o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~For the transition period from ___________________ to ___________________~~

o	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~Date of event requiring this shell company report______________~~

Date of event requiring this shell company report______________

For the transition period from ___________________ to ___________________

Commission File Number 0-15688

CORAL GOLD RESOURCES LTD.

(Exact name of Registrant as specified in its charter)

~~(Exact name of Registrant as specified in its charter)~~

Not Applicable

(Translation of Registrant’s name into English)

British Columbia, Canada

(Jurisdiction of incorporation or organization)

570 Granville Street, Suite 900, Vancouver, British Columbia V6C 3P1, Canada

(Address of principal executive offices)

David Wolfin, Tel: 604 682-3701, Email: dwolfin@coralgold.com

570 Granville Street, Suite 900, Vancouver, British Columbia V6C 3P1, Canada

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Not Applicable		Not Applicable
Title of Each Class		Name of ~~Each Exchange~~each exchange on ~~Which Registered~~which registered

Securities registered or to be registered pursuant to Section 12(g) of the Act:

Common Shares, without Par Value

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

Not Applicable

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

There were ~~33,563,649~~37,773,041 common shares, without par value, issued and outstanding as of January 31, ~~2012.~~2014.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

o Yes x No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

o Yes x No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[Not applicable to the registrant at this time] o Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Fileo

Accelerated Filero

Non-Accelerated Filer

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

International Financial Reporting Standards as issued

by the International Accounting Standards Boardx

Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 o Item 18 o

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes o No o

TABLE OF CONTENTS

Item		Page

INTRODUCTION			24
CURRENCY			24
FORWARD-LOOKING STATEMENTS		24
CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATE OF MEASURE AND INDICATED MINERAL RESOURCES		35
EXPLANATORY NOTE REGARDING PRESENTATION OF FINANCIAL INFORMATION		46
GLOSSARY OF TECHNICAL TERMS		57
PART I			610
Item 1.	Identity of Directors, Senior Management and Advisors	610
Item 2.	Offer Statistics and Expected Timetable	610
Item 3.	Key Information	610
Item 4.	Information on the Company	1416
Item 5.	Operating and Financial Review and Prospects	3634
Item 6.	Directors, Senior Management and Employees	3936
Item 7.	Major Shareholders and Related Party Transactions	4845
Item 8.	Financial Information	5047
Item 9.	The Offering and Listing	5148
Item 10.	Additional Information	5249
Item 11.	Quantitative and Qualitative Disclosures About Market Risk	5855
Item 12.	Description of Securities Other than Equity Securities	5857
PART II			5958
Item 13.	Defaults, Dividend Arrearages and Delinquencies	5958
Item 14.	Material Modifications to the Rights of Security Holders and Use of Proceeds	5958
Item 15.	Controls and Procedures	5958
Item 16.	[Reserved]	6059
Item 16A.	Audit Committee Financial Expert	6059
Item 16B.	Code of Ethics	60
Item 16C.	Principal Accountant Fees and Services	60
Item 16D.	Exemptions from the Listing Standards for Audit Committees	6260
Item 16E.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	6261
Item 16F.	Changes in Registrants Certifying Accountant	6261
Item 16G.	Corporate Governance	62
Item 16H.	Mine Safety Disclosure	62
PART III			63
Item 17.	Financial Statements	63
Item 18.	Financial Statements	63
Item 19.	Exhibits	63

INTRODUCTION

In this Annual Report on Form 20-F, which we refer to as the “Annual Report”, except as otherwise indicated or as the context otherwise requires, the “Company”, “we”, “our” or “us” refers to Coral Gold Resources Ltd.

We were organized under the Company Act of the Province of British Columbia, Canada on January 22, 1981 under the name of ~~Coral~~Carol Energy Corporation, which name was changed to Coral Energy Corporation on March 3, 1982, and to Coral Gold Corp. on September 9, 1987. On September 14, 2004, we changed our name to Coral Gold Resources Ltd. in conjunction with a 10 to 1 share consolidation and transitioned to the British Columbia Business Corporations Act on July 15, 2004. The principal executive office of the Company is located at 570 Granville Street, Suite 900, Vancouver, British Columbia, V6C 3P1, and its telephone number is 604-682-3701.

You should rely only on the information contained in this Annual Report. We have not authorized anyone to provide you with information that is different. The information in this Annual Report may only be accurate on the date of this Annual Report or on or as at any other date provided with respect to specific information.

CURRENCY

Unless otherwise indicated in this Annual Report, all references to “Canadian Dollars”, “CDN$”, “dollars” or “$” are to the lawful currency of Canada and all references to “U.S. Dollars”, or “US$” are to the lawful currency of the United States.

FORWARD-LOOKING STATEMENTS

Certain statements in this Annual Report, including those appearing under Item 5, constitute “forward-looking statements”, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding mineral prices, production, cash costs and other operating results, growth prospects and outlook of the Company’s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of the Company’s exploration and production projects, the Company’s liquidity and capital resources and capital expenditure, the outcome and consequences of any potential or pending litigation or regulatory proceedings, and the Company’s plan to conduct drilling operations. Additionally, forward-looking statements may be made orally or in press releases, conferences, reports, on our website or otherwise, in the future, by us or on our behalf. Such statements are generally identifiable by the terminology used such as “plans”, “expects”, “estimates”, “budgets”, “intends”, “anticipates”, “believes”, “projects”, “indicates”, “targets”, “objective”, “could”, “may”, or other similar words.

The forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, among others: market prices for metals; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which we carry on business, especially economic slowdown; actions by governmental authorities including increases in taxes, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; the negotiation and closing of material contracts; and the other factors discussed in Item 3 Key Information – “Risk Factors”, and in other documents that we file with the SEC. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are interdependent upon other factors; our course of action would depend upon our assessment of the future considering all information then available. In that regard, any statements as to future production levels; capital expenditures; the allocation of capital expenditures to exploration and development activities; sources of funding of our capital program; drilling; expenditures and allowances relating to environmental matters; dates by which certain areas will be developed or will come on-stream; expected finding and development costs; future production rates; ultimate recoverability of reserves; dates by which transactions are expected to close; cash flows; uses of cash flows; collectability of receivables; availability of trade credit; expected operating costs; expenditures and allowances relating to environmental matters; debt levels; and changes in any of the foregoing are forward-looking statements, and there can be no assurances that the expectations conveyed by such forward-looking statements will, in fact, be realized.

Although we believe that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the date such forward-looking statements were made, no assurances can be given as to future results, levels of activity, achievements or financial condition.

Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described above, as well as others not now anticipated. The foregoing statements are not exclusive and further information concerning the Company, including factors that could materially affect its financial results, may emerge from time to time. The Company does not intend to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATE OF MEASURE AND INDICATED MINERAL RESOURCES

In Canada, an issuer is required to provide technical information with respect to mineralization, including reserves and resources, if any, on its mineral exploration properties in accordance with Canadian requirements, which differ significantly from the requirements of the Securities and Exchange Commission (the “SEC”) applicable to registration statements and reports filed by United States companies pursuant to the United States Securities Act of 1933, as amended (the “Securities Act”), or the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). As such, information contained in this annual report concerning descriptions of mineralization under Canadian standards may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. In particular, this annual report on Form 20-F includes the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource” and “inferred mineral resource”. Investors are advised that these terms are defined in ~~and required to be disclosed~~ under Canadian rules by National Instrument 43-101 (“NI 43-101”). U.S. Investors are cautioned not to assume that any part of the mineral deposits in these categories will ever be converted into reserves. However, these terms are not defined terms under SEC Industry Guide 7 and are not permitted to be used in reports and registration statements filed with the SEC by U.S. domestic issuers. In addition, NI 43-101 permits disclosure of “contained ounces” of mineralization. In contrast, the SEC only permits issuers to report mineralization as in place tonnage and grade without reference to unit measures.

The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 (under the Exchange Act), as interpreted by the staff of the SEC, mineralization may not be classified as a “reserve” for United States reporting purposes unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards.

United States investors are cautioned not to assume that any part or all of the mineral deposits identified as an “indicated mineral resource,” “measured mineral resource” or “inferred mineral resource” will ever be converted to reserves as defined in NI 43-101 or SEC Industry Guide 7. Further, “inferred mineral resources” have a great amount of uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities legislation, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies. U.S. investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

EXPLANATORY NOTE REGARDING PRESENTATION OF FINANCIAL INFORMATION

The annual audited consolidated financial statements contained in this annual report on Form 20-F are reported in Canadian dollars. For ~~all periods up to and including~~ the ~~year~~years ended January 31, 2014, 2013, 2012 and 2011 we have prepared our consolidated financial statements in accordance with International Financial Reporting Standards ~~(‘‘IFRS’’~~(“IFRS”)~~. The annual audited consolidated financial statements for the year ended January 31, 2012 are our first annual consolidated financial statements that have been prepared in accordance with IFRS~~ as issued by the International Accounting Standards Board ~~(‘‘IASB’’~~(“IASB”) ~~and IFRS 1,~~ ~~First Time Adoption of International Financial Reporting Standards. See International Financial Reporting Standards — Transition from Canadian GAAP to IFRS~~ in our ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ included in this annual report on Form 20-F under ‘‘Item 5 — Operating and Financial Review and Prospects.’’

We have prepared the annual audited consolidated financial statements that comply with IFRS as described in the accounting policies in Note 2 of our annual audited consolidated financial statements. In preparing the annual audited consolidated financial statements, our opening statement of financial position was prepared at February 1, 2010, our date of transition to IFRS. Note 18 of our annual audited consolidated financial statements explains the principal adjustments we made in restating our Canadian GAAP statements of financial position as at February 1, 2010 and January 31, 2011 and our previously published Canadian GAAP consolidated statements of operations and comprehensive loss for. For the year ended January 31, ~~2011.~~2010, we prepared our financial statements in accordance with Canadian GAAP.

GLOSSARY OF TECHNICAL TERMS


assay	An analysis to determine the presence, absence or quantity of one or more elements.

au	The elemental symbol for gold.

carlin type	Carlin–type gold deposits are sediment-hosted disseminated gold deposits. These deposits are characterized by invisible (typically microscopic and/or dissolved) gold in pyrite and arsenopyrite. The deposit is named after the Carlin mine, the first large deposit of this type discovered in the Carlin Trend, Nevada.

chert	A rock resembling flint and consisting essentially of crypto-crystalline quartz or fibrous chalcedony.

CIM Standards	Canadian Institute of Mining

cryptocrystalline	is a rock texture made up of such minute crystals that its crystalline nature is only vaguely revealed even microscopically in thin section by transmitted polarized light.

crystalline	consisting of or containing crystals.

devonian	is a geologic period and system of the Paleozoic Era spanning from the end of the Silurian Period, about 416.0 ± 2.8 Million years ago.

diamond drill	A rotary type of rock drill that uses diamonds to cut a core of rock that is recovered in long cylindrical sections, two centimeters or more in diameter.

eocene	is the second of five era’s in the Tertiary Period and lasted from about 55.8 to 33.9 million years ago.

fault	A fracture in a rock where there has been displacement of the two sides.

grade	The concentration of each ore metal in a rock sample, usually given as weight percent. Where extremely low concentrations are involved, the concentration may be given in grams per tonne (g/t or gpt) or ounces per ton (oz/t). The grade of an ore deposit is calculated, often using sophisticated statistical procedures, as an average of the grades of a very large number of samples collected from throughout the deposit.

GSR	Payment of a percentage of gross mining profits commonly known as gross smelter return royalty.

heap leaching	A process whereby valuable metals, usually gold and silver, are leached from a heap, or pad, of crushed ore by leaching solutions percolating down through the heap and collected from a sloping, impermeable liner below the pad.

HQ diameter	is a diamond drill bit size with an outside diameter of 88.9 mm and an internal diameter of 77.8 mm.

hydrothermal	Hot fluids, usually mainly water, in the earth’s crust which may carry metals and other compounds in solution to the site of ore deposition or wall rock alteration.

intrusive	A rock mass formed below the earth’s surface from magma which has intruded into a pre-existing rock mass.

IRR	Internal Rate of Return

lode claim	A mining claim on an area containing a known vein or lode.

microcrystalline	material is a crystallized substance or rock that contains small crystals visible only through microscopic examination.

mineral reserve	The economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of the reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral resources are sub-divided in order of increasing confidence into “probable” and “proven” mineral reserves. A probable mineral reserve has a lower level of confidence than a proven mineral reserve. The term “mineral reserve” does not necessarily signify that extraction facilities are in place or operative or that all governmental approvals have been received. It does signify that there are reasonable expectations of such approvals.

mineral resource	The estimated quantity and grade of mineralization that is of potential economic merit. A resource estimate does not require specific mining, metallurgical, environmental, price and cost data, but the nature and continuity or mineralization must be understood. Mineral resources are sub-divided in order of increasing geological confidence into “inferred”, “indicated”, and “measured” categories. An inferred mineral resource has a lower level of confidence than that applied to an indicated mineral resource. An indicated mineral resource has a higher level of confidence than an inferred mineral resource, but has a lower level of confidence than a measured mineral resource. A mineral resource is a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the earth’s crust in such form and quantity and of such grade or quality that it has reasonable prospects for economic extraction.

mineralization	Usually implies minerals of value occurring in rocks.

net smelter or NSR Royalty	Payment of a percentage of net mining profits after deducting applicable smelter charges.

NPV	Net Present Value

ordovician	is a geologic period and system, the second of six of the Paleozoic Era, and covers the time between 488.3±1.7 to 443.7±1.5 million years ago.

ore	A natural aggregate of one or more minerals which may be mined and sold at a profit, or from which some part may be profitably separated.

oxide	A compound of oxygen and some other element.

paleozoic	is the earliest of three geologic eras of the Phanerozoic Eon, spanning from roughly 542 to 251 million years ago.

phanerozoic eon	is the current geologic eon in the geologic timescale. It covers roughly 542 million years.

placer claim	A mining claim located upon gravel or ground whose mineral contents are extracted by the use of water, by sluicing, hydraulicking, etc.

porphyry	Rock type with mixed crystal sizes, i.e. containing larger crystals of one or more minerals.

quartz	Silica or SiO2, a common constituent of veins, especially those containing gold and silver mineralization.

