----

| U.S.      SECURITIES AND EXCHANGE COMMISSIONWashington,      D.C. 20549Form      10-Q |
|---------------------------------------------------------------------------------------|

| Zoro      Mining Corp. (Name      of small business issuer in its charter) |
|----------------------------------------------------------------------------|
|                                              |        |
| Nevada                                                                     | N/A |
| (State      or other jurisdiction of incorporationor      organization)    | (I.R.S.      Employer Identification No.) |
|                                              |        |
| 3430 East Sunrise Drive, Suite      160Tucson, Arizona      85718          |
| (Address      of principal executive offices)                              |
|                                              |        |
| (520)      299-0390                                                        |
| (Issuer’s      telephone number)                                     |
|                                              |        |
| Securities      registered pursuant to Section12(b)      of the Act:       | Name      of each exchange on whichregistered: |
| None                                                                       |   |
|                                              |        |
| Securities      registered pursuant to Section 12(g) of the Act:           |   |
| Common Stock,      $0.00001                                                |   |
| (Title      of Class)                                                      |   |

----

| Large accelerated      filer | o      | Accelerated      filer         | o      |
|------------------------------|--------|--------------------------------|--------|
|                         |   |                           |   |
| Non-accelerated      filer   | o      | Smaller reporting      company | x      |

| Class                       | Outstanding      as of  December 11, 2008 |
|-----------------------------|-----------------------------------------------------|
| Common      Stock, $0.00001 | 86,900,400                                          |

----

| Part      I                                | FINANCIAL      INFORMATION                                                                            | 4      |
|--------------------------------------------|-------------------------------------------------------------------------------------------------------|--------|
|                                       |                                                                                                  |   |
| Item      1.                               | Financial      Statements                                                                             | 4      |
|                             | Consolidated      Balance Sheets                                                                      | 4      |
|              | Consolidated      Statements of Operations                                                            | 5      |
|                                       | Consolidated      Statements of Cash Flows                                                            | 6      |
|                                       | Consolidated      Statement of Stockholders' Equity                                                   | 7      |
|                                       | Notes      to Financial Statements                                                                    | 8      |
|                                       |                                                                                                  |   |
| Item      2.                | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations | 13     |
|              |                                                                                                  |   |
| Item      3.                | Quantitative      and Qualitative Disclosures About Market Risk                                       | 18     |
|              |                                                                                                  |   |
| Item      4.                               | Controls      and Procedures                                                                          | 18     |
|                                       |                                                                                                  |   |
| Part      II.                              | OTHER      INFORMATION                                                                                | 20     |
|              |                                                                                                  |   |
| Item      1.                               | Legal      Proceedings                                                                                | 20     |
|              |                                                                                                  |   |
| Item      1A.                              | Risk      Factors                                                                                     | 20     |
|                                       |                                                                                                  |   |
| Item      2.                     | Unregistered      Sales of Equity Securities and Use of Proceeds                                      | 20     |
|                                       |                                                                                                  |   |
| Item      3.                               | Defaults      Upon Senior Securities                                                                  | 20     |
|              |                                                                                                  |   |
| Item      4.      | Submission      of Matters to a Vote of Security Holders                                              | 20     |
|                                       |                                                                                                  |   |
| Item      5.                          | Other      Information                                                                                | 20     |
|              |                                                                                                  |   |
| Item      6.      | Exhibits                                                                                              | 20     |

----

|                                                                    |   | October      31, 2008$ |       |   | April      30, 2008$ |   |
|-------------------------------------------------------------------------|--------|-----------------------------|------------|--------|---------------------------|--------|
|                                                                    |   | (unaudited)                 |       |   |                      |   |
| CURRENT      ASSETS                                                     |   |                        |       |   |                      |   |
| Cash                                                                    |   |                        | 210,224    |   |                      |   | 68,551 |   |
| Prepaid      expenses (Note 8)                                          |   |                        | 20,000     |   |                      |   | 1,726 |   |
| Other      receivables                                                  |   |                        | 5,043      |   |                      |   | 14,370 |   |
| Loan      receivable (Note 3)                                           |   |                        | 136,250    |   |                      |   | 132,500 |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| Total      Current Assets                                               |   |                        | 371,517    |   |                      |   | 217,147 |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| EQUIPMENT      (Note 5)                                                 |   |                        | 391,931    |   |                      |   | 435,267 |   |
| MINERAL      PROPERTIES (Note 4)                                        |   |                        | 1,272,727  |   |                      |   | 1,272,727 |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| TOTAL      ASSETS                                                       |   |                        | 2,036,175  |   |                      |   | 1,925,141 |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                         |   |                        |       |   |                      |   |   |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| Current      Liabilities                                                |   |                        |       |   |                      |   |   |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| Accounts      payable and accrued liabilities                           |   |                        | 634,094    |   |                      |   | 295,207 |   |
| Promissory      notes payable (Note 6)                                  |   |                        | 397,000    |   |                      |   | - |   |
| Due      to related parties (Note 6)                                    |   |                        | 1,152,119  |   |                      |   | 53,151 |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| Total      Current Liabilities                                          |   |                        | 2,183,213  |   |                      |   | 348,358 |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| CONVERTIBLE      NOTES (Note 7)                                         |   |                        | 115,974    |   |                      |   | - |   |
| DEFERRED      INCOME TAX LIABILITY (Note 4)                             |   |                        | 432,727    |   |                      |   | 432,727 |   |
|                                                                    |   |                        | 2,731,914  |   |                      |   | 781,085 |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| Stockholders’      Equity                                         |   |                        |       |   |                      |   |   |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| Capital      stock (Note 8)                                             |   |                        |       |   |                      |   |   |   |
| 3,600,000,000      shares authorized, $0.00001 par value                |   |                        |       |   |                      |   |   |   |
| 86,900,400 shares issued and      outstanding (2007 – 86,750,400) |   |                        | 869        |   |                      |   | 868 |   |
| Additional paid-in      capital                                         |   |                        | 5,035,664  |   |                      |   | 4,915,665 |   |
| Equity component of convertible      debenture                          |   |                        | 84,026     |   |                      |   | - |   |
| Donated capital                                                         |   |                        | 34,500     |   |                      |   | 34,500 |   |
| Deficit accumulated during the      exploration stage                   |   |                        | (5,850,798 | )      |                      |   | (3,806,977 | ) |
|                                                                    |   |                        |       |   |                      |   |   |   |
| Total      Stockholders’ Equity                                   |   |                        | (695,739   | )      |                      |   | 1,144,056 |   |
|                                                                    |   |                        |       |   |                      |   |   |   |
| TOTAL      LIABILITIES AND STOCKHOLDERS’ EQUITY                   |   |                        | 2,036,175  |   |                      |   | 1,925,141 |   |

