----

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| x | QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------|

|   | For the quarterly period ended October 31, 2010               |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|

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

|   | For the transition period from _____ to _____            |
|--------|-----------------------------------------------------------------------------------------------------------------|

| Nevada                                                         |   | N/A                                  |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 3040 North Campbell Avenue #110Tucson, Arizona                 |   |  85719                          |
| (Address of principal executive offices)                       |   | (Zip Code)                           |
|                                                           |   |                                 |
| (520) 299-0390                                                 |   |                                 |
| (Registrant’s telephone number, including area code)     |   |                                 |

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Table of Contents

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

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----

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Table of Contents

INDEX

| PART I – FINANCIAL INFORMATION | 1                                                                                           |
|--------------------------------------|---------------------------------------------------------------------------------------------|
|                                 |                                                                                        |
| Item 1.                              | Financial Statements                                                                        | 1 |
| Item 2.                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 16 |
| Item 3.                              | Quantitative and Qualitative Disclosures About Market Risk                                  | 29 |
| Item 4.                              | Controls and Procedures                                                                     | 29 |
|                                 |                                                                                        |   |
| PART II – OTHER INFORMATION    | 30                                                                                          |
|                                 |                                                                                        |
| Item 1.                              | Legal Proceedings                                                                           | 30 |
| Item 1A.                             | Risk Factors                                                                                | 30 |
| Item 2.                              | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 30 |
| Item 3.                              | Defaults Upon Senior Securities                                                             | 30 |
| Item 4.                              | (Removed and Reserved)                                                                      | 30 |
| Item 5.                              | Other Information                                                                           | 30 |
| Item 6.                              | Exhibits                                                                                    | 31 |

| FORWARD-LOOKING STATEMENTS |
|----------------------------|

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Table of Contents

| PART I – FINANCIAL INFORMATION |
|--------------------------------------|

| Interim Consolidated Balance Sheets as at October 31, 2010 (unaudited) and April 30, 2010 (audited)                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                   |
| Interim Consolidated Statements of Operations and Comprehensive Loss for the six months and three months ended  October 31, 2010 and October 31, 2009 and for the period from inception (April 20, 2004) to October 31, 2010 |
|                                                                                                                                                                                                                                   |
| Interim Consolidated Statements of Cash Flows for the six months ended October 31, 2010 and October 31, 2009 and for the period from inception (April 20, 2004) to October 31, 2010                                                    |
|                                                                                                                                                                                                                                   |
| Interim Consolidated Statement of Stockholders' Equity and Deficiency for the period from inception (April 20, 2004) to October 31, 2010                                                                                               |
|                                                                                                                                                                                                                                   |
| Condensed Notes to the Interim Consolidated Financial Statements                                                                                                                                                                       |

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Table of Contents

|                                                                           |   | October 31,2010$ |        |   | April 30,2010$ |   |
|--------------------------------------------------------------------------------|--------|------------------|-------------|--------|----------------|--------|
| CURRENT ASSETS                                                                 |   |             |        |   |           |   |
| Cash                                                                           |   |             | 6,068       |   |           |   | 34,790 |   |
| Prepaid expenses (note 8)                                                      |   |             | 156,667     |   |           |   | - |   |
| Other receivables                                                              |   |             | 5,392       |   |           |   | 2,328 |   |
| Total Current Assets                                                           |   |             | 168,127     |   |           |   | 37,118 |   |
| EQUIPMENT (Note 4)                                                             |   |             | 110,386     |   |           |   | 139,845 |   |
| MINERAL PROPERTIES (Note 3)                                                    |   |             | 8           |   |           |   | 8 |   |
| TOTAL ASSETS                                                                   |   |             | 278,521     |   |           |   | 176,971 |   |
|                                                                           |   |             |        |   |           |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ DEFICIENCY                                 |   |             |        |   |           |   |   |   |
| Current Liabilities                                                            |   |             |        |   |           |   |   |   |
|     Accounts payable and accrued liabilities                         |   |             | 998,918     |   |           |   | 592,202 |   |
|     Promissory notes payable (Note 6)                                |   |             | 469,448     |   |           |   | 400,591 |   |
|     Convertible Note (Note 6)                                   |   |             | 224,720     |   |           |   | - |   |
|     Due to related parties (Note 5)                             |   |             | 1,441,541   |   |           |   | 1,132,249 |   |
| Total Current Liabilities                                                      |   |             | 3,134,627   |   |           |   | 2,125,042 |   |
| CONVERTIBLE NOTE (Note 6)                                                      |   |             | -           |   |           |   | 162,969 |   |
|  Total Liabilities                                                        |   |             | 3,134,627   |   |           |   | 2,288,011 |   |
|                                                                           |   |             |        |   |           |   |   |   |
| Stockholders’ Deficiency                                                 |   |             |        |   |           |   |   |   |
| Capital stock (Note 7)180,000,000 common shares authorized, $0.00001 par value |   |             |        |   |           |   |   |   |
| 28,651,536 shares issued and outstanding (April 30, 2010 – 28,401,536)   |   |             | 1,112       |   |           |   | 1,110 |   |
| Additional paid-in capital                                                     |   |             | 16,816,879  |   |           |   | 16,616,881 |   |
| Equity component of convertible notes (Note 5)                                 |   |             | 126,701     |   |           |   | 126,701 |   |
| Donated capital                                                                |   |             | 34,500      |   |           |   | 34,500 |   |
| Deficit accumulated during the exploration stage                               |   |             | (19,835,298 | )      |           |   | (18,890,232 | ) |
| Total Stockholders’ Deficiency                                           |   |             | (2,856,106  | )      |           |   | (2,111,040 | )  |
|                                                                           |   |             |        |   |           |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY                           |   |             | 278,521     |   |           |   | 176,971 |   |

