| [X]                                                    | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934      |
|--------------------------------------------------------|------------------------------------------------------------------------------------------------|
| For the fiscal year ended          | April 30, 2011                                                                                 |
|  [   ]                             |  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
| For the transition period from     | [________] to [________]                                                                  |
|                                                   |                                                                                           |
| Commission file number             | 000-30230                                                                                      |

| General Metals Corporation                             |
|--------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

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

| 1155 West Fourth Street, Suite 210 Reno, NV                     |   | 89503      |
|-----------------------------------------------------------------|--------|------------|
| (Address of principal executive offices)                        |   | (Zip Code) |
|                                                            |   |       |
| Registrant's telephone number, including area code:775-583-4636 |

| Title of Each Class |   | Name of Each Exchange On Which Registered |
|---------------------|--------|-------------------------------------------|
| N/A                 |   | N/A                                       |

| N/A              |
|------------------|
| (Title of class) |

| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 the Securities Act.   |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        | Yes o  No x  |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act |
|                                                                                                                        | Yes o  No x |

----

| Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the last 90 days.                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                       | Yes  x No o  |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-K (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). |
|                                                                                                                                                                                                                                                                                                                                                                                       | Yes  o No o  |
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter)  is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.                |
|                                                                                                                                                                                                                                                                                                                                                                                       | o |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Large accelerated filer                                                                                                                                                                                                                                                                                                        | o | Accelerated filer | o |
| Non-accelerated filer                                                                                                                                                                                                                                                                                                                    | o | Smaller reporting company | x |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   |
|------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         | Yes o  No x |

| Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date.  |
|----------------------------------------------------------------------------------------------------------------------------------------------|
| 269,703,983 shares of common stock issued & outstanding as of August 3, 2011                                                             |

----

| Item 1.      | Business                                                                                       | 4  |
|--------------|------------------------------------------------------------------------------------------------|----|
| Item 1A.     | Risk Factors                                                                                   | 6  |
| Item 2.      | Properties                                                                                     | 10 |
| Item 3.      | Legal Proceedings                                                                              | 12 |
| Item 4.      | Submissions of Matters to a Vote of Security Holders                                           | 12 |
| Item 5.      | Market for Common Equity and Related Stockholder Matters                                       | 13 |
| Item 6.      | Selected Financial Data                                                                        | 16 |
| Item 7.      | Management’s Discussion and Analysis of Financial Condition and Results of Operations    | 16 |
| Item 7A.     | Quantitative and Qualitative Disclosures About Market Risk                                     | 25 |
| Item 8.      | Financial Statements and Supplementary Data                                                    | 26 |
| Item 9.      | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure           | 44 |
| Item 9A (T). | Controls and Procedures                                                                        | 44 |
| Item 9B.     | Other Information                                                                              | 45 |
| Item 10.     | Directors, Executive Officers and Corporate Governance                                         | 45 |
| Item 11.     | Executive Compensation                                                                         | 53 |
| Item 12.     | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 55 |
| Item 13.     | Certain Relationships and Related Transactions, and Director Independence                      | 56 |
| Item 14.     | Principal Accountants Fees and Services                                                        | 56 |
| Item 15.     | Exhibits, Financial Statement Schedules                                                        | 57 |

----

| Item 1. | Business |
|---------|----------|

----

----

| Item 1A. | Risk Factors |
|----------|--------------|

----

----

----

----

| Item 1B.   | Unresolved Staff Comments |
|----------------------|---------------------------|

| Item 2. | Properties |
|---------|------------|

----

----

| Item 3. | Legal Proceedings |
|---------|-------------------|

| Item 4. | Submissions of Matters to a Vote of Security Holders |
|---------|------------------------------------------------------|

----

| Item 5. | Market for Common Equity and Related Stockholder Matters |
|---------|----------------------------------------------------------|

| National Association of Securities Dealers OTC Bulletin Board(1)                                                                                               |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Quarter Ended                                                                                                                                                  | High | Low |
| April 30, 2011                                                                                                                                                 | $0.059 | $0.03 |
| January 31, 2011                                                                                                                                               | $0.0573 | $0.03 |
| October 31, 2010                                                                                                                                               | $0.0427 | $0.0165 |
| July 31, 2010                                                                                                                                                  | $0.0436 | $0.0165 |
| April 30, 2010                                                                                                                                                 | $0.05 | $0.03 |
| January 31, 2010                                                                                                                                               | $0.07 | $0.04 |
| October 31, 2009                                                                                                                                               | $0.09 | $0.04 |
| July 31, 2009                                                                                                                                                  | $0.09 | $0.02 |
| April 30, 2009                                                                                                                                                 | $0.05 | $0.02 |
| January 31, 2009                                                                                                                                               | $0.034 | $0.012 |
| October 31, 2008                                                                                                                                               | $0.11 | $0.025 |
| July 31, 2008                                                                                                                                                  | $0.16 | $0.071 |
| April 30, 2008                                                                                                                                                 | $0.23 | $0.09 |
| January 31, 2008                                                                                                                                               | $0.22 | $0.14 |
| October 31, 2007                                                                                                                                               | $0.23 | $0.12 |
| July 31, 2007                                                                                                                                                  | $0.51 | $0.20 |
| April 30, 2007                                                                                                                                                 | $0.29 | $0.082 |
|                                                                                                                                                           |   |   |
| (1) Over-the-counter market quotations reflect inter-dealer prices without retail mark-up, mark-down or commission, and may not represent actual transactions. |

| Plan category                                              | Number of securitiesto be issued uponexercise ofoutstanding options,warrants and rights | Weighted averageexercise price ofoutstanding options,warrants and rights | Number of securitiesremaining available forfuture issuance underequity compensation plans(excluding securitiesreflected in column (a)) |
|------------------------------------------------------------|-----------------------------------------------------------------------------------------|--------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                       | (a)                                                                                     | (b)                                                                      | (c)                                                                                                                                    |
| Equity compensation plans approved by security holders     | Nil                                                                                     | Nil                                                                      | Nil                                                                                                                                    |
| Equity compensation plans not approved by security holders | Nil                                                                                     | Nil                                                                      | Nil                                                                                                                                    |
| Total                                                      | Nil                                                                                     | Nil                                                                      | Nil                                                                                                                                    |

----

|                              | Option Awards                                              | Stock Awards                                                 |
|-----------------------------------|------------------------------------------------------------|--------------------------------------------------------------|
| Name                              | Number ofSecuritiesUnderlyingUnexercisedOptionsExercisable | Number ofSecuritiesUnderlyingUnexercisedOptionsUnexercisable | EquityIncentivePlanAwards:Number ofSecuritiesUnderlyingUnexercisedUnearnedOptions | OptionExercicePrice | OptionExpirationDate | Number ofShares orUnits ofStock thatHave NotVested | MarketValue ofShares orUnits ofStock thatHave NotVested | EquityIncentivePlanAwards :Number ofUnearnedShares,Units orOtherRights thatHave NotVested | EquityIncentivePlan Awards :Market orPayout Valueof UnearnedShares, Unitsor OtherRights thatHave NotVested |
| Michael Powell(1)                 | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Robert Carrington(2)              | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Paul Wang (3)                     | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Daniel Forbush(4)                 | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| David Salari(5)                   | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Larry M. Bigler(6)                | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Dan L. Dyer(7)                    | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Mark A. Smith(8)                  | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Keith M. Belingheri(9)            | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| P.K. “Rana” Medhi(10) | Nil                                                        | Nil                                                          | Nil | Nil | Nil | Nil | Nil | Nil | Nil |

| (1)   |  Mr. Powell was appointed a director May 24, 2010 and resigned as a director on December 17, 2010. |
|-----------------|---------------------------------------------------------------------------------------------------------|

| (2)   |  Mr. Carrington was appointed President and a director on January 28, 2010 and resigned as President    September 3, 2010 and as a director December 17, 2010. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   |  Mr. Wang was appointed a Director on March 11, 2010 and President September 3, 2010 and was terminated as President December 17, 2010. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   |  Mr. Forbush was appointed CEO December 17, 2010 and as President December 30, 2010. |
|-----------------|-------------------------------------------------------------------------------------------|

| (5)   |  Mr. Salari resigned as a Director December 17, 2010. |
|-----------------|------------------------------------------------------------|

| (6)   |  Mr. Bigler resigned as a Director May 13, 2010 and was reappointed December 17, 2010. |
|-----------------|---------------------------------------------------------------------------------------------|

| (7)   |  Mr. Dyer was appointed a director December 17, 2010 and resigned July 1, 2011. |
|-----------------|--------------------------------------------------------------------------------------|

| (8)   |  Mr. Smith was appointed a director December 30, 2010 and resigned July 1, 2011. |
|-----------------|---------------------------------------------------------------------------------------|

| (9)   |  Mr. Belingheri was appointed a director December 17, 2010 and resigned July 1, 201. |
|-----------------|-------------------------------------------------------------------------------------------|

| (10)   |  Mr. Medhi was appointed a director December 30, 2010. |
|------------------|-------------------------------------------------------------|

