UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

~~__________________________~~

FORM 20-F

~~__________________________~~

o	~~REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934~~

¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

x	~~ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

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

For the fiscal year ended January 31, ~~2014~~2015

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

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

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

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______________

For the transition period from ___________________ to ___________________

Commission File Number 0-15688

CORAL GOLD RESOURCES LTD.

(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 on 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 ~~37,773,041~~42,825,337 common shares, without par value, issued and outstanding as of January 31, ~~2014.~~

2015.

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

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 xNo

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. xYes 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]¨ oYes 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 File o

Accelerated Filer o

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 o¨	International Financial Reporting Standards as issued	Other ¨
	by the International Accounting Standards Board x	~~Other~~ o

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~~ ITEM			PAGE
		~~Page~~

INTRODUCTION			43
CURRENCY			43
FORWARD-LOOKING STATEMENTS			43
CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATE OF MEASURE AND INDICATED MINERAL RESOURCES			54
EXPLANATORY NOTE REGARDING PRESENTATION OF FINANCIAL INFORMATION			64
GLOSSARY OF TECHNICAL TERMS			75
~~PART I~~		10
PART I

Item 1.	Identity of Directors, Senior Management and Advisors		10 8
Item 2.	Offer Statistics and Expected Timetable		10 8
Item 3.	Key Information		10 8
Item 4.	Information on the Company		16 14
Item 5.	Operating and Financial Review and Prospects		34 36
Item 6.	Directors, Senior Management and Employees		36 39
Item 7.	Major Shareholders and Related Party Transactions		45 48
Item 8.	Financial Information		47 50
Item 9.	The Offering and Listing		48 51
Item 10.	Additional Information		49 52
Item 11.	Quantitative and Qualitative Disclosures About Market Risk		55 58
Item 12.	Description of Securities Other than Equity Securities		57 60
~~PART II~~			58
PART II

Item 13.	Defaults, Dividend Arrearages and Delinquencies		58 61
Item 14.	Material Modifications to the Rights of Security Holders and Use of Proceeds		58 61
Item 15.	Controls and Procedures		58 61
Item 16.	[Reserved]		59 62
Item 16A.	Audit Committee Financial Expert		59 62
Item 16B.	Code of Ethics		60 62
Item 16C.	Principal Accountant Fees and Services		60 63
Item 16D.	Exemptions from the Listing Standards for Audit Committees		60 63
Item 16E.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers		61 63
Item 16F.	Changes in Registrants Certifying Accountant		61 63
Item 16G.	Corporate Governance		63
Item 16H.	Mine Safety Disclosure

PART III

Item 17.	Financial Statements		64
Item 18.	Financial Statements		64
Item 19.	Exhibits		64


~~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”, “Coral”, “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 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 under Canadian rules byunder 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 the years ended January 31, 2015, 2014, 2013 ~~2012~~ and ~~2011~~2012 we have prepared our consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). ~~For the year ended January 31, 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 Standards

*cryptocrystalline*	is a rock texture made up of such minute crystals that its crystalline nature is only vaguely revealed even microscopically in thin ~~section~~sections 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~~
*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~~

SG	Specific gravity
~~silurian~~
*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

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, ~~2014.~~

2015.

For the years ended January 31, 2015, 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 year and the period ended January 31, 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, 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, 2015, 2014, 2013, 2012 and 2011. The information has been derived from our annual audited consolidated financial statements.

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

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

As at January 31,
Balance Sheet
2014

2013

2012

2011

Working Capital (deficit) $ (486,109 ) $ (539,814 ) $ 1,166,663 $ 2,577,722
Total Assets 19,856,395 20,330,548 20,756,599 21,380,222
Liabilities 2,750,713 3,435,002 2,719,920 2,740,928
Shareholders’ Equity 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 contain selected financial data prepared in accordance with Canadian GAAP, which have been derived from our previously audited consolidated financial statements for the period ending on such 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.

	Years Ended January 31,
	2015		2014			2013			2012			2011
Operations
Revenue	$	-	$	-		$	-		$	-		$	-
Expense
Operating and Administrative		538,469		860,517			1,365,288			772,587			1,276,817
Net Income (loss)		527		(50,871	)		(1,542,564	)		(773,813	)		(1,559,781	)
Net Earnings (loss) Per Share		0.00		(0.00	)		(0.05	)		(0.02	)		(0.05	)

Weighted Average Number of Shares Outstanding		42,016,049		36,024,532			33,563,649			33,483,650			31,294,001

~~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

~~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~~	)

Balance Sheet
As at
January 31,
2010

Total assets under Canadian GAAP $ 17,791,566
Adjustments (14,718,069 )
Total assets under US GAAP 3,073,497

Total shareholders’ equity under Canadian GAAP 15,769,119
Adjustments (13,337,109 )
Total shareholders’ equity under US GAAP 2,432,010

	As at January 31,
Balance Sheet	2015		2014			2013			2012		2011
Working Capital (deficit)	$	11,324	$	(486,109	)	$	(539,814	)	$	1,166,663	$	2,577,722
Total Assets		20,275,844		19,856,395			20,330,548			20,756,599		21,380,222
Liabilities		2,011,063		2,750,713			3,435,002			2,719,920		2,740,928
Equity		18,264,781		17,105,682			16,895,546			18,036,679		18,639,294

Exchange Rates

The following table sets forth information as to the period end, average, the high and the low exchange rate for Canadian Dollars and U.S. Dollars for the periods indicated based on the noon buying rate in New York City for cable transfers in Canadian Dollars as certified for customs purposes by the Federal Reserve Bank of New York (Canadian dollar = US$1).

Year Ended January 31,

Average

Period End

High

Low

2009 1.0849 1.2364 1.2969 0.9719
2010 1.1272 1.0650 1.3000 1.0251
2011 1.0260 1.0022 1.0778 0.9862
2012 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

Year Ended January 31,	Average		Period End		High		Low
2011		1.0260		1.0022		1.0778		0.9862
2012		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
2015		1.1151		1.2711		1.2711		1.0639

The following table sets forth the high and low exchange rate for the past six months based on the noon buying rate. As of ~~May 30, 2014,~~June 11, 2015, the exchange rate was CDN$~~1.0842~~1.2275 for each US$1.

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

Month	High		Low
December 2014		1.4656		1.1328
January 2015		1.2711		1.1749
February 2015		1.2641		1.2374
March 2015		1.2790		1.2416
April 2015		1.2626		1.2023
May 2015		1.2459		1.1967

B.	Capitalization and Indebtedness

Not Applicable.

C.	Reasons for the Offer and Use of Proceeds

Not Applicable.

D.	Risk Factors

In addition to the other information presented in this Annual Report, the following should be considered carefully in evaluating the Company and its business. This Annual Report contains forward-looking statements that involve risks and uncertainties. The Company’s actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed below and elsewhere in this Annual Report.

We will be required to raise additional capital to mine our properties. The Company is currently in the exploration stage of its properties. If the Company determines, based on its most recent information, that it is feasible to begin operations on its properties, the Company will be required to raise additional capital in order to develop and bring the properties into production. The Company’s ability to raise funds will depend on several factors, including, but not limited to, current economic conditions, its properties, its prospects, metal prices, businesses competing for financing and its financial condition. The Company may not be able to raise funds, or to raise funds on commercially reasonable terms. If the Company is unable to raise additional funds, it may not be able to develop its properties or any of its business plans as described in this Annual Report.

The commercial quantities of ore cannot be accurately predicted. Whether an ore body will be commercially viable depends on a number of factors including the particular attributes of the deposit, such as size, grade and proximity to infrastructure, as well as mineral prices and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in a mineral deposit being unprofitable.

The mining industry is highly speculative and involves substantial risks. The mining industry, from exploration, development and production is a speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. The marketability of minerals acquired or discovered by the Company may be affected by numerous factors which are beyond the control of the Company and which cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment, and government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environmental protection. The combination of such factors may result in the Company not receiving an adequate return on investment capital.

The Company’s properties are all at the exploration stage and have no proven reserves. All of the Company’s properties are in the exploration stage only and are without a known body of ore. If the Company does not discover a body of ore in its properties, the Company will search for other properties where it can continue similar work.

The Company’s mineral exploration efforts may be unsuccessful. Despite exploration work on its mineral claims, no known bodies of commercial ore or economic deposits have been established on any of the Company’s properties. In addition, the Company is at the exploration stage on all of its properties and substantial additional work will be required in order to determine if any economic deposits occur on the Company’s properties. Even in the event commercial quantities of minerals are discovered, the exploration properties might not be brought into a state of commercial production. Finding mineral deposits is dependent on a number of factors, including the technical skill of exploration personnel involved. The commercial viability of a mineral deposit once discovered is also dependent on a number of factors, some of which are particular attributes of the deposit, such as size, grade and proximity to infrastructure, as well as metal prices.

Competition for mineral land. There is a limited supply of desirable mineral lands available for acquisition, claim staking or leasing in the areas where the Company contemplates expanding its operations and conducting exploration activities. Many participants are engaged in the mining business, including large, established mining companies. Accordingly, there can be no assurance that the Company will be able to compete successfully for new mining properties.

Uncertainty of exploration and development programs. The Company’s results of operations are significantly affected by the costs and results of its exploration and development programs. Exploration for minerals is highly speculative in nature, involves many risks and is frequently unsuccessful. Among the many uncertainties inherent in any gold and silver exploration and development program are the location of economic ore bodies, the development of appropriate metallurgical processes, the receipt of necessary governmental permits and the construction of mining and processing facilities. Assuming the discovery of an economic deposit, depending on the type of mining operation involved, several years may elapse from the initial phases of drilling until commercial operations are commenced and, during such time, the economic feasibility of production may change. Accordingly, the Company’s exploration and development programs may not result in any new economically viable mining operations or yield new mineral reserves to expand current mineral reserves.

Licenses and permits. The operations of the Company require licenses and permits from various governmental authorities. The Company believes that it holds all necessary licenses and permits required under applicable laws and regulations and believes that it is presently complying in all material respects with the terms of such licenses and permits. However, such licenses and permits are subject to change in various circumstances. There can be no guarantee that the Company will be able to obtain or maintain all necessary licenses and permits as are required to explore and develop its properties, commence construction or operation of mining facilities and properties under exploration or development or to maintain continued operations that economically justify the cost.

Litigation. Although the Company is not currently subject to litigation, it may become involved in disputes with other parties in the future which may result in litigation. Any litigation could be costly and time consuming and could divert the Company’s management from the Company’s business operations. In addition, if the Company is unable to resolve any litigation favorably, it may have a material adverse impact on the Company’s financial performance, cash flow and results of operations.

Acquisitions. The Company undertakes evaluations of opportunities to acquire additional mining properties. Any resultant acquisitions may be significant in size, may change the scale of the Company’s business, and may expose the Company to new geographic, political, operating, financial and geological risks. The Company’s success in its acquisition activities depends on its ability to identify suitable acquisition candidates, acquire them on acceptable terms, and integrate their operations successfully. Any acquisitions would be accompanied by risks, such as a significant decline in the price of gold or silver, the ore body proving to be below expectations, the difficulty of assimilating the operations and personnel of any acquired companies, the potential disruption of the Company’s ongoing business, the inability of management to maximize the financial and strategic position of the Company through the successful integration of acquired assets and businesses, the maintenance of uniform standards, controls, procedures and policies, the impairment of relationships with customers and contractors as a result of any integration of new management personnel and the potential unknown liabilities associated with acquired mining properties. In addition, the Company may need additional capital to finance an acquisition. Historically, the Company has raised funds through equity financing and the exercise of options and warrants. However, the market prices for natural resources are highly speculative and volatile. Accordingly, instability in prices may affect interest in resource properties and the development of and production from such properties that may adversely affect the Company’s ability to raise capital to acquire and explore resource properties. There can be no assurance that the Company would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

Conflict of interest. Certain directors and officers of the Company are officers and/or directors of, or are associated with, other natural resource companies that acquire interests in mineral properties. Such associations may give rise to conflicts of interest from time to time. The directors are required by law, however, to act honestly and in good faith with a view to the best interests of the Company and its shareholders and to disclose any personal interest which they may have in any material transaction which is proposed to be entered into with the Company and to abstain from voting as a director for the approval of any such transaction.

Uncertainty of continuing as a going concern. The continuation of the Company and the recoverability of mineral property costs depends upon its ability to discover economically recoverable mineral reserves, attain profitable operations and generate cash flow from operations and/or to raise equity capital through the sale of its securities. The Company’s consolidated financial statements do not include the adjustments that would be necessary if the Company were unable to continue as a going concern.

Limited and volatile trading volume. Although the Company’s common shares are listed on the TSX Venture Exchange (the “TSX-V”), the Frankfurt Stock Exchange (the “FSE”), and the Berlin-Bremen Stock Exchange and quoted in the United States on the Over the Counter Bulletin Board (the “OTCBB”), the volume of trading has been limited and volatile in the past and is likely to continue to be so in the future, reducing the liquidity of an investment in the Company’s common shares and making it difficult for investors to readily sell their shares in the open market. Without a liquid market for the Company’s common shares, investors may be unable to sell their shares at favorable times and prices and may be required to hold their shares in declining markets or to sell them at unfavorable prices.

Volatility of share price. In recent years, securities markets in Canada have experienced a high level of price volatility. The market price of many resource companies, particularly those, like the Company, that are considered speculative exploration companies, have experienced wide fluctuations in price, resulting in substantial losses to investors who have sold their shares at a low price point. These fluctuations are based only in part on the level of progress of exploration, and can reflect general economic and market trends, world events or investor sentiment, and may sometimes bear no apparent relation to any objective factors or criteria. During the ~~2014~~2015 fiscal year, the Company’s common share price fluctuated on the TSX-V between a low of ~~$0.07~~$0.11 and a high of ~~$0.23.~~$0.31. Significant fluctuations in the Company’s common share price is likely to continue, and could potentially increase in the future.

Difficulty for United States investors to effect service of process against the Company. The Company is incorporated under the laws of the Province of British Columbia, Canada. Consequently, it will be difficult for United States investors to effect service of process in the United States upon the directors or officers of the Company, or to realize in the United States upon judgments of United States courts predicated upon civil liabilities under the Exchange Act. The majority of the Company’s directors and officers are residents of Canada. A judgment of a United States court predicated solely upon such civil liabilities would likely be enforceable in Canada by a Canadian court if the United States court in which the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. There is substantial doubt whether an original action could be brought successfully in Canada against any of such persons or the Company predicated solely upon such civil liabilities.

The Company is subject to foreign currency fluctuations. The Company operates in more than one country and the Company’s functional currency is the Canadian Dollar. The Company’s offices are located in Canada, all of its mining exploration properties are located in United States, and the Company’s financial results are reported in Canadian Dollars. The Company’s currency fluctuation exposure is primarily to the U.S. Dollar and the Canadian Dollar. The Company reported a foreign exchange gain of ~~$7,903 in fiscal 2014.~~$28,798 during the year ended January 31, 2015. The Company does not use derivative financial instruments for speculative trading purposes, nor does the Company hedge its foreign currency exposure to manage the Company’s foreign currency fluctuation risk. Fluctuations in and among the various currencies in which the Company operates could have a material effect on the Company’s operations and its financial results.

The Company has incurred net losses since its inception and expects losses to continue. The Company has not been profitable since its inception. For the fiscal year ended January 31, ~~2014,~~2015, the Company had a net ~~loss~~income of ~~$50,871~~$527 due to deferred income tax recovery and an accumulated deficit on January 31, ~~2014~~2015 of ~~$30,035,288.~~$29,723,877. As the Company is currently at the exploration stage and has no reserves of precious metals, there is no assurance that the Company will be profitable in the future.

There are no assurances that we will discover minerals on a commercially viable basis.The Company’s ability to generate revenues and profits is expected to occur through exploration, development and production of its existing properties as well as through acquisitions of interests in new properties. Substantial expenditures will be incurred in an attempt to establish the economic feasibility of mining operations by identifying mineral deposits and establishing ore reserves through drilling and other techniques, developing metallurgical processes to extract metals from ore, designing facilities and planning mining operations. The economic feasibility of a project depends on numerous factors, including the cost of mining and production facilities required to extract the desired minerals, the total mineral deposits that can be mined using a given facility, the proximity of the mineral deposits to a user of the minerals, and the market price of the minerals at the time of sale. There is no assurance that existing or future exploration programs or acquisitions will result in the identification of deposits that can be mined profitably.

The Company’s exploration activities are subject to various federal, state and local laws and regulations. Laws and regulations govern various aspects of the Company’s business including the following: taxes; labor standards; occupational health; waste disposal; protection of the environment; mine safety; toxic substances; and the exploration, development, mining, production, importing and exporting of minerals. In many cases, licenses and permits are required to conduct mining operations. Amendments to current laws and regulations governing operations and activities of mining companies or more stringent implementation thereof could have a substantial adverse impact on the Company. Applicable laws and regulations will require the Company to make certain capital and operating expenditures to initiate new operations. Under certain circumstances, the Company may be required to stop its exploration activities once it is started until a particular problem is remedied or to undertake other remedial actions.

Market price is highly speculative. The market prices of metals are highly speculative and volatile. Instability in metal prices may affect the interest in mining properties and the exploration, development and production of such properties. If gold prices substantially decline, this may adversely affect the Company’s ability to raise capital to explore for existing and new mineral properties.