RQD	Rock Quality Designation - a technique that is used in geotechnical engineering principles in which that determines the quality of rock that was recovered when taking a core sample. It means rock quality designation and representative cross sections of the core sample must reach, or exceed 90- 100 mm in length for it to be considered excellent in quality.

SG	Specific gravity

silurian	is a geologic period and system that extends from the end of the Ordovician Period, about 443.7 ± 1.5 million years ago (mya), to the beginning of the Devonian Period, about 416.0 ± 2.8 million years ago.

slaven chert	A thin-bedded brown to gray-green chert with interbeds of black argillite, siltstone, and bedded barite.

tertiary	a widely used term for the geologic period from 65 million to 2.6 million years ago.

ton	Imperial measurement of weight equivalent to 2,000 pounds.

tonne	Metric measurement of weight equivalent to 1,000 kilograms (or 2,204.6 pounds).

trench	A long, narrow excavation dug through overburden, or blasted out of rock, to expose a vein or ore structure.

veins	The mineral deposits that are found filling openings in rocks created by faults or replacing rocks on either side of faults.

wenban limestone	Devonian limestones best exposed on the western flank of Wenban Peak south of the town of Cortez, Nevada.

PART I

Item 1. Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2. Offer Statistics and Expected Timetable

Not applicable.

Item 3. Key Information

~~A. Selected Financial Data~~

A.	Selected Financial Data

The selected historical consolidated financial information set forth below has been derived from our annual audited consolidated financial statements for each of the years in the five-year period ended January 31, ~~2012.~~2014.

For the years ended January 31, 2014, 2013, 2012, and 2011 we have prepared our consolidated financial statements in accordance with IFRS, as issued by the IASB. Our January 31, 2011 consolidated financial statements were initially prepared in accordance with Canadian GAAP, consistent with the prior ~~years~~year and the ~~periods~~period ended January 31, ~~2010, 2009 and 2008.~~2010. We have adjusted our consolidated financial information at and for the year ended January 31, 2011, in accordance with IFRS 1, and therefore the financial information set forth in this annual report on Form 20-F for the year ended January 31, 2011 may differ from information previously published. We adopted IFRS with a transition date of February 1, 2010. For details regarding the adjustments made with respect to the comparative data refer to Note 18 to our annual audited consolidated financial statements contained in this annual report on Form 20-F.2011.

The selected historical consolidated financial information presented below is condensed and may not contain all of the information that you should consider. This selected financial data should be read in conjunction with our annual audited consolidated financial statements, the notes thereto and the section entitled ‘‘Item 5 — Operating and Financial Review and Prospects.’’

In accordance with IFRS

The tables below set forth selected consolidated financial data under IFRS for the years ended January 31, 2014, 2013, 2012 and 2011. The information has been derived from our annual audited consolidated financial ~~statements set forth in ‘‘Item 17 — Financial Statements.’’~~statements.

	Year Ended January 31,
	2012			2011			Years Ended January 31,
Operations							2014			2013			2012			2011
Revenue	$	-		$	-		$	-		$	-		$	-		$	-
Expense
General and Administrative		772,587			1,276,817			860,517			1,365,288			772,587			1,276,817
Net Income (loss)		(773,813	)		(1,559,781	)		(50,871	)		(1,542,564	)		(773,813	)		(1,559,781	)
Net Earnings (loss) Per Share		(0.02	)		(0.05	)		(0.00	)		(0.05	)		(0.02	)		(0.05	)

Weighted Average Number of Shares Outstanding		33,483,650			31,294,001			36,024,532			33,563,649			33,483,650			31,294,001

610

	As at January 31,						As at January 31,
Balance Sheet	2012		2011		2010		2014			2013			2012		2011
Working Capital	$	1,166,663	$	2,577,722	$	630,567
Working Capital (deficit)							$	(486,109	)	$	(539,814	)	$	1,166,663	$	2,577,722
Total Assets		20,756,599		21,380,222		17,360,378		19,856,395			20,330,548			20,756,599		21,380,222
Liabilities		2,719,920		2,740,928		2,241,200		2,750,713			3,435,002			2,719,920		2,740,928
Shareholders’ Equity		18,036,679		18,639,294		15,119,178		17,105,682			16,895,546			18,036,679		18,639,294

In accordance with Canadian GAAP

The tables below for the year ended January 31, 2010 ~~2009 and 2008~~ contain selected financial data prepared in accordance with Canadian GAAP, which have been derived from our previously ~~published~~ audited consolidated financial statements for the ~~periods ended~~period ending on such ~~dates.~~date. The financial data presented below for 2010 presented in accordance with Canadian GAAP and reconciled to United States GAAP, is not comparable to information prepared in accordance with IFRS.

Canadian GAAP	Year Ended January 31, 2010
Operations
Revenue	$	-
Expense
General and Administrative		1,613,713
Net Income (loss)		1,711,611
Net Earnings (loss) Per Share		0.07

Weighted Average Number of Shares Outstanding		25,093,778

Balance Sheet	As at January 31, 2010
Working Capital	$	648,921
Total Assets		17,791,566
Liabilities		2,022,447
Shareholders’ Equity		15,769,119

Canadian Year Ended January 31,

2010

2009

2008

Operations
Revenue $ - $ - $ -
Expense
General and Administrative 1,613,713 2,516,862 1,359,172
Net Income (loss) 1,711,611 (3,746,165 ) (1,319,185 )
Net Earnings (loss) Per Share 0.07 (0.15 ) (0.06 )

Weighted Average Number of Shares Outstanding 25,093,778 24,979,312 23,570,728

As at January 31,
Balance Sheet
2010

2009

2008

Working Capital $ 648,921 $ 959,419 $ 3,322,447
Total Assets 17,791,566 17,633,626 18,185,688
Liabilities 2,022,447 5,378,755 3,925,356
Shareholders’ Equity 15,769,119 12,254,871 14,260,332

United States GAAP	Year Ended January 31, 2010
Operations
Revenue	$	-
Income (loss) for year under Canadian GAAP		1,711,611
Adjustments:
Deferred exploration expenditures		(324,301	)
Future income taxes		(2,774,334	)
Foreign exchange gain (loss)		(465,402	)
Net loss for the year under US GAAP		(1,852,426	)
Unrealized gain (loss) on investment securities		465,643
Comprehensive loss for the year per US GAAP		(1,386,783	)
Loss per share under US GAAP		(0.06	)

711

US GAAP Year Ended January 31,

2010

2009

2008

Operations
Revenue $ - $ - $ -
Income (loss) for year under Canadian GAAP 1,711,611 (3,746,165 ) (1,319,185 )
Adjustments:
Deferred exploration expenditures (324,301 ) (1,683,613 ) (2,006,961 )
Future income taxes (2,774,334 ) 533,297 620,710
Foreign exchange gain (loss) (465,402 ) 866,933 (553,133 )
Net loss for the year under US GAAP (1,852,426 ) (4,029,548 ) (3,258,569 )
Unrealized gain (loss) on investment securities 465,643 (88,479 ) (19,352 )
Comprehensive loss for the year per US GAAP (1,386,783 ) (4,118,027 ) (3,277,921 )
Loss per share under US GAAP (0.06 ) (0.16 ) (0.14 )

	As at January 31,
Balance Sheet	2010			2009			2008			As at January 31, 2010
Total assets under Canadian GAAP	$	17,791,566		$	17,633,626		$	18,185,688		$	17,791,566
Adjustments		(14,718,069	)		(14,393,768	)		(12,710,156	)		(14,718,069	)
Total assets under US GAAP		3,073,497			3,239,858			5,475,532			3,073,497

Total shareholders’ equity under Canadian GAAP		15,769,119			12,254,871			14,260,332			15,769,119
Adjustments		(13,337,109	)		(9,773,072	)		(9,489,690	)		(13,337,109	)
Total shareholders’ equity under US GAAP		2,432,010			2,481,799			4,770,642			2,432,010

Intruding the thick Paleozoic sequence is an elliptical-shaped, composite granodiorite stock (or lacolith) of Eocene age. The orientation of the principal axis of the stock is approximately east-west. Associated with it are numerous dikes, sills and plugs that vary in composition from diorite, the earliest known intrusion, to rhyolite, the latest. Most of the identified gold resources, including the Porphyry, Gold Pan and 39A zones, lie along or near the northern contact of the composite stock. A series of narrow and laterally continuous (up to 1,600 feet) intrusive “pebble” dikes extend northward from the northern contact of the granodiorite stock. Near contacts with the Tertiary intrusions, many of the sedimentary and volcanic rocks, and early phases of the stock, have undergone significant thermal metamorphism, intense recrystallization, bleaching and pervasive metasomatism. Many of these rocks have been converted to layered sequences of biotite, “quartz” and calc-silicate hornfels, marble, exoskarn and endoskarn.

Mineralization at the Robertson Property is strongly controlled by a system of low and high-angle faults and related fracture zones. Brecciation associated with axial plane shear zones developed in isoclinal folds are also important hosts for mineralization. Although individual structures host ore-grade gold, higher grades commonly occur where one or more structures intersect.

Deposit Types and Mineralization

The Company has been focusing its exploration activities on four zones localized along the northern and eastern contacts of the Tenabo stock forming the general east-west trend, the Porphyry, Gold Pan, Altenburg Hill and 39A zones. The Porphyry, Gold Pan and Altenburg Hill zones occur in highly fractured hornfels and skarn units at the contact of the granodiorite stock, whereas the 39A zone is localized at the intersection of two high-angle faults in retrograde-altered hornfels.

~~Mineral Resource Estimates~~

In 2007, Beacon Hill was commissioned by the Company to update the resource estimate on the Robertson Property. The purpose of the study was to incorporate additional drilling completed in 2006 in an updated resource estimate and to establish a program for continued development and provide a basis for a subsequent technical report. The final NI 43-101 compliant report, ~~Mineral Resource Estimate for the Robertson Property, Lander County, Nevada~~ report was received by the Company in February 2008. The new estimate, based on a gold price of US$600 per ounce, raised the Robertson Property inferred resource to over 2.3 million ounces of gold, an increase of 110% over the previous NI 43-101 report estimate from April 2006. A portion of the oxide resources are locally exposed at the surface and are potentially in an open pit mining configuration. Some of the new resources remain open to expansion on strike and at depth.

In October 2009, the Company received the revised resources for the Robertson Property from Beacon Hill utilizing lower cut-off grades to reflect the positive movement in the price of gold over the last three years. These revised values are based on the NI 43-101 report titled ~~Mineral Resource Estimate for the Robertson Property, Lander County, Nevada~~ prepared by Beacon Hill in January 2008. The original estimate was based on a gold price of US$600 per ounce, a conservative estimate of gold prices in 2007. The 2008 report estimated the inferred mineral resources for the Robertson property to be 91.2 million tons averaging 0.0253 oz Au/ton and containing over 2.3 million ounces of gold. Gold prices over the last three years have been significantly higher than US$600. To more closely reflect the rolling average gold price for the preceding three years, it was decided that a price of US$850 per ounce should be used. Based on a gold cut-off value of 0.0106 oz Au/ton, the inferred mineral resource at Robertson increased to 178.9 million tons averaging 0.0189 oz Au/ton and containing nearly 3.4 million ounces, a 47% increase over the figure reported in 2008. It should be noted that operating costs used to calculate the new cut-off grade may not accurately reflect actual operating costs and could adversely affect the resource estimate.

The zones included in the Beacon Hill estimate are located within the Robertson’s Core area. The Company’s other claim blocks, including Norma Sass, Lander Ranch, Ruf, Blue Nugget and the Excluded claims (joint ventured with Barrick Cortez Gold Mines), were not part of the estimate.

~~Beacon Hill reported the following updated resource estimate using 0.0106 Au opt cut-off:~~

Zone Tons Ounces per Ton Ounces of Au
Distal 13,310,451 0.0287 382,010
39A 38,945,698 0.0228 887,962
South Zone 9,993,853 0.0209 208,872
Outside 5,422,131 0.0156 84,585
Gold Pan Oxide 12,566,599 0.02 251,332
Altenburg Hill Oxide 12,873,976 0.0152 195,684
Porphyry Oxide 39,049,182 0.0167 652,121
Gold Pan Sulphide 32,524,592 0.0154 500,879
Altenburg Hill Sulphide 1,701,844 0.014 23,826
Porphyry Sulphide 12,535,861 0.0158 198,067

TOTAL 178,924,188 0.0189 3,381,667

~~Resource estimate parameters:~~

·	~~Cut-off grade was calculated on the basis of US$850/oz Au and 70% Au recovery.~~

·	~~The 0.0106 ozAu/ton cut-off grade utilized to report the resource was derived from a mining cost of US$1.02/ton, process cost of US$5.00/ton and waste cost of US$1.14/ton.~~

·	~~The mineral resources in the table above were estimated using the CIM Standards on Mineral Resources and Reserves.~~

·	~~The database comprised a total of 1,160 drill holes, 533,453 feet (162,638 metres) of drilling and 101,757 gold assays.~~

The inferred resource covers 6 distinct and separate areas; Distal, 39A, Gold Pan, Porphyry, Altenburg Hill, Southern Area and then all remaining blocks outside these areas that warrant inclusion as an inferred resource. In addition, Gold Pan, Porphyry and Altenburg Hill were separated into oxide and sulphide zones for analysis and modeling.

·	~~An interpreted mineralized envelope was modeled into a solid in MineSight 3D™, with six area mineralized zones and then separated into oxide and sulphide zones.~~

·	~~Block dimensions of 25 feet (7.6 m) North, 25 feet (7.6 m) east and 20 feet (6 m) vertically.~~

·	~~Grade interpolation of 20 foot (6 m) composites.~~

·	~~Composites greater than 0.75 ozAu/ton limited in influence to 100 feet (30.5 m).~~

·	Tonnage estimates are based on 200 bulk historic density measurements carried out by previous operators. These were assigned to each block by zone. The resources are categorized as inferred since the amount and distribution of bulk tonnage factor data is sparse.

