----

----

| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------|

|   | GENERAL METALS CORPORATION                             |   |
|--------|--------------------------------------------------------|--------|
|   | (Exact name of registrant as specified in its charter) |   |

| Delaware                                                       |   | 65-0488983                        |
|----------------------------------------------------------------|--------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification No.) |

| 615 Sierra Rose Drive, Suite 1, Reno NV  |   | 89511      |
|------------------------------------------|--------|------------|
| (Address of principal executive offices) |   | (Zip Code) |

|   | 775.583.4636                                               |   |
|--------|------------------------------------------------------------|--------|
|   | (Registrant’s telephone number, including area code) |   |

|   |  N/A                                                                          |   |
|--------|------------------------------------------------------------------------------------|--------|
|   | (Former name, former address and former fiscal year, if changed since last report) |   |

| Large accelerated filer                                            | o | Accelerated filer         | o      |
|--------------------------------------------------------------------|---|---------------------------|--------|
| Non-accelerated filer(Do not check if a smaller reporting company) | o | Smaller reporting company | þ |

----

----

----

|                                               |   | October 31, |       |   | April 30 |   |
|----------------------------------------------------|--------|-------------|------------|--------|----------|--------|
|                                               |   | 2010        |       |   | 2010     |   |
| ASSETS                                             |   |
|                                               |   |        |       |   |     |   |
| Current assets                                     |   |        |       |   |     |   |
| Cash and cash equivalents                          |   | $           | 288        |   |     | $      | 9,636 |   |
| Short-term investments                             |   |        | -          |   |     |   | 177,796 |   |
| Prepaid expenses                                   |   |        | 42,771     |   |     |   | 24,650 |   |
|                                               |   |        |       |   |     |   |   |   |
| Total current assets                               |   |        | 43,059     |   |     |   | 212,082 |   |
|                                               |   |        |       |   |     |   |   |   |
| Other assets                                       |   |        |       |   |     |   |   |   |
| Land                                               |   |        | 67,742     |   |     |   | 67,742 |   |
| Mineral property                                   |   |        | 613,941    |   |     |   | 613,941 |   |
| Property and equipment, net                        |   |        | 13,621     |   |     |   | 16,296 |   |
| Other assets                                       |   |        | 37,800     |   |     |   | 37,800 |   |
|                                               |   |        |       |   |     |   |   |   |
| Total other assets                                 |   |        | 733,104    |   |     |   | 735,779 |   |
|                                               |   |        |       |   |     |   |   |   |
| Total assets                                       |   | $           | 776,163    |   |     | $      | 947,861 |   |
| LIABILITIES AND STOCKHOLDERS' (DEFICIT)            |   |
|                                               |   |        |       |   |     |   |   |   |
| Current Liabilities                                |   |        |       |   |     |   |   |   |
| Notes payable, current portion                     |   | $           | 6,951      |   |     | $      | 106,750 |   |
| Accounts payable                                   |   |        | 573,687    |   |     |   | 610,326 |   |
| Accrued liabilities                                |   |        | 192,055    |   |     |   | 120,439 |   |
| Accounts payable to related parties                |   |        | 124,225    |   |     |   | 95,163 |   |
| Loan from related parties                          |   |        | 33,800     |   |     |   | 48,800 |   |
|                                               |   |        |       |   |     |   |   |   |
| Total current liabilities                          |   |        | 930,718    |   |     |   | 981,478 |   |
|                                               |   |        |       |   |     |   |   |   |
| Long-term liabilities                              |   |        |       |   |     |   |   |   |
| Notes payable, net of current portion              |   |        | 39,330     |   |     |   | 42,155 |   |
|                                               |   |        |       |   |     |   |   |   |
| Total long-term liabilities                        |   |        | 39,330     |   |     |   | 42,155 |   |
|                                               |   |        |       |   |     |   |   |   |
| Total liabilities                                  |   |        | 970,048    |   |     |   | 1,023,633 |   |
|                                               |   |        |       |   |     |   |   |   |
| Commitments and Contingencies                      |   |        |       |   |     |   |   |   |
|                                               |   |        |       |   |     |   |   |   |
| Stockholders' (deficit)                            |   |        |       |   |     |   |   |   |
| Preferred stock, authorized 50,000,000             |   |        |       |   |     |   |   |   |
| shares, par value $0.001, zero issued and          |   |        |       |   |     |   |   |   |
| outstanding                                        |   |        | -          |   |     |   | - |   |
|                                               |   |        |       |   |     |   |   |   |
| Common stock, authorized 500,000,000               |   |        |       |   |     |   |   |   |
| shares, par value $0.001, issued and               |   |        |       |   |     |   |   |   |
| outstanding on October 31, 2010 and April 30, 2010 |   |        |       |   |     |   |   |   |
| is 225,202,577 and 219,321,625 respectively        |   |        | 225,203    |   |     |   | 219,322 |   |
|                                               |   |        |       |   |     |   |   |   |
| Additional paid-in capital                         |   |        | 9,590,499  |   |     |   | 9,388,630 |   |
| Subscriptions (receivable)                         |   |        | (25,000    | )      |     |   | (25,000 | ) |
| Accumulated deficit during exploration stage       |   |        | (9,984,587 | )      |     |   | (9,658,724 | ) |
|                                               |   |        |       |   |     |   |   |   |
| Total stockholders' (deficit)                      |   |        | (193,885   | )      |     |   | (75,772 | ) |
|                                               |   |        |       |   |     |   |   |   |
| Total liabilities and stockholders' (deficit)      |   | $           | 776,163    |   |     | $      | 947,861 |   |