----

| Description                                                          |   | # of shares |       |
|----------------------------------------------------------------------|--------|-------------|------------|
| Common Stock Issued for Cash at $0.15 in Private Placement           |   |        | 17,561,665 |   |
| Common Stock Issued for Cash at $0.02 in Private Placement           |   |        | 1,605,000  |   |
| Common Stock Issued for Cash at $0.022 in Private Placement          |   |        | 3,050,000  |   |
| Common Stock Issued for Cash at $0.025 in Private Placement          |   |        | 700,000    |   |
| Common Stock Issued for Cash at $0.033 in Private Placement          |   |        | 300,000    |   |
| Common Stock Issued for Cash at $0.035 in Private Placement          |   |        | 240,000    |   |
| Common Stock Issued for Cash at $0.04 in Private Placement           |   |        | 1,125,000  |   |
| Common Stock Issued for Cash at $0.045 in Private Placement          |   |        | 7,047,300  |   |
| Common Stock Issued for Cash at $0.05 in Private Placement           |   |        | 1,090,000  |   |
| Common Stock Issued for services at $0.02                            |   |        | 1,000,000  |   |
| Common Stock Issued for services at $0.028                           |   |        | 8,400,000  |   |
| Common Stock Issued for services at $0.032                           |   |        | 1,500,000  |   |
| Common Stock Issued for services at $0.035                           |   |        | 12,500     |   |
| Common Stock Issued for services at $0.047                           |   |        | 100,000    |   |
| Common Stock Issued for services  at $0.050                     |   |        | 750,000    |   |
| Common Stock Issued for services  at $0.065                     |   |        | 60,000     |   |
| Common Stock Issued for services  at $0.083                     |   |        | 66,666     |   |
| Common Stock Issued for Cash at $0.035 in Private Placement          |   |        | 314,300    |   |
| Common Stock Issued for Cash at $0.045 in Private Placement          |   |        | 2,872,400  |   |
| Common Stock Issued for services at $0.041                           |   |        | 1,850,000  |   |
| Common Stock Issued for services at $0.050                           |   |        | 250,000    |   |
| Common Stock Issued for Cash at $0.05 in Private Placement           |   |        | 440,000    |   |
| Common Stock Issued for settlement of lawsuit at $0.05               |   |        | 1,000,000  |   |
| Common Stock Issued for services at $0.048                           |   |        | 500,000    |   |
| Cancellation of Issued Common Stock due to non-payment on receivable |   |        | (996,700   | ) |
| Common Stock Issued for services at $0.043                           |   |        | 300,000    |   |
| Total                                                                |   |        | 51,138,131 |   |

----

| Description                                                                                                      |   | # of shares |       |
|------------------------------------------------------------------------------------------------------------------|--------|-------------|------------|
| Common Stock Issued for services at $0.038                                                                       |   |        | 550,000    |   |
| Common Stock Issued for Land Lease payments at $0.035                                                            |   |        | 1,650,000  |   |
| Common Stock issued for Cash at $0.042 in Private Placement                                                      |   |        | 556,547    |   |
| Common Stock issued to close previous Private Placement unissued due to insufficient authorized shares at $0.033 |   |        | 3,300,000  |   |
| Common Stock issued to close previous Private Placement unissued due to insufficient authorized shares at $0.04  |   |        | 412,500    |   |
| Common Stock issued for Cash at $0.042 in Private Placement                                                      |   |        | 35,356     |   |
| Common Stock issued for Cash at $0.036 in Private Placement                                                      |   |        | 11,495,000 |   |
| Common Stock issued for Cash at $0.040 in Private Placement                                                      |   |        | 1,375,000  |   |
| Common Stock issued for Cash at $0.0475 in Private Placement                                                     |   |        | 315,790    |   |
| Common Stock Issued for services at $0.038                                                                       |   |        | 1,050,000  |   |
| Common Stock Issued for services at $0.036                                                                       |   |        | 385,000    |   |
| Common Stock Issued for services at $0.048                                                                       |   |        | 500,000    |   |
| Common Stock Issued for services at $0.05                                                                        |   |        | 660,000    |   |
| Common Stock Issued for services at $0.045                                                                       |   |        | 484,000    |   |
| Common Stock issued for Cash at $0.040 in Private Placement                                                      |   |        | 2,030,890  |   |
| Common Stock Issued for services  at $0.043                                                            |   |        | 1,300,000  |   |
| Common Stock Issued for services at $0.04                                                                        |   |        | 350,000    |   |
| Total                                                                                                            |   |        | 26,450,083 |   |

| Item 6. | Selected Financial Data |
|---------|-------------------------|

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

----

| 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  | 1.60   |
| 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-108     | 190       | 230     | 40     | 0.017  | 0.51   |
| GM-109     | 0         | 30      | 30     | 0.032  | 1.39   |
| Also       | 210       | 325     | 115    | 0.019  | 0.43   |
| Including  | 225       | 295     | 40     | 0.033  | 0.92   |
| GM-110     | 0         | 45      | 45     | 0.019  | 0.28   |
| GM-111     | 0         | 5       | 5      | 0.050  | 3.21   |
| Also       | 255       | 400     | 145    | 0.034  | 0.63   |
| Including  | 305       | 390     | 85     | 0.055  | 0.99   |

----

| Drill Hole | From (ft) | To (ft) | Length | opt Au | opt Ag |
|------------|-----------|---------|--------|--------|--------|
| GM-113     | 160       | 310     | 150    | 0.017  | 0.10   |
| Including  | 215       | 305     | 90     | 0.025  | 0.12   |
| GM-114     | 0         | 35      | 35     | 0.011  | 0.26   |
| GM-117     | 20        | 160     | 140    | 0.012  | 0.14   |
| GM-118     | 25        | 225     | 200    | 0.011  | 0.10   |
| Including  | 45        | 150     | 105    | 0.014  | 0.10   |
| 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  | 0         | 15      | 15     | 0.027  | 0.11   |
| Also       | 80        | 115     | 35     | 0.033  | 0.16   |

----

| Drill Hole | From (ft) | To (ft) | Length | opt Au | opt Ag |
|------------|-----------|---------|--------|--------|--------|
| GM-123     | 360       | 400     | 40     | 0.015  | 0.21   |
| GM-125     | 40        | 360     | 320    | 0.010  | 0.07   |
| Including  | 90        | 140     | 50     | 0.023  | 0.05   |
| GM-126     | 5         | 450     | 445    | 0.010  | 0.09   |

----

----

| Direct exploration and development costs                              |   |   |      |
|-----------------------------------------------------------------------|--------|--------|-----------|
| Core drilling program                                                 |   | $      | 100,000   |   |
| Upgrade Independent Technical Report to SEC Industry Guide 7 Standard |   |   | 400,000   |   |
| Metallurgical testing programs                                        |   |   | 75,000    |   |
| Environmental Studies and Reports                                     |   |   | 240,000   |   |
| Land Payments                                                         |   |   | 105,000   |   |
| Engineering and Design                                                |   |   | 50,000    |   |
| State and County Permits                                              |   |   | 45,000    |   |
| Water Well                                                            |   |   | 35,000    |   |
| Project Permitting                                                    |   |   | 30,000    |   |
| Complete check assays of the 2009-2010 Drill Program                  |   |   | 10,000    |   |
| Contingency                                                           |   |   | 240,000   |   |
|                                                                  |   |   |      |   |
| Total direct exploration and development costs                        |   | $      | 1,330,000 |   |
|                                                                  |   |   |      |   |
| Indirect costs                                                        |   |   |      |   |
| Office rent and other operating expenses                              |   |   | 50,000    |   |
| Wages and salaries and payroll related expenses                       |   |   | 200,000   |   |
| Insurance expenses                                                    |   |   | 140,000   |   |
| Investor Awareness Consultants                                        |   |   | 100,000   |   |
| Other general and administrative expenses                             |   |   | 150,000   |   |
| Legal expenses                                                        |   |   | 30,000    |   |
|                                                                  |   |   |      |   |
| Total indirect costs                                                  |   |   | 670,000   |   |
|                                                                  |   |   |      |   |
| Total budget for the next twelve months                               |   | $      | 2,000,000 |   |

----

----

|               |   | Year EndedApril 30 |    |
|--------------------|--------|--------------------|---------|
|               |   | 2011               |    |   | 2010 |   |
| Revenue            |   | $                  | Nil     |   |   | $ | Nil |   |
| Operating Expenses |   | $                  | 783,101 |   |   | $ | 2,173,722 |   |
| Net Loss           |   | $                  | 822,809 |   |   | $ | 3,475,281 |   |

|                          |   | Year EndedApril 30 |    |
|-------------------------------|--------|--------------------|---------|
|                          |   | 2011               |    |   | 2010 |   |
| Depreciation and amortization |   | $                  | 5,350   |   |   | $ | 7,255 |   |
| General and administrative    |   | $                  | 70,328  |   |   | $ | 198,426 |   |
| Management and consulting     |   | $                  | 277,428 |   |   | $ | 874,227 |   |
| Exploration and development   |   | $                  | 311,604 |   |   | $ | 909,728 |   |
| Professional fees             |   | $                  | 118,391 |   |   | $ | 184,086 |   |

----

| Cash Flows                                       |   |               |     |   |   |   |
|--------------------------------------------------|--------|--------------------|----------|--------|--------|--------|
|                                             |   | Year EndedApril 30 |     |
|                                             |   | 2011               |     |   | 2010   |   |
| Net Cash (Used) by Operating Activities          |   | $                  | (749,327 | )      |   | $      | (1,138,854 | ) |
| Net Cash Provided/(Used) by Investing Activities |   | $                  | 145,644  |   |   | $      | (8,987 | ) |
| Net Cash Provided by Financing Activities        |   | $                  | 608,203  |   |   | $      | 1,177,534 |   |
| Increase In Cash During The Period               |   | $                  | 4,521    |   |   | $      | 29,963 |   |

----

| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk |
|----------|------------------------------------------------------------|

----

| Item 8. | Financial Statements and Supplementary Data |
|---------|---------------------------------------------|

