I-Minerals (IMAHF) S-1 23 Dec 15 2015 Q2 IPO registration Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Oct. 31, 2015
Document And Entity Information
Entity Registrant Name	I-Minerals Inc
Entity Central Index Key	1,405,663
Document Type	S1
Document Period End Date	Oct. 31, 2015
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
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Oct. 31, 2015	Apr. 30, 2015	Apr. 30, 2014
Current assets
Cash	$ 860,953	$ 272,040	$ 604,936
Receivables	50,495	33,500	11,614
Prepaids	179,088	252,819	97,393
[us-gaap:AssetsCurrent]	1,090,536	558,359	713,943
Equipment	12,557	14,632	19,547
Mineral property interest	305,850	305,850	305,850
Deposits	14,932	14,932	8,728
TOTAL ASSETS	1,423,875	893,773	1,048,068
Current liabilities
Accounts payable and accrued liabilities	1,110,677	876,844	607,226
[us-gaap:LiabilitiesCurrent]	1,110,677	876,844	607,226
Promissory notes	5,611,049	5,543,991	$ 4,346,769
Second promissory notes	3,750,320	1,432,565
Derivative liabilities	1,258,652	1,245,456	$ 3,280,245
TOTAL LIABILITIES	11,730,698	9,098,856	8,234,240
CAPITAL DEFICIT
Unlimited common shares with no par value Issued and fully paid: 82,608,710 (April 30, 2015 - 79,255,728)	17,242,019	16,586,067	15,935,039
Additional paid-in capital	1,823,255	1,827,780	1,548,395
Commitment to issue shares	155,832	136,735	79,223
Deficit	(29,527,929)	(26,755,665)	(24,748,829)
TOTAL CAPITAL DEFICIT	(10,306,823)	(8,205,083)	(7,186,172)
TOTAL LIABILITIES AND CAPITAL DEFICIT	$ 1,423,875	$ 893,773	$ 1,048,068

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2015	Apr. 30, 2015	Apr. 30, 2014
Statement of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized
Common Stock, shares issued	82,608,710	79,255,728	76,019,706
Common Stock, shares outstanding	82,608,710	79,255,728	76,019,706

Condensed Consolidated Statemen

Condensed Consolidated Statements of Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015	Apr. 30, 2014
OPERATING EXPENSES
Amortization	$ 996	$ 1,356	$ 2,075	$ 2,822	$ 5,985	$ 8,377
Management and consulting fees	65,683	18,241	97,201	93,236	414,180	229,109
Mineral property expenditures	850,021	356,469	1,534,536	654,084	1,981,733	1,848,128
General and miscellaneous	134,143	79,765	292,053	154,148	357,405	307,672
Professional fees	117,977	252,725	273,122	363,275	677,182	192,098
[us-gaap:OperatingExpenses]	(1,168,820)	(708,556)	(2,198,987)	(1,267,565)	(3,436,485)	(2,585,384)
OTHER (EXPENSES) INCOME
Foreign exchange (loss) gain	$ (1,808)	$ (913)	285	$ 1,539	$ 3,563	10,435
Loss on settlement of liabilities			(31,512)			400,626
Accretion expense	$ (90,353)	$ (27,066)	(163,032)	$ (48,742)	$ (136,189)	(25,026)
Interest expense	(287,896)	(158,809)	(536,347)	(312,102)	(683,765)	(372,968)
Change in fair value of derivative liabilities	436,080	1,191,275	157,329	1,975,705	2,246,040	(2,692,112)
(LOSS) INCOME FOR THE PERIOD	$ (1,112,797)	$ 295,931	$ (2,772,264)	$ 348,835	$ (2,006,836)	$ (6,065,681)
Loss per share - basic and diluted	$ (0.01)	$ 0	$ (0.03)	$ 0	$ (0.03)	$ (0.09)
Weighted average number of shares outstanding	82,608,710	77,184,506	81,283,822	76,651,085	77,666,169	71,207,078

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015	Apr. 30, 2014
OPERATING ACTIVITIES
(Loss) income for the period	$ (2,772,264)	$ 348,835	$ (2,006,836)	$ (6,065,681)
Items not involving cash:
Amortization	2,075	2,822	5,985	8,377
Stock-based compensation	35,653	$ 62,617	$ 309,723	155,847
Unrealized foreign exchange				(4,420)
Loss on settlement of liabilities	(31,512)			400,626
Accretion expense	163,032	$ 48,742	$ 136,189	25,026
Change in fair value of derivative liabilities	(157,329)	(1,975,705)	(2,246,040)	2,692,112
Change in non-cash operating working capital items:
Receivables	(16,995)	$ (51,125)	(21,886)	(3,453)
Prepaids	73,731		(155,426)	(56,185)
Accounts payable and accrued liabilities	629,498	$ 427,191	793,484	399,353
Cash flows used in operating activities	$ (2,011,087)	(1,136,623)	(3,184,807)	(2,448,398)
INVESTING ACTIVITIES
Deposits recovered (paid)			(6,204)	50,000
Purchase of equipment		(6,204)	(1,070)	(8,276)
Cash flows used in investing activities		(6,204)	(7,274)	$ 41,724
FINANCING ACTIVITIES
Proceeds from exercise of stock options		9,185	$ 9,185
Proceeds from private placement				$ 533,414
Debt issue costs				(10,000)
Promissory notes received		$ 900,000	$ 1,233,000	$ 2,545,000
Second promissory notes received	$ 2,600,000		$ 1,617,000
Demand loans repaid				$ (100,000)
Cash flows from financing activities	2,600,000	$ 909,185	$ 2,859,185	2,968,414
INCREASE (DECREASE) IN CASH	588,913	(233,642)	(332,896)	561,740
CASH, BEGINNING OF THE PERIOD	272,040	604,936	604,936	43,196
CASH, END OF THE PERIOD	$ 860,953	$ 371,294	$ 272,040	604,936
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid				$ 7,211
Taxes paid

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Capital Deficit (Unaudited) - USD ($)	6 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015	Apr. 30, 2014
Common Stock
Beginning Balance	$ 16,586,067	$ 15,935,039	$ 15,935,039	$ 14,756,503
Balance (in Shares)	79,255,728	76,019,706	76,019,706	68,301,991
Shares issued pursuant to private placement of units				$ 409,505
Shares issued pursuant to private placement of units (shares)				3,100,000
Less: issue costs - cash				$ (24,214)
Less: issue costs - finder's warrants				(23,391)
Shares issued to settle loans payable				$ 365,353
Shares issued to settle loans payable (shares)				2,277,341
Share-based payments
Shares issued pursuant to the exercise of stock options			$ 9,185
Shares issued pursuant to the exercise of stock options (shares)			100,000
Transfer of value on exercise of stock options			$ 7,571
Shares issued as a debt discount	$ 228,775		$ 168,000	$ 184,540
Shares issued as a debt discount (shares)	1,085,297		772,760	1,339,262
Shares issuable as a debt discount
Shares issued to settle accounts payable and accrued liabilities	$ 427,177		$ 466,272	$ 266,743
Shares issued to settle accounts payable and accrued liabilities (shares)	2,267,685		2,363,262	1,001,112
Share-based payments - vesting
Reallocation of vested options to liabilities
Loss for the period
Ending Balance	$ 17,242,019		$ 16,586,067	$ 15,935,039
Balance (in Shares)	82,608,710		79,255,728	76,019,706
Commitment to Issue Shares
Beginning Balance	$ 136,735	$ 79,223	$ 79,223
Shares issued pursuant to private placement of units
Less: issue costs - cash
Less: issue costs - finder's warrants
Shares issued to settle loans payable
Share-based payments
Shares issued pursuant to the exercise of stock options
Transfer of value on exercise of stock options
Shares issued as a debt discount	(136,735)		$ (79,223)
Shares issuable as a debt discount	$ 155,832		$ 136,735	$ 79,223
Shares issued to settle accounts payable and accrued liabilities
Share-based payments - vesting
Reallocation of vested options to liabilities
Loss for the period
Ending Balance	$ 155,832		$ 136,735	$ 79,223
Additional Paid-In Capital
Beginning Balance	$ 1,827,780	1,548,395	1,548,395	$ 1,422,820
Shares issued pursuant to private placement of units
Less: issue costs - cash
Less: issue costs - finder's warrants
Shares issued to settle loans payable
Share-based payments			$ 229,362	$ 125,575
Shares issued pursuant to the exercise of stock options
Transfer of value on exercise of stock options			$ (7,571)
Shares issued as a debt discount
Shares issuable as a debt discount
Shares issued to settle accounts payable and accrued liabilities			$ 57,594
Share-based payments - vesting	$ 4,086
Reallocation of vested options to liabilities	(8,611)
Loss for the period
Ending Balance	1,823,255		$ 1,827,780	$ 1,548,395
Accumulated Deficit
Beginning Balance	$ (26,755,665)	(24,748,829)	$ (24,748,829)	$ (18,683,148)
Shares issued pursuant to private placement of units
Less: issue costs - cash
Less: issue costs - finder's warrants
Shares issued to settle loans payable
Share-based payments
Shares issued pursuant to the exercise of stock options
Transfer of value on 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
Share-based payments - vesting
Reallocation of vested options to liabilities
Loss for the period	$ (2,772,264)		$ (2,006,836)	$ (6,065,681)
Ending Balance	(29,527,929)		(26,755,665)	(24,748,829)
Beginning Balance	$ (8,205,083)	$ (7,186,172)	$ (7,186,172)	(2,503,825)
Balance (in Shares)	79,255,728	76,019,706	76,019,706
Shares issued pursuant to private placement of units				409,505
Less: issue costs - cash				(24,214)
Less: issue costs - finder's warrants				(23,391)
Shares issued to settle loans payable				365,353
Share-based payments				125,575
Shares issued pursuant to the exercise of stock options			$ 9,185
Transfer of value on exercise of stock options
Shares issued as a debt discount	$ 92,040		$ 88,777	184,540
Shares issuable as a debt discount	155,832		136,735	79,223
Shares issued to settle accounts payable and accrued liabilities	427,177		523,866	266,743
Share-based payments - vesting	4,086
Reallocation of vested options to liabilities	(8,611)
Loss for the period	(2,772,264)	$ 348,835	(2,006,836)	(6,065,681)
Ending Balance	$ (10,306,823)		$ (8,205,083)	$ (7,186,172)
Balance (in Shares)	82,608,710		79,255,728	76,019,706

