| [X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|-----|--------------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------|------------------------------------------------------------------------------------------|

| Nevada                                                                                                                                                                                          | 20-4092640                          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization)                                                                                                                                   | (I.R.S. EmployerIdentification No.) |
|  1805 N. Carson Street, Suite 150Carson City, NV 89701________________________________________________________________________(Address of principal executive offices, including zip code) |

| Large accelerated filer  [   ]                                                  |   | Accelerated filer    [    ] |
|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|
| Non-accelerated filer    [   ] (Do not check if smaller reporting company) |   | Smaller reporting company    [X]                |

----

|                                           | High$  | Low$   |
|------------------------------------------------|--------|--------|
|                                           |   |   |
|  For the Fiscal Year Ended March 31, 2014 |   |   |
|                                           |   |   |
| Fourth Quarter ended March 31, 2014            | 0.08   | 0.05   |
| Third Quarter ended December 31, 2013          | 0.10   | 0.05   |
| Second Quarter ended September 30, 2013        | 0.12   | 0.07   |
| First Quarter ended June 30, 2013              | 0.24   | 0.09   |
|                                           |   |   |
| For the Fiscal Year Ended March 31, 2013       |   |   |
|                                           |   |   |
| Fourth Quarter ended March 31, 2013            | 0.37   | 0.20   |
| Third Quarter ended December 31, 2012          | 0.57   | 0.24   |
| Second Quarter ended September 30, 2012        | 0.47   | 0.09   |
| First Quarter ended June 30, 2012              | 0.09   | 0.07   |

| (i)   | Interest expense - $801,118 increase primarily attributed to the issuance of 2,550,000 shares of common stock valued at $501,075 in conjunction with promissory notes issued for $255,000 in cash on April 18, 2013 and the amortization of debt discount related to the issuance of convertible promissory notes and warrants to Typenex Co-Investment, LLC for $375,000 in cash during the year ended March 31, 2014. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Loss on derivatives - $1,595,480 increase due to the increase in the fair value of the secured convertible promissory note derivative liability and warrant derivative liability embedded in the convertible promissory note issued to Typenex Co-Investment, LLC. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Net loss from discontinued operations - $421,325 increase due to the Joint Venture Agreement entered into between Mexus Gold US, Mexus Gold Mining, Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. on November 1, 2012. The results of discontinued operations have been included in the consolidated financial statements of the Company up to March 24, 2014. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● |   | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;                                                                                                                                                                      |
|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● |   | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
| ● |   | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.                                                                                                                   |

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

| NAME             | AGE    | POSITION                                                                                             |
|------------------|--------|------------------------------------------------------------------------------------------------------|
|             |   |                                                                                                 |
| Paul D. Thompson | 73     | PresidentChief Executive OfficerChief Financial OfficerPrinciple Accounting OfficerSecretaryDirector |

| Summary Compensation Table                                                           |
|--------------------------------------------------------------------------------------|
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   | Non-Equity |   | Nonqualified | All |   |
| Name and                                                                             |   |   |   |   |   |   |   |   |   |   |   | Incentive |   | Deferred | Other |   |
| Principal                                                                            |   |   |   |   |   |   |   | Stock |   | Option |   | Plan |   | Compensation | Compen |   |
| Position                                                                             |   | Year |   | Salary |   | Bonus |   | Awards |   | Awards |   | Compensation |   | Earnings | -sation | Total |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Paul D.Thompson                                                                      |   | 2014 |   | 0 |   | 0 |   | 0 |   | 0 |   | 0 |   | 0 | 0 | 0 |
| President, Chief Executive Officer, Chief Financial Officer, Secretary, and Director |   | 2013 |   | 0 |   | 0 |   | 0 |   | 0 |   | 0 |   | 0 | 0 | 0 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| ·   | each person who is known to be the beneficial owner of more than five percent (5%) of our issued and outstanding shares of common stock; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | each of our directors and executive officers; and |
|--------------------|---------------------------------------------------|

| ·   | all of our Directors and Officers as a group |
|--------------------|----------------------------------------------|

| ·   |   |
|--------------------|--------|

|  Name And Address              | Number Of SharesBeneficially Owned | PercentageOwned  |
|-------------------------------------|------------------------------------|-----------------------|
| Paul D. Thompson(1)                 | 70,295,462(2)(3)                   | 30% (3)               |
|                                |                               |                  |
| All Officers and Directors as Group | 70,295,462                         | 30%                   |
|                                |                               |                  |
| Total                               | 70,295,462                         | 30%                   |

|   | (1) | 1805 N. Carson Street, Suite 150, Carson City, NV 89701. |
|--------|-----|----------------------------------------------------------|

|   | (2) | Includes 24,498,772 shares held by Mr. Thompson individually, 45,500,000 shares held by Taurus Gold, Inc., 182,918 shares held by Mexus Gold Mining S.A. C.V. and 113,772 shares held by Mexus Gold International. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | In addition, Mr. Thompson owns 375,000 shares of out Series A Convertible Preferred Stock, $.001 par value. Each share of our Series A Convertible Preferred Stock converts into 10 shares of our common stock.  Assuming Mr. Thomson converted 100% of the Series A Convertible Preferred Stock held by him, he would hold and additional 3,750,000 shares of common stock and a total of 74,045,462 shares of commons stock or approximately 30% of our issued and outstanding shares of common stock. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Holders of our Series A Convertible Preferred Stock have such number of votes as is determined by multiplying: (a) the number of shares of Series A Convertible Preferred Stock held by such holder, (b) the number of issued and outstanding shares of the Corporation’s Series A Convertible Preferred Stock and common stock on a fully-diluted basis; and (c) 0.000006.  Accordingly, on any stockholders vote, Mr. Thompson has a total of 562,120,740 votes, or greater than approximately 225% of the issued and outstanding common stock of the company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

| Statements                                                                                                                                    |          |        |            |              |
|----------------------------------------------------------------------------------------------------------------------------------------------------|---------------|-------------|-----------------|-------------------|
|                                                                                                                                               |          |        |            |              |
| Report of Independent Registered Public Accounting Firm                                                                                       |          |        |            |              |
|                                                                                                                                               |          |        |            |              |
| Balance Sheets at March 31, 2012 and 2011                                                                                                          |          |        |            |              |
|                                                                                                                                               |          |        |            |              |
| Statements of Operations for the years ended March 31, 2012 and 2011and from September 18, 2009 to March 31, 2012                                  |          |        |            |              |
|                                                                                                                                               |          |        |            |              |
| Statement of Changes in Shareholders' Deficit for the years ended March 31, 2012 and 2011 and from September 18, 2009 to March 31, 2012       |
|                                                                                                                                               |          |        |            |              |
| Statements of Cash Flows for the years ended March 31, 2012 and 2011 and from September 18, 2009 to March 31, 2012                            |          |        |            |              |
|                                                                                                                                               |          |        |            |              |
| Notes to Financial Statements                                                                                                                 |          |        |            |              |
|                                                                                                                                               |          |        |            |              |
| Schedules                                                                                                                                     |          |        |            |              |
|                                                                                                                                               |          |        |            |              |
| All schedules are omitted because they are not applicable or the required information is shown in the Financial Statements or notes thereto.  |
|                                                                                                                                               |          |        |            |              |
|                                                                                                                                               | Exhibit  | Form   | Filing     | Filed with   |
| Exhibits                                                                                                                                      | #        | Type   | Date       | This Report  |
|                                                                                                                                               |          |        |            |              |
| Articles of Incorporation filed with the Secretary of State of Colorado on June 22, 1990                                                      | 3.1      | 10-SB  | 1/24/2007  |              |
|                                                                                                                                               |          |        |            |              |
| Articles of Amendment to the Articles of Incorporation filed with the Secretary of State of Colorado on October 17, 2006                      | 3.2      | 10-SB  | 1/24/2007  |              |
|                                                                                                                                               |          |        |            |              |
| Articles of Amendment to Articles of Incorporation filed with the Secretary of State of the State of Colorado on January 25, 2007                  | 3.3      | 10KSB       | 6/29/2007  |              |
|                                                                                                                                               |          |        |            |              |
| Amended and Restated Bylaws dated December 30, 2005                                                                                           | 3.3      | 10-SB  | 1/24/2007  |              |
| Code of Ethics                                                                                                                                     | 14.1          | 10-KSB      | 6/29/2007       |              |
|                                                                                                                                               |          |        |            |              |
| Certification of Paul D. Thompson, pursuant to Rule 13a-14(a)                                                                                 | 31.1     |        |            | X            |
|                                                                                                                                               |          |        |            |              |
| Certification of Paul D. Thompson pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002     | 32.1     |        |            | X            |
|                                                                                                                                               |          |        |            |              |
| Caborca Preliminary Report and First Stage Mapping                                                                                            | 99.1     |        |            | X                 |