In an effort to offer perspective and comparison, the following table from 2009 listed the Robertson Property deposit resources for all zones at varying cut-off grades and corresponding metal prices. Note that as of the date the table was produced (October 9, 2009), the gold price was at a record high of US$1,050 per ounce.

All Zones Au Cut-off Au Price Tons Ounces Per Ton Ounces of Au
0.009 1000 259,786,897 0.016 4,156,590
0.0095 950 215,146,526 0.0174 3,743,550
0.0106 850 178,924,188 0.0189 3,381,667
0.012 750 149,133,203 0.0205 3,057,231
0.0129 700 125,174,186 0.0221 2,766,350
0.015 600 91,284,840 0.0253 2,309,506

~~The mineral resources in the table above were estimated using the CIM Standards on Mineral Resources and Reserves and is compliant with NI 43-101.~~

~~Data Used for Estimate~~

A total of 1,204 drill holes were supplied for the Robertson Property in Lander County, Nevada which are the combined drill holes for the Gold Pan, 39A, Porphyry, Altenburg Hill and Lower Triplet Gulch zones in addition to areas that have drilling but lie outside the main areas of interest. The drill holes within the database included collars, downhole surveys, assays, and lithology.

Solids models of the main ore zones within the Robertson Deposit were created that encompass the Gold Pan, 39A, Porphyry, Altenburg Hill, Distal and Triplet Gulch deposit areas. The ore zones to be included within the solids model and then to be used for constraining the interpolation procedure are split into an Oxide Zone and a Sulphide Zone where sufficient data existed to do so which included the Gold Pan, 39A, Porphyry and Altenburg Hill areas. Due to its depth, the Distal zone is considered to be sulphide material.

Approximately 200 historic core samples were analyzed for dry bulk density using the volume displacement method. Densities for both ore and waste are primarily related to lithology, argillization, calc-silicate content and sulfide content. The average density for country rock was determined to be 12.2 cu ft/ton and 15.5 cu ft/ton for alluvium (2 determinations). These are historic determinations, which appear to be located for the most part, within the Porphyry Zone. The relative scarcity of specific gravity data is one reason cited by Beacon Hill for the resources being categorized as inferred. One objective of the proposed 2010 core drilling program is to provide suitable material for additional specific gravity determinations.

~~Estimation Method~~

~~The estimation plan includes the following items:~~

·	~~Storage of the mineralized zone code and percentage of mineralization.~~

·	~~Application of density based on limited SG measurements.~~

·	~~Estimation of the grades for Au using ordinary kriging.~~

·	~~Ellipsoid orientation was orthogonal and ranges were set to 300 feet in the northing and easting whilst 200 feet in elevation.~~

~~The estimation strategy employed a minimum of four composites and a maximum of 15 with a maximum of two from any one drillhole.~~

Also, an octant search was used as it aids in declustering the estimate by avoiding over-influence of individual drill holes or sectors being overly informed and, avoiding the use of samples that clustered together and were thereby redundant. The maximum number of composites allowed in any one octant was two.

Preliminary Economic Assessment

In 2010, Coral commissioned Beacon Hill to commence a Preliminary Economic Assessment (“PEA”) that would meet the NI 43-101 standard on three of its gold deposits located on the Robertson Property. The report was finalized and made public in late January 2012 ~~Beacon Hill completed a PEA on the Altenburg Hill, Porphyry and Gold Pan areas of the Robertson Property based upon a combination of open pit mining methods and cyanide heap leach.~~(See news release dated January 18, 2012).

In completing the study, Beacon Hill used the services of Knight Piésold Ltd., SRK Consulting (U.S.) Inc., Kaehne Consulting Ltd., Kirkham Geosystems Ltd., R. McCusker, P.Geo., and F. Wright ~~Consulting.~~Consulting Inc. There are a number of deposits located on the Robertson property; however, Altenburg Hill, Porphyry and Gold Pan are advanced development zones and are the subject of this PEA and based upon a combination of open pit mining methods and cyanide heap leach.

The results of the evaluation are as follows:

Resources and Mining

·	Est. inferred resources at a cut-off of 0.005 ~~ozAu/~~oz Au/t	78.2 million tons grading 0.0138 ~~ozAu/~~oz Au/t.
·	In situ gold	1,080,900 ~~ozs~~oz’s
·	Development period to construction decision	5 years
·	Mine life	10.5 years
·	Average production rate	21,300 tpd
·	Ore to waste Strip Ratio	0.6:1
·	Leach recovery HG cut off 0.0147 ~~ozAu/~~oz Au/t	67%
·	Leach recovery LG cut off 0.005 to 0.0147 ~~ozAu/~~oz Au/t	45%
·	Saleable gold	608,000 ~~ozs~~oz’s

Note:

~~Due~~

Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to the ~~uncertainty that may be attached to an inferred~~Indicated or Measured mineral resource ~~it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured resource as a result of continued exploration.~~category.

Economics

Two alternatives were reviewed, owner operated and contractor operated. The results shown are after tax. Taxes are considered indicative only.

Description	Owner Operated	Contractor Operated	Owner Operated ($US millions)	Contractor Operated ($US millions)
	US$ millions	US$ millions
Development Cost	16.5	16.5	16.5	16.5
Initial Capital Cost	122.1	97.0	122.1	97.0
Ongoing Capital Cost	54.2	26.1	54.2	26.1
Average Operating Cost US$/ton mined	5.28	6.45	5.28	6.45

2010-2011
High

Low

High

Low

Fourth Quarter ended January 31, 2011 1.00 0.47 1.01 0.49
Third Quarter ended October 31, 2010 0.56 0.31 0.55 0.29
Second Quarter ended July 31, 2010 0.59 0.28 0.59 0.26
First Quarter ended April 30, 2010 0.66 0.46 0.65 0.46

	TSX-V (Canadian Dollars)				OTCBB (United States Dollars)
Last Six Months	High		Low		High		Low
May 2014		0.25		0.20		0.22		0.18
April 2014		0.25		0.17		0.22		0.16
March 2014		0.30		0.17		0.27		0.14
February 2014		0.18		0.12		0.16		0.13
January 2014		0.16		0.11		0.14		0.11
December 2013		0.16		0.07		0.14		0.06

2013-2014 Quarters	High		Low		High		Low
Fourth Quarter ended January 31, 2014		0.16		0.07		0.14		0.06
Third Quarter ended October 31, 2013		0.15		0.10		0.14		0.09
Second Quarter ended July 31, 2013		0.19		0.10		0.19		0.10
First Quarter ended April 30, 2013		0.23		0.12		0.22		0.12

2012-2013 Quarters	High		Low		High		Low
Fourth Quarter ended January 31, 2013		0.29		0.20		0.25		0.20
Third Quarter ended October 31, 2012		0.33		0.23		0.31		0.22
Second Quarter ended July 31, 2012		0.34		0.21		0.36		0.24
First Quarter ended April 30, 2012		0.46		0.27		0.43		0.35

Last Five Fiscal Years

High

Low

High

Low

2012 1.09 0.30 1.13 0.3567
2011 1.10 0.57 1.13 0.60
2010 1.00 0.275 0.93 0.15
2009 1.49 0.11 1.49 0.07
2008 3.98 0.45 1.17 0.45

Last Five Fiscal Years	High		Low		High		Low
2014		0.23		0.07		0.22		0.06
2013		0.46		0.20		0.43		0.20
2012		1.09		0.30		1.13		0.35
2011		1.10		0.57		1.13		0.60
2010		1.00		0.275		0.93		0.15

*B.

On July 17, 2007 the shareholders approved a subdivision of the Company’s issued share capital by dividing one common share into three common shares. This was accepted for filing by the TSX Venture Exchange on August 19, 2007 and the common shares commenced trading on a sub-divided basis at the opening of August 29, 2007.

B. Plan of Distribution

Not Applicable.

Markets

The common stock of the Company is listed on the TSX-V under the symbol “CLH”, in the United States on the OTCBB under the symbol “CLHRF” and on the FSE under the symbol “GV8”.

D.	Selling Shareholders

Not applicable.

~~E. Dilution~~

Dilution

Not applicable.

F.	Expenses of the Issue

Not applicable.

Item 10. Additional Information

A.	Share Capital

Not applicable.

B.	Memorandum and Articles of Association

Coral Energy Corporation was incorporated on January 22, 1981 under the Company Act of the Province of British Columbia, which changed its name to Coral Energy Corporation on March 3, 1981. On September 9, 1987, Coral Energy Corporation changed its name to the Coral Gold Corp. On September 13, 2004, the Company changed its name to Coral Gold Resources Ltd. in conjunction with a 10:1 share consolidation.

Common Shares

All issued and outstanding common shares are fully paid and non-assessable. Each holder of record of common shares is entitled to one vote for each common share so held on all matters requiring a vote of shareholders, including the election of directors. The holders of common shares will be entitled to dividends on a pro-rata basis, if and when as declared by the board of directors. There are no preferences, conversion rights, preemptive rights, subscription rights, or restrictions or transfers attached to the common shares. In the event of liquidation, dissolution, or winding up of the Company, the holders of common shares are entitled to participate in the assets of the Company available for distribution after satisfaction of the claims of creditors.

Powers and Duties of Directors

The directors shall manage or supervise the management of the affairs and business of the Company and shall have authority to exercise all such powers of the Company as are not, by the British Columbia Business Corporations Act or by the Memorandum or Articles, required to be exercised by the Company in a general meeting.

Directors will serve as such until the next annual meeting. In general, a director who is, in any way, directly or indirectly interested in an existing or proposed contract or transaction with the Company whereby a duty or interest might be created to conflict with his duty or interest as a director, that director shall declare the nature and extent of his interest in such contract or transaction or the conflict or potential conflict with his duty and interest as a director. Such director shall not vote in respect of any such contract or transaction with the Company in which he is interested and if he shall do so, his vote shall not be counted, but he shall be counted in the quorum present at the meeting at which such vote is taken. However, notwithstanding the foregoing, directors shall have the right to vote on determining the remuneration of the directors.

The directors may from time to time on behalf of the Company: (a) borrow money in such manner and amount from such sources and upon such terms and conditions as they think fit; (b) issue bonds, debentures and other debt obligations; and/or (c) mortgage, charge or give other security on the whole or any part of the property and assets of the Company.

The majority of the directors of the Company must be persons ordinarily resident in Canada and one director of the Company must be ordinarily resident in British Columbia and be of the full age of 18 years. There is no minimum share ownership to be a director. No person shall be a director of the Company who is not capable of managing their own affairs, is an ~~undischarged~~un-discharged bankrupt, convicted of an offense in connection with the promotion, formation or management of a corporation or involved in fraud within the last five years, or a person that has had a registration in any capacity under the “British Columbia Securities Act” or the “British Columbia Mortgage Brokers Act” canceled within the last five years.

Shareholders

An annual general meeting shall be held once in every calendar year at such time and place as may be determined by the directors. A quorum at an annual general meeting and special meeting shall be two shareholders or one or more proxy holder representing two shareholders, or one shareholder and a proxy holder representing another shareholder. There is no limitation imposed by the laws of Canada or by the charter or other constituent documents of the Company on the right of a non-resident to hold or vote the common shares, other than as provided in the Investment Canada Act, (the “Investment Act”) discussed below under “Item 10. Additional Information, D. Exchange Controls.”

In accordance with British Columbia law, directors shall be elected by an “ordinary resolution” which means: (a) a resolution passed by the shareholders of the Company at a general meeting by a simple majority of the votes cast in person or by proxy: or (b) a resolution that has been submitted to the shareholders of the Company who would have been entitled to vote on it in person or by proxy at a general meeting of the Company and that has been consented to in writing by such shareholders of the Company holding shares carrying not less than the requisite majority of the votes entitled to be cast on it.

Under British Columbia law certain items such as an amendment to the Company’s Articles or entering into a merger requires approval by a special resolution which means: (a) a resolution passed by a majority of not less than the requisite majority of the votes cast by the shareholders of the Company who, being entitled to do so, vote in person or by proxy at a general meeting of the company; or (b) a resolution consented to in writing by every shareholder of the Company who would have been entitled to vote in person or by proxy at a general meeting of the Company, and a resolution so consented to is deemed to be a special resolution passed at a general meeting of the Company.

C.	Material Contracts

The Company entered into a cost sharing agreement dated October 1, 1997, and amended November 1, 2003 to reimburse Oniva International for a variable percentage of Oniva’s overhead expenses, to reimburse 100% of Oniva’s out-of-pocket expenses incurred on behalf of the company, and to pay to Oniva a percentage fee based on the total overhead and corporate expenses. The agreement may be terminated with one month notice by either party.

D.	Exchange Controls

Canada has no system of exchange controls. There are no Canadian restrictions on the repatriation of capital or earnings of a Canadian public company to non-resident investors. There are no laws in Canada or exchange restrictions affecting the remittance of dividends, profits, interest, royalties and other payments to non-resident holders of the Issuer’s securities, except as discussed below under “Item 10. Additional Information, E. Taxation.”

There are no limitations under the laws of Canada or in the organizing documents of the Company on the right of foreigners to hold or vote securities of the Company, except that the Investment Canada Act may require review and approval by the Minister of Industry (Canada) of certain acquisitions of “control” of the Company by a “non-Canadian”. The threshold for acquisitions of control is generally defined as being one-third or more of the voting shares of the Company. “Non-Canadian” generally means an individual who is not a Canadian citizen, or a corporation, partnership, trust or joint venture that is ultimately controlled by non-Canadians.