----

|                                           |   |                           |        |   |                         |   |        | March 15, 2006 |   |
|------------------------------------------------|--------|--------------------------------|-------------|--------|------------------------------|--------|-------------|----------------|--------|
|                                           |   | Three Months Ended October 31, |        |   | Six Months Ended October 31, |   |        | to October 31, |   |
|                                           |   | 2010                           |        |   | 2009                         |   |        | 2010           |   |   | 2009 |   |   | 2010 |   |
| Revenue                                        |   | $                              | -           |   |                         | $      | -           |           |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                             |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                  |   |                           | 1,337       |   |                         |   | 1,790       |           |   |   | 2,675 |   |   |   | 3,398 |   |   |   | 27,245 |   |
| General and administrative                     |   |                           | 19,368      |   |                         |   | 47,710      |           |   |   | 44,053 |   |   |   | 69,389 |   |   |   | 1,368,088 |   |
| Management and consulting                      |   |                           | 60,531      |   |                         |   | 261,067     |           |   |   | 118,221 |   |   |   | 703,394 |   |   |   | 5,264,217 |   |
| Exploration and development                    |   |                           | 25,060      |   |                         |   | 321,029     |           |   |   | 64,765 |   |   |   | 430,231 |   |   |   | 2,627,003 |   |
| Professional fees                              |   |                           | 46,552      |   |                         |   | 68,261      |           |   |   | 59,825 |   |   |   | 126,811 |   |   |   | 605,327 |   |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                                 |   |                           | 152,848     |   |                         |   | 699,857     |           |   |   | 289,539 |   |   |   | 1,333,223 |   |   |   | 9,891,880 |   |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) from operations                         |   |                           | (152,848    | )      |                         |   | (699,857    | )              |   |   | (289,539 | ) |   |   | (1,33,223 | ) |   |   | (9,891,880 | ) |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expenses)                        |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                               |   |                           | (1,553      | )      |                         |   | (1,372      | )              |   |   | (3,364 | ) |   |   | (3,619 | ) |   |   | (26,390 | ) |
| Gain on sale of mineral properties             |   |                           | -           |   |                         |   | -           |           |   |   | - |   |   |   | - |   |   |   | 1,249,072 |   |
| Realized gain/(loss) on sale of investments    |   |                           | 1,384       |   |                         |   | (1,906      | )              |   |   | (32,152 | ) |   |   | (1,906 | ) |   |   | (109,641 | ) |
| Other income                                   |   |                           | -           |   |                         |   | -           |           |   |   | - |   |   |   | - |   |   |   | 12,200 |   |
| Gain/(loss) on foreign currency exchange       |   |                           | (808        | )      |                         |   | -           |           |   |   | (808 | ) |   |   | - |   |   |   | 6,354 |   |
| Other than temporary impairment of investments |   |                           | -           |   |                         |   | -           |           |   |   | - |   |   |   | - |   |   |   | (1,224,302 | ) |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) before income taxes                     |   |                           | (153,826    | )      |                         |   | (703,135    | )              |   |   | (325,863 | ) |   |   | (1,338,748 | ) |   |   | (9,984,587 | ) |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                     |   |                           | -           |   |                         |   | -           |           |   |   | - |   |   |   | - |   |   |   | - |   |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss)                                     |   | $                              | (153,826    | )      |                         | $      | (703,135    | )              |   | $ | (325,863 | ) |   | $ | (1,338,748 | ) |   | $ | (9,984,587 | ) |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per common share:                     |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic & Diluted                            |   | $                              | (0.00       | )      |                         | $      | (0.00       | )              |   | $ | (0.01 | ) |   | $ | (0.01 | ) |   |   |   |   |
|                                           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:           |   |                           |        |   |                         |   |        |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic & Diluted                            |   |                           | 221,490,362 |   |                         |   | 215,981,328 |           |   |   | 221,242,950 |   |   |   | 202,487,296 |   |   |   |   |   |

----

|   |   |         |   |   |   |   |   |    |   |   |          |   |   | (Deficit)   |   |   |          |   |   |      |   |
|--------|--------|--------------|--------|--------|--------|--------|--------|---------|--------|--------|---------------|--------|--------|-------------|--------|--------|---------------|--------|--------|-----------|--------|
|   |   |         |   |   |   |   |   |    |   |   |          |   |   | Accumulated |   |   | Accumulated   |   |   |      |   |
|   |   | Common Stock |   |   |   |   |   | Stock   |   |   | During        |   |   | Other       |   |   |          |   |
|   |   | Issued       |   |   |   |   |   | Paid in |   |   | Subscriptions |   |   | Exploration |   |   | Comprehensive |   |   | Total     |   |
|   |   | Shares       |   |   | Amount |   |   | Capital |   |   | (Receivable)  |   |   | Stage       |   |   | Income/(Loss) |   |   | (Deficit) |   |
| Balance, April 30, 2005                             |   |   | 31,354,400 |   |   | $      | 31,354 |   |   | $      | 450,523   |   |   | $      | (127,500 | )      |   | $      | (208,251   | )      |   |   | -      |   |   | $      | 146,126    |   |
|-----------------------------------------------------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|-----------|--------|--------|--------|----------|--------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
|                                                |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Cash Received for Subscriptions                     |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    Receivable                        |   |   |       |   |   |   |   |   |   |   |      |   |   |   | 127,500  |   |   |   |       |   |   |   |   |   |   |   | 127,500    |   |
| Common Stock Issued for Cash at $0.25               |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    In Private Placement              |   |   | 44,000     |   |   |   | 44     |   |   |   | 4,956     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 5,000      |   |
| Common Stock Issued for Cash at $0.125              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    In Private Placement              |   |   | 26,400     |   |   |   | 26     |   |   |   | 2,974     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 3,000      |   |
| Common Stock Issued at $0.001 to                    |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    exercise lease agreement          |   |   | 5,500,000  |   |   |   | 5,500  |   |   |   | 530,350   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 535,850    |   |
| Common Stock Issued for Cash at $0.125              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    In Private Placement              |   |   | 2,782,450  |   |   |   | 2,782  |   |   |   | 313,406   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 316,188    |   |
| Common Stock Issued in Reorganization               |   |   | 8,436,541  |   |   |   | 8,437  |   |   |   | (787,983  | )      |   |   |     |   |   |   | 208,251    |   |   |   |   |   |   |   | (571,295   | )      |
| Common Stock Issued to Convert Debt at              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    0.0185 as Agreed in February 2005 |   |   | 22,034,546 |   |   |   | 22,035 |   |   |   | 591,998   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 614,033    |   |
| Common Stock Issued as Incentive                    |   |   | 550,000    |   |   |   | 550    |   |   |   | (50       | )      |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 500        |   |
| Common Stock Returned and Cancelled                 |   |   | (550,000   | )      |   |   | (550   | )      |   |   | 50        |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | (500       | )      |
| Common Stock Issued in Exercise of                  |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Warrants at $0.25                                   |   |   | 702,900    |   |   |   | 703    |   |   |   | 159,047   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 159,750    |   |
| Net (Loss)                                          |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   | (637,068   | )      |   |   |   |   |   |   | (637,068   | )      |
| Balance, April 30, 2006                             |   |   | 70,881,237 |   |   |   | 70,881 |   |   |   | 1,265,271 |   |   |   | -        |   |   |   | (637,068   | )      |   |   | -      |   |   |   | 699,084    |   |
|                                                |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Deposit received on Private Placement               |   |   |       |   |   |   |   |   |   |   |      |   |   |   | 76,000   |   |   |   |       |   |   |   |   |   |   |   | 76,000     |   |
| Common Stock Issued in Exercise of                  |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    Warrants at $0.25                 |   |   | 110,000    |   |   |   | 110    |   |   |   | 24,890    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 25,000     |   |
| Common Stock Issued for Cash at $0.125              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    In Private Placement              |   |   | 440,000    |   |   |   | 440    |   |   |   | 49,560    |   |   |   | (50,000  | )      |   |   |       |   |   |   |   |   |   |   | -          |   |
| Common Stock Issued for Service at                  |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    $0.125 per share                  |   |   | 158,400    |   |   |   | 158    |   |   |   | 17,842    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 18,000     |   |
| Common Stock Issued for Purchase of                 |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    fixed asset at $0.075             |   |   | 220,000    |   |   |   | 220    |   |   |   | 14,780    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 15,000     |   |
| Common Stock Issued for Cash at $0.075              |   |   | 164,495    |   |   |   | 164    |   |   |   | 11,052    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 11,216     |   |
| Common Stock Issued for Services at                 |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    $0.075 per share                  |   |   | 330,000    |   |   |   | 330    |   |   |   | 22,170    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 22,500     |   |
| Common Stock Issued to Convert Debt                 |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    $0.075 per share                  |   |   | 513,333    |   |   |   | 513    |   |   |   | 34,487    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 35,000     |   |
| Common Stock Issued for Cash at $0.075              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    In Private Placement              |   |   | 3,770,063  |   |   |   | 3,770  |   |   |   | 253,280   |   |   |   | (163,800 | )      |   |   |       |   |   |   |   |   |   |   | 93,250     |   |
| Common Stock Issued for Cash at $0.075              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    For Exploration Rights            |   |   | 1,100,000  |   |   |   | 1,100  |   |   |   | 249,828   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 250,928    |   |
| Common Stock Issued for Cash at $0.075              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    For Employee Incentive            |   |   | 275,000    |   |   |   | 275    |   |   |   | 18,475    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 18,750     |   |
| Common Stock Issued for Cash at $0.125              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    In Private Placement              |   |   | 2,332,000  |   |   |   | 2,332  |   |   |   | 262,668   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 265,000    |   |
| Common Stock Issued for Cash at $0.125              |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    In Private Placement              |   |   | 363,440    |   |   |   | 363    |   |   |   | 40,937    |   |   |   | (41,300  | )      |   |   |       |   |   |   |   |   |   |   | -          |   |
| Cash Received for Subscriptions                     |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|    Receivable                        |   |   |       |   |   |   |   |   |   |   |      |   |   |   | 137,800  |   |   |   |       |   |   |   |   |   |   |   | 137,800    |   |
| Stock-based compensation expense                    |   |   |       |   |   |   |   |   |   |   | 1,447,734 |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 1,447,734  |   |
| Net (Loss)                                          |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   | (2,087,666 | )      |   |   |   |   |   |   | (2,087,666 | )      |
| Balance, April 30, 2007                             |   |   | 80,657,967 |   |   |   | 80,656 |   |   |   | 3,712,974 |   |   |   | (41,300  | )      |   |   | (2,724,734 | )      |   |   | -      |   |   |   | 1,027,596  |   |