----

----

|                                                 |   | April 30, |        |   | April 30, |   |
|------------------------------------------------------|--------|-----------|-------------|--------|-----------|--------|
|                                                 |   | 2011      |        |   | 2010      |   |
| ASSETS                                               |
|                                                 |   |      |        |   |      |   |
| Current assets                                       |   |      |        |   |      |   |
| Cash and cash equivalents                            |   | $         | 14,157      |   |      | $      | 9,636 |   |
| Short-term investments                               |   |      | -           |   |      |   | 177,796 |   |
| Prepaid expenses                                     |   |      | 39,791      |   |      |   | 24,650 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Total current assets                                 |   |      | 53,948      |   |      |   | 212,082 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Other assets                                         |   |      |        |   |      |   |   |   |
| Land                                                 |   |      | 67,742      |   |      |   | 67,742 |   |
| Mineral property                                     |   |      | 613,941     |   |      |   | 613,941 |   |
| Property and equipment, net                          |   |      | 10,946      |   |      |   | 16,296 |   |
| Other assets                                         |   |      | 35,238      |   |      |   | 37,800 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Total other assets                                   |   |      | 727,867     |   |      |   | 735,779 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Total assets                                         |   | $         | 781,815     |   |      | $      | 947,861 |   |
|                                                 |   |      |        |   |      |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)       |
|                                                 |   |      |        |   |      |   |   |   |
| Current Liabilities                                  |   |      |        |   |      |   |   |   |
| Notes payable, current portion                       |   | $         | 6,331       |   |      | $      | 106,750 |   |
| Accounts payable                                     |   |      | 354,055     |   |      |   | 517,495 |   |
| Accrued liabilities                                  |   |      | 93,262      |   |      |   | 120,439 |   |
| Accounts payable to related parties                  |   |      | 124,976     |   |      |   | 187,994 |   |
| Loan from related parties                            |   |      | 28,800      |   |      |   | 48,800 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Total current liabilities                            |   |      | 607,424     |   |      |   | 981,478 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Long-term liabilities                                |   |      |        |   |      |   |   |   |
| Notes payable, net of current portion                |   |      | 38,342      |   |      |   | 42,155 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Total long-term liabilities                          |   |      | 38,342      |   |      |   | 42,155 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Total liabilities                                    |   |      | 645,766     |   |      |   | 1,023,633 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Commitments and Contingencies                        |   |      |        |   |      |   |   |   |
|                                                 |   |      |        |   |      |   |   |   |
| Stockholders' equity/(deficit)                       |   |      |        |   |      |   |   |   |
| Preferred stock, authorized 50,000,000               |   |      |        |   |      |   |   |   |
| shares, par value $0.001, zero issued and            |   |      |        |   |      |   |   |   |
| outstanding                                          |   |      | -           |   |      |   | - |   |
|                                                 |   |      |        |   |      |   |   |   |
| Common stock, authorized 550,000,000                 |   |      |        |   |      |   |   |   |
| shares, par value $0.001, issued and                 |   |      |        |   |      |   |   |   |
| outstanding on April 30, 2011 and April 30, 2010     |   |      |        |   |      |
| is 267,703,983 and 241,253,900 respectively          |   |      | 267,705     |   |      |   | 241,254 |   |
|                                                 |   |      |        |   |      |   |   |   |
| Additional paid-in capital                           |   |      | 10,349,877  |   |      |   | 9,366,698 |   |
| Subscriptions receivable                             |   |      | -           |   |      |   | (25,000 | ) |
| Accumulated deficit during exploration stage         |   |      | (10,481,533 | )      |      |   | (9,658,724 | ) |
|                                                 |   |      |        |   |      |   |   |   |
| Total stockholders' equity/(deficit)                 |   |      | 136,049     |   |      |   | (75,772 | ) |
|                                                 |   |      |        |   |      |   |   |   |
| Total liabilities and stockholders' equity/(deficit) |   | $         | 781,815     |   |      | $      | 947,861 |   |

----

|                                           |   |                 |        |   |         |   |        | March 15, 2006 |   |
|------------------------------------------------|--------|----------------------|-------------|--------|--------------|--------|-------------|----------------|--------|
|                                           |   |                 |        |   |         |   |        | (Inception)    |   |
|                                           |   | Year ended April 30, |        |   | to April 30, |   |
|                                           |   | 2011                 |        |   | 2010         |   |        | 2011           |   |
| Revenue                                        |   | $                    | -           |   |         | $      | -           |           |   | $ | - |   |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| Operating expenses                             |   |                 |        |   |         |   |        |           |   |   |   |   |
| Depreciation and amortization                  |   |                 | 5,350       |   |         |   | 7,255       |           |   |   | 29,920 |   |
| General and administrative                     |   |                 | 70,328      |   |         |   | 198,426     |           |   |   | 1,394,363 |   |
| Management and consulting                      |   |                 | 277,428     |   |         |   | 874,227     |           |   |   | 5,423,424 |   |
| Exploration and development                    |   |                 | 311,604     |   |         |   | 909,728     |           |   |   | 2,873,842 |   |
| Professional fees                              |   |                 | 118,391     |   |         |   | 184,086     |           |   |   | 663,893 |   |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| Total expenses                                 |   |                 | 783,101     |   |         |   | 2,173,722   |           |   |   | 10,385,442 |   |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| (Loss) from operations                         |   |                 | (783,101    | )      |         |   | (2,173,722  | )              |   |   | (10,385,442 | ) |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| Other income (expenses)                        |   |                 |        |   |         |   |        |           |   |   |   |   |
| Interest expense                               |   |                 | (6,781      | )      |         |   | (6,923      | )              |   |   | (29,807 | ) |
| Other income                                   |   |                 | 2,500       |   |         |   | 7,200       |           |   |   | 14,700 |   |
| Gain on sale of mineral properties             |   |                 | -           |   |         |   | -           |           |   |   | 1,249,072 |   |
| Realized (loss) on sale of investments         |   |                 | (34,715     | )      |         |   | (77,489     | )              |   |   | (112,204 | ) |
| Other than temporary impairment of investments |   |                 | -           |   |         |   | (1,224,302  | )              |   |   | (1,224,302 | ) |
| Gain/(loss) on foreign currency exchange       |   |                 | (712        | )      |         |   | (45         | )              |   |   | 6,450 |   |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| (Loss) before income taxes                     |   |                 | (822,809    | )      |         |   | (3,475,281  | )              |   |   | (10,481,533 | ) |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| Provision for income taxes                     |   |                 | -           |   |         |   | -           |           |   |   | - |   |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| Net (loss)                                     |   | $                    | (822,809    | )      |         | $      | (3,475,281  | )              |   | $ | (10,481,533 | ) |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| Loss per common share:                         |   |                 |        |   |         |   |        |           |   |   |   |   |
| Basic & Diluted                            |   | $                    | (0.00       | )      |         | $      | (0.01       | )              |   |   |   |   |
|                                           |   |                 |        |   |         |   |        |           |   |   |   |   |
| Weighted average shares outstanding:           |   |                 |        |   |         |   |        |           |   |   |   |   |
| Basic & Diluted                            |   |                 | 251,671,588 |   |         |   | 231,858,461 |           |   |   |   |   |