Taxation

The following summarizes the principal Canadian federal income tax consequences applicable to the holding and disposition of common shares in the capital of the Company by a United States resident, and who holds common shares solely as capital property, referred to as a “U.S. Holder”. This summary is based on the current provisions of the Income Tax Act (Canada) (the “Tax Act”), the regulations thereunder, all amendments thereto publicly proposed by the government of Canada, the published administrative practices of Revenue Canada, Customs, Excise and Taxation, and on the current provisions of the Canada-United States Income Tax Convention, 1980, as amended, referred to as the “Treaty”. Except as otherwise expressly provided, this summary does not take into account any provincial, territorial or foreign (including without limitation, any U.S.) tax law or treaty. It has been assumed that all currently proposed amendments will be enacted substantially as proposed and that there is no other relevant change in any governing law or practice, although no assurance can be given in these respects.

Each U.S. Holder is advised to obtain tax and legal advice applicable to such U.S. Holder’s particular circumstances.

Every U.S. Holder is liable to pay a Canadian withholding tax on every dividend that is or is deemed to be paid or credited to the U.S. Holder on the U.S. Holder’s common shares. The statutory rate of withholding tax is 25% of the gross amount of the dividend paid. The Treaty reduces the statutory rate with respect to dividends paid to a U.S. Holder for the purposes of the Treaty. Where applicable, the general rate of withholding tax under the Treaty is 15% of the gross amount of the dividend, but if the U.S. Holder is a company that owns at least 10% of the voting stock of the Company and beneficially owns the dividend, the rate of withholding tax is 5% for dividends paid or credited after 1996 to such corporate U.S. Holder. The Company is required to withhold the applicable tax from the dividend payable to the U.S. Holder, and to remit the tax to the Receiver General of Canada for the account of the U.S. Holder.

Pursuant to the Tax Act, a U.S. Holder will not be subject to Canadian capital gains tax on any capital gain realized on an actual or deemed disposition of a common share, including a deemed disposition on death, provided that the U.S. Holder did not hold the common share as capital property used in carrying on a business in Canada, and that neither the U. S. Holder nor persons with whom the U.S. Holder did not deal at arm’s length (alone or together) owned or had the right or an option to acquire 25% or more of the issued shares of any class of the Company at any time in the five years immediately preceding the disposition.

United States Federal Income Tax Consequences

Passive Foreign Investment ~~Company.~~Company

The Company believes that it is a passive foreign investment company (a “PFIC”) for United States federal income tax purposes with respect to a United States Investor. The Company will be a PFIC with respect to a United States Investor if, for any taxable year in which such United States Investor held the Company’s shares, either (i) at least 75 % of the gross income of the Company for the taxable year is passive income, or (ii) at least 50% of the Company’s assets are attributable to assets that produce or are held for the production of passive income. In each case, the Company must take into account a pro rata share of the income and the assets of any company in which the Company owns, directly or indirectly, 25% or more of the stock by value (the “look-through” rules). Passive income generally includes dividends, interest, royalties, rents (other than rents and royalties derived from the active conduct of a trade or business and not derived from a related person), annuities, and gains from assets that produce passive income. As a publicly traded corporation, the Company would apply the 50% asset test based on the value of the Company’s assets.

Because the Company believes it qualifies as a PFIC, unless a United States Investor who owns shares in the Company (i) elects (a section 1295 election) to have the Company treated as a “qualified electing fund”, referred to as a “QEF” (described below), or (ii) marks the stock to market (described below), the following rules apply:

PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies

Not Applicable.

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds

Not Applicable.

Item 15. Controls and Procedures

Disclosure Controls and Procedures

As required by paragraph (b) of Rules 13a-15 or 15d-15 under the Exchange Act, the Company’s principal executive officer and principal financial officer evaluated the Company’s disclosure controls and procedures (as defined in rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Annual Report. Based on the evaluation, these officers concluded that as of the end of the period covered by this Annual Report, our disclosure controls and procedures were not effective to ensure that the information required to be disclosed by the Company in reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the rules and forms of the SEC. These disclosure controls and procedures include controls and procedures designed to ensure that such information is accumulated and communicated to the Company’s management, including the Company’s principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. The conclusion that our disclosure controls and procedures were not effective was due to the presence of material weaknesses in internal control over financial reporting as identified below under the heading “Management’s Report on Internal Control Over Financial Reporting.”

Management anticipates that such disclosure controls and procedures will not be effective until the material weaknesses are remediated. The Company intends to remediate the material weaknesses as set out below.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within the Company have been detected.

Management’s Annual Report on Internal Control Over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) for the Company. The Company’s internal control over financial reporting is designed to provide reasonable assurance, not absolute assurance, regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with ~~Canadian generally accepted accounting principles.~~International Financial Reporting Standards. Internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company’s assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards, and that the Company’s receipts and expenditures are being made only in accordance with authorizations of the Company’s management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the Company’s consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions and that the degree of compliance with the policies or procedures may deteriorate.

5958

The Company’s management, including the Company’s principal executive officer and principal financial officer, along with an independent consultant, conducted an evaluation of the design and operation of the Company’s internal control over financial reporting as of January 31, ~~2012~~2013 based on the criteria set forth in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on this evaluation. Based on this evaluation, the Company’s management concluded the Company’s internal control over financial reporting was not effective as at January 31, ~~2012~~2013 due to the following material weaknesses: (i) inadequate segregation of duties and effective risk assessment; (ii) insufficient written policies and procedures for accounting, financial reporting and corporate governance; and (iii) insufficient disaster recovery plans.

The Company has taken steps to enhance and improve the design of the Company’s internal controls over financial reporting, however these steps were not complete as of January 31, ~~2012.~~2014. During the period covered by this annual report on Form 20-F, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following changes during the Company’s fiscal year ending January 31, ~~2013:~~2014: (i) address inadequate segregation of duties and ineffective risk management; (ii) adopt sufficient written policies and procedures for accounting, financial reporting and corporate governance; and (iii) implement a disaster recovery plan.

The Company’s internal control over financial reporting was not subject to attestation by the Company’s independent registered public accounting firm pursuant to the rules of the SEC that permit us to provide only management’s report in this annual report.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake.

Attestation Report of the Registered Public Accounting Firm

Not Applicable.

Changes in Internal Control over Financial Reporting

There were no changes in internal control over financial reporting in the year ended January 31, ~~2012;~~2014; however, as a result of the evaluation of the Company’s internal control over financial reporting as of January 31, ~~2012,~~2013, conducted by the Company’s principal executive officer, principal financial officer and an independent consultant, we expect to make such changes during the year ending January 31, ~~2013.~~2015.

Item 16. [Reserved]

Not Applicable.

Item 16A. Audit Committee Financial Expert

The Board determined that Mr. Gary Robertson is an “audit committee financial expert” as defined in Item 16A of Form 20-F under the Exchange Act, and that Mr. Robertson is independent as defined in the NASDAQ listing rules.

Item 16B. Code of Ethics

The Company has not currently adopted a code of ethics but is evaluating its internal procedures to determine the necessity of same. In the event that it is determined that a code of ethics is necessary, an appropriate code will be implemented.

Item 16C. Principal Accountant Fees and Services

The independent auditor for the ~~years~~year ended January 31, ~~2012, 2011~~2014 and ~~2010~~2013 was Manning Elliott LLP. The independent auditor for the year ended January 31, 2012 was Smythe Ratcliffe LLP, Chartered Accountants.

Audit Fees

The aggregate fees billed by ~~Smythe Ratcliffe~~Manning Elliott LLP for the audit of the Company’s annual financial statements for the fiscal year ended January 31, ~~2012~~2014 were ~~$38,000 (2011 - $38,500; 2010 - $38,500).~~$32,000. The aggregate fees billed by Manning Elliott LLP for the fiscal year ended January 31, 2013 were $32,000.

Audit-Related Fees

The audit related fees billed by ~~Smythe Ratcliffe~~Manning Elliott LLP for the year ended January 31, ~~2012~~2014 are estimated to be ~~$5,000 (2011 - $5,000; 2010 - $5,084).~~$4,000. The audit related fees billed by Manning Elliott for the year ended January 31, 2013 were $4,000. These fees relate to the advisory services provided with respect to the Company’s Form 20-F.

Tax Fees

The tax fees billed by ~~Smythe Ratcliffe~~Manning Elliott LLP for the ~~years~~year ended January 31, ~~2012~~2014 are ~~$1,500 (2011 - $2,000; 2010 - $1,500).~~estimated to be $3,000. The tax fees billed by Manning Elliott LLP for the year ended January 31, 2013 were $3,700. The services comprising these fees include compliance service with respect to Canadian tax filings.

All Other Fees

The aggregate fees billed for all other professional services rendered by the Company’s independent registered public accounting firm were nil for the fiscal years ended January 31, ~~2012, 2011,~~2014 and ~~2010.~~2013.

The Audit Committee approved 100% of the fees paid to the principal accountant for audit-related, tax and other fees in the fiscal year ~~2012.~~2014. The Audit Committee pre-approves all non-audit services to be performed by the auditor in accordance with the Audit Committee Charter. The percentage of hours expended on the principal accountant’s engagement to audit the Company’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

Item 16D. Exemptions from the Listing Standards for Audit Committees

Not applicable.

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

Item 16F. ~~Changes~~Change in ~~Registrants~~Registrant’s Certifying Accountant

~~None.~~Resignation of Smythe Ratcliffe Chartered Accountants

During the Company’s three most recent fiscal years, Smythe Ratcliffe LLP (“Smythe Ratcliffe”), who were previously engaged as the principal accountant to audit the Company, resigned.

The Company requested and Smythe Ratcliffe agreed to submit its resignation as the Company’s principal accountant effective March 11, 2013. The Audit Committee and the Board of Directors of the Corporation considered and approved the decision to change accountants.

The report of Smythe Ratcliffe, the Company’s principal accountant appointed by the Board of Directors, on the Company’s consolidated financial statements for the fiscal years ended January 31, 2012 and 2011 did not contain an adverse opinion, a disclaimer of opinion, a modification or qualification. The audit report did include comments on “Emphasis of Matter” as it relates to the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern.

During the Company’s three most recent fiscal years and any subsequent interim period preceding such resignation, there were no disagreements with Smythe Ratcliffe on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Smythe Ratcliffe, would have caused it to make reference to the subject matter of the disagreements in connection with its report. None of the following events occurred within the Company’s two most recent fiscal years and any subsequent interim period preceding Smythe Ratcliffe’s resignation:

(A)

Smythe Ratcliffe advised the Company that the internal controls necessary for the Company to develop reliable financial statements did not exist;

(B)

Smythe Ratcliffe advised the Company that information came to Smythe Ratcliffe’s attention that has led it to no longer be able to rely on management’s representations, or that had made it unwilling to be associated with the consolidated financial statements prepared by management;

(C)

Smythe Ratcliffe advised the Company of the need to expand significantly the scope of its audit, or that information came to Smythe Ratcliffe’s attention during the Company’s two most recent fiscal years and any subsequent interim period, that if further investigated may:

(i) materially impact the fairness or reliability of either: a previously issued audit report or the underlying consolidated financial statements, or the consolidated financial statements issued or to be issued covering the fiscal period(s) subsequent to the date of the most recent consolidated financial statements covered by an audit report (including information that may prevent it from rendering an unqualified audit report on those consolidated financial statements); or

(ii) cause it to be unwilling to rely on management’s representations or be associated with the Company’s consolidated financial statements; and due to Smythe Ratcliffe’s resignation (due to audit scope limitations or otherwise), or for any other reason, Smythe Ratcliffe did not so expand the scope of its audit or conduct such further investigation; or

(D)

Smythe Ratcliffe advised the Company that information came to Smythe Ratcliffe’s attention that it had concluded materially impacts the fairness or reliability of either:

(i) a previously issued audit report or the underlying consolidated financial statements, or

(ii) the consolidated financial statements issued or to be issued covering the fiscal period(s) subsequent to the date of the most recent consolidated financial statements covered by an audit report (including information that, unless resolved to Smythe Ratcliffe’s satisfaction, would prevent it from rendering an unqualified audit report on those consolidated financial statements); and due to Smythe Ratcliffe’s resignation (due to audit scope limitations or otherwise), or for any other reason, the issue had not been resolved to Smythe Ratcliffe’s satisfaction prior to its resignation.

Appointment of Manning Elliott Chartered Accountants LLP

The Company engaged Manning Elliott LLP (“Manning Elliott”) as its principal accountant to audit its consolidated financial statements effective March 11, 2013. During the Company’s two most recent fiscal years and any subsequent interim period prior to engaging Manning Elliott , the Company did not consult Manning Elliott regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, or (ii) any matter that was either the subject of a disagreement or a reportable event as described in Item 16F(a)(1)(v) of Form 20-F.

Item 16F Disclosure Provided to Former Accountants

The Company has provided Smythe Ratcliffe with a copy of its disclosures under Item 16F of this annual report on Form 20-F. The Company has requested that Smythe Ratcliffe provide the Company with a letter addressed to the Commission stating whether it agrees with the statements made by the Company in response to this Item 16F(a) and if not, stating the respects in which it does not agree. The Company has filed a letter from Smythe Ratcliffe as Exhibit(s) 15.2 and 15.3 to this annual report on Form 20-F. [NTD: These exhibits are not included]

Item 16G. Corporate Governance

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

The consolidated financial statements of Coral Gold Resources Ltd. (the “Company”) are the responsibility of the Company’s management. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards and reflect management’s best estimates and judgment based on information currently available.

Management has developed and is maintaining a system of internal controls to ensure that the Company’s assets are safeguarded, transactions are authorized and properly recorded and financial information is reliable.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the audit and the annual consolidated financial statements prior to their submission to the Board of Directors for approval.

The ~~Company’s~~ consolidated financial ~~position~~statements as at January 31, ~~2012~~2014 and ~~2011 and February 1, 2010 and its financial performance and its cash flows~~2013 for the years then ended ~~January 31, 2012 and 2011~~ have been audited by ~~Smythe Ratcliffe~~Manning Elliott LLP, Chartered Accountants, and their report outlines the scope of their examination and gives their opinion on the consolidated financial statements.