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|                                                                                 |   | For the Three months Ended October 31, 2010 |   |   | For the Three months Ended October 31, 2009 |   |   | For theSix months Ended October 31, 2010 |       |   | For theSix months Ended October 31, 2009 |   |      | Cumulative since inception to October 31, 2010 |   |
|--------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|--------|---------------------------------------------|--------|--------|------------------------------------------|------------|--------|------------------------------------------|--------|-----------|------------------------------------------------|--------|
|                                                                                 |   | $                                           |   |   | $                                           |   |   | $                                        |       |   | $                                        |   |      | $                                              |   |
| Expenses                                                                             |   |                                        |   |   |                                        |   |   |                                     |       |   |                                     |   |      |                                           |   |   |   |   |
|     Bad Debt                                                     |   | -                                           |   |   | -                                           |   |   |                                     | -          |   |                                     |   | -         |                                           |   |   | 136,250 |   |
|     Depreciation                                                 |   | 14,660                                      |   |   | 25,818                                      |   |   |                                     | 29,459     |   |                                     |   | 52,528    |                                           |   |   | 286,018 |   |
|     Donated services                                             |   | -                                           |   |   | -                                           |   |   |                                     | -          |   |                                     |   | -         |                                           |   |   | 25,500 |   |
|     Filing and transfer agent fees                               |   | 8,503                                       |   |   | 2,125                                       |   |   |                                     | 10,106     |   |                                     |   | 5,823     |                                           |   |   | 47,609 |   |
|     Impairment of mineral property costs                         |   | -                                           |   |   | -                                           |   |   |                                     | -          |   |                                     |   | -         |                                           |   |   | 10,756,200 |   |
|     Interest expense                                             |   | 71,036                                      |   |   | 26,687                                      |   |   |                                     | 116,465    |   |                                     |   | 63,813    |                                           |   |   | 373,385 |   |
|     Investor relations                                           |   | 112,631                                     |   |   | -                                           |   |   |                                     | 116,131    |   |                                     |   | 1,450     |                                           |   |   | 275,048 |   |
|     Management and administration fees   (Note 5) |   | 155,542                                     |   |   | 114,699                                     |   |   |                                     | 303,007    |   |                                     |   | 250,266   |                                           |   |   | 2,118,886 |   |
|     Mineral exploration costs (Note 3)                           |   | 79,050                                      |   |   | 154,559                                     |   |   |                                     | 218,153    |   |                                     |   | 324,237   |                                           |   |   | 4,881,552 |   |
|     Office and general (Note 5)                                  |   | 79,677                                      |   |   | 10,709                                      |   |   |                                     | 87,236     |   |                                     |   | 43,008    |                                           |   |   | 641,319 |   |
|     Professional fees                                            |   | 26,790                                      |   |   | 14,461                                      |   |   |                                     | 64,509     |   |                                     |   | 26,281    |                                           |   |   | 601,676 |   |
|                                                                                 |   | (547,889                                    | )      |   | (349,058                                    | )      |   |                                     | (945,066   | )      |                                     |   | (767,406  | )                                              |   |   | (20,143,443 | ) |
| Other income                                                                         |   |                                        |   |   |                                        |   |   |                                     |       |   |                                     |   |      |                                           |   |   |   |   |
|     Federal income tax recovery                                  |   | -                                           |   |   | -                                           |   |   |                                     | -          |   |                                     |   | -         |                                           |   |   | 216,208 |   |
|     Gain on sale of fixed assets                                 |   | -                                           |   |   | -                                           |   |   |                                     | -          |   |                                     |   | -         |                                           |   |   | 23,891 |   |
|      Interest income                                        |   | -                                           |   |   | -                                           |   |   |                                     | -          |   |                                     |   | -         |                                           |   |   | 68,046 |   |
|                                                                                 |   |                                        |   |   |                                        |   |   |                                     |       |   |                                     |   |      |                                           |   |   |   |   |
| Net loss                                                                             |   | (547,889                                    | )      |   | (349,058                                    | )      |   |                                     | (945,066   | )      |                                     |   | (767,406  | )                                              |   |   | (19,835,298 | ) |
|                                                                                 |   |                                        |   |   |                                        |   |   |                                     |       |   |                                     |   |      |                                           |   |   |   |   |
| Basic and diluted  loss per commonshare                                    |   | (0.02                                       | )      |   | (0.04                                       | )      |   |                                     | (0.03      | )      |                                     |   | (0.12     | )                                              |   |   |   |   |
|                                                                                 |   |                                        |   |   |                                        |   |   |                                     |       |   |                                     |   |      |                                           |   |   |   |   |
| Weighted average number of common shares outstanding - basic and diluted             |   | 28,445,014                                  |   |   | 7,952,141                                   |   |   |                                     | 28,423,275 |   |                                     |   | 6,147,151 |                                           |   |   |   |   |

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Table of Contents

|                                                                                 | For theSix monthsEnded October 31,2010$ |   |   | For theSix monthsEndedOctober 31,2009$ |     |   | FromApril 20, 2004(Date of Inception)to October 31,2010$ |   |
|--------------------------------------------------------------------------------------|-----------------------------------------|--------|--------|----------------------------------------|----------|--------|----------------------------------------------------------|--------|
| Cash Flows Used In Operating Activities                                              |                                    |   |   |                                   |     |   |                                                     |   |
| Net loss                                                                             | (945,066                                | )      |   |                                   | (767,406 | )      |                                                     |   | (19,835,298 | ) |
| Adjustments to reconcile net loss to cash used in operating activities:              |                                    |   |   |                                   |     |   |                                                     |   |   |   |
|    Federal income tax recovery                                        | -                                       |   |   |                                   | -        |   |                                                     |   | (216,208 | ) |
|    Depreciation                                                       | 29,459                                  |   |   |                                   | 52,528   |   |                                                     |   | 286,018 |   |
|    Non-cash management fees and investor relations expense            | 43,333                                  |   |   |                                   | -        |   |                                                     |   | 372,626 |   |
|    Accrued interest income                                            | -                                       |   |   |                                   | -        |   |                                                     |   | (11,250 | ) |
|    Gain on sale of fixed assets                                       | -                                       |   |   |                                   | -        |   |                                                     |   | (23,891 | ) |
|    Accretion of interest on convertible note                          | 61,751                                  |   |   |                                   | 24,785   |   |                                                     |   | 151,421 |   |
|    Bad debt                                                           | -                                       |   |   |                                   | -        |   |                                                     |   | 136,250 |   |
|    Impairment of mineral properties                                   | -                                       |   |   |                                   | -        |   |                                                     |   | 10,756,200 |   |
|    Donated rent                                                       | -                                       |   |   |                                   | -        |   |                                                     |   | 9,000 |   |
|    Donated services                                                   | -                                       |   |   |                                   | -        |   |                                                     |   | 25,500 |   |
| Change in operating assets and liabilities:                                          |                                    |   |   |                                   |     |   |                                                     |   |   |   |
| Decrease (increase) in other receivables                                             | (3,064                                  | )      |   |                                   | 6,072    |   |                                                     |   | (5,392 | ) |
| Increase  in due to related parties                                        | 309,292                                 |   |   |                                   | 394,229  |   |                                                     |   | 2,465,908 |   |
| Increase in accounts payable and accrued liabilities                                 | 414,473                                 |   |   |                                   | 172,342  |   |                                                     |   | 1,281,145 |   |
| Net Cash Used in Operating Activities                                                | (89,822                                 | )      |   |                                   | (117,450 | )      |                                                     |   | (4,607,971 | ) |
|                                                                                 |                                    |   |   |                                   |     |   |                                                     |   |   |   |
| Cash Flows Used In Investing Activities                                              |                                    |   |   |                                   |     |   |                                                     |   |   |   |
|       Purchase of equipment                            | -                                       |   |   |                                   | -        |   |                                                     |   | (518,513 | ) |
|       Proceeds from Sale of Equipment                  | -                                       |   |   |                                   | -        |   |                                                     |   | 146,000 |   |
|       Loan receivable                                  | -                                       |   |   |                                   | -        |   |                                                     |   | (125,000 | ) |
| Net Cash Used In Investing Activities                                                | -                                       |   |   |                                   | -        |   |                                                     |   | (497,513 | ) |
|                                                                                 |                                    |   |   |                                   |     |   |                                                     |   |   |   |
| Cash Flows From Financing Activities                                                 |                                    |   |   |                                   |     |   |                                                     |   |   |   |
|      Promissory note payable                                | 61,100                                  |   |   |                                   | 71,000   |   |                                                     |   | 909,462 |   |
|      Convertible note                                       | -                                       |   |   |                                   | -        |   |                                                     |   | 200,000 |   |
|      Proceeds from common stock issuances and subscriptions | -                                       |   |   |                                   | 45,000   |   |                                                     |   | 4,002,090 |   |
| Net Cash From Financing Activities                                                   | 61,100                                  |   |   |                                   | 116,000  |   |                                                     |   | 5,111,552 |   |
|                                                                                 |                                    |   |   |                                   |     |   |                                                     |   |   |   |
| Increase (Decrease) in Cash                                                          | (28,722                                 | )      |   |                                   | (1,450   | )      |                                                     |   | 6,068 |   |
| Cash – Beginning                                                               | 34,790                                  |   |   |                                   | 4,485    |   |                                                     |   | – |   |
| Cash – Ending                                                                  | 6,068                                   |   |   |                                   | 3,035    |   |                                                     |   | 6,068 |   |
|                                                                                 |                                    |   |   |                                   |     |   |                                                     |   |   |   |
| Supplemental Disclosures                                                             |                                    |   |   |                                   |     |   |                                                     |   |   |   |
| Interest paid                                                                        | –                                 |   |   |                                   | –  |   |                                                     |   | – |   |
| Income taxes paid                                                                    | –                                 |   |   |                                   | –  |   |                                                     |   | – |   |
| Shares issued for services (note 8)                                                  | 43,333                                  |   |   |                                   |     |   |                                                     |   |   |   |