----

|                                                               |   | For      the Three Months EndedOctober      31, 2008 |       |   | For      the ThreeMonths      EndedOctober      31, 2007 |   |       | For      the Six Months      EndedOctober      31, 2008 |   |   | For      the SixMonths      EndedOctober      31, 2007 |   |   | From      April 20, 2004 (Date of Inception) to October 31, 2008 |       |
|--------------------------------------------------------------------|--------|------------------------------------------------------|------------|--------|----------------------------------------------------------|--------|------------|--------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|------------------------------------------------------------------|------------|
|                                                               |   | $                                                    |       |   | $                                                        |   |       | $                                                            |   |   | $                                                      |   |   | $                                                                |       |
| Expenses                                                           |   |                                                 |       |   |                                                     |   |       |                                                         |   |   |                                                   |   |   |                                                             |       |   |   |   |   |   |
|    Consulting      (Note 6)                         |   |                                                 | 137,863    |   |                                                     |   | 95,226     |                                                         |   |   | 163,732                                                |   |   |                                                             | 142,246    |   |   |   | 541,638 |   |
|    Depreciation                                     |   |                                                 | 26,200     |   |                                                     |   | 18,259     |                                                         |   |   | 52,252                                                 |   |   |                                                             | 27,241     |   |   |   | 126,583 |   |
|    Donated      services                            |   |                                                 | -          |   |                                                     |   | -          |                                                         |   |   | -                                                      |   |   |                                                             | -          |   |   |   | 25,500 |   |
|    Filing      and transfer agent fees              |   |                                                 | 2,885      |   |                                                     |   | 1,410      |                                                         |   |   | 5,040                                                  |   |   |                                                             | 9,499      |   |   |   | 23,647 |   |
|    Management      and administration fees          |   |                                                 | 39,988     |   |                                                     |   | 37,322     |                                                         |   |   | 158,916                                                |   |   |                                                             | 251,430    |   |   |   | 527,253 |   |
|    Mineral      exploration costs (Note 4)          |   |                                                 | 522,809    |   |                                                     |   | 245,696    |                                                         |   |   | 1,403,110                                              |   |   |                                                             | 4,416,871  |   |   |   | 3,738,094 |   |
|    Office      and general (Note 6)                 |   |                                                 | 88,543     |   |                                                     |   | 177,583    |                                                         |   |   | 179,273                                                |   |   |                                                             | 194,222    |   |   |   | 560,706 |   |
|    Professional      fees                           |   |                                                 | 58,036     |   |                                                     |   | 66,400     |                                                         |   |   | 85,249                                                 |   |   |                                                             | 105,072    |   |   |   | 375,423 |   |
|                                                               |   |                                                 | (876,324   | )      |                                                     |   | (641,896   | )                                                            |   |   | (2,047,572                                             | )      |   |                                                             | (5,146,581 | ) |   |   | (5,918,844 | ) |
| Other      income                                                  |   |                                                 |       |   |                                                     |   |       |                                                         |   |   |                                                   |   |   |                                                             |       |   |   |   |   |   |
|    Interest income                                  |   |                                                 | 1,875      |   |                                                     |   | 28,226     |                                                         |   |   | 3,750                                                  |   |   |                                                             | 50,816     |   |   |   | 68,046 |   |
|                                                               |   |                                                 |       |   |                                                     |   |       |                                                         |   |   |                                                   |   |   |                                                             |       |   |   |   |   |   |
| Net      loss                                                      |   |                                                 | (874,449   | )      |                                                     |   | (613,670   | )                                                            |   |   | (2,043,822                                             | )      |   |                                                             | (5,095,765 | ) |   |   | (5,850,798 | ) |
|                                                               |   |                                                 |       |   |                                                     |   |       |                                                         |   |   |                                                   |   |   |                                                             |       |   |   |   |   |   |
| Basic      and diluted  loss per common share            |   |                                                 | (0.01      | )      |                                                     |   | (0.01      | )                                                            |   |   | (0.024                                                 | )      |   |                                                             | (0.06      | ) |   |   |   |   |
|                                                               |   |                                                 |       |   |                                                     |   |       |                                                         |   |   |                                                   |   |   |                                                             |       |   |   |   |   |   |
| Weighted      average number of common shares outstanding (Note 1) |   |                                                 | 86,900,400 |   |                                                     |   | 86,750,748 |                                                         |   |   | 86,871,867                                             |   |   |                                                             | 91,691,589 |   |   |   |   |   |