----

|                                   |         |       |   |   |    |   |          |      | (Deficit)   |   |          |   |   |       |   |
|----------------------------------------|--------------|------------|--------|--------|---------|--------|---------------|-----------|-------------|--------|---------------|--------|--------|------------|--------|
|                                   |         |       |   |   |    |   |          |      | Accumulated |   | Accumulated   |   |   |       |   |
|                                   | Common Stock |       |   |   | Stock   |   | During        |      | Other       |   |          | Total  |   |
|                                   | Issued       |       |   |   | Paid in |   | Subscriptions |      | Exploration |   | Comprehensive |   |   | Equity/    |   |
|                                   | Shares       |       | Amount |   | Capital |   | (Receivable)  |      | Stage       |   | Income/(Loss) |   |   | (Deficit)  |   |
|                                   |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |
|                                   |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |
| Balance, April 30, 2005                |         | 34,489,840 |   | $      | 34,489  |   | $             | 447,388   |        | $      | (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                   |         | 48,400     |   |   | 48      |   |          | 4,952     |        |   |          |   |   |       |   |   |   |   |   |   | 5,000 |   |
| Common Stock Issued for Cash at $0.125 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 29,040     |   |   | 29      |   |          | 2,971     |        |   |          |   |   |       |   |   |   |   |   |   | 3,000 |   |
| Common Stock Issued at $0.001 to       |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| exercise lease agreement               |         | 6,050,000  |   |   | 6,050   |   |          | 529,800   |        |   |          |   |   |       |   |   |   |   |   |   | 535,850 |   |
| Common Stock Issued for Cash at $0.125 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 3,060,695  |   |   | 3,060   |   |          | 313,128   |        |   |          |   |   |       |   |   |   |   |   |   | 316,188 |   |
| Common Stock Issued in Reorganization  |         | 9,280,195  |   |   | 9,281   |   |          | (788,827  | )           |   |          |   |   | 208,251    |   |   |   |   |   |   | (571,295 | ) |
| Common Stock Issued to Convert Debt at |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| 0.0185 as Agreed in February 2005      |         | 24,238,000 |   |   | 24,239  |   |          | 589,795   |        |   |          |   |   |       |   |   |   |   |   |   | 614,034 |   |
| Common Stock Issued as Incentive       |         | 605,000    |   |   | 605     |   |          | (105      | )           |   |          |   |   |       |   |   |   |   |   |   | 500 |   |
| Common Stock Returned and Cancelled    |         | (605,000   | )      |   | (605    | )      |          | 105       |        |   |          |   |   |       |   |   |   |   |   |   | (500 | ) |
| Common Stock Issued in Exercise of     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Warrants at $0.25                      |         | 773,190    |   |   | 773     |   |          | 158,977   |        |   |          |   |   |       |   |   |   |   |   |   | 159,750 |   |
| Net (Loss)                             |         |       |   |   |    |   |          |      |        |   |          |   |   | (637,068   | )      |   |   |   |   |   | (637,068 | ) |
| Balance, April 30, 2006                |         | 77,969,360 |   |   | 77,969  |   |          | 1,258,184 |        |   | -             |   |   | (637,068   | )      |   | - |   |   |   | 699,085 |   |
|                                   |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Deposit received on Private Placement  |         |       |   |   |    |   |          |      |        |   | 76,000        |   |   |       |   |   |   |   |   |   | 76,000 |   |
| Common Stock Issued in Exercise of     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Warrants at $0.25                      |         | 121,000    |   |   | 121     |   |          | 24,879    |        |   |          |   |   |       |   |   |   |   |   |   | 25,000 |   |
| Common Stock Issued for Cash at $0.125 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 484,000    |   |   | 484     |   |          | 49,516    |        |   | (50,000       | )      |   |       |   |   |   |   |   |   | - |   |
| Common Stock Issued for Service at     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| $0.125 per share                       |         | 174,240    |   |   | 174     |   |          | 17,826    |        |   |          |   |   |       |   |   |   |   |   |   | 18,000 |   |
| Common Stock Issued for Purchase of    |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| fixed asset at $0.075                  |         | 242,000    |   |   | 242     |   |          | 14,758    |        |   |          |   |   |       |   |   |   |   |   |   | 15,000 |   |
| Common Stock Issued for Cash at $0.075 |         | 180,945    |   |   | 180     |   |          | 11,036    |        |   |          |   |   |       |   |   |   |   |   |   | 11,216 |   |
| Common Stock Issued for Services at    |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| $0.075 per share                       |         | 363,000    |   |   | 363     |   |          | 22,137    |        |   |          |   |   |       |   |   |   |   |   |   | 22,500 |   |
| Common Stock Issued to Convert Debt    |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| $0.075 per share                       |         | 564,666    |   |   | 564     |   |          | 34,436    |        |   |          |   |   |       |   |   |   |   |   |   | 35,000 |   |
| Common Stock Issued for Cash at $0.075 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 4,147,069  |   |   | 4,147   |   |          | 252,903   |        |   | (163,800      | )      |   |       |   |   |   |   |   |   | 93,250 |   |
| Common Stock Issued for Cash at $0.075 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| For Exploration Rights                 |         | 1,210,000  |   |   | 1,210   |   |          | 249,718   |        |   |          |   |   |       |   |   |   |   |   |   | 250,928 |   |
| Common Stock Issued for Cash at $0.075 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| For Employee Incentive                 |         | 302,500    |   |   | 303     |   |          | 18,448    |        |   |          |   |   |       |   |   |   |   |   |   | 18,751 |   |
| Common Stock Issued for Cash at $0.125 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 2,565,200  |   |   | 2,565   |   |          | 262,435   |        |   |          |   |   |       |   |   |   |   |   |   | 265,000 |   |
| Common Stock Issued for Cash at $0.125 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 399,784    |   |   | 399     |   |          | 40,901    |        |   | (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                |         | 88,723,764 |   |   | 88,721  |   |          | 3,704,911 |        |   | (41,300       | )      |   | (2,724,734 | )      |   | - |   |   |   | 1,027,598 |   |
|                                   |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Common Stock issued to convert Debt at |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| $0.075 per share                       |         | 564,666    |   |   | 564     |   |          | 34,436    |        |   |          |   |   |       |   |   |   |   |   |   | 35,000 |   |
| Common Stock Issued for Cash at $0.125 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 733,744    |   |   | 734     |   |          | 75,066    |        |   |          |   |   |       |   |   |   |   |   |   | 75,800 |   |
| Common Stock Issued in Exercise of     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Share Purchase Warrants at $0.075      |         | 2,773,077  |   |   | 2,774   |   |          | 156,991   |        |   |          |   |   |       |   |   |   |   |   |   | 159,765 |   |
| Common Stock Issued in Exercise of     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Share Purchase Warrants at $0.20       |         | 719,950    |   |   | 721     |   |          | 118,280   |        |   |          |   |   |       |   |   |   |   |   |   | 119,001 |   |
| Common Stock Issued in Exercise of     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Share Purchase Warrants at $0.125      |         | 48,400     |   |   | 48      |   |          | 4,952     |        |   |          |   |   |       |   |   |   |   |   |   | 5,000 |   |
| Common Stock Issued for purchase of    |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| asset at $0.125                        |         | 145,200    |   |   | 145     |   |          | 14,855    |        |   |          |   |   |       |   |   |   |   |   |   | 15,000 |   |
| Common Stock Issued in Exercise of     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Share Purchase Warrants at $0.20       |         | 237,600    |   |   | 238     |   |          | 42,962    |        |   |          |   |   |       |   |   |   |   |   |   | 43,200 |   |
| Common Stock Issued for Cash at $0.125 |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 57,717     |   |   | 58      |   |          | 6,501     |        |   |          |   |   |       |   |   |   |   |   |   | 6,559 |   |
| Cash Received for Subscriptions        |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Receivable                             |         |       |   |   |    |   |          |      |        |   | 50,300        |   |   |       |   |   |   |   |   |   | 50,300 |   |
| Common Stock Issued for Cash at $0.20  |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 2,753,300  |   |   | 2,753   |   |          | 484,247   |        |   | (160,000      | )      |   |       |   |   |   |   |   |   | 327,000 |   |
| Common Stock Issued in Exercise of     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Share Purchase Warrants at $0.07       |         | 806,667    |   |   | 806     |   |          | 49,194    |        |   |          |   |   |       |   |   |   |   |   |   | 50,000 |   |
| Common Stock Issued for Cash at $0.15  |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| In Private Placement                   |         | 990,000    |   |   | 990     |   |          | 134,010   |        |   | (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      |         | 161,334    |   |   | 162     |   |          | 9,838     |        |   |          |   |   |       |   |   |   |   |   |   | 10,000 |   |
| Common Stock Issued in Exercise of     |         |       |   |   |    |   |          |      |        |   |          |   |   |       |   |   |   |   |   |   |   |   |
| Share Purchase Warrants at $0.10       |         | 121,000    |   |   | 121     |   |          | 7,379     |        |   |          |   |   |       |   |   |   |   |   |   | 7,500 |   |