----

| MEXUS GOLD US /s/  Paul D. ThompsonBy:  Paul D. ThompsonIts:   PresidentPrinciple Accounting Officer  |
|----------------------------------------------------------------------------------------------------------------------------------------------------|

| Signatures                           |   | Title                                                                                                |   | Date          |
|--------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|---------------|
|                                 |   |                                                                                                 |   |          |
| /s/ Paul D. ThompsonPaul D. Thompson |   | Chief Executive OfficerChief Financial OfficerPrincipal Accounting OfficerPresidentSecretaryDirector |   | July 14, 2014 |

----

|                                            |
|-------------------------------------------------|
|                                            |
|                                            |
| MEXUS GOLD US                                   |
| (An Exploration Stage Company)                  |
| CONSOLIDATED FINANCIAL STATEMENTS               |
|                                            |
| March 31, 2014                                  |
|                                            |
| (Audited)                                       |
|                                            |
| AUDITOR REPORT                                  |
|                                            |
| CONSOLIDATED BALANCE SHEETS                     |
|                                            |
| CONSOLIDATED STATEMENTS OF OPERATIONS           |
|                                            |
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY |
|                                            |
| CONSOLIDATED STATEMENTS OF CASH FLOWS           |
|                                            |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS      |

----

----

| MEXUS GOLD US AND SUBSIDIARIES |
|--------------------------------|
| (An Exploration Stage Company) |
| CONSOLIDATED BALANCE SHEETS    |
| (Audited)                      |

|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       | March 31, 2014                                                                                                                                                                                                                                                        | March 31, 2013                                                                                                                                                                  |
| ASSETS                                                                                             |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |
| CURRENT ASSETS                                                                                     |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |
|                                                                                               | Cash                                                                                        |                                                                                                                                                                                                                                                                       |  $                         -                                                                                                        |                                                                                                                                                                            |  $              101,562                                                                              |
|                                                                                               | Prepaid and other assets                                                                    |                                                                                                                                                                                                                                                                       | 81,747                                                                                                                                                                                                                                                                |                                                                                                                                                                            | 25,019                                                                                                                                                                          |
|                                                                                               | Investment in marketable securities                                                         |                                                                                                                                                                                                                                                                       | 150,114                                                                                                                                                                                                                                                               |                                                                                                                                                                            |                              - |
|                                                                                               | Current assets from discontinued operations                                                 |                             -                                                                                                  |                                                                                                                                                                                                                                                                  | 3,139                                                                                                                                                                           |
| TOTAL CURRENT ASSETS                                                                               |                                                                                        | 231,861                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                  | 129,720                                                                                                                                                                         |
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
| FIXED ASSETS                                                                                       |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |
|                                                                                               | Equipment, net of accumulated depreciation                                                  |                                         1,567,165                       |                                                                                                                                                                                                                                                                  | 1,955,813                                                                                                                                                                       |
| TOTAL FIXED ASSETS                                                                                 |                                                                                        | 1,567,165                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                  | 1,955,813                                                                                                                                                                       |
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
| OTHER ASSETS                                                                                       |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |
|                                                                                               | Deferred finance expense                                                                    |                                                                                                                                                                                                                                                                       | 3,503                                                                                                                                                                                                                                                                 |                                                                                                                                                                            |                              - |
|                                                                                               | Equipment under construction                                                                |                                                                                                                                                                                                                                                                       | 107,522                                                                                                                                                                                                                                                               |                                                                                                                                                                            | 52,575                                                                                                                                                                          |
|                                                                                               | Property costs                                                                              |                                                                                                                                                                                                                                                                       | 505,947                                                                                                                                                                                                                                                               |                                                                                                                                                                            | 490,797                                                                                                                                                                         |
|                                                                                               | Non-current other assets from discontinued operations                                       |                             -                                                                                                  |                                                                                                                                                                                                                                                                  | 742,686                                                                                                                                                                         |
| TOTAL OTHER ASSETS                                                                                 |                                                                                        | 616,972                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                  | 1,286,058                                                                                                                                                                       |
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
| TOTAL ASSETS                                                                                       |                                                                                        |  $          2,415,998                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                  |  $           3,371,591                                                                                                   |
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |
| CURRENT LIABILITIES                                                                                |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |
|                                                                                               | Bank overdraft                                                                              |                                                                                                                                                                                                                                                                       |  $                4,053                                                                                                                                                          |                                                                                                                                                                            |  $                         -                  |
|                                                                                               | Accounts payable and accrued liabilities                                                    | 75,006                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                  | 68,750                                                                                                                                                                          |
|                                                                                               | Accounts payable - related party                                                            |                                                                                                                                                                                                                                                                       | 45,966                                                                                                                                                                                                                                                                |                                                                                                                                                                            | 12,863                                                                                                                                                                          |
|                                                                                               | Notes payable                                                                               |                                                                                                                                                                                                                                                                       | 351,502                                                                                                                                                                                                                                                               |                                                                                                                                                                            | 192,500                                                                                                                                                                         |
|                                                                                               | Note payable - related party                                                                |                                                                                                                                                                                                                                                                       | 179,159                                                                                                                                                                                                                                                               |                                                                                                                                                                            | 218,992                                                                                                                                                                         |
|                                                                                               | Promissory notes                                                                            |                                                                                                                                                                                                                                                                       |               255,000                                                                                                                                                                           |                                                                                                                                                                            |                              - |
|                                                                                               | Secured convertible promissory note (net of unamortized debt discount $88,644)              |                                             282,861 |                                                                                                                                                                                                                                                                  |                              - |
|                                                                                               | Secured convertible promissory note derivative liability                                    |                                            954,410       |                                                                                                                                                                                                                                                                  |                              - |
|                                                                                               | Warrant derivative liability                                                                |                                                                                                                                                                                                                                                                       |                                             920,927 |                                                                                                                                                                            |                              - |
| TOTAL CURRENT LIABILITIES                                                                          |                                                                                        | 3,068,884                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                  | 493,105                                                                                                                                                                         |
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
| TOTAL LIABILITIES                                                                                  |                                                                                        | 3,068,884                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                  | 493,105                                                                                                                                                                         |
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
| SHAREHOLDERS' EQUITY (DEFICIT)                                                                     |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |
|                                                                                               | Capital stock                                                                               |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
|                                                                                               | Authorized                                                                                  |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
|                                                                                               | 9,000,000 shares of preferred stock, $0.001 par value per share, nil issued and outstanding |                           -                                                                                                              |                                                                                                                                                                                                                                                                  |                              - |
|                                                                                               | 1,000,000 shares of Series A Convertible Preferred Stock, $0.001 par value per share        |                           -                                                                                                              |                                                                                                                                                                                                                                                                  |                              - |
|                                                                                               | 500,000,000 shares of common stock, $0.001 par value per share                              |                           -                                                                                                              |                                                                                                                                                                                                                                                                  |                              - |
|                                                                                               | Issued and outstanding                                                                      |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
|                                                                                               | 375,000 shares of Series A Convertible Preferred Stock (375,000 - March 31, 2013)           | 375                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                  | 375                                                                                                                                                                             |
|                                                                                               | 248,103,110 shares of common stock (212,468,077 - March 31, 2013)                           | 248,103                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                  | 212,468                                                                                                                                                                         |
|                                                                                               | Additional paid-in capital                                                                  |                                                                                                                                                                                                                                                                       | 14,104,432                                                                                                                                                                                                                                                            |                                                                                                                                                                            | 11,266,771                                                                                                                                                                      |
|                                                                                               | Share subscription payable                                                                  |                                                                                                                                                                                                                                                                       | 952,143                                                                                                                                                                                                                                                               |                                                                                                                                                                            | 417,369                                                                                                                                                                         |
|                                                                                               | Accumulated deficit                                                                         |                                                                                                                                                                                                                                                                       | (648,441)                                                                                                                                                                                                                                                             |                                                                                                                                                                            | (648,441)                                                                                                                                                                       |
|                                                                                               | Accumulated deficit during the exploration stage                                            | (15,363,462)                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                  | (7,893,186)                                                                                                                                                                     |
|                                                                                               | Accumulated other comprehensive income                                                      | 53,964                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                  |                              - |
|                                                                                               | Total Mexus Gold Shareholders' Equity (Deficit)                                             | (652,886)                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                  | 3,355,356                                                                                                                                                                       |
|                                                                                               | Non-controlling interest                                                                    |                                                                                                                                                                                                                                                                       |                           -                                                                                                         |                                                                                                                                                                            | (476,870)                                                                                                                                                                       |
| TOTAL SHAREHOLDERS' EQUITY (DEFICIT)                                                               |                                                                                        | (652,886)                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                  | 2,878,486                                                                                                                                                                       |
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)                                               |  $       2,415,998                                  |                                                                                                                                                                                                                                                                       |  $          3,371,591                                                                                                                                                                                          |
|                                                                                               |                                                                                        |                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  |                                                                                                                                                                            |                                                                                                                                                                            |
| The accompanying notes are an integral part of these consolidated financial  statements. |