The Company operates in a highly competitive industry. The Company competes with other developmental resource companies which have similar operations, and many competitors have operations and financial resources and industry experience greater than those of the Company. The Company may encounter increasing competition from other mining companies in its efforts to acquire mineral properties and hire experienced resource industry professionals. Increased competition in the Company’s business could adversely affect its ability to attract necessary capital funding or acquire suitable producing properties or prospects for mineral exploration in the future.

Penny stock rules may make it more difficult to trade the Company’s common shares. The SEC has adopted regulations which generally define a “penny stock” to be any equity security that has a market price of less than US$5.00 per share or an exercise price of less than US$5.00 per share, subject to certain exceptions. The Company’s securities may be covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and accredited investors such as institutions with assets in excess of US$5,000,000 or an individual with net worth in excess of US$1,000,000 or annual income exceeding US$200,000 or US$300,000 jointly with his or her spouse. For transactions covered by this rule, the broker-dealers must make a special suitability determination for the purchase and receive the purchaser’s written agreement of the transaction prior to the sale. Consequently, the rule may affect the ability of broker-dealers to sell the Company’s securities and also affect the ability of its investors to sell their shares in the secondary market.

FINRA rules will make it more difficult to trade the Company’s common shares.The Financial Industry Regulatory Authority, or FINRA, has adopted sales practice requirements which may limit a stockholder’s ability to buy and sell our stock. In addition to the “penny stock” rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

Item 4. Information on the Company

A.	History and Development of the Company

The Company was incorporated under the Company Act of the Province of British Columbia, Canada on January 22, 1981 under the name of 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, the Company changed its name to Coral Gold Resources Ltd. in conjunction with a 10 to 1 share consolidation. On July 17, 2007, the shareholders of the Company amended the share structure by subdividing the Company’s issued share capital of 8,267,360 common shares into 24,802,080 common shares, every one common share being subdivided into three common shares. On July 15, 2004, the Company transitioned to the British Columbia Business Corporations Act. 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.

The Company is a natural resource company primarily engaged in the exploration and development of natural resource properties. Its principal business activities have been the exploration of certain mineral properties located in the states of Nevada and California in the United States. The carrying value of the Company’s mineral property acquisition and exploration expenditures at January 31, ~~2014~~2015 is ~~$19,027,044.~~

$19,152,737.

Please refer to Note 4 of the financial statements (Item 18) for information regarding the Company’s principal expenditures on its mineral properties.

B.	Business Overview

Operations and Principal Activities

Presently, the Company’s principal business activity is the exploration and development of mineral properties. The Company is in the process of exploring its mineral properties and has not yet determined whether its mineral properties contain ore reserves that are economically recoverable. There is no assurance that a commercially viable mineral deposit exists on any of the Company’s properties, and future exploration will be required before final evaluation as to the economic and legal feasibility is determined.

The Company’s mining claims are located in the states of Nevada and California in the United States. The Company’s present principal exploration activities have been focused on the Robertson Mining Claims located in Crescent Valley, Nevada.

Competition

The mining industry in which the Company is engaged is highly competitive. Competitors include well-capitalized mining companies, independent mining companies and other companies having financial and other resources far greater than those of the Company. The companies compete with other mining companies in connection with the acquisition of gold and other precious metal properties. In general, properties with a higher grade of recoverable mineral and/or which are more readily minable afford the owners a competitive advantage in that the cost of production of the final mineral product is lower. Thus, a degree of competition exists between those engaged in the mining industries to acquire the most valuable properties. As a result, the Company may eventually be unable to acquire attractive gold mining properties.

Seasonality

Due to the climate in the States of Nevada and California, the Company is generally not affected by seasonality.

Dependence on Customers and Suppliers

The Company is not dependent upon a single or few customers or suppliers for revenues or its operations.

Government Regulation

We are subject to various federal and state laws and regulations including environmental laws and regulations. Environmental regulations impose, among other things, restrictions, liabilities and obligations in connection with the generation, handling, use, storage, transportation, treatment and disposal of hazardous substances and waste and in connection with spills, releases and emissions of various substances to the environment. Environmental regulation also requires that facility sites and other properties associated with our operations be operated, maintained, abandoned and reclaimed to the satisfaction of applicable regulatory authorities. In addition, certain types of operations, including exploration and development projects and changes to certain existing projects, may require the submission and approval of environmental impact assessments or permit applications. Compliance with environmental regulation can require significant expenditures, including expenditures for clean up costs and damages arising out of contaminated properties and failure to comply with environmental regulations may result in the imposition of fines and penalties. We believe that we are in substantial compliance with such laws and regulations; however, such laws and regulations may change in the future in a manner which will increase the burden and cost of compliance.

Certain laws and governmental regulations may impose liability on us for personal injuries, clean-up costs, environmental damages and property damages, as well as administrative, civil and criminal penalties. We maintain limited insurance coverage for sudden and accidental environmental damages, but do not maintain insurance coverage for the full potential liability that could be caused by sudden and accidental environmental damage. Accordingly, we may be subject to liability or may be required to cease production from properties in the event of such damages.

Environmental Regulations

The Company’s exploration programs in Nevada and California are subject to state and federal regulations regarding environmental considerations. All operations involving the exploration for the production of minerals are subject to existing laws and regulations relating to exploration procedures, safety precautions, employee health and safety, air quality standards, pollution of streams and fresh water sources, odor, noise, dust and other environmental protection controls adopted by federal, state and local governmental authorities as well as the rights of adjoining property owners. The Company may be required to prepare and present to federal, state or local authorities data pertaining to the effect or impact that any proposed exploration for or production of minerals may have upon the environment. All requirements imposed by any such authorities may be costly, time consuming and may delay commencement or continuation of exploration or production operations. Future legislation may significantly emphasize the protection of the environment, and, as a consequence, the activities of the Company may be more closely regulated to further the cause of environmental protection. Such legislation, as well as further interpretation of existing laws in the United States, may require substantial increases in equipment and operating costs to the Company and delays, interruptions, or a termination of operations, the extent of which cannot be predicted. Environmental problems known to exist at this time in the United States may not be in compliance with regulations that may come into existence in the future. This may have a substantial impact upon the capital expenditures required of the Company in order to deal with such problem and could substantially reduce earnings. At the present time, the Company’s exploration activities in Nevada and California are in compliance with all known environmental requirements.

The regulatory bodies that directly regulate the Company’s activities are the Bureau of Land Management (Federal) and the Nevada Department of Environmental Protection (State).

C.	Organizational Structure

The Company has two wholly-owned subsidiaries: Coral Energy Corporation of California, a California corporation which holds title to the Company’s California property, and Coral Resources, Inc., a Nevada corporation, which holds title to the Company’s mining claims located in Nevada. In the 2006 fiscal year, the Company completed the purchase of 1,391,860 shares, representing 98.49% of the issued shares, of Marcus Corporation, a Nevada Corporation that owns the Marcus mining claims, consisting of 39 unpatented lode claims and two placer claims, and which comprise a portion of the Company’s Robertson Property.

D.	Property, Plant and Equipment

Presently, the Company is an “exploration stage company”, as all of the Company’s properties are currently in the exploratory stage of development. In order to determine if a commercially viable mineral deposit exists in any of the Company’s properties, further geological work will need to be done and a final evaluation based upon the results obtained to conclude economic and legal feasibility.

The Company’s primary focus has been on the Robertson Mining Claims, in Nevada, United States.

Robertson Mining Claims, Nevada, U.S.A.

The Robertson Mining Claims are located in Crescent Valley, Nevada on the western flanks of the Shoshone Range, 28 miles to the southeast of Battle Mountain, Nevada, which lies approximately 230 miles northeast of Reno, Nevada. The Robertson Mining Claims comprise approximately 9,200 acres in the Bullion Mining District, Lander County, Nevada, and currently include ~~445~~435 unpatented Federal claims and 9 patented lode claims.

These mining claims have been acquired over a period of several years from different sources. The entire Robertson Mining Claims are subject to a 3% net smelter royalty to Geomex Development Eighth Partnership (“Geomex 8”), which royalty shall cease at such time as the sum of US$1,250,000 has been paid to Geomex 8, and various mining leases requiring minimum annual advanced royalties ranging from 4% to 10% of net smelter returns.

There is no underground or surface plant or equipment located on the Robertson Mining Claims and the following figures provide location details with respect to the Robertson Mining Claims.

(i)

Robertson Property (Core Area)

The Robertson Property is the subject of four technical reports dated January 15, 2004, April 25, 2006, January 27, 2008 and January 18, 2012. The first two technical reports were prepared by Robert McCusker, P.Geol. in accordance with NI 43-101 (“McCusker Reports”). The third and fourth reports were prepared by Beacon Hill Consultants (1988) Ltd. (“Beacon Hill”) of Vancouver, British Columbia (the “Beacon Hill Report”). The first Beacon Hill report was a NI 43-101 resource estimate that included the zones located within the Robertson’s Core claims only. The Company’s other claim blocks, including Norma Sass, Lander Ranch, Ruf, Blue Nugget and the Excluded (Carve Out) claims (joint ventured with Cortez Gold Mines (“Cortez”), a joint venture owned by Barrick Gold Corporation), were not part of the estimate. The 2012 report was an NI 43-101 compliant preliminary economic assessment of the advanced stage Altenburg Hill, Porphyry and Gold Pan zones analyzing a combination of open pit mining methods and cyanide heap leach.

Property Description and Location

The Robertson Property is an advanced-stage gold exploration project located in eastern Lander County, Nevada, 60 miles southwest of Elko. Coral Resources, Inc., a wholly owned subsidiary of the Company, acquired control of the Robertson Property in 1986. The core property consists of ~~445~~300 unpatented federal lode claims, mill sites, and nine patented lode claims covering over ~~9,200~~6,200 acres of public lands administered by the U.S. Bureau of Land Management (the “BLM”). The Company ~~is record owner of 414 claims and~~ controls an additional 31 claims through a series of mineral leases and option agreements.

In 2001, a boundary agreement between the Company and Cortez resolved claim boundary overlaps and seniority issues along the east and ~~south~~southwest sides of the Robertson claim block. This agreement required both parties to amend and/or abandon certain claims in order to achieve the agreed upon boundary. This was completed during the 2002-2003 assessment year.

Approximately 31 of the ~~445~~300 of the claims that comprise the Robertson Property are controlled by the Company through 4 mining leases and option agreements. The Core Claims held by the Company under lease or option agreements require minimum advance royalty payments and production royalties in the event of production. Total annual payments for the various leases and minimum advance royalties are approximately US$~~47,000.~~

51,600.

A summary compilation of the terms of these agreements are presented in the table below:

Mining Lease and Option Agreements

Company/Date	Number of Claims	Option Payment	Production Royalty	Advance Royalty Payment
Core:
Tenabo Gold Mining Co. Nov. 30, 1975	13	~~$2M~~ US$2,000,000	8% NSR	$ US$12,000/yr

Northern Nevada Au, Inc. Sept. 30, 1986	12	$ US$ -	4% GSR	US$9,600/yr

Albany Gold Corp. (Geomex)	~~4% GSR~~ All	~~$9,600/yr~~ US$1,250,000	3% NSR	Nil
~~Albany Gold Corp.~~ ~~(Geomex)~~
Filippini/Breckon (June Claims)	~~All~~ 6	~~$1.25M~~ US$1,000,000	3% NSR	~~Nil~~
~~Filippini/Breckon~~ ~~(June Claims)~~ US$30,000/yr	6	~~$1M~~	~~3% NSR~~	~~$30,000/yr~~

Annual federal rental fees of US$~~73,500~~63,395 payable to the BLM, and Notice of Intent to Hold Mining Claims have been filed for the ~~2013-2014~~2014-2015 assessment year.

History and Exploration

The Robertson Property is located in the Tenabo area, a sub-district of the Bullion mining district in Lander County, Nevada. Historic lode mining in this district dates from 1905 and placer gold was discovered in many of the dry washes in the Tenabo area in 1916. Between 1937 and 1939, a small dragline dredge and washing plant operated in the district, and a dredge was reported by Humphrey to be operating in lower Mill Gulch in 1945.

During 1966 through 1970, a number of companies explored the district in search of porphyry copper-style mineralization. In 1968, while drilling a series of shallow rotary holes near the Gold Pan mine, Superior Oil discovered a small, but relatively high-grade zone of gold at shallow depths in what is now known as the Gold Pan zone; however, with additional drilling, Superior Oil lost interest in the district. They were followed by a number of mining companies, including Placer Development (1974-75), Teck Corporation (1977), Aaron Mining Ltd. (1975-86), and E & B Exploration Ltd. (1980-81), all of which sporadically explored the Tenabo area with limited success.

Modern open pit mining and heap leaching began in 1974, when Aaron Mining Ltd. (“Aaron”), initiated a pilot leach operation on the Robertson Property. From 1978 through 1980, Aaron expanded its leaching operations and continued exploration and acquiring claims in the district.

In 1986, the Company acquired Aaron’s interest in the Robertson Property and immediately began a series of major drilling programs beginning in 1986 and continuing until 1989. Mining operations on the Robertson Property commenced in 1988, but were suspended less than one year later. During the operating life of the Robertson Property mine approximately 350,000 tons of low-grade material was placed on leach pads from which about 6,200 ounces of gold were recovered.

During 1986 through 1989, the Company completed approximately 380 reverse circulation drill holes and seven diamond drill holes, totaling about 109,377 feet. Much of this drilling was focused in four resources areas: Gold Pan, Gold Quartz, Gold Quartz extension (also called Gold Quartz West) and the Triplet Gulch areas. The purpose of this drilling was to determine the limits and continuity of mineralization within these zones. Nearly all of the reverse circulation holes were drilled vertically to an average depth of about 300 feet.

In 1990, the Company and Amax Gold Exploration Inc. (“Amax”) entered into an amended and restated option and earn-in agreement in which Amax could earn a 60% interest in the Robertson Property by producing a bankable feasibility study. Amax completed an exploration program that included drilling 338 reverse circulation holes and 62 diamond drill holes, totaling over 176,000 feet. As the feasibility study did not meet the requirements of the agreement, Amax returned the property to the Company in 1996.

During the fiscal year ended January 31, 1999, the Company entered into an option agreement dated October 8, 1998 (the “Option Agreement”), with Placer Dome U.S. Inc. (“Placer”), which was later assigned by Placer to Cortez. Under the agreement, Cortez could earn a 70% interest in the Robertson Property by producing a bankable feasibility study. The focus of Cortez’s exploration was to expand the 39A zone and test a number of outlying targets. During 1999, Cortez completed 46 reverse circulation drill holes and a single flood rotary hole, totaling 57,000 feet. Of the 13 holes directed at expanding the 39A zone, only two holes, 99401 and 99413, encountered significant mineralization. This drilling program did little to expand the resource. Of the remaining holes drilled by Cortez, only two holes (99406 and 99419) encountered significant mineralization. Both holes were designed to offset and/or follow up existing drill intersections and surface gold anomalies.

After completing this drilling program, Cortez declared its interest in renegotiating the terms of the Option Agreement with the Company. When the Company declined, Cortez terminated the Option Agreement on December 30, 1999, and did not earn an interest in the Robertson Property.

During 2004 and 2005, the Company conducted three drilling programs consisting of 32 reverse circulation holes totaling 24,020 feet on the Robertson Property. The focus of this exploration was to expand and further define the 39A Zone, test the “deep” Gold Pan Zone for extensions of the 39A Zone and offset previous ore-grade intersections in the “distal target area”.

A report entitled “Update of the Geological Report on the Robertson Property” April 25, 2006 on gold resources at the Robertson Property was submitted by Robert McCusker, Consulting Geologist, a “qualified person” in accordance with the requirements of NI 43-101.

During fiscal 2006, the Company completed a major drilling program on the Robertson Property. Drilling was completed in two phases. The drilling program totaled 35,615 feet of reverse circulation drilling in 46 holes. Depths ranged from 450 feet to 1,500 feet. Due to the relatively flat-lying nature of mineralization at the Robertson Property, all holes were drilled vertically. Phase Iconsisted of 14 reverse circulation (RC) drill holes, CR06-2 through CR06-15, totaling 11,355 feet which were completed in the immediate vicinity of the existing 39A Zone indicated mineral resource. Phase IIconsisted of 32 RC holes, CR06-16 through CR06-48A, totaling 24,260 feet which were completed in (1) the Distal Zone; (2) on the northeast flank of Altenburg Hill; (3) in the gravel-covered area between the Altenburg Hill and the Porphyry Zone mineral resource; and (4) along a northeast-striking structural zone in the Porphyry Zone. Drilling operations during Phase I and Phase II drilling were directly supervised by Robert McCusker.

In February 2008, the Company received an NI 43-101 compliant resource estimate titled Mineral Resource Estimate for the Robertson Property, Lander County, Nevada report dated January 27, 2008, prepared by Beacon Hill, Robert McCusker and Jasman Yee (updated in October 2009). This resource estimate is no longer considered current.

Later in 2008, the Company commissioned Beacon Hill to not only update the Robertson Property resource estimate but to also outline a program for continued development of the Core Claims in 2008 and beyond. Beacon Hill recommended a three-pronged development approach:

	1)	Additional exploratory and definition drilling to increase the resource base and the level of confidence in the resource to the indicated and/or measured categories.
	2)	Complete a metallurgical program to enhance the metallurgical data.
	3)	Commence a preliminary assessment study on the mineralized zones within the Robertson Property to determine which of the zones have the greater potential for viability.