----

|                                                                        |   | For      the Six Months      EndedOctober      31, 2008$ |       |   | For      the Six Months      Ended October 31, 2007$ |   |       | FromApril      20, 2004(Date      of Inception)to      October 31, 2008$ |   |
|-----------------------------------------------------------------------------|--------|----------------------------------------------------------|------------|--------|------------------------------------------------------|--------|------------|--------------------------------------------------------------------------|--------|
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |
| Cash      Flows Used In Operating Activities                                |   |                                                     |       |   |                                                 |   |       |                                                                     |   |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |
| Net      loss                                                               |   |                                                     | (2,043,822 | )      |                                                 |   | (5,095,765 | )                                                                        |   |   | (5,850,798 | ) |
| Adjustments      to reconcile net loss to cash used in operatingactivities: |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
|    Stock      based compensation                             |   |                                                     | -          |   |                                                 |   | 209,293    |                                                                     |   |   | - |   |
|    Warrants      issued for mineral properties               |   |                                                     | -          |   |                                                 |   | 3,192,763  |                                                                     |   |   | - |   |
|    Depreciation                                              |   |                                                     | 52,252     |   |                                                 |   | 27,241     |                                                                     |   |   | 126,583 |   |
|    Non-cash      expenses                                    |   |                                                     | 100,000    |   |                                                 |   | 3,750      |                                                                     |   |   | 311,019 |   |
|    Accrued      interest income                              |   |                                                     | (3,750     | )      |                                                 |   | -          |                                                                     |   |   | (11,250 | ) |
|    Donated      rent                                         |   |                                                     | -          |   |                                                 |   | -          |                                                                     |   |   | 9,000 |   |
|    Donated      services                                     |   |                                                     | -          |   |                                                 |   | -          |                                                                     |   |   | 25,500 |   |
| Change      in non-cash operating assets and liabilities:                   |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Decrease      (increase) in prepaid expenses                                |   |                                                     | 1,726      |   |                                                 |   | 30,000     |                                                                     |   |   | (1,726 | ) |
| Decrease      (increase) in other receivables                               |   |                                                     | 9,327      |   |                                                 |   | (126,604   | )                                                                        |   |   | (5,043 | ) |
| Increase      in due to related parties                                     |   |                                                     | 1,098,968  |   |                                                 |   | 83,284     |                                                                     |   |   | 1,064,662 |   |
| Increase      (decrease) in accounts payable and accrued liabilities        |   |                                                     | 338,887    |   |                                                 |   | 495,636    |                                                                     |   |   | 721,550 |   |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Net      Cash Used in Operating Activities                                  |   |                                                     | (446,412   | )      |                                                 |   | (1,180,402 | )                                                                        |   |   | (3,610,503 | ) |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Cash      Flows Used In Investing Activities                                |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Purchase of    equipment                                                    |   |                                                     | (8,915     | )      |                                                 |   | (376,146   | )                                                                        |   |   | (518,513 | ) |
| Loan receivable                                                             |   |                                                     | -          |   |                                                 |   | -          |                                                                     |   |   | (125,000 | ) |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Net      Cash Used In Investing Activities                                  |   |                                                     | (8,915     | )      |                                                 |   | (376,146   | )                                                                        |   |   | (643,513 | ) |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Cash      Flows From Financing Activities                                   |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Promissory notes      payable                                               |   |                                                     | 397,000    |   |                                                 |   | -          |                                                                     |   |   | 397,000 |   |
| Convertible notes      payable                                              |   |                                                     | 200,000    |   |                                                 |   | -          |                                                                     |   |   | 200,000 |   |
| Proceeds from common stock      issuances and subscriptions                 |   |                                                     | -          |   |                                                 |   | 1,165,940  |                                                                     |   |   | 3,867,240 |   |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Net      Cash From Financing Activities                                     |   |                                                     | 597,000    |   |                                                 |   | 1,165,940  |                                                                     |   |   | 4,464,240 |   |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Increase      (Decrease) in Cash                                            |   |                                                     | (141,673   | )      |                                                 |   | (398,108   | )                                                                        |   |   | 210,224 |   |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Cash      - Beginning                                                       |   |                                                     | 68,551     |   |                                                 |   | 2,405,857  |                                                                     |   |   | - |   |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Cash      - Ending                                                          |   |                                                     | 210,224    |   |                                                 |   | 2,007,749  |                                                                     |   |   | 210,224 |   |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
|                                                                        |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Supplemental      Disclosures                                               |   |                                                     |       |   |                                                 |   |       |                                                                     |   |   |   |   |
| Interest      paid                                                          |   |                                                     | –    |   |                                                 |   | –    |                                                                     |   |   | – |   |
| Income      taxes paid                                                      |   |                                                     | –    |   |                                                 |   | –    |                                                                     |   |   | – |   |