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Table of Contents

|                                                                         |   |         |   |     |   |       |   | Equity      |   |       |   | Deficit     |   |     |   |          |   |
|------------------------------------------------------------------------------|--------|--------------|--------|----------|--------|------------|--------|-------------|--------|------------|--------|-------------|--------|----------|--------|---------------|--------|
|                                                                         |   |         |   |     |   |       |   | Component   |   | Common     |   | Accumulated |   |     |   |          |   |
|                                                                         |   |         |   |     |   | Additional |   | Of          |   | Stock      |   | During the  |   |     |   |          |   |
|                                                                         |   |         |   |     |   | Paid-in    |   | Convertible |   | Subsrip-   |   | Exploration |   | Donated  |   |          |   |
|                                                                         |   | Common Stock |   | Capital  |   | Debt       |   | tions       |   | Stage      |   | Capital     |   | Total    |   |
|                                                                         |   | #            |   | $        |   | $          |   | $           |   | $          |   | $           |   | $        |   | $             |   |
| Balance – April 20, 2004 (Date of Inception)                           |   | -            |   | -        |   | -          |   | -           |   | -          |   | -           |   | -        |   | -             |   |
| Issuance of common shares for cash  at $.0002/share                     |   | 7,200,000    |   | 1,440    |   | (1,400     | )      | -      |   | (40        | )      | -           |   | -        |   | -             |   |
| Net loss for the period                                                      |   | -            |   | -        |   | -          |   | -      |   | -          |   | (1,858      | )      | -        |   | (1,858        | )      |
| Balance – April 30, 2004                                               |   | 7,200,000    |   | 1,440    |   | (1,400     | )      | -      |   | (40        | )      | (1,858      | )      | -        |   | (1,858        | )      |
| Issuance of common shares for cash  at $.0002/share                |   | 1,800,000    |   | 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                                               |   | 9,000,000    |   | 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                                               |   | 9,000,000    |   | 1,800    |   | (1,750     | )      | -      |   | -          |   | (47,028     | )      | 22,500   |   | (24,478       | )      |
| Issuance of common shares for cash at $0.0544/share                     |   | 1,822,500    |   | 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                                               |   | 10,822,500   |   | 2,164    |   | 99,136     |   | -      |   | 2,600,000  |   | (267,478    | )      | 34,500   |   | 2,468,322     |   |
| Shares and warrants issued for private placement at $25 per unit (Note 8(a)) |   | 157,514      |   | 32       |   | 3,765,908  |   | -      |   | (2,600,000 | )      | -           |   | -        |   | 1,165,940     |   |
| Share cancellation (Note 8(a))                                               |   | (6,642,500   | )      | (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                                               |   | 4,337,514    |   | 868      |   | 4,915,665  |   | -      |   | -          |   | (3,806,977  | )      | 34,500   |   | 1,144,056     |   |
| Issuance of common shares for services                                       |   | 7,500        |   | 1   |   | 119,999    |   | -      |   | -     |   | -      |   |  -  |   | 120,000  |   |
| Equity component of convertible note                                         |   | -            |   | -        |   | -          |   | 84,026      |   | -          |   | -           |   | -        |   | 84,026        |   |
| Net loss                                                                     |   | -            |   | -        |   | -          |   | -      |   | -          |   | (3,412,934  | )      | -        |   | (3,412,934    | )      |
| Balance – April 30, 2009                                               |   | 4,345,014    |   | 869      |   | 5,035,664  |   | 84,026      |   | -          |   | (7,219,911  | )      | 34,500   |   | (2,064,852    | )      |
| Shares issued in exchange for retirement of notes and other debt (Note 8)    |   | 4,366,522    |   | 45       |   | 1,746,563  |   | -           |   | -          |   | -           |   | -        |   | 1,746,608     |   |
| FV adjustment on convertible note – (Note 7)                           |   |   -     |   |   - |   |   -   |   | 42,675      |   |   -   |   |   -    |   |   - |   | 42,675        |   |
| Shares issued for private placement at $0.50 per unit (Note 8)               |   | 290,000      |   | 3        |   | 134,847    |   | -           |   |   -   |   |   -    |   |   - |   | 134,850       |   |
| Shares issued for mineral properties at $.50 (Note 8)                        |   | 19,400,000   |   | 193      |   | 9,699,807  |   |   -    |   |   -   |   |   -    |   |   - |   | 9,700,000     |   |
| Net loss                                                                     |   | -            |   | -        |   | -          |   | -      |   | -          |   | (11,670,321 | )      | –  |   | (11,670,321   | )      |
| Balance – April 30, 2010                                               |   | 28,401,536   |   | 1,110    |   | 16,616,881 |   | 126,701     |   | -          |   | (18,890,232 | )      | 34,500   |   | (2,111,040    | )      |
| Issuance of common shares for services                                       |   | 250,000      |   | 2        |   | 199,998    |   |   -    |   |   -   |   |   -    |   |   - |   | 200,000       |   |
| Net loss                                                                     |   | -            |   | -        |   | -          |   | -      |   | -          |   | (945,066    | )      | -        |   | (945,066      | )      |
| Balance – October 31, 2010                                             |   | 28,651,536   |   | 1,112    |   | 16,816,879 |   | 126,701     |   | -          |   | (19,835,298 | )      | 34,500   |   | (2,856,106    | )      |