Beacon Hill recommended the following drilling on the Core Claims:

Phase I: 52 RC holes ranging in depth from 500 feet to 1,200 feet and totaling 37,600 feet, to focus on:

	·	39A Zone: Ten holes totaling 8,400 feet drilled along the southeast and northeast margins of the zone to test for additional high-grade mineralization.
	·	Distal Zone: Ten holes totaling 12,000 feet drilled in the Distal Zone, which remains open for discovery of high-grade mineralization in all directions.
	·	Altenburg Hill/South Porphyry Area: Twenty holes totaling 10,000 feet as infill and offset drilling on the northeast flank of Altenburg Hill and in the gravel- covered area south of the Porphyry Zone.
	·	Triplet Gulch: Twelve wide-spaced RC holes totaling 7,200 feet to test potential continuity and grade of inferred mineralization.

Phase II: would consist of 21 diamond core holes (HQ diameter) ranging from 300 feet to 1,000 feet-deep and totaling 11,900 feet. The purpose of core drilling is to provide geological data on the controls of mineralization, acquire geotechnical data (RQD and specific gravity), confirm grade and continuity and provide material for metallurgical testing. Drilling has been recommended as follows:

	·	39A Zone: Six “twin” core holes totaling 5,000 feet focused in areas of higher grade mineralization.
	·	Distal Zone: Four pre-collared “twin” core holes totaling 2,400 feet drilled to confirm grade and geological controls.
	·	Altenburg Hill/South Porphyry Area: Six (or more) “twin” core holes totaling 3,000 feet to provide ore-grade oxide mineralization for metallurgical studies and confirm the grade and continuity of mineralization.
	·	Gold Pan Zone: Five shallow “twin” core holes totaling 1,500 feet drilled mainly to provide ore-grade oxide mineralization for metallurgical studies and to confirm grade, continuity and geological controls for mineralization.

In March 2008, the Company announced that it had entered into a contract for 37,600 feet of reverse circulation drilling on Robertson Property. The agreement, signed with Lang Exploratory Drilling of Salt Lake City, Utah, began in April following permit approval from the BLM. Robert McCusker supervised the drill program as the “qualified person” under NI 43-101.

In September 2008, the Company completed its reverse circulation drilling program at Robertson. The program totaled 22,835 feet of drilling in 33 vertical holes which ranged in depth from 500 to 1200 feet. The holes were located on the Altenburg Hill, South Porphyry, 39A and Distal zones in order to increase the gold resource in these zones.

Both Phase I and Phase II were aimed at expanding and upgrading the Robertson Property inferred resource.

The planned 21 diamond drill holes of Phase II ranged from 300 to 1,000 feet in depth. It was anticipated that Phase II drilling would:

	1)	provide geological data on the controls of mineralization;
	2)	provide geotechnical data for RQD (“Rock Quality Designation”) and specific gravity;
	3)	help confirm grade and continuity; and
	4)	provide material for metallurgical testing.

To help derive exploration priorities to expand the current resource with the 2008 drilling campaign, a series of in-house, draft open pit shapes were modeled around the 2008 NI 43-101 compliant inferred resource.

During the fiscal year ending January 31, 2008, the Company purchased 100% interest in the 72 claims comprising the Fanny Komp/Elwood Wright lease which forms part of the core area of the Robertson Property for US$250,000.

In October 2009, the Company received a revised resource for the Robertson Property from Beacon Hill utilizing lower cut-off grades to reflect the positive movement in the price of gold over the previous three years. The revised values were 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; this report is no longer considered current.

In February 2010, the Company announced a US$1.5 million plan and budget aimed at advancing the Robertson Property towards a preliminary economic assessment Report (“PEA”). The program was to consist of 36 diamond core and 22 reverse circulation holes along with metallurgical test work. In addition, the plan focused on upgrading near-surface oxide resources in the Gold Pan, Altenburg Hill and Porphyry zones to the measured and indicated categories. The metallurgical test work was designed to help establish the suitability of the oxide mineralization in those zones for heap leaching.

In April 2010, SRK Consulting (US) Inc. (“SRK Consulting”), the Company’s environmental compliance and permitting consultants, submitted an amended Plan of Operation (“APO”) to the BLM and the Nevada Department of Environmental Protection (“NDEP”) to allow the Company to carry out its 2010 work plan. A setback occurred when the BLM declined the drilling permit application because the Company’s existing Environmental Assessment (“EA”) was out of date. The BLM suggested that the APO be withdrawn and to revert back to a previous Plan of Operation from 2007 (the “2007 PO”) that allowed drilling on certain areas of the property without any amendments. In June 2010, the APO was withdrawn. SRK Consulting was immediately commissioned to commence work on the new EA.

Despite the permitting setback, 12 RC holes at Triplet Gulch that were previously permitted under the 2007 PO were drilled in 2010.

A limited diamond drilling program at the Gold Pan and Altenburg Hill zones was also permitted under the 2007 PO. A program totaling 6,700 feet was conducted that represents the first phase of the diamond core drill program announced in the company’s 2010 work plan and budget. The program was designed to verify the 2008 RC drilling assay results and provide material for metallurgical test work. The Gold Pan, Altenburg Hill and Porphyry zones represent near surface resources that could potentially be developed as an open pit/heap leach operation. Past metallurgical testing of Porphyry Zone mineralization returned favorable gold recoveries from the oxide material.

Also in 2010, Coral commissioned Beacon Hill to commence a Preliminary Economic Assessment (“PEA”) that would meet the NI 43-101 standard on the Gold Pan, Altenburg Hill and Porphyry zones. The report was finalized and made public in late January 2012 and outlined steps to move the project towards pre-feasibility. (see section below titled Preliminary Economic Assessment for details)

In June 2011, the BLM accepted the fifth submission of the APO and a kick off meeting was held on July 20^th, 2011. The meeting outlined the need for a new EA. In particular, the various categories to be studied in the EA including cultural, wild life, native religions, hazmat, paleontology, range management, noxious weeds, air quality, hydrology, riparian zones, migratory birds, environmental justice and socio economic issues.

Studies had been in progress since November 2010 but the EA did not officially start until July 2011. The cultural studies were done by Kautz and Co. of Reno, Nevada. Most of the other studies are by SRK out of Elko, Nevada who have overseen the entire environmental assessment.

As Coral anticipated, the work did not locate native religious sites or burial grounds etc. but the ghost mining town of Tenabo required detailed study.

Coral’s cultural and wildlife surveys were sufficiently completed by the end of 2011 to allow the Company to demonstrate to the BLM that 13 proposed diamond core holes on the Porphyry zone would not impact on cultural or wildlife areas. The program consisted of 13 diamond drill core holes that twinned existing Amax Gold Inc. ("Amax") holes (circa 1990 -- 1996) and provided core for leach tests at McClelland Laboratories Inc. ("McClelland Labs") in Reno, Nevada. The holes were part of the Phase 1 drill program as proposed in the January 2012 PEA Assessment and were designed to verify Amax's historic drilling data, and to upgrade the level of confidence in resources contained in the oxidized zones. The Phase 1 drill program represented Coral's first step towards pre-feasibility as defined by the PEA.

By July 13th, 2012 the baseline vegetation and wildlife field work had been completed and the baseline studies report was submitted to the BLM.

The BLM's response to Corals Baseline Studies was received July 27th and delivered to SRK Consultants who then supplied a response to the modifications to the Baseline Studies required by the BLM.

SRK reported that responses from all the various questions on vegetation, wildlife, air quality and Native American specialists had been received. As a result the Cumulative Effects Study Area's (CESA) was enlarged and SRK completed the cumulative analysis which was the final stage of the EA.

On September 24, 2012, Coral announced that SRK had completed and submitted the EA to the BLM.

Compliance with the EA process was mandatory. The various categories studied were the subject of numerous Nevada State and US Federal laws. Fortunately not all are applicable to the Robertson property.

In September 2013, Coral received a notice from the BLM, which included the Decision on the Robertson Project Amendment to the Exploration Plan of Operations and Reclamation Permit Application and also the Finding of No Significant Impact (“FONSI”).

On January 13, 2014, Coral announced that its US subsidiary, Coral Resources Inc. had received notice from the Bureau of Mining Regulation and Reclamation (BMRR) of the State of Nevada that it had approved the Plan of Amendment for Coral Resources Inc.'s Robertson Project.

The Amended Plan of Operations ("APO") was originally approved by the federal Bureau of Land Management (see news release dated Sept 16, 2013). Now that the APO has been approved by the State of Nevada (NDEP and subsidiary BMRR) and once the reclamation bond is adjusted Coral, can proceed with drilling and other programs at Robertson.

Reclamation Activities

Following the dissolution of the option agreement with Cortez in 1999, Coral was required to post its own security for the reclamation bond for the Robertson Property and obtain a full release of Placer’s guarantee of the original reclamation bond. In order to satisfy its obligations under the Option Agreement, the Company spent a large portion of fiscal year 2003 conducting reclamation on the Robertson Property to reduce its US$2,000,000 reclamation bond that Placer had guaranteed for the Company. Coral was able to obtain a release of Placer’s guarantee by conducting sufficient reclamation work to reduce the bonding requirement, and by raising sufficient funds to provide satisfactory alternative security of the reclamation bond. The reclamation bond was reduced to US$786,100 during the fiscal year ended 2003, for which the Company posted cash.

In fiscal year ended 2006, with more reclamation work having been completed and accounted for, the reclamation bond was further reduced to US$228,205. In fiscal year ended 2007, with further drilling activities being proposed and performed, the required reclamation bond was increased to US$282,268. In fiscal year ended 2008, additional planned exploration activities in Nevada were approved and the required reclamation bond was increased to US$319,400 and then again in fiscal year ended 2009 up to US$389,387.

In August 2008, SRK Consulting prepared an “Aerial Survey Ground Truthing and Revised Cost Estimate” report for the Company, which following amendments and revisions were submitted to the BLM and NDEP in October 2008. The report outlined and updated results of reclamation done by the Company at the Robertson Property up to 2008.

The BLM and NDEP replied with required changes and updates in April 2009 and a revised “Aerial Survey Ground Truthing and Revised Cost Estimate” was prepared by SRK Consulting on June 10, 2009 and submitted to the BLM and NDEP. As of the date of this Annual Report, the Company has not received acceptance of the report.

In the Try/View area of the Robertson Property, the Company renewed the Notice of Intent to allow further deep drilling.

In the core area of the Robertson Property, the Company also submitted a new “Storm Water Pollution Prevention Plan” and technical report which was approved by the BLM and NDEP in June 2009.

In addition the Company authorized SRK Consulting to prepare:

	(a)	a Comprehensive Permit, List and Schedules (a diary of permitting requirements); and

	(b)	a memo of existing reclamation status and planning for further reclamation.

The Company spent approximately $12,750 on reclamation and maintenance in fiscal 2011, reclaiming past mining and exploration related disturbances to public lands as required by the BLM and the NDEP.

In fiscal 2012 the Company increased the reclamation bonds by US$34,600. During fiscal 2013 the Company was required to increase its reclamation bonds by a further $58,937 as the result of receiving approval to drill 13 holes. During fiscal 2015, the Company received approval for its amended plan of operations, which required that the reclamation bonds are further increased by US$40,149.

The Company will continue to increase its reclamation bonds as necessary to meet the reclamation requirements. As at January 31, 2015 the Company has a reclamation deposit of US$515,466 (2014 - US$475,317) as required by the BLM.

Environmental Liabilities

In 1988-89, the Company operated a small open pit gold mining operation and heap leach facility on the Robertson Property. The resulting disturbances include three small open pit mines, waste dumps, haul roads, drill roads, open drill holes, and a 350,000 ton heap leach facility and related recovery plant. In 1994, a reclamation plan was prepared by Amax and submitted to the Battle Mountain office of the BLM. The cost to perform the reclamation of the mine site was estimated at that time to be US$2,000,000. In 2001, the Company began reclamation activities which were accelerated in 2002, with the re-contouring of waste dumps, reclamation of the leach pad, haul roads and the filling of all open drill holes. As a result of this activity, in June 2003, the BLM reduced the bonding requirements for the project to US$406,000.

In March 2003, on behalf of the Company, SRK Consulting submitted a final plan for permanent closure of the mine with the BLM and NDEP. The closure plan was approved by both agencies. As a result of this work, during 2004 the BLM lowered the bonding requirements to $226,205. The Company currently maintains a required performance bond with the Nevada State Office of the BLM in the amount of US$515,466.

Permitting

In 2002, the Company submitted and was granted a five year renewal of Water Pollution Control Permit (NEV60035) by the NDEP for the Robertson Property. This permit is now renewed annually and reports are submitted quarterly. In addition, the Company has a storm water pollution control permit which is also renewed annually.

The Company continues to conduct reclamation and exploration activities under a Plan of Operation (NV067688) approved in 1989 by the BLM, which was subsequently updated to the 2007 PO. In April 2010, SRK Consulting, submitted the APO to the BLM and NDEP to allow the Company to carry out its 2010 work plan. A setback occurred when the BLM declined the drilling permit application because the Company’s existing EA was out of date. The BLM suggested that the APO be withdrawn and to revert back to a previous 2007 PO that allowed drilling on certain areas of the property without any amendments. In June 2010, the APO was withdrawn. SRK Consulting was immediately commissioned to commence work on the new EA. SRK finalized the EA and re-filed it in June 2013 which then went out for public comment which resulted in no significant challenges.

From 2000 to 2003, no exploration activity was conducted on the Robertson Property; however, during that period a significant amount of surface reclamation was completed on the property. As a result, any new exploration activities in reclaimed areas will require submission and approval of an Amendment to the Plan of Operation. Additionally, the National Historic Preservation Act requires that all operators on public lands conduct an archeological survey of the proposed sites of new disturbance. Much of the Robertson Property has been previously cleared under various surveys conducted by Amax. Recent and planned future exploration activities by the Company have moved outside the area covered by previous archeological surveys. It is possible that future exploration will experience delays in receiving approval because additional surveys will be required by state and federal agencies.

Geological Setting

Geologically, the Robertson Property consists of a series of relatively flat-lying, vertically stacked thrust sheets that form part of the Roberts Mountain allochthon, which is composed of siliciclastic rocks from Ordovician to the Devonian age. The district is dominated by a very thick sequence of middle to late Devonian Slaven Chert composed mainly of argillite, chert, lesser siltstone and shale, and minor intermediate volcanic rocks. Structurally overlying the Slaven Chert along the north and east sides of the district are a sequence of rusty brown weathering siltstone, sandstone and very minor limestone of the Silurian Elder Sandstone.

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.

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 (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 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 oz Au/t	78.2 million tons grading 0.0138 oz Au/t.
·	In situ gold	1,080,900 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 oz Au/t	67%
·	Leach recovery LG cut off 0.005 to 0.0147 oz Au/t	45%
·	Saleable gold	608,000 oz’s

Note:

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 Indicated or Measured mineral resource 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 ($US millions)		Contractor Operated ($US millions)
Development Cost		16.5		16.5
Initial Capital Cost		122.1		97.0
Ongoing Capital Cost		54.2		26.1
Average Operating Cost US$/ton mined		5.28		6.45

Results of Economic Analysis at Various Gold Prices (Owner Operated)

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

Results of Economic Analysis at Various Gold Prices (Contactor Operated)

Gold Price US$/oz	IRR %		NPV undiscounted US$ million		NPV discounted 5% US$ million		Payback Period Years
1350		15.43		159.4		85.4		5.94
1500		20.96		226.4		135.9		4.86
1750		29.18		337.8		219.7		3.82

Note:

It should be noted that the economic analysis of this deposit is based upon the expenditures from the time a construction decision is taken and that all development costs to that point have been considered as sunk costs whether they have been expended or not at this time.

The PEA is considered preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration or mineral reserves once economic considerations are applied. Therefore there is no certainty that the production profile concluded in the PEA will be realized.

The PEA indicates that the Robertson Property is one of merit that warrants further development. The first phase of this development is recommended to be exploration drilling, metallurgical test work, environmental studies and permitting and completion of a prefeasibility study. The cost of this work is estimated to be US$7.9 million as shown below.

Summary of Expenditures to Completion of Prefeasibility:

Description	Estimated Cost US$
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

Exploration and definition drilling consists of the following:

The Phase I should consist of drilling 40 HQ diameter diamond core holes and 42 RC holes having an average depth of 400-500 ft and totaling about 40,000 ft in the;

	1.	Porphyry Zone: “Twinning” 10 percent (20 holes) of the historic drill holes by diamond core drilling to determine if “historic” Amax drilling data can be used with confidence to upgrade the level of confidence in the resources. In addition, a further 17 RC holes, totaling about 7,600 ft, to be drilled along the west and south boundaries of the Porphyry Zone to test for possible extensions to mineralization.

	2.	Altenburg Hill/South Porphyry Area: Twenty-five RC holes totaling 12,400 ft.

	3.	Gold Pan Zone: Twenty wide-spaced diamond core holes totaling 10,000 ft to verify continuity and grade retuned in historic drilling.

	4.	Altenburg Hill/South Porphyry: Based on results on the Phase I RC drilling follow up diamond core drilling (20 holes) is to be conducted in this area

The proposed metallurgical test work consists of variability testing and will be performed on samples obtained both spatially and at depth for the oxide and transition to sulfide ore zones. This work will encompass;

	·	prepare composite material representing larger zones of each deposit to define the crush size and other process conditions;
	·	crushing work index and abrasion testing;
	·	mineralogical evaluation of column feed and products;
	·	extensive column work to determine optimum crush size and other process conditions;
	·	similar testing as was performed on oxide materials to be done on sulfide and transition zone materials;
	·	additional processing parameters to be investigated including reagent use and concentrations;
	·	leach evaluation on material that is below the cut-off grades of the various deposits which was classified as waste based on dump leaching of run of mine, low grade materials;
	·	laboratory test work on up to 10 tonnes of 100% minus 300 mm (~12”) feed.