----

|                                                                                     |   |              |         |   |    |   |    |       |   |   |                |   |   |   |   |   | Deficit         |   |       |    |   |   |       |   |
|------------------------------------------------------------------------------------------|--------|-------------------|--------------|--------|---------|--------|---------|------------|--------|--------|---------------------|--------|--------|--------|--------|--------|-----------------|--------|------------|---------|--------|--------|------------|--------|
|                                                                                     |   |              |         |   |    |   |    |       |   |   | Equity              |   |   |   |   |   | Accumulated     |   |       |    |   |   |       |   |
|                                                                                     |   |              |         |   |    |   |    | Additional |   |   | Component           |   |   | Common |   |   | During      the |   |       |    |   |   |       |   |
|                                                                                     |   |              |         |   |    |   |    | Paid-in    |   |   | of      Convertible |   |   | Stock  |   |   | Exploration     |   |       | Donated |   |   |       |   |
|                                                                                     |   | Common      Stock |         |   | Capital |   |    | Debt       |   |   | Subscriptions       |   |   | Stage  |   |   | Capital         |   |       | Total   |   |
|                                                                                     |   |              | #            |   |    | $      |    |       | $      |   |                | $      |   |   | $      |   |            | $      |       |    | $      |   |       | $      |   |
|                                                                                     |   |              |         |   |    |   |    |       |   |   |                |   |   |   |   |   |            |   |       |    |   |   |       |   |   |   |   |   |   |   |   |   |
| Balance      – April 20, 2004 (Date of Inception)                                  |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | - |   |   |   | - |   |
| Issuance      of common shares for cash                                                  |   |              |         |   |    |   |    |       |   |   |                |   |   |   | -      |   |            |   |       |    |   |   |       |   |   |   |   |   |   |   |   |   |
|    at      $.00001/share                                                  |   |              | 144,000,000  |   |    |   | 1,440   |       |   |   | (1,400              | )      |   |   | -      |   |            |   | (40        | )       |   |   | -          |   |   |   | - |   |   |   | - |   |
| Net      loss for the period                                                             |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | (1,858     | )      |   |   | - |   |   |   | (1,858 | ) |
| Balance      – April 30, 2004 (audited)                                            |   |              | 144,000,000  |   |    |   | 1,440   |       |   |   | (1,400              | )      |   |   | -      |   |            |   | (40        | )       |   |   | (1,858     | )      |   |   | - |   |   |   | (1,858 | ) |
| Issuance      of common shares for cash                                                  |   |              |         |   |    |   |    |       |   |   |                |   |   |   |   |   |            |   |       |    |   |   |       |   |   |   |   |   |   |   |   |   |
|    at      $.00001/share                                                  |   |              | 36,000,000   |   |    |   | 360     |       |   |   | (350                | )      |   |   | -      |   |            |   | (10        | )       |   |   | -          |   |   |   | - |   |   |   | - |   |
| Share      subscriptions received                                                        |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | 40         |    |   |   | -          |   |   |   | - |   |   |   | 40 |   |
| Donated      rent and services                                                           |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | 10,500 |   |   |   | 10,500 |   |
| Net      loss for the year                                                               |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | (32,480    | )      |   |   | - |   |   |   | (32,480 | ) |
| Balance      – April 30, 2005 (audited)                                            |   |              | 180,000,000  |   |    |   | 1,800   |       |   |   | (1,750              | )      |   |   | -      |   |            |   | (10        | )       |   |   | (34,338    | )      |   |   | 10,500 |   |   |   | (23,798 | ) |
| Share      subscriptions received                                                        |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | 10         |    |   |   | -          |   |   |   | - |   |   |   | 10 |   |
| Donated      rent and services                                                           |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | 12,000 |   |   |   | 12,000 |   |
| Net      loss for the year                                                               |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | (12,690    | )      |   |   | - |   |   |   | (12,690 | ) |
| Balance      – April 30, 2006 (audited)                                            |   |              | 180,000,000  |   |    |   | 1,800   |       |   |   | (1,750              | )      |   |   | -      |   |            |   | -          |    |   |   | (47,028    | )      |   |   | 22,500 |   |   |   | (24,478 | ) |
| Issuance      of common shares for cash                                                  |   |              |         |   |    |   |    |       |   |   |                |   |   |   |   |   |            |   |       |    |   |   |       |   |   |   |   |   |   |   |   |   |
|    at      $0.00277/share                                                 |   |              | 36,450,000   |   |    |   | 364     |       |   |   | 100,886             |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | - |   |   |   | 101,250 |   |
| Share      subscriptions received                                                        |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | 2,600,000  |    |   |   | -          |   |   |   | - |   |   |   | 2,600,000 |   |
| Donated      rent and services                                                           |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | 12,000 |   |   |   | 12,000 |   |
| Net      loss for the year                                                               |   |              | -            |   |    |   |    |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | (220,450   | )      |   |   | - |   |   |   | (220,450 | ) |
| Balance      – April 30, 2007 (audited)                                            |   |              | 216,450,000  |   |    |   | 2,164   |       |   |   | 99,136              |   |   |   | -      |   |            |   | 2,600,000  |    |   |   | (267,478   | )      |   |   | 34,500 |   |   |   | 2,468,322 |   |
| Shares      and warrants issued for private placement at $1.25 per unit (Note      8(a)) |   |              | 3,150,400    |   |    |   | 32      |       |   |   | 3,765,908           |   |   |   | -      |   |            |   | (2,600,000 | )       |   |   | -          |   |   |   | - |   |   |   | 1,165,940 |   |
| Share      cancellation (Note 8(a))                                                      |   |              | (132,850,000 | )      |    |   | (1,328  | )          |   |   | 1,328               |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | - |   |   |   | - |   |
| Fair      value of warrants issued for mineral properties (Note 4)                       |   |              | -            |   |    |   | -       |       |   |   | 840,000             |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | - |   |   |   | 840,000 |   |
| Fair      value of warrants issued for services (Note 8(b))                         |   |              | -            |   |    |   | -       |       |   |   | 209,293             |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | - |   |   |   | 209,293 |   |
| Net      loss                                                                            |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | (3,539,499 | )      |   |   | - |   |   |   | (      3,539,499 | ) |
| Balance      – April 30, 2008 (audited)                                            |   |              | 86,750,400   |   |    |   | 868     |       |   |   | 4,915,665           |   |   |   | -      |   |            |   | -          |    |   |   | (3,806,977 | )      |   |   | 34,500 |   |   |   | 1,144,056 |   |
| Issuance      of common shares for services                                              |   |              | 150,000      |   |    |   | 1       |       |   |   | 119,999             |   |   |   | -      |   |            |   | -          |    |   |   | -          |   |   |   | - |   |   |   | 120,000 |   |
| Equity      component of convertible note                                                |   |              | -            |   |    |   |  - |       |   |   | -                   |   |   |   | 84,026 |   |            |   | -          |    |   |   | -          |   |   |   |   |   |   |   | 84,026 |   |
| Net      loss                                                                            |   |              | -            |   |    |   | -       |       |   |   | -                   |   |   |   | -      |   |            |   | -          |    |   |   | (2,043,821 | )      |   |   | - |   |   |   | (2,043,821 | ) |
| Balance      – October 31, 2008 (unaudited)                                        |   |              | 86,900,400   |   |    |   | 869     |       |   |   | 5,035,664           |   |   |   | 84,026 |   |            |   | -          |    |   |   | (5,850,798 | )      |   |   | 34,500 |   |   |   | (695,739 | ) |