----

|   |   |         |   |   |   |   |   |    |   |   |          |   |   | (Deficit)   |   |   |          |   |   |      |   |
|--------|--------|--------------|--------|--------|--------|--------|--------|---------|--------|--------|---------------|--------|--------|-------------|--------|--------|---------------|--------|--------|-----------|--------|
|   |   |         |   |   |   |   |   |    |   |   |          |   |   | Accumulated |   |   | Accumulated   |   |   |      |   |
|   |   | Common Stock |   |   |   |   |   | Stock   |   |   | During        |   |   | Other       |   |   |          |   |
|   |   | Issued       |   |   |   |   |   | Paid in |   |   | Subscriptions |   |   | Exploration |   |   | Comprehensive |   |   | Total     |   |
|   |   | Shares       |   |   | Amount |   |   | Capital |   |   | (Receivable)  |   |   | Stage       |   |   | Income/(Loss) |   |   | (Deficit) |   |

| Common Stock issued toconvert Debt at      |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|--------------------------------------------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|-----------|--------|--------|--------|----------|--------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
| $0.075 per share                           |   |   | 513,333    |   |   |   | 513    |   |   |   | 34,487    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 35,000     |   |
| Common Stock Issued for Cash at $0.125     |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 667,040    |   |   |   | 667    |   |   |   | 75,133    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 75,800     |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase Warrants at $0.075          |   |   | 2,520,979  |   |   |   | 2,522  |   |   |   | 157,243   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 159,765    |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase Warrants at $0.20           |   |   | 654,500    |   |   |   | 655    |   |   |   | 118,345   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 119,000    |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase Warrants at $0.125          |   |   | 44,000     |   |   |   | 44     |   |   |   | 4,956     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 5,000      |   |
| Common Stock Issued for purchase of        |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| asset at $0.125                            |   |   | 132,000    |   |   |   | 132    |   |   |   | 14,868    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 15,000     |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase Warrants at $0.20           |   |   | 216,000    |   |   |   | 216    |   |   |   | 42,984    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 43,200     |   |
| Common Stock Issued for Cash at $0.125     |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 52,470     |   |   |   | 53     |   |   |   | 6,506     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 6,559      |   |
| Cash Received for Subscriptions            |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Receivable                                 |   |   |       |   |   |   |   |   |   |   |      |   |   |   | 50,300   |   |   |   |       |   |   |   |   |   |   |   | 50,300     |   |
| Common Stock Issued for Cash at $0.20      |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 2,503,000  |   |   |   | 2,503  |   |   |   | 484,497   |   |   |   | (160,000 | )      |   |   |       |   |   |   |   |   |   |   | 327,000    |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase Warrants at $0.07           |   |   | 733,334    |   |   |   | 733    |   |   |   | 49,267    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 50,000     |   |
| Common Stock Issued for Cash at $0.15      |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 900,000    |   |   |   | 900    |   |   |   | 134,100   |   |   |   | (35,000  | )      |   |   |       |   |   |   |   |   |   |   | 100,000    |   |
| Cash Received for Subscriptions            |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Receivable                                 |   |   |       |   |   |   |   |   |   |   |      |   |   |   | 151,000  |   |   |   |       |   |   |   |   |   |   |   | 151,000    |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase Warrants at $0.068          |   |   | 146,667    |   |   |   | 147    |   |   |   | 9,853     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 10,000     |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase Warrants at $0.10           |   |   | 110,000    |   |   |   | 110    |   |   |   | 7,390     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 7,500      |   |
| Common Stock Issued in Exercise of Share   |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Purchase warrants at $0.114                |   |   | 176,000    |   |   |   | 176    |   |   |   | 19,824    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 20,000     |   |
| Common Stock Issued for services to the    |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| advisory board at $0.15                    |   |   | 2,000,000  |   |   |   | 2,000  |   |   |   | 298,000   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 300,000    |   |
| Common Stock Issued for Cash at $0.15      |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 100,000    |   |   |   | 100    |   |   |   | 14,900    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 15,000     |   |
| Common Stock Issued in Exercise of Share   |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Purchase warrants at $0.075                |   |   | 86,667     |   |   |   | 87     |   |   |   | 8,913     |   |   |   | (9,000   | )      |   |   |       |   |   |   |   |   |   |   | -          |   |
| Common Stock Issued in Exercise of Share   |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Purchase warrants at $0.114                |   |   | 2,200      |   |   |   | 2      |   |   |   | 248       |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 250        |   |
| Common Stock Issued for Cash at $0.20      |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 590,000    |   |   |   | 590    |   |   |   | 58,410    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 59,000     |   |
| Common Shares issued for Cash at $0.15     |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 44,299     |   |   |   | 44     |   |   |   | 6,601     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 6,645      |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase warrants at $0.068          |   |   | 146,300    |   |   |   | 147    |   |   |   | 9,853     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 10,000     |   |
| Common Stock Issued for services $at 0.125 |   |   | 100,000    |   |   |   | 100    |   |   |   | 12,400    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 12,500     |   |
| Common Stock Issued for Cash at $0.20      |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 100,000    |   |   |   | 100    |   |   |   | 9,900     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 10,000     |   |
| Common Stock Issued for Cash at $0.05      |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                       |   |   | 400,000    |   |   |   | 400    |   |   |   | 19,600    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 20,000     |   |
| Common Stock Issued in Exercise            |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| of Share Purchase warrants at $0.05        |   |   | 275,000    |   |   |   | 275    |   |   |   | 13,475    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 13,750     |   |
| Common Stock Issued in Exercise of         |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase warrants at $0.085          |   |   | 29,412     |   |   |   | 30     |   |   |   | 2,470     |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 2,500      |   |
| Cash Received for Subscriptions            |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Receivable                                 |   |   |       |   |   |   |   |   |   |   |      |   |   |   | 38,500   |   |   |   |       |   |   |   |   |   |   |   | 38,500     |   |
| Stock-based compensation expense           |   |   |       |   |   |   |   |   |   |   | 139,333   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 139,333    |   |
| Net (Loss)                                 |   |   |       |   |   |   |   |   |   |   |      |   |   |   |     |   |   |   | (1,982,382 | )      |   |   |   |   |   |   | (1,982,382 | )      |
| Balance, April 30, 2008                    |   |   | 93,901,168 |   |   |   | 93,902 |   |   | $      | 5,466,530 |   |   | $      | (5,500   | )      |   | $      | (4,707,116 | )      |   | $      | -      |   |   | $      | 847,816    |   |