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Table of Contents

Zoro 

| 1.  | Nature of Operations and Basis of Consolidation |
|----------|-------------------------------------------------|

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Table of Contents

| 1.  | Nature of Operations and Basis of Consolidation, continued |
|----------|------------------------------------------------------------|

| 2.  | Going Concern |
|----------|---------------|

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|                                 |   | Six months ended October 31, 2010 |    |   | Six months ended October 31, 2009 |   |
|--------------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
| Chile                                |   |                              |    |   |                              |   |
|  Drilling                       |   | $                                 | -       |   |                              | $      | - |   |
|  Field supplies                 |   |                              | 2,142   |   |                              |   | 1,808 |   |
|  Geological, mapping and survey |   |                              | 1,910   |   |                              |   | 11,234 |   |
|  Property maintenance           |   |                              | 5,318   |   |                              |   | 5,655 |   |
|  Site administration            |   |                              | 176,004 |   |                              |   | 237,840 |   |
|  Travel                         |   |                              | 17,779  |   |                              |   | 30,200 |   |
|                                 |   |                              | 203,153 |   |                              |   | 286,737 |   |
| Peru                                 |   |                              |    |   |                              |   |   |   |
|  Field supplies                 |   |                              | -       |   |                              |   | - |   |
|  Geological, mapping and survey |   |                              | -       |   |                              |   | - |   |
|  Property maintenance           |   |                              | -       |   |                              |   | - |   |
|  Site administration            |   |                              | 15,000  |   |                              |   | 22,500 |   |
|  Travel                         |   |                              | -       |   |                              |   | - |   |
|                                 |   |                              | 15,000  |   |                              |   | 22,500 |   |
| Mexico                               |   |                              |    |   |                              |   |   |   |
|  Geological, mapping and survey |   |                              | -       |   |                              |   | - |   |
|  Property maintenance           |   |                              | -       |   |                              |   | - |   |
|  Site administration            |   |                              | -       |   |                              |   | 15,000 |   |
|                                 |   |                              | -       |   |                              |   | 15,000 |   |
| Total                                |   | $                                 | 218,153 |   |                              | $      | 324,237 |   |

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|                                        |   | Six months ended October 31, 2010 |    |   | Six months ended October 31, 2009 |   |
|---------------------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
| Chile                                       |   |                              |    |   |                              |   |
|    Drilling                       |   | $                                 | -       |   |                              | $      | - |   |
|    Field supplies                 |   |                              | 2,142   |   |                              |   | 1,808 |   |
|    Geological, mapping and survey |   |                              | 1,910   |   |                              |   | 11,234 |   |
|    Property maintenance           |   |                              | 5,318   |   |                              |   | 5,655 |   |
|    Site administration            |   |                              | 176,004 |   |                              |   | 237,840 |   |
|    Travel                         |   |                              | 17,779  |   |                              |   | 30,200 |   |
|                                        |   |                              | 203,153 |   |                              |   | 286,737 |   |
| Peru                                        |   |                              |    |   |                              |   |   |   |
|    Field supplies                 |   |                              | -       |   |                              |   | - |   |
|    Geological, mapping and survey |   |                              | -       |   |                              |   | - |   |
|    Property maintenance           |   |                              | -       |   |                              |   | - |   |
|    Site administration            |   |                              | 15,000  |   |                              |   | 22,500 |   |
|    Travel                         |   |                              | -       |   |                              |   | - |   |
|                                        |   |                              | 15,000  |   |                              |   | 22,500 |   |
| Mexico                                      |   |                              |    |   |                              |   |   |   |
|    Geological, mapping and survey |   |                              | -       |   |                              |   | - |   |
|    Property maintenance           |   |                              | -       |   |                              |   | - |   |
|    Site administration            |   |                              | -       |   |                              |   | 15,000 |   |
|                                        |   |                              | -       |   |                              |   | 15,000 |   |
| Total                                       |   | $                                 | 218,153 |   |                              | $      | 324,237 |   |

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| 4.  | Equipment |
|----------|-----------|

|                   |   | CostOctober 31, 2010 |    |   | Accumulated DepreciationOctober 31, 2010 |   |    | Net BookValueOctober 31,2010 |   |   | Net Book ValueApril 30,2010 |   |
|------------------------|--------|----------------------|---------|--------|-----------------------------------------------|--------|---------|------------------------------|--------|--------|-----------------------------|--------|
| North America          |   |                 |    |   |                                          |   |    |                         |   |   |                        |   |
| Computers              |   | $                    | 7,020   |   |                                          | $      | 6,898   |                         |   | $      | 122                         |   |   | $ | 612 |   |
| South America          |   |                 |    |   |                                          |   |    |                         |   |   |                        |   |   |   |   |   |
| Computers              |   |                 | 3,315   |   |                                          |   | 3,070   |                         |   |   | 245                         |   |   |   | 621 |   |
| Furniture              |   |                 | 12,639  |   |                                          |   | 7,539   |                         |   |   | 5,100                       |   |   |   | 6,342 |   |
| Exploration equipment  |   |                 | 14,204  |   |                                          |   | 9,178   |                         |   |   | 5,026                       |   |   |   | 6,395 |   |
| Vehicles               |   |                 | 105,752 |   |                                          |   | 57,859  |                         |   |   | 47,893                      |   |   |   | 57,873 |   |
| Earth moving equipment |   |                 | 159,999 |   |                                          |   | 107,999 |                         |   |   | 52,000                      |   |   |   | 68,002 |   |
|                   |   |                 | 295,909 |   |                                          |   | 185,645 |                         |   |   | 110,264                     |   |   |   | 139,233 |   |
| Total                  |   | $                    | 302,929 |   |                                          | $      | 192,543 |                         |   | $      | 110,386                     |   |   | $ | 139,845 |   |