----

| 1.  | Nature of Operations and Basis      of Presentation The      Company was incorporated in the State of Nevada on April 20, 2004. The      Company is in the exploration stage, as defined by Statement of Financial      Accounting Standard (“SFAS”) No. 7. The Company’s principal business is      the acquisition and exploration of mineral resources (Note 4). The Company      has not presently determined whether its mineral properties contain      mineral reserves that are economically recoverable. The      unaudited interim consolidated financial statements have been prepared by      the Company in accordance with generally accepted accounting principles in      the United States for interim financial information and conforms with      instructions to Form 10-Q of Regulation S-K and reflects all adjustments      (all of which are normal and recurring in nature) that, in the opinion of      management, are necessary for fair presentation of the interim periods      presented. The results of operations for the interim periods presented are      not necessarily indicative of the results to be expected for any      subsequent quarter or for the entire year ending April 30, 2009. Certain      information and footnote disclosures normally included in financial      statements prepared in accordance with generally accepted accounting      principles in the United States have been condensed or omitted. These      unaudited interim consolidated financial statements and notes included      herein should be read in conjunction with the Company’s audited      consolidated financial statements and notes for the year ended April 30,      2008, included in the Company’s Annual Report on Form 10-KSB. The      accounting principles applied in the preparation of these interim      consolidated financial statements are consistent with those applied for      the year ended April 30, 2008. Going      Concern These      financial statements have been prepared on a going concern basis, which      implies the Company will continue to realize its assets and discharge its      liabilities in the normal course of business. The Company has not      generated revenues since inception and has never paid any dividends and is      unlikely to pay dividends or generate earnings in the immediate or      foreseeable future. The continuation of the Company as a going concern is      dependent on the ability of the Company to obtain necessary equity      financing to continue operations as well as reliance on related party      loans and advances, and to determine the existence, discovery and      successful exploitation of economically recoverable reserves in its      resource properties, confirmation of the Company’s interests in the      underlying properties, and the attainment of profitable operations. As at      October 31, 2008, the Company has accumulated losses of $5,850,798 since      inception and has a working capital deficiency of $1,811,696. These      factors raise substantial doubt regarding the Company’s ability to      continue as a going concern. These financial statements do not include any      adjustments to the recoverability and classification of recorded asset      amounts and classification of liabilities that might be necessary should      the Company be unable to continue as a going concern. Share      Split On      February 9, 2007 the Company increased the number of shares of the      Company's authorized share capital and correspondingly increased the      number of its issued and outstanding common shares, in each case on a      thirty-six (36) new shares for one (1) old share basis.  As a      result, the Company's authorized share capital was increased from      100,000,000 common shares to 3,600,000,000 common shares, and the      Company's issued and outstanding common stock was increased from 6,012,500      common shares to 216,450,000 common shares. The par value of the Company's      common shares, which is $0.00001 per common share, has not      changed.  The financial statements have been restated to give      retroactive effect to the stock split, unless otherwise      noted. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.  | Recent      Accounting Pronouncements In May 2008, the Financial Accounting Standards Board (“FASB”)      issued SFAS No. 163, “Accounting for Financial      Guarantee Insurance Contracts – An interpretation of FASB Statement No.      60”.  SFAS 163 requires that an insurance enterprise      recognize a claim liability prior to an event of default when there is      evidence that credit deterioration has occurred in an insured financial      obligation. It also clarifies how Statement 60 applies to financial      guarantee insurance contracts, including the recognition and measurement      to be used to account for premium revenue and claim liabilities, and      requires expanded disclosures about financial guarantee insurance      contracts. It is effective for financial statements issued for fiscal      years beginning after December 15, 2008, except for some disclosures about      the insurance enterprise’s risk-management activities. SFAS 163 requires      that disclosures about the risk-management activities of the insurance      enterprise be effective for the first period beginning after issuance.      Except for those disclosures, earlier application is not      permitted.  The adoption of this statement is not expected to      have a material effect on the Company’s financial    statements. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.  | Loan      Receivable During      the year ended April 30, 2007, $125,000 was advanced to a property vendor      under a failed property acquisition agreement.  This amount is      secured by an interest in another company, bears interest at 6% simple      interest per annum, and was repayable on March 12, 2008.  The      note remains outstanding at October 31, 2008, and interest continues to      accrue.  During the six months ended October 31, 2008, interest      of $3,750 (2007 - $3,750) has been accrued on this  note. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.  | Mineral      Properties Pursuant      to an agreement dated April 12, 2007 and effective on May 7, 2007, the      Company agreed to the terms and conditions of a mineral property      acquisition agreement between the Company and various third parties      pursuant to which the vendors agreed to transfer a 100% undivided legal,      beneficial and registerable interest in and to six separate mineral      property projects, totalling approximately 27,294 acres in Chile, 6,822      acres in Mexico, and a further 4,940 acres located in Peru (the “Mineral      Property Acquisition Agreement”). |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.  | Mineral Properties      -      continued The      property concessions are listed as  follows: |
|----------|-----------------------------------------------------------------------------------------------------|

| Location                  |   | Project                     |   | Exploration      Target |   | Concession      Acres |   |
|---------------------------|--------|-----------------------------|--------|-------------------------|--------|-----------------------|--------|
| Sonora,      Mexico       |   | The      Las Animas Project |   | Gold,      Copper       |   |                  | 6,822  |   |
| Chile,      South America |   | The      Costa Rica Project |   | Gold,      Copper       |   |                  | 4,817  |   |
| Chile,      South America |   | The      Escondida Project  |   | Gold,      Platinum     |   |                  | 5,063  |   |
| Chile,      South America |   | The      Rio Sur Project    |   | Gold,      Copper       |   |                  | 2,840  |   |
| Chile,      South America |   | Don      Beno Project       |   | Gold,      Copper       |   |                  | 14,574 |   |
| Peru,      South America  |   | The      Yura Project       |   | Gold                    |   |                  | 4,940  |   |
|                      |   |                        |   |                    |   |                  | 39,056 |   |