----

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

| Common Stock Issued in Exercise of Share     |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
|----------------------------------------------|--------|-------------|--------|--------|---------|--------|--------|-----------|--------|--------|----------|--------|--------|------------|--------|--------|--------|--------|--------|--------|------------|--------|
| Purchase warrants at $0.114                  |   | 193,600     |   |   | 194     |   |   | 19,806    |   |   |     |   |   |       |   |   |   |   |   |   | 20,000     |   |
| Common Stock Issued for services to the      |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| advisory board at $0.15                      |   | 2,200,000   |   |   | 2,200   |   |   | 297,800   |   |   |     |   |   |       |   |   |   |   |   |   | 300,000    |   |
| Common Stock Issued for Cash at $0.15        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 110,000     |   |   | 110     |   |   | 14,890    |   |   |     |   |   |       |   |   |   |   |   |   | 15,000     |   |
| Common Stock Issued in Exercise of Share     |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| Purchase warrants at $0.075                  |   | 95,334      |   |   | 96      |   |   | 8,904     |   |   | (9,000   | )      |   |       |   |   |   |   |   |   | -          |   |
| Common Stock Issued in Exercise of Share     |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| Purchase warrants at $0.114                  |   | 2,420       |   |   | 2       |   |   | 248       |   |   |     |   |   |       |   |   |   |   |   |   | 250        |   |
| Common Stock Issued for Cash at $0.20        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 649,000     |   |   | 649     |   |   | 58,351    |   |   |     |   |   |       |   |   |   |   |   |   | 59,000     |   |
| Common Shares issued for Cash at $0.15       |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 48,729      |   |   | 48      |   |   | 6,597     |   |   |     |   |   |       |   |   |   |   |   |   | 6,645      |   |
| Common Stock Issued in Exercise of           |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| Share Purchase warrants at $0.068            |   | 160,930     |   |   | 162     |   |   | 9,838     |   |   |     |   |   |       |   |   |   |   |   |   | 10,000     |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.125                                    |   | 110,000     |   |   | 110     |   |   | 12,390    |   |   |     |   |   |       |   |   |   |   |   |   | 12,500     |   |
| Common Stock Issued for Cash at $0.20        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 110,000     |   |   | 110     |   |   | 9,890     |   |   |     |   |   |       |   |   |   |   |   |   | 10,000     |   |
| Common Stock Issued for Cash at $0.05        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 440,000     |   |   | 440     |   |   | 19,560    |   |   |     |   |   |       |   |   |   |   |   |   | 20,000     |   |
| Common Stock Issued in Exercise              |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| of Share Purchase warrants at $0.05          |   | 302,500     |   |   | 303     |   |   | 13,448    |   |   |     |   |   |       |   |   |   |   |   |   | 13,751     |   |
| Common Stock Issued in Exercise of           |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| Share Purchase warrants at $0.085            |   | 32,353      |   |   | 33      |   |   | 2,467     |   |   |     |   |   |       |   |   |   |   |   |   | 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                      |   | 103,291,285 |   | $      | 103,292 |   | $      | 5,457,144 |   | $      | (5,500   | )      | $      | (4,707,116 | )      | $      | -      |   |   | $      | 847,820    |   |
|                                         |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| Common Stock Issued for Cash at $0.14        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 7,700,000   |   |   | 7,700   |   |   | 92,300    |   |   | (95,000  | )      |   |       |   |   |   |   |   |   | 5,000      |   |
| Common Stock Issued for Cash at $0.15        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 2,200,000   |   |   | 2,200   |   |   | 27,800    |   |   | (14,387  | )      |   |       |   |   |   |   |   |   | 15,613     |   |
| Common Stock Issued for Cash at $0.18        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 1,100,000   |   |   | 1,100   |   |   | 16,400    |   |   |     |   |   |       |   |   |   |   |   |   | 17,500     |   |
| Common Stock Issued for Cash at $0.2         |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 9,240,000   |   |   | 9,240   |   |   | 158,760   |   |   | (15,000  | )      |   |       |   |   |   |   |   |   | 153,000    |   |
| Common Stock Issued for Cash at $0.25        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 2,752,200   |   |   | 2,752   |   |   | 59,748    |   |   | (1,000   | )      |   |       |   |   |   |   |   |   | 61,500     |   |
| Common Stock Issued for Cash at $0.05        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 9,101,400   |   |   | 9,101   |   |   | 379,499   |   |   | (34,000  | )      |   |       |   |   |   |   |   |   | 354,600    |   |
| Common Stock Issued for Cash at $0.075       |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 957,000     |   |   | 957     |   |   | 64,193    |   |   |     |   |   |       |   |   |   |   |   |   | 65,150     |   |
| Common Stock Issued for Cash at $0.10        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 165,000     |   |   | 165     |   |   | 14,835    |   |   |     |   |   |       |   |   |   |   |   |   | 15,000     |   |
| Common Stock Issued for Cash at $0.15        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 457,600     |   |   | 458     |   |   | 30,742    |   |   |     |   |   |       |   |   |   |   |   |   | 31,200     |   |
| Common Stock Issued in Exercise of           |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| Share Purchase warrants at $0.085            |   | 37,323      |   |   | 37      |   |   | 2,838     |   |   | (625     | )      |   |       |   |   |   |   |   |   | 2,250      |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.017                                    |   | 825,000     |   |   | 825     |   |   | 12,175    |   |   |     |   |   |       |   |   |   |   |   |   | 13,000     |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.02                                     |   | 3,850,000   |   |   | 3,850   |   |   | 66,150    |   |   |     |   |   |       |   |   |   |   |   |   | 70,000     |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.021                                    |   | 4,675,000   |   |   | 4,675   |   |   | 84,575    |   |   |     |   |   |       |   |   |   |   |   |   | 89,250     |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.024                                    |   | 2,750,000   |   |   | 2,750   |   |   | 57,250    |   |   |     |   |   |       |   |   |   |   |   |   | 60,000     |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.025                                    |   | 1,100,000   |   |   | 1,100   |   |   | 23,900    |   |   |     |   |   |       |   |   |   |   |   |   | 25,000     |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.029                                    |   | 639,536     |   |   | 640     |   |   | 20,268    |   |   |     |   |   |       |   |   |   |   |   |   | 20,908     |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at S0.03                                     |   | 11,000,000  |   |   | 11,000  |   |   | 289,000   |   |   |     |   |   |       |   |   |   |   |   |   | 300,000    |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.036                                    |   | 12,100,000  |   |   | 12,100  |   |   | 383,900   |   |   |     |   |   |       |   |   |   |   |   |   | 396,000    |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.05                                     |   | 3,410,000   |   |   | 3,410   |   |   | 151,590   |   |   |     |   |   |       |   |   |   |   |   |   | 155,000    |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.075                                    |   | 921,800     |   |   | 922     |   |   | 61,828    |   |   |     |   |   |       |   |   |   |   |   |   | 62,750     |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.08                                     |   | 4,561,700   |   |   | 4,562   |   |   | 327,198   |   |   |     |   |   |       |   |   |   |   |   |   | 331,760    |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.086                                    |   | 2,200,000   |   |   | 2,200   |   |   | 169,800   |   |   |     |   |   |       |   |   |   |   |   |   | 172,000    |   |
| Common Stock Issued for services             |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| at $0.10                                     |   | 165,000     |   |   | 165     |   |   | 14,835    |   |   |     |   |   |       |   |   |   |   |   |   | 15,000     |   |
| Cancellation of Issued Common Stock          |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| due to non-payment on receivable             |   | (198,000    | )      |   | (198    | )      |   | (8,802    | )      |   | 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                      |   | 185,001,844 |   |   | 185,003 |   |   | 7,957,926 |   |   | (151,012 | )      |   | (6,183,443 | )      |   | 25,000 |   |   |   | 1,833,474  |   |
|                                         |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| Common Stock Issued for Cash at $0.015       |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 19,317,832  |   |   | 19,318  |   |   | 244,107   |   |   | (16,250  | )      |   |       |   |   |   |   |   |   | 247,175    |   |
| Common Stock Issued for Cash at $0.02        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 1,765,500   |   |   | 1,766   |   |   | 30,335    |   |   | (1,700   | )      |   |       |   |   |   |   |   |   | 30,401     |   |
| Common Stock Issued for Cash at $0.022       |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 3,355,000   |   |   | 3,355   |   |   | 64,405    |   |   | -        |   |   |       |   |   |   |   |   |   | 67,760     |   |
| Common Stock Issued for Cash at $0.025       |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 770,000     |   |   | 770     |   |   | 16,730    |   |   | -        |   |   |       |   |   |   |   |   |   | 17,500     |   |
| Common Stock Issued for Cash at $0.033       |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 330,000     |   |   | 330     |   |   | 9,670     |   |   | -        |   |   |       |   |   |   |   |   |   | 10,000     |   |
| Common Stock Issued for Cash at $0.035       |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 264,000     |   |   | 264     |   |   | 8,136     |   |   | -        |   |   |       |   |   |   |   |   |   | 8,400      |   |
| Common Stock Issued for Cash at $0.04        |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 1,237,500   |   |   | 1,238   |   |   | 43,763    |   |   | (12,900  | )      |   |       |   |   |   |   |   |   | 32,100     |   |
| Common Stock Issued for Cash at $0.045       |   |        |   |   |    |   |   |      |   |   |     |   |   |       |   |   |   |   |   |   |       |   |
| In Private Placement                         |   | 7,752,141   |   |   | 7,750   |   |   | 309,392   |   |   | (30,422  | )      |   |       |   |   |   |   |   |   | 286,720    |   |

----

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

| Common Stock Issued for Cash at $0.05            |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
|--------------------------------------------------|--------|-------------|--------|--------|---------|--------|--------|------------|--------|--------|---------|--------|--------|-------------|--------|--------|---------|--------|--------|--------|------------|--------|
| In Private Placement                             |   | 1,199,000   |   |   | 1,199   |   |   | 53,301     |   |   |    |   |   |        |   |   |    |   |   |   | 54,500     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.02                                         |   | 1,100,000   |   |   | 1,100   |   |   | 18,900     |   |   |    |   |   |        |   |   |    |   |   |   | 20,000     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.028                                        |   | 9,240,000   |   |   | 9,240   |   |   | 225,960    |   |   |    |   |   |        |   |   |    |   |   |   | 235,200    |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.032                                        |   | 1,650,000   |   |   | 1,650   |   |   | 46,350     |   |   |    |   |   |        |   |   |    |   |   |   | 48,000     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.035                                        |   | 13,750      |   |   | 13      |   |   | 426        |   |   |    |   |   |        |   |   |    |   |   |   | 440        |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.047                                        |   | 110,000     |   |   | 110     |   |   | 4,590      |   |   |    |   |   |        |   |   |    |   |   |   | 4,700      |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.050                                        |   | 825,000     |   |   | 825     |   |   | 36,675     |   |   |    |   |   |        |   |   |    |   |   |   | 37,500     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.065                                        |   | 66,000      |   |   | 66      |   |   | 3,834      |   |   |    |   |   |        |   |   |    |   |   |   | 3,900      |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.083                                        |   | 73,333      |   |   | 73      |   |   | 5,427      |   |   |    |   |   |        |   |   |    |   |   |   | 5,500      |   |
| Common Stock Issued for Cash at $0.035           |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| In Private Placement                             |   | 345,730     |   |   | 346     |   |   | 10,654     |   |   |    |   |   |        |   |   |    |   |   |   | 11,000     |   |
| Common Stock Issued for Cash at $0.045           |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| In Private Placement                             |   | 3,159,640   |   |   | 3,160   |   |   | 126,070    |   |   | (10,000 | )      |   |        |   |   |    |   |   |   | 119,230    |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.041                                        |   | 2,035,000   |   |   | 2,035   |   |   | 73,815     |   |   |    |   |   |        |   |   |    |   |   |   | 75,850     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.050                                        |   | 275,000     |   |   | 275     |   |   | 12,225     |   |   |    |   |   |        |   |   |    |   |   |   | 12,500     |   |
| Cash Received for Subscriptions                  |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| Receivable                                       |   |        |   |   |    |   |   |       |   |   | 110,000 |   |   |        |   |   |    |   |   |   | 110,000    |   |
| Common Stock Issued for Cash at $0.05            |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| In Private Placement                             |   | 484,000     |   |   | 484     |   |   | 21,516     |   |   |    |   |   |        |   |   |    |   |   |   | 22,000     |   |
| Common Stock Issued for settlement               |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| of lawsuit at $0.05                              |   | 1,100,000   |   |   | 1,100   |   |   | 48,900     |   |   |    |   |   |        |   |   |    |   |   |   | 50,000     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| previously unrendered at $0.048                  |   | 550,000     |   |   | 550     |   |   | 23,450     |   |   |    |   |   |        |   |   |    |   |   |   | 24,000     |   |
| Cancellation of Issued Common Stock              |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| due to non-payment on receivable                 |   | (1,096,370  | )      |   | (1,096  | )      |   | (42,429    | )      |   | 43,525  |   |   |        |   |   |    |   |   |   | -          |   |
| Cash Received for Subscriptions                  |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| Receivable                                       |   |        |   |   |    |   |   |       |   |   | 24,622  |   |   |        |   |   |    |   |   |   | 24,622     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.043                                        |   | 330,000     |   |   | 330     |   |   | 12,570     |   |   |    |   |   |        |   |   |    |   |   |   | 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                          |   | 241,253,900 |   | $      | 241,254 |   | $      | 9,366,698  |   | $      | (25,000 | )      | $      | (9,658,724  | )      |   | -       |   |   | $      | (75,772    | )      |
|                                             |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.038                                        |   | 550,000     |   |   | 550     |   |   | 18,450     |   |   |    |   |   |        |   |   |    |   |   |   | 19,000     |   |
| Common Stock Issued for Land Lease payments      |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.035                                        |   | 1,650,000   |   |   | 1,650   |   |   | 52,350     |   |   |    |   |   |        |   |   |    |   |   |   | 54,000     |   |
| Common Stock issued for Cash at $0.042           |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| in Private Placement                             |   | 556,547     |   |   | 557     |   |   | 20,693     |   |   |    |   |   |        |   |   |    |   |   |   | 21,250     |   |
| Common Stock issued to close previous            |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| Private Placement unissued due to insufficient   |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| authorized shares at $0.033                      |   | 3,300,000   |   |   | 3,300   |   |   | 96,700     |   |   |    |   |   |        |   |   |    |   |   |   | 100,000    |   |
| Common Stock issued to close previous            |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| Private Placement unissued due to insufficient   |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| authorized shares at $0.04                       |   | 412,500     |   |   | 413     |   |   | 14,587     |   |   |    |   |   |        |   |   |    |   |   |   | 15,000     |   |
| Common Stock issued for Cash at $0.042           |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| in Private Placement                             |   | 35,356      |   |   | 35      |   |   | 1,315      |   |   |    |   |   |        |   |   |    |   |   |   | 1,350      |   |
| Common Stock issued for Cash at $0.036           |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| in Private Placement                             |   | 11,495,000  |   |   | 11,495  |   |   | 406,505    |   |   |    |   |   |        |   |   |    |   |   |   | 418,000    |   |
| Common Stock issued for Cash at $0.040           |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| in Private Placement                             |   | 1,375,000   |   |   | 1,375   |   |   | 53,625     |   |   |    |   |   |        |   |   |    |   |   |   | 55,000     |   |
| Common Stock issued for Cash at $0.0475          |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| in Private Placement                             |   | 315,790     |   |   | 316     |   |   | 14,684     |   |   |    |   |   |        |   |   |    |   |   |   | 15,000     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.038                                        |   | 1,050,000   |   |   | 1,050   |   |   | 57,225     |   |   |    |   |   |        |   |   |    |   |   |   | 58,275     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.036                                        |   | 385,000     |   |   | 385     |   |   | 15,365     |   |   |    |   |   |        |   |   |    |   |   |   | 15,750     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.048                                        |   | 500,000     |   |   | 500     |   |   | 23,500     |   |   |    |   |   |        |   |   |    |   |   |   | 24,000     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.05                                         |   | 660,000     |   |   | 660     |   |   | 35,970     |   |   |    |   |   |        |   |   |    |   |   |   | 36,630     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.045                                        |   | 484,000     |   |   | 484     |   |   | 24,156     |   |   |    |   |   |        |   |   |    |   |   |   | 24,640     |   |
| Common Stock issued for Cash at $0.040           |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| in Private Placement                             |   | 2,030,890   |   |   | 2,031   |   |   | 84,804     |   |   |    |   |   |        |   |   |    |   |   |   | 86,835     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.043                                        |   | 1,300,000   |   |   | 1,300   |   |   | 54,600     |   |   |    |   |   |        |   |   |    |   |   |   | 55,900     |   |
| Common Stock Issued for services                 |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| at $0.04                                         |   | 350,000     |   |   | 350     |   |   | 13,650     |   |   |    |   |   |        |   |   |    |   |   |   | 14,000     |   |
| Reduction to subscription receivable             |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| on outstanding subscription                      |   |        |   |   |    |   |   | (5,000     | )      |   | 5,000   |   |   |        |   |   |    |   |   |   | -          |   |
| Cash Received for Subscriptions                  |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   |       |   |
| Receivable                                       |   |        |   |   |    |   |   |       |   |   | 20,000  |   |   |        |   |   |    |   |   |   | 20,000     |   |
| Net (Loss)                                       |   |        |   |   |    |   |   |       |   |   |    |   |   | (822,809    | )      |   |    |   |   |   |       |   |
| Total comprehensive income (loss)                |   |        |   |   |    |   |   |       |   |   |    |   |   |        |   |   |    |   |   |   | (822,809   | )      |
| Balance, April 30, 2011                          |   | 267,703,983 |   | $      | 267,705 |   | $      | 10,349,877 |   | $      | -       |   | $      | (10,481,533 | )      |   | -       |   |   | $      | 136,049    |   |