Note also that the PEA concerns only the relatively shallow portions of these three deposits: Gold Pan, Porphyry and Altenburg Hill. Other deposits such as Distal, 39A, Triplet Gulch and a zone to the east of Gold Pan were not part of this study. However, all deposits form part of the 2011 calculation of the resources by Beacon Hill using a base case of US$1,350 per ounce. (Inferred mineral resource of 191 million tonnes @ 0.0143 oz Au/ton containing a total of 2.741 million ounces). It should be noted the resources are reported with consideration for their reasonable expectation of economic extraction as defined using an optimized pit shell.

The PEA also shows the logistical advantages of the Robertson Property, namely:

	·	Nevada State Highway 305, a paved all weather road which is the main access to Barrick’s Cortez Operations (adjoins the Robertson Property to the south) crosses the south east corner of the property;

	·	A network of gravel roads give easy access to the gold resources at the Robertson Property;

	·	The gold resources are on the south east edge of the Shoshone Range. The leach pads can be built on the basinal flat land, only a short haul from the planned pits;

	·	The electric power transmission line which supplies Cortez, parallels State Highway 306 and crosses the Robertson Property. The proposed gold recovery plant would be built adjoining the power transmission line. (ie. internal power lines will be very short);

	·	Workers at Cortez are bussed from Elko for a 12 hour shift, four day work week. Personnel at the Robertson Property would enjoy a slightly shorter commute from Elko or alternatively, they could live in Crescent Valley, Nevada, eight miles distant on the State Highway 306.

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.

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 previous three years. The revised values were 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.

Coral's current NI 43-101 compliant inferred resource estimate at the Robertson property was calculated in the 2012 PEA Report by Coral's independent engineering firm, Beacon Hill Consultants (1988) Ltd. ("Beacon Hill"). Gold ounces were calculated on the basis of US$1,350/oz Au and 70% Au recovery. The 0.0067 ozAu/t 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 below were estimated using the CIM Standards on Mineral Resources and Reserves:

Zone	Tons		Ounces per Ton		Ounces of Au (Inferred)
39A		26,779,714		0.023		615,933
GP Oxide		21,939,550		0.0127		278,632
GP Sulphide		48,759,224		0.0119		580,235
Porphyry Oxide		59,707,994		0.0137		818,000
Porphyry Sulphide		9,817,623		0.0132		129,593
Altenburg Hill Oxide		23,170,083		0.0131		303,528
Altenburg Hill Sulphide		178,279		0.0087		1,551
Triplett Gulch Sulphide		678,279		0.0152		10,310
East Zone Sulphide		694,672		0.0171		11,879
Total		191,725,418		0.0143		2,741,673

Note: 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 Indicated or Measured mineral resource category.

Proposed Exploration

The Company believes that there is a potential for discovery of additional mineral resources on the Robertson Property. The Company plans to continue to explore the Robertson Property or seek third party partners for further exploration.

(ii)

Gold Ridge Property, Nevada, U.S.A.

Property Description and Location

The Gold Ridge Property consists of 135 claims covering approximately 2.5 square miles, and is adjacent to the western side of the Robertson claim block located in North Central Nevada on the Cortez Gold Trend. The property was initially comprised of 107 claims but was partly re-staked following the 2014 agreement with Barrick that is outlined below.

There is no underground or surface plant or equipment located on the Excluded Claims, nor any known body of commercial ore.

History and Exploration

During 2007, the Company completed two deep flooded reverse circulation drill holes on the Gold Ridge Property, TV07-1 and TV07-2, to depths of 2,990 feet and 3,450 feet, respectively. The drilling was designed to test the lower plate of the Roberts Mountains thrust fault (“RMTF”) for high-grade Carlin-type mineralization hosted by favorable carbonate strata. TV07-1 intersected a thick sequence of fine grained siliceous sedimentary and volcanic rocks followed by biotite and quartz hornfels equivalents in the upper plate of the RMTF. Although the hole failed to reach the lower plate of the RMTF, it did intersect a number of narrow low-grade zones. TV07-2 was collared along a dike-filled splay of the Try fault zone and intersected a sequence of mostly fine grained siliceous sedimentary rocks and hornfels to 3,080 feet, at which point altered and mineralized limy mudstone in the lower plate was encountered. Beginning at 3,080 feet, the hole returned 200 feet of weakly to strongly anomalous gold values ranging from 0.031 to 2.190 ppm gold, including four 10-foot-thick intervals that exceed 0.01 oz Au/t.

Follow up mapping, rock sampling, and infill gravity surveys in 2008 lead to the Company’s identification of a new lower plate target zone that extends from the Company’s deep hole, 2 km to the south. The Carlin-type target added significant discovery potential to the Robertson Property for a world-class gold deposit. The target zone, known as the Gold Ridge Property consists of 107 claims covering approximately 2.5 square miles and is adjacent to the western side of the Robertson claim block just north of the Pipeline Mine open pit along a projected mineralized fault and fracture system that controls gold within that deposit. Considerably more drilling on the “Gold Ridge Property” target is warranted.

~~In February 2008, the Company received an NI 43-101 compliant resource estimate titled~~ ~~Mineral Resource Estimate for the Robertson Property, Lander County, Nevada~~ ~~report dated January 27, 2008, prepared by Beacon Hill, Robert McCusker and Jasman Yee (updated in October 2009). This resource estimate is no longer considered current.~~

~~Additional exploratory and definition drilling to increase the resource base and the level of confidence in the resource to the indicated and/or measured categories.~~

2)	~~Complete a metallurgical program to enhance the metallurgical data.~~

3)	~~Commence a preliminary assessment study on the mineralized zones within the Robertson Property to determine which of the zones have the greater potential for viability.~~

~~Beacon Hill recommended the following drilling on the Core Claims:~~

~~Phase I:~~ ~~52 RC holes ranging in depth from 500 feet to 1,200 feet and totaling 37,600 feet, to focus on:~~

·	~~39A Zone:~~ ~~Ten holes totaling 8,400 feet drilled along the southeast and northeast margins of the zone to test for additional high-grade mineralization.~~

·	~~Distal Zone:~~ ~~Ten holes totaling 12,000 feet drilled in the Distal Zone, which remains open for discovery of high-grade mineralization in all directions.~~

·	~~Altenburg Hill/South Porphyry Area:~~ ~~Twenty holes totaling 10,000 feet as infill and offset drilling on the northeast flank of Altenburg Hill and in the gravel- covered area south of the Porphyry Zone.~~

·	~~Triplet Gulch:~~ ~~Twelve wide-spaced RC holes totaling 7,200 feet to test potential continuity and grade of inferred mineralization.~~

~~Phase II:~~ would consist of 21 diamond core holes (HQ diameter) ranging from 300 feet to 1,000 feet-deep and totaling 11,900 feet. The purpose of core drilling is to provide geological data on the controls of mineralization, acquire geotechnical data (RQD and specific gravity), confirm grade and continuity and provide material for metallurgical testing. Drilling has been recommended as follows:

·	~~39A Zone:~~ ~~Six “twin” core holes totaling 5,000 feet focused in areas of higher grade mineralization.~~

·	~~Distal Zone:~~ ~~Four pre-collared “twin” core holes totaling 2,400 feet drilled to confirm grade and geological controls.~~

·	~~Altenburg Hill/South Porphyry Area:~~ ~~Six (or more) “twin” core holes totaling 3,000 feet to provide ore-grade oxide mineralization for metallurgical studies and confirm the grade and continuity of mineralization.~~

·	~~Gold Pan Zone:~~ Five shallow “twin” core holes totaling 1,500 feet drilled mainly to provide ore-grade oxide mineralization for metallurgical studies and to confirm grade, continuity and geological controls for mineralization.

~~Both Phase I and Phase II were aimed at expanding and upgrading the Robertson Property inferred resource.~~

~~The planned 21 diamond drill holes of Phase II ranged from 300 to 1,000 feet in depth. It was anticipated that Phase II drilling would:~~

~~1) provide geological data on the controls of mineralization;~~

~~2) provide geotechnical data for RQD (“Rock Quality Designation”) and specific gravity;~~

~~3) help confirm grade and continuity; and~~

~~4) provide material for metallurgical testing.~~

In October 2009, the Company received a revised resource for the Robertson Property from Beacon Hill utilizing lower cut-off grades to reflect the positive movement in the price of gold over the previous three years. The revised values were 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; this report is no longer considered current.~~

~~Despite the permitting setback, 12 RC holes at Triplet Gulch that were previously permitted under the 2007 PO were drilled in 2010.~~

~~In June 2011, the BLM accepted the fifth submission of the APO and a kick off meeting was held on July 20~~th, 2011. The meeting outlined the need for a new EA. In particular, the various categories to be studied in the EA including cultural, wild life, native religions, hazmat, paleontology, range management, noxious weeds, air quality, hydrology, riparian zones, migratory birds, environmental justice and socio economic issues.

~~As Coral anticipated, the work did not locate native religious sites or burial grounds etc. but the ghost mining town of Tenabo required detailed study.~~

By ~~July 13th, 2012~~ ~~the baseline~~ ~~vegetation and wildlife field work had been completed and the baseline studies report was submitted to the BLM.~~

~~The BLM's response to Corals Baseline Studies was received July 27th and delivered to SRK Consultants who then supplied a response to the modifications to the Baseline Studies required by the BLM.~~

~~On September 24, 2012, Coral announced that SRK had completed and submitted the EA to the BLM.~~

~~In September 2013, Coral~~ received a notice from the BLM, which included the Decision on the Robertson Project Amendment to the Exploration Plan of Operations and Reclamation Permit Application and also the Finding of No Significant Impact (“FONSI”).

~~Subsequent to 2014, in~~ March 2014, Coral entered into an option, joint venture and private placement agreement with Barrick Gold Corporation (“Barrick”) pursuant to which Barrick ~~has been~~was granted an option to earn up to an undivided 60% interest on the Company's Gold Ridge Property in consideration for Barrick incurring US$12,000,000 in exploration expenditures over a five year period. In addition, Barrick ~~has~~had the option to increase its interest by an additional 15% for an aggregate undivided 75% interest by preparing and delivering to the Company a scoping study. The Option Agreement also ~~provides~~provided that upon Barrick exercising its option, a 60%/40% or a 75%/25% joint venture between the parties ~~will be~~would have been established in order to further explore the Gold Ridge Property.

During 2014, Barrick ~~plans to begin drilling~~drilled 3 holes at Gold Ridge, however, in May 2015, Coral announced that it had received notice of termination from Barrick on the Gold Ridge ~~property once permits have been received.~~

~~Reclamation Activities~~

~~In the Try/View area of the Robertson Property, the Company renewed the Notice of Intent to allow further deep drilling.~~

~~In the core area of the Robertson Property, the Company also submitted a new “Storm Water Pollution Prevention Plan” and technical report which was approved by the BLM and NDEP in June 2009.~~

~~In addition the Company authorized SRK Consulting to prepare:~~

~~(a) a Comprehensive Permit, List and Schedules (a diary of permitting requirements); and~~

~~(b) a memo of existing reclamation status and planning for further reclamation.~~

~~The Company spent approximately $12,750 on reclamation and maintenance in fiscal 2011, reclaiming past mining and exploration related disturbances to public lands as required by the BLM and the NDEP.~~

In fiscal 2012 the Company increased the reclamation bonds by US$34,600. During fiscal 2013 the Company was required to increase its reclamation bonds by a further $58,937 as the result of receiving approval to drill 13 holes. During fiscal 2014, the Company received approval for its amended plan of operations, which required that the reclamation bonds are further increased by US$40,149.

The Company will continue to increase its reclamation bonds as necessary to meet the reclamation requirements. As at January 31, 2014 the Company has a reclamation deposit of US$475,317 (2013 - US$474,034) as required by the BLM. In February 2014, the Company paid the additional bonding requirement of US$40,149 to increase the reclamation deposit to US$515,466.

~~Environmental Liabilities~~

~~Permitting~~

From 2000 to 2003, no exploration activity was conducted on the Robertson Property; however, during that period a significant amount of surface reclamation was completed on the property. As a result, any new exploration activities in reclaimed areas will require submission and approval of an Amendment to the Plan of Operation. Additionally, the ~~National Historic Preservation Act~~ requires that all operators on public lands conduct an archeological survey of the proposed sites of new disturbance. Much of the Robertson Property has been previously cleared under various surveys conducted by Amax. Recent and planned future exploration activities by the Company have moved outside the area covered by previous archeological surveys. It is possible that future exploration will experience delays in receiving approval because additional surveys will be required by state and federal agencies.

~~Geological Setting~~

~~Deposit Types and Mineralization~~

~~Preliminary Economic Assessment~~

~~The results of the evaluation are as follows:~~

~~Resources and Mining~~

·~~Est. inferred resources at a cut-off of 0.005 oz Au/t~~	~~78.2 million tons grading 0.0138 oz Au/t.~~
·~~In situ gold~~	~~1,080,900 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 oz Au/t~~	~~67%~~
·~~Leach recovery LG cut off 0.005 to 0.0147 oz Au/t~~	~~45%~~
·~~Saleable gold~~	~~608,000 oz’s~~

~~Note:~~

~~Economics~~

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

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

~~Results of Economic Analysis at Various Gold Prices (Owner Operated)~~

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

~~Results of Economic Analysis at Various Gold Prices (Contactor Operated)~~

Gold Price
US$/oz
IRR
%
NPV undiscounted
US$ million
NPV discounted 5%
US$ million
Payback Period
Years
1350 15.43 159.4 85.4 5.94
1500 20.96 226.4 135.9 4.86
1750 29.18 337.8 219.7 3.82

~~Note:~~

~~Summary of Expenditures to Completion of Prefeasibility:~~

~~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~~

Exploration and ~~definition drilling consists of the following:~~

~~The Phase I should consist of drilling 40 HQ diameter diamond core holes and 42 RC holes having an average depth of 400-500 ft and totaling about 40,000 ft in the;~~

~~Porphyry Zone:~~ “Twinning” 10 percent (20 holes) of the historic drill holes by diamond core drilling to determine if “historic” Amax drilling data can be used with confidence to upgrade the level of confidence in the resources. In addition, a further 17 RC holes, totaling about 7,600 ft, to be drilled along the west and south boundaries of the Porphyry Zone to test for possible extensions to mineralization.

2.	~~Altenburg Hill/South Porphyry Area:~~ ~~Twenty-five RC holes totaling 12,400 ft.~~

3.	~~Gold Pan Zone:~~ ~~Twenty wide-spaced diamond core holes totaling 10,000 ft to verify continuity and grade retuned in historic drilling.~~

4.	~~Altenburg Hill/South Porphyry:~~ ~~Based on results on the Phase I RC drilling follow up diamond core drilling (20 holes) is to be conducted in this area~~

~~The proposed metallurgical test work consists of variability testing and will be performed on samples obtained both spatially and at depth for the oxide and transition~~Option to ~~sulfide ore zones. This work will encompass;~~

·	~~prepare composite material representing larger zones of each deposit to define the crush size and other process conditions;~~

·	~~crushing work index and abrasion testing;~~

·	~~mineralogical evaluation of column feed and products;~~

·	~~extensive column work to determine optimum crush size and other process conditions;~~

·	~~similar testing as was performed on oxide materials to be done on sulfide and transition zone materials;~~

·	~~additional processing parameters to be investigated including reagent use and concentrations;~~

·	~~leach evaluation on material that is below the cut-off grades of the various deposits which was classified as waste based on dump leaching of run of mine, low grade materials;~~

·	~~laboratory test work on up to 10 tonnes of 100% minus 300 mm (~12”) feed.~~

~~Note also that the PEA concerns only the relatively shallow portions of these three deposits: Gold Pan, Porphyry and Altenburg Hill. Other deposits such as Distal, 39A, Triplet Gulch and a zone~~Joint Venture agreement due to the east of Gold Pan were not part of this study. However, all deposits form part of the 2011 calculation of the resources by Beacon Hill using a base case of US$1,350 per ounce. (Inferred mineral resource of 191 million tonnes @ 0.0143 oz Au/ton containing a total of 2.741 million ounces). It should be noted the resources are reported with consideration for their reasonable expectation of economic extraction as defined using an optimized pit shell.

~~The PEA also shows the logistical advantages of the Robertson Property, namely:~~

·	Nevada State Highway 305, a paved all weather road which is the main access to Barrick’s Cortez Operations (adjoins the Robertson Property to the south) crosses the south east corner of the property;

·	~~A network of gravel roads give easy access to the gold resources at the Robertson Property;~~

·	~~The gold resources are on the south east edge of the Shoshone Range. The leach pads can be built on the basinal flat land, only a short haul from the planned pits;~~

·	The electric power transmission line which supplies Cortez, parallels State Highway 306 and crosses the Robertson Property. The proposed gold recovery plant would be built adjoining the power transmission line. (ie. internal power lines will be very short);

·	Workers at Cortez are bussed from Elko for a 12 hour shift, four day work week. Personnel at the Robertson Property would enjoy a slightly shorter commute from Elko or alternatively, they could live in Crescent Valley, Nevada, eight miles distant on the State Highway 306.

~~Mineral Resource Estimates~~

~~In 2007, Beacon Hill was commissioned by the Company to update the resource estimate on the Robertson Property.~~ budgetary constraints.