|   | In      order to complete the acquisitions, six wholly-owned subsidiaries in each      of Peru, Chile, and Mexico were incorporated by the Company between May      and July 2007 to beneficially hold property titles in each      country.  As consideration, a founding shareholder of the      Company agreed to sell an aggregate of 35,500,000 restricted common shares      to the vendors at a purchase price of US$0.00001 per common share, the      Company agreed to enter into certain consulting arrangements for      management and administration of exploration activities with certain      agents to the vendors of the properties, and the Company further agreed to      pay all regulatory and governmental payments and assessment work required      to keep the mineral property interests in good standing. The Company is in      the process of establishing and transferring to the wholly-owned      subsidiaries its various and newly acquired property      interests.The      Company has been concentrating its exploration initiatives primarily in      Peru on its 4,940 acre Yura gold prospect located near Arequipa, Peru and      on its 14,574 acre Don Beno gold and copper project near Copiapó, Chile      where recent exploratory drilling is currently in      process.On      May 18, 2007 and in connection with the Mineral Property Acquisition      Agreement, the Company issued an aggregate of 4,670,000 warrants to      purchase restricted common shares of the Company at a price of $0.70 per      share for a term until May 18, 2009 for finders’ fees in connection with      the exploration properties acquired of which 808,500 warrants were issued      to an individual who subsequently became the President and Director of the      Company. The term of these warrants is two years. The fair value of these      warrants at the date of grant of $840,000 was estimated using the      Black-Scholes option pricing model with an expected life of 2 years, a      risk free interest rate of 4.38%, a dividend yield of 0%, and an expected      volatility of 40% and has been recorded as mineral property acquisition      costs in the period. The valuation of the warrants has been apportioned by      exploration acreage in Chile, Peru, and Mexico in the amounts of $587,028,      $106,247, and $146,725 respectively.The      Company has recorded a deferred income tax liability of $432,727 relating      to the value of the warrants not deductible for tax      purposes.  As a result of the above transactions mineral      properties have been valued at $1,272,727, of which $840,000 was the fair      value of warrant valuation, and $432,727 is deferred tax liability      relating to the value of the  warrants. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | During      the year ended April 30, 2007, the Company paid $48,087 in costs relating      to due diligence of a possible gold property acquisition in Brazil which      never completed.On      August 18, 2008, the Company entered into a letter of agreement that      options 50% of the Company’s Escondida property and project to a third      party on an earn in basis.  The Purchaser had until November 16,      2008 to perform necessary due diligence on the Escondida project under the      option.  The option has lapsed and joint venture funding      prospects relating to the Escondida project will notcomplete.Mineral      exploration costs by area of exploration expensed during the six months      ended October 31, 2008 were as  follows: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                |   | Six      months ended October 31, 2008 |      |
|-------------------------------------|--------|----------------------------------------|-----------|
| Chile                               |   |                                   |      |
| Drilling                            |   | $                                      | 285,137   |   |
| Field supplies                      |   |                                   | 43,713    |   |
| Geological, mapping and      survey |   |                                   | 494,793   |   |
| Property      maintenance           |   |                                   | 126,853   |   |
| Site    administration              |   |                                   | 322,480   |   |
| Travel                              |   |                                   | 60,101    |   |
|                                |   |                                   | 1,333,077 |   |
| Peru                                |   |                                   |      |   |
| Field supplies                      |   |                                   | -         |   |
| Geological, mapping and      survey |   |                                   | -         |   |
| Property      maintenance           |   |                                   | -         |   |
| Site    administration              |   |                                   | 41,000    |   |
| Travel                              |   |                                   | 4,033     |   |
|                                |   |                                   | 45,033    |   |
| Mexico                              |   |                                   |      |   |
| Geological, mapping and      survey |   |                                   | -         |   |
| Property      maintenance           |   |                                   | -         |   |
| Site    administration              |   |                                   | 25,000    |   |
|                                |   |                                   | 25,000    |   |
| Total                               |   | $                                      | 1,403,110 |   |

----

| 4.  | Mineral Properties      -      continued |
|----------|------------------------------------------|

|   | The      Company shares operating offices in Copiapó, Chile, Arequipa, Peru, and      Tucson, AZ with Pacific Copper Corp., a Delaware public      company.  Certain directors and management of the Company also      act as officers, directors, and management of Pacific Copper Corp (refer      to Note 6). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.  | Equipment Equipment is comprised of certain assets      located primarily in Peru and Chile relating to exploration      activity. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------|

|                                   |   | Cost                  |    |   | Accumulated      Depreciation |   |    | Net      Book Value   |   |   | Net      Book Value |   |
|----------------------------------------|--------|-----------------------|---------|--------|-------------------------------|--------|---------|-----------------------|--------|--------|---------------------|--------|
|                                   |   | October      31, 2008 |    |   | October      31, 2008         |   |    | October      31, 2008 |   |   | April      30, 2008 |   |
| North      America                     |   |                  |    |   |                          |   |    |                  |   |   |                |   |
| Computers                              |   | $                     | 7,020   |   |                          | $      | 3,214   |                  |   | $      | 3,806               |   |   | $ | 5,304 |   |
|                                   |   |                  |    |   |                          |   |    |                  |   |   |                |   |   |   |   |   |
| South      America and MexicoComputers |   |                  | 3,315   |   |                          |   | 1,036   |                  |   |   | 2,279               |   |   |   | 2,832 |   |
| Furniture                              |   |                  | 12,639  |   |                          |   | 2,431   |                  |   |   | 10,208              |   |   |   | 11,497 |   |
| Exploration      equipment             |   |                  | 14,204  |   |                          |   | 3,244   |                  |   |   | 10,960              |   |   |   | 12,482 |   |
| Vehicles                               |   |                  | 105,752 |   |                          |   | 17,045  |                  |   |   | 88,707              |   |   |   | 89,625 |   |
| Earth      moving equipment            |   |                  | 375,583 |   |                          |   | 99,612  |                  |   |   | 275,971             |   |   |   | 313,527 |   |
|                                   |   |                  | 511,493 |   |                          |   | 123,368 |                  |   |   | 388,125             |   |   |   | 429,963 |   |
|                                   |   |                  |    |   |                          |   |    |                  |   |   |                |   |   |   |   |   |
| Total                                  |   | $                     | 518,513 |   |                          | $      | 126,582 |                  |   | $      | 391,931             |   |   | $ | 435,267 |   |

| 6.  | Related      Party Transactions During the six months ended October 31, 2008, the Company incurred      the following amounts to officers, directors, and other related parties to      the Company: |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a) | accrued      $45,000 (2007 - $37,500) to a director and officer of the Company for      geological services rendered; $45,000 was owed this director at October      31, 2008 (April 30, 2008 - $15,000), with such costs recorded as mineral      exploration costs; |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b) | accrued      to a director and officer of the Company $45,000 (2007 - $57,500) for      management of South American exploration with such costs recorded as      mineral exploration costs.  At October 31, 2008, $184,125 (April      30, 2008 – $26,695) was owed to this director for unpaid fees,      reimbursement of expenses, and payment of $25,000 to another      director  for administration of the Mexican      property; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c) | paid      a director and officer of the Company $83,614 (2007 - $35,373) for      management services with respect to the administration of the      Company; |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | d) | paid      an officer of the Company $22,023 (2007 - $5,074) for administrative      consulting services; |
|--|----|----------------------------------------------------------------------------------------------------------|

