proceeds of CDN$10,000 ($9,185).
		ii)	On July 31, 2014, the Company issued 412,193 common shares with a fair value of $96,000 including 313,350 shares having a fair value of $79,223 for which the Company had committed to issue at April 30, 2014. The common shares were issued as a debt discount pursuant to the Promissory Notes.
		iii)	On August 12, 2014, the Company issued 741,233 common shares with a fair value of $152,701 as settlement of accrued interest payable on Promissory Notes (Note 4).
		iv)	On December 17, 2014, the Company issued 1,622,029 common shares with a fair value of $313,571 as settled of accrued interest payable on Promissory Notes (Note 4).
		v)	On January 13, 2015, the Company issued 360,567 common shares with a fair value of $72,000. The common shares were issued as a debt discount pursuant to the Promissory Notes (Note 4).
		c)	Stock options:
	The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at January 31, 2015, the Company had 2,690,573 stock options available for grant pursuant to the Plan (April 30, 2014 - 3,441,971).
	The Company’s stock options outstanding as at January 31, 2015 and April 30, 2014 and the changes for the periods then ended are as follows:
			Number Outstanding		Weighted Average Exercise Price
	Balance outstanding at April 30, 2014		4,160,000	CDN$	0.26
	Granted		2,425,000	CDN$	0.25
	Exercised		-100,000	CDN$	0.1
	Expired		-1,150,000	CDN$	0.4
	Forfeited		-100,000	CDN$	0.25
	Balance outstanding at January 31, 2015		5,235,000	CDN$	0.22
	Balance exercisable at January 31, 2015		4,475,000	CDN$	0.23
	Summary of stock options outstanding at January 31, 2015:
	Security	Number Outstanding	Exercise Price	Expiry Date	Remaining Contractual Life (years)
	Stock options	100,000	CDN$ 0.40	(1)February 15, 2015	0.04
	Stock options	500,000	CDN$ 0.40	1-Dec-15	0.83
	Stock options	1,300,000	CDN$ 0.10	30-Jul-18	3.5
	Stock options	260,000	CDN$ 0.15	30-Jul-18	3.5
	Stock options	300,000	CDN$ 0.25	30-Jul-18	3.5
	Stock options	200,000	CDN$ 0.25	19-Nov-18	3.8
	Stock options	150,000	CDN$ 0.25	8-Jan-19	3.94
	Stock options	300,000	CDN$ 0.25	23-May-19	4.31
	Stock options	150,000	CDN$ 0.25	16-Dec-17	2.88
	Stock options	1,975,000	CDN$ 0.25	19-Jan-20	5
	Notes:
		-1	Subsequent to January 31, 2015, these stock options expired unexercised.
	The stock options vest on the date of grant, based on the completion of certain performance milestones or based on the passage of time.
	The weighted average grant date fair value of stock options granted during the nine months ended January 31, 2015 of CDN$0.13 was estimated using the Black-Scholes option pricing model with the following assumptions: stock price – CDN$0.22; exercise price – CDN$0.25; expected risk-free interest rate – 2.0%; expected life – 4.9 years; expected volatility – 94% and expected dividend rate – 0%. Expected volatility was determined by reference to the historical volatility of the Company’s common shares trading on the TSX Venture Exchange.
	Non-Employee Stock Options
	In accordance with the guidance of ASC 815-40-15, stock options awarded to non-employees that are fully vested and exercisable in Canadian dollars are required to be accounted for as derivative liabilities because they are considered not to be indexed to the Company’s stock due to their exercise price being denominated in a currency other than the Company’s functional currency. Stock options awarded to non-employees that are not vested are accounted for as equity awards until the terms associated with their vesting requirements have been met. As at January 31, 2015, there are 150,000 non-employee stock option awards that have not vested (April 30, 2014 – nil).
	The non-employee stock options are accounted for at their respective fair values and are summarized as follows for the nine months ended January 31, 2015 and 2014:
		2015	2014
		$	$
	Fair value of non-employee options, beginning of the period	68,859	1,607
	Fair value of non-employee options, at issuance	70,000	30,272
	Change in fair value of non-employee stock options during the period	-43,944	78,881
	Fair value of non-employee options, end of the period	94,915	110,760
	The Company determined the fair value of its non-employee stock options as at January 31, 2015 and 2014 using the Black Scholes option pricing model with the following weighted average assumptions:
		2015	2014
	Stock price (CDN$)	0.2	0.23
	Exercise price (CDN$)	0.2	0.28
	Risk-free interest rate (%)	1.55	1.13
	Expected life (years)	3.63	2.42
	Expected volatility (%)	97	122
	Expected dividends ($)	Nil	Nil
	The non-employee options are required to be re-valued with the change in fair value of the liability recorded as a gain or loss on the change of fair value of derivative liability and included in other items in the Company’s Consolidated Statements of Loss at the end of each reporting period. The fair value of the options will continue to be classified as a liability until such time as they are exercised, expire or there is an amendment to the respective agreements that renders these financial instruments to be no longer classified as a liability.
	As at January 31, 2015, the unamortized compensation cost of options is $57,239 and the intrinsic value of options expected to vest is $98,338 (CDN$125,000).
	Share-based payments are classified in the Company’s Statement of Loss as follows for the nine months ended January 31, 2015 and 2014:
		Three months ended,		Nine months ended,
		2015	2014	2015	2014
		$	$	$	$
	Management and consulting fees	231,569	58,427	294,186	155,847
		231,569	58,427	294,186	155,847
	d)	Share purchase warrants:
A summary of fully-exercisable share purchase warrants as at January 31, 2015 and April 30, 2014 and the changes for the periods then ended are as follows:
	Number		Weighted Average
	Outstanding		Exercise Price
Balance at April 30, 2014	23,402,612	CDN$	0.38
Issued	555,366	CDN$	0.24
Balance at January 31, 2015	23,957,978	CDN$	0.38
Summary of warrants outstanding at January 31, 2015:
Security	Number Outstanding	Exercise Price	Expiry Date
Warrants	1,550,000	CDN$ 0.40	31-Jan-16
Warrants	200,000	CDN$ 0.25	31-Jan-16
Warrants	20,000,000	CDN$ 0.40	29-Apr-16
Warrants	667,520	CDN$ 0.14	December 1, 2016(1)
Warrants	122,142	CDN$ 0.14266	December 1, 2016(1)
Warrants	104,119	CDN$ 0.165	December 1, 2016(1)
Warrants	76,723	CDN$ 0.17	December 1, 2016(1)
Warrants	87,818	CDN$ 0.17223	December 1, 2016(1)
Warrants	111,762	CDN$ 0.185	December 1, 2016(1)
Warrants	132,208	CDN$ 0.217	December 1, 2016(1)
Warrants	62,002	CDN$ 0.222	December 1, 2016(1)
Warrants	58,181	CDN$ 0.225	December 1, 2016(1)
Warrants	165,326	CDN$ 0.23	December 1, 2016(1)
Warrants	51,202	CDN$ 0.25	December 1, 2016(1)
Warrants	92,357	CDN$ 0.276	December 1, 2016(1)
Warrants	200,091	CDN$ 0.28	December 1, 2016(1)
Warrants	45,439	CDN$ 0.29	December 1, 2016(1)
Warrants	96,261	CDN$ 0.292	December 1, 2016(1)
Warrants	52,459	CDN$ 0.305	December 1, 2016(1)
Warrants	45,165	CDN$ 0.23	December 1, 2018(1)
Warrants	37,203	CDN$ 0.245	December 1, 2018(1)
Notes:
	-1	The warrants are exercisable until the earlier of the date disclosed or the date that the promissory note or second promissory note advance, including interest, is repaid (Notes 4 and 5).