| 5. | Related Party Transactions |
|----|----------------------------|

| a) | incurred $45,000 (October 31, 2009: $45,000) to a director and officer of the Company for geological services rendered.  An aggregate of $154,712 (April 30, 2010: $100,347) was owed this director at October 31, 2010 for unpaid services and reimbursement of expenses, with such costs recorded as mineral exploration costs; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b) | incurred to a director and officer of the Company $45,000 (October 31, 2009: $45,000) for management of South American exploration with such costs recorded as mineral exploration costs.  An aggregate of $652,485 (April 30, 2010: $512,359) was owed to this director at October 31, 2010 for unpaid fees and reimbursement of expenses; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c) | incurred to a director and officer of the Company $70,689 (October 31, 2009: $73,735) for management services with respect to the administration of the Company.  An aggregate of $224,196 (April 30, 2010: $152,271) was owed to this officer at October 31, 2010 for unpaid services and reimbursement of expenses; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d) | paid an officer of the Company $20,567 (October 31, 2009: $17,139) for administrative services; |
|----|-------------------------------------------------------------------------------------------------|

| e) | the Company incurred a total of $117,711 (October 31, 2009: $193,006) to a private Chilean company with a director in common that provides exploration services to the Company in Chile, with such costs recorded as exploration costs in Chile, South America.  An aggregate of $289,982 (April 30, 2010: $197,272) was owing at October 31, 2010. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 5. | Related Party Transactions, continued |
|----|---------------------------------------|

| 6.  | Convertible and Promissory Notes |
|----------|----------------------------------|

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| 6.  | Convertible and Promissory Notes, continued |
|----------|---------------------------------------------|

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| 7.  | Capital Stock |
|----------|---------------|

|   | a)  | During the six months ended October 31, 2010, the Company issued 250,000 shares of its common stock under a consulting agreement (note 8). During the same period the Company did not grant any stock options or warrants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
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|   |     |
|   | b)  | Warrants: On May 18, 2007 and in connection with the Mineral Property Acquisition Agreement, the Company issued an aggregate of 233,500 warrants to purchase restricted common shares of the Company at a price of $14 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%.  The warrants subsequently expired unexercised. On May 18, 2007 and in connection with management services to be rendered over a one year period by the then-current President and director of the Company, the Company issued an aggregate of 40,000 warrants to purchase common shares of the Company at a price of $30 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  to management and administration fees. The warrants subsequently expired unexercised. Between November 9, 2009 and December 9, 2009, and in connection with a private placement, the Company issued in two tranches a total of 290,000 warrants  to purchase common shares stock at a price of $0.75 until 24 months following the issue date. The fair value of these warrants at the date of grant of $85,181 was estimated using the Black-Scholes option pricing model with an expected life of 2 years, a risk free interest rate of 1.41%, a dividend yield of 0%, and an expected volatility of  304.93%, Between November 9, 2009 and December 9, 2009 in connection with a private placement, the Company issued 16, 800 broker warrants to purchase common shares at a price of $0.75 until 24 months following the issue date.The fair value of these warrants at the date of grant of $4,953 was estimated using the Black-Scholes option pricing model with an expected life of 2 years, a risk free interest rate of 1.41%, a dividend yield of 0%, and an expected volatility of 304.93%. |

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| 7.  | Capital Stock, continued |
|----------|--------------------------|

|                 |   | Number of Warrants |     |   | Weighted Average Exercise Price per Share ($) |   | Weighted Average Contractual Life Remaining (in Years) |
|---------------------------|--------|--------------------|----------|--------|-----------------------------------------------|--------|--------------------------------------------------------|
| Balance, April 30, 2007   |   |               | -        |   |                                          |   | -                                                      |   | - |
| Granted during the year   |   |               | 436,060  |   |                                          |   | 21.37                                                  |   | 2.00 |
| Balance, April 30, 2008   |   |               | 436,060  |   |                                          |   | 21.37                                                  |   | 1.22 |
| Granted during the year   |   |               | -        |   |                                          |   | -                                                      |   | - |
| Balance, April 30, 2009   |   |               | 436,060  |   |                                          |   | 21.37                                                  |   | 0.22 |
| Granted during the year   |   |               | 306,800  |   |                                          |   | .75                                                    |   | 1.58 |
| Expired during the year   |   |               | (436,060 | )      |                                          |   | 14.00                                                  |   | - |
| Balance, April 30, 2010   |   |               | 306,800  |   |                                          |   | .75                                                    |   | 1.58 |
| Granted during the year   |   |               | -        |   |                                          |   | -                                                      |   | - |
| Balance, October 31, 2010 |   |               | 306,800  |   |                                          |   | .75                                                    |   | 1.08 |

| 8. | Commitments and Contingencies |
|----|-------------------------------|

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| 8. | Commitments and Contingencies, continued |
|----|------------------------------------------|