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 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 eleven 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 October 31, 2015, the Company had not yet achieved profitable operations, had an accumulated deficit of $29,527,929 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 six months ended October 31, 2015 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2016. 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, 2015 included in the Company’s Annual Report on Form 10-K filed on July 28, 2015. 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, 6 and 13).	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 eleven mineral leases that host potentially economic deposits of feldspar, quartz and kaolinitic clays, primarily kaolinite and halloysite. Basis of Presentation and Liquidity These consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) 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 April 30, 2015, the Company had not yet achieved profitable operations, had an accumulated deficit of $26,755,665 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. 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, 6 and 13).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 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, 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 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 October 31, 2015, the Promissory Notes had a fair value of $5,669,058 (April 30, 2015 – $5,479,007) and the Second Promissory Notes had a fair value of $4,035,255 (April 30, 2015 - $1,532,123). 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 October 31, 2015 and April 30, 2015. As at October 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 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 six months ended October 31, 2015 and 2014 is as follows: October 31, 2015 $ October 31, 2014 $ Warrants (Note 7) Beginning fair value 1,128,841 3,211,386 Issuance 130,347 44,601 Change in fair value (163,078) (1,947,458) Ending fair value 1,096,110 1,308,529 Non-employee options (Note 8(c)) Beginning fair value 116,615 68,859 Vesting 40,178 51,809 Change in fair value 5,749 (28,247) Ending fair value 162,542 92,421 Total Level 3 liabilities 1,258,652 1,400,950 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 October 31, 2015 and April 30, 2015. Earnings (Loss) Per Share The basic loss per common share is computed by dividing net 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 six months ended October 31, 2015, loss per share excludes 30,933,349 (2014 – 28,322,661) potentially dilutive common shares (related to outstanding options and warrants) as their effect was anti-dilutive	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, i-Minerals USA, Inc. and CKD Ventures Ltd. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is April 30 th Use of Estimates The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long lived assets, stock-based compensation, amortization of First Promissory Notes and Second Promissory Notes financing fees, valuation of derivative liabilities, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at April 30, 2015 and 2014, the Company had no cash equivalents. Equipment Equipment is carried at cost and is amortized over the estimated useful economic lives using the declining balance method at an annual rate of 30%. Mineral Property Acquisition Costs Mineral property acquisition costs are capitalized when incurred and will be amortized using the units-of-production method following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. The Company’s property has yet to reach the production stage. Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral property claims. Mineral Property Exploration Costs Mineral property exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated useful life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. Impairment of Long-Lived Assets Management tests long-lived assets to be held and used for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Impairment is considered to exist if the future cash flows on an undiscounted basis are less than the carrying amount of the long-lived asset. An impairment loss is measured and recorded based on the difference between book value and fair value of the asset group, as determined through the application of a present value technique using expected future cash flows to estimate fair value in the absence of a market price. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of cash flows from other asset groups. Debt Issuance Costs Debt issue costs paid to third parties in connection with debt financings are capitalized as an asset and amortized over the term of the debt using the effective interest method. Debt issuance costs paid to the purchaser of the debt are considered to be a reduction of the debt proceeds and a component of debt discount. Subsequently, the costs comprising this debt discount are amortized as financing fees over the term of the promissory notes using the effective interest method. During the year ended April 30, 2015, the Company amortized financing fees totaling $136,189 (2014 – $25,026). Financial Instruments and Fair Value Measures The book value of cash, accounts receivable, 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 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 April 30, 2015, the Promissory Notes had a fair value of $5,479,007 (2014 – $4,368,045) and the Second Promissory Notes had a fair value of $1,532,123 (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 April 30, 2015 and 2014. As at April 30, 2015 and 2014 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 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 years ended April 30, 2015 and 2014 is as follows: 2015 $ 2014 $ Warrants (Note 7) Beginning fair value 3,211,386 234,596 Issuance 130,890 321,658 Change in fair value (2,213,435) 2,655,132 Ending fair value 1,128,841 3,211,386 Non-employee options (Note 8(c)) Beginning fair value 68,859 1,607 Issuance 80,361 30,272 Change in fair value (32,605) 36,980 Ending fair value 116,615 68,859 Total Level 3 liabilities 1,245,456 3,280,245 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 year ended April 30, 2015 and 2014. Earnings (Loss) Per Share The basic loss per common share is computed by dividing net 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 year ended April 30, 2015, loss per share excludes 30,384,168 (2014 – 27,875,962) potentially dilutive common shares (related to outstanding options and warrants and a commitment to issue shares) as their effect was anti-dilutive Foreign Currency Translation The Company’s functional and reporting currency is the US dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date and non-monetary items are translated at exchange rates prevailing when the assets were acquired or obligations incurred. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has adopted the provisions of FASB ASC 740 "Income Taxes" regarding accounting for uncertainty in income taxes. The Company initially recognizes tax positions in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority, assuming full knowledge of the position and all relevant facts. Application requires numerous estimates based on available information. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, and its recognized tax positions and tax benefits may not accurately anticipate actual outcomes. As additional information is obtained, there may be a need to periodically adjust the recognized tax positions and tax benefits. These periodic adjustments may have a material impact on the consolidated statements of operations. When applicable, the Company classifies penalties and interest associated with uncertain tax positions as a component of income tax expense in its consolidated Statement of Income (Loss). Stock-Based Compensation The Company accounts for all stock-based payments and awards under the fair value based method. Stock-based payments to non-employees are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measurable. The fair value of stock-based payments to non-employees is periodically re-measured until the counterparty performance is complete, and any change therein is recognized over the vesting period of the award and in the same manner as if the Company had paid cash instead of paying with or using equity based instruments. The cost of the stock-based payments to non-employees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term. The Company accounts for the granting of stock options to employees using the fair value method whereby all awards to employees will be recorded at fair value on the date of the grant. The fair value of all stock options is expensed over their vesting period with a corresponding increase to additional paid-in capital. Compensation costs for stock-based payments that do not include performance conditions are recognized on a straight-line basis. Compensation cost associated with a share based award having a performance condition is only recognized over the requisite service period if it is probable. Share based awards with a performance condition are accrued on an award by award basis. The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimates. Derivative Liabilities The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the consolidated statement of loss. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the balance sheet date. The Company uses the Black-Scholes option valuation model to value derivative liabilities. This model uses Level 3 inputs in the fair value hierarchy established by ASC 820 Fair Value Measurement. New Accounting Pronouncements (i) If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following: 1. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans). 2. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations. 3. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern 1. Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. 2. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations. 3. Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. This update will come into effect for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is assessing the impact of this standard. (ii) Effective June 2014, FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation - The amendments in this Update eliminate the concept of a development state entity (DSE) from U.S. GAAP. The amendments also eliminate an exception previously provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity at risk. The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to: · Present inception-to-date information in the statements of income, cash flows, and shareholder equity; · Label the financial statements as those of a development stage entity; · Disclose a description of the development stage activities in which the entity is engaged; and · Disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 should be applied retrospectively except for the clarification to Topic 275, which shall be applied prospectively. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company early adopted the new reporting requirements of ASU No. 2014-10 in its financial reporting for its interim period beginning May 1, 2014. (iii) In July 2013, FASB issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exits." The FASB's objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU became effective for the Company on May 1, 2014. The ASU did not have a significant impact on the Company’s consolidated financial statements. (iv) In February, 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis which · Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. · Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE). · Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The Company is assessing the impact of this standard.

MINERAL PROPERTY INTEREST

MINERAL PROPERTY INTEREST	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Extractive Industries [Abstract]
MINERAL PROPERTY INTEREST	3. MINERAL PROPERTY INTEREST: Helmer-Bovill Property – Latah County, Idaho The Company entered into a purchase and sale agreement with Idaho Industrial Minerals LLC (“IIM”), a company in which one of the Company’s directors has a 25% interest, under which the Company had the right to acquire a 100% interest in 11 lease applications that comprise the Helmer-Bovill property by issuing to IIM a total of 1,750,000 shares of the Company. During fiscal 2009, 50,000 shares were issued in return for an extension of the agreement. During fiscal 2010, the terms of the agreement were further amended and the agreement was extended until August 2013. Under the terms of the amended agreement, the shares were to be issued based on certain development-based benchmarks being attained as follows: · 100,000 shares upon assignment of the mineral lease applications to the Company (issued); · 350,000 shares upon the State of Idaho issuing mineral leases to the Company (issued); · 600,000 shares upon the completion of a feasibility study (issued); and, · 700,000 shares upon completion of the permitting process necessary to construct and operate a mining facility (issued). On January 21, 2013, the Company issued the final 1,300,000 shares to IIM. With the issuances of the final tranches of shares, the Company believes it has now fulfilled all its obligations under the purchase and sale agreement with IIM (Note 11). During the year ended April 30, 2012, the Company acquired an undivided 100% interest in two State of Idaho mineral leases contiguous to the Helmer-Bovill Property. The Company paid $10,000 and issued 50,000 shares at the fair value of $15,170. The two State of Idaho mineral leases are subject to a 3% production royalty on gross sales.	3. MINERAL PROPERTY INTEREST: Helmer-Bovill Property – Latah County, Idaho The Company entered into a purchase and sale agreement with Idaho Industrial Minerals LLC (“IIM”), a company in which one of the Company’s directors has a 25% interest, under which the Company had the right to acquire a 100% interest in 11 lease applications that comprise the Helmer-Bovill property by issuing to IIM a total of 1,750,000 shares of the Company. During fiscal 2009, 50,000 shares were issued in return for an extension of the agreement. During fiscal 2010, the terms of the agreement were further amended and the agreement was extended until August 2013. Under the terms of the amended agreement, the shares were to be issued based on certain development-based benchmarks being attained as follows: · 100,000 shares upon assignment of the mineral lease applications to the Company (issued); · 350,000 shares upon the State of Idaho issuing mineral leases to the Company (issued); · 600,000 shares upon the completion of a feasibility study (issued); and, · 700,000 shares upon completion of the permitting process necessary to construct and operate a mining facility (issued). On January 21, 2013, the Company issued the final 1,300,000 shares to IIM. With the issuances of the final tranches of shares, the Company believes it has now fulfilled all its obligations under the purchase and sale agreement with IIM (Note 12). During the year ended April 30, 2012, the Company acquired an undivided 100% interest in two State of Idaho mineral leases contiguous to the Helmer-Bovill Property. The Company paid $10,000 and issued 50,000 shares at the fair value of $15,170. The two State of Idaho mineral leases are subject to a 3% production royalty on gross sales.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: October 31, 2015 $ April 30, 2015 $ Trade payables 475,057 383,977 Amounts due to related parties (Note 9) 177,860 175,789 Interest payable on promissory notes and second promissory notes 457,760 317,078 Total accounts payable and accrued liabilities 1,110,677 876,844	4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: April 30, 2015 $ April 30, 2014 $ Trade payables 383,977 272,436 Amounts due to related parties (Note 10) 175,789 177,611 Interest payable on promissory notes and second promissory notes 317,078 157,179 Total accounts payable and accrued liabilities 876,844 607,226