----

| MEXUS GOLD US AND SUBSIDIARIES                               |
|--------------------------------------------------------------|
| (An Exploration Stage Company)                               |
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
| (Audited)                                                    |

|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    | For the Period from                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    | Exploration Stage re-entry                                                                                                                                                                                                                                   |
|                                                                                               |                                                                                                                                                                            | Year Ended March 31,                                                                                                                                                                                                            | (September 18, 2009) to                                                                                                                                                                                                                 |
|                                                                                               |                                                                                                                                                                            | 2014                                                                                                                                                                                                                            | 2013                                                                                                                                                                                                                                    | March 31, 2014                                                                                                                                                                                                                                               |
| REVENUES                                                                                           |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |
|                                                                                               | Revenues                                                                                                                                                                        |  $                      192,004                                                                              |  $                      320,226                                                                                      |  $                                    773,141                       |
| Total revenues                                                                                     | 192,004                                                                                                                                                                         | 320,226                                                                                                                                                                                                                         | 773,141                                                                                                                                                                                                                                 |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| Expenses                                                                                           |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |
|                                                                                               | General and administrative                                                                                                                                                      |                           545,377                                                             |                           898,768                                                                     |                                    3,313,141                                  |
|                                                                                               | Bad debt expense - related party                                                                                                                                                |                                      - |                           240,673                                                                     |                                        240,673            |
|                                                                                               | Exploration costs                                                                                                                                                               |                           939,558                                                             |                           612,860                                                                     |                                    2,381,998                                  |
|                                                                                               | Stock-based expense - consulting services                                                                                                                                       |                           744,283                                                             |                           823,504                                                                     |                                    3,230,569                                  |
|                                                                                               | Impairment of mineral property                                                                                                                                                  |                                      - |                           339,664                                                                     |                                        339,664            |
|                                                                                               | Loss on sale of equipment                                                                                                                                                       |                               4,721                                       |                           159,439                                                                     |                                        284,038            |
|                                                                                               | Loss (gain) on settlement of debt                                                                                                                                               |                           189,470                                                             |                        (283,715)                                                                                     |                                        (94,246)           |
| Total operating expenses                                                                           | 2,423,409                                                                                                                                                                       | 2,791,193                                                                                                                                                                                                                       | 9,695,837                                                                                                                                                                                                                               |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| OTHER INCOME (EXPENSE)                                                                             |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |
|                                                                                               | Interest expense                                                                                                                                                                |                        (833,729)                                                                             |                           (32,611)                                                                    |                                      (949,305)                      |
|                                                                                               | Foreign exchange loss                                                                                                                                                           |                           (81,609)                                                            |                                      -         |                                        (81,609)           |
|                                                                                               | Loss on derivative liabilities                                                                                                                                                  |                     (1,595,480)                                                                                             |                                      -         |                                  (1,595,480)                                            |
|                                                                                               |                                                                                                                                                                            |                     (2,510,818)                                                                                             |                           (32,611)                                                                    |                                  (2,626,394)                                            |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| NET LOSS FROM CONTINUING OPERATIONS                                                                |                     (4,742,223)                                             |                     (2,503,578)                                                                                             |                                (11,549,090)                                  |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| NET LOSS FROM DISCONTINUED OPERATIONS (including loss on disposal of $244,776)                     |                     (2,251,183)                                             |                     (1,829,858)                                                                                             |                                  (4,081,041)                       |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| NET LOSS                                                                                           |                     (6,993,406)                                             |                     (4,333,436)                                                                                             |                                (15,630,131)                                  |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST                                         |                           476,870             |                        (743,537)                                                                             |                                      (266,667) |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| NET LOSS ATTRIBUTABLE TO MEXUS GOLD US                                                             |  $                 (7,470,276)                                                             |  $                 (3,589,899)                                                                                                             |  $                           (15,363,464)                                                   |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| OTHER COMPREHENSIVE INCOME                                                                         |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |
|                                                                                               | Unrealized gain on marketable securities                                                                                                                                        |                             53,964                                                  |                                      -         |                                          53,964 |
|                                                                                               |                                                                                                                                                                            |                             53,964                                                  |                                      -         |                                          53,964 |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| COMPREHENSIVE LOSS                                                                                 |  $                 (7,416,312)                                                             |  $                  (3,589,899)                                                                                                       |  $                           (15,309,500)                                                   |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| BASIC LOSS PER SHARE FROM CONTINUING OPERATIONS                                                    |  $                           (0.02) |  $                           (0.01)                                                 |                                                                                                                                                                                                                                    |
| BASIC LOSS PER SHARE FROM DISCONTINUING OPERATIONS                                                 |  $                           (0.01) |  $                           (0.01)                                                 |                                                                                                                                                                                                                                    |
| BASIC LOSS PER COMMON SHARE                                                                        |  $                           (0.03) |  $                           (0.02)                                                 |                                                                                                                                                                                                                                    |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            | `                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                         |
| WEIGHTED AVERAGE NUMBER OFCOMMON SHARES                                                            |                                                                                                                                                                            |                                                                                                                                                                                                                            |
|  OUTSTANDING- BASIC                                                                           | 225,291,804                                                                                                                                                                     | 194,389,689                                                                                                                                                                                                                     |                                                                                                                                                                                                                                    |
|                                                                                               |                                                                                                                                                                            |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                         |
| The accompanying notes are an integral part of these consolidated financial  statements. |