|   |  The Company has entered into an Asset Purchase Agreement dated February 22, 2010, with two vending parties to acquire a 100% interest in three property mineral exploration concessions covering approximately 1,500 hectares as an extension to the Company’s existing Yura gold prospect located 30 kilometers west of Arequipa, Peru (the “Fortuna Properties”). The Fortuna Properties target precious metals and are comprised of three concessions that are accessible year round via paved highway and improved roads. The Company’s VP Business Development and Chairman is an indirect minority shareholder of one of the vending parties. Subject to final due diligence and other customary closing conditions for the Fortuna Properties, the Company plans to (i) issue 6,000,000 restricted shares of its common stock to the Vending Parties; (ii) pay to the Vending Parties $100,000 prior to the closing of the acquisition, $125,000 at the closing date, and $100,000 six months from the closing date; and (iii) grant to the Vending Parties, a 2.5% net smelter return (“NSR”) royalty on the proceeds of any production from the Fortuna Properties capped at $20,000,000, 1.5% of which can be repurchased by the Company at any time before commencement of any production for the sum of $8,000,000. The NSR also calls for an advance minimum yearly payment of $100,000 to the Vending Parties, which amounts are credited against any royalties ultimately payable. The Company has entered into an agreement dated August 17, 2010 with a consultant who will provide investor relations services for a term of nine months at a cost of $7,500 per month. The Company will also issue 200,000 shares of its commons stock to the consultant when the agreement is completed. The Company has entered into an agreement dated September 22, 2010 with a consultant who will provide website and communications services for a term of six months at a total cost of $240,000. The company will pay $40,000 in cash and has issued 250,000 common shares to the consultant for a value of $200,000 being the fair value of the services to be provided. The company has recorded proportionate investor relation expenses of $43,333 during the period ended October 31, 2010. The unexpended balance ($156,667) is shown as a prepaid expenses and will be amortized over the term of the consulting agreement. The Company has entered into an agreement dated October 11, 2010 with a consultant who will provide strategic planning, fund raising, and capital structuring advisory services for a term of nine months. In consideration for the services the company will issue 200,000 shares of its commons stock to the consultant, 100,000 of which will be delivered at the end of four months, and 100,000 of which will be delivered at the end of nine months. In addition the Company will issue 200,000 options to the consultant to purchase Company shares at such time as the company has closed on at least $2 million in net proceeds attributable to the efforts of  the consultant. In addition and subject to certain conditions, the Company will issue to the consultant 100,000 options to purchase Company shares for every $1 million in additional net proceeds attributable to the efforts of the consultant. |
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| 9.  | Subsequent Events Subsequent to October 31, 2010, the Company received an advance of $36,000 from a non-related party, the terms of which are to be negotiated at a later time. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Location             |   | Project                |   | Exploration Target          |   | Concession Hectares/Acres |   |
|----------------------|--------|------------------------|--------|-----------------------------|--------|---------------------------|--------|
| Sonora, Mexico       |   | The Las Animas Project |   | Gold, Copper                |   | 2,761/6,822               |   |
| Chile, South America |   | The Escondida Project  |   | Gold, Platinum              |   | 2,050/5,063               |   |
| Chile, South America |   | Don Beno Project       |   | Gold, Copper                |   | 5,900/14,574              |   |
| Chile, South America |   | Sierra Fritis Project  |   | Gold, Copper                |   | 2,300/5,683               |   |
| Chile, South America |   | Piedra Parada Project  |   | Gold, platinum group metals |   | 3,600/8,895(1)(2)         |   |
| Peru, South America  |   | The Yura Project       |   | Gold                        |   | 2,114/5,224               |   |
|                 |   |                   |   | Total Net Hectares/Acres:   |   | 18,725/46,261             |   |
|                 |   |                   |   |                        |   |                      |   |

| (1) | Gareste Limitada, the vendor at Piedra Parada, owned and conveyed to Zoro senior concession rights on over 2,100 hectares (5,189 acres), and also conveyed overstaked concessions on 1,500 additional hectares (3,706 acres) which are subject to the senior rights of a third party.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)    | All concessions at Piedra Parada owned by Zoro are subject to pre-existing contractual rights granted from Gareste to a third-party to extract and exploit lithium, light metals and commercial salts. |
|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Activity                                |   | Description             |   | Total  |    |
|-----------------------------------------|--------|-------------------------|--------|--------|---------|
| Geology                                 |   |                    |   |   |    |
| Geologic Mapping                        |   | 60days @ $700/day       |   | $      | 42,000  |   |
| Structural Analysis                     |   | 10days @ $700/day       |   | $      | 7,000   |   |
| Landsat Imagery & thematic analysis |   | Est. $25,000            |   | $      | 25,000  |   |
|                                    |   |                    |   |   |    |   |
| Geochemistry                            |   |                    |   |   |    |   |
| Rock chip sampling                      |   | 45 days @ $500/day      |   | $      | 22,500  |   |
| Rock chip analyses                      |   | 15 smpls/day x 45 x $35 |   | $      | 23,625  |   |
|                                    |   |                    |   |   |    |   |
| Geophysical Surveys                     |   |                    |   |   |    |   |
| Aeromagnetic Survey                     |   | 15 days est. $35,000    |   |   | 35,000  |   |
| Radiometrics Survey                     |   | Est. $50,000            |   | $      | 50,000  |   |
| Ground magnetometry+report              |   | 20 days @ $ 700/day     |   | $      | 14,000  |   |
| SubTotal                                |   |                    |   | $      | 219,125 |   |
| Contingency @ 10%                       |   |                    |   |   | 21,913  |   |
| Phase 1 Total                           |   |                    |   | $      | 241,038 |   |

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| Activity                        |   | Description                 |                   |   | Total  |    |
|---------------------------------|--------|-----------------------------|------------------------|--------|--------|---------|
| Drill Program                   |   |                        |                   |   |   |    |
| Drill Mobilization Costs        |   |                        |                   |   | $      | 25,000  |   |
| Core Drilling                   |   | $                           | 3000 m’s x 100/m |   |   | $       | 300,000 |   |
|                            |   |                        |                   |   |   |    |   |   |
| Geological & supervision    |   | 35 days @ $700              |                   |   | $      | 24,500  |   |
| Analyses – rock           |   | 1500 samples at $35/sample  |                   |   | $      | 52,500  |   |
|                            |   |                        |                   |   |   |    |   |   |
| Support                         |   |                        |                   |   |   |    |   |   |
| Misc. supplies & materials  |   | Estimate                    |                   |   | $      | 5,000   |   |
| Food & Lodging, 2 personnel |   | Estimate 60 days @ $300/day |                   |   | $      | 18,000  |   |
| Vehicles                        |   | Estimate 70 days @ $200/day |                   |   | $      | 14,000  |   |
|                            |   | Subtotal                    |                   |   | $      | 439,000 |   |
| Contingency @ 10%               |   |                        |                   |   |   | $       | 43,900 |   |
| Total                           |   |                        |                   |   |   | $       | 482,900 |   |

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| Description           |   | Explanation                      |   | Mth 1  |   |   | Mth 2  |   |   | Mth 3  |   |   | Mth 4  |   | Mth5   |   | Mth 6  |   | SbTot    |   |
|-----------------------|--------|----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------|--------|
| Personnel             |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |     |   |
|                  |   | Sr.Geol-2mos, $750/day           |   |   | 7500   |   |   |   | 7500   |   |   |   |   |   |   | 7500   |   |   |     |   |   | $ | 22,500 |   |
|                  |   | Jr. Geol-4mos,$350/day           |   |   |   |   |   |   | 7000   |   |   |   | 7000   |   |   |   | 7000   |   |     |   |   |   | $ | 21,000 |   |
| Logistics             |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |
|                  |   | Food & Lodging est$25/day    |   |   | 250    |   |   |   | 1000   |   |   |   | 500    |   |   |   | 750    |   |     |   |   |   | $ | 2,500 |   |
|                  |   | Travel-Sr. Geol expat            |   |   | 2000   |   |   |   |   |   |   |   |   |   |   |   |   |   |     |   |   |   | $ | 2,000 |   |
|                  |   | Travel-Jr. Geol                  |   |   |   |   |   |   | 500    |   |   |   |   |   |   |   |   |   |     |   |   |   | $ | 500 |   |
|                  |   | Vehicle-est $1500/mo             |   |   | 1500   |   |   |   | 1500   |   |   |   | 1500   |   |   |   | 1500   |   |     |   |   |   | $ | 6,000 |   |
| Field Activities      |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |
|                  |   | Mapping- purch imagery est $2500 |   |   | 2500   |   |   |   |   |   |   |   |   |   |   |   |   |   |     |   |   |   | $ | 2,500 |   |
|                  |   | Thin sections/Microprobe         |   |   |   |   |   |   |   |   |   |   | 2500   |   |   |   |   |   |     |   |   |   | $ | 2,500 |   |
|                  |   | Trenching- excavator             |   |   |   |   |   |   | 10000  |   |   |   | 10000  |   |   |   |   |   |     |   |   |   | $ | 20,000 |   |
|                  |   | Geochemistry-est 100smpls, $25ea |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2500   |   |     |   |   |   | $ | 2,500 |   |
| Office & Analysis |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |
|                  |   | Computer entry & analysis    |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,000  |   |     |   |   |   | $ | 1,000 |   |
|                  |   | Report & Recommend-Sr Geol   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,000  |   |     |   |   |   | $ | 1,000 |   |
|                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |
|                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Sbtot    |   |   |   | $ | 84,000 |   |
|                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 10%cont  |   |   |   | $ | 8,400 |   |
|                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Ph 1 Tot |   |   |   | $ | 92,400 |   |