PROMISSORY NOTES

PROMISSORY NOTES	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Debt Disclosure [Abstract]
PROMISSORY NOTES	5. PROMISSORY NOTES: October 31, 2015 $ April 30, 2015 $ Promissory notes 5,611,049 5,543,991 Total promissory notes 5,611,049 5,543,991 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 $5,787,280 was advanced to the Company in tranches (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 including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. 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, December 2, 2015 (Note 11). The following table outlines the estimated cash payments required in order to repay the principal balance of the Promissory Notes based on the settlement of the IIM litigation occurring on December 2, 2015: 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 5,787,280 - - - 5,787,280 The Promissory Notes bear interest at the rate of 12% per annum and during the six months ended October 31, 2015, the Company recorded interest of $350,090 (2014 - $312,102). Interest is payable semi-annually as calculated on May 31 st th $27,526. The interest settled was for the period from December 1, 2014 to May 31, 2015. Subsequent to October 31, 2015, the Company settled $348,188 of interest payable on the Promissory Notes by the issuance of 1,844,982 common shares. The interest settled was for the period from June 1, 2015 to November 30, 2015. The Company and the Lender agreed that the Lender would 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 were subject to a minimum price of CAD$0.105 and a maximum of 1,720,649 bonus shares. In addition, the Company would issue the Lender an equal number of share purchase warrants for each loan tranche advanced. Each bonus share purchase warrant entitles 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 six months ended October 31, 2015, the Company issued 13,588 bonus shares to the Lender at the fair value of $2,640, based on their quoted market price at the date the advances were received. At April 30, 2015, the $2,640 was recorded in commitment to issue shares. The aggregate finance fees (bonus shares and bonus warrants) are recorded against the Promissory Notes balance and are being amortized to the Statement of Loss over the life of the Promissory Notes, based on the later of the original maturity dates and one year after the resolution of the IIM litigation using the effective interest method. The unamortized debt discount as at October 31, 2015 is $176,231 (April 30, 2015 $243,289). The Promissory Notes are collateralized by the Company’s Helmer-Bovill Property.	5. PROMISSORY NOTES: April 30, 2015 $ April 30, 2014 $ Promissory notes 5,543,991 4,346,769 Total promissory notes 5,543,991 4,346,769 On September 13, 2013, the Company and a company controlled by a director of the Company (the “Lender”) agreed to amend previously issued promissory notes totalling $1,800,000 bearing interest at 12% along with accrued interest thereon of $81,226 by way of issuing a new promissory note having a principal balance of $1,881,226 also bearing interest at 12%. As part of this amendment, the Company issued 1,058,322 common shares having an aggregate fair value of $121,706 based on their quoted market price and 1,058,322 share purchase warrants having a fair value of $69,664 to the Lender. The fair value of the warrants was determined This amendment was accounted for as a debt extinguishment with a corresponding loss on debt extinguishment of $191,370 recorded in the Statement of Loss for the year ended April 30, 2014. In addition, the maturities of the promissory notes were established as to $1,000,000 on December 31, 2015, $2,000,000 on June 30, 2016 and the balance due on December 31, 2016. On January 27, 2014, the Company entered into an additional agreement with 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 April 30, 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 including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. 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 12). The Company recorded this amendment of the terms of the debt as a modification of debt having no impact on the Company’s Statement of Loss. The following table outlines the estimated cash payments required in order to repay the principal balance of the Promissory Notes based on the estimate that the settlement of the IIM litigation will occur in August 2015: 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 5,787,280 - - - 5,787,280 The Promissory Notes bear interest at the rate of 12% per annum and during the year ended April 30, 2015, the Company recorded interest of $653,319 (2014 - $360,977). 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 year ended April 30, 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. Subsequent to April 30, 2015, the Company settled $345,616 of interest payable on the Promissory Notes by the issuance of 1,980,840 common shares. The interest settled was for the period from December 1, 2014 to May 31, 2015. During the year ended April 30, 2014, the Company settled $201,414 of interest payable on the promissory notes by the issuance of 1,001,112 common shares at the fair value of $266,743. The Company and the Lender agreed that the Lender would 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 were subject to a minimum price of CAD$0.105 and a maximum of 1,720,649 bonus shares. In addition, the Company would issue the Lender an equal number of share purchase warrants for each loan tranche advanced. Each bonus share purchase warrant entitles 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 year ended April 30, 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 advances were received, 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. Subsequent to April 30, 2015, the Company issued 13,588 bonus shares to the Lender at the fair value of $2,640. The fair value of 472,998 bonus share purchase warrants committed to be issued (based on advances received during the period) during the year ended April 30, 2015 of $60,161 was estimated using the During the year ended April 30, 2014, the Company issued 280,940 bonus shares to the Lender at the fair value of $62,834 and the Company was committed to issuing an additional 313,350 bonus shares to the Lender at the fair value of $79,223. 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 bonus share purchase warrants issued/committed to be issued during the year ended April 30, 2014 of $80,480 was estimated using the The aggregate finance fees (bonus shares and bonus warrants) are recorded against the Promissory Notes balance and are being amortized to the Statement of Loss over the life of the Promissory Notes, based on the later of the original maturity dates and one year after the resolution of the IIM litigation using the effective interest method. The unamortized debt discount as at April 30, 2015 is $243,289 (2014 $207,511). The Promissory Notes are collateralized by the Company’s Helmer-Bovill Property.

SECOND PROMISSORY NOTES

SECOND PROMISSORY NOTES	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Debt Disclosure [Abstract]
SECOND PROMISSORY NOTES	6. SECOND PROMISSORY NOTES: October 31, 2015 $ April 30, 2015 $ Second promissory notes 3,750,320 1,432,565 Total second promissory notes 3,750,320 1,432,565 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 $4,217,000 had been advanced as at October 31, 2015 (the “Second Promissory Notes”). The Second Promissory Notes mature as to $1,000,000 on December 2, 2016, $2,000,000 on June 2, 2017 and the balance due on December 2, 2017. Certain conditions may result in early repayment including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. Debt issuance costs will be amortized over the estimated maturity life of the promissory notes. The following table outlines the estimated cash payments required in order to repay the principal balance of the Second Promissory Notes: 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 1,000,000 3,217,000 - - 4,217,000 The Second Promissory Notes bear interest at the rate of 12% per annum and during six months ended October 31, 2015, the Company recorded interest of $186,257 (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. During the six months ended October 31, 2015, the Company settled $50,049 of interest payable on the Second Promissory Notes by the issuance of 286,845 common shares at the fair value of $54,035. The interest settled was for the period from January 8, 2015 to May 31, 2015. Subsequent to October 31, 2015, the Company settled $208,245 of interest payable on the Second Promissory Notes by the issuance of 1,103,449 common shares. The interest settled was for the period from June 1, 2015 to November 30, 2015. 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 31, 2018 and (b) the date the advance has been repaid in full, including interest. During the six months ended October 31, 2015, the Company issued 1,071,709 bonus shares to the Lender at the fair value of $226,135, based on their quoted market price at the date the advances were received, including 679,985 shares having a fair value of $134,095 that the Company had previously committed to issue. At October 31, 2015, the Company was committed to issuing an additional 651,030 bonus shares to the Lender at the fair value of $155,832. 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 1,042,754 bonus share purchase warrants committed to be issued (based on advances received during the period) during the six months ended October 31, 2015 of $130,347 was estimated using the The aggregate finance fees (bonus shares and bonus warrants) 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, based on two years after the resolution of the IIM litigation, using the effective interest method. The unamortized debt discount as at October 31, 2015 is $466,680 (April 30, 2015 $184,435). The Second Promissory Notes are collateralized by the Company’s Helmer-Bovill Property.	6. SECOND PROMISSORY NOTES: April 30, 2015 $ April 30, 2014 $ Second promissory notes 1,432,565 - Total second promissory notes 1,432,565 - 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 $1,617,000 had been advanced as at April 30, 2015 (the “Second Promissory Notes”). The Second Promissory Notes mature as to $1,000,000 one year after resolution of the IIM litigation (Note 12), $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 including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. Debt issuance costs will be amortized over the estimated maturity life of the promissory notes. The following table outlines the estimated cash payments required in order to repay the principal balance of the Second Promissory Notes based on the estimate that the settlement of the IIM litigation will occur in August 2015: 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 1,617,000 - - - 1,617,000 The Second Promissory Notes bear interest at the rate of 12% per annum and during the year ended April 30, 2015, the Company recorded interest of $30,446 (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. Subsequent to April 30, 2015, the Company settled $50,049 of interest payable on the Promissory Notes by the issuance of 286,845 common shares. The interest settled was for the period from January 8, 2015 to May 31, 2015. 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 31, 2018 and (b) the date the advance has been repaid in full, including interest. At April 30, 2015, the Company was committed to issuing 679,985 bonus shares to the Lender at the fair value of $134,095. 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. Subsequent to April 30, 2015, the Company issued 1,071,709 bonus shares to the Lender at the fair value of $226,135. The fair value of 679,985 bonus share purchase warrants committed to be issued (based on advances received during the period) during the year ended April 30, 2015 of $70,729 was estimated using the The aggregate finance fees (bonus shares and bonus warrants) 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, based on two years after the resolution of the IIM litigation, using the effective interest method. The unamortized debt discount as at April 30, 2015 is $184,435 (2014 $nil). The Second Promissory Notes are collateralized by the Company’s Helmer-Bovill Property.