----

|   |   |         |   |   |   |   |   |    |   |   |          |   |   | (Deficit)   |   |   |          |   |   |      |   |
|--------|--------|--------------|--------|--------|--------|--------|--------|---------|--------|--------|---------------|--------|--------|-------------|--------|--------|---------------|--------|--------|-----------|--------|
|   |   |         |   |   |   |   |   |    |   |   |          |   |   | Accumulated |   |   | Accumulated   |   |   |      |   |
|   |   | Common Stock |   |   |   |   |   | Stock   |   |   | During        |   |   | Other       |   |   |          |   |
|   |   | Issued       |   |   |   |   |   | Paid in |   |   | Subscriptions |   |   | Exploration |   |   | Comprehensive |   |   | Total     |   |
|   |   | Shares       |   |   | Amount |   |   | Capital |   |   | (Receivable)  |   |   | Stage       |   |   | Income/(Loss) |   |   | (Deficit) |   |

| Common Stock Issued for Cash at $0.14        |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
|----------------------------------------------|--------|--------|-------------|--------|--------|--------|---------|--------|--------|--------|-----------|--------|--------|--------|----------|--------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
| In Private Placement                         |   |   | 7,000,000   |   |   |   | 7,000   |   |   |   | 93,000    |   |   |   | (95,000  | )      |   |   |       |   |   |   |   |   |   |   | 5,000      |   |
| Common Stock Issued for Cash at $0.15        |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                         |   |   | 2,000,000   |   |   |   | 2,000   |   |   |   | 28,000    |   |   |   | (14,387  | )      |   |   |       |   |   |   |   |   |   |   | 15,613     |   |
| Common Stock Issued for Cash at $0.18        |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                         |   |   | 1,000,000   |   |   |   | 1,000   |   |   |   | 16,500    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 17,500     |   |
| Common Stock Issued for Cash at $0.2         |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                         |   |   | 8,400,000   |   |   |   | 8,400   |   |   |   | 159,600   |   |   |   | (15,000  | )      |   |   |       |   |   |   |   |   |   |   | 153,000    |   |
| Common Stock Issued for Cash at $0.25        |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                         |   |   | 2,502,000   |   |   |   | 2,502   |   |   |   | 59,998    |   |   |   | (1,000   | )      |   |   |       |   |   |   |   |   |   |   | 61,500     |   |
| Common Stock Issued for Cash at $0.05        |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                         |   |   | 8,274,000   |   |   |   | 8,274   |   |   |   | 380,326   |   |   |   | (34,000  | )      |   |   |       |   |   |   |   |   |   |   | 354,600    |   |
| Common Stock Issued for Cash at $0.075       |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                         |   |   | 870,000     |   |   |   | 870     |   |   |   | 64,280    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 65,150     |   |
| Common Stock Issued for Cash at $0.10        |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                         |   |   | 150,000     |   |   |   | 150     |   |   |   | 14,850    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 15,000     |   |
| Common Stock Issued for Cash at $0.15        |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| In Private Placement                         |   |   | 416,000     |   |   |   | 416     |   |   |   | 30,784    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 31,200     |   |
| Common Stock Issued in Exercise of           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Share Purchase warrants at $0.085            |   |   | 33,930      |   |   |   | 34      |   |   |   | 2,841     |   |   |   | (625     | )      |   |   |       |   |   |   |   |   |   |   | 2,250      |   |
| Common Stock Issued for services $ at 0.017  |   |   | 750,000     |   |   |   | 750     |   |   |   | 12,250    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 13,000     |   |
| Common Stock Issued for services $ at 0.02   |   |   | 3,500,000   |   |   |   | 3,500   |   |   |   | 66,500    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 70,000     |   |
| Common Stock Issued for services at 0.021    |   |   | 4,250,000   |   |   |   | 4,250   |   |   |   | 85,000    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 89,250     |   |
| Common Stock Issued for services at 0.024    |   |   | 2,500,000   |   |   |   | 2,500   |   |   |   | 57,500    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 60,000     |   |
| Common Stock Issued for services at 0.025    |   |   | 1,000,000   |   |   |   | 1,000   |   |   |   | 24,000    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 25,000     |   |
| Common Stock Issued for services at 0.029    |   |   | 581,396     |   |   |   | 581     |   |   |   | 20,326    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 20,907     |   |
| Common Stock Issued for services at 0.03     |   |   | 10,000,000  |   |   |   | 10,000  |   |   |   | 290,000   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 300,000    |   |
| Common Stock Issued for services at 0.036    |   |   | 11,000,000  |   |   |   | 11,000  |   |   |   | 385,000   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 396,000    |   |
| Common Stock Issued for services at 0.05     |   |   | 3,100,000   |   |   |   | 3,100   |   |   |   | 151,900   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 155,000    |   |
| Common Stock Issued for services at 0.075    |   |   | 838,000     |   |   |   | 838     |   |   |   | 61,912    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 62,750     |   |
| Common Stock Issued for services at 0.08     |   |   | 4,147,000   |   |   |   | 4,147   |   |   |   | 327,613   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 331,760    |   |
| Common Stock Issued for services at 0.086    |   |   | 2,000,000   |   |   |   | 2,000   |   |   |   | 170,000   |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 172,000    |   |
| Common Stock Issued for services at 0.10     |   |   | 150,000     |   |   |   | 150     |   |   |   | 14,850    |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | 15,000     |   |
| Cancellation of Issued Common Stock          |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| due to non-payment on receivable             |   |   | (180,000    | )      |   |   | (180    | )      |   |   | (8,820    | )      |   |   | 9,000    |   |   |   |       |   |   |   |   |   |   |   | -          |   |
| Cash Received for Subscriptions              |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Receivable                                   |   |   |        |   |   |   |    |   |   |   |      |   |   |   | 5,500    |   |   |   |       |   |   |   |   |   |   |   | 5,500      |   |
| Unrealized Gain/(Loss) on Available-for-sale |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   | 25,000 |   |   |   |       |   |
| Securities (net of tax)                      |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   |       |   |
| Net (Loss)                                   |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   | (1,476,327 | )      |   |   |   |   |   |   |       |   |
| Total comprehensive income (loss)            |   |   |        |   |   |   |    |   |   |   |      |   |   |   |     |   |   |   |       |   |   |   |   |   |   |   | (1,451,327 | )      |
| Balance, April 30, 2009                      |   |   | 168,183,494 |   |   |   | 168,184 |   |   |   | 7,974,740 |   |   |   | (151,012 | )      |   |   | (6,183,443 | )      |   |   | 25,000 |   |   |   | 1,833,469  |   |