----

| MEXUS GOLD US AND SUBSIDARIES                                                         |
|---------------------------------------------------------------------------------------|
| (An Exploration Stage Company)                                                        |
| CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)                             |
| For the Period from Exploration Stage re-entry (September 18, 2009) to March 31, 2014 |
| (Audited)                                                                             |

|                                                                       |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                |                                                                                                                                                                |                                                                                                                                                    |                                                                                                                                                    |                                                                                                                                              |                                                                                                                                                          |                                                                                                                                                                                    |                                                                                                                        |                           |
|----------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|--------------------------------|
|                                                                       |                                                                                                                                        |                                                                                                                                        | Preferred Stock                                                                                                                             | Series A Preferred Stock                                                                                                                    | Common Stock                                                                                                                                                                    |                                                                                                                                                                            | Share                                                                                                                                                               |                                                                                                                                                                | Deficit Accumulated During                                                                                                                              | Non-                                                                                                                                                    | Accumulated other                                                                                                                                 | Total                                                                                                                                                         |
|                                                                       |                                                                                                                                        |                                                                                                                                        | Number of Shares                                                                                                                            | Amount                                                                                                                                      | Number of Shares                                                                                                                                                                | Amount                                                                                                                                                                          | Number of Shares                                                                                                                                                    | Amount                                                                                                                                                              | Additional Paid-in Capital                                                                                                                              |  Subscription Payable                                                                                                                              | Accumulated Deficit                                                                                                                               | Exploration Stage                                                                                                                                             | controlling interest                                                                                                                                                                    | comprehensive income                                                                                                        | Shareholders' Equity (Deficit) |
| Balance, September 18, 2009                                                |                        - |  $                    -            |                        - |  $                    -            | 136,614,000                                                                                                                                                                     |  $        136,614                                                                                                                  |  $                        -            |                                                                                                                                                                |  $       (648,441)                                                                                              |  $                    -                        |  $                    -                  |  $                       -            |  $                (511,827)                                                                        |
|                                                                       |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                |                                                                                                                                                                |                                                                                                                                                    |                                                                                                                                                    |                                                                                                                                              |                                                                                                                                                          |                                                                                                                                                                                    |                                                                                                                        |                           |
| Forgiveness of debt by related party and Cancellation of shares for cash   |                        - |                        - |                        - |                        - |        (129,025,000)                                                                                                                         |          (129,025)                                                                                                                 |                540,127                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       411,102                                             |
| Shares issued for services                                                 |                        - |                        - |                        - |                        - |            12,225,000                                                                                                    |               12,225                                                                                      |                734,525                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       746,750                                             |
| Shares issued for equipment                                                |                        - |                        - |                        - |                        - |            40,213,846                                                                                                    |               40,214                                                                                      |                   27,587                                                  |                        -                         |                          - |                         -       |                         - |                           - |                         67,801                                  |
| Shares issued for cash                                                     |                        - |                        - |                        - |                        - |            44,389,833                                                                                                    |               44,390                                                                                      |                175,564                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       219,954                                             |
| Shares issued for options on mineral properties                            |                        - |                        - |                        - |                        - |                  250,000                                                                   |                     250                                                     |                            - |                        -                         |                          - |                         -       |                         - |                           - |                               250 |
| Shares issued to Mexus Gold Mining S.A. de C.V.                            |                        - |                        - |                        - |                        - |            40,000,000                                                                                                    |               40,000                                                                                      |             2,180,000                                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                   2,220,000                                                                   |
| Deemed Distribution to Mexus Gold Mining S.A. de C.V.                      |                        - |                        - |                        - |                        - |                                                                                                                                                                            |                                                                                                                                                                            |          (2,220,000)                                                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                 (2,220,000)                                                                             |
| Share subscription payable                                                 |                        - |                        - |                        - |                        - |                              - |                        -                                     |                            - |               20,000                                                                          |                          - |                         -       |                         - |                           - |                         20,000                                  |
| Net loss                                                                   |                                                                                                                                        |                        - |                        - |                        - |                        -                                     |                              - |                        -                         |                            - |                        -             |                          - |           (958,576)                                                                             |                         -             |                           -                           |                    (958,576) |
| Balance at March 31, 2010                                                  |                        - |  $                    -            |                        - |  $                    -            | 144,667,679                                                                                                                                                                     |  $        144,668                                                                                                                  |  $        1,437,803                                                                                                    |  $          20,000                                                                                           |  $       (648,441)                                                                                              |  $      (958,576)                                                                                                    |  $                    -                  |  $                       -            |  $                     (4,546)                                            |
|                                                                       |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                |                                                                                                                                                                |                                                                                                                                                    |                                                                                                                                                    |                                                                                                                                              |                                                                                                                                                          |                                                                                                                                                                                    |                                                                                                                        |                           |
| Shares issued for services                                                 |                        - |                        - |                        - |                        - | 5,337,500                                                                                                                                                                       |                 5,338                                                                           |                607,095                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       612,433                                             |
| Shares issued for equipment                                                |                        - |                        - |                        - |                        - | 2,981,464                                                                                                                                                                       |                 2,981                                                                           |                320,970                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       323,951                                             |
| Shares issued for cash                                                     |                        - |                        - |                        - |                        - | 6,630,952                                                                                                                                                                       |                 6,631                                                                           |                820,069                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       826,700                                             |
| Shares issued for options on mineral properties                            |                        - |                        - |                        - |                        - | 1,500,000                                                                                                                                                                       |                 1,500                                                                           |                279,000                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       280,500                                             |
| Share subscription payable                                                 |                        - |                        - |                        - |                        - |                              - |                        -                                     |                            - |            135,245                                                                                           |                          - |                         -       |                         - |                           - |                       135,245                                             |
| Net loss                                                                   |                                                                                                                                        |                        - |                        - |                        - |                        -                                     |                              - |                        -                         |                            - |                        -             |                          - |       (1,832,779)                                                                                                   |                         -             |                           -                           |                 (1,832,779)                 |
| Balance at March 31, 2011                                                  |                        - |  $                    -            |                        - |  $                    -            |          161,117,595                                                                                                               |  $        161,118                                                                                                                  |  $        3,464,937                                                                                                    |  $        155,245                                                                                                      |  $       (648,441)                                                                                              |  $   (2,791,355)                                                                                                                    |  $                    -                  |  $                       -            |  $                  341,504                                                              |
|                                                                       |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                |                                                                                                                                                                |                                                                                                                                                    |                                                                                                                                                    |                                                                                                                                              |                                                                                                                                                          |                                                                                                                                                                                    |                                                                                                                        |                           |