----

|                                                              |   |                 |     |   |         |   |       | March 15, 2006 |   |
|-------------------------------------------------------------------|--------|----------------------|----------|--------|--------------|--------|------------|----------------|--------|
|                                                              |   |                 |     |   | (Inception)  |   |
|                                                              |   | Year Ended April 30, |     |   | to April 30, |   |
|                                                              |   | 2011                 |     |   | 2010         |   |       | 2011           |   |
| Operating activities                                              |   |                 |     |   |         |   |       |           |   |
| Net loss                                                          |   | $                    | (822,809 | )      |         | $      | (3,475,281 | )              |   | $ | (10,481,533 | ) |
| Adjustments to reconcile net loss                                 |   |                 |     |   |         |   |       |           |   |   |   |   |
|     Stock issued for services                      |   |                 | 91,647   |   |         |   | 581,248    |           |   |   | 2,734,975 |   |
| Stock issued for payment of interest on debt                      |   |                 | -        |   |         |   | -          |           |   |   | 12,750 |   |
| Non-cash financing costs                                          |   |                 | -        |   |         |   | -          |           |   |   | 46,234 |   |
| Realized loss on sale of investments                              |   |                 | 34,715   |   |         |   | 77,489     |           |   |   | 112,204 |   |
| Gain on sale of mineral property                                  |   |                 | -        |   |         |   | -          |           |   |   | (1,249,072 | ) |
| Depreciation and amortization                                     |   |                 | 5,350    |   |         |   | 7,255      |           |   |   | 29,920 |   |
| Stock-based compensation                                          |   |                 | 62,000   |   |         |   | 132,104    |           |   |   | 1,781,171 |   |
| Other-than-temporary impairment of investments                    |   |                 | -        |   |         |   | 1,224,302  |           |   |   | 1,224,302 |   |
| Impairment of long-lived assets                                   |   |                 | -        |   |         |   |       |           |   |   | 17,500 |   |
| Bad debt expense                                                  |   |                 | -        |   |         |   | 22,387     |           |   |   | 22,387 |   |
| Gain on sale of fixed asset                                       |   |                 | -        |   |         |   | (1,250     | )              |   |   | (1,250 | ) |
| Change in assets and liabilities                                  |   |                 |     |   |         |   |       |           |   |   |   |   |
|     (Increase)/decrease in other current assets    |   |                 | -        |   |         |   | (22,142    | )              |   |   | (22,387 | ) |
|     (Increase)/decrease in prepaid expenses        |   |                 | (3,494   | )      |         |   | (10,596    | )              |   |   | (25,675 | ) |
|     Increase/(decrease) in accounts payable        |   |                 | (151,558 | )      |         |   | 240,061    |           |   |   | 553,931 |   |
|     Increase/(decrease) in accrued liabilities     |   |                 | 34,823   |   |         |   | 85,569     |           |   |   | 337,366 |   |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Net cash used by operating activities                             |   |                 | (749,326 | )      |         |   | (1,138,854 | )              |   |   | (4,907,177 | ) |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Investment activities                                             |   |                 |     |   |         |   |       |           |   |   |   |   |
| Investments:                                                      |   |                 |     |   |         |   |       |           |   |   |   |   |
| Purchases                                                         |   |                 | -        |   |         |   | (1,357     | )              |   |   | (1,357 | ) |
| Proceeds from sales                                               |   |                 | 145,644  |   |         |   | 9,270      |           |   |   | 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      |           |   |   | 8,000 |   |
| Purchase of land                                                  |   |                 | -        |   |         |   | 25         |           |   |   | (67,742 | ) |
| Purchase of equipment                                             |   |                 | -        |   |         |   | (4,568     | )              |   |   | (17,616 | ) |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Net cash provided/(used) by investment activities                 |   |                 | 145,644  |   |         |   | (8,987     | )              |   |   | (44,693 | ) |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Financing activities                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Proceeds from loans from related parties                          |   |                 | -        |   |         |   | 25,000     |           |   |   | 121,864 |   |
| Repayments of loans from related parties                          |   |                 | (5,000   | )      |         |   | (9,880     | )              |   |   | (43,064 | ) |
| Proceeds from issuance of debt                                    |   |                 | -        |   |         |   | 102,800    |           |   |   | 149,841 |   |
| Repayments of debt                                                |   |                 | (4,232   | )      |         |   | (936       | )              |   |   | (5,168 | ) |
| Proceeds from the sale of stock                                   |   |                 | 617,435  |   |         |   | 1,060,550  |           |   |   | 4,742,554 |   |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Net cash provided by financing activities                         |   |                 | 608,203  |   |         |   | 1,177,534  |           |   |   | 4,966,027 |   |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Net increase in cash                                              |   |                 | 4,521    |   |         |   | 29,693     |           |   |   | 14,157 |   |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Cash, beginning of period                                         |   |                 | 9,636    |   |         |   | (20,057    | )              |   |   | - |   |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Cash, end of period                                               |   | $                    | 14,157   |   |         | $      | 9,636      |           |   | $ | 14,157 |   |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Supplemental Information:                                         |   |                 |     |   |         |   |       |           |   |   |   |   |
| Interest paid                                                     |   | $                    | 6,781    |   |         | $      | 6,923      |           |   | $ | 10,134 |   |
| Income taxes paid                                                 |   | $                    | -        |   |         | $      | -          |           |   | $ | - |   |
|                                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
| Non-cash activities:                                              |   |                 |     |   |         |   |       |           |   |   |   |   |
|     Stock issued for service as prepaid expenses   |   | $                    | 24,946   |   |         | $      | 14,054     |           |   | $ | 24,946 |   |
|     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                     |   | $                    | 136,900  |   |         | $      | 150,000    |           |   | $ | 333,134 |   |
| Stock issued as reduction of contingent liability                 |   | $                    | -        |   |         | $      | 50,000     |           |   | $ | 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 |   |