The purpose of the ~~study~~2014 drilling at Gold Ridge was to ~~incorporate additional drilling~~test a strong surface gold (up to 9.4 ppm) and Carlin-type trace element anomaly located 4.5 km north of the Pipeline mine. It was proposed that this anomaly (Ridge anomaly), defined by soil and rock chip samples, represented the surface expression of a Carlin-type system hosted by favorable carbonate rocks in the lower plate of the Roberts Mountains Thrust Fault. The second was a structural target defined by intersecting sets of west-northwest and north-northwest striking dikes and a surface gold anomaly (up to 6.06 ppm), located 1.5 km west of the Tenabo granodiorite stock.

Three vertical diamond core holes, RGR-0001D through RGR-0003D, were completed ~~in 2006 in an updated resource estimate~~to depths of between 955 m and ~~to establish a program for continued development and provide a basis~~1,255 m, for a ~~subsequent technical report. The final NI 43-101 compliant report,~~ ~~Mineral Resource Estimate~~total of 3,191 m. Selected analytical results for the ~~Robertson Property, Lander County, Nevada~~ ~~report was received by the Company in February 2008.~~

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 previous three ~~years. The revised values were 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.~~

Two holes, RGR-0001D and RGR-0003D were ~~estimated~~designed to test the Ridge anomaly. RGR-0001D was collared on Gold Ridge along the north edge of a significant surface rock chip and soil anomaly (Ridge anomaly) and drilled to a depth of 981 m. RGR-0003D was offset 451 m southwest of RGR-0001D and completed to a depth of 955 m. Both holes returned scattered anomalous Au value up to 0.698 ppm and 0.573 ppm, respectively, along with several narrow intervals exhibiting Carlin-type geochemical signatures. The holes encountered a mostly siliciclastic sequence dominated by mudstone and chert and disrupted by major west dipping thrust faults in the upper 450 m. All of the intervals exhibiting a Carlin-type geochemistry are spatially associated with thrust faults. Neither hole intersected significant gold values or lower plate carbonate rocks.

Hole RGR-0002D was collared about 1.6 km north of RGR-0001D and 1.16 km south of TV07-2, a deep hole drilled by Coral in 2007. The hole was drilled to a depth of 1,255 m and was located near the structural intersection between west-northwest and north-west striking dike swarms. RGR-0002 encountered a significant number of anomalous gold intercepts including one 5-ft-thick interval that returned 36.3 ppm (1.06 oz Au/t). Most of the higher grade Au values (>0.34 ppm), including the high-grade intercept, are hosted by retrograde-altered calc-silicate hornfels replacing calcareous strata of the Ordovician Valmy Fm. Accompanying gold are anomalous levels of Se (up to 35 ppm), Bi (up to 114 ppm), Te (up to 34.8 ppm), Co (up to 119.5 ppm) as well as Ag (62.9 ppm), Cu (6,490) and As (978 ppm). The strong association of gold in RGR-0002D with zones of retrograde-altered hornfels, as well as the overall metal association (Au-As-Cu, Fe, Bi-Se-Te, Co and Ag) is strongly suggestive of distal skarn-type mineralization. The upper 900 m of RGR-0002D are dominated by an interbedded sequence of mudstone, chert and minor limestone intruded by numerous dikes ranging from granodiorite to rhyolite. Beginning at a depth of about 1,067 m and continuing to at least 1,130 m, RGR-0002D encountered a major shear zone interpreted to be the Roberts Mountains Thrust Fault. From about 1,090 m, rocks within the shear zone become increasingly calcareous and are thought to represent lower plate carbonate rocks. This interpretation is supported by a single conodont fossil age determination.

Analytical results for selected intervals from holes RGR-0001D through RGR-0003D. All values are in parts per million (ppm).

RGR-0001D

From (m)	To (m)	Length (m)	Au	Ag	As	Sb	Hg	Tl	Cu	Pb	Zn
1.6	4	2.4	0.259	1.24	677	35.8	0.89	0.25	39.1	16.3	137
10.1	11.6	1.5	0.504	1.39	341	132	7.07	0.64	26.2	18.2	35
673	681.4	8.4	0.343	2.25	962	7.3	0.096	0.23	141	18.9	222
931.4	932.4	1.1	0.625	13.4	830	30.5	0.59	0.83	215	3170	4910
942.1	943.7	1.6	0.541	1.84	1.7	2.2	0.02	0.23	848	68	225

RGR-0002D

From (m)	To (m)	Length (m)	Au	Ag	As	Sb	Hg	Tl	Cu	Pb	Zn
185.4	186.9	1.5	3.8	2.59	5,320	43.2	0.32	0.72	112	82	598
638.72	644.82	6.1	10.71	1.67	13.86	1.48	0.01	0.17	231	21	155
Including
643.29	644.82	1.53	36.3	2.58	1.4	1.21	0.038	0.11	171	61.1	45
650.9	658.5	7.6	0.168	16.31	83.6	3.46	0.035	1.02	1971	36.7	156
780.5	783.5	3	1.5	1.74	24	1.5	0.008	1.1	491	18.8	53
910.1	913.1	3	1.32	1.24	1,265	6.7	0.014	1.8	263	13.4	295
1,057.8	1,070.1	12.3	0.306	2.66	1,019	2.71	0.12	0.96	573	15.7	117
1,109.8	1,114.3	4.6	0.363	0.38	961	2.04	0.007	1.56	34.6	13.7	76.3

RGR-0003D

From (m)	To (m)	Length (m)	Au	Ag	As	Sb	Hg	Tl	Cu	Pb	Zn
377.4	417.1	39.6	0.079	0.79	230	23.3	0.37	1.44	36	14.9	96
Including
395.6	414.0	18.4	0.046	0.33	465	49.2	0.8	1.93	35.8	6.6	57
578.7	584.8	6.1	0.19	0.73	48	3.5	0.007	1.13	214	11.3	175

The sample preparation, gold assays and multi-element analyses were done by ALS Minerals. Gold assays were by inductively coupled plasma with atomic emission spectroscopy. This analytical method has a 0.001 ppm lower limit of detection. Samples with gold values exceeding 10.0 ppm were assayed using gravimetric determinations. Multi-element analyses were by four acid digestion of samples followed by mass spectroscopy determinations.

Proposed Exploration

In May 2015, Coral received a report summarizing the ~~CIM Standards on Mineral Resources~~results of the 2014 Barrick Drilling Program prepared by Robert T. McCusker, P. Geol., Coral's Qualified Person for this project. Mr. McCusker makes the following recommendations for further exploration of the Gold Ridge property:

Ridge Anomaly

At the Ridge Anomaly, Hole RGR-0003D intersected a 130-ft.-thick zone of weakly anomalous gold values (up to 0.4ppm) from 1,238 ft., accompanied by locally anomalous levels for As (up to 745 ppm), Sb (up to 89 ppm), Hg (up to 1 ppm), and ~~Reserves:~~

Zone Tons Ounces per Ton Ounces of Au (Inferred)
39A 26,779,714 0.023 615,933
GP Oxide 21,939,550 0.0127 278,632
GP Sulphide 48,759.22 0.0119 580,235
Porphyry Oxide 59,707,994 0.0137 818,000
Porphyry Sulphide 9,817,623 0.0132 129,593
Altenburg Hill Oxide 23,170,083 0.0131 303,528
Altenburg Hill Sulphide 178,279 0.0087 1,551
Triplett Gulch Sulphide 678,279 0.0152 10,310
East Zone Sulphide 694,672 0.0171 11,879
Total 191,725,418 0.0143 2,741,673

~~Note: Mineral resources~~correspondingly low levels for Cu-Pb-Zn. This weakly mineralized zone is partly hosted by calcareous rocks in the Valmy Fm in the immediate footwall of a west-dipping imbricate fault in the hanging wall of the Abyss fault.

Recommendations as follow-up to the 2014 Ridge anomaly drilling:

	·	Complete detailed geological mapping of the area.
	·	Undertake additional surface sampling focusing on faults.
	·	Drill at least one additional core hole located on either the Coral 75 claim (Coral 100%) or the Coral 58 claim with the Excluded claim block (Barrick 61%, Coral 39%).
	·	The core hole should be drilled vertical to a depth of at least 2,000 ft.

June Gulch Area

In the June Gulch area, drill hole RGR-0002D returned numerous significant gold intercepts including a single five-foot-thick interval that assayed 34.4 ppm gold. Most of the higher anomalous gold values (>0.34 ppm) occur in retrograde-altered calc-silicate hornfels suggesting both a spatial and genetic relation to the Tenabo porphyry system. Additionally, dike-filled segments of the Try fault zone transect the entire district from the western edge of Crescent Valley to Indian Creek, creating a major conduit for hydrothermal fluids.

Recommendations as follow-up to the 2014 June Gulch drilling:

	·	Complete additional rock chip and dump sampling in the upper June Gulch and adjacent Mill Gulch areas. This should include sampling the numerous small dikes and fault zones.
	·	Continue mapping in these areas focusing on dikes and structures.
	·	Consider offsetting RGR-0002D with three core holes drilled to depths of at least 2,000-2,500 ft., depending on collar elevation.

Lower Plate Exploration

The 2014 Gold Ridge deep drilling did not include offsetting the intercept in Coral's 2007 hole, TV07-2, which ~~are not mineral reserves do not have demonstrated economic viability.~~encountered strongly anomalous Au values up to 2.19 ppm, accompanied by Carlin-type geochemistry in lower plate carbonate rocks. It is recommended that the mineralized zone intersected in TV07-2 be offset by two diamond core holes. This should include re-entry of TV07-2 and deflecting a hole to the southwest from a depth of about 1,500 ft. A second pre-collared vertical hole should be located 1,200 ft. south of TV07-2 and drilled to a depth of at least 3,500 ft. The ~~estimate~~purpose of ~~mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.~~ the two holes is to test the potential for higher grade Carlin-type mineralization in the lower plate rocks closer to dike-filled high-angle fault segments in the Try fault zone.

	·	Using a TH-75 or equivalent RC drill, re-enter and clean out TV07 to a depth of 1,500 ft. and set casing and a wedge.
	·	Using HQ-diameter core, re-enter the cased hole and deflect the hole up to 10° to the southwest at least 2,000 ft.
	·	Using a TH-75 or equivalent RC drill rig, drill and case a 1,500-ft.-deep vertical pre-collar hole located 1,200 ft. south of TV07-2.
	·	Using HQ-diameter core, re-enter pre-collared hole and deepen to 3,500 ft.

*The ~~quantity and grade of reported Inferred resources~~information 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 them20-F with respect to the ~~Indicated~~2014 Gold Ridge Property Exploration program relates to exploration data provided to Coral by Barrick, but does not reflect Barrick's interpretation, assessment or ~~Measured mineral resource category.~~

~~Proposed Exploration~~

characterization of the data. The ~~Company believes that there is a potential for discovery~~geologic interpretations, assessments and characterizations in this 20-F are solely those of ~~additional mineral resources on the Robertson Property. The Company plans~~Coral and should not be attributed to ~~continue to explore the Robertson Property or seek third party partners for further exploration.~~

Barrick.

~~(ii)~~

(iii)

Excluded Claims, Nevada, ~~U.S.A~~.U.S.A.

Property Description and Location

The excluded claims consist of 161 claims covering 2700 acres and are located 4,000 feet north of Barrick’s pipeline mine and are connected to the Gold Ridge Property along their north east boundary.

History and Exploration

Under the terms of an Exploration and Mining Venture Agreement dated July 11, 1997, Barrick Cortez Gold Mines, (“Barrick Cortez”) formerly Placer, holds an undivided 61% interest and the Company has a 39% interest carried to production in the Excluded Claims.

Beginning in 1997 and continuing through 1998, Barrick Cortez conducted a series of exploratory drilling programs on the Carve-Out Claims with limited success. In 2002, the Company conducted a drilling program on the Excluded Claims with follow-up drilling in the immediate vicinity of existing drill holes with mixed results. To date, no significant mineral resources have been discovered on the Excluded Claims. However, the wide-space deep drilling has established the presence of scattered significant gold values, anomalous levels of Carlin-type trace elements, key structural components and the occurrence of a preferred host strata.

The Company plans to rely on Barrick Cortez to further explore the property for mineral resources and no further work on the Carve-Out Claims is proposed at this time.

There is no underground or surface plant or equipment located on the Excluded Claims, nor any known body of commercial ore.

~~(iii)~~

(iv)

Norma Sass and Ruf Claims, Nevada, U.S.A

Property Description and Location

The Norma Sass claims are an exploration-stage project located immediately south of the Gold Acres open pit mine and west of the Pipeline open pit mine. Drilling at Norma Sass, which is comprised of 36 claims covering 740 acres, has encountered gold hosted by favorable, lower-plate carbonate strata.

History and Exploration

Effective December 31, 1999, the Company and Levon Resources Ltd. (“Levon”), entered into a fourth amending agreement whereby Levon could earn an undivided 50% interest in the Norma Sass and Ruf Claims upon completion of certain terms. This agreement was further amended effective December 31, 2001 (but signed on October 3, 2002), whereby Levon was transferred a 33.3% interest in the Company’s interest in the Norma Sass and Ruf claims, in consideration of 300,000 common shares of Levon previously issued to the Company and the prior payment of $350,294 for exploration work. The Company currently owns a 66.6% interest in the Norma Sass and Ruf claims (subject to certain royalties to underlying property owners, as described below) following the execution of the December 2001 fifth amending agreement with Levon.

In January 2005, the Company announced the formation of an exploration agreement with Agnico-Eagle Mines Limited (“Agnico-Eagle”). The agreement covered the Norma Sass, Blue Nugget and Lander Ranch claims and also included the partnership with Levon. Under the agreement, Agnico-Eagle could earn a 51% interest in the Norma Sass, Blue Nugget and Lander Ranch claims by completing at least 45,000 feet of exploration drilling and paying certain advance royalties.

Agnico-Eagle mobilized a reverse circulation drill supplied by Lang Exploratory Drilling of Elko, Nevada to the Norma Sass property on May 15, 2006. Drilling commenced on the lander ranch target area and Agnico-Eagle drilled 15,000 feet in 12 to 15 holes on the Norma Sass and related properties. In February 2007, Agnico-Eagle notified the Company that it would not be continuing its option on the Company’s Norma Sass, Lander Ranch and Blue Nugget properties because of other corporate priorities. The Company was pleased with the work done by Agnico-Eagle as they successfully showed depths to the lower plate sequence across the Norma Sass ground and extended the area of gold mineralization at Lander Ranch.

The Company currently owns a 66.6% interest in the Norma Sass and Ruf Claims, after an option agreement with Levon was amended on October 3, 2002 transferring to Levon a 33.3% interest in the Norma Sass and Ruf Claims. Levon is a British Columbia company also engaged in the exploration of precious minerals and has three directors in common to the Company.

In September 2008, the Company entered into an exploration, development and mine operating agreement with Barrick Cortez wherein Barrick Cortez granted the option to acquire up to a 75% interest in the Company’s and Levon interests in the Norma Sass Property, Nevada.

In May 2009, Barrick Cortez announced plans to do target delineation work in the second quarter followed by deep drilling in the third quarter on the Norma Sass property.

In October 2009, Barrick commenced drilling hole NS 09-01 targeting the lower plate carbonate sequence. This hole was drilled at 70 degree dip on a northwesterly azimuth across a SW-NE striking fault which trends into Barrick’s Gold Acres pit one mile to the northeast and is thought to be related to mineralization at Gold Acres. The hole was started using a reverse circulation drill which encountered recovery problems at a depth of 1,680 feet and was replaced by a core drill which completed the hole to a final depth of 2,586 feet. The lower plate and wenban limestone were intersected starting at a depth of 1,330 feet and Roberts Mountain Formation was encountered from 1,830 feet to the bottom of the hole. These formations are the major host rocks for the gold deposits at the Pipeline, Gold Acres and Cortez Hills mines.

On November 3, 2010, Barrick Cortez notified the Company that it had terminated its option on the Norma Sass property. The Company continues to keep claims in good standing.

~~(iv)~~

(v)

~~June Claims~~

In 2008, the Company announced completion of a mineral lease with option to purchase agreement to explore, develop, and exploit six lode mining claims located in Lander County, State of Nevada (the “June Claims”). The June Claims are adjacent to the Company’s View Claims in the northwest section of its Robertson Property. The agreement is for an initial term of four years in consideration of the payment of an annual rent of US$25,000, renewable in successive four year terms, provided that the rent will increase by US$5,000 every four years. The property is subject to a royalty charge of 3% of net smelter returns (“NSR”), subject to the Company’s exclusive right to purchase the NSR for US$1,000,000 per percentage point upon notice to the Lessors. The Company also has the exclusive right to purchase the property, subject to the NSR, for US$1,000,000 upon notice to the Lessors.

On March 8, 2012, the Company renewed the agreement for a renewal term of four (4) years beginning on March 22, 2012 to March 22, 2016. The annual rent payment under this agreement has now increased by $5,000 for an aggregate annual rental payment of $30,000.

~~(v)~~

JDN Claims, Nevada, ~~U.S.A~~~~. (formerly~~U.S.A. (formerly known as the JD Mining Claim)

Property Description and Location

The JDN claims are located approximately 10 miles northwest of the Robertson property near Barrick’s Hilltop deposit. The property is comprised of 27 claims covering roughly 550 acres. Access to the JDN Claims from Elko, Nevada, a regional mining supply center, is via Highways 80 and 306, a distance of approximately 64 miles to the community of Crescent Valley and then an additional 11 miles on a gravel access road from Crescent Valley. A four-wheel drive vehicle is usually necessary to access all roads on the property. As of fiscal year 2001, the Company has written down the JDN Claims to a nominal value. There is no underground or surface plant or equipment located on the JDN Claims, nor any known body of commercial ore.