|  | e) | the      Company incurred a total of $835,538 (2007 - $621,132) to a private      Chilean company that provides exploration services to the Company in Chile      for third party services provided without markup, and has a director in      common, of which $835,538 was owed at October 31, 2008 (April 30, 2008 -      $nil) with such costs recorded as exploration costs in Chile, South      America; |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Company participated in a cost sharing arrangement with another public      company, Pacific Copper Corp. with three directors in common with the      Company and shares South American operating offices. The expenditures      relate to shared exploration in similar operating areas of Chile and Peru      including shared site offices in each country. During the six months ended      October 31, 2008, a total of $397,000 (2007 - $0) was advanced to the      Company from Pacific Copper Corp. by way of demand promissory      notes  This amount is unsecured, bears no interest and is      repayable on demand. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.  | Related Party      Transactions -      continued The      Company is a guarantor of a lease agreement effective September, 1, 2007      that obligates the Company under conditions of default by a related party      lessee (a company with two directors in common with the Company), to pay      for the entire lease relating to the Company’s Tucson office until the end      of the lease term through October 31, 2010 or as amended or renewed.       As at October 31, 2008, the gross value of the guarantee was      $281,815.  The Company currently pays approximately $4,100 per month      relating to the Company’s Tucson office under an informal month-to-month      arrangement.All      related party transactions are in the normal course of business and are      measured at the exchange amount, which is the amount of consideration      established and agreed to by the related    parties. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.  | Convertible      Note The Company issued $200,000 in a 6% convertible      note with a two year term due on October 31, 2010 to a third      party. The note is convertible into units at $0.16 per unit for a period      of two years.  Each unit is comprised of one common share and      one share purchase warrant exercisable for at $0.25 per share for a two      year term from the date of conversion. The convertible debt was allocated      between its debt and equity components on a relative fair value basis with      the fair value of the debt portion ($115,974) based on an estimated      fair value interest rate of 15% and the fair value of the equity portion      ($84,026) being estimated using the Black-Scholes pricing model for the      embedded share and warrant issuable upon conversion, and utilizing an      expected life of 2 years, a risk free interest rate average of 1.56%, a      dividend yield of 0%, and an expected volatility of 140%.  The      Company will record further interest expense above the stated 6% over the      term of the convertible note of $84,026 resulting from the difference      between the stated value and carrying value at the date of issuance using      the effective interest method.  At October 31, 2008 there was no      interest accretion to berecorded. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.  | Capital      Stock |
|----------|--------------------|

|  | a)  | Share      issuances and cancellations: |
|--|----------|-----------------------------------------|

|   | Between      May 4, 2007 and October 11, 2007, and in connection with a private      placement, the Company issued in four tranches a total of 3,150,400 units      of securities for $3,938,000.  Each unit was priced at $1.25 and      was comprised of one common share and one share purchase warrant to      purchase a further share of common stock at a price of $1.50 until October      31, 2009.  At April 30, 2007 the Company had received $2,600,000      towards this private placement.A      total of $172,060 and 100,800 warrants were paid to consultants as      finders’ fees in connection with the above private placement, with such      warrants having the same terms and conditions as the warrants in the units      of the private placement.  The fair value of these warrants at      the date of grant of $37,767 was estimated using the Black-Scholes warrant      pricing model with an expected life of 2 years, a risk free interest rate      average of 4.31%, a dividend yield of 0%, and an expected volatility of      40%, and was recorded in accordance with the provisions of SFAS      148.On      May 7, 2007, and in connection with the Mineral Property Acquisition      Agreement, an aggregate of 132,850,000 common shares of the Company held      by certain directors of the Company were cancelled and returned to      treasury for no consideration as part of a restructuring to allow the      Company to acquire certain assets.  No value was attributed to      the transaction on the basis of prior negotiations. On      May 31, 2008, the Company issued 150,000 common shares valued at $120,000      to a third party pursuant to a financial advisory consulting services      agreement effective for a six month term. The Company expensed $100,000      relating to this services agreement in the six months ended October 31,      2008 and as of October 31, 2008, the balance of  $20,000 is      recorded in prepaid expenses to be amortized during the following      quarter. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b)  | Warrants: |
|--|----------|-----------|

|   | On      May 18, 2007 and in connection with the Mineral Property Acquisition      Agreement, the Company issued an aggregate of 4,670,000 warrants to      purchase restricted common shares of the Company at a price of $0.70 per      share for a term until May 18, 2009.  The warrants were granted      for mineral property acquisition costs in connection with the exploration      properties acquired. The fair value of these warrants at the date of grant      of $840,000 was estimated using the Black-Scholes warrant pricing model      with an expected life of 2 years, a risk free interest rate of 4.38%, a      dividend yield of 0%, and an expected volatility of 40%, and was recorded      in accordance with the provisions of SFAS 148. On      May 18, 2007 and in connection with management services to be rendered      over a one year period by the current President and director of the      Company, the Company issued an aggregate of 800,000 warrants to purchase      common shares of the Company at a price of $1.50 per share for a term      until May 18, 2009.  The fair value of these warrants at the      date of grant of $209,293 was estimated using the Black-Scholes option      pricing model with an expected life of 2 years, a risk free interest rate      of 4.38%, a dividend yield of 0%, and an expected volatility of 40%, and      was recorded in accordance with the provisions of SFAS 148 to management      and administrationfees. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.  | Capital      Stock -      continued Warrant      transactions are summarized asfollows: |
|----------|---------------------------------------------------------------------------------------------------|

|                                               |   | Number      of Warrants |      |   | Weighted      Average Exercise Price per Share ($) |   |   | Weighted      Average Contractual Life Remaining (in Years) |   |
|----------------------------------------------------|--------|-------------------------|-----------|--------|----------------------------------------------------|--------|--------|-------------------------------------------------------------|--------|
| Balance,      April 30, 2007                       |   |                    | -         |   |                                               |   | -      |                                                        |   |   | - |   |
| Granted      during the year                       |   |                    | 8,721,200 |   |                                               |   | 1.07   |                                                        |   |   | 2.00 |   |
| Balance,      April 30, 2008                       |   |                    | 8,721,200 |   |                                               |   | 1.07   |                                                        |   |   | 1.22 |   |
| Granted,      exercised, expired during the period |   |                    | -         |   |                                               |   | -      |                                                        |   |   | - |   |
| Balance,      October 31, 2008                     |   |                    | 8,721,200 |   |                                               |   | 1.07   |                                                        |   |   | 0.71 |   |