----

----

|                           | Fiscal Year Ended |    |
|--------------------------------|-------------------|---------|
|                           | April 30,    |    | April 30, |   |
|                           | 2011              |    | 2010 |   |
| Furniture and Equipment        | $                 | 8,848   |   | $ | 8,848 |   |
| Vehicles                       |              | 23,768  |   |   | 23,768 |   |
| Less: Accumulated Depreciation |              | (21,670 | ) |   | (16,320 | ) |
| Property and Equipment, Net    | $                 | 10,946  |   | $ | 16,296 |   |

----

----

----

----

----

|                               |   | Shares |           |   | Weighted AverageExercise Price |   |
|------------------------------------|--------|--------|----------------|--------|--------------------------------|--------|
| Outstanding at April 30, 2009 |   |   | 2,524,799      |   |                           | $      | 0.20 |   |
| Granted                            |   |   | 1,100,000      |   |                           |   | 0.07 |   |
| Exercised                          |   |   | –– |   |                           |   | –– |   |
| Forfeited/Expired                  |   |   | (284,299       | )      |                           |   | 0.21 |   |
|                               |   |   |           |   |                           |   |   |   |
| Outstanding at April 30, 2010 |   |   | 3,340,500      |   |                           |   | 0.17 |   |
|                               |   |   |           |   |                           |   |   |   |
| Granted                            |   |   | 17,815,035     |   |                           |   | 0.07 |   |
| Exercised                          |   |   | –– |   |                           |   | –– |   |
| Forfeited/Expired                  |   |   | (3,340,500     | )      |                           |   | 0.17 |   |
|                               |   |   |           |   |                           |   |   |   |
| Outstanding at April 30, 2011 |   |   | 17,815,035     |   |                           |   | 0.07 |   |

|            |   |   | Warrants Outstanding |   |
|-----------------|--------|--------|----------------------|--------|
| Range price ($) |   |   | Numberof Warrants    |   | Weighted AverageRemaining Life |   | Weighted AverageExercise Price |   |
| $               | 0.07   |   |                 |   | 3,000,000 |   | 1.04 years |   | $ | 0.07 |   |
| $               | 0.075  |   |                 |   | 14,815,035 |   | 0.67 years |   | $ | 0.075 |   |

----

|                |   | 2011   |           |   | 2010   |   |
|---------------------|--------|--------|----------------|--------|--------|--------|
| Current             |   | $      | –– |   |   | $      | –– |   |
| Deferred            |   |   | –– |   |   |   | –– |   |
| Total tax (benefit) |   | $      | –– |   |   | $      | –– |   |

|                            |   | 2011   |                 |   | 2010         |   |
|---------------------------------|--------|--------|----------------------|--------|--------------|--------|
| Deferred Tax Inventory          |   |   |                 |   |         |   |
| NOL                             |   | $      | 3,080,000            |   |         | $      | 2,296,000 |   |
| Stock compensation expense      |   |   |  –– |   |         |   | –– |   |
| Installment sale gain           |   |   | ––       |   |         |   | (74,000) |   |
| Impairment loss                 |   |   | ––       |   |    |   | 6,000 |   |
| Investments                     |   |   | ––       |   |    |   | 429,000 |   |
| Property, plant & equipment |   |   | (2,000               | )      |         |   | (3,000 | ) |
| Gross deferred tax assets       |   |   | 3,078,000            |   |         |   | 2,654,000 |   |
| Less: Valuation allowance       |   |   | (3,078,000           | )      |         |   | (2,654,000 | ) |
| Net deferred tax assets         |   | $      | ––       |   |         | $      | –– |   |

|                             |   | 2011   |   |   | 2010   |   |
|----------------------------------|--------|--------|--------|--------|--------|--------|
| Tax rate reconciliation          |   |   |   |   |   |   |
| Federal statutory rate           |   |   | 35     | %      |   |   | 35 | % |
| Tax at federal statutory rate    |   |   | 35.00  | %      |   |   | 35.00 | % |
| Permanent differences            |   |   | (0.08  | )      |   |   | (0.08 | ) |
| Net operating loss carry forward |   |   | (95.20 | )      |   |   | (21.41 | ) |
| Installment sale                 |   |   | 9.00   |   |   |   | –– |   |
| Unrealized gain (loss)           |   |   | 52.08  |   |   |   | (13.47) |   |
| Other temporary differences, net |   |   | (0.80  | )      |   |   | (0.04 | ) |
| Total                            |   |   | 0.00   | %      |   |   | 0.00 | % |

----

|       |   | RelatedParty NotesPayable |           |   | Short-termNote Payable& SecuredNotePayable |   |
|------------|--------|---------------------------|----------------|--------|------------------------------------------------|--------|
| 2012       |   | $                         | 28,800         |   |                                           | $      | 7,161 |   |
| 2013       |   |                      | -              |   |                                           |   | 3,898 |   |
| 2014       |   |                      | -              |   |                                           |   | 4,302 |   |
| 2015       |   |                      | -              |   |                                           |   | 4,749 |   |
| 2016       |   |                      | –– |   |                                           |   | 5,242 |   |
| Thereafter |   |                      | –– |   |                                           |   | 19,321 |   |
| Total      |   | $                         | 28,800         |   |                                           | $      | 44,673 |   |

|       |   | Minimumleasepayments |           |
|------------|--------|----------------------|----------------|
| 2012       |   | $                    | 33,552         |   |
| 2013       |   |                 | 35,724         |   |
| 2014       |   |                 | 37,884         |   |
| 2015       |   |                 | –– |   |
| 2016       |   |                 | –– |   |
| Thereafter |   |                 | –– |   |
| Total      |   | $                    | 107,160        |   |

----

|                                                   | April 30, 2011 |           | April 30, 2010 |   |
|--------------------------------------------------------|----------------|----------------|----------------|--------|
|                                                   | Level 1        |           | Level 2        |   | Level 3 |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |   |
| Sunergy common stock ( available for sale)             | $              | –– |           | $      | –– |   | $ | –– |   | $ | –– |   | $ | 177,796 |   | $ | –– |   | $ | –– |   | $ | 177,796 |   |
| Total assets measured at fair value on recurring basis | $              | –– |           | $      | –– |   | $ | –– |   | $ | –– |   | $ | 177,796 |   | $ | –– |   | $ | –– |   | $ | 177,796 |   |

| ● | All Sunergy shares are of the same class, though 336,483 are unrestricted and freely trading and 4 million are restricted shares. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|

| ● | The fair value of the shares at April 30, 2010 ($177,796) was less than its historical carrying cost ($1,402,097) |
|---------|-------------------------------------------------------------------------------------------------------------------|

| ● | The concern of the ability of the investee to continue as a going concern. As of the most recent public information released by Sunergy for the period September 30, 2009, the investee had less than $1,000 in cash, and negative cash flow from operations. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | The Board initiated a plan in the period ended April 30, 2010, to sell the remaining shares and did not expect the fair value of the shares to recover before the expected time of sale. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
|---------|--------------------------------------------------------------------------------------|

| Item 9A (T). | Controls and Procedures |
|--------------|-------------------------|

----

| Item 9B. | Other Information |
|----------|-------------------|

| Item 10. | Directors, Executive Officers and Corporate Governance |
|----------|--------------------------------------------------------|

| Name                                | Position Heldwith the Company                                           | Age | Date FirstElected or Appointed |
|-------------------------------------|-------------------------------------------------------------------------|-----|--------------------------------|
| Daniel J. Forbush (1)               | Chief Executive Officer, President,Chief Financial Officer and Director | 58  | March 23, 2007                 |
| David J. Salari (2)                 | Director                                                                | 54  | January 30, 2006               |
| Paul Wang (3)                       | Former President and Director                                           | 66  | March 11, 2010                 |
| Dr. Michael Powell (4)              | Independent Director                                                    | 57  | May 24, 2010                   |
| Robert G. Carrington (5)            | Former President and Director                                           | 66  | January 28, 2010               |
| Larry Max Bigler (6)                | Independent Director                                                    | 62  | December 18, 2007              |
| Mark E. Smith, P.E., G.E., S.E. (7) | Independent Director                                                    | 54  | December 30, 2010              |
| Keith M. Belingheri (8)             | Independent Director                                                    | 57  | December 17, 2010              |
| Dan L. Dyer P.E., C.E.M (9)         | Independent Director                                                    | 63  | December 17, 2010              |
| P. K. “Rana” Medhi      | Independent Director                                                    | 73  | December 30, 2010              |
| Walter A. Marting, Jr.              | Independent Director                                                    | 64  | July 1, 2011                   |

| (1)   | Mr. Forbush was appointed Chief Executive Officer on December 17, 2010 and President December 30, 2010. |
|-----------------|---------------------------------------------------------------------------------------------------------|

| (2)   | Mr. Salari resigned as a Director December 17, 2010. |
|-----------------|------------------------------------------------------|

| (3)   | Mr. Wang was appointed President of the Company on September 3, 2010 and removed as President on December 17, 2010 |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| (4)   | Dr. Powell resigned as an Independent Director December 17, 2010. |
|-----------------|-------------------------------------------------------------------|

| (5)   | Mr. Carrington resigned as President September 3, 2010 and as a Director December 17, 2010. |
|-----------------|---------------------------------------------------------------------------------------------|

| (6)   | Mr. Bigler resigned as an Independent Director May 2010 and was reappointed an Independent Director December 17, 2010. |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (7)   | Mr. Smith resigned as an Independent Director July 1, 2011. |
|-----------------|-------------------------------------------------------------|

| (8)   | Mr. Belingheri resigned as an Independent Director July 1, 2011. |
|-----------------|------------------------------------------------------------------|

| (9)   | Mr. Dyer resigned as an Independent Director July 1, 2011. |
|-----------------|------------------------------------------------------------|