“David Wolfin”		“Malcolm Davidson”

David Wolfin		Malcolm Davidson, CA
President & CEO		Chief Financial Officer
~~June 14, 2012~~May 29, 2014		~~June 14, 2012~~May 29, 2014

6566

~~INDEPENDENT AUDITORS’ REPORT~~

~~TO THE~~

REPORT OF ~~CORAL GOLD RESOURCES LTD.~~INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

~~(an exploration stage company)~~

To the Shareholders of Coral Gold Resources Ltd.

We have audited the accompanying consolidated financial statements of Coral Gold Resources Ltd., which comprise the consolidated ~~balance~~statements of financial position as at January 31, ~~2012, January 31, 2011~~2014 and ~~February 1, 2010,~~2013 and the consolidated statements of operations and ~~, changes in~~comprehensive loss, equity and cash flows for the years then ended, ~~January 31, 2012~~ and ~~January 31, 2011, and~~the related notes comprising a summary of significant accounting policies and other explanatory information.

~~Management's~~Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the ~~audit~~audits to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on ~~the auditors’~~our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, ~~the auditor considers~~we consider internal control relevant to the ~~entity's~~Company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the ~~entity's~~Company’s internal control. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting; accordingly we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Coral Gold Resources Ltd. as at January 31, ~~2012, January 31, 2011~~2014 and ~~February 1, 2010,~~2013 and the results of its ~~financial performance~~operations and its cash flows for the years then ended ~~January 31, 2012 and January 31, 2011~~ in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Emphasis of Matter

Without qualifying our opinion, we draw attention to ~~note~~Note 1 ~~in the~~to these consolidated financial statements which indicates that the Company incurred a net loss of $733,813 for the year ended January 31, 2012 and has a deficit of $29,41,040 as of January 31, 2012. These conditions, along with other matters set forth in note 1, indicatedescribes the existence of a material uncertainty that may cast significant doubt about the ~~Company’s~~ ability of Coral Gold Resources Ltd. to continue as a going concern.

Other Matter

~~Chartered Accountants~~The information presented in the consolidated statements of equity and operations and comprehensive loss for the year ended January 31, 2012 and related notes of Coral Gold Resources Ltd. were audited by another firm of independent auditors who expressed an unmodified opinion on those consolidated statements in their report dated May 25, 2012.

/s/ Manning Elliott LLP

CHARTERED ACCOUNTANTS

Vancouver, ~~Canada~~British Columbia

~~June 14, 2012~~May 29, 2014

6667

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Financial Position

(Expressed in Canadian dollars)

	Note		January 31, 2012			January 31, 2011			February 1, 2010			Note		January 31, 2014			January 31, 2013
						(Note 18)			(Note 18)
ASSETS
Assets
Current assets
Cash and cash equivalents			$	1,314,494		$	2,695,864		$	700,772				$	8,074		$	14,450
Other amounts receivable				29,912			37,767			13,617					5,810			38,593
Prepaid expenses				5,653			39,996			4,694					-			3,107
				1,350,059			2,773,627			719,083					13,884			56,150

Exploration and Evaluation Assets		4		17,893,018			16,758,230			15,598,026			4		19,027,044			19,264,220
Property and Equipment		5		108,207			107,029			5,873			6		99,383			106,358
Investments in Related Companies		6		961,006			1,338,540			610,967			7		140,505			396,743
Advances Receivable from a Related Party		10b		26,916			20,596			18,354
Amounts Receivable from a Related Party													11b		46,171			33,043
Reclamation Bonds		7		417,393			382,200			408,075			8		529,408			474,034
Total Assets			$	20,756,599		$	21,380,222		$	17,360,378				$	19,856,395		$	20,330,548

LIABILITIES
Liabilities
Current liabilities
Accounts payable and accrued liabilities			$	145,801		$	189,682		$	65,494				$	236,548		$	401,088
Advances payable to related parties		10c		37,625			6,223			23,022
Amounts payable to related parties													11c		263,445			194,876
				183,426			195,905			88,516					499,993			595,964

Reclamation Provision		11		175,529			168,158			157,722			12		484,000			395,000
Deferred Tax Liability		16		2,360,965			2,376,865			1,994,962			17		1,766,720			2,444,038
Total liabilities				2,719,920			2,740,928			2,241,200					2,750,713			3,435,002

EQUITY
Equity
Share Capital		8		43,954,422			43,389,425			40,875,379			9		44,311,995			43,954,422
Equity Reserves				2,380,998			3,249,640			4,844,349					2,738,194			2,701,918
Accumulated Other Comprehensive Income				731,979			1,062,321			425,695					80,461			277,637
Accumulated Deficit				(29,041,040	)		(29,072,412	)		(31,036,565	)				(30,035,288	)		(30,048,751	)
Equity Attributable to Equity Holders of the Company				18,026,359			18,628,974			15,108,858					17,095,362			16,885,226
Equity Attributable to Non-Controlling Interests				10,320			10,320			10,320					10,320			10,320
Total Equity				18,036,679			18,639,294			15,119,178					17,105,682			16,895,546
Total Liabilities and Equity			$	20,756,599		$	21,380,222		$	17,360,378				$	19,856,395		$	20,330,548

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~4. EXPLORATION AND EVALUATION ASSETS (continued)~~

~~CORAL GOLD RESOURCES LTD~~

~~Notes to~~The Company holds a 50% interest in 27 claims in the ~~Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

CORAL GOLD RESOURCES ~~LTD~~LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, ~~2012~~2014, 2013, and ~~2011~~2012

(Expressed in Canadian dollars)

17. INCOME TAXES

~~16. INCOME TAXES~~

~~A reconciliation of~~Income tax recovery differs from the amount that would result from applying the Canadian federal and provincial statutory income tax ~~computed at~~rates to loss before future income taxes. For the year ended January 31, 2014, the Canadian statutory rate ~~of 26.5% (2011 – 28.5%) to income tax recovery (expense) for the years ended January 31~~ is ~~as follows:~~26% (2013 - 25%).

2012 2011

Expected income tax recovery $ 301,632 $ 490,944
Permanent differences (150,634 ) (162,002 )
Changes in timing differences 9,404 (216,850 )
Changes in valuation allowance (279,894 ) (233,635 )
Adjustments due to effective tax rate attributable to income taxes in other countries 98,660 159,809
Changes in income tax rates and foreign exchange (10,459 ) (329,222 )
Total deferred income tax expense $ (31,291 ) $ (290,956 )

	2014			2013			2012
Expected income tax recovery	$	181,670		$	348,647		$	301,632
Permanent differences		10,760			(225,749	)		(150,634	)
Changes in timing differences		9,659			(21,221	)		-
Effect of foreign exchange changes on U.S. loss carry-forwards		492,885			(196,741	)		9,404
Expired losses		(20,428	)		(115,221	)		-
Changes in deferred income tax liability		(135,099	)		(61,408	)		(279,894	)
Adjustments due to effective tax rate attributable to U.S. income taxes in other countries		37,513			126,053			98,660
Changes in income tax rates and other exchange		70,895			(2,338	)		(10,459	)
Total deferred income tax recovery (expense)	$	647,855		$	(147,978	)	$	(31,291	)

The components of the ~~future~~deferred income tax assets (liabilities), after applying enacted Canadian rates of ~~25% (2011~~26% (2013 - 25%) and enacted US rates of ~~35% (2011~~35.0% (2013 - ~~35%~~35.0%), are as follows:

2012 2011

Future income tax assets
Non-capital loss carry-forwards $ 3,309,745 $ 3,005,920
Other 120,042 61,594
Net deferred income tax asset 3,429,787 3,067,514
Net future income tax asset 3,371,698 3,068,767
Future income tax liability
Investment securities (105,282 ) (152,474 )
Mineral property interests (5,685,470 ) (5,291,905 )
Net future income tax liability $ (2,360,965 ) $ (2,376,865 )

~~The Company recognized tax benefits on losses and other deductible amounts. The balances of unused tax losses amount to $6,246,954.~~

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~16. INCOME TAXES (continued)~~

	2014			2013

Deferred income tax assets
Non-capital loss carry-forwards	$	4,355,403		$	3,741,587
Other		8,685			31,582
		4,364,088			3,773,169
Deferred income tax liabilities
Investment securities		(1,917	)		(30,293	)
Exploration and evaluation assets		(6,128,891	)		(6,186,914	)
Net deferred income tax liability	$	(1,766,720	)	$	(2,444,038	)

At January 31, ~~2012,~~2014, the Company had, for Canadian tax purposes, non-capital losses aggregating approximately ~~$6,976,000.~~$6,887,000. These losses are available to reduce taxable income earned by the Canadian operations of future years and expire as follows:

2016 $ 627,000
2015 522,000
2026 1,231,000
2027 1,114,000
2028 900,000
2029 623,000
2030 458,000
2031 698,000
2032 803,000
$ 6,976,000

2015	$	522,000
2026 to 2033		6,365,000
	$	6,887,000

At January 31, ~~2012,~~2014, the Company had, for US tax purposes, net operating losses aggregating approximately US$~~10,698,500.~~11,960,000. The net operating losses are available to offset taxable income earned by the US operations of future years and expire as follows:

2014 US $ 118,000
2015 81,000
2016 130,000
2017 58,000
2018 364,000
2020 99,000
2021 219,000
2022 166,000
2023 596,000
2024 335,000
2025 627,000
2026 513,000
2027 1,284,000
2028 1,648,000
2029 1,498,000
2030 586,000
2031 1,222,000
2032 1,154,500
US $ 10,698,500

2018	US$	364,000
2020 to 2034		11,596,000
	US$	11,960,000

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2014, 2013, and 2012

(Expressed in Canadian dollars)

~~17.~~18. SEGMENTED INFORMATION

The Company operates one operating segment, mineral exploration and development activities. The Company is in the exploration stage and, accordingly, has no reportable revenues for the ~~years~~year ended January 31, ~~2012~~2014, 2013, and ~~2011. All net losses for the years ended January 31, 2012 or 2011 are as a result of Canadian head office costs. Costs of US operations are capitalized to exploration and evaluation assets.~~2012.

The Company has non-current assets in the following geographic locations:

January 31,
2012

January 31,
2011

Canada $ 3,751 $ 1,192
USA 17,997,475 16,864,067
$ 18,001,226 $ 16,865,259

	January 31, 2014		January 31, 2013
Canada	$	143,136	$	400,030
USA		19,653,204		19,841,325
	$	19,796,340	$	20,241,355

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~18. FIRST TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS~~

~~Transition to IFRS~~

The Company has adopted IFRS effective February 1, 2011 with a transition date of February 1, 2010 (the “Transition Date”). Prior to the adoption of IFRS, the Company prepared its consolidated financial statements in accordance with Canadian GAAP.

The comparative information presented in these first annual consolidated financial statements for the year ended January 31, 2011 and the opening financial position as at February 1, 2010 have been prepared in accordance with the accounting policies referenced in Note 3 and IFRS 1 ~~First-Time Adoption of International Financial Reporting Standards~~.

~~Initial elections upon adoption~~

The guidance for the first time adoption of IFRS is set out in IFRS 1. Under IFRS 1, the standards are applied retrospectively at the Transition Date with all adjustments to assets and liabilities as stated under Canadian GAAP charged to deficit unless certain exemptions are applied. The Company has applied the following exemptions to its opening statement of financial position dated February 1, 2010:

~~Business combinations – The Company elected under IFRS 1 not to apply IFRS 3~~ ~~Business Combinations~~ ~~retrospectively to any business combinations that occurred prior to its Transition Date and such business combinations have not been restated.~~

~~Share-based payment – IFRS 1 encourages, but does not require, first-time adopters to apply IFRS 2~~ ~~Share-based Payment~~ to equity instruments that were granted on or before November 7, 2002, or equity instruments that were granted subsequent to November 7, 2002 and vested before the later of the date of transition to IFRS and January 1, 2005. The Company has elected not to apply IFRS 2 to awards that vested prior to February 1, 2010.

Reclamation provision – The Company has elected to apply the exemption from full retrospective application of reclamation provisions allowed under IFRS 1. As such, the Company has re-measured the provisions as at February 1, 2010 under IAS 37 ~~Provisions, Contingent Liabilities and Contingent Assets~~ estimated the amount to be included in the cost of the related asset by discounting the liability to the date at which the liability first arose using best estimates of the historical risk-adjusted discount rates.

IFRS 1 also outlines specific guidelines that a first-time adopter must adhere to under certain circumstances. The Company has applied the following guidelines to its opening statement of financial position dated February 1, 2010:

~~Estimates~~

In accordance with IFRS 1, an entity’s estimates under IFRS at the date of transition to IFRS must be consistent with estimates made for the same date under previous Canadian GAAP, unless there is objective evidence that those estimates were in error. The Company’s IFRS estimates as of February 1, 2010 are consistent with its Canadian GAAP estimates for the same date.

IFRS employs a conceptual framework that is similar to Canadian GAAP. However, some differences exist in certain matters of recognition, measurement and disclosure. While adoption of IFRS has not changed the Company’s actual cash flows, it has resulted in changes to the Company’s reported consolidated financial position and consolidated financial performance. In order to allow the users of the consolidated financial statements to better understand these changes, the Company’s Canadian GAAP consolidated statements of financial position as at February 1, 2010 and January 31, 2011, and consolidated statements of operations and comprehensive loss and cash flows for the year ended January 31, 2011 have been reconciled to IFRS, with the resulting differences explained below.

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~18. FIRST TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (continued)~~

~~Notes on reconciliations between Canadian GAAP and IFRS~~

~~Reclamation provision~~

Canadian GAAP calculates reclamation provision using current credit-adjusted, risk-free rates for upward adjustments, and the original credit adjusted, risk free rate for downward revisions. The original liability is not adjusted for changes in current discount rates. IFRS however, calculates reclamation provision using a current pre-tax discount rate, (which reflects current market assessment of the time value of money and the risk specific to liability) and is revised every reporting period to reflect changes in assumptions or discount rates. To calculate the reclamation provision and long-lived asset under IFRS, the Company has elected to apply the exemption available from full retrospective application as allowed under IFRS 1. As such, the Company has re-measured the rehabilitation liability as at February 1, 2010 and subsequent change in obligations under IAS 37 Provisions, contingent liabilities and contingent assets, estimating the amount to be included in the related asset by discounting the liability to the date of first disturbance in which the liability arose, using best estimates of the historical risk-free discount rates, and recalculating the accumulated depreciation and amortization under IFRS.