| Shares issued for services and supplies                                    |                        - |                        - |                        - |                        - |               2,671,367                                                                                   |                 2,671                                                                           |                272,460                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       275,131                                             |
| Shares issued for equipment                                                |                        - |                        - |                        - |                        - |                  955,034                                                                   |                     955                                                     |                165,236                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       166,191                                             |
| Shares issued for cash                                                     |                        - |                        - |                        - |                        - |            12,651,914                                                                                                    |               12,652                                                                                      |             1,069,093                                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                   1,081,745                                                                   |
| Shares issued for mineral properties                                       |                        - |                        - |                        - |                        - | 750,000                                                                                                                                                                         |                     750                                                     |                149,250                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       150,000                                             |
| Shares issued for payments of loans, accounts payable and accrued interest |                        - |                        - |            375,000                                                                   |                     375                 | 1,235,802                                                                                                                                                                       |                 1,236                                                                           |                260,870                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       262,481                                             |
| Share subscription payable                                                 |                        - |                        - |                        - |                        - |                              - |                        -                                     |                            - |            (87,352)                                                                                          |                          - |                         -       |                         - |                           - |                       (87,352)                                            |
| Net loss                                                                   |                                                                                                                                        |                        - |                        - |                        - |                        -                                     |                              - |                        -                         |                            - |                        -             |                          - |       (1,511,932)                                                                                                   |                         -             |                           -                           |                 (1,511,932)                 |
| Balance, March 31, 2012                                                    |                        - |  $                    -            |            375,000                                                                   |  $                375                                  |          179,381,712                                                                                                               |  $        179,382                                                                                                                  |  $        5,381,846                                                                                                    |  $          67,893                                                                                           |  $       (648,441)                                                                                              |  $   (4,303,287)                                                                                                                    |  $                    -                  |  $                       -            |  $                  677,768                                                              |
|                                                                       |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                |                                                                                                                                                                |                                                                                                                                                    |                                                                                                                                                    |                                                                                                                                              |                                                                                                                                                          |                                                                                                                                                                                    |                                                                                                                        |                           |
| Shares issued for services and supplies                                    |                        - |                        - |                        - |                        - |               4,635,405                                                                                   |                 4,635                                                                           |                802,681                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       807,316                                             |
| Shares issued for equipment                                                |                        - |                        - |                        - |                        - |                  681,388                                                                   |                     681                                                     |                162,534                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       163,215                                             |
| Shares issued for cash                                                     |                        - |                        - |                        - |                        - |            22,461,892                                                                                                    |               22,462                                                                                      |             3,350,071                                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                   3,372,533                                                                   |
| Shares issued for mineral properties                                       |                        - |                        - |                        - |                        - |               1,100,000                                                                                   |                 1,100                                                                           |                410,900                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       412,000                                             |
| Shares issued for payments of loans, accounts payable and accrued interest |                        - |                        - |                        - |                        - |               4,207,680                                                                                   |                 4,208                                                                           |             1,158,739                                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                   1,162,947                                                                   |
| Share subscription payable                                                 |                        - |                        - |                        - |                        - |                              - |                        -                                     |                            - |            349,476                                                                                           |                          - |                         -       |                         - |                           - |                       349,476                                             |
| Non-controlling interest mineral property contribution                     |                        - |                        - |                        - |                        - |                              - |                        -                                     |                            - |                        -                         |                          - |                         -       |             266,667                                                                   |                           - |                       266,667                                             |
| Net loss                                                                   |                                                                                                                                        |                        - |                        - |                        - |                        -                                     |                              - |                        -                         |                            - |                        -             |                          - |       (3,589,899)                                                                                                   |           (743,537)                                                                                         |                           -                           |                 (4,333,436)                 |
| Balance, March 31, 2013                                                    |                        - |  $                    -            |            375,000                                                                   |  $                375                                  |          212,468,077                                                                                                               |  $        212,468                                                                                                                  |  $      11,266,771                                                                                                               |  $        417,369                                                                                                      |  $       (648,441)                                                                                              |  $   (7,893,186)                                                                                                                    |  $      (476,870)                                                                                              |  $                       -            |  $               2,878,486                                                                              |
|                                                                       |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                |                                                                                                                                                                |                                                                                                                                                    |                                                                                                                                                    |                                                                                                                                              |                                                                                                                                                          |                                                                                                                                                                                    |                                                                                                                        |                           |
| Shares issued for services and supplies                                    |                        - |                        - |                        - |                        - |               6,961,199                                                                                   |                 6,961                                                                           |                553,933                                                                   |            183,389                                                                                           |                          - |                         -       |                         - |                           - |                       744,283                                             |
| Shares issued for equipment                                                |                        - |                        - |                        - |                        - |               1,079,428                                                                                   |                 1,079                                                                           |                104,721                                                                   |            (58,085)                                                                                          |                          - |                         -       |                         - |                           - |                         47,715                                  |
| Shares issued for cash                                                     |                        - |                        - |                        - |                        - |            19,459,302                                                                                                    |               19,459                                                                                      |             1,278,563                                                                                   |            355,971                                                                                           |                          - |                         -       |                         - |                           - |                   1,653,993                                                                   |
| Shares issued for mineral properties                                       |                        - |                        - |                        - |                        - |                  150,000                                                                   |                     150                                                     |                   15,000                                                  |                        -                         |                          - |                         -       |                         - |                           - |                         15,150                                  |
| Shares issued for accounts payable                                         |                        - |                        - |                        - |                        - |               2,066,666                                                                                   |                 2,067                                                                           |                127,800                                                                   |               53,499                                                                          |                          - |                         -       |                         - |                           - |                       183,366                                             |
| Shares issued for convertible note principal and interest                  |                        - |                        - |                        - |                        - |               3,368,438                                                                                   |                 3,369                                                                           |                226,987                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       230,356                                             |
| Shares issued for finance costs                                            |                        - |                        - |                        - |                        - |               2,550,000                                                                                   |                 2,550                                                                           |                498,525                                                                   |                        -                         |                          - |                         -       |                         - |                           - |                       501,075                                             |
| Gain on sale of equipment to Taurus Gold Inc. - related party              |                        - |                        - |                        - |                        - |                              - |                        -                                     |                   32,132                                                  |                        -                         |                          - |                         -       |                         - |                           - |                         32,132                                  |
| Accumulated other comprehensive income                                     |                        - |                        - |                        - |                        - |                              - |                        -                                     |                            - |                        -                         |                          - |                         -       |                         - |                  53,964                                                  |                         53,964                                  |
| Net loss                                                                   |                                                                                                                                        |                        - |                        - |                        - |                        -                                     |                              - |                        -                         |                            - |                        -             |                          - |       (7,470,276)                                                                                                   |             476,870                                                                               |                           -                           |                 (6,993,406)                 |
| Balance, March 31, 2014                                                    |                        - |  $                    -            |            375,000                                                                   |  $                375                                  |          248,103,110                                                                                                               |  $        248,103                                                                                                                  |  $      14,104,432                                                                                                               |  $        952,143                                                                                                      |  $       (648,441)                                                                                              |  $(15,363,462)                                                                                                                                     |  $                    -                  |  $              53,964                                                             |  $                (652,886)                                                                        |