----

|   |   |         |   |   |   |   |   |    |   |   |          |   |   | (Deficit)   |   |   |          |   |   |      |   |
|--------|--------|--------------|--------|--------|--------|--------|--------|---------|--------|--------|---------------|--------|--------|-------------|--------|--------|---------------|--------|--------|-----------|--------|
|   |   |         |   |   |   |   |   |    |   |   |          |   |   | Accumulated |   |   | Accumulated   |   |   |      |   |
|   |   | Common Stock |   |   |   |   |   | Stock   |   |   | During        |   |   | Other       |   |   |          |   |
|   |   | Issued       |   |   |   |   |   | Paid in |   |   | Subscriptions |   |   | Exploration |   |   | Comprehensive |   |   | Total     |   |
|   |   | Shares       |   |   | Amount |   |   | Capital |   |   | (Receivable)  |   |   | Stage       |   |   | Income/(Loss) |   |   | (Deficit) |   |

| Common Stock Issued for Cash at $0.015                                                                           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|---------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|--------|--------|------------|--------|--------|--------|---------|--------|--------|--------|------------|--------|
|    In Private Placement                                                                           |   |   | 17,561,665  |   |   |   | 17,562  |   |   |   | 245,863   |   |   |   | (16,250 | )      |   |   |       |   |   |   |    |   |   |   | 247,175    |   |
| Common Stock Issued for Cash at $0.02                                                                            |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 1,605,000   |   |   |   | 1,605   |   |   |   | 30,495    |   |   |   | (1,700  | )      |   |   |       |   |   |   |    |   |   |   | 30,400     |   |
| Common Stock Issued for Cash at $0.022                                                                           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 3,050,000   |   |   |   | 3,050   |   |   |   | 64,710    |   |   |   | -       |   |   |   |       |   |   |   |    |   |   |   | 67,760     |   |
| Common Stock Issued for Cash at $0.025                                                                           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 700,000     |   |   |   | 700     |   |   |   | 16,800    |   |   |   | -       |   |   |   |       |   |   |   |    |   |   |   | 17,500     |   |
| Common Stock Issued for Cash at $0.033                                                                           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 300,000     |   |   |   | 300     |   |   |   | 9,700     |   |   |   | -       |   |   |   |       |   |   |   |    |   |   |   | 10,000     |   |
| Common Stock Issued for Cash at $0.035                                                                           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 240,000     |   |   |   | 240     |   |   |   | 8,160     |   |   |   | -       |   |   |   |       |   |   |   |    |   |   |   | 8,400      |   |
| Common Stock Issued for Cash at $0.04                                                                            |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 1,125,000   |   |   |   | 1,125   |   |   |   | 43,875    |   |   |   | (12,900 | )      |   |   |       |   |   |   |    |   |   |   | 32,100     |   |
| Common Stock Issued for Cash at $0.045                                                                           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 7,047,300   |   |   |   | 7,048   |   |   |   | 310,100   |   |   |   | (30,422 | )      |   |   |       |   |   |   |    |   |   |   | 286,726    |   |
| Common Stock Issued for Cash at $0.05                                                                            |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 1,090,000   |   |   |   | 1,090   |   |   |   | 53,410    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 54,500     |   |
| Common Stock Issued for services at $0.02                                                                        |   |   | 1,000,000   |   |   |   | 1,000   |   |   |   | 19,000    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 20,000     |   |
| Common Stock Issued for servicesat $0.028                                                                        |   |   | 8,400,000   |   |   |   | 8,400   |   |   |   | 226,800   |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 235,200    |   |
| Common Stock Issued for services  at $0.032                                                            |   |   | 1,500,000   |   |   |   | 1,500   |   |   |   | 46,500    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 48,000     |   |
| Common Stock Issued for services at $0.035                                                                  |   |   | 12,500      |   |   |   | 12      |   |   |   | 428       |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 440        |   |
| Common Stock Issued for servicesat $0.047                                                                        |   |   | 100,000     |   |   |   | 100     |   |   |   | 4,600     |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 4,700      |   |
| Common Stock Issued for services  at $0.050                                                            |   |   | 750,000     |   |   |   | 750     |   |   |   | 36,750    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 37,500     |   |
| Common Stock Issued for services at $0.065                                                                  |   |   | 60,000      |   |   |   | 60      |   |   |   | 3,840     |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 3,900      |   |
| Common Stock Issued for services  at $0.083                                                            |   |   | 66,666      |   |   |   | 67      |   |   |   | 5,433     |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 5,500      |   |
| Common Stock Issued for Cash at $0.035                                                                           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 314,300     |   |   |   | 314     |   |   |   | 10,686    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 11,000     |   |
| Common Stock Issued for Cash at $0.045                                                                           |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 2,872,400   |   |   |   | 2,872   |   |   |   | 126,358   |   |   |   | (10,000 | )      |   |   |       |   |   |   |    |   |   |   | 119,230    |   |
| Common Stock Issued for services at $0.041                                                                  |   |   | 1,850,000   |   |   |   | 1,850   |   |   |   | 74,000    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 75,850     |   |
| Common Stock Issued for servicesat $0.050                                                                        |   |   | 250,000     |   |   |   | 250     |   |   |   | 12,250    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 12,500     |   |
| Cash Received for Subscriptions                                                                                  |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    Receivable                                                                                     |   |   |        |   |   |   |    |   |   |   |      |   |   |   | 110,000 |   |   |   |       |   |   |   |    |   |   |   | 110,000    |   |
| Common Stock Issued for Cash at $0.05                                                                            |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    In Private Placement                                                                           |   |   | 440,000     |   |   |   | 440     |   |   |   | 21,560    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 22,000     |   |
| Common Stock Issued for settlement of lawsuit at $0.05                                                      |   |   | 1,000,000   |   |   |   | 1,000   |   |   |   | 49,000    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 50,000     |   |
| Common Stock Issued for services                                                                                 |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    previously unrendered at $0.048                                                                |   |   | 500,000     |   |   |   | 500     |   |   |   | 23,500    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 24,000     |   |
| Cancellation of Issued Common Stock                                                                              |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    due to non-payment on receivable                                                               |   |   | (996,700    | )      |   |   | (997    | )      |   |   | (42,528   | )      |   |   | 43,525  |   |   |   |       |   |   |   |    |   |   |   | -          |   |
| Cash Received for Subscriptions                                                                                  |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    Receivable                                                                                     |   |   |        |   |   |   |    |   |   |   |      |   |   |   | 24,622  |   |   |   |       |   |   |   |    |   |   |   | 24,622     |   |
| Common Stock Issued for services  at $0.043                                                            |   |   | 300,000     |   |   |   | 300     |   |   |   | 12,600    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 12,900     |   |
| Cash Received for Subscriptions                                                                                  |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    Receivable                                                                                     |   |   |        |   |   |   |    |   |   |   |      |   |   |   | 19,137  |   |   |   |       |   |   |   |    |   |   |   | 19,137     |   |
| Reclassification of losses on Available-for-Sale                                                                 |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
|    Securities (net of tax)                                                                        |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   | (25,000 | )      |   |   | (25,000    | )      |
| Net (Loss)                                                                                                       |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   | (3,475,281 | )      |   |   |    |   |   |   |       |   |
| Total comprehensive (loss)                                                                                       |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | (3,475,281 | )      |
| Balance, April 30, 2010                                                                                          |   |   | 219,321,625 |   |   |   | 219,322 |   |   |   | 9,388,630 |   |   |   | (25,000 | )      |   |   | (9,658,724 | )      |   |   | -       |   |   |   | (75,772    | )      |
|                                                                                                             |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   |       |   |
| Common Stock Issued for services at $0.038                                                                  |   |   | 500,000     |   |   |   | 500     |   |   |   | 18,500    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 19,000     |   |
| Common Stock Issued for Land Lease paymentsat $0.035                                                             |   |   | 1,500,000   |   |   |   | 1,500   |   |   |   | 51,000    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 52,500     |   |
| Common Stock Issued for Cash in Private Placement at $0.042                                                      |   |   | 505,952     |   |   |   | 506     |   |   |   | 20,744    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 21,250     |   |
| Common Stock Issued to close previous Private Placement unissued due to insufficient authorized shares at $0.033 |   |   | 3,000,000   |   |   |   | 3,000   |   |   |   | 97,000    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 100,000    |   |
| Common Stock Issued to close previous Private Placement unissued due to insufficient authorized shares at $0.04  |   |   | 375,000     |   |   |   | 375     |   |   |   | 14,625    |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | 15,000     |   |
| Net (Loss)                                                                                                       |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   | (325,863   | )      |   |   |    |   |   |   |       |   |
| Total comprehensive income (loss)                                                                                |   |   |        |   |   |   |    |   |   |   |      |   |   |   |    |   |   |   |       |   |   |   |    |   |   |   | (325,863   | )      |
| Balance, October 31, 2010                                                                                        |   |   | 225,202,577 |   |   | $      | 225,203 |   |   | $      | 9,590,499 |   |   | $      | (25,000 | )      |   | $      | (9,984,587 | )      |   |   | -       |   |   | $      | (193,885   | )      |