History and Exploration

On December 16, 1986, the Company acquired six mining claims on 550 acres of land near Crescent Valley Lander County, Nevada for US$10,000. Several claims were added in 1987 (from the JD Group). The JDN claims consisting of 27 potential lode mining claims totaling 560 acres are a re-staking of the original JD claims. The JDN Claims are located approximately three miles north of the Robertson Mining Claims. In 1987, geological mapping was conducted. In fiscal year 1994, the Company optioned a 50% interest in the JDN claims to Mill Bay Ventures Inc., formerly First International Metals Corp., referred to as “Mill Bay”, a company with two directors in common to the Company, for $10,000 and an initial installment of 50,000 common shares of Mill Bay. On February 5, 1997, Mill Bay exercised the option by issuing to the Company an additional 50,000 common shares and completion of specified exploration work.

Access to the JDN Claims from Elko, Nevada, a regional mining supply center, is via Highways 80 and 306, a distance of approximately 64 miles to the community of Crescent Valley and then an additional 11 miles on a gravel access road from the community of Crescent Valley. A four-wheel drive vehicle is usually necessary to access all roads on the property. As of fiscal year 2001, the Company has written down the JDN Claims to a nominal value. There is no underground or surface plant or equipment located on the JDN Claims, nor any known body of commercial ore.

(vi)

Eagle Claims, Nevada, U.S.A.

Property Description and Location

The Eagle Claims consist of 45 lode mineral claims, and are located at Corral Canyon, in Lander County, Nevada, approximately 10 kilometers north-northwest of Barrick’s Cortez gold mine and comprise a total of approximately 646 acres. The Eagle Claims are approximately three miles west of Crescent Valley, Nevada, and approximately 18 miles southeast of Battle Mountain, Nevada. Access to the Eagle Claims from Elko, Nevada, a regional mining supply center, is via Highways 80 and 306, a distance of approximately 56 miles and then an additional 8 miles on a gravel access road from the community of Crescent Valley. A four-wheel drive vehicle is usually necessary to access all roads on the property.

The Eagle Claims are subject to a 3% net smelter royalty to Geomex 8, which royalty shall cease at such time as the sum of US$1,250,000 has been paid to Geomex 8.

History and Exploration

In fiscal year 1994, the Company optioned a 50% interest in these claims to Levon for $10,000 and $100,000 Levon common shares. During 1996, Levon exercised its option and holds a 50% interest in the Eagle Claims with the Company. The Company has written down the Eagle Claims to a nominal value. There is no underground or surface plant or equipment on the Eagle Claims, or any known body of commercial ore.

(vii)

Ludlow Property, California, U.S.A.

Property Description and Location

The Company owns certain mining ~~property~~properties consisting of approximately 128 acres in San Bernardino County, California, referred to as the “Ludlow Property”. The purchase price for the Ludlow Property was $28,187, and as of January 31, 2000, the Company expended $36,885 on exploration costs. The property is located approximately six miles south of Ludlow, California, and is readily accessible by dirt road from Ludlow. Ludlow lies at the western junction of U.S. Highway 40 and Route 66. Old wagon roads allow any part of the property to be reached by an easy walk. The Ludlow property has previously been explored as evidenced by trenches, pits and shallow shafts and adits. The only recorded data relating to previous exploration applies to the Baghdad-Chase Mine which lies approximately two kilometers to the south of the Ludlow Property.

History and Exploration

There has been no underground exploration or development work done on the claims by the Company other than geochemical soil sampling and, to the Company’s knowledge, there is no record of the previous work carried out on the claims as indicated by the evidence of trenches, pits and shallow shafts and adits that are located thereon. No exploration work has been performed on the property for the past five fiscal years. In order to keep the mining title to the Ludlow Property in good standing, the Company is required to pay property taxes. The Company has written down the Ludlow Property to a nominal value. There is no surface or underground plant or equipment on the Ludlow Property, nor any known body of commercial ore.

Item 4A. Unresolved Staff Comments

Not Applicable.

Item 5. Operating and Financial Review and Prospects

The following discussion and analysis of financial condition and results of operations should be read in conjunction with the information contained in the annual audited consolidated financial statements and the notes thereto included in this annual report on Form 20-F. Such discussion and analysis is based upon our annual audited consolidated financial statements prepared in accordance with IFRS.

A.	Operating Results

Year ended January 31, ~~2014~~2015 compared to the year ended January 31, ~~2013.~~

2014

Operating and administrative expenses

Operating and administrative expenses were $538,469 for the year ended January 31, 2015 compared to $860,517 for ~~fiscal~~the year ended January 31, 2014, ~~compared to $1,365,288 for fiscal 2013,~~ a decrease of ~~$504,771.~~$322,048. Decreases in administrative and operating costs compared to the year ended January 31, 2014, include ~~$846,423~~decreases of $498,000 in ~~share-based payments, $60,213~~impairment of exploration and evaluation assets, $24,705 in investor relations and shareholder information costs, and ~~$58,003~~$48,970 in salaries and benefits. ~~Share-based payments expense decreased during~~Additionally, the ~~current year as no new stock options were granted. The~~ decrease of corporate activity resulted in decreases in most other expenses. An ~~impairment~~option grant and the related share-based payments of ~~exploration and evaluation assets expense of $498,528~~$259,163 increased the otherwise significantly reduced operating and administrative expenses.

~~Loss~~

Income for the year

The ~~loss~~income for ~~fiscal 2014~~the year ended January 31, 2015 was ~~$50,871~~$527 compared to a loss of ~~$1,542,564~~$50,871 for ~~fiscal 2013,~~the year ended January 31, 2014, a decrease in loss of ~~$1,491,693.~~$51,398. The decrease was primarily due to a decrease in operating and administrative expenses of ~~$504,771~~$322,048 as noted ~~above, a decrease of income tax expense by $795,833, and increases in other items of $191,089.~~above. During ~~fiscal 2014~~the year ended January 31, 2015, the Company recorded a gain in foreign exchange of ~~$7,903~~$28,798 as compared to a ~~foreign exchange loss~~gain of ~~$15,369~~$7,903 in ~~fiscal 2013. During fiscal 2013~~ the ~~Company recorded impairment loss on investments due to a long term decline of these investments of $40,337 compared to $nil in fiscal 2014.~~previous year. Deferred income tax recovery was $647,855 for ~~fiscal~~the year ended January 31, 2014 compared to a ~~deferred income tax expense~~recovery of ~~$147,978~~$476,720 for ~~fiscal 2013.~~the current year. A deferred tax recovery or expense arises due to differences in the carrying values of assets and liabilities and their tax values and the Company’s ability to utilize any of its deferred income tax assets to offset the deferred income liability. During ~~fiscal~~the year ended January 31, 2014, the Company recognized a gain on sale of investment of $107,300 on the sale of 370,000 shares of a related party compared to a gain on sale of investment of ~~$22,155~~$7,130 in ~~2013~~2015 on the sale of ~~58,500~~20,000 shares of a related party.

Currency Fluctuations

The Company’s currency fluctuation exposure is primarily due to the U.S. Dollar. The Company does not use derivative financial instruments for speculative trading purposes, nor does the Company hedge its foreign currency exposure to manage the Company’s foreign currency fluctuation risk. Fluctuations in and among the currencies in which the Company operates could have a material effect on the Company’s operations and its financial results.

B.	Liquidity and Capital Resources

Currently, the Company has no operating ~~income.~~income, but is earning interest income on its entire cash holdings. Historically, the Company has funded its operations through equity financings and the exercise of stock options and warrants.

During ~~fiscal 2014~~the year ended January 31, 2015 the Company incurred exploration expenditures ~~that increased its~~of $125,693, increasing the Company’s mineral property carrying value on the Robertson Property ~~and Ruff and Norma Sass Property~~ by $212,308 and $6,044 respectively, and recognized an additional reclamation provision of $43,000, and impairment losses of exploration and evaluation assets of $498,528 on its Robertson Property, resulting in a net decrease of its mineral property carrying value on the Robertson Property of $243,220.$118,555. At January 31, 2015, the Company had working capital of $11,324 and cash of $147,575.

In March 2014, the Company ~~had~~received $705,500 in a ~~working capital deficiency~~non-brokered private placement with Barrick Gold Corporation, in which Barrick subscribed for 4,150,000 of ~~$486,109~~the Company’s shares. These funds will be used to fund the next phase of development and to ensure that the Company has sufficient cash ~~and cash equivalents of $8,074.~~

~~The Company will require significant cash funding~~on hand to ~~conduct its planned exploration programs, meet its~~maintain administrative ~~overhead costs, and maintain its mineral properties in 2014.~~operations. The Company is in the exploration stage. The investment in and expenditures on the mineral property comprise substantially all of the Company’s assets. The recoverability of amounts shown for its mineral property interest and related deferred costs are dependent upon the continued support of its directors, the discovery of economically recoverable reserves, and the ability of the Company to obtain the financing necessary to complete development and achieve profitable operations in the future. The outcome of these matters cannot be predicted at this time.

Mineral exploration and development is capital intensive, and in order to maintain its ~~interests~~interest the Company will be required to raise new equity capital in the future. There is no assurance that the Company will be successful in raising additional new equity capital.

C.	Research and Development, Patents and Licenses, etc.

The Company is a mineral exploration company with no research and development policies. Refer to Part I Business overview for a summary of our exploration activities.

D.	Trend Information

As at the time of filing this Annual Report and as otherwise disclosed in this Annual Report, the Company is not aware of any specific trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the Company’s net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition. Many factors that are beyond the control of the Company can affect the Company’s operations, including, but not limited to, the price of minerals, the economy on a global scale, land and exploration permitting, and the appeal of investments in exploration companies. The appeal of exploration companies as investment alternatives could affect the liquidity of the Company and thus future exploration, development and financial conditions of the Company. Other factors such as retaining qualified mining personnel and contractor availability and costs could also impact the Company’s operations.

E.	Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

F.	Tabular Disclosure of Contractual Obligations

As at January 31, ~~2014,~~2015, the Company had the following contractual obligations:

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

	Payment due by period
	Total		1 year		1-3 Years		3-5 Years		More than 5 years
Trade payables and other payables	$	71,761	$	71,761	$	-	$	-	$	-
Reclamation Provision		566,410		-		-		566,410		-
Deferred Income Tax Liabilities		1,290,000		-		-		-		1,290,000
Total	$	1,928,171	$	71,761	$	-	$	566,410	$	1,290,000

The Company has a cost-sharing agreement to reimburse a related company, Oniva International Services Corp. (“Oniva”), for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on the total overhead and corporate expenses. The agreement may be terminated with ~~one-months’~~one-month notice by either party.

As of January 31, ~~2014,~~2015, the Company had no other contractual obligations.

G.	Safe Harbor

~~Not Applicable~~

All information that is not historical in nature disclosed under “Item 5 – Operating and Financial Review and Prospects” is deemed to be a forward looking statement. See “Forward-Looking Statements” for additional information.

Item 6. Directors, Senior Management and Employees

A.	Directors and Senior Management

The following is a list of the Company’s directors and senior management as at June ~~11, 2014.~~15, 2015. The directors are elected for a term of one year at the annual meeting of shareholders. This year’s annual meeting will be held on ~~July 31, 2014.~~

August 10, 2015.

Name	Position Held	Principal Occupation	Director/Officer Since
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	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.	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

Andrew Kaplan	Director	Business Consultant	July 2012

Pamela Saulnier*	Corporate Secretary	Corporate Secretary of the Company and Gray Rock Resources Ltd., and Corporate Secretary and Chief Financial Officer of Berkley Renewables Inc., Cresval Capital Corp., Deerhorn Metals Inc. and WestKam Gold Corp.	May 2013

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

_____________

*On April 26, 2013, Ms. Dorothy Chin resigned as Corporate Secretary and Ms. Pamela Saulnier was appointed Corporate Secretary.

~~Compensation~~

B.	Compensation

During the last completed fiscal year, the Company had two executive officers, namely its Chief Executive Officer (“CEO”), David Wolfin and its Chief Financial Officer (“CFO”), Malcolm Davidson.

1)	~~Compensation Discussion and Analysis~~

1)Compensation Discussion and Analysis

The Company does not have a compensation program other than paying base salaries, incentive bonuses, and incentive stock options to its executive officers. The Company recognizes the need to provide compensation package that will attract and retain qualified and experienced executives, as well as align the compensation level of each executive to that executive’s level of responsibility. The three components of the compensation package are included to enable the Company to meet different objectives. The objectives of base salary are to recognize market pay, and acknowledge the competencies and skills of individuals. The objective of incentive bonuses (paid in the form of cash payments) is to add a variable component of compensation to recognize corporate and individual performances for executive officers and employees. The objectives of stock option awards are to reward achievement of long-term financial and operating performance and focus on key activities and achievements critical to the ongoing success of the Company. Implementation of new incentive stock option plans and amendments to the existing stock option plan are the responsibility of the Company’s Compensation Committee.

The Company has no other forms of compensation, although payments may be made from time to time to individuals or companies they control for the provision of consulting services. Such consulting services are paid for by the Company at competitive industry rates for work of a similar nature by reputable arm’s length services providers.

The process for determining executive compensation relies solely on discussions amongst the board of directors of the Company (the “Board”) with the input from and upon the recommendations of the Compensation Committee, without any formal objectives criteria and analysis.

Actual compensation will vary based on the performance of the executives relative to the achievement of goals and the price of the Company’s securities.

Compensation Element	~~Description~~	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

~~Summary Compensation Table~~

2)Summary Compensation Table

The following table sets forth particulars concerning the compensation paid or accrued for services rendered to the Company in all capacities during the most recently completed financial year ended January 31, ~~2014~~2015 of the Company to its executive officers:

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
President, CEO & Director
2014 30,000 NIL NIL - - - 30,000
Malcolm Davidson
CFO
2014 18,823 NIL NIL - - - 18,823

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 President, CEO & Director		2015		30,000	NIL	$	102,000		-		-		-		132,000

Malcolm Davidson CFO		2015		4,037	NIL	$	17,000		-		-		-		21,037

_______________

¹The Company does not currently have any share-based award plans.

² The methodology used to calculate the grant date fair value is based on the Black-Scholes Option Pricing ~~Model.~~

Model using the following assumptions: exercise price: $0.24, expected life: 5 years, annualized volatility: 94.97%, dividend payments: $0.00, discount rate: 1.4%.

³The Company does not have any non-equity incentive plans or any pension plans.

Annual Base Salary

Base Salary for the executive officers is determined by the Board upon the recommendation of the Compensation Committee, and its recommendations are reached primarily by informal comparison of the remuneration paid by other reporting issuers with the same size and industry and with publicly available information on remuneration that the Compensation Committee feels is suitable.

The Annual Base Salary paid to the executive officers is, for the purpose of establishing appropriate increases, reviewed annually by the Board upon the recommendation of the Compensation Committee thereof as part of the annual review of executive officers. The decision on whether to grant an increase to the executive’s base salary and the amount of any such increase shall be in the sole discretion of the Board and Compensation Committee thereof.

Non-Equity Incentive Plan Compensation

One of the three components of the Company’s compensation package is a discretionary annual cash bonus, paid to recognize individual performance in attaining corporate goals and objectives. The Company does not have a long-term incentive plan.

Option Based Award

An Option Based Award is in the form of an incentive stock option plan. The objective of the incentive stock option is to reward executive officers, employees’ and directors’ individual performance at the discretion of the Board upon the recommendation of the Compensation Committee. The plan currently used by the Company is ~~2013~~2014 Stock Option Plan (the “Plan”), under which stock options have been granted and may be granted to purchase a number equal to 10% of the Company’s issued capital from time to time.

The Plan is administered by the Compensation Committee. The process the Company uses to grant option-based awards to executive officers is upon the recommendations of the Compensation Committee to the Board of Directors.

The role of the Compensation Committee is to recommend to the Board the compensation of the Company’s directors and the executive officers which the Committee feels is suitable.

As of January 31, ~~2014,~~2015, stock options to purchase a total of up to ~~3,155,000~~3,970,000 shares have been granted and remain outstanding under the Plan, leaving ~~2,304~~312,533 options available for issuance. All previous grants of option-based awards are taken into account when considering new grants.

3)	~~Incentive Plan Awards~~

3) Incentive Plan Awards

Outstanding share-based awards and option-based awards

The following table sets forth the options granted to the executive officers to purchase or acquire securities of the Company outstanding at the end of the most recently completed financial year ended January 31, ~~2014:~~

	~~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)~~
~~David Wolfin~~ ~~President, CEO and Director~~	~~90,000~~ ~~105,000~~ ~~55,000~~ ~~300,000~~ ~~220,000~~	~~$0.76~~ ~~$0.45~~ ~~$0.80~~ ~~$0.40~~ ~~$0.30~~	~~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~~ ~~CFO~~	~~20,000~~ ~~75,000~~ ~~40,000~~	~~$0.80~~ ~~$0.40~~ ~~$0.30~~	~~Jan 21, 2016~~ ~~Feb 22, 2017~~ ~~Oct. 12, 2017~~	~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~	~~Nil~~ ~~Nil~~ ~~Nil~~

2015:

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⁾

David Wolfin

105,000

0.45

Sep 17, 2015

Nil

President, CEO

55,000

0.80

Jan 21, 2016

Nil

and Director

300,000

0.40

Feb 22, 2017

Nil

220,000

0.30

Oct. 12, 2017

Nil

600,000

0.24

Mar. 14, 2019

Nil

Malcolm

20,000

0.80

Jan 21, 2016

Nil

Davidson

75,000

0.40

Feb 22, 2017

Nil

CFO

40,000

0.30

Oct. 12, 2017

Nil

100,000

0.24

Mar. 14, 2019

Nil

_______________

(1) In-the-Money Options is the difference between the market value of the underlying securities at January 31, ~~2014~~2015 and the exercise price of the option. The closing market price of the Company’s common shares as at January 31, ~~2014~~2015 was ~~$0.18~~$0.16 per common share.