----

| MEXUS GOLD US AND SUBSIDIARIES        |
|---------------------------------------|
| (An Exploration Stage Company)        |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Audited)                             |

|                                                                            |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    | For the Period from                                                                                                                                                                                                                                                                                           |
|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                            |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    | Exploration Stage                                                                                                                                                                                                                                                                                             |
|                                                                            | Year Ended March 31,                                                                                                                                                                                                                                    | re-entry (September 18,                                                                                                                                                                                                                                 |
|                                                                            | 2014                                                                                                                                                                                                                                                    | 2013                                                                                                                                                                                                                                                    | 2009) to March 31, 2014                                                                                                                                                                                                                                                                                       |
| CASH FLOWS FROM OPERATING ACTIVITIES                                            |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                          |
| Net loss                                                                        |  $                  (6,993,406)                                                                                                                          |  $                  (4,333,436)                                                                                                                          |  $                         (15,630,131)                                                                                                                                     |
| Adjustments to reconcile net loss                                               |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                          |
| to net cash used in operating activities:                                       |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                          |
| Depreciation and amortization                                                   |                            356,509                                                                               |                            302,245                                                                               |                                     978,391                                                                               |
| Loss on sale of equipment                                                       |                                 4,721                                                   |                            159,439                                                                               |                                     284,038                                                                               |
| Loss on settlement of accounts payable                                          |                                          - |                                          - |                                        11,000                                                              |
| Loss (gain) on settlement of debt, accrued liabilities                          |                            189,470                                                                               |                          (283,715)                                                                                         |                                     (94,245)                                                                              |
| Stock-based compensation                                                        |                            744,283                                                                               |                            823,504                                                                               |                                  3,202,099                                                                                               |
| Interest expense                                                                |                            817,698                                                                               |                               32,611                                                              |                                     879,329                                                                               |
| Impairment of equipment included in exploration costs                           |                                 7,500                                                   |                                          - |                                          7,500                                                   |
| Impairment of mineral property                                                  |                                          - |                            339,664                                                                               |                                     339,664                                                                               |
| Allowance for amount due from joint venture.                                    |                            247,509                                                                               |                                          - |                                     247,509                                                                               |
| Bad debt expense - related party                                                |                                          - |                            240,673                                                                               |                                     240,673                                                                               |
| Loss on derivatives                                                             |                         1,595,480                                                                                               |                                          - |                                  1,595,481                                                                                               |
|  Changes in operating assets and liabilities:                              |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                          |
| Prepaid and other assets                                                        |                          (157,652)                                                                                         |                            (16,600)                                                                              |                                   (182,671)                                                                                         |
| Accounts payable and accrued liabilities, including related parties             |                            576,744                                                                               |                            278,577                                                                               |                                  1,012,085                                                                                               |
| NET CASH USED IN OPERTATING ACTIVITIES                                          |                      (2,611,144)                                                                                                               |                      (2,457,038)                                                                                                               |                               (7,109,278)                                                                                                               |
| CASH FLOWS FROM INVESTING ACTIVITIES                                            |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                          |
|   Purchase of equipment                                               |                            (40,775)                                                                              |                      (1,142,118)                                                                                                               |                               (2,005,083)                                                                                                               |
|   Purchase of equipment under construction                            |                            (47,647)                                                                              |                               (2,780)                                                             |                                   (469,255)                                                                                         |
|   Payment of mineral properties leases                                |                                          - |                          (121,087)                                                                                         |                                   (372,711)                                                                                         |
|   Issuance of notes receivable                                        |                          (247,509)                                                                                         |                          (240,673)                                                                                         |                                   (488,182)                                                                                         |
|   Proceeds from sale of equipment                                     |                                 7,800                                                   |                            209,000                                                                               |                                     293,789                                                                               |
| NET CASH USED IN INVESTING ACTIVITES                                            |                          (328,131)                                                                                         |                      (1,297,658)                                                                                                               |                               (3,041,442)                                                                                                               |
| CASH FLOWS FROM FINANCING ACTIVITIES                                            |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                          |
|   Bank overdraft                                                      | 4,053                                                                                                                                                                                                                                                   |                            310,946                                                                               | 4,053                                                                                                                                                                                                                                                                                                         |
|   Proceeds from issuance of notes payable                             |                            495,085                                                                               |                          (165,304)                                                                                         |                                  1,455,850                                                                                               |
|   Payments on notes payable                                           |                                          - |                                  (204)                                             |                                   (306,616)                                                                                         |
|   Payments on loans payable                                           |                            (50,500)                                                                              |                                          - |                                     (51,843)                                                                              |
|   Proceeds from issuance of convertible promissory notes              |                            375,000                                                                               |                                          - |                                     375,000                                                                               |
|   Advances from related party                                         |                            156,618                                                                               |                            232,001                                                                               |                                     516,048                                                                               |
|   Payment on advances from related party                              |                            (44,452)                                                                              |                            (34,696)                                                                              |                                     (98,239)                                                                              |
|   Advance from Powercom Services Inc.                                 |                                          - |                                          - |                                     800,000                                                                               |
|   Proceeds from issuance of common stock                              |                         1,653,993                                                                                               |                         3,592,673                                                                                               |                                  7,239,611                                                                                               |
|   Share subscriptions payable                                         |                                          - |                                          - |                                        43,393                                                              |
| NET CASH PROVIDED BY FINANCING ACTIVITIES                                       |                         2,589,797                                                                                               |                         3,935,416                                                                                               |                                  9,977,257                                                                                               |
| CASH FLOWS FROM DISCONTINUED OPERATIONS                                         |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |
| Allowance for amount due from First Pursuit Silver de Mexico S. de R.L. de C.V. |                         3,627,214                                                                                               |                                          - |                                  3,627,214                                                                                               |
| Gain on sale of Mexus Enterprises S.A. de C.V.                                  |                      (3,382,437)                                                                                                               |                                          - |                               (3,382,437)                                                                                                               |
| Cash flows used in investing activities                                         |                                          - |                            (76,019)                                                                              |                                     (76,019)                                                                              |
| NET CASH PROVIDED BY (UDED IN) DISCONTINUED OPERATIONS                          | 244,777                                                                                                                                                                                                                                                 |                            (76,019)                                                                              | 168,758                                                                                                                                                                                                                                                                                                       |
| INECREASE (DECREASE) IN CASH                                                    |                          (104,701)                                                                                         |                            104,701                                                                               |                                        (4,705)                                                             |
| CASH, BEGINNING OF PERIOD                                                       |                            104,701                                                                               |                                          - |                                          4,705                                                   |
| CASH, DISCONTINUED OPERATIONS AT THE END OF PERIOD                              |                                          - |                                 3,139                                                   |                                                   - |
| CASH, CONTINUED OPERATIONS AT THE END OF PERIOD                                 |  $                                    -                        |  $                        101,562                                                                                          |  $                                             -                        |
|                                                                            |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                          |
| Supplemental disclosure of cash flow information:                               |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |
|   Interest paid                                                       |  $                             9,436                                                              |  $                             9,741                                                              |  $                                   31,517                                                                               |
|   Taxes paid                                                          |  $                                    -                        |  $                                    -                        |  $                                             -                        |
|                                                                            |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                          |
| Supplemental disclosure of non-cash investing and financing activities:         |                                                                                                                                                                                                                                                    |
|   Shares issued for notes payable                                     |  $                                    -                        |  $                        611,697                                                                                          |  $                                 806,957                                                                                          |
|   Shares issued as interest expense                                   |  $                        501,075                                                                                          |  $                                    -                        |  $                                 501,075                                                                                          |
|   Shares issued for advances - related party                          |  $                                    -                        |  $                                    -                        |  $                                      2,200                                                              |
|   Shares issued for accounts payable, including related party         |  $                        155,366                                                                                          |  $                        551,520                                                                                          |  $                                 745,616                                                                                          |
|   Deferred gain on equipment                                          |  $                                    -                        |  $                                    -                        |  $                                   46,000                                                                               |
|   Shares issued and unissued for equipment purchase                   |  $                        112,300                                                                                          |  $                        282,108                                                                                          |  $                                 587,599                                                                                          |
|   Shares issued for equipment under construction                      |  $                                    -                        |  $                                    -                        |  $                                      5,000                                                              |
|   Shares issued for mineral property                                  |  $                          15,150                                                                               |  $                        412,000                                                                                          |  $                                 577,150                                                                                          |
|   Asset given as settlement of payable                                |  $                                    -                        |  $                                    -                        |  $                                      6,500                                                              |
|   Asset given as settlement of debt                                   |  $                          89,867                                                                               |  $                          37,938                                                                               |  $                                 235,805                                                                                          |
|   Asset given as settlement of share subscription payable             |  $                        (64,585)                                                                                         |  $                                    -                        |  $                                 (64,585)                                                                                         |
|   Loan for equipment                                                  |  $                                    -                        |  $                                    -                        |  $                                   43,046                                                                               |
|   Payables issued for mineral properties                              |  $                                    -                        |  $                        (15,000)                                                                                         |  $                                 (15,000)                                                                                         |
|   Fixed asset reclassified to equipment under construction            |  $                             7,300                                                              |  $                                    -                        |  $                                      7,300                                                              |
|   Subscription payable settled by related party                       |  $                          28,000                                                                               |  $                          (5,745)                                                                              |  $                                   22,255                                                                               |
|   Equipment under construction placed into service                    |  $                                    -                        |  $                        109,112                                                                                          |  $                                 109,112                                                                                          |

