Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligation

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Asset Retirement Obligation
 9 Months Ended
Jan. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation

NOTE 6 — ASSET RETIREMENT OBLIGATION

 

In conjunction with various permit approvals permitting the Company to undergo exploration activities at the Copper King Project and Keystone Project, the Company has recorded an ARO based upon the reclamation plans submitted in connection with the various permits. The following table summarizes activity in the Company’s ARO for the periods presented:

 

    January 31, 2020     January 31, 2019  
      (unaudited)       (unaudited)  
Balance, beginning of nine-month period   $ 88,746     $ 81,885  
Addition and changes in estimates     -       -  
Accretion expense     6,666       4,854  
Balance, end of period   $ 95,412     $ 86,739  

 

For the three months ended January 31, 2020 and 2019, accretion expense amounted to $2,335 and $2,133, respectively. For the nine months ended January 31, 2020 and 2019, accretion expense amounted to $6,666 and $4,854, respectively.