WARRANT LIABILITIES

WARRANT LIABILITIES	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
WARRANT LIABILITIES	7. 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, 2015 1,128,841 Bonus warrants issued pursuant to Second Promissory Notes (Note 6) 130,347 Change in fair value of warrant derivatives (163,078) Balance, October 31, 2015 1,096,110 Warrant Derivative Liabilities At October 31, 2015, the Company determined the fair value of Warrant Derivative Liabilities to be $1,096,110 (April 30, 2015 - $1,128,841) as estimated using the Black-Scholes option pricing model with the following weighted average assumptions: October 31, 2015 April 30, 2015 Stock price (CAD$) 0.28 0.25 Exercise price (CAD$) 0.37 0.38 Risk-free interest rate (%) 0.75 1.11 Expected life (years) 0.78 0.79 Expected volatility (%) 86 87 Expected dividends ($) Nil Nil	7. 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, 2013 234,596 Bonus warrants issued pursuant to Promissory Notes (Note 5) 150,144 Warrants issued pursuant to private placement of units (Note 8) 148,123 Warrants issued as private placement finders’ fees (Note 8) 23,391 Change in fair value of warrant derivatives 2,655,132 Balance, April 30, 2014 3,211,386 Bonus warrants issuable pursuant to Promissory Notes (Note 5) 60,161 Bonus warrants issuable pursuant to Second Promissory Notes (Note 6) 70,729 Change in fair value of warrant derivatives (2,213,435) Balance, April 30, 2015 1,128,841 Warrant Derivative Liabilities At April 30, 2015, the Company determined the fair value of Warrant Derivative Liabilities to be $1,128,841 (2014 - $3,211,386) as estimated using the Black-Scholes option pricing model with the following weighted average assumptions: 2015 2014 Stock price (CAD$) 0.25 0.28 Exercise price (CAD$) 0.38 0.38 Risk-free interest rate (%) 1.11 1.13 Expected life (years) 0.79 2.02 Expected volatility (%) 87 117 Expected dividends ($) Nil Nil

SHARE CAPITAL

SHARE CAPITAL	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Equity [Abstract]
SHARE CAPITAL	8. 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 six months ended October 31, 2015, the Company completed the following stock transactions: i) On July 10, 2015, the Company issued 1,085,297 common shares with a fair value of $228,775 including 693,573 shares having a fair value of $136,735 which the Company had committed to issue at April 30, 2015. The common shares were issued as debt discounts pursuant to the Promissory Notes and the Second Promissory Notes (Notes 5 and 6). ii) On July 14, 2015, the Company issued 2,267,685 common shares with a fair value of $427,177 as settlement of accrued interest payable on Promissory Notes and Second Promissory Notes (Notes 5 and 6). c) Stock options: The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at October 31, 2015, the Company had 2,925,871 stock options available for grant pursuant to the Plan (April 30, 2015 - 2,790,573). The Company’s stock options outstanding as at October 31, 2015 and April 30, 2015 and the changes for the periods then ended are as follows: Number Outstanding Weighted Average Exercise Price Balance outstanding at April 30 , 2015 5,135,000 CAD$ 0.22 Granted 200,000 CAD$ 0.25 Balance outstanding at October 31, 2015 5,335,000 CAD$ 0.22 Balance exercisable at October 31, 2015 4,687,500 CAD$ 0.23 Summary of stock options outstanding at October 31, 2015: Security Number Outstanding Exercise Price Expiry Date Remaining Contractual Life (years) Stock options (1) CAD$ 0.40 December 1, 2015 0.08 Stock options 1,300,000 CAD$ 0.10 July 30, 2018 2,75 Stock options 260,000 CAD$ 0.15 July 30, 2018 2.75 Stock options 300,000 CAD$ 0.25 July 30, 2018 2.75 Stock options 200,000 CAD$ 0.25 November 19, 2018 3.05 Stock options 150,000 CAD$ 0.25 January 8, 2019 3.19 Stock options 300,000 CAD$ 0.25 May 23, 2019 3.56 Stock options 150,000 CAD$ 0.25 December 16, 2017 2.13 Stock options 1,975,000 CAD$ 0.25 January 19, 2020 4.25 Stock options 200,000 CAD$ 0.25 August 4, 2020 4.76 (1) Subsequent to October 31, 2015, these options expired unexercised. 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 October 31, 2015, there are 25,000 non-employee stock option awards that have not vested (April 30, 2015 – 112,500). The non-employee stock options are accounted for at their respective fair values and are summarized as follows for the six months ended October 31, 2015 and 2014: 2015 $ 2014 $ Fair value of non-employee options, beginning of the period 116,615 68,859 Fair value of non-employee options, at vesting 40,178 51,809 Change in fair value of non-employee stock options during the period 5,749 (28,247) Fair value of non-employee options, end of the period 162,542 92,421 The Company determined the fair value of its non-employee stock options as at October 31, 2015 and April 30, 2015 using the Black-Scholes option pricing model with the following weighted average assumptions: October 31, 2015 April 30, 2015 Stock price (CAD$) 0.28 0.25 Exercise price (CAD$) 0.21 0.19 Risk-free interest rate (%) 1.18 1.23 Expected life (years) 3.50 3.82 Expected volatility (%) 101 101 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 October 31, 2015, the unamortized compensation cost of options is $45,494 and the intrinsic value of options expected to vest is $172,080 (CAD$225,000). Share-based payments are classified in the Company’s Statement of Loss during the six months ended October 31, 2015 and 2014 as follows: 2015 $ 2014 $ Management and consulting fees 35,653 62,617 35,653 62,617 d) Share purchase warrants: A summary of fully-exercisable share purchase warrants as at October 31, 2015 and April 30, 2015 and the changes for the periods then ended are as follows: Number Outstanding Weighted Average Exercise Price Balance at April 30, 2015 24,555,595 CAD $ 0.37 Issued 1,042,754 CAD$ 0.25 Balance at October 31, 2015 25,598,349 CAD $ 0.37 Summary of warrants outstanding and issuable at October 31, 2015: Security Number Outstanding Exercise Price Expiry Date Warrants 1,550,000 CAD$ 0.40 January 31, 2017 Warrants 200,000 CAD$ 0.25 January 31, 2016 Warrants 20,000,000 CAD$ 0.40 April 29, 2016 Warrants 667,520 CAD$ 0.14 December 1, 2016 (1) Warrants 122,142 CAD$ 0.14266 December 1, 2016 (1) Warrants 104,119 CAD$ 0.165 December 1, 2016 (1) Warrants 76,723 CAD$ 0.17 December 1, 2016 (1) Warrants 87,818 CAD$ 0.17223 December 1, 2016 (1) Warrants 111,762 CAD$ 0.185 December 1, 2016 (1) Warrants 132,208 CAD$ 0.217 December 1, 2016 (1) Warrants 62,002 CAD$ 0.222 December 1, 2016 (1) Warrants 58,181 CAD$ 0.225 December 1, 2016 (1) Warrants 165,326 CAD$ 0.23 December 1, 2016 (1) Warrants 51,202 CAD$ 0.25 December 1, 2016 (1) Warrants 92,357 CAD$ 0.276 December 1, 2016 (1) Warrants 200,091 CAD$ 0.28 December 1, 2016 (1) Warrants 45,439 CAD$ 0.29 December 1, 2016 (1) Warrants 96,261 CAD$ 0.292 December 1, 2016 (1) Warrants 52,459 CAD$ 0.305 December 1, 2016 (1) Warrants 730,848 CAD$ 0.22 December 31, 2018 (1) Warrants 242,545 CAD$ 0.23 December 31, 2018 (1) Warrants 194,344 CAD$ 0.24 December 31, 2018 (1) Warrants 37,203 CAD$ 0.245 December 31, 2018 (1) Warrants 192,206 CAD$ 0.259 December 31, 2018 (1) Warrants 126,843 CAD$ 0.265 December 31, 2018 (1) Warrants 198,750 CAD$ 0.272 December 31, 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 5 and 6).	8. 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 year ended April 30, 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 CAD$0.10 per common share resulting in gross proceeds of CAD$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 5). 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 5). 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 5). During the year ended April 30, 2014, the Company completed the following stock transactions: i) On September 30, 2013, the Company issued 2,277,341 common shares with a fair value of $365,353 to settle CAD$212,500 ($206,571) of Loans plus accrued interest of CAD$15,234 ($14,855) resulting in a loss on extinguishment of debt in the amount of $143,927. ii) On October 23, 2013, the Company issued 1,170,084 common shares with a fair value of $142,382 as a debt discount. iii) On January 27, 2014, the Company issued 169,178 common shares with a fair value of $42,158 as a debt discount. iv) On January 31, 2014, the Company completed a private placement of 3,100,000 units at CAD$0.20 per unit for gross proceeds of $557,628 (CAD$620,000). Each unit is comprised of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of CAD$0.40 per share until January 31, 2016. A value of $148,123 has been attributed to these warrants using the Black-Scholes option pricing model and has been recorded as a derivative liability (Note 7). The Company paid commissions consisting of $16,747 and 200,000 finder’s warrants. A value of $23,391 has been attributed to these warrants using the Black-Scholes option pricing model and has been recorded as a derivative liability (Note 7). Each finder’s warrant entitles the holder to purchase one common share at a price of CAD$0.25 per share until January 31, 2016. In addition, the Company incurred legal and other out-of-pocket expenses related to the private placement in the amount of $7,467. The fair value for the warrants issued in connection with this private placement was estimated using the Black-Scholes option pricing model with the following assumptions: stock price – CAD$0.23; exercise price – CAD$0.25; expected risk-free interest rate – 1.13%; expected life – 2.0 years; expected volatility – 114% and expected dividend rate – 0%. v) On March 4, 2014, the Company issued 1,001,112 common shares with a fair value of $266,743 as settlement of accrued interest payable on promissory notes (Note 5). c) Stock options: The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at April 30, 2015, the Company had 2,790,573 stock options available for grant pursuant to the Plan (2014 - 3,441,971). The Company’s stock options outstanding as at April 30, 2015 and 2014 and the changes for the years then ended are as follows: Number Outstanding Weighted Average Exercise Price Balance outstanding at April 30, 2013 2,450,000 CAD$ 0.42 Granted 2,410,000 CAD$ 0.15 Cancelled (700,000) (1) CAD$ 0.46 Balance outstanding at April 30, 2014 4,160,000 CAD$ 0.26 Granted 2,425,000 CAD$ 0.25 Exercised (100,000) CAD$ 0.10 Expired (1,250,000) CAD$ 0.40 Forfeited (100,000) CAD$ 0.25 Balance outstanding at April 30, 2015 5,135,000 CAD$ 0.22 Balance exercisable at April 30, 2015 4,412,500 CAD$ 0.22 Notes: (1) During the year ended April 30, 2014, the Company cancelled 700,000 options that had performance conditions associated with its Kelly Basin Project and concurrently awarded 810,000 options with performance conditions associated with its Bovill Kaolin Project. The cancellation and subsequent granting of options was considered to be a modification of a share-based award. The incremental fair value of this award was determined to be $141,772 using the Black-Scholes option pricing model with the following inputs: exercise prices- 250,000 at CAD$0.10, 260,000 at CAD$0.15, 300,000 at CAD$0.25; share price - CAD$0.23; expected volatility – 106%; risk free interest rate – 1.42%; expected life – 5 years. Accordingly during the year ended April 30, 2014, the Company recorded compensation cost in respect of this award totaling $15,143. The intrinsic value of options exercised during the year ended April 30, 2015 was CAD$18,000 based on a stock price of CAD$0.28 on the date of exercise. Summary of stock options outstanding at April 30, 2015: Security Number Outstanding Exercise Price Expiry Date Remaining Contractual Life (years) Stock options 500,000 CAD$ 0.40 December 1, 2015 0.59 Stock options 1,300,000 CAD$ 0.10 July 30, 2018 3.25 Stock options 260,000 CAD$ 0.15 July 30, 2018 3.25 Stock options 300,000 CAD$ 0.25 July 30, 2018 3.25 Stock options 200,000 CAD$ 0.25 November 19, 2018 3.56 Stock options 150,000 CAD$ 0.25 January 8, 2019 3.70 Stock options 300,000 CAD$ 0.25 May 23, 2019 4.07 Stock options 150,000 CAD$ 0.25 December 16, 2017 2.63 Stock options 1,975,000 CAD$ 0.25 January 19, 2020 4.75 The weighted average grant date fair value of stock options granted during the year ended April 30, 2015 of CAD$0.16 was estimated using the 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 April 30, 2015, there are 112,500 non-employee stock option awards that have not vested (2014 – nil). The non-employee stock options are accounted for at their respective fair values and are summarized as follows for the years ended April 30, 2015 and 2014: 2015 $ 2014 $ Fair value of non-employee options, beginning of the year 68,859 1,607 Fair value of non-employee options, at issuance 80,361 30,272 Change in fair value of non-employee stock options during the year (32,605) 36,980 Fair value of non-employee options, end of the year 116,615 68,859 The Company determined the fair value of its non-employee stock options as at April 30, 2015 and 2014 using the Black-Scholes option pricing model with the following weighted average assumptions: 2015 2014 Stock price (CAD$) 0.25 0.28 Exercise price (CAD$) 0.19 0.28 Risk-free interest rate (%) 1.23 1.16 Expected life (years) 3.82 2.19 Expected volatility (%) 101 91 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 April 30, 2015, the unamortized compensation cost of options is $53,324 and the intrinsic value of options expected to vest is $150,238 (CAD$181,250). Share-based payments are classified in the Company’s Statement of Loss as follows: 2015 $ 2014 $ Management and consulting fees 309,723 155,847 309,723 155,847 d) Share purchase warrants: A summary of fully-exercisable share purchase warrants as at April 30, 2015 and 2014 and the changes for the years then ended are as follows: Number Outstanding Weighted Average Exercise Price Balance at April 30, 2013 20,000,000 CAD $ 0.40 Issued 3,402,612 CAD$ 0.29 Balance at April 30, 2014 23,402,612 CAD $ 0.38 Issued 1,152,983 CAD$ 0.23 Balance at April 30, 2015 24,555,595 CAD $ 0.37 Summary of warrants outstanding and issuable at April 30, 2015: Security Number Outstanding Exercise Price Expiry Date Warrants 1,550,000 CAD$ 0.40 January 31, 2016 Warrants 200,000 CAD$ 0.25 January 31, 2016 Warrants 20,000,000 CAD$ 0.40 April 29, 2016 Warrants 667,520 CAD$ 0.14 December 1, 2016 (1) Warrants 122,142 CAD$ 0.14266 December 1, 2016 (1) Warrants 104,119 CAD$ 0.165 December 1, 2016 (1) Warrants 76,723 CAD$ 0.17 December 1, 2016 (1) Warrants 87,818 CAD$ 0.17223 December 1, 2016 (1) Warrants 111,762 CAD$ 0.185 December 1, 2016 (1) Warrants 132,208 CAD$ 0.217 December 1, 2016 (1) Warrants 62,002 CAD$ 0.222 December 1, 2016 (1) Warrants 58,181 CAD$ 0.225 December 1, 2016 (1) Warrants 165,326 CAD$ 0.23 December 1, 2016 (1) Warrants 51,202 CAD$ 0.25 December 1, 2016 (1) Warrants 92,357 CAD$ 0.276 December 1, 2016 (1) Warrants 200,091 CAD$ 0.28 December 1, 2016 (1) Warrants 45,439 CAD$ 0.29 December 1, 2016 (1) Warrants 96,261 CAD$ 0.292 December 1, 2016 (1) Warrants 52,459 CAD$ 0.305 December 1, 2016 (1) Warrants 597,617 CAD$ 0.22 December 31, 2018 (1) Warrants 45,165 CAD$ 0.23 December 31, 2018 (1) Warrants 37,203 CAD$ 0.245 December 31, 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 5 and 6).