The change in accounting policy related to the reclamation provision resulted in a decrease to exploration and evaluation assets of $78,526 with a related decrease in reclamation provision at the transition date. During the year ended January 31, 2011, a further adjustment was required, which resulted in an increase of $9,505 to exploration and evaluation assets with a related increase to the provision for reclamation. There were also costs of $11,228 and $4,683 charged to income for finance costs and foreign exchange gain, respectively.19. SUBSEQUENT EVENTS

In ~~addition, under Canadian GAAP,~~March 2014, the ~~unwinding~~Company entered into an exploration and option to joint venture with Barrick Gold Corporation ("Barrick"), pursuant to which Barrick has been granted an option to earn up to an undivided 60% interest on the Company's Gold Ridge Property in Nevada (consisting of a portion of the ~~discount was included with depreciation~~Robertson Property) in consideration for incurring US$12,000,000 in exploration expenditures over a five year period. In addition, Barrick has the option to increase its interest by an additional 15% for an aggregate undivided 75% interest by preparing and ~~amortization expense, and will now be reclassified~~delivering to ~~finance costs as required under IFRS.~~

~~Contributed surplus~~

~~IFRS requires an entity to present, for each component~~the Company a scoping study. The Option Agreement also provides that upon the exercise of ~~equity,~~the option, a ~~reconciliation~~60%/40% or a 75%/25% joint venture between the carrying amount at the beginning and end of the period, separately disclosing each change. The Company examined its “contributed surplus” account and concluded that as at the February 1, 2010 transition date and the comparative January 31, 2011, part of the contributed surplus relates to “Equity settled employee benefit reserve” and part to “Reserves for warrants”.

IFRS also permits a transfer of reserves arising from share-based transactions, within equity. At February 1, 2010, $879,817 of total reserves related to options and warrants no longer outstanding was therefore transferred to Deficit,parties will be established in order ~~that~~to further explore the balance of equity reserve reflect only the fair value of options and warrants on that date. During the year ended January 31, 2011, additional options and warrants expired and therefore a further transfer of $3,523,935, representing the fair value attributed to these cancelled instruments, was made from their respective reserve accounts to deficit.

~~Accounting for equity units~~

~~At the transition date, the Company elected to change its accounting policy for equity units.~~Gold Ridge Property. In the past, the proceeds received on the issuance of units, consisting of common shares and warrants, were allocated first to warrants based on their fair value determined using the Black-Scholes option pricing model, and the remainder was allocated to common shares.

Upon transition date, the Company elected to allocate the proceeds received on the issuance of units, based on their relative fair values, calculated using the Black-Scholes option pricing model for warrants and the fair value of common shares.

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~18. FIRST TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (continued)~~

~~Notes on reconciliations between Canadian GAAP and IFRS (continued)~~

~~Accounting for equity units (continued)~~

The required adjustment has been calculated based on the outstanding options and warrants. As at February 1, 2010, the change in accounting policy resulted in an increase of $133,255 in share capital and a corresponding decrease in reserves for warrants. During the year ended January 31, 2011,March 2014, the Company closed a non-brokered private placement ~~which resulted~~ in ~~an increase of $591,135 in share capital~~connection with the exploration and ~~a corresponding decrease in reserves for warrants.~~

~~Additionally, during the year ended January 31, 2011, warrants had been exercised and the fair value~~option to joint venture issuing 4,150,000 common shares of the ~~warrants is then transferred to~~Company at a price of $0.17 per common share ~~capital. As a result~~for gross proceeds of ~~the change in accounting policy, an adjustment was required, which resulted in a decrease of $40,018 in share capital and a corresponding increase to reserve for warrants.~~

~~Share-based payments~~

~~Previously, under Canadian GAAP, the Company classified a consultant as a non-employee, whereas under IFRS, the consultant is classified as an employee and others providing similar services.~~

The fair value of options granted to employees and others providing similar services is measured at grant date, and each tranche is recognized using the graded vesting method over the period during which the options vest. Under Canadian GAAP, transactions in which goods or services are received from non-employees in exchange for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.

An adjustment is required for the options granted to this consultant and the share-based compensation recognized during the year ended January 31, 2011. At January 31, 2011, a decrease of $6,197 was recorded to share-based payments reserve with a corresponding increase to deficit for the same amount.

~~Deferred income taxes~~

Previously, under Canadian GAAP, the Company recognized a deferred tax liability on the acquisition of Marcus Corporation where the fair value of some of the mineral properties acquired exceeded their tax values. Under IFRS, the deferred tax liability would not be recognized, either on acquisition or subsequently. This accounting policy change resulted in a reversal of the deferred tax liability of $297,755 (February 1, 2010 - $316,723), decrease in the carrying value of exploration and evaluation assets of $352,662 (February 1, 2010 - $352,662) and an increase in deficit of $54,907 (February 1, 2010 - $35,939).

Under Canadian GAAP, income tax assets or liabilities were not recognized for differences arising between the historical exchange rate and the current exchange rate translation of the cost of non-monetary assets or liabilities of integrated foreign operations. Under IFRS, deferred tax is recognized on the difference between the accounting basis and tax basis of all items. For foreign currency non-monetary assets or liabilities where the tax basis currency differs from the functional currency of the entity, foreign exchange differences will result in tax assets or liabilities, which were not previously recognized under Canadian GAAP. This difference will result in added volatility in the tax expense as foreign exchange rate changes will have an impact on the tax expense. This accounting policy change resulted in an additional deferred tax liability of $930,041 (February 1, 2010 - $624,322) and an increase to deficit.

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~18. FIRST TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (continued)~~

~~Reconciliation of Consolidated Statements of Financial Position~~

February 1, 2010 January 31, 2011
Note Canadian GAAP Effect of Transition to IFRS IFRS Canadian GAAP Effect of Transition to IFRS IFRS

ASSETS
Current
Cash and cash equivalents $ 700,772 $ - $ 700,772 $ 2,695,864 $ - $ 2,695,864
Other amounts receivable 13,617 - 13,617 37,767 - 37,767
Prepaid expenses 4,694 - 4,694 39,996 - 39,996
719,083 - 719,083 2,773,627 - 2,773,627

Exploration and Evaluation Assets (a)(e) 16,029,214 (431,188 ) 15,598,026 17,179,913 (421,683 ) 16,758,230
Property and Equipment 5,873 - 5,873 107,029 - 107,029
Investments in Related Companies 610,967 - 610,967 1,338,540 - 1,338,540
Advances receivable from a related party 18,354 - 18,354 20,596 - 20,596
Reclamation Bonds 408,075 - 408,075 382,200 - 382,200
TOTAL Assets $ 17,791,566 $ (431,188 ) $ 17,360,378 $ 21,801,905 $ (421,683 ) $ 21,380,222
$705,500.

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~18. FIRST TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (continued)~~

~~Reconciliation of Consolidated Statements of Financial Position~~

February 1, 2010 January 31, 2011
Note Canadian GAAP Effect of Transition to IFRS IFRS Canadian GAAP Effect of Transition to IFRS IFRS

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities $ 65,494 $ - $ 65,494 $ 189,682 $ - $ 189,682
Amounts due to related parties 23,022 - 23,022 6,223 - 6,223
88,516 - 88,516 195,905 - 195,905

Reclamation Provision (a) 236,248 (78,526 ) 157,722 221,268 (53,110 ) 168,158
Deferred Income Tax Liability (e) 1,687,363 307,599 1,994,962 1,744,579 632,286 2,376,865
Total Liabilities 2,012,127 229,073 2,241,200 2,161,752 579,176 2,740,928
EQUITY
Share Capital (b)(c) 40,742,124 133,255 40,875,379 42,705,053 684,372 43,389,425
Equity Reserves (Previously Contributed Surplus) (b)(c)(d) 5,857,421 (1,013,072 ) 4,844,349 8,343,960 (5,094,320 ) 3,249,640
Accumulated Other Comprehensive income 425,695 - 425,695 1,062,321 - 1,062,321
Deficit (a)(c)(d)(e) (31,256,121 ) 219,556 (31,036,565 ) (32,481,501 ) 3,409,089 (29,072,412 )
Equity Attributable to Equity Holders of the Company 15,769,119 (660,261 ) 15,108,858 19,629,833 (1,000,859 ) 18,628,974
Equity Attributable to Non-controlling Interests 10,320 - 10,320 10,320 - 10,320
Total Equity 15,779,439 (660,261 ) 15,119,178 16,640,153 (1,000,859 ) 18,639,294
TOTAL Liabilities and Equity $ 17,791,566 $ (431,188 ) $ 17,360,378 $ 21,801,905 $ (421,683 ) $ 21,380,222

~~100~~

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~18. FIRST TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (continued)~~

~~Reconciliation of Consolidated Statement of Operations and Comprehensive Loss~~

Year ended January 31, 2011
Note Canadian GAAP Effect of Transition to IFRS IFRS

Operating and Administrative Expenses
Depreciation $ 1,679 $ - $ 1,679
Consulting fees 28,783 - 28,783
Directors’ fees 17,250 - 17,250
Investor relations and shareholder information 228,326 - 228,326
Legal and accounting 64,268 - 64,268
Finance costs (a) - 11,228 11,228
Listing and filing fees 24,463 - 24,463
Management fees 105,000 - 105,000
Office and miscellaneous 57,507 - 57,507
Salaries and benefits 131,993 - 131,993
Share-based payments (d) 565,261 (6,197 ) 559,064
Travel 47,256 - 47,256
1,271,786 5,031 1,276,817
Loss before other items and income tax (1,271,786 ) (5,031 ) (1,276,817 )
Other Income (Expenses)
Interest income 22,654 - 22,654
Foreign exchange gain (loss) (a)(e) 94,948 (109,610 ) (14,662 )
117,602 (109,610 ) 7,992

LOSS BEFORE INCOME TAX (1,154,184 ) (114,641 ) (1,268,825 )
Deferred income tax expense (e) (71,196 ) (219,760 ) (290,956 )
NET LOSS (1,225,380 ) (334,401 ) (1,559,781 )

Other Comprehensive Income
Unrealized gain on available for sale securities, net of tax 636,626 - 636,626
TOTAL COMPREHENSIVE LOSS $ (588,754 ) $ (334,401 ) $ (923,155 )

~~101~~

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~18. FIRST TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (continued)~~

~~Reconciliation of Consolidated Statement of Cash Flows~~

Year ended January 31, 2011
Note Canadian GAAP Effect of Transition to IFRS IFRS

OPERATING ACTIVITIES
Net loss (a)(d) $ (1,225,380 ) $ (334,401 ) $ (1,559,781 )
Adjustments for items not involving cash :
Depreciation 1,679 - 1,679
Share-based payments (d) 565,261 (6,197 ) 559,064
Foreign exchange gain (a) (93,524 ) 23,651 (69,873 )
Finance costs (a) - 97,187 97,187
Deferred income tax expense 71,196 219,760 290,956
Net change in non-cash working capital 43,890 - 43,890
Cash used in operating activities (636,878 ) - (636,878 )

FINANCING ACTIVITIES
Issuance of shares for cash, net 3,884,207 - 3,884,207

INVESTING ACTIVITIES
Mineral properties acquisition and exploration expenditures (1,149,094 ) - (1,149,094 )
Purchase of property and equipment (102,835 ) - (102,835 )
Cash used in investing activities (1,251,929 ) - (1,251,929 )

Effect of exchange rate fluctuations on cash held (308 ) - (308 )
Net increase in cash 1,995,092 - 1,995,095
Cash, beginning of the period 700,772 - 700,772

Cash, end of period $ 2,695,864 $ - $ 2,695,864

~~102~~

~~CORAL GOLD RESOURCES LTD~~

~~Notes to the Consolidated Financial Statements~~

~~For the years ended January 31, 2012 and 2011~~

~~(Expressed in Canadian dollars)~~

~~19. EVENTS AFTER THE REPORTING PERIOD~~

a)	In February 2012, the Company granted stock options for the purchase of 1,055,000 shares at a price of $0.40 per share exercisable on or before February 22, 2017 to directors, officers, consultants and employees of the Company.

b)	~~In March 2012, the Company extended the expiry dates of 4,709,120 warrants expiring April 1, 2012, by six months to October 1, 2012.~~

c)	~~In March 2012, the Company extended the expiry dates of 1,755,000 warrants expiring April 23, 2012, by six months to October 23, 2012.~~

d)	~~In April 2012, the Company entered into a drilling contract to provide drilling services at the Company’s US subsidiary. The estimated value of the contract is $356,000 (US$356,250).~~

~~103~~96

SIGNATURE

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

	CORAL GOLD RESOURCES LTD.

Dated: June ~~14, 2012~~11, 2014	By:	/s/ David Wolfin
		David Wolfin,
		Chief Executive Officer
		(Principal Executive Officer)

~~104~~97

Exhibit Index

Exhibit Number

Name

1.1

Memorandum of Coral Gold Resources Ltd.*

1.2

Articles of Coral Gold Resources Ltd.*

8.1

List of Subsidiaries

12.1

Certification of the Principal Executive Officer

12.2

Certification of the Principal Financial Officer

13.1

Certificate of Principal Executive Officer under the Sarbanes-Oxley Act

13.2

Certificate of Principal Financial Officer under the Sarbanes-Oxley Act

15.1

Geological Report on the Robertson Property*

15.2

Update of the Geological Report on the Robertson Property*

___________________________

* Previously filed.