----

| 1.   |  ORGANIZATION AND BUSINESS OF COMPANY |
|----------------|--------------------------------------------|

| 2. | GOING CONCERN |
|----|---------------|

| 3.   |  SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES |
|----------------|----------------------------------------------------|

| 4.   | DISCONTINUED OPERATIONS |
|----------------|-------------------------|

| i)   | Assumption of $468,000 of accounts payable; |
|----------------|---------------------------------------------|

| ii)   | Payment of $100,000 and $100,000 on July 2014 and July 2015, respectively, on behalf of the Company to Minerales de Tarchi S. de R.L. de C.V. for lease payments under an exploration agreement; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii)   | 1,660,000 shares of common stock of Silver Pursuit Resources Limited; and |
|------------------|---------------------------------------------------------------------------|

| iv)   | $4,000,000 due on or before March 24, 2015. |
|-----------------|---------------------------------------------|

|                                                         | Period From April 1, 2013 to March 24, 2014 | Year Ended March 31, 2013 |
|--------------------------------------------------------------|---------------------------------------------|---------------------------|
| REVENUES                                                     |                                        |                      |   |   |
|      Revenues                       | $                                           | 581,489                   | $ | 838,516 |
| Total revenues                                               |                                        | 581,489                   |   | 838,516 |
|                                                         |                                        |                      |   |   |
| EXPENSES                                                     |                                        |                      |   |   |
|      General and administrative     |                                        | 3,201                     |   | - |
|      Exploration costs              |                                        | 2,367,956                 |   | 2,668,374 |
|      Bad debt – related party |                                        | 239,084                   |   | - |
| Total operating expenses                                     |                                        | 2,610,241                 |   | 2,668,374 |
|                                                         |                                        |                      |   |   |
| OTHER INCOME (EXPENSE)                                       |                                        |                      |   |   |
|      Foreign exchange               |                                        | 22,345                    |   | - |
|                                                         |                                        | 22,345                    |   | - |
|                                                         |                                        |                      |   |   |
| NET LOSS OF MEXUS ENTERPRISES S.A. DE C.V.                   | $                                           | (2,006,407)               | $ | (1,829,858) |

|                                                                   | March 24, 2014 | March 31, 2013 |
|------------------------------------------------------------------------|----------------|----------------|
| ASSETS                                                                 |           |           |   |   |
| CURRENT ASSETS                                                         |           |           |   |   |
|      Cash                                     | $              | -              | $ | 3,139 |
|      Prepaid and other assets                 |           | 100,924        |   | - |
| TOTAL CURRENT ASSETS                                                   |           | 100,924        |   | 3,139 |
|                                                                   |           |           |   |   |
| EQUIPMENT, NET                                                         |           | 3,440          |   | - |
|                                                                   |           |           |   |   |
| OTHER ASSETS                                                           |           |           |   |   |
|      Property costs                           |           | 742,686        |   | 742,686 |
| TOTAL OTHER ASSETS                                                     |           | 742,686        |   | 742,686 |
|                                                                   |           |           |   |   |
| TOTAL ASSETS                                                           | $              | 847,050        | $ | 745,825 |
|                                                                   |           |           |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                             |           |           |   |   |
| CURRENT LIABILITIES                                                    |           |           |   |   |
|      Accounts payable and accrued liabilities | $              | 5,542          | $ | - |
|      Notes payable                            |           | 30,583         |   | - |
|      Notes payable – related party      |           | 1,999          |   | - |
| TOTAL CURRENT LIABILITIES                                              | $              | 38,124         | $ | - |
|                                                                   |           |           |   |   |
| CARRYING VALUE OF MEXUS ENTERPRISES S.A. DE C.V.                       | $              | 808,926        | $ | 745,825 |

|                                                                                                                                                                                                | March 24, 2014 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
| FAIR VALUE OF CONSIDERATION RECEIVED:                                                                                                                                                               |           |   |
|      Assumption of accounts payable                                                                                                                                        | $              | 468,000 |
| Payment of $100,000 and $100,000 on July 2014 and July 2015, respectively, on behalf of the Company to Minerales de Tarchi S. de R.L. de C.V. for lease payments under an exploration agreement (1) |           |   178,939 |
| 1,660,000 shares of common stock of Silver Pursuit Resources Limited (2)                                                                                                                            |           | 96,150 |
|          $4,000,000 due on or before March 24, 2015 (1)                                                                                                     |           | 3,448,276 |
| Less: Allowance for amount due from First Pursuit Silver de Mexico S. de R.L. de C.V. (3)                                                                                                           |           |  (3,627,215) |
|                                                                                                                                                                                                |           | 564,150 |
|                                                                                                                                                                                                |           |   |
| CARRYING VALUE OF MEXUS ENTERPRISES S.A. DE C.V.                                                                                                                                                    |           | 808,926 |
|                                                                                                                                                                                                |           |   |
| LOSS ON DISPOSAL OF DISCONTINUED OPERATIONS                                                                                                                                                         | $              | (244,776) |

|                                        |   | Period Ended March 24, 2014 |   | Year Ended March 31, 2014 |
|---------------------------------------------|--------|-----------------------------|--------|---------------------------|
| NET LOSS OF MEXUS ENTERPRISES S.A. DE C.V.  | $      | (2,006,407)                 | $      | (1,829,858)               |
| LOSS ON DISPOSAL OF DISCONTINUED OPERATIONS |   | (244,776)                   |   | -                         |
| LOSS ON DISCONTINUED OPERATIONS             | $      | (2,251,183)                 | $      | (1,829,858)               |

| 5.   | MINERAL PROPERTIES AND EXPLORATION COSTS |
|----------------|------------------------------------------|

|                     | BalanceMarch 31, 2013                                                                  |  Cash Payments                                                                    |  Share-based Payments                                                             |   Impairment                                                                 | BalanceMarch 31, 2014                                                                  |
|--------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|
| Lida Mining District (a) | $              - | $              - | $              - | $              - | $              - |
| Ures (b)                 | -                                                                                      | -                                                                                      | -                                                                                      | -                                                                                      | -                                                                                      |
| Corborca (c)             | 490,797                                                                                | 15,150                                                                                 | -                                                                                      | -                                                                                      | 505,947                                                                                |
|                     | $  490,797                                                                   | $     15,150                                                  | $             -       | $             -       | $   505,947                                                             |