INCOME TAXES

INCOME TAXES	12 Months Ended
	Apr. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES: A reconciliation of the income tax provision computed at statutory rates to the reported income tax provision for the years ended April 30, 2015 and 2014 is as follows: 2015 $ 2014 $ Statutory tax rate 26.00% 26.00% Loss before income taxes (2,006,838) (6,065,681) Expected income tax recovery (522,000) (1,577,000) Increase (decrease) in income tax recovery resulting from: Derivative liability (584,000) 700,000 Other permanent differences 118,000 48,000 Loss on debt extinguishment - 104,000 Share issue costs (44,000) (71,000) Effect of change in statutory rate and other 37,000 (40,000) Foreign income taxed at foreign rate (195,000) (181,000) Impact of over-provision in previous year 68,000 (59,000) Increase in valuation allowance 1,122,000 1,076,000 Income tax expense - - The significant components of the Company’s deferred income tax assets and liabilities after applying enacted corporate tax rates at April 30, 2015 and 2014 are as follows: 2015 $ 2014 $ Deferred income tax assets (liabilities) Operating losses carried forward 6,033,000 4,919,000 Resource property 1,048,000 1,037,000 Capital assets 1,000 - Share issuance costs 82,000 103,000 Other 18,000 1,000 Valuation allowance (7,182,000) (6,060,000) Net deferred income tax asset - - At April 30, 2015, the Company has accumulated non-capital losses totalling $6,056,000 (2014 - $4,620,000) in Canada and net operating losses of $12,736,000 (2014 - $10,622,000) in the USA, which are available to carryforward and offset future years’ taxable income. The losses expire in various amounts from 2022 to 2035. Uncertain Tax Positions The Company has adopted certain provisions of ASC 740, “Income Taxes”, which prescribes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken or expected to be taken in income tax returns. The provisions also provide guidance on the de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. The Company files income tax returns in the U.S. federal jurisdiction, various state and foreign jurisdictions. The Company’s tax returns are subject to tax examinations by U.S. federal and state tax authorities, or examinations by foreign tax authorities until respective statute of limitation. The Company currently has no tax years under examination. The Company is subject to tax examinations by tax authorities for all taxation years commencing after 2003. At April 30, 2015, the Company does not have an accrual relating to uncertain tax positions. It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of the reporting date. Provision has not been made for U.S. or additional foreign taxes on undistributed earnings of foreign subsidiaries. Such earnings have been and will continue to be reinvested but could become subject to additional tax if they were remitted as dividends, or were loaned to the Company affiliate. It is not practicable to determine the amount of additional tax, if any, that might be payable on the undistributed foreign earnings.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS: During the six months ended October 31, 2015, the Company settled $395,665 of interest payable on the Promissory Notes and Second Promissory Notes owed to a company controlled by a Director by issuing 2,267,685 common shares at the fair value of $427,177 (Notes 5 and 6). During the six months ended October 31, 2015, management and consulting fees of $47,963 (2014 - $29,669) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $1,565 (2014 - $nil) in management and consulting fees. $12,710 (2014 - $23,044) was charged by Malaspina Consultants Inc. for the services of Matt Anderson, CFO, and are included in professional fees. Included in accounts payable and accrued liabilities are amounts owed to directors or officers or companies controlled by them. As at October 31, 2015, the amount was $177,860 (April 30, 2015 – The promissory notes and second promissory notes received from a company controlled by a director (Notes 5, 6 and 13) are related party transactions.	10. RELATED PARTY TRANSACTIONS: During the year ended April 30, 2015, the Company settled $523,866 of interest payable on the Promissory Notes owed to a company controlled by a Director by issuing 2,363,262 common shares at the fair value of $466,272 (Note 5). During the year ended April 30, 2014, the Company settled $201,414 of interest payable on the Promissory Notes owed to a company controlled by a Director by issuing 1,001,112 common shares at the fair value of $266,743 (Note 5). During the year ended April 30, 2015, management and consulting fees of $77,588 (2014 - $56,383) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $4,039 (2014 - $nil) in management and consulting fees. $39,611 (2014 - $20,076) was charged by Malaspina Consultants Inc. for the services of Matt Anderson, CFO, and are included in professional fees. Included in accounts payable and accrued liabilities are amounts owed to directors or officers or companies controlled by them. As at April 30, 2015, the amount was $175,789 (2014 – The promissory notes and second promissory notes received from a company controlled by a director (Notes 5, 6 and 13) are related party transactions.

SEGMENT DISCLOSURES

SEGMENT DISCLOSURES	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Segment Reporting [Abstract]
SEGMENT DISCLOSURES	10. SEGMENT DISCLOSURES: The Company considers its business to comprise a single operating segment being the exploration of its resource property. Substantially all of the Company’s long-term assets and operations are located in Latah County, Idaho.	11. SEGMENT DISCLOSURES: The Company considers its business to comprise a single operating segment being the exploration of its resource property. Substantially all of the Company’s long-term assets and operations are located in Latah County, Idaho.