~~105~~

Year Ended January 31,	Average		Period End		High		Low		Average		Period End		High		Low
2008		1.0603		1.0022		1.1853		0.9170
2009		1.0849		1.2364		1.2969		0.9719		1.0849		1.2364		1.2969		0.9719
2010		1.1272		1.0650		1.3000		1.0251		1.1272		1.0650		1.3000		1.0251
2011		1.0260		1.0022		1.0778		0.9862		1.0260		1.0022		1.0778		0.9862
2012		0.9970		1.0052		1.0604		0.9449		0.9970		1.0052		1.0604		0.9449
2013										0.9978		0.9973		1.0299		0.9599
2014										1.0389		1.1138		1.1178		0.9955

Month	High		Low
January 2012		0.9986		1.0272
February 2012		1.0016		0.9986
March 2012		1.0015		0.9849
April 2012		1.0039		0.9807
May 2012		1.0349		0.9839
June 2012		1.0443		1.0210

Month	High		Low
December 2013		1.0697		1.0577
January 2014		1.1171		1.0614
February 2014		1.1140		1.0953
March 2014		1.1251		1.0966
April 2014		1.1042		1.0903
May 2014		1.0980		1.0823

Company/Date	Number of Claims	Option Payment		Production Royalty	Advance Royalty Payment
Core:
Tenabo Gold Mining Co. Nov. 30, 1975	13	$	2M	8% NSR	$12,000/yr
Northern Nevada Au, Inc. Sept. 30, 1986	12	$	-	4% GSR	$9,600/yr
Albany Gold Corp. (Geomex)	All	$	1.25M	3% NSR	Nil
~~Other Areas:~~ ~~Mauzy, et al~~ ~~Apr. 21, 1989~~	36	$	~~1.5M~~	~~2% NSR~~	~~$18,000/yr~~
~~Jay and Grace Wintle~~	9	$	-	~~5% GSR~~	~~$21,600/yr~~
Filippini/Breckon (June Claims)	6	$	1M	3% NSR	$~~25,000/~~30,000/yr

Gold Price US$/oz	IRR %	NPV undiscounted US$ million	NPV discounted 5% US$ million	Payback Period Years	IRR %	NPV undiscounted US$ million	NPV discounted 5% US$ million	Payback Period Years
1350	15.44	180.6	96.2	5.91	15.44	180.6	96.2	5.91
1500	20.13	247.2	147.1	4.72	20.13	247.2	147.1	4.72
1750	27.40	358.3	230.7	3.91	27.40	358.3	230.7	3.91

Canadian	Year Ended January 31,
	2010		2009			2008
Operations
Revenue	$	-	$	-		$	-
Expense
General and Administrative		1,613,713		2,516,862			1,359,172
Net Income (loss)		1,711,611		(3,746,165	)		(1,319,185	)
Net Earnings (loss) Per Share		0.07		(0.15	)		(0.06	)

Weighted Average Number of Shares Outstanding		25,093,778		24,979,312			23,570,728

US GAAP	Year Ended January 31,
	2010			2009			2008
Operations
Revenue	$	-		$	-		$	-
Income (loss) for year under Canadian GAAP		1,711,611			(3,746,165	)		(1,319,185	)
Adjustments:
Deferred exploration expenditures		(324,301	)		(1,683,613	)		(2,006,961	)
Future income taxes		(2,774,334	)		533,297			620,710
Foreign exchange gain (loss)		(465,402	)		866,933			(553,133	)
Net loss for the year under US GAAP		(1,852,426	)		(4,029,548	)		(3,258,569	)
Unrealized gain (loss) on investment securities		465,643			(88,479	)		(19,352	)
Comprehensive loss for the year per US GAAP		(1,386,783	)		(4,118,027	)		(3,277,921	)
Loss per share under US GAAP		(0.06	)		(0.16	)		(0.14	)

Zone	Tons	Ounces per Ton	Ounces of Au
Distal	13,310,451	0.0287	382,010
39A	38,945,698	0.0228	887,962
South Zone	9,993,853	0.0209	208,872
Outside	5,422,131	0.0156	84,585
Gold Pan Oxide	12,566,599	0.02	251,332
Altenburg Hill Oxide	12,873,976	0.0152	195,684
Porphyry Oxide	39,049,182	0.0167	652,121
Gold Pan Sulphide	32,524,592	0.0154	500,879
Altenburg Hill Sulphide	1,701,844	0.014	23,826
Porphyry Sulphide	12,535,861	0.0158	198,067

TOTAL	178,924,188	0.0189	3,381,667

All Zones	Au Cut-off	Au Price	Tons	Ounces Per Ton	Ounces of Au
	0.009	1000	259,786,897	0.016	4,156,590
	0.0095	950	215,146,526	0.0174	3,743,550
	0.0106	850	178,924,188	0.0189	3,381,667
	0.012	750	149,133,203	0.0205	3,057,231
	0.0129	700	125,174,186	0.0221	2,766,350
	0.015	600	91,284,840	0.0253	2,309,506

Description	Estimated Cost $
Royalty and Regulatory Fees	351,680
Exploratory and definition drilling	2,817,000
Metallurgical test work program	900,000
Environmental program	1,826,138
Preliminary Feasibility Study	1,495,000
Contingency	510,182
Total	7,900,000

	Payment due by period
	Total		<1 year		1-3 Years		3-5 Years		More than 5 years
Trade payables and other payables	$	236,548	$	236,548	$	-	$	-	$	-
Reclamation Provision		503,629		-		-		503,629		-
Deferred Income Tax Liabilities		1,766,720		-				-		1,766,720
Total	$	2,506,897	$	236,548	$	-	$	503,629	$	1,766,720

Name	Position Held	Principal Occupation	Director/Officer Since

~~Louis Wolfin~~	~~Chairman and Director~~	~~Mining Executive; Director of Cresval Capital Corp.~~	~~July 1990~~

Ronald Andrews	Director	Director of Berkley Resources Inc. and North Coast Live Insurance Company. Owner and operator of Andrews Orchards	January 2010

Chris Sampson	Vice President Exploration and Director	Director and Vice President Exploration of the Company; Professional Engineer, Director of Sego Resources Ltd.	January 1996

David Wolfin~~(1)~~	Director, President & Chief Executive Officer	Director, President and CEO of the Company; Director of Bralorne Gold Mines Ltd. and Berkley Resources Inc.; Director, President and CEO of Gray Rock Resources Ltd. and Avino Silver & Gold Mines Ltd.; and Director of Mill Bay Ventures Inc. and Cresval Capital Corp.~~; Director and VP Finance of Levon Resources Ltd.~~	September 1997

Gary Robertson	Chairman and Director	Certified Financial Planner, Director of the Company and Director of Avino Silver & Gold Mines Ltd., Bralorne Gold Mines Ltd., Levon Resources Ltd., Mill Bay Ventures Inc. and Sage Gold Inc.	July 2003

~~Dorothy Chin~~Andrew Kaplan	Director	Business Consultant	July 2012

Pamela Saulnier*	Corporate Secretary	Corporate Secretary of the Company and ~~of Avino Silver & Gold Mines Ltd., Bralorne Gold Mines Ltd.,~~ Gray Rock Resources Ltd., ~~Levon Resources Ltd.~~ and ~~formerly~~ Corporate Secretary and Chief Financial Officer of ~~Mill Bay Ventures~~Berkley Renewables Inc., Cresval Capital Corp., Deerhorn Metals Inc. and ~~Dentonia Resources Ltd.~~WestKam Gold Corp.	~~September 2008~~May 2013

Malcolm Davidson*Davidson	Chief Financial Officer	Chief Financial Officer of the Company and of Avino Silver & Gold Mines Ltd., and Gray Rock Resources Ltd.	January 2012

Compensation Element	Description	Compensation Objectives
Annual Base Salary	Salary is market-competitive, fixed level of compensation	Retain qualified leaders, motivate strong business performance.
Incentive Bonuses	Discretionary cash payment	Reward individual performance in achieving corporate goals
Incentive Stock Option	Equity grants are made in the form of stock options. The amount of grant will be dependent on individual and corporate performance.	Reward long-term financial and operating performance and align interests of key employees with those of shareholders

Name and principal position	Year	Salary ($)	Share-based awards ($)1	Option-based awards ($)2	Non-equity incentive plan compensation ($)3	Pension value ($)3	All other compensation ($)	Total compensation ($)
David Wolfin(4) President, CEO & Director	2012	$30,000	NIL	NIL	NIL	NIL	NIL	$30,000
malcolm davidson(5) CFO	2012	$800	NIL	NIL	NIL	NIL	NIL	$800
Lisa Sharp(5) Former CFO	2012	$27,231	NIL	NIL	NIL	NIL	NIL	$27,231

	Option-based Awards				Share-based Awards
Name	Number of securities underlying unexercised options (#)	Option exercise price ($)	Option expiration date	Value of unexercised ~~in-the-money~~in- the-money options ($)(1)	Number of shares or units of shares that have not vested (#)	Market or payout value of share-based awards that have not vested ($)(1)
David Wolfin President, CEO and Director	~~100,000~~ 90,000 105,000 55,000 300,000 220,000	~~$1.00~~ $0.76 $0.45 $0.80 $0.40 $0.30	~~Sept 26, 2012~~ Jan 13, 2015 Sep 17, 2015 Jan 21, 2016 Feb 22, 2017 Oct. 12, 2017	Nil Nil Nil Nil Nil	Nil Nil Nil Nil Nil	Nil Nil Nil Nil Nil
Malcolm Davidson*Davidson CFO	20,000 75,000 40,000	$0.80 $0.40 $0.30	Jan 21, 2016 Feb 22, 2017	~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~
Lisa Sharp* ~~Former CFO~~	~~50,000~~ ~~50,000~~ ~~35,000~~	~~$0.76~~ ~~$0.45~~ ~~$0.80~~	~~Jan. 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~Oct. 12, 2017	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil

Name	Option-based awards – Value vested during the year ($)(1)	Share-based awards – Value vested during the year ($)	Non-equity incentive plan compensation – Value earned during the year ($)
David Wolfin President, CEO and Director	Nil	Nil	Nil
Malcolm Davidson*Davidson ~~CFO~~	~~Nil~~	~~Nil~~	~~Nil~~
Lisa Sharp* ~~Former~~ CFO	Nil	Nil	Nil

	~~Option-based Awards~~				~~Share-based Awards~~
~~Name~~	~~Number of securities underlying unexercised options~~ ~~(#)~~	~~Option~~ ~~exercise price~~ ~~($)~~	~~Option~~ ~~expiration date~~	~~Value of unexercised in-the-money options~~ ~~($)(1)~~	~~Number of shares or units of shares that have not vested~~ ~~(#)~~	~~Market or payout value of share-based awards that have not vested~~ ~~($)(1)~~
~~Louis Wolfin~~	~~75,000~~ ~~80,000~~ ~~50,000~~ ~~100,000~~	~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Jan. 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~
~~Gary Robertson~~	~~75,000~~ ~~50,000~~ ~~50,000~~ ~~40,000~~ ~~75,000~~	~~$1.00~~ ~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Sep 26, 2012~~ ~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~
~~Chris Sampson~~	~~25,000~~ ~~25,000~~ ~~50,000~~ ~~40,000~~ ~~75,000~~	~~$1.00~~ ~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Sep 26, 2012~~ ~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~
~~Ronald Andrews~~	~~50,000~~ ~~50,000~~ ~~40,000~~ ~~75,000~~	~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~ ~~Nil~~

Name	Option-based awards – Value vested during the year ($)(1)	Share-based awards – Value vested during the year ($)	Non-equity incentive plan compensation – Value earned during the year ($)
~~Louis Wolfin~~	~~Nil~~	~~Nil~~	~~Nil~~
Gary Robertson	Nil	Nil	Nil
Chris Sampson	Nil	Nil	Nil
Ronald Andrews	Nil	Nil	Nil
Andrew kaplan	Nil	Nil	Nil

	~~No. of Shares~~	~~Date of Grant~~	~~Exercise Price~~	~~Expiration Date~~

David Wolfin* ~~President, CEO and Director~~	~~100,000~~ ~~90,000~~ ~~105,000~~ ~~55,000~~ ~~300,000~~	~~Sept 26, 2007~~ ~~Jan 13, 2010~~ ~~Sep 17, 2010~~ ~~Jan 21, 2011~~ ~~Feb 22, 2012~~	~~$1.00~~ ~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Sept 26, 2012~~ ~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~

Louis Wolfin* ~~Director & Former CEO~~	~~75,000~~ ~~80,000~~ ~~50,000~~ ~~100,000~~	~~Jan 13, 2010~~ ~~Sep 17, 2010~~ ~~Jan 21, 2011~~ ~~Feb 22, 2012~~	~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~

Malcolm Davidson** ~~CFO~~	~~20,000~~ ~~75,000~~	~~Jan 21, 2011~~ ~~Feb 22, 2012~~	~~$0.80~~ ~~$0.40~~	~~Jan 21, 2016~~ ~~Feb 22, 2017~~

Lisa Sharp** ~~Former CFO~~	~~50,000~~ ~~40,000~~ ~~35,000~~ ~~25,000~~	~~Jan 13, 2010~~ ~~Sep 17, 2010~~ ~~Jan 21, 2011~~ ~~Feb 22, 2012~~	~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~

~~Chris Sampson~~ ~~Director~~	~~25,000~~ ~~25,000~~ ~~50,000~~ ~~40,000~~ ~~75,000~~	~~Sep 26, 2007~~ ~~Jan 13, 2010~~ ~~Sep 17, 2010~~ ~~Jan 21, 2011~~ ~~Feb 22, 2012~~	~~$1.00~~ ~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Sep 26, 2012~~ ~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~

~~Ronald Andrews~~ ~~Director~~	~~50,000~~ ~~50,000~~ ~~40,000~~ ~~75,000~~	~~Jan 13, 2010~~ ~~Sep 17, 2010~~ ~~Jan 21, 2011~~ ~~Feb 22, 2012~~	~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~