|                     | BalanceMarch 31, 2012 |  Cash Payments                                          |  Share-based Payments                                                       |   Impairment       | BalanceMarch 31, 2013                                                                        |
|--------------------------|-----------------------|--------------------------------------------------------------|----------------------------------------------------------------------------------|------------------------------|----------------------------------------------------------------------------------------------|
| Lida Mining District (a) | $  150,656  | $         3,640 | $             - | $  (154,296)       | $               - |
| Ures (b)                 | 170,368               | 15,000                                                       | -                                                                                | (185,368)                    | -                                                                                            |
| Corborca (c)             | 361,350               | 117,447                                                      | 12,000                                                                           | -                            | 490,797                                                                                      |
|                     | $  682,374  | $    136,087                             | $   12,000                                                        | $   (339,664) | $   490,797                                                                   |

|         | BalanceMarch 31, 2013  |  Cash Payments        |  Share-based Payments | BalanceMarch 31, 2014  |
|--------------|------------------------|----------------------------|----------------------------|------------------------|
| Ures (b)     | $  1,272,010 | $   469,779 | $  168,860       | $  1,910,649 |
| Corborca (c) | 1,123,103              | 469,779                    | 168,860                    | 1,761,742              |
|         | $  2,395,113 | $   939,558 | $  337,720       | $  3,672,391 |

|         | BalanceMarch 31, 2012            |  Cash Payments                    |  Share-based Payments | BalanceMarch 31, 2013  |
|--------------|----------------------------------|----------------------------------------|----------------------------|------------------------|
| Ures (b)     | $    610,515 | $     306,430 | $  355,065       | $  1,272,010 |
| Corborca (c) | 461,609                          | 306,430                                | 355,064                    | 1,123,103              |
|         | $  1,072,124           | $   612,860             | $  710,129       | $  2,395,113 |

| (a)   | Lida Mining District, Esmeralda County, Nevada |
|-----------------|------------------------------------------------|

| (b)   | Ures, Sonora, Mexico |
|-----------------|----------------------|

| (c)   | Corborca, Sonora, Mexico |
|-----------------|--------------------------|

| 6. | NOTE RECEIVABLE AND RECOVERABLE DISBURSEMENTS - RELATED PARTY |
|----|---------------------------------------------------------------|

| 7.   | EQUIPMENT |
|----------------|-----------|

|                       |    Cost |   Accumulated Depreciation | March 31, 2014 Net Book Value       | March 31, 2013 Net Book Value |
|----------------------------|------------------------|--------------------------------------|------------------------------------------|------------------------------------|
| Mining tools and equipment | $  1,924,769 | $   508,142           | $  1,416,627                   | $  1,672,088             |
| Watercraft                 | 153,510                | 64,403                               | 89,107                                   | 216,800                            |
| Vehicles                   | 141,726                | 80,295                               | 61,431                                   | 66,925                             |
|                       | $  2,220,005 | $   652,840           | $     1,567,165 | $  1,955,813             |

| 8.   | ACCOUNTS PAYABLE – RELATED PARTIES |
|----------------|------------------------------------------|

| 9.   | ACCOUNTS PAYABLE |
|----------------|------------------|

| 10.   | ADVANCE FROM POWERCOM SERVICES INC. |
|-----------------|-------------------------------------|

| 11.   | NOTES PAYABLE – RELATED PARTY |
|-----------------|-------------------------------------|

| 12.   | NOTES PAYABLE |
|-----------------|---------------|

| 13.   | LOAN PAYABLE |
|-----------------|--------------|

| 14.   | PROMISSORY NOTES |
|-----------------|------------------|

| 15.   | SECURED CONVERTIBLE PROMISSORY NOTES |
|-----------------|--------------------------------------|

|                                                                         | Year ended March 31,                                    |
|------------------------------------------------------------------------------|---------------------------------------------------------|
|                                                                         | 2014                                                    | 2013 |
| Cash advanced on closing of the initial tranche and second tranche           |  $      375,000      |  $               - |
| Discounts on Note                                                            |                                                    |   |
|   Fair value of warrant derivative liability                       | (219,372)                                               | - |
|   Fair value of convertible promissory note liability              | (75,218)                                                | - |
|   Loss on derivative liabilities                                   | 14,734                                                  | - |
|   Conversion of principal and interest into shares of common stock | (95,592)                                                | - |
|   Amortization of discount on Note                                 |         283,309 |                   - |
|                                                                         |                                                    |   |
|                                                                         | $       282,861      | $               - |

| 16.   |  WARRANT DERIVATIVE LIABILITY |
|-----------------|------------------------------------|

|                | March 31, 2014 | June 12, 2013 |
|---------------------|----------------|--------------------|
| Closing share price | $0.08          | $0.105             |
| Conversion price    | $0.0225        | $0.24              |
| Risk free rate      | 1.32%          | 1.15%              |
| Expected volatility | 142%           | 150%               |
| Dividend yield      | 0%             | 0%                 |
| Expected life       | 50 months      | 60 months          |

| 17.   | CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY |
|-----------------|--------------------------------------------------|

|                | March 31, 2014 | June12,2013 |
|---------------------|----------------|-------------|
| Closing share price | $0.08          | $0.105      |
| Conversion price    | $0.0225        | $0.23       |
| Risk free rate      | 0.10%          | 0.14%       |
| Expected volatility | 105%           | 114%        |
| Dividend yield      | 0%             | 0%          |
| Expected life       | 6 months       | 13 months   |

| 18.   | CONTINGENT LIABILITIES |
|-----------------|------------------------|

| 19.   | SHAREHOLDERS’ EQUITY (DEFICIT) |
|-----------------|--------------------------------------|

| 20.   | RELATED PARTY TRANSACTIONS |
|-----------------|----------------------------|

| 21.   | INCOME TAXES |
|-----------------|--------------|

|                                            | Year EndedMarch 31, 2014                                                                                                               | Year EndedMarch 31, 2013                                                                                                               |
|-------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|
|                                            |                                                                                                                                   |                                                                                                                                   |
| Net loss before taxes                           | $     (6,993,406)                                                                                             | $     (4,333,436)                                                                                             |
|                                            |                                                                                                                                   |                                                                                                                                   |
| Income tax expense charged to loss before taxes | $                      - | $                      - |

|                                               | Year EndedMarch 31, 2014                                                                                                                     | Year EndedMarch 31, 2013                                                                                                                     |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|
| Expected tax expense (recovery)                    | $       (2,448,000)                                                                                       | $     (1,517,000)                                                                                                   |
| Share-based payments                               | 260,000                                                                                                                                      | 288,000                                                                                                                                      |
| Loss on sale of equipment                          | 2,000                                                                                                                                        | 56,000                                                                                                                                       |
| Gain on settlement of debt                         | 50,000                                                                                                                                       | (99,000)                                                                                                                                     |
| Impairment of mineral property                     | -                                                                                                                                            | 119,000                                                                                                                                      |
| Other than-temporary impairment of note receivable | -                                                                                                                                            | 84,000                                                                                                                                       |
| Impairment of equipment                            | 3,000                                                                                                                                        | -                                                                                                                                            |
| Interest                                           | 286,000                                                                                                                                      | -                                                                                                                                            |
| Loss on derivatives                                | 558,000                                                                                                                                      | -                                                                                                                                            |
| Allowance                                          | (1,184,000)                                                                                                                                  | -                                                                                                                                            |
| Change in valuation allowance                      | 2,473,000                                                                                                                                    | 1,069,000                                                                                                                                    |
|                                               |                                                                                                                                         |                                                                                                                                         |
|                                               | $                       - | $                       - |

| 22.   | SUBSEQUENT EVENTS |
|-----------------|-------------------|

----