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| Description           |   | Explanation                           |   | Mth 1  |   | Mth 2  |   | Mth 3  |   | Mth 4  |   | Mth5     |   |   | Mth 6  |   |   | SbTot  |   |
|-----------------------|--------|---------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------|--------|--------|--------|--------|--------|--------|--------|
| Personnel             |   |                                  |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |   |
|                  |   | Sr.Geol-1/2mos, $750/day              |   |   |   |   |   |   |   |   |   |     | 3750   |   |   |   | 3750   |   |   | $ | 7,500 |   |
|                  |   | Jr. Geol-1mos,$350/day                |   |   |   |   |   |   |   |   |   |     | 7000   |   |   |   |   |   |   | $ | 7,000 |   |
| Logistics             |   |                                  |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |
|                  |   | Food & Lodging est$25/day         |   |   |   |   |   |   |   |   |   |     | 500    |   |   |   |   |   |   | $ | 500 |   |
|                  |   | Travel-Sr. Geol expat                 |   |   |   |   |   |   |   |   |   |     | 2000   |   |   |   |   |   |   | $ | 2,000 |   |
|                  |   | Travel-Jr. Geol                       |   |   |   |   |   |   |   |   |   |     | 500    |   |   |   |   |   |   | $ | 500 |   |
|                  |   | Vehicle-est $1500/mo                  |   |   |   |   |   |   |   |   |   |     | 1500   |   |   |   | 1500   |   |   | $ | 3000 |   |
| Field Activities      |   |                                  |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |
|                  |   | Drilling – 2500m H core@ $125/m |   |   |   |   |   |   |   |   |   |     | 312500 |   |   |   |   |   |   | $ | 312,500 |   |
|                  |   | Field supplies                        |   |   |   |   |   |   |   |   |   |     | 500    |   |   |   |   |   |   | $ | 500 |   |
|                  |   | Drill Geochem-2500smpls, $25ea        |   |   |   |   |   |   |   |   |   |     |   |   |   |   | 62,500 |   |   | $ | 62,500 |   |
|                  |   |                                  |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Office & Analysis |   |                                  |   |   |   |   |   |   |   |   |   |     |   |   |   |   | 1000   |   |   | $ | 1,000 |   |
|                  |   | Computer entry & analysis         |   |   |   |   |   |   |   |   |   |     |   |   |   |   | 1000   |   |   | $ | 1,000 |   |
|                  |   | Report & Recommend-Sr Geol        |   |   |   |   |   |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |
|                  |   |                                  |   |   |   |   |   |   |   |   |   | Sbtot    |   |   |   |   |   |   | $      | 398,000 |   |
|                  |   |                                  |   |   |   |   |   |   |   |   |   | 10% cont |   |   |   |   |   |   | $      | 39,800 |   |
|                  |   |                                  |   |   |   |   |   |   |   |   |   | Ph 2 Tot |   |   |   |   |   |   | $      | 437,800 |   |
|                  |   |                                  |   |   |   |   |   |   |   |   |   | Tot Prgm |   |   |   |   |   |   | $      | 530,200 |   |

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| Activity                                 |   | Description             |   | Total  |    |
|------------------------------------------|--------|-------------------------|--------|--------|---------|
| Geology                                  |   |                    |   |   |    |
| Geologic Mapping                         |   | 60days @ $700/day       |   | $      | 42,000  |   |
| Aerial photography detailed mapping      |   | 15days@$700/day         |   | $      | 10,500  |   |
| Landsite & thematic imagery analysis |   | Acq., analysis          |   | $      | 32,500  |   |
| Geochemistry                             |   |                    |   |   |    |   |
| collection                               |   | 2geos-120days@ $500     |   | $      | 60,000  |   |
| analysis                                 |   | 1500smpls@$50ea         |   | $      | 75,000  |   |
| Trenching & Roads                    |   |                    |   |   |    |   |
| Trenching                                |   | 30days@$125/hr          |   | $      | 30,000  |   |
| Roads                                    |   | 30days@$125/hr          |   | $      | 30,000  |   |
| Bulk Sample                              |   |                    |   |   |    |   |
| Collection                               |   | 500kg est               |   | $      | 2,500   |   |
| Analysis                                 |   | Mult testwork est       |   | $      | 15,500  |   |
| Logistics                                |   |                    |   |   |    |   |
| Vehicles                                 |   | Assume 3, 1500/mo*3     |   | $      | 13,500  |   |
| Food & Lodging                       |   | 90days, 2geos, $125/day |   | $      | 22,500  |   |
| Field Supplies                           |   | Estimate                |   | $      | 5,000   |   |
| Office- report & target defin.       |   | 15days@$700/day         |   | $      | 10,500  |   |
| Subtotal                                 |   |                    |   | $      | 349,500 |   |
| 10%contingency                           |   |                    |   | $      | 34,950  |   |
| Phase 1 total                            |   |                    |   | $      | 384,450 |   |

| Activity                        |   | Description                 |                   |   | Total  |    |
|---------------------------------|--------|-----------------------------|------------------------|--------|--------|---------|
| Drill Program                   |   |                        |                   |   |   |    |
| Drill Mobilization Costs        |   |                        |                   |   | $      | 25,000  |   |
| Core Drilling                   |   | $                           | 5000 m’s x 100/m |   |   | $       | 500,000 |   |
|                            |   |                        |                   |   |   |    |   |   |
| Geological & supervision    |   | 60 days @ $700              |                   |   | $      | 42,000  |   |
| Analyses – rock           |   | 2,500 samples at $35/sample |                   |   | $      | 87,500  |   |
|                            |   |                        |                   |   |   |    |   |   |
| Support                         |   |                        |                   |   |   |    |   |   |
| Misc. supplies & materials  |   | Estimate                    |                   |   | $      | 5,000   |   |
| Food & Lodging, 2 personnel |   | Estimate 60 days @ $300/day |                   |   | $      | 18,000  |   |
| Vehicles                        |   | Estimate 70 days @ $200/day |                   |   | $      | 14,000  |   |
|                            |   | Subtotal                    |                   |   | $      | 691,500 |   |
| Contingency @ 10%               |   |                        |                   |   |   | $       | 69,150 |   |
| Total                           |   |                        |                   |   |   | $       | 760,650 |   |