~~Gary Robertson~~ ~~Director~~	~~75,000~~ ~~50,000~~ ~~50,000~~ ~~40,000~~ ~~75,000~~	~~Sept 26, 2007~~ ~~Jan 13, 2010~~ ~~Sep 17, 2010~~ ~~Jan 21, 2011~~ ~~Feb 22, 2012~~	~~$1.00~~ ~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~	~~Sept 26, 2012~~ ~~Jan 13, 2015~~ ~~Sep 17, 2015~~ ~~Jan 21, 2016~~ ~~Feb 22, 2017~~

	No. of Shares	Date of Grant	Exercise Price	Expiration Date
David Wolfin* President, CEO and Director	90,000 105,000 55,000 300,000 220,000 600,000	Jan 13, 2010 Sep 17, 2010 Jan 21, 2011 Feb 22, 2012 Oct. 12, 2012 Mar. 14, 2014	$0.76 $0.45 $0.80 $0.40 $0.30 $0.24	Jan 13, 2015 Sep 17, 2015 Jan 21, 2016 Feb 22, 2017 Oct. 12, 2017 Mar. 14, 2019

Malcolm Davidson CFO	20,000 75,000 40,000 100,000	Jan 21, 2011 Feb 22, 2012 Oct. 12, 2012 Mar. 14, 2014	$0.80 $0.40 $0.30 $0.24	Jan 21, 2016 Feb 22, 2017 Oct. 12, 2017 Mar. 14, 2019

Chris Sampson Director	25,000 50,000 40,000 75,000 40,000 50,000	Jan 13, 2010 Sep 17, 2010 Jan 21, 2011 Feb 22, 2012 Oct. 12, 2012 Mar. 14, 2014	$0.76 $0.45 $0.80 $0.40 $0.30 $0.24	Jan 13, 2015 Sep 17, 2015 Jan 21, 2016 Feb 22, 2017 Oct. 12, 2017 Mar. 14, 2019

Ronald Andrews Director	50,000 50,000 40,000 75,000 40,000 100,000	Jan 13, 2010 Sep 17, 2010 Jan 21, 2011 Feb 22, 2012 Oct. 12, 2912 Mar. 14, 2014	$0.76 $0.45 $0.80 $0.40 $0.30 $0.24	Jan 13, 2015 Sep 17, 2015 Jan 21, 2016 Feb 22, 2017 Oct. 12, 2017 Mar. 14, 2019

Gary Robertson Director	50,000 50,000 40,000 75,000 75,000 100,000	Jan 13, 2010 Sep 17, 2010 Jan 21, 2011 Feb 22, 2012 Oct. 12, 2012 Mar. 14, 2014	$0.76 $0.45 $0.80 $0.40 $0.30 $0.24	Jan 13, 2015 Sep 17, 2015 Jan 21, 2016 Feb 22, 2017 Oct. 12, 2017 Mar. 14, 2019

Andrew Kaplan Director	75,000 100,000	Oct. 12, 2012 Mar. 14, 2104	$0.30 $0.24	Oct. 12, 2017 Mar. 14, 2019

Pam Saulnier Corporate Secretary	100,000	Mar. 14, 2104	$0.24	Mar. 14, 2019

Louis Wolfin Director for part of fiscal 2013*	75,000 80,000 50,000 100,000	Jan. 13, 2010 Sept. 17, 2010 Jan. 21, 2011 Feb. 22, 2012	$0.76 $0.45 $0.80 $0.40	Jan. 13, 2015 Sept. 17, 2015 Jan. 21, 2016 Feb. 22, 2017

Name	Number of Voting Securities		Percentage
Barrick Gold Corporation		4,150,000		9.90	%
David Wolfin		2,391,300		5.70	%

	TSX-V (Canadian Dollars)				OTCBB (United States Dollars)
Last Four Months	High		Low		High		Low
May 2012		0.365		0.27		0.3617		0.27
April 2012		0.39		0.36		0.394		0.3517
March 2012		0.43		0.35		0.43		0.348
February 2012		0.41		0.36		0.42		0.354

2011-2012	High		Low		High		Low
Fourth Quarter ended January 31, 2012		0.66		0.36		0.6177		0.3567
Third Quarter ended October 31, 2011		0.68		0.30		0.7319		0.3086
Second Quarter ended July 31, 2011		0.79		0.58		0.87		0.6019
First Quarter ended April 30, 2011		1.09		0.73		1.13		0.713

2010-2011	High		Low		High		Low
Fourth Quarter ended January 31, 2011		1.00		0.47		1.01		0.49
Third Quarter ended October 31, 2010		0.56		0.31		0.55		0.29
Second Quarter ended July 31, 2010		0.59		0.28		0.59		0.26
First Quarter ended April 30, 2010		0.66		0.46		0.65		0.46

	January 31, 2014		January 31, 2013
Cash and cash equivalents held at major financial institutions
Canada – cash	$	4,706	$	11,741
Canada – cash equivalents		-		-
US - cash		3,368		2,709

		8,074		14,450
Reclamation deposits held at major financial institutions		529,408		474,034

Total cash and equivalents and reclamation deposits	$	537,482	$	488,484

	January 31, 2013			January 31, 2013
Cash	US$	3,024		US$	6,884
Other amounts receivable		2,085			1,847
Amounts receivable from a related party		41,454			33,132
Reclamation bonds		475,317			475,317
Accounts payable		(117,288	)		(308,034	)

Net exposure	US$	404,592		US$	209,146

Canadian dollar equivalent	$	450,634		$	208,937

~~Independent Auditors’ Report.~~		66
~~Consolidated Statement of Financial Position~~		67
~~Consolidated Statements of Operations and Comprehensive Loss~~		68
~~Consolidated Statements of Changes in Equity~~		69
~~Consolidated Statements of Cash Flows~~		70
~~Notes to Consolidated Financial Statements~~	~~71 thru 103~~

Independent Auditors’ Report.			67
Consolidated Statement of Financial Position			68
Consolidated Statements of Operations and Comprehensive Loss			69
Consolidated Statements of Changes in Equity			70
Consolidated Statements of Cash Flows			71
Notes to Consolidated Financial Statements			72 - 96

Index	Page

Management’s Responsibility for Financial Reporting		66

Report of Independent Registered Public Accounting Firm		67

Consolidated Financial Statements		68

Consolidated Statements of Financial Position		68

Consolidated Statements of Operations and Comprehensive Loss	69

Consolidated Statements of Changes in Equity		70

Consolidated Statements of Cash Flows		71

Notes to the Consolidated Financial Statements		72– 96

/s/ ~~Louis~~David Wolfin~~Director~~	Director	/s/ s/ Gary Robertson~~Director~~

	Director

								Reserves
	Note		Number of Common Shares		Share Capital Amount			Equity Settled Employee Benefits			Reserve for Warrants			Total Equity Reserves			Accumulated Other Comprehensive Loss			Accumulated Deficit			Total Equity

Balance, February 1, 2010	18			25,513,271	$	40,875,379		$	1,900,107		$	2,944,242		$	4,844,349		$	425,695		$	(31,036,565	)	$	15,108,858
Common shares issued for cash:
Private placement	8	b		7,000,120		2,453,843			-			1,396,223			1,396,223			-			-			3,850,066
Share issuance costs	8	b		-		(354,117	)		-			61,258			61,258			-			-			(292,859	)
Exercise of options	8	b		436,000		327,000			-			-			-			-			-			327,000
Share-based payments	9			-		-			559,064			-			559,064			-			-			559,064
Transfer of reserve on exercise of options	8	b		-		87,320			(87,320	)		-			(87,320	)		-			-			-
Transfer of expired options and warrants				-		-			(579,692	)		(2,944,242	)		(3,523,934	)		-			3,523,934			-
Unrealized gain on investment in securities, net of tax	6			-		-			-			-			-			636,626			-			636,626
Net loss for the year				-		-			-			-			-			-			(1,559,781	)		(1,559,781	)
Balance, January 31, 2011				32,949,391	$	43,389,425		$	1,792,159		$	1,457,481		$	3,249,640		$	1,062,321		$	(29,072,412	)	$	18,628,974

Balance, January 31, 2011	18			32,949,391	$	43,389,425		$	1,792,159		$	1,457,481		$	3,249,640		$	1,062,321		$	(29,072,412	)		18,628,974

Common shares issued for cash:
Exercise of options	8	b		95,000		48,950			-			-						-			-			48,950
Exercise of warrants	8	b		519,258		389,444			-			-			-			-			-			389,444
Transfer of reserve on exercise of options and warrants				-		126,603			(37,875	)		(88,728	)		(126,603	)		-			-			-
Share-based payments	9			-		-			63,146			-			63,146			-			-			63,146
Transfer of expired options and warrants				-		-			(805,185	)		-			(805,185	)		-			805,185			-
Unrealized loss on investment in securities, net of tax	6			-		-			-			-			-			(330,342	)		-			(330,342	)
Net loss for the year				-		-			-			-						-			(773,813	)		(773,813	)
Balance, January 31, 2012				33,563,649	$	43,954,422		$	1,012,245		$	1,368,753		$	2,380,998		$	731,979		$	( 29,041,040	)	$	18,026,359

		Ownership Interest			Jurisdiction		Nature of Operations
~~Coral Resources, Inc.~~			~~100~~	%	~~California, USA~~	~~Exploration Company~~

Coral Resources, Inc.	100%		Nevada, USA		Exploration Company
Coral Energy Corporation	100%		~~100~~	%	California, USA		Holding Company
Marcus Corporation	98.49%		Nevada, USA
~~Marcus Corporation~~			~~98.49~~	%	~~Nevada, USA~~	Holding Company

Computer hardware		20% declining balance
Equipment		20% declining balance
Vehicles		5 years straight line

	Robertson Property		Ruf and Norma Sass Claims		Other		Total		Robertson Property			Ruf and Norma Sass Claims		Other		Total

Balance, January 31, 2010	$	15,568,411	$	29,612	$	3	$	15,598,026
Balance, January 31, 2012									$	17,852,382		$	40,633	$	3	$	17,893,018

Exploration costs during year:
Exploration costs during 2013:
Assays		143,601		-		-		143,601		105,209			-		-		105,209
Consulting		292,968		-		-		292,968		281,715			-		-		281,715
Drilling		507,771		-		-		507,771		576,544			-		-		576,544
Lease payments		90,684		-		-		90,684
Mapping		9,468		-		-		9,468
Taxes, licenses and permits		87,809		5,251		-		93,060
Water analysis		395		-		-		395
Reclamation provision		12,752		-		-		12,752
Adjustment to reclamation provision		9,505		-		-		9,505

Balance, January 31, 2011		16,723,364		34,863		3		16,758,230

Exploration costs during year:
Assays		85,025		-		-		85,025
Consulting		804,056		-		-		804,056
Drilling		4,515		-		-		4,515
Field supplies and other										299			-		-		299
Lease payments		105,304		-		-		105,304		110,756			-		-		110,756
Mapping		22,401		-		-		22,401		7,842			-		-		7,842
Taxes, licenses and permits		92,629		5,770		-		98,399		91,145			5,812		-		96,957
Water analysis		574		-		-		574		259			-		-		259
Reclamation provision		14,514		-		-		14,514		191,621			-		-		191,621

Balance, January 31, 2012	$	17,852,382	$	40,633	$	3	$	17,893,018
Balance, January 31, 2013									$	19,217,772		$	46,445	$	3	$	19,264,220

Exploration costs during 2014:
Consulting										69,590			-		-		69,590
Lease payments										68,548			-		-		68,548
Mapping										2,574			-		-		2,574
Taxes, licenses and permits										71,596			6,044		-		77,640
Reclamation provision										43,000			-		-		43,000
Impairment (Note 5)										(498,528	)		-		-		(498,528	)
Balance, January 31, 2014									$	18,974,552		$	52,489	$	3	$	19,027,044

		Land		Vehicles		Computer Hardware		Equipment		TOTAL
													Land		Buildings		Vehicles		Computer Hardware		Equipment		TOTAL
		$		$		$		$		$			$		$		$		$		$		$
COST
Balance at January 31, 2010			-		6,920		5,926		436		13,282
Balance at January 31, 2012														84,127		18,708		6,920		5,926		3,459		119,140
Additions			102,834		-		-		-		102,834			-		-		-		-		-		-
Balance at January 31, 2011			102,834		6,920		5,926		436		116,116
Balance at January 31, 2013														84,127		18,708		6,920		5,926		3,459		119,140
Additions			-		-		-		3,023		3,023			-		-		-		-		-		-
Balance at January 31, 2012			102,834		6,920		5,926		3,459		119,139
Balance at January 31, 2014														84,127		18,708		6,920		5,926		3,459		119,140

ACCUMULATED DEPRECIATION	ACCUMULATED DEPRECIATION											ACCUMULATED DEPRECIATION
Balance at January 1, 2010			-		2,537		4,537		335		7,409
Balance at January 31, 2012														-		-		5,297		5,035		600		10,932
Depreciation			-		1,380		278		20		1,678			-		-		1,384		176		289		1,849
Balance at January 31, 2011			-		3,917		4,815		355		9,087
Balance at January 31, 2013														-		-		6,681		5,211		889		12,781
Depreciation			-		1,380		220		245		1,845			-		6,080		239		143		513		6,975
Balance at January 31, 2012			-		5,297		5,035		600		10,932
Balance at January 31, 2014														-		6,080		6,920		5,354		1,402		19,757


CARRYING VALUE
At January 31, 2010			-		4,383		1,389		101		5,873
At January 31, 2011			102,834		3,003		1,111		81		107,029
At January 31, 2012			102,834		1,623		891		2,859		108,207
At January 31, 2013														84,127		18,708		239		715		2,570		106,358
At January 31, 2014														84,127		12,628		-		572		2,057		99,383

	Number of Shares		Cost		Accumulated Unrealized Gain (Loss)			Fair Value

Available-for-sale shares:
Levon Resources Ltd.		539,071	$	42,837	$	97,321		$	140,158
Great Thunder Gold Corp (formerly Mill Bay Ventures Inc.)*		17,291		1,297		(950	)		347
			$	44,134	$	96,371		$	140,505