----

----

----

----

----

| Name                          | Number ofLate Reports | Number of Transactions NotReported on a Timely Basis | Failure to FileRequested Forms |
|-------------------------------|-----------------------|------------------------------------------------------|--------------------------------|
| Robert Carrington             | Nil                   | Nil                                                  | Nil                            |
| David Salari                  | Nil                   | Nil                                                  | Nil                            |
| Paul Wang                     | Nil                   | Nil                                                  | Nil                            |
| Dr. Mike Powell               | Nil                   | Nil                                                  | Nil                            |
| Daniel Forbush                | 1                     | 2                                                    | Nil                            |
| Larry Max Bigler              | Nil                   | Nil                                                  | Nil                            |
| Walter A Marting, Jr.         | Nil                   | Nil                                                  | Nil                            |
| Mark E. Smith                 | 1                     | 1                                                    | Nil                            |
| Dan l. Dyer                   | 1                     | 1                                                    | Nil                            |
| Keith M. Belingheri           | 1                     | Nil                                                  | Nil                            |
| P.K. “Rana” Medhi | 1                     | Nil                                                  | Nil                            |

----

----

| 1. | honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the Securities and Exchange Commission and in other public communications made by us; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | compliance with applicable governmental laws, rules and regulations; |
|----|----------------------------------------------------------------------|

| 4. | the prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person or persons identified in the Code of Business Conduct and Ethics; and |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | accountability for adherence to the Code of Business Conduct and Ethics. |
|----|--------------------------------------------------------------------------|

----

| Item 11. | Executive Compensation |
|----------|------------------------|

| ·   | our principal executive officer; |
|--------------------|----------------------------------|

| ·   | each of our two most highly compensated executive officers who were serving as executive officers at the end of the years ended April 30, 2011 and 2010; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | up to two additional individuals for whom disclosure would have been provided under (b) but for the fact that the individual was not serving as our executive officer at the end of the years ended April 30, 2011 and 2010, |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| SUMMARY COMPENSATION TABLE                             |
|--------------------------------------------------------|
| Nameand PrincipalPosition                              | Year | Salary($) | Bonus($) | StockAwards($) | OptionAwards($) | Non-EquityIncentive PlanCompensation($) | Change inPensionValue andNonqualifiedDeferredCompensationEarnings($) | AllOtherCompensation($)(1) | Total($) |
| Stephen Parent,Former President,CEO and Director       | 20112010 | Nil108,000 | NilNil | NilNil | NilNil | NilNil | NilNil | NilNil | Nil108,000 |
| Robert G. Carrington,Former President,CEO and Director | 20112010 | NilNil | NilNil | NilNil | NilNil | NilNil | NilNil | NilNil | NilNil |
| Daniel ForbushPresident, CEO, CFOand Director          | 20112010 | 120,000120,000 | NilNil | NilNil | NilNil | NilNil | NilNil | NilNil | 120,000120,000 |
| Paul WangFormer President,CEO and Director             | 20112010 | 23,950Nil | NilNil | NilNil | NilNil | NilNil | NilNil | NilNil | 23,950Nil |

| (1)   | The value of perquisites and other personal benefits, securities and property for the officers that do not exceed the lesser of $10,000 or 10% of the total of the annual salary and bonus and is not reported herein. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| DIRECTOR COMPENSATION |
|-----------------------|
| Name                  | FeesEarned orPaid inCash($) | StockAwards($) | OptionAwards($) | Non-EquityIncentivePlanCompensation($) | Change inPensionValue andNonqualifiedDeferredCompensationEarnings($) | AllOtherCompensation($) | Total($) |
| David Salari          | 5,000 | Nil | Nil | Nil | Nil | Nil | 5,000 |
| Paul Wang             | 4,000 | Nil | Nil | Nil | Nil | Nil | 4,000 |
| Dr. Mike Powell       | 4,000 | Nil | Nil | Nil | Nil | Nil | 4,000 |
| Robert Carrington     | 5,000 | Nil | Nil | Nil | Nil | Nil | 5,000 |

----

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
|----------|------------------------------------------------------------------------------------------------|

| Name and Address ofBeneficial Owner                     | Amount and Nature ofBeneficial Ownership | Percentageof Class(1) |
|---------------------------------------------------------|------------------------------------------|-----------------------|
| Walter A. Marting, Jr.Reno, Nevada                      | Nil                                      | Nil                   |
| Larry Max BiglerReno, Nevada                            | 2,411,463                                | 0.90%                 |
| Paul WangPrim, AK                                       | 237,380                                  | 0.09%                 |
| P. K. “Rana” MedhiCasa Grande, AZ           | 550,000                                  | 0.20%                 |
| Daniel J. ForbushSparks, Nevada                         | 9,685,000                                | 3.59%                 |
| Directors and Executive Officers as a Group (5 persons) | 12,883,843                               | 4.78%                 |

| (1)  Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares.  Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares).  In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided.  In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights.  As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person’s actual ownership or voting power with respect to the number of shares of common stock actually outstanding on August 10, 2011.  As of August 10, 2011, there were 269,703,983 shares of our company’s common stock issued and outstanding. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Item 13. | Certain Relationships and Related Transactions, and Director Independence |
|----------|---------------------------------------------------------------------------|

| Item 14. | Principal Accountants Fees and Services |
|----------|-----------------------------------------|

|               | Year EndedApril 30 |
|--------------------|--------------------|
|               | 2011($)            | 2010($) |
| Audit Fees         | 52,000             |   | 94,100 |   |
| Audit Related Fees | Nil                |   | Nil |   |
| Tax Fees           | Nil                |   | Nil |   |
| All Other Fees     | Nil                |   | Nil |   |
| Total              | 52,000             |   | 94,100 |   |

----

| Item 15. | Exhibits, Financial Statement Schedules |
|----------|-----------------------------------------|

| ExhibitNumber |   | 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 January 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).                                                                     |
| 10.8          |   | Marketing Services Agreement effective July 15, 2008 with Wall Street Report Inc. (incorporated by reference from our Current Report on Form 8-K filed on September 5, 2008).                                                                               |
| 10.9          |   | Mining Acquisition Agreement dated October 31, 2008 between our company and Sunergy Inc. (incorporated by reference from our Current Report on Form 8-K filed on December 2, 2008).                                                                         |

----

| 10.10  |   | Amending Agreement to the Mining Acquisition Agreement dated December 5, 2008 between our company and Sunergy Inc. (incorporated by reference from our Current Report on Form 8-K filed on December 12, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.11  |   | Agreement dated February 10, 2009 between our company and Nevada Agency & Trust Company (incorporated by reference from our Current Report on Form 8-K filed on February 24, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.12  |   | Contract between our company and Stephen Tandon and Emanual Suchefort dated April 13, 2009 (incorporated by reference from our Current Report on Form 8-K filed on June 29, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.13  |   | Employment contract between our company and Paul Wang dated September 3, 2010 (incorporated by reference from our Current Report on Form 8-K filed on November 5, 2010).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.14  |   | Settlement Agreement between General Metals Corporation (the “Company”), Michael Powell, Robert Carrington, Daniel J. Forbush, David Salari, Larry Max Bigler, Keith M. Belingheri, Dan L. Dyer, Permundu K. Medhi, Michael Duncan, Robert Hesselgesser, M.D., Kenneth Robert Gearhart, Keith Alan Knight, Walter W. Knauss, and David L. Holmes entered into a Settlement Agreement (the “Settlement Agreement”) setting forth the parties’ agreement with respect to a good faith controversy (the “Contest”) over management of the Company, corporate policy and various related matters. The parties to the Settlement Agreement include (i) a majority of the Company’s board of directors then in office (the “Old Board”); (ii) individuals appointed under the terms of the Settlement Agreement to serve as board members; and (iii) each of the members of a shareholder group who filed a Schedule 13-D related to the Company on November 5, 2010 (collectively, the “13-D Shareholders”) (incorporated by reference from our Current Report on Form 8-K filed on December 23, 2010). |
| (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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (23)   |   | Consent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 23.1   |   | Consent of Mark Bailey & Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (31)   |   | Section 302 Certification                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 31.1*  |   | Section 302 Certification of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 31.2*  |   | Section 302 Certification of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (32)   |   | Section 906 Certification                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 32.1*  |   | Section 906 Certification of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.2*  |   | Section 906 Certification of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

|   | GENERAL METALS CORPORATION                                                               |
|--------|----------------------------------------------------------------------------------------------------|
|   | /s/ Daniel J. Forbush                                                                              |
|   | Daniel J. Forbush                                                                                  |
|   | President, Chief Executive Officer and Director(Principal Executive Officer)                       |
|   | Date: August 15, 2011                                                                         |
|   |  /s/ Daniel J. Forbush                                                                        |
|   | Daniel J. Forbush                                                                                  |
|   | Chief Financial Officer and Director(Principal Financial Officer and Principal Accounting Officer) |
|   | Date: August 15, 2011                                                                         |

| Signature                  | Title                                                | Date            |
|----------------------------|------------------------------------------------------|-----------------|
|                       |                                                 |            |
|                       |  President, Chief Executive Officer, Chief |            |
| /s/ Daniel J. Forbush      | Financial Officer and Director                       | August 15, 2011 |
| Daniel J. Forbush          |                                                 |            |
|                       |                                                 |            |
| /s/ Walter A. Marting, Jr. | Director                                             | August 15, 2011 |
| Walter A. Marting, Jr.     |                                                 |            |
|                       |                                                 |            |
| /s/ Paul Wang              | Director                                             | August 15, 2011 |
| Paul Wang                  |                                                 |            |
|                       |                                                 |            |
| /s/ Larry Max Bigler       | Director                                             | August 15, 2011 |
| Larry Max Bigler           |                                                 |            |
|                       |                                                 |            |
| /s/ P. K. Medhi            | Director                                             | August 15, 2011 |
| P. K. Medhi                |                                                 |            |
|                       |                                                 |            |
|                       |                                                 |            |