CONTINGENT LIABILITY

CONTINGENT LIABILITY	12 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
CONTINGENT LIABILITY	12. CONTINGENT LIABILITY: The Company is currently named as a defendant in a lawsuit in Latah County, State of Idaho (the “Latah County Lawsuit”). The plaintiffs who filed the Latah County Lawsuit on June 6, 2014, 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. Subsequent to the year ended April 30, 2015, court-ordered mediation was held. The mediation was successful and all parties entered into an agreement in principle to settle the parties’ claims against one another that was documented in a Binding Settlement Term Sheet whereby the Company agreed to pay $100,000 (accrued in accounts payable and accrued liabilities) of the Plaintiffs legal fees and the Plaintiffs agreed to dismiss the Latah County Lawsuit. The agreement in principle is subject to Court approval.

NON-CASH TRANSACTIONS

NON-CASH TRANSACTIONS	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Supplemental Cash Flow Elements [Abstract]
NON-CASH TRANSACTIONS	11. 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 condensed consolidated statements of cash flows. During the six months ended October 31, 2015, the following transactions were excluded from the condensed consolidated statement of cash flows: a) The issuance by the Company of 1,980,840 common shares at the fair value of $373,142 as payment of interest on the Promissory Notes; b) The issuance by the Company of 286,845 common shares at the fair value of $54,035 as payment of interest on the Second Promissory Notes; and, c) The commitment to issue 1,042,754 common shares at the fair value of $247,872 and 1,042,754 warrants at the fair value of $130,347 pursuant to the Second Promissory Notes. During the six months ended October 31, 2014, the following transactions were excluded from the consolidated statement of cash flows: a) The issuance by the Company of 741,233 common shares at the fair value of $152,701 as payment of interest on the Promissory Notes; and, b) The commitment to issue of 329,446 common shares at the fair value of $72,000 and 329,446 warrants at the fair value of $44,601 pursuant to the Promissory Notes.	13. 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 year ended April 30, 2015, the following transactions were excluded from the 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 679,985 common shares at the fair value of $134,095 and 679,985 warrants at the fair value of $70,729 pursuant to the Second Promissory Notes. During the year ended April 30, 2014, the following transactions were excluded from the consolidated statement of cash flows: a) The issuance by the Company of 1,001,112 common shares at the fair value of $266,743 as payment of interest on the Promissory Notes; b) The issuance by the Company of 1,339,262 common shares at the fair value of $184,540 pursuant to the Promissory Notes; and, c) The issuance by the Company of 2,277,341 common shares at the fair value of $365,353 pursuant to the settlement of Loans.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS: Subsequent to October 31, 2015: a) On December 1, 2015, the Company entered into an amending agreement to the Second Promissory Notes whereby BV Lending agreed to advance an additional $1,000,000 with all of the other terms and conditions of the Second Promissory Notes remaining in effect. b) The Company received an aggregate of $240,000 of Second Promissory Notes (Note 6). c) On June 6, 2014, the Company was named as a defendant in a lawsuit in Latah County, State of Idaho (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”), 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 seeked 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. During the six months ended October 31, 2015, a court-ordered mediation was held. The mediation was successful and all parties entered into an agreement in principle to settle the parties’ claims against one another that was documented in a Binding Settlement Term Sheet whereby the Company agreed to pay $100,000 (accrued in accounts payable and accrued liabilities) of the Plaintiffs legal fees and the Plaintiffs agreed to dismiss the Latah County Lawsuit. On December 2, 2015, the Latah County Lawsuit was dismissed and the Company paid a total of $100,000.	14. SUBSEQUENT EVENTS: Additional subsequent events are disclosed in Notes 5 and 6. Subsequent to April 30, 2015: a) The Company received an aggregate of $1,500,000 of Second Promissory Notes (Note 6).

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Financial Instruments and Fair Value Measures	Financial Instruments and Fair Value Measures The book value of cash, accounts receivable, 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 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 October 31, 2015, the Promissory Notes had a fair value of $5,669,058 (April 30, 2015 – $5,479,007) and the Second Promissory Notes had a fair value of $3,344,436 (April 30, 2015 - $1,532,123). 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 October 31, 2015 and April 30, 2015. As at October 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 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 six months ended October 31, 2015 and 2014 is as follows: October 31, 2015 $ October 31, 2014 $ Warrants (Note 7) Beginning fair value 1,128,841 3,211,386 Issuance 130,347 44,601 Change in fair value (163,078) (1,947,458) Ending fair value 1,096,110 1,308,529 Non-employee options (Note 8(c)) Beginning fair value 116,615 68,859 Vesting 40,178 51,809 Change in fair value 5,749 (28,247) Ending fair value 162,542 92,421 Total Level 3 liabilities 1,258,652 1,400,950 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 October 31, 2015 and April 30, 2015.
Earnings (Loss) Per Share	Earnings (Loss) Per Share The basic loss per common share is computed by dividing net 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 six months ended October 31, 2015, loss per share excludes 30,933,349 (2014 – 28,322,661) potentially dilutive common shares (related to outstanding options and warrants) as their effect was anti-dilutive

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Summary of Liabilities	October 31, 2015 $ October 31, 2014 $ Warrants (Note 7) Beginning fair value 1,128,841 3,211,386 Issuance 130,347 44,601 Change in fair value (163,078) (1,947,458) Ending fair value 1,096,110 1,308,529 Non-employee options (Note 8(c)) Beginning fair value 116,615 68,859 Vesting 40,178 51,809 Change in fair value 5,749 (28,247) Ending fair value 162,542 92,421 Total Level 3 liabilities 1,258,652 1,400,950

ACCOUNTS PAYABLE AND ACCRUED 23

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	6 Months Ended
	Oct. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable And Accrued Liabilities	October 31, 2015 $ April 30, 2015 $ Trade payables 475,057 383,977 Amounts due to related parties (Note 9) 177,860 175,789 Interest payable on promissory notes and second promissory notes 457,760 317,078 Total accounts payable and accrued liabilities 1,110,677 876,844

PROMISSORY NOTES (Tables)

PROMISSORY NOTES (Tables)	6 Months Ended
	Oct. 31, 2015
Debt Disclosure [Abstract]
Schedule of Promissory Notes	October 31, 2015 $ April 30, 2015 $ Promissory notes 5,611,049 5,543,991 Total promissory notes 5,611,049 5,543,991
Schedule of Payments To Repay Principal Balance	2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 5,787,280 - - - 5,787,280

SECOND PROMISSORY NOTES (Tables

SECOND PROMISSORY NOTES (Tables)	6 Months Ended
	Oct. 31, 2015
Debt Disclosure [Abstract]
Schedule of Second Promissory Notes	October 31, 2015 $ April 30, 2015 $ Second promissory notes 3,750,320 1,432,565 Total second promissory notes 3,750,320 1,432,565
Schedule of Payments To Repay Principal Balance	2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 1,000,000 3,217,000 - - 4,217,000

WARRANT LIABILITIES (Tables)

WARRANT LIABILITIES (Tables)	6 Months Ended
	Oct. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Fair Value of Derivative Liabilities	$ Balance, April 30, 2015 1,128,841 Bonus warrants issued pursuant to Second Promissory Notes (Note 6) 130,347 Change in fair value of warrant derivatives (163,078) Balance, October 31, 2015 1,096,110
Schedule of Weighted Average Assumptions of Derivative Liabilities	October 31, 2015 April 30, 2015 Stock price (CAD$) 0.28 0.25 Exercise price (CAD$) 0.37 0.38 Risk-free interest rate (%) 0.75 1.11 Expected life (years) 0.78 0.79 Expected volatility (%) 86 87 Expected dividends ($) Nil Nil

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	6 Months Ended
	Oct. 31, 2015
Equity [Abstract]
Stock Options Outstanding	Number Outstanding Weighted Average Exercise Price Balance outstanding at April 30 , 2015 5,135,000 CAD$ 0.22 Granted 200,000 CAD$ 0.25 Balance outstanding at October 31, 2015 5,335,000 CAD$ 0.22 Balance exercisable at October 31, 2015 4,687,500 CAD$ 0.23
Summary Of Stock Options Outstanding	Security Number Outstanding Exercise Price Expiry Date Remaining Contractual Life (years) Stock options (1) CAD$ 0.40 December 1, 2015 0.08 Stock options 1,300,000 CAD$ 0.10 July 30, 2018 2,75 Stock options 260,000 CAD$ 0.15 July 30, 2018 2.75 Stock options 300,000 CAD$ 0.25 July 30, 2018 2.75 Stock options 200,000 CAD$ 0.25 November 19, 2018 3.05 Stock options 150,000 CAD$ 0.25 January 8, 2019 3.19 Stock options 300,000 CAD$ 0.25 May 23, 2019 3.56 Stock options 150,000 CAD$ 0.25 December 16, 2017 2.13 Stock options 1,975,000 CAD$ 0.25 January 19, 2020 4.25 Stock options 200,000 CAD$ 0.25 August 4, 2020 4.76
Fair Values of Non-Employee Stock Options	2015 $ 2014 $ Fair value of non-employee options, beginning of the period 116,615 68,859 Fair value of non-employee options, at vesting 40,178 51,809 Change in fair value of non-employee stock options during the period 5,749 (28,247) Fair value of non-employee options, end of the period 162,542 92,421
Weighted Average Assumptions of Non-Employee Stock Options	October 31, 2015 April 30, 2015 Stock price (CAD$) 0.28 0.25 Exercise price (CAD$) 0.21 0.19 Risk-free interest rate (%) 1.18 1.23 Expected life (years) 3.50 3.82 Expected volatility (%) 101 101 Expected dividends ($) Nil Nil
Income Statement Share-based payments	2015 $ 2014 $ Management and consulting fees 35,653 62,617 35,653 62,617
Summary Of Fully-Exercisable Share Purchase Warrants	Number Outstanding Weighted Average Exercise Price Balance at April 30, 2015 24,555,595 CAD $ 0.37 Issued 1,042,754 CAD$ 0.25 Balance at October 31, 2015 25,598,349 CAD $ 0.37
Summary Of Warrants Outstanding And Issuable	Security Number Outstanding Exercise Price Expiry Date Warrants 1,550,000 CAD$ 0.40 January 31, 2017 Warrants 200,000 CAD$ 0.25 January 31, 2016 Warrants 20,000,000 CAD$ 0.40 April 29, 2016 Warrants 667,520 CAD$ 0.14 December 1, 2016 (1) Warrants 122,142 CAD$ 0.14266 December 1, 2016 (1) Warrants 104,119 CAD$ 0.165 December 1, 2016 (1) Warrants 76,723 CAD$ 0.17 December 1, 2016 (1) Warrants 87,818 CAD$ 0.17223 December 1, 2016 (1) Warrants 111,762 CAD$ 0.185 December 1, 2016 (1) Warrants 132,208 CAD$ 0.217 December 1, 2016 (1) Warrants 62,002 CAD$ 0.222 December 1, 2016 (1) Warrants 58,181 CAD$ 0.225 December 1, 2016 (1) Warrants 165,326 CAD$ 0.23 December 1, 2016 (1) Warrants 51,202 CAD$ 0.25 December 1, 2016 (1) Warrants 92,357 CAD$ 0.276 December 1, 2016 (1) Warrants 200,091 CAD$ 0.28 December 1, 2016 (1) Warrants 45,439 CAD$ 0.29 December 1, 2016 (1) Warrants 96,261 CAD$ 0.292 December 1, 2016 (1) Warrants 52,459 CAD$ 0.305 December 1, 2016 (1) Warrants 730,848 CAD$ 0.22 December 31, 2018 (1) Warrants 242,545 CAD$ 0.23 December 31, 2018 (1) Warrants 194,344 CAD$ 0.24 December 31, 2018 (1) Warrants 37,203 CAD$ 0.245 December 31, 2018 (1) Warrants 192,206 CAD$ 0.259 December 31, 2018 (1) Warrants 126,843 CAD$ 0.265 December 31, 2018 (1) Warrants 198,750 CAD$ 0.272 December 31, 2018 (1)