|  | c)  | Share      options: |
|--|----------|---------------------|

|   | On      February 7, 2008, the Company adopted a stock option plan (the “2008 Stock      Incentive Plan”) including both qualified and non-qualified share options      not to exceed 15% of the issued and outstanding share options at any      date.  No share options have been granted at the date of these      financial statements. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.  | Commitments On      May 1, 2007, the Company entered into a corporate support services      agreement effective January 1, 2007 with a third party to perform office      and administrative services for approximately $14,100 (CDN$15,000) per      month. The      Company is a guarantor of a lease agreement effective September, 1, 2007      that obligates the Company under conditions of default by a related party      lessee (a company with two directors in common with the Company), to pay      for the entire lease relating to the Company’s Tucson office until the end      of the lease term through October 31, 2010 or as amended or renewed.       As at October 31, 2008, the gross value of the guarantee was      $315,181.  The Company currently pays approximately $4,000 per month      relating to the Company’s Tucson office under an informal month-to-month      arrangement. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.  | Non-cash      Investing and Financing Activities During the six months ended October 31, 2008,      the Company issued 150,000 common shares valued at $120,000 in connection      with a financial advisory consulting services agreement effective for a      six month term. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.  | Subsequent      Event On November 28, 2008, the Company issued      $200,000 in 10% promissory notes with a term to November 28, 2009 to a      third party. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Location                  | Project | Exploration      Target     |   | Concession      Acres   |   |
|---------------------------|---------|-----------------------------|--------|-------------------------|--------|
| Sonora,      Mexico       |    | The      Las Animas Project |   | Gold,      Copper       |   |   | 6,822 |   |
| Chile,      South America |    | The      Costa Rica Project |   | Gold,      Copper       |   |   | 4,817 |   |
| Chile,      South America |    | The      Escondida Project  |   | Gold,      Platinum     |   |   | 5,063 |   |
| Chile,      South America |    | The      Rio Sur Project    |   | Gold,      Copper       |   |   | 2,840 |   |
| Chile,      South America |    | Don      Beno Project       |   | Gold,      Copper       |   |   | 14,574 |   |
| Peru,      South America  |    | The      Yura Project       |   | Gold                    |   |   | 4,940 |   |
|                      |    |                        |   | Total      Net Acreage: |   |   | 39,056 |   |

----

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|                                    |   | Six-Month      Periods EndedOctober      31, 2008and      October 31, 2007 |       |   | For      the Period from April 20, 2004 (inception) toOctober      31, 2008 |   |
|-----------------------------------------|--------|----------------------------------------------------------------------------|------------|--------|-----------------------------------------------------------------------------|--------|
|                                    |   | 2008                                                                       |       |   | 2007                                                                        |   |   |   |   |
| Expenses                                |   |                                                                       |       |   |                                                                        |   |   |   |   |
| Consulting                              |   | $                                                                          | 163,732    |   |                                                                        | $      | 142,246 |   |   | $ | 541,638 |   |
| Depreciation                            |   |                                                                       | 52,252     |   |                                                                        |   | 27,241 |   |   |   | 126,583 |   |
| Donated      services                   |   |                                                                       | -0-        |   |                                                                        |   | -0- |   |   |   | 25,500 |   |
| Filing      and transfer agent fees     |   |                                                                       | 5,040      |   |                                                                        |   | 9,499 |   |   |   | 23,647 |   |
| Management      and administration fees |   |                                                                       | 158,916    |   |                                                                        |   | 251,430 |   |   |   | 527,253 |   |
| Mineral      exploration costs          |   |                                                                       | 1,403,110  |   |                                                                        |   | 4,416,871 |   |   |   | 3,738,094 |   |
| Office      and general                 |   |                                                                       | 179,273    |   |                                                                        |   | 194,222 |   |   |   | 560,706 |   |
| Professional      fees                  |   |                                                                       | 85,249     |   |                                                                        |   | 105,072 |   |   |   | 375,423 |   |
| Total      Expenses                     |   | $                                                                          | (2,047,572 | )      |                                                                        | $      | (5,146,581 | ) |   | $ | (5,918,844 | ) |
| Other      Income                       |   |                                                                       |       |   |                                                                        |   |   |   |   |   |   |   |
| Interest                                |   |                                                                       | 3,750      |   |                                                                        |   | 50,816 |   |   |   | 68,046 |   |
| Net      Loss                           |   | $                                                                          | (2,043,822 | )      |                                                                        | $      | (5,095,765 | ) |   | $ | (5,850,798 | ) |

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|   | 31.1   | Certification of Chief Executive Officer pursuant      to Securities Exchange Act of 1934 Rule 13a-14(a) or      15d-14(a).                                                                              |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                     |
|   | 31.2   | Certification of Chief Financial Officer pursuant      to Securities Exchange Act of 1934 Rule      13a-14(a) or 15d-14(a).                                                                              |
|   |   |                                                                                                                                                                                                     |
|   | 32.1   | Certifications pursuant to Securities Exchange Act      of 1934 Rule 13a-14(b) or 15d-14(b)      and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the      Sarbanes- Oxley Act of 2002. |

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|                                            | ZORO      MINING CORP. |                                 |
|-------------------------------------------------|------------------------|--------------------------------------|
|                                            |                   |                                 |   |
| Dated:      December 15, 2008    | By:                    | /s/        ANDREW BRODKEY  |   |
|                                            |                   | Andrew      Brodkey, President/Chief |   |
|                                            |                   | Executive      Officer               |   |
|                                            |                   |                                 |   |

|                                      |   |                             |   |
|-------------------------------------------|--------|----------------------------------|--------|
| Dated:      December 15, 2008   | By:    | /s/        JAS BUTALIA |   |
|                                      |   | Jas      Butalia, Chief          |   |
|                                      |   | Financial      Officer           |   |
|                                      |   |                             |   |

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