Incentive plan awards – value vested or earned during the year

The following table sets forth the value vested or earned during the year of option-based awards, share-based awards and non-equity incentive plan compensation paid to executive officers during the most recently completed financial year ended January 31, ~~2014:~~

2015:

Name		Option-based awards – Value vested ~~during~~ ~~the~~duringthe year ($)⁽¹⁾	Share-based awards – Value vested ~~during~~ ~~the~~duringthe year ($)	Non-equity incentive plan compensation – Value earned during the year ($)
David Wolfin President, CEO and Director	~~Nil~~	Nil	Nil	Nil

Malcolm Davidson CFO	~~Nil~~	Nil	Nil	Nil

~~(1)~~

~~The options have no value since the exercise price was higher than the market price at the grant date.~~

4)	~~Pension Plan Benefits~~

______________

(1) The options have no value since the exercise price was equal to the market price at the grant date.

4) Pension Plan Benefits

No pension plan or retirement benefit plans have been instituted by the Company and none are proposed at this time.

5)	~~Termination and Change of Control Benefits~~

5) Termination and Change of Control Benefits

On February 1, 2015, the Company entered into a consulting agreement with Intermark Capital Corporation, a company owned by David Wolfin. The ~~Company does not have any employment contracts~~agreement contains certain provisions in connection with ~~the executive officers, and there are no contractual provisions for~~ termination of employment or change of control.

This Agreement can be terminated at any time as follows:

(a) by the Consultant electing to give the Company not less than 3 months prior notice of such termination;

(b) by the Company electing to give the Consultant 3 months prior notice of such termination along with a termination payment equal to the annual Consulting Fee; and

the event that there occurs a Change of Control (as defined below) within six (6) months of the effective date of such Change of Control, and if the Consultant so elects to terminate this Agreement, then the Consultant will be immediately entitled to a termination payment equal to CDN$150,000.

On February 1, 2015, the Company entered into an executive agreement with Malcolm Davidson, the named executive officer of the Company. The agreement contains certain provisions in connection with termination of employment or change of control.

This Agreement may be terminated at any time as follows:

(a) by the Executive electing to give the Company not less than 1 month’s prior notice of such termination for which Executive will be paid his salary, accrued bonuses, if any, and vacation earned and other amounts due to him up to the termination date;

(b) by the Company upon 1 month’s prior notice of such termination along with a termination payment equal to the Executive’s salary and accrued bonus earned during the preceding 12 months prior to the month notice of termination was given, plus any accrued vacation and other amounts due to him up to the termination date; or

(c) (1) by the Executive electing to give the Company notice, in the event that there occurs a Change of Control (as defined below) within 6 months of the effective date of such Change of Control, and if the Executive so elects to terminate this Agreement, or (2) by the Company upon notice to the Executive within 3 months prior to or within 6 months after a Change of Control is announced by the Company, then the Executive will be entitled receive on the date of termination a termination payment equal to CDN$50,000 and any accrued bonus earned during the preceding 12 months prior to the month notice of termination was given, plus any accrued vacation and other amounts due to him up to the termination date.

~~Director Compensation~~

A Change of Control shall be deemed to have occurred when:

(i) any person, entity or group becomes the beneficial owner of 20% or more of the combined voting power of the Company's then outstanding voting securities entitled to vote generally in the election of directors, and such person, entity or group uses such effective voting control to change a majority of the Board of Directors of the Company, either all at once or through any series of elections and appointments when considered together; or

(ii) completion of the sale or other disposition by the Company of all or substantially all of the Company's assets or a reorganization or merger or consolidation of the Company with any other entity or corporation, other than:

(A) a reorganization or merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent, either by remaining outstanding or by being converted into voting securities of another entity, more than 50.1% of the combined voting power of the voting securities of the Company or such other entity outstanding immediately after such reorganization or merger or consolidation; or

(B) a reorganization or merger or consolidation effected to implement a recapitalization or reincorporation of the Company (or similar transaction) that does not result in a material change in beneficial ownership of the voting securities of the Company or its successor.

6) Director Compensation

The Company pays its independent directors $750 per quarter and an additional $750 per quarter for being a member of three or more committees.

The following table sets forth the value of all compensation paid to the directors in their capacity as directors during the most recently completed financial year ended January 31, ~~2014:~~

Name
Fees earned
($)
Share-based awards
($)
Option-based awards
($)(1)
Non-equity incentive plan compensation
($)
Pension value
($)
All other compensation
($)
Total
($)
Gary Robertson* $6,000 NIL NIL NIL NIL NIL $6,000
Chris Sampson $18,000 NIL NIL NIL NIL NIL $18,000
David Wolfin(2)
NIL NIL NIL NIL NIL NIL NIL
Ronald Andrews* $6,000 NIL NIL NIL NIL NIL $6,000
Andrew Kaplan* $6,000 NIL NIL NIL NIL NIL $6,000

*	~~Independent and Non-Employee Directors.~~

~~(1)~~

~~The methodology used to calculate the grant date fair value is based on the Black-Scholes Option Pricing Model.~~

~~(2)~~

~~CEO, see Summary Compensation Table.~~

2015:

Name	Fees earned ($)		Share-based awards ($)	Option-based awards ($)⁽¹⁾		Non-equity incentive plan compensation ($)	Pension value ($)	All other compensation ($)	Total ($)
Gary Robertson*	$	6,000	NIL	$	17,000	NIL	NIL	NIL	$	23,000
Chris Sampson	$	14,835	NIL	$	8,500	NIL	NIL	NIL	$	23,335
David Wolfin⁽²⁾		NIL	NIL		NIL	NIL	NIL	NIL		NIL
Ronald Andrews*	$	6,000	NIL	$	17,000	NIL	NIL	NIL	$	23,000
Andrew Kaplan*	$	6,000	NIL	$	17,000	NIL	NIL	NIL	$	23,000

_______________

* Independent and Non-Employee Directors.

⁽¹⁾The methodology used to calculate the grant date fair value is based on the Black-Scholes Option Pricing Model.

⁽²⁾CEO, see Summary Compensation Table.

No director of the Company who is not a named executive officer has received, during the most recently completed financial year, compensation pursuant to:

~~(a)~~

(a)

any standard arrangement for the compensation of directors for their services in their capacity as directors, including any additional amounts payable for committee participation or special assignments;

~~(b)~~
	(b)	any other arrangement, in addition to, or in lieu of, any standard arrangement, for the compensation of directors in their capacity as directors except for the granting of stock options; or

~~(c)~~
	(c)	any arrangement for the compensation of directors for services as consultants or experts.

The Company may grant incentive stock options to directors of the Company from time to time pursuant to the stock option plan of the Company and in accordance with the policies of the TSX-V.

Outstanding share-based awards and option-based awards

The following table sets forth the options granted to the directors to purchase or acquire securities of the Company outstanding at the end of the most recently completed financial year ended January 31, ~~2014:~~

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)
Gary Robertson
50,000
50,000
40,000
75,000
75,000
$0.76
$0.45
$0.80
$0.40
$0.30
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
Chris Sampson
25,000
50,000
40,000
75,000
40,000
$0.76
$0.45
$0.80
$0.40
$0.30
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
Ronald Andrews
50,000
50,000
40,000
75,000
40,000
$0.76
$0.45
$0.80
$0.40
$0.30
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
Andrew kaplan 75,000 $0.30 Oct. 12, 2017 Nil Nil Nil

~~(1)~~

In-the-Money Options is the difference between the market value of the underlying securities at January 31, 2014 and the exercise price of the option. The closing market price of the Company's common shares as at January 31, 2014 was $0.18 per common share.

2015:

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⁾

GARY ROBERTSON

50,000

0.45

Sep 17, 2015

Nil

40,000

0.80

Jan 21, 2016

Nil

75,000

0.40

Feb 22, 2017

Nil

75,000

0.30

Oct. 12, 2017

Nil

100,000

0.24

Mar. 14, 2019

Nil

CHRIS SAMPSON

50,000

0.45

Sep 17, 2015

Nil

40,000

0.80

Jan 21, 2016

Nil

75,000

0.40

Feb 22, 2017

Nil

40,000

0.30

Oct. 12, 2017

Nil

50,000

0.24

Mar. 14, 2019

Nil

RONALD ANDREWS

50,000

0.45

Sep 17, 2015

Nil

40,000

0.80

Jan 21, 2016

Nil

75,000

0.40

Feb 22, 2017

Nil

40,000

0.30

Oct. 12, 2017

Nil

100,000

0.24

Mar. 14, 2019

Nil

ANDREW KAPLAN

75,000

0.30

Oct. 12, 2017

Nil

100,000

0.24

Mar. 14, 2019

Nil

______________

(1) In-the-Money Options is the difference between the market value of the underlying securities at January 31, 2015 and the exercise price of the option. The closing market price of the Company's common shares as at January 31, 2015 was $0.16 per common share.

Incentive plan awards – value vested or earned during the year

An “incentive plan” is any plan providing compensation that depends on achieving certain performance goals or similar conditions within a specific period. An “incentive plan award” means compensation awarded, earned, paid or payable under an incentive plan.

The following table sets forth the value vested or earned during the year of option-based awards, share-based awards and non-equity incentive plan compensation paid to directors during the most recently completed financial year ended January 31, ~~2014:~~

2015:

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 ($)
Gary Robertson	Nil	Nil	Nil
Chris Sampson	Nil	Nil	Nil
Ronald Andrews	Nil	Nil	Nil
Andrew kaplan	Nil	Nil	Nil

______________

(1) The aggregate dollar value that would have been realized if the options granted during the year had been exercised on the vesting date.



~~Gary Robertson~~	~~Nil~~	~~Nil~~	~~Nil~~
~~Chris Sampson~~	~~Nil~~	~~Nil~~	~~Nil~~
~~Ronald Andrews~~	~~Nil~~	~~Nil~~	~~Nil~~
~~Andrew kaplan~~	~~Nil~~	~~Nil~~	~~Nil~~

~~(1)~~

~~The aggregate dollar value that would have been realized if the options granted during the year had been exercised on the vesting date.~~

Termination of Employment, Changes in Responsibilities and Employment Contracts

~~The~~

On February 1, 2015, the Company ~~does not have~~entered into a consulting agreement with Intermark Capital Corporation, a company wholly owned by David Wolfin, the named executive officer of the Company.

On February 1, 2015, the Company entered into an ~~employment contract~~executive agreement with Malcolm Davidson, the named executive ~~officers,~~officer of the Company.

Please see “Termination and ~~there are no contractual provisions~~Change of Control Benefits” above for ~~termination of employment or change in responsibilities.~~

details.

C.	Board Practices

The Board is currently comprised of five directors. The size and experience of the Board is important for providing the Company with effective governance in the mining industry. The Board’s mandate and responsibilities can be effectively and efficiently administered at its current size. The Board has functioned, and is of the view that it can continue to function, independently of management as required. Directors are elected for a term of one year at the annual general meeting. At the Company’s previous annual general meeting, held on July ~~24, 2013,~~31, 2014, the shareholders elected Ronald Andrews, Gary Robertson, Chris Sampson, David Wolfin, and Andrew Kaplan as directors.

The Board has considered the relationship of each director to the Company and considers three of the five directors to be “unrelated” (Messrs. Andrews, Robertson and Kaplan). “Unrelated director” means a director who is independent of management and free from any interest and any business or other relationship which could reasonably be perceived to materially interfere with the director’s ability to act with a view to the best interest of the Company, other than interests and relationships arising solely from shareholdings.

David Wolfin is President and Chief Executive Officer of the Company and is not independent. Chris Sampson is also the Vice-President of Exploration of the Company and is not independent.

The Board has addressed the related directorship issues and intends, given a transitional period, to eventually be comprised of a majority of unrelated directors. Procedures are in place to allow the Board to function independently. At the present time, the Board has experienced directors that have made a significant contribution to the Company’s success, and are satisfied that it is not constrained in its access to information, in its deliberations or in its ability to satisfy the mandate established by law to supervise the business and affairs of the Company. The Company’s chairman and independent directors meet in the absence of managing directors. Committees meet independent of management and other directors. Committees appoint a chairman from their number who presides over the committee meetings.

Mandate of the Board of Directors, its Committees and Management

The role of the Board is to oversee the conduct of the Company’s business, including the supervision of management, and determining the Company’s strategy. Management is responsible for the Company’s day to day operations, including proposing its strategic direction and presenting budgets and business plans to the Board for consideration and approval. The strategic plan takes into account, among other things, the opportunities and risks of the Company’s business. Management provides the Board with periodic assessments as to those risks and the implementation of the Company’s systems to manage those risks. The Board reviews the personnel needs of the Company from time to time, having particular regard to succession issues relating to senior management. Management is responsible for the training and development of personnel. The Board assesses how effectively the Company communicates with shareholders, but has not adopted a formal communications policy. Through the audit committee, and in conjunction with its auditors, the Board assesses the adequacy of the Company’s internal control and management information systems. The Board looks to management to keep it informed of all significant developments relating to or effecting the Company’s operations. Major financings, acquisitions, dispositions and investments are subject to Board approval. A formal mandate for the Board and the Chief Executive Officer has not been considered necessary since the relative allocation of responsibility is well understood by both management and the Board.

The Board and committees may take action at regularly held meetings or at a meeting by conference call or by written consent.

Committees

Corporate Governance Committee

The Corporate Governance Committee assists the Board in establishing the Company’s corporate governance policies and practices generally identifying individuals qualified to become members of the Board, reviewing the composition and functioning of the Board and its committees and making recommendations to the Board as appropriate. When considering nominees to the Board the Corporate Governance Committee’s mandate requires that it consider the current composition of the Board and give consideration to candidates having experience in the industry, life experience and background. The Corporate Governance Committee is also responsible for the Company’s corporate governance guidelines. The Corporate Governance Committee may retain legal or other advisors.

The Corporate Governance Committee currently consists of three directors (Messrs. Ronald Andrews, Andrew Kaplan and Chris Sampson), all of whom are considered independent.

Audit Committee

The Audit Committee assists the Board in its oversight of the Company’s financial statements and other related public disclosures, the Company’s compliance with legal and regulatory requirements relating to financial reporting, the external auditors, qualifications and independence and the performance of the internal audit function and the external auditors. The Audit Committee has direct communications channels with the Company’s auditors. The Audit Committee reviews the Company’s financial statements and related management’s discussion and analysis of financial and operating results. The Audit Committee can retain legal, accounting or other advisors.

The Audit Committee consists of Gary Robertson, Ronald Andrews and Chris Sampson, all of whom are financially literate. Currently, the Audit Committee has at least one member with accounting or related financial management expertise. “Financially literate” means the ability to read and understand a balance sheet, an income statement, and a cash flow statement. “Accounting or related financial expertise” means the ability to analyze and interpret a full set of financial statements, including the notes attached thereto, in accordance with IFRS. Gary Robertson and Ronald Andrews are both independent, having no direct or indirect material relationship with the Company which could, in the view of the Board, reasonably interfere with the exercise of a member’s independent judgment.

It is intended that this Audit Committee eventually will be comprised solely of unrelated directors.

The Board has adopted a charter for the Audit Committee which is reviewed annually and sets out the role and oversight responsibilities of the Audit Committee with respect to:

its relationship with and expectation of the external auditors, including the establishment of the independence of the external auditor and the approval of any non-audit mandates of the external auditor;

·
	·	determination of which non-audit services the external auditor is prohibited from providing;

·
	·	the engagement, evaluation, remuneration, and termination of the external auditors;

·
	·	appropriate funding for the payment of the auditor’s compensation and for any advisors retained by the Audit Committee;

·
	·	its relationship with and expectation of the internal auditor;

·
	·	its oversight of internal control;

·
	·	disclosure of financial and related information; and

·
	·	any other matter that the Audit Committee feels is important to its mandate or that which the Board chooses to delegate to it.

Compensation Committee

The Compensation Committee recommends to the Board the compensation of the Company’s directors and the Chief Executive Officer which the Compensation Committee feels is suitable. Its recommendations are reached primarily by comparison of the remuneration paid by the Company with publicly available information on remuneration paid by other reporting issuers that the Compensation Committee feels are similarly placed within the same business of the Company.

The Compensation Committee consists of three directors (Mssrs. Robertson, Andrews and Kaplan), all of whom are considered independent.

Employees

As at January 31, ~~2014,~~2015, the Company has ~~one full-time employee located in Nevada, United States.~~no employees. The Company’s senior management as well as administrative and corporate services are located in Canada; however, these people are not considered employees of the Company in a legal sense. Senior management and administrative staff are contracted by the Company through their companies or through the Company’s cost sharing agreement for overhead and corporate services with Oniva.