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|                                                         | For theThree months EndedOctober 31, 2010 |   | For theThree months EndedOctober 31, 2009 |   |   | For theSix months Ended October 31, 2010 |     |   | For theSix months Ended October 31, 2009 |   |     | Cumulative since inception to October 31, 2010 |   |
|--------------------------------------------------------------|-------------------------------------------|--------|-------------------------------------------|--------|--------|------------------------------------------|----------|--------|------------------------------------------|--------|----------|------------------------------------------------|--------|
|                                                         | $                                         |   | $                                         |   |   | $                                        |     |   | $                                        |   |     | $                                              |   |
| Expenses                                                     |                                      |   |                                      |   |   |                                     |     |   |                                     |   |     |                                           |   |   |   |   |
|     Bad Debt                             | -                                         |   | -                                         |   |   |                                     | -        |   |                                     |   | -        |                                           |   |   | 136,250 |   |
|     Depreciation                         | 14,660                                    |   | 25,818                                    |   |   |                                     | 29,459   |   |                                     |   | 52,528   |                                           |   |   | 286,018 |   |
|     Donated services                     | -                                         |   | -                                         |   |   |                                     | -        |   |                                     |   | -        |                                           |   |   | 25,500 |   |
|     Filing and transfer agent fees       | 8,503                                     |   | 2,125                                     |   |   |                                     | 10,106   |   |                                     |   | 5,823    |                                           |   |   | 47,609 |   |
|     Impairment of mineral property costs | -                                         |   | -                                         |   |   |                                     | -        |   |                                     |   | -        |                                           |   |   | 10,756,200 |   |
|     Interest expense                     | 71,036                                    |   | 26,687                                    |   |   |                                     | 116,465  |   |                                     |   | 63,813   |                                           |   |   | 373,385 |   |
|     Investor relations                   | 112,631                                   |   | -                                         |   |   |                                     | 116,131  |   |                                     |   | 1,450    |                                           |   |   | 275,048 |   |
|     Management and administration fees   | 155,542                                   |   | 114,699                                   |   |   |                                     | 303,007  |   |                                     |   | 250,266  |                                           |   |   | 2,118,886 |   |
|     Mineral exploration costs            | 79,050                                    |   | 154,559                                   |   |   |                                     | 218,153  |   |                                     |   | 324,237  |                                           |   |   | 4,881,552 |   |
|     Office and general                   | 79,677                                    |   | 10,709                                    |   |   |                                     | 87,236   |   |                                     |   | 43,008   |                                           |   |   | 641,319 |   |
|     Professional fees                    | 26,790                                    |   | 14,461                                    |   |   |                                     | 64,509   |   |                                     |   | 26,281   |                                           |   |   | 601,676 |   |
|                                                         | (547,889                                  | )      | (349,058                                  | )      |   |                                     | (945,066 | )      |                                     |   | (767,406 | )                                              |   |   | (20,143,443 | ) |
| Other income                                                 |                                      |   |                                      |   |   |                                     |     |   |                                     |   |     |                                           |   |   |   |   |
|     Federal income tax recovery          | -                                         |   | -                                         |   |   |                                     | -        |   |                                     |   | -        |                                           |   |   | 216,208 |   |
|     Gain on sale of fixed assets         | -                                         |   | -                                         |   |   |                                     | -        |   |                                     |   | -        |                                           |   |   | 23,891 |   |
|      Interest income                | -                                         |   | -                                         |   |   |                                     | -        |   |                                     |   | -        |                                           |   |   | 68,046 |   |
|                                                         |                                      |   |                                      |   |   |                                     |     |   |                                     |   |     |                                           |   |   |   |   |
| Net loss                                                     | (547,889                                  | )      | (349,058                                  | )      |   |                                     | (945,066 | )      |                                     |   | (767,406 | )                                              |   |   | (19,835,298 | ) |

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|   | (a)    | approximately $720,000 in the aggregate for the Phase I exploration programs at each of the Don Beno, Escondida and Yura properties; and |
|--------|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)    | approximately $1,000,000 for management and administration fees, professional fees, and other general expenses over the next twelve months. |
|--------|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

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| PART II – OTHER INFORMATION |
|-----------------------------------|

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Item 

| Exhibit No. | Document                                                                                                                                                                                                          |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1         | Articles of Incorporation (1)                                                                                                                                                                                     |
| 3.1.2       | Certificate of Change effective February 9, 2007 (2)                                                                                                                                                              |
| 3.1.3       | Articles of Merger effective March 19, 2007 (2)                                                                                                                                                                   |
| 3.1.4       | Certificate of Change effective April 22, 2009 (3)                                                                                                                                                                |
| 3.2         | Bylaws (1)                                                                                                                                                                                                        |
| 10.1        | Mineral Assets Option Agreement dated September 23, 2009 among each of Gareste Limitada, Twaine Assets SA, Agosto Corporation Limited, Yu Cui, Zhao Heng, Ye Bin, Sun Suzhuan, Chen Zou and Zoro Mining Corp. (4) |
| 10.2        | Asset Purchase Agreement dated February 22, 2010 between Zoro Mining Corp. and South American Inmobilaria S.A.C. and Donald Le Roy Stiles (5)                                                                     |
| 31.1        | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act.                                                                                                  |
| 31.2        | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act.                                                                                                  |
| 32.1        | Certification of Chief Executive Officer and Chief Financial Officer Under Section 1350 as Adopted Pursuant to Section 906 of the Securities Exchange Act.                                                        |

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|   | By: | /s/ Andrew BrodkeyAndrew BrodkeyChief Executive Officer, President and a director |   |
|--------|-----|-----------------------------------------------------------------------------------|--------|

|   | Date:   December 20, 2010 |
|--------|------------------------------------------|

|   | By: | /s/ Jas Butalia |   |
|--------|-----|-----------------|--------|

|   | Jas Butalia |
|--------|-------------|

|   | Chief Financial Officer |
|--------|-------------------------|

|   | Date:   December 20, 2010 |
|--------|------------------------------------------|