----

|                                                          |   |                         |     |   |           |   |       | March 15, 2006 |   |
|---------------------------------------------------------------|--------|------------------------------|----------|--------|----------------|--------|------------|----------------|--------|
|                                                          |   |                         |     |   | (Inception)    |   |
|                                                          |   | Six Months Ended October 31, |     |   | to October 31, |   |
|                                                          |   | 2010                         |     |   | 2009           |   |       | 2010           |   |
| Operating activities                                          |   |                         |     |   |           |   |       |           |   |
| Net loss                                                      |   | $                            | (325,863 | )      |           | $      | (1,338,748 | )              |   | $ | (9,984,587 | ) |
| Adjustments to reconcile net loss                             |   |                         |     |   |           |   |       |           |   |   |   |   |
|    Stock issued for services                   |   |                         | 46,820   |   |           |   | 611,444    |           |   |   | 2,690,149 |   |
| Stock issued for payment of interest on debt                  |   |                         | -        |   |           |   | -          |           |   |   | 12,750 |   |
| Non-cash financing costs                                      |   |                         | -        |   |           |   | -          |           |   |   | 46,234 |   |
| Realized loss on sale of investments                          |   |                         | 32,152   |   |           |   | 1,906      |           |   |   | 109,641 |   |
| Gain on sale of mineral property                              |   |                         | -        |   |           |   | -          |           |   |   | (1,249,072 | ) |
| Depreciation and amortization                                 |   |                         | 2,675    |   |           |   | 3,398      |           |   |   | 27,245 |   |
| Stock-based compensation                                      |   |                         | -        |   |           |   | -          |           |   |   | 1,719,171 |   |
| Other -than-temporary impairment of investments               |   |                         | -        |   |           |   | -          |           |   |   | 1,224,302 |   |
| Impairment of Long-lived assets                               |   |                         | -        |   |           |   | -          |           |   |   | 17,500 |   |
| Bad debt expense                                              |   |                         | -        |   |           |   | -          |           |   |   | 22,387 |   |
| Gain on sale of fixed asset                                   |   |                         | -        |   |           |   | -          |           |   |   | (1,250 | ) |
| Other assets                                                  |   |                         |     |   |           |   |       |           |   |   | - |   |
|    (Increase)/decrease in other current assets |   |                         | -        |   |           |   | (54,777    | )              |   |   | (22,387 | ) |
|    (Increase)/decrease in prepaid expenses     |   |                         | 6,558    |   |           |   | (54,833    | )              |   |   | (15,623 | ) |
|    Increase/(decrease) in accounts payable     |   |                         | (7,577   | )      |           |   | (97,296    | )              |   |   | 697,912 |   |
|    Increase/(decrease) in accrued liabilities  |   |                         | 71,616   |   |           |   | 5,001      |           |   |   | 374,159 |   |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Net cash used by operating activities                         |   |                         | (173,619 | )      |           |   | (923,905   | )              |   |   | (4,331,469 | ) |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Investment activities                                         |   |                         |     |   |           |   |       |           |   |   |   |   |
| Investments:                                                  |   |                         |     |   |           |   |       |           |   |   |   |   |
| Purchases                                                     |   |                         | -        |   |           |   | (1,356     | )              |   |   | (1,357 | ) |
| Proceeds from sales                                           |   |                         | 145,644  |   |           |   | -          |           |   |   | 154,914 |   |
| Acquisition of mineral property                               |   |                         | -        |   |           |   | -          |           |   |   | (78,091 | ) |
| Investment in General Copper                                  |   |                         | -        |   |           |   | -          |           |   |   | (17,500 | ) |
| Investment in Lahontan                                        |   |                         | -        |   |           |   | (2,563     | )              |   |   | (2,563 | ) |
| Deposit on water rights                                       |   |                         | -        |   |           |   | (800       | )              |   |   | (800 | ) |
| Deposit on reclamation bond                                   |   |                         | -        |   |           |   | (16,994    | )              |   |   | (34,438 | ) |
| Proceeds from sale of mineral property                        |   |                         | -        |   |           |   | -          |           |   |   | 12,500 |   |
| Proceeds from sale of fixed asset                             |   |                         | -        |   |           |   | -          |           |   |   | 8,000 |   |
| Purchase of land                                              |   |                         | -        |   |           |   | 25         |           |   |   | (67,742 | ) |
| Purchase of equipment                                         |   |                         | -        |   |           |   | (4,568     | )              |   |   | (17,616 | ) |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Net cash provoded/(used) by investment activities             |   |                         | 145,644  |   |           |   | (25,662    | )              |   |   | (44,693 | ) |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Financing activities                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Proceeds from loans from related parties                      |   |                         | -        |   |           |   | -          |           |   |   | 121,864 |   |
| Repayments of loans from related parties                      |   |                         | -        |   |           |   | (4,880     | )              |   |   | (38,064 | ) |
| Proceeds from issuance of debt                                |   |                         | -        |   |           |   | -          |           |   |   | 149,841 |   |
| Repayments of debt                                            |   |                         | (2,624   | )      |           |   | -          |           |   |   | (3,560 | ) |
| Proceeds from the sale of stock                               |   |                         | 21,250   |   |           |   | 994,791    |           |   |   | 4,146,369 |   |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Net cash provided by financing activities                     |   |                         | 18,626   |   |           |   | 988,497    |           |   |   | 4,376,450 |   |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Net increase / (decrease) in cash                             |   |                         | (9,349   | )      |           |   | 38,930     |           |   |   | 288 |   |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Cash, beginning of period                                     |   |                         | 9,636    |   |           |   | (20,057    | )              |   |   | - |   |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Cash, end of period                                           |   | $                            | 288      |   |           | $      | 18,873     |           |   | $ | 288 |   |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Supplemental Information:                                     |   |                         |     |   |           |   |       |           |   |   |   |   |
| Interest paid                                                 |   | $                            | 3,364    |   |           | $      | 3,619      |           |   | $ | 6,717 |   |
| Income taxes paid                                             |   | $                            | -        |   |           | $      | -          |           |   | $ | - |   |
|                                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
| Non-cash activities:                                          |   |                         |     |   |           |   |       |           |   |   |   |   |
|  Stock issued for service as prepaid expenses            |   | $                            | 38,978   |   |           | $      | 80,809     |           |   | $ | 38,978 |   |
|  Stock issued to acquire mineral property lease          |   | $                            | -        |   |           | $      | -          |           |   | $ | 783,687 |   |
| Stock issued for payment of interest on debt                  |   | $                            | -        |   |           | $      | -          |           |   | $ | 12,750 |   |
| Stock issued as reduction of accrued expenses                 |   | $                            | -        |   |           | $      | 150,000    |           |   | $ | 196,234 |   |
| Stock issued as reduction of contingent liability             |   | $                            | -        |   |           | $      | -          |           |   | $ | 50,000 |   |
| Stock issued as reduction of related party loans              |   | $                            | 15,000   |   |           | $      | -          |           |   | $ | 15,000 |   |
| Stock issued as reduction of short-term note payable          |   | $                            | 100,000  |   |           | $      | -          |           |   | $ | 100,000 |   |