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS		8	RELATED PARTY TRANSACTIONS:
	Included in accounts payable and accrued liabilities are amounts owed to directors or officers or companies controlled by them. As at January 31, 2015, the amount was $176,334 (April 30, 2014 – $177,611). All amounts are non-interest bearing, unsecured, and due on demand.
	The promissory notes and second promissory notes received from a company controlled by a director (Notes 4, 5 and 10) are related party transactions.

CONTINGENT_LIABILITY

CONTINGENT LIABILITY	9 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
CONTINGENT LIABILITY	9. CONTIGENT LIABILITY:
	The Company is currently named as a defendant in a lawsuit in Latah County, State of Idaho, Case No. CV 2014-1306 (the “Latah County Lawsuit”). The plaintiffs who filed the Latah County Lawsuit, Hoodoo Resources, LLC (“Hoodoo”) and Brent Thomson as trustee for the Brent Thomson Family Trust (the “Thomson Family Trust”) (collectively referred to as the “Plaintiffs”), have alleged both direct claims and derivative claims on behalf of Idaho Industrial Minerals, LLC (“IIM”). The derivative claims alleged by the Plaintiffs against the Company seek damages for breach of the terms of the August 10, 2001 agreement, as amended, between the Company and IIM (the “IIM Agreement”) and the return of the Idaho state mineral leases of the Helmer-Bovill Property to IIM. The Company believes the probability of an economic outlay for this contingent liability is remote.

NONCASH_TRANSACTIONS

NON-CASH TRANSACTIONS	9 Months Ended
	Jan. 31, 2015
Supplemental Cash Flow Elements [Abstract]
NON-CASH TRANSACTIONS		10	NON-CASH TRANSACTIONS:
	Investing and financing activities that affect recognized assets or liabilities but that do not result in cash receipts or cash payments are excluded from the consolidated statements of cash flows. During the nine months ended January 31, 2015, the following transactions were excluded from the condensed consolidated statement of cash flows:
		a)	The issuance by the Company of 2,363,262 common shares at the fair value of $523,866 as payment of interest on the Promissory Notes;
		b)	The commitment to issue of 472,998 common shares at the fair value of $98,640 and 472,998 warrants at the fair value of $60,161 pursuant to the Promissory Notes; and,
		c)	The commitment to issue of 82,368 common shares at the fair value of $16,275 and 82,368 warrants at the fair value of $10,717 pursuant to the Second Promissory Notes.
	During the nine months ended January 31, 2014, the following transactions were excluded from the condensed consolidated statement of cash flows:
		a)	The issuance by the Company of 2,277,341 common shares at the fair value of $365,353 pursuant to the settlement of loans; and,
		b)	The commitment to issue of 894,143 common shares at the fair value of $142,732 and 894,143 warrants at the fair value of $82,607 pursuant to the Promissory Notes.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jan. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS:
	Subsequent to January 31, 2015:
		a)	The Company received an aggregate of $900,000 of Second Promissory Notes (Note 5).