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - Summary of Liabilities - USD ($)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015	Apr. 30, 2014
Total Level 3 liabilities	$ 1,258,652		$ 1,245,456	$ 3,280,245
Warrants [Member]
Beginning fair value	1,128,841	$ 3,211,386
Issuance	130,347	44,601
Change in fair value	(163,078)	(1,947,458)
Ending fair value	1,096,110	1,308,529
Non-employee Options [Member]
Beginning fair value	116,615	68,859
Vesting	40,178	51,809
Change in fair value	5,749	(28,247)
Ending fair value	162,542	92,421
Total [Member]
Total Level 3 liabilities	$ 1,258,652	$ 1,400,950

ACCOUNTS PAYABLE AND ACCRUED 29

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Detail) - Schedule of Accounts Payable And Accrued Liabilities - USD ($)	Oct. 31, 2015	Apr. 30, 2015	Apr. 30, 2014
Payables and Accruals [Abstract]
Trade payables	$ 475,057	$ 383,977
Amounts due to related parties	177,860	175,789
Interest payable on promissory notes and second promissory notes	457,760	317,078
Total accounts payable and accrued liabilities	$ 1,110,677	$ 876,844	$ 607,226

PROMISSORY NOTES (Detail) - Sch

PROMISSORY NOTES (Detail) - Schedule of Promissory Notes - USD ($)	Oct. 31, 2015	Apr. 30, 2015	Apr. 30, 2014
Debt Disclosure [Abstract]
Promissory notes	$ 5,611,049	$ 5,543,991
Total promissory notes	$ 5,611,049	$ 5,543,991	$ 4,346,769

PROMISSORY NOTES (Detail) - S31

PROMISSORY NOTES (Detail) - Schedule of Payments To Repay Principal Balance - Promissory Notes [Member]	Oct. 31, 2015USD ($)
2,016
2,017	$ 5,787,280
2,018
2,019
2,020
Total	$ 5,787,280

SECOND PROMISSORY NOTES (Detail

SECOND PROMISSORY NOTES (Detail) - Schedule of Second Promissory Notes - USD ($)	Oct. 31, 2015	Apr. 30, 2015	Apr. 30, 2014
Debt Disclosure [Abstract]
Second promissory notes	$ 3,750,320	$ 1,432,565
Total second promissory notes	$ 3,750,320	$ 1,432,565

SECOND PROMISSORY NOTES (Deta33

SECOND PROMISSORY NOTES (Detail) - Schedule of Payments To Repay Principal Balance - Second Promissory Notes [Member]	Oct. 31, 2015USD ($)
2,016
2,017	$ 1,000,000
2,018	$ 3,217,000
2,019
2,020
Total	$ 4,217,000

WARRANT LIABILITIES (Detail) -

WARRANT LIABILITIES (Detail) - Schedule of Fair Value of Derivative Liabilities	6 Months Ended
	Oct. 31, 2015USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Balance, April 30, 2015	$ 1,128,841
Bonus warrants issued pursuant to Second Promissory Notes	130,347
Change in fair value of warrant derivatives	(163,078)
Balance, October 31, 2015	$ 1,096,110

WARRANT LIABILITIES (Detail) 35

WARRANT LIABILITIES (Detail) - Schedule of Weighted Average Assumptions of Derivative Liabilities - Warrants [Member] - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Stock price (CAD$)	$ 0.28	$ 0.25
Exercise price (CAD$)	$ 0.37	$ 0.38
Risk-free interest rate (%)	75.00%	111.00%
Expected life (years)	9 months 11 days	9 months 14 days
Expected volatility (%)	86.00%	87.00%
Expected dividends ($)

SHARE CAPITAL (Detail) - Stock

SHARE CAPITAL (Detail) - Stock Options Outstanding - $ / shares	6 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Equity [Abstract]
Stock Options Outstanding	5,335,000	5,135,000
Stock Options Outstanding Weighted Average Exercise Price	$ 0.22	$ 0.22
Stock Options Grants In Period	200,000
Stock Options Grants In Period Weighted Average Exercise Price	$ 0.25
Stock Options Exercisable	4,687,500
Stock Options Exercisable Weighted Average Exercise Price	$ 0.23

SHARE CAPITAL (Detail) - Summar

SHARE CAPITAL (Detail) - Summary Of Stock Options Outstanding	6 Months Ended
	Oct. 31, 2015$ / sharesshares
Set 1 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	500,000
Exercise Price | $ / shares	$ 0.40
Expiry Date	Dec. 1, 2015
Remaining Contractual Life (years)	1 month
Set 2 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	1,300,000
Exercise Price | $ / shares	$ 0.10
Expiry Date	Jul. 30, 2018
Remaining Contractual Life (years)	2 years 9 months
Set 3 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	260,000
Exercise Price | $ / shares	$ 0.15
Expiry Date	Jul. 30, 2018
Remaining Contractual Life (years)	2 years 9 months
Set 4 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	300,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Jul. 30, 2018
Remaining Contractual Life (years)	2 years 9 months
Set 5 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	200,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Nov. 19, 2018
Remaining Contractual Life (years)	3 years 4 months
Set 6 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	150,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Jan. 8, 2019
Remaining Contractual Life (years)	3 years 1 month
Set 7 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	300,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	May 23, 2019
Remaining Contractual Life (years)	3 years 7 months
Set 8 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	150,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Dec. 16, 2017
Remaining Contractual Life (years)	2 years 2 months
Set 9 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	1,975,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Jan. 19, 2020
Remaining Contractual Life (years)	4 years 3 months
Set 10 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	200,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Jan. 19, 2020
Remaining Contractual Life (years)	4 years 9 months

SHARE CAPITAL (Detail) - Fair V

SHARE CAPITAL (Detail) - Fair Values of Non-Employee Stock Options - USD ($)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Equity [Abstract]
Fair value of non-employee options, beginning of the period	$ 116,615	$ 68,859
Fair value of non-employee options, at vesting	40,178	51,809
Change in fair value of non-employee stock options during the period	5,749	(28,247)
Fair value of non-employee options, end of the period	$ 162,542	$ 92,421

SHARE CAPITAL (Detail) - Weight

SHARE CAPITAL (Detail) - Weighted Average Assumptions of Non-Employee Stock Options - Non-employee Options [Member] - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Stock price (CAD$)	$ 0.28	$ 0.25
Exercise price (CAD$)	$ 0.21	$ 0.19
Risk-free interest rate (%)	118.00%	123.00%
Expected life (years)	3 years 6 months	3 years 10 months
Expected volatility (%)	101.00%	101.00%
Expected dividends ($)

SHARE CAPITAL (Detail) - Income

SHARE CAPITAL (Detail) - Income Statement Share-based payments - USD ($)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Equity [Abstract]
Share Based Payments, Management and consulting fees	$ 35,653	$ 62,617
Total	$ 35,653	$ 62,617

SHARE CAPITAL (Detail) - Summ41

SHARE CAPITAL (Detail) - Summary Of Fully-Exercisable Share Purchase Warrants - $ / shares	12 Months Ended
	Apr. 30, 2015	Oct. 31, 2015
Equity [Abstract]
Share Purchase Warrants, Number Outstanding	24,555,595	25,598,349
Share Purchase Warrants, Weighted Average Exercise Price	$ 0.37	$ 0.37
Share Purchase Warrants, Issued in Period	1,042,754
Share Purchase Warrants, Issued in Period, Weighted Average Exercise Price	$ 0.25