----

----

----

----

|   |   | We currently control a 100% undivided leasehold interest in the Independence Mine, situated in the Battle Mountain Mining District, Lander County, Nevada. The property consists of 14 whole and fractional mining claims encompassing 240 acres.  Our Due diligence shows that all claims are valid and in good standing through and for the assessment year ending August 31, 2011. The Independence Mine project is wholly owned by our company through our subsidiary company General Gold Corporation under a mining lease/option agreement with Independence Gold Silver Mines of Seattle, Washington. Under the terms of the agreement we were required to expend a minimum of $625,000 towards exploration development and commercial production of ores, minerals or materials. This expenditure requirement was fulfilled prior to the year ended April 30, 2008, as we expended approximately $760,000 through that date.  During the year ended April, 30, 2010, we spent approximately $910,000 on exploration and development including the initiation of the permitting process and $2,562,000 inception to April 30, 2010. Through the six months ended October 31, 2010, we spent an additional $64,765 in drilling and permitting of the Independence project. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | submitted the Independent Technical Report in the 43-101 format to the Toronto Stock Exchange. |
|----|------------------------------------------------------------------------------------------------|

| 2. | held an Annual and Special Meeting of the Shareholders,  whereat, the shareholders voting by proxy and in person: |
|----|-----------------------------------------------------------------------------------------------------------------------------|

| a) | confirmed each of Robert G. Carrington, David J. Salari, Daniel J. Forbush and Paul Wang as directors. Mr. Larry M. Bigler resigned prior to the meeting and did not attend. The Company wishes to thank Larry for his contribution and wishes him well in his future endeavors. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| b) | ratified Mark Bailey & Company, Ltd, Certified Public Accountants as the Company's independent public accounting firm for the year ending April 30, 2010. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c) | amended the Corporation's Certificate of Incorporation to increase the authorized share capital of common stock from 220,000 shares to 500,000,000 shares, par value of $0.001 per share. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d) | amended the Corporation's Certificate of Incorporation to authorize the directors of the Corporation to fix and determine the designations, rights, preferences and other variations of such class or series within each class of capital stock of the Corporation and to issue such stock for consideration as may be fixed by the Board of Directors. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e) | amended the Corporation's Certificate of Incorporation to approve an 11 for 10 forward stock split of the Corporation's authorized and issued outstanding common stock. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Discussion of Items c) and e): |
|--------|--------------------------------|

|   | 1)  |  The Corporation's authorized share structure has been increased to 500,000,000 shares. This does not mean these shares will be immediately issued causing undue dilution to the Company's current shareholders. These authorized shares will only be issued by the company as needed and permitted to raise additional capital to further the Company's business activities. |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2)  | On December 16, 2010, the Board has set the record date of the11 for 10 forward split for December 29, 2010 with an effective date of January 4, 2010. |
|--------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.  | appointed Mike Powell to the Board of Directors. |
|----------|--------------------------------------------------|

| 1.   | appointed Paul Wang President of the Company, though he is no longer the President of the Company as of December 17, 2010. |
|----------------|----------------------------------------------------------------------------------------------------------------------------|

| 2.   | announced the significant intercepts contained in holes GM 85, 86, 87, 88, 89, 90, 91 and 92 |
|----------------|----------------------------------------------------------------------------------------------|

| Drill Hole | From (ft) | To (ft) | Length | opt Au | opt Ag |
|------------|-----------|---------|--------|--------|--------|
| GM-103     | 125       | 165     | 40     | 0.013  | 0.07   |
| Also       | 220       | 325     | 105    | 0.049  | 0.26   |
| Including  | 295       | 305     | 10     | 0.249  | 0.32   |
| GM-104     | 90        | 175     | 85     | 0.014  | 0.22   |
| Including  | 135       | 155     | 20     | 0.024  | 0.40   |
| GM-105     | 50        | 115     | 65     | 0.015  | 0.34   |
| Including  | 85        | 110     | 25     | 0.027  | 0.53   |
| GM-106     | 70        | 90      | 20     | 0.012  | 1.6    |
| Also       | 195       | 230     | 35     | 0.013  | 0.36   |
| GM-107     | 45        | 225     | 180    | 0.015  | 0.46   |
| Including  | 95        | 135     | 40     | 0.035  | 0.84   |
| GM-109     | 0         | 30      | 30     | 0.032  | 1.39   |
| Including  | 255       | 295     | 40     | 0.33   | 0.92   |
| GM-111     | 0         | 5       | 5      | 0.05   | 3.21   |
| Also       | 255       | 400     | 145    | 0.34   | 0.63   |
| Including  | 305       | 390     | 85     | 0.055  | 0.99   |
| GM-113     | 160       | 310     | 150    | 0.017  | 0.10   |
| Including  | 215       | 305     | 90     | 0.025  | 0.12   |
| GM-119     | 170       | 305     | 135    | 0.015  | 0.08   |
| Including  | 260       | 305     | 45     | 0.039  | 0.20   |
| GM-120     | 0         | 365     | 365    | 0.014  | 0.08   |
| Including  | 260       | 305     | 45     | 0.039  | 0.20   |
| And        | 80        | 115     | 35     | 0.033  | 0.16   |

| 1.   | entered into a memorandum of understanding with Gold Country Mining & Construction to provide construction and ongoing contract mining at the Independence Property |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | by vote of the Board of Directors, approved the 11 for 10 forward stock split with a record date of December 29, 2010 and an effective date of January 4, 2010. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | relieved Paul Wang from his role as President and Chief Executive Officer on December 17, 2010, though he remains a member of the Board of Directors. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | received the resignations of Mr. Robert Carrington, Mr. David Salari, and Mr. Michael Powell from the Board of Directors on December 17, 2010. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | appointed Mr. Keith Belingheri, Mr. Dan Dyer, and Mr. Larry Bigler, to the Board of Directors with Mr. Bigler serving as Chairman of the Audit Committee. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | received in private placement $125,000 for the sale of common stock of the Company. |
|----------------|-------------------------------------------------------------------------------------|