SHARE CAPITAL (Detail) - Summ42

SHARE CAPITAL (Detail) - Summary Of Warrants Outstanding And Issuable	6 Months Ended
	Oct. 31, 2015$ / sharesshares
Warrants 1 [Member]
Outstanding Stock Options | shares	1,550,000
Exercise Price | $ / shares	$ 0.4
Expiry Date	Jan. 31, 2017
Warrants 2 [Member]
Outstanding Stock Options | shares	200,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Jan. 31, 2016
Warrants 3 [Member]
Outstanding Stock Options | shares	20,000,000
Exercise Price | $ / shares	$ 0.4
Expiry Date	Apr. 29, 2016
Warrants 4 [Member]
Outstanding Stock Options | shares	667,520
Exercise Price | $ / shares	$ 0.14
Expiry Date	Dec. 1, 2016
Warrants 5 [Member]
Outstanding Stock Options | shares	122,142
Exercise Price | $ / shares	$ 0.14266
Expiry Date	Dec. 1, 2016
Warrants 6 [Member]
Outstanding Stock Options | shares	104,119
Exercise Price | $ / shares	$ 0.165
Expiry Date	Dec. 1, 2016
Warrants 7 [Member]
Outstanding Stock Options | shares	76,723
Exercise Price | $ / shares	$ 0.17
Expiry Date	Dec. 1, 2016
Warrants 8 [Member]
Outstanding Stock Options | shares	87,818
Exercise Price | $ / shares	$ 0.17223
Expiry Date	Dec. 1, 2016
Warrants 9 [Member]
Outstanding Stock Options | shares	111,762
Exercise Price | $ / shares	$ 0.185
Expiry Date	Dec. 1, 2016
Warrants 10 [Member]
Outstanding Stock Options | shares	132,208
Exercise Price | $ / shares	$ 0.217
Expiry Date	Dec. 1, 2016
Warrants 11 [Member]
Outstanding Stock Options | shares	62,002
Exercise Price | $ / shares	$ 0.222
Expiry Date	Dec. 1, 2016
Warrants 12 [Member]
Outstanding Stock Options | shares	58,181
Exercise Price | $ / shares	$ 0.225
Expiry Date	Dec. 1, 2016
Warrants 13 [Member]
Outstanding Stock Options | shares	165,326
Exercise Price | $ / shares	$ 0.23
Expiry Date	Dec. 1, 2016
Warrants 14 [Member]
Outstanding Stock Options | shares	51,202
Exercise Price | $ / shares	$ 0.25
Expiry Date	Dec. 1, 2016
Warrants 15 [Member]
Outstanding Stock Options | shares	92,357
Exercise Price | $ / shares	$ 0.276
Expiry Date	Dec. 1, 2016
Warrants 16 [Member]
Outstanding Stock Options | shares	200,091
Exercise Price | $ / shares	$ 0.28
Expiry Date	Dec. 1, 2016
Warrants 17 [Member]
Outstanding Stock Options | shares	45,439
Exercise Price | $ / shares	$ 0.29
Expiry Date	Dec. 1, 2016
Warrants 18 [Member]
Outstanding Stock Options | shares	96,261
Exercise Price | $ / shares	$ 0.292
Expiry Date	Dec. 1, 2016
Warrants 19 [Member]
Outstanding Stock Options | shares	52,459
Exercise Price | $ / shares	$ 0.305
Expiry Date	Dec. 1, 2016
Warrants 20 [Member]
Outstanding Stock Options | shares	730,848
Exercise Price | $ / shares	$ 0.22
Expiry Date	Dec. 31, 2018
Warrants 21 [Member]
Outstanding Stock Options | shares	242,545
Exercise Price | $ / shares	$ 0.23
Expiry Date	Dec. 31, 2018
Warrants 22 [Member]
Outstanding Stock Options | shares	194,344
Exercise Price | $ / shares	$ 0.24
Expiry Date	Dec. 31, 2018
Warrants 23 [Member]
Outstanding Stock Options | shares	37,203
Exercise Price | $ / shares	$ 0.245
Expiry Date	Dec. 31, 2018
Warrants 24 [Member]
Outstanding Stock Options | shares	192,206
Exercise Price | $ / shares	$ 0.259
Expiry Date	Dec. 31, 2018
Warrants 25 [Member]
Outstanding Stock Options | shares	126,843
Exercise Price | $ / shares	$ 0.265
Expiry Date	Dec. 31, 2018
Warrants 26 [Member]
Outstanding Stock Options | shares	198,750
Exercise Price | $ / shares	$ 0.272
Expiry Date	Dec. 31, 2018

NATURE OF BUSINESS AND BASIS 43

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY (Details Narrative) - USD ($)	Oct. 31, 2015	Apr. 30, 2015	Apr. 30, 2014
Accounting Policies [Abstract]
Accumulated Deficit	$ 29,527,929	$ 26,755,665	$ 24,748,829

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Shares Excluded from Loss Per Share, potentially dilutive	30,933,349	28,322,661
Promissory Notes [Member]
Notes Fair Value	$ 5,669,058		$ 5,479,007
Second Promissory Notes [Member]
Notes Fair Value	$ 4,035,255		$ 1,532,123

MINERAL PROPERTY INTEREST (Deta

MINERAL PROPERTY INTEREST (Details Narrative) - Idaho Industrial Minerals LLC [Member] - USD ($)	1 Months Ended	12 Months Ended
	Jan. 21, 2013	Apr. 30, 2012	Apr. 30, 2009
Mineral Interests		$ 10,000
Shares Issued, Shares	1,300,000	50,000	50,000
Shares Issued, Fair Value		$ 15,170

PROMISSORY NOTES (Details Narra

PROMISSORY NOTES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015	Apr. 30, 2014	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Promissory Notes Maturity	$ 177,860		$ 177,860		$ 175,789
Interest Payable Settled	$ 287,896	$ 158,809	536,347	$ 312,102	$ 683,765	$ 372,968
Loss On Settlement Of Liabilities			$ (31,512)			$ 400,626
Promissory Notes [Member] | Company Controlled By A Director Of The Company [Member]
Promissory Notes Description			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 $5,787,280 was advanced to the Company in tranches (the "Promissory Notes").
Promissory Notes Maturity							$ 2,787,280	$ 2,000,000	$ 1,000,000
Interest Rate	12.00%		12.00%
Interest Recorded			$ 350,090	$ 312,102
Promissory Note Interest Payable Terms			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.
Interest Payable Settled			$ 345,616
Shares Issued, Shares			1,980,840
Shares Issued, Fair Value			$ 373,142
Loss On Settlement Of Liabilities			27,526
Unamortized Debt Discount	$ 176,231		$ 176,231		$ 243,289
Debt Collateral			Company's Helmer-Bovill Property

SECOND PROMISSORY NOTES (Deta47

SECOND PROMISSORY NOTES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015	Apr. 30, 2014	Dec. 02, 2017	Jun. 02, 2017	Dec. 02, 2016
Promissory Notes Maturity	$ 177,860		$ 177,860		$ 175,789
Interest Payable Settled	$ 287,896	$ 158,809	536,347	$ 312,102	$ 683,765	$ 372,968
Loss On Settlement Of Liabilities			$ (31,512)			$ 400,626
Second Promissory Notes [Member] | Company Controlled By A Director Of The Company [Member]
Promissory Notes Description			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 $4,217,000 had been advanced as at October 31, 2015 (the "Second Promissory Notes").
Promissory Notes Maturity							$ 1,217,000	$ 2,000,000	$ 1,000,000
Interest Rate	12.00%		12.00%
Interest Recorded			$ 186,257
Promissory Note Interest Payable Terms			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.
Interest Payable Settled			$ 50,049
Shares Issued, Shares			286,845
Shares Issued, Fair Value			$ 54,035
Loss On Settlement Of Liabilities			3,986
Unamortized Debt Discount	$ 466,680		$ 466,680		$ 184,435
Debt Collateral			The Second Promissory Notes are collateralized by the Company's Helmer-Bovill Property.

WARRANT LIABILITIES (Details Na

WARRANT LIABILITIES (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Warrant Derivative Liabilities Fair Value	$ 1,096,110	$ 1,128,841

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Stock Options Available For Grant	2,925,871	2,790,573
Non Vested Stock Options	25,000	112,500
Unamortized Compensation Cost of Options	$ 45,494
Non Vested Stock Options Intrinsic Value	$ 225,000
July 10, 2015 [Member]
Shares Issued, Shares	1,085,297
Shares Issued, Fair Value	$ 228,775
July 14, 2015 [Member]
Shares Issued, Shares	2,267,685
Shares Issued, Fair Value	$ 427,177

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015	Apr. 30, 2014
Interest Payable Settled	$ 287,896	$ 158,809	$ 536,347	$ 312,102	$ 683,765	$ 372,968
Management And Consulting Fees	65,683	18,241	97,201	93,236	414,180	229,109
Professional fees	117,977	$ 252,725	273,122	363,275	677,182	192,098
Accounts payable and accrued liabilities	1,110,677		1,110,677		876,844	$ 607,226
Company Controlled By Director [Member]
Interest Payable Settled			$ 395,665
Shares Issued, Shares			2,267,685
Shares Issued, Fair Value			$ 427,177
RJG Capital Corporation [Member]
Management And Consulting Fees			47,963	$ 29,669
Wayne Moorhouse, Director [Member]
Management And Consulting Fees			1,565
Malaspina Consultants Inc. [Member
Professional fees			12,710	$ 23,044
Directors Or Officers Or Companies Controlled By Them [Member]
Accounts payable and accrued liabilities	$ 177,860		$ 177,860		$ 175,789

NON-CASH TRANSACTIONS (Details

NON-CASH TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Interest On Promissory Notes [Member]
Shares Issued, Shares	1,980,840
Shares Issued, Fair Value	$ 373,142
Interest On Second Promissory Notes [Member]
Shares Issued, Shares	286,845
Shares Issued, Fair Value	$ 54,035
Second Promissory Notes [Member]
Shares Issued, Shares	1,042,754
Shares Issued, Fair Value	$ 247,872
Warrants, Shares	1,042,754
Warrants, Fair Value	$ 130,347
Promissory Notes Interest [Member]
Shares Issued, Shares		741,233
Shares Issued, Fair Value		$ 152,701
Promissory Notes [Member]
Shares Issued, Shares		329,446
Shares Issued, Fair Value		$ 72,000
Warrants, Shares		329,446
Warrants, Fair Value		$ 44,601

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Dec. 31, 2015	Dec. 15, 2015
Second Promissory Notes [Member]
Event Date	Dec. 1, 2015
Event Description	On November 20, 2015, the Company entered into an amending agreement to the Second Promissory Notes whereby BV Lending agreed to advance an additional $1,000,000 with all of the other terms and conditions of the Second Promissory Notes remaining in effect.	The Company received an aggregate of $240,000 of Second Promissory Notes (Note 6).
Latah County Lawsuit [Member]
Event Date	Dec. 2, 2015
Event Description	On June 6, 2014, the Company was named as a defendant in a lawsuit in Latah County, State of Idaho (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"), 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 seeked 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. During the six months ended October 31, 2015, a court-ordered mediation was held. The mediation was successful and all parties entered into an agreement in principle to settle the parties' claims against one another that was documented in a Binding Settlement Term Sheet whereby the Company agreed to pay $100,000 (accrued in accounts payable and accrued liabilities) of the Plaintiffs legal fees and the Plaintiffs agreed to dismiss the Latah County Lawsuit. On December 2, 2015, the Latah County Lawsuit was dismissed and the Company paid a total of $100,000.