----

| Direct exploration and development costs       |   |   |      |
|------------------------------------------------|--------|--------|-----------|
| Hill zone drilling program                     |   | $      | 600,000   |   |
| North zone drilling program                    |   |   | 500,000   |   |
| Core drilling program                          |   |   | 500,000   |   |
| Metallurgical testing programs                 |   |   | 445,000   |   |
| Additional permitting costs               |   |   | 500,000   |   |
| Report completion costs                        |   |   | 30,000    |   |
|                                           |   |   |      |   |
| Total direct exploration and development costs |   |   | 2,575,000 |   |
|                                           |   |   |      |   |
| Indirect costs                                 |   |   |      |   |
| Office rent and other operating expenses       |   |   | 100,000   |   |
|                                           |   |   |      |   |

| Wages and salaries and payroll related expenses |   |   | 200,000   |   |
|-------------------------------------------------|--------|--------|-----------|--------|
| Insurance expenses                              |   |   | 40,000    |   |
| Other general and administrative expenses       |   |   | 55,000    |   |
| Legal expenses                                  |   |   | 30,000    |   |
|                                            |   |   |      |   |
| Total indirect costs                            |   |   | 425,000   |   |
|                                            |   |   |      |   |
| Total budget for the next twelve months         |   | $      | 3,000,000 |   |

----

|               |   | Six Months Ended October 31 |     |   |   |   |
|--------------------|--------|----------------------------------|----------|--------|--------|--------|
|               |   | 2010                             |     |   | 2009   |   |   | Change |   |
| Revenue            |   | $                                | Nil      |   |   | $      | Nil |   |   | $ | Nil |   |
| Operating expenses |   | $                                | 289,539  |   |   | $      | 1,333,223 |   |   | $ | 1,043,684 |   |
| Net (loss)         |   | $                                | (325,863 | )      |   | $      | (1,338,748 | ) |   | $ | 1,012,885 |   |

|                          |   | Six Months Ended October 31 |    |   |   |   |
|-------------------------------|--------|----------------------------------|---------|--------|--------|--------|
|                          |   | 2010                             |    |   | 2009   |   |   | Change |   |
| Depreciation and amortization |   | $                                | 2,675   |   |   | $      | 3,398 |   |   | $ | 723 |   |
| General and administrative    |   | $                                | 44,053  |   |   | $      | 69,389 |   |   | $ | 25,336 |   |
| Management and consulting     |   | $                                | 118,221 |   |   | $      | 703,394 |   |   | $ | 585,173 |   |
| Exploration and development   |   | $                                | 64,765  |   |   | $      | 430,231 |   |   | $ | 365,466 |   |
| Professional fees             |   | $                                | 59,825  |   |   | $      | 126,811 |   |   | $ | 66,986 |   |

----

|                |   | October 31,2010 |     |   | April 30,2010 |   |     | Change  |   |
|---------------------|--------|----------------------|----------|--------|---------------|--------|----------|---------|--------|
| Current assets      |   | $                    | 43,059   |   |          | $      | 212,082  |    |   | $ | (169,023 | ) |
| Current liabilities |   | $                    | 930,718  |   |          | $      | 981,478  |    |   | $ | 50,760 |   |
| Working Capital     |   | $                    | (887,659 | )      |          | $      | (769,396 | )  |   | $ | (118,263 | ) |

|                                                  |   | Six Months Ended October 31 |     |   |   |   |
|-------------------------------------------------------|--------|----------------------------------|----------|--------|--------|--------|
|                                                  |   | 2010                             |     |   | 2009   |   |   | Change |   |
| Net cash used in operating activities                 |   | $                                | (173,619 | )      |   | $      | (923,905 | ) |   | $ | 750,286 |   |
| Net cash provided/(used) in investing activities      |   | $                                | 145,644  |   |   | $      | (25,662 | ) |   | $ | 171,306 |   |
| Net cash provided/(used) by financing activities |   | $                                | 18,626   |   |   | $      | 988,497 |   |   | $ | (969,871 | ) |
| Net increase/(decrease) in cash during period    |   | $                                | (9,349   | )      |   | $      | 38,930 |   |   | $ | (48,279 | ) |

----

----

----

----

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| Item   |   | Description                                                                                                                                                                                                                                                           |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)    |   | Articles of Incorporation and By-laws                                                                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                  |
| 3.1    |   | Certificate of Incorporation (incorporated by reference from our Registration Statement on Form 10-SB12G filed on August 24, 1999)                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                  |
| 3.2    |   | By-Laws (incorporated by reference from our Registration Statement on Form 10-SB12G filed on August 24, 1999)                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                  |
| 3.3    |   | Amendment to Certificate of Incorporation (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                  |
| (10)   |   | Material Contracts                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                  |
| 10.1   |   | Letter of Intent between General Gold Corporation and Gold Range, LLC dated November 14, 2004  (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                                   |
|   |   |                                                                                                                                                                                                                                                                  |
| 10.2   |   | Amendment to Letter of Intent between General Gold Corporation and Gold Range, LLC dated December 31, 2004 (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006).=                                                               |
|   |   |                                                                                                                                                                                                                                                                  |
| 10.3   |   | Assignment of Lease Agreement between General Gold Corporation and Gold Range Company, LLC dated April 29, 2005  (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                 |
|   |   |                                                                                                                                                                                                                                                                  |
| 10.4   |   | Assignment of Lease and Consent Agreement between Independence Gold-Silver Mines Inc., Gold Range Company, LLC and General Gold Corporation dated June 29, 2005  (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006) |
|   |   |                                                                                                                                                                                                                                                                  |
| 10.5   |   | Lease Agreement between Independence Gold-Silver Mines Inc. and Gold Range Company, LLC dated July 13, 2005  (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                     |
|   |   |                                                                                                                                                                                                                                                                  |
| 10.6   |   | Share Purchase Agreement dated July 20, 2006 among General Gold Corporation, Recov Energy Corp. and the selling shareholders of General Gold Corporation  (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)        |
|   |   |                                                                                                                                                                                                                                                                  |
| 10.7   |   | Share Purchase Agreement dated March 15, 2007 between our company and Sanibel Investments Ltd. (incorporated by reference from our Current Report on Form 8-K filed on March 22, 2007).                                                                               |
|   |   |                                                                                                                                                                                                                                                                  |
| (14)   |   | Code of Ethics                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                  |
| 14.1   |   | Code of Ethics  (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                  |
| (21)   |   | Subsidiaries                                                                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                  |
|   |   | General Gold Corporation, a Nevada company                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                  |
| (31)   |   | Section 302 Certification                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                  |
| 31.1   |   | Section 302 Certification of the Sarbanes-Oxley Act of 2002 (filed herewith)                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                  |
| 31.2   |   | Section 302 Certification of the Sarbanes-Oxley Act of 2002 (filed herewith)                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                  |
| (32)   |   | Section 906 Certification                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                  |
| 32.1   |   | Section 906 Certification of the Sarbanes-Oxley Act of 2002 (filed herewith)                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                  |
| 32.2   |   | Section 906 Certification of the Sarbanes-Oxley Act of 2002 (filed herewith)                                                                                                                                                                                          |

----

|                                      | GENERAL METALS CORPORATION                                                                  |   |
|-------------------------------------------|---------------------------------------------------------------------------------------------|--------|
|                                      | (Registrant)                                                                                |   |
|                                      |                                                                                        |   |   |
|  Dated:  December 20, 2010 | /s/ Daniel J. Forbush                                                                       |   |
|                                      | Daniel J. Forbush                                                                           |   |
|                                      | Chief Executive Officer/Chief Financial Officer                                             |   |
|                                      | (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |   |