E.	Share Ownership

The following table sets out the share ownership of the individuals referred to in “Compensation” as of June ~~11, 2014~~

Name of Beneficial Owner Number of Shares Percent

Chris Sampson 66,300 *
Ronald Andrews 55,000 *
Gary Robertson 338,550 *
David Wolfin 2,391,300 5.7 %
Malcolm Davidson - N/A
Andrew Kaplan - N/A

15, 2015

Name of Beneficial Owner	Number of Shares		Percent
Chris Sampson		66,300		*
Ronald Andrews		55,000		*
Gary Robertson		338,550		*
David Wolfin		2,395,300		5.59	%
Malcolm Davidson		-		N/A
Andrew Kaplan		-		N/A

_________________

*Less than one percent

Outstanding Options

The following information, as of June ~~11, 2014,~~15, 2015, reflects outstanding options held by the individuals referred to in “Compensation”:

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

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

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

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

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

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

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

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

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

* Louis Wolfin ceased to be a director on July 16, 2012.

Item 7. Major Shareholders and Related Party Transactions

A.	Major Shareholders

To the knowledge of the Company, it is not directly or indirectly owned or controlled by any other corporation or by the Canadian Government, or any foreign government, or by any other natural or legal person.

As of June ~~11, 2014,~~15, 2015, to the knowledge of the Company, no person owned more than five (5%) per cent of the outstanding shares of each class of the Company’s voting securities other than:

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

Name	Number of Voting Securities		Percentage
Barrick Gold Corporation		4,150,000		9.69	%
David Wolfin		2,395,300		5.59	%

B.	Related Party Transactions

Related party transactions are measured at the estimated fair values of the services provided or goods received. Related party transactions not disclosed elsewhere ~~in these consolidated financial statements~~ are as follows:

a)	~~Management transactions~~

a) Management transactions

Key management personnel include the members of the Board of Directors and officers of the Company, who have the authority and responsibility for planning, directing and controlling the activities of the Company. The remuneration of directors and officers during the years ended January 31 was as follows:

2014 2013 2013
Salaries, bonuses, fees and benefits
Members of the Board of Directors $ 66,000 $ 110,564 $ 117,000
Other members of key management 43,707 57,162 47,774

Share-based payments
Members of the Board of Directors - 269,501 -
Other members of key management - 50,821 -
$ 109,707 $ 488,048 $ 164,774

	2015		2014		2013

Salaries, bonuses, fees and benefits
Members of the Board of Directors	$	62,835	$	66,000	$	110,564
Other members of key management		24,067		43,707		57,162

Share-based payments
Members of the Board of Directors		161,500		-		269,501
Other members of key management		34,000		-		50,821
	$	282,402	$	109,707	$	488,048

b) In the normal course of operations the Company transacts with companies related to its directors or officers. The following amounts are receivable from a related party:

	January 31, 2015		January 31, 2014		January 31, 2013
Levon Resources Ltd. (i)	$	58,903	$	43,908	$	33,043
Great Thunder Gold Corp. (i)		-		2,263		-
	$	58,903	$	46,171	$	33,043

(i) Levon Resources Ltd and Great Thunder Gold Corp. (formerly Mill Bay Ventures Ltd) are public company related by way of a common directors.

c) In the normal course of operations the Company transacts with companies related to its directors or officers. The following amounts are payable to related parties:

	January 31, 2015		January 31, 2014		January 31, 2013
Directors	$	52,500	$	34,500	$	16,500
Oniva International Services Corp. (i)		5,514		153,566		131,269
Sampson Engineering Inc. (ii)		1,200		18,641		12,641
Wear Wolfin Designs Inc. (iii)		5,250		13,860		7,840
Saulnier Capital Consulting Corp.(iv)		1,103		4,028		-
Frobisher Securities Ltd. (v)		4,200		4,200		7,026
Intermark Capital Corp. (vi)		13,125		34,650		19,600
	$	82,892	$	263,445	$	194,876

(i) Oniva is a private company related by way of common management and directors.

(ii) Sampson Engineering is a private company controlled by a director.

(iii) Wear Wolfin Designs Inc. is a private company controlled by a former director and is related to an officer of the Company.

(iv) Saulnier Capital Consulting Corp is a private company controlled by an officer.

(v) Frobisher Securities Ltd is a private company controlled by former director and is related to an officer of the Company.

(vi) Intermark Capital Corp is a private company controlled by an officer and director.

~~In the normal course of operations the Company transacts with companies related to its directors or officers. The following amounts are receivable from a related party:~~

January 31,
2014

January 31,
2013

January 31,
2012

Levon Resources Ltd. (i) $ 43,908 $ 33,043 $ 26,916
Great Thunder Gold Corp. (i) 2,263 - -
$ 46,171 $ 33,043 $ 26,916

~~(i)~~

~~Levon Resources Ltd and Great Thunder Gold Corp. (formerly Mill Bay Ventures Ltd) are public company related by way of a common directors.~~

c)	~~In the normal course of operations the Company transacts with companies related to its directors or officers. The following amounts are payable to related parties:~~

January 31,
2014

January 31,
2013

January 31,
2012

Directors $ 34,500 $ 16,500 $ 11,876
Oniva International Services Corp. (i) 153,566 131,269 22,134
Sampson Engineering Inc. (ii) 18,641 12,641 3,615
Wear Wolfin Designs Inc. (iii) 13,860 7,840 -
Saulnier Capital Corp.(iv) 4,028 - -
Frobisher Securities Ltd. (v) 4,200 7,026 -
Intermark Capital Corp. (vi) 34,650 19,600 -
$ 263,445 $ 194,876 $ 37,625

~~(i)~~

~~Oniva and ABC Drilling are private companies related by way of common management and directors.~~

~~(ii)~~

~~Sampson Engineering is a private company controlled by a director.~~

~~(iii)~~

~~Wear Wolfin Designs Inc. is a private company controlled by a former director and is related to an officer of the Company.~~

~~(iv)~~

~~Saulnier Capital Corp is a private company controlled by an officer.~~

~~(v)~~

~~Frobisher Securities Ltd is a private company controlled by former director and is related to an officer of the Company.~~

~~(vi)~~

~~Intermark Capital Corp is a private company controlled by an officer and director.~~

d)	~~Other related party transactions~~

d) Other related party transactions

The Company has a cost-sharing agreement to reimburse Oniva International Services Corp. (“Oniva”), as described in Note 12 of the audited consolidated financial statements. The transactions with Oniva during the years ended January 31 are summarized below:

2014 2013 2012
Salaries and benefits $ 77,785 $ 132,884 $ 150,725
Office and miscellaneous 48,489 98,036 116,160
$ 126,274 $ 230,920 $ 266,885

	2015		2014		2013

Salaries and benefits	$	40,640	$	77,785	$	132,884
Office and miscellaneous		26,035		48,489		98,036

	$	66,675	$	126,274	$	230,920

The Company has entered into a cost-sharing agreement to reimburse Oniva for a variable percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on the total overhead and corporate expenses referred to above. The agreement may be terminated with one month’s notice by either party.

Amounts receivable from a related party as at January 31, ~~2014~~2015 is comprised of ~~$87,473~~$108,620 ((US$~~78,535)~~85,453) (January 31, ~~2013~~2014 - US$~~72,245)~~78,535)) less an allowance for non-collection of ~~$43,564~~$49,717 ((US$39,113) (January 31, ~~2013~~2014 - US$39,113)) due from a company related by common directors. Amounts due from another company related by common directors as at January 31, 2014 is comprised of ~~$2,263~~$Nil ((US$~~2,032)~~Nil) (January 31, 2013 - US$~~Nil)~~2,032)).

Amounts due are without stated terms of interest or repayment.

C.	Interests of Experts and Counsel

Not Applicable.

Item 8. Financial Information

A.	Consolidated Statements and Other Financial Information

The following financial statements of the Company are included under Item 18 to this Annual Report and include the following:

Independent Auditors’ Report;

·
	·	Consolidated Statements of Financial Position as at January 31, ~~2014~~2015 and January 31, ~~2013;~~2014;

·
	·	Consolidated Statements of Operations and Comprehensive ~~Loss~~Income (Loss) for the years ended January 31, 2015, 2014 ~~2013~~ and ~~2012;~~2013;

·
	·	Consolidated Statements of ~~Changes in~~ Equity for the years ended January 31, ~~2013, 2012~~2015, 2014 and ~~2011;~~2013;

·
	·	Consolidated Statements of Cash Flows for the years ended January 31, 2015, 2014 ~~2013~~ and ~~2012;~~2013; and

·
	·	Notes to the Consolidated Financial Statements.

Legal Proceedings

The Company is not involved in any legal or arbitration proceedings, including those relating to bankruptcy, receivership or similar proceedings and those involving any third party, which may have, or had in the recent past, significant effects on the Company’s financial position or profitability, including governmental proceedings pending or known to be contemplated.

Dividend Policy

The Company has never paid any dividends and does not intend to in the near future.

B.	Significant Changes

Except as otherwise disclosed in this annual report, there have been no material changes in our financial position, operations or cash flows since January 31, ~~2014.~~

2015.

Item 9. The Offer and Listing

A.	Offer and Listing Details

The following table sets forth the high and low prices expressed in Canadian dollars on the TSX-V and in United States dollars on the OTCBB for the Company’s common shares for the past five years, for each quarter for the last two fiscal years, and for the last six months.

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
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

	TSX-V (Canadian Dollars)				OTCBB (United States Dollars)
Last Six Months	High		Low		High		Low
May 2015		0.13		0.08		0.10		0.07
April 2015		0.14		0.11		0.11		0.09
March 2015		0.18		0.12		0.15		0.10
February 2015		0.17		0.14		0.13		0.11
January 2015		0.20		0.13		0.14		0.11
December 2014		0.17		0.11		0.15		0.11

2014-2015 Quarters	High		Low		High		Low
Fourth Quarter ended January 31, 2015		0.20		0.11		0.15		0.10
Third Quarter ended October 31, 2014		0.26		0.11		0.23		0.10
Second Quarter ended July 31, 2014		0.26		0.17		0.24		0.15
First Quarter ended April 30, 2014		0.31		0.12		0.27		0.13

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

Last Five Fiscal Years	High		Low		High		Low
2015		0.31		0.11		0.27		0.10
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

B.	Plan of Distribution

Not Applicable.

C.	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

Not applicable.

F.	Expenses of the Issue

Not applicable.

Item 10. Additional Information

A.	Share Capital

Not ~~applicable~~.

applicable.

B.	Memorandum and Articles of Association

~~Coral~~

Carol 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 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 “BritishColumbia 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.

E.	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

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:

Distributions made by the Company during a taxable year to a United States Investor who owns shares in the Company that are an “excess distribution” (defined generally as the excess of the amount received with respect to the shares in any taxable year over 125% of the average received in the shorter of either the three previous years or such United States Investor’s holding period before the taxable year) must be allocated ratably to each day of such shareholder’s holding period. The amount allocated to the current taxable year and to years when the corporation was not a PFIC must be included as ordinary income in the shareholder’s gross income for the year of distribution. The remainder is not included in gross income but the shareholder must pay a deferred tax on that portion. The deferred tax amount, in general, is the amount of tax that would have been owed if the allocated amount had been included in income in the earlier year, plus interest. The interest charge is at the rate applicable to deficiencies in income taxes.

	2.
	2.	The entire amount of any gain realized upon the sale or other disposition of the shares will be treated as an excess distribution made in the year of sale or other disposition and as a consequence will be treated as ordinary income and, to the extent allocated to years prior to the year of sale or disposition, will be subject to the interest charge described above.

A shareholder that makes a section 1295 election will be currently taxable on his or her pro rata share of the Company’s ordinary earnings and net capital gain (at ordinary income and capital gains rates, respectively) for each taxable year of the Company, regardless of whether or not distributions were received. The shareholder’s basis in his or her shares will be increased to reflect taxed but undistributed income. Distributions of income that had previously been taxed will result in a corresponding reduction of basis in the shares and will not be taxed again as a distribution to the shareholder.

A shareholder may make a section 1295 election with respect to a PFIC for any taxable year of the shareholder (a “shareholder’s election year”). A section 1295 election is effective for the shareholder’s election year and all subsequent taxable years of the shareholder. Procedures exist for both retroactive elections and filing of protective statements. Once a section 1295 election is made it remains in effect, although not applicable, during those years that the Company is not a PFIC. Therefore, if the Company re-qualifies as a PFIC, the section 1295 election previously made is still valid and the shareholder is required to satisfy the requirements of that election. Once a shareholder makes a section 1295 election, the shareholder may revoke the election only with the consent of the Commissioner.

If the shareholder makes the section 1295 election for the first tax year of the Company as a PFIC that is included in the shareholder’s holding period, the PFIC qualifies as a pedigreed QEF with respect to the shareholder. If a QEF is an unpedigreed QEF with respect to the shareholder, the shareholder is subject to both the non-QEF and QEF regimes. Certain elections are available which enable shareholders to convert an unpedigreed QEF into a pedigreed QEF thereby avoiding such dual application.

A shareholder making the section 1295 election must make the election on or before the due date, as extended, for filing the shareholder’s income tax return for the first taxable year to which the election will apply. A shareholder must make a section 1295 election by completing Form 8621, attaching said Form to its federal income tax return, and reflecting in the Form the information provided in the PFIC Annual Information Statement or if the shareholder calculated the financial information, a statement to that effect. The PFIC Annual Information Statement must include the shareholder’s pro rata shares of the ordinary earnings and net capital gain of the PFIC for the PFIC’s taxable year or information that will enable the shareholder to calculate its pro rata shares. In addition, the PFIC Annual Information Statement must contain information about distributions to shareholders and a statement that the PFIC will permit the shareholder to inspect and copy its permanent books of account, records, and other documents of the PFIC necessary to determine that the ordinary earnings and net capital gain of the PFIC have been calculated according to federal income tax accounting principles. A shareholder may also obtain the books, records and other documents of the foreign corporation necessary for the shareholder to determine the correct earnings and profits and net capital gain of the PFIC according to federal income tax principles and calculate the shareholder’s pro rata shares of the PFIC’s ordinary earnings and net capital gain. In that case, the PFIC must include a statement in its PFIC Annual Information Statement that it has permitted the shareholder to examine the PFIC’s books of account, records, and other documents necessary for the shareholder to calculate the amounts of ordinary earnings and net capital gain. A shareholder that makes a Section 1295 election with respect to a PFIC held directly or indirectly, for each taxable year to which the Section 1295 election applies, must comply with the foregoing submissions.

Because the Company’s stock is “marketable” under section 1296(e), a U.S. Investor may elect to mark the stock to market each year. In general, a PFIC shareholder who elects under section 1296 to mark the marketable stock of a PFIC includes in income each year an amount equal to the excess, if any, of the fair market value of the PFIC stock as of the close of the taxable year over the shareholder’s adjusted basis in such stock. A shareholder is also generally allowed a deduction for the excess, if any, of the adjusted basis of the PFIC stock over the fair market value as of the close of the taxable year. Deductions under this rule, however, are allowable only to the extent of any net mark to market gains with respect to the stock included by the shareholder for prior taxable years. While the interest charge regime under the PFIC rules generally does not apply to distributions from and dispositions of stock of a PFIC where the U.S. Investor has marked to market, coordination rules for limited application will apply in the case of a U.S. Investor that marks to market PFIC stock later than the beginning of the shareholder’s holding period for the PFIC stock.

Special rules apply with respect to the calculation of the amount of the foreign tax credit with respect to excess distributions by a PFIC or inclusions under a QEF.

Controlled Foreign Corporation.

Sections 951 through 964 and Section 1248 of the Internal Revenue Code (the “Code”) relate to controlled foreign corporations, referred to as “CFCs”. A foreign corporation that qualifies as a CFC will not be treated as a PFIC with respect to a shareholder during the portion of the shareholder’s holding period after December 31, 1997, during which the shareholder is a 10% United States shareholder and the corporation is a CFC. The PFIC provisions continue to apply in the case of PFIC that is also a CFC with respect to shareholders that are less than 10% United States shareholders.

The 10% United States shareholders of a CFC are subject to current United States tax on their pro rata shares of certain income of the CFC and their pro rata shares of the CFC’s earnings invested in certain United States property. The effect is that the CFC provisions may impute some portion of such a corporation’s undistributed income to certain shareholders on a current basis and convert into dividend income some portion of gains on dispositions of stock, which would otherwise qualify for capital gains treatment.

The Company does not believe that it is not and will not be a CFC. It is possible that the Company could become a CFC in the future. Even if the Company were classified as a CFC in a future year, however, the CFC rules referred to above would apply only with respect to 10% shareholders.

Personal Holding Company/Foreign Personal Holding Company/Foreign Investment Company

A corporation will be classified as a personal holding company (a “PHC”) if at any time during the last half of a tax year (i) five or fewer individuals (without regard to their citizenship or residence) directly or indirectly or by attribution own more than 50% in value of the corporation’s stock and (ii) at least 60% of its ordinary gross income, as specially adjusted, consists of personal holding company income (defined generally to include dividends, interest, royalties, rents and certain other types of passive income). A PHC is subject to a United States federal income tax of 39.6% on its undistributed personal holding company income (generally limited, in the case of a foreign corporation, to United States source income).

A corporation will be classified as a foreign personal holding company (an “FPHC”) and not a PHC if at any time during a tax year (i) five or fewer individual United States citizens or residents directly or indirectly or by attribution own more than 50% of the total combined voting power or value of the corporation’s stock and (ii) at least 60% of its gross income consists of foreign personal holding company income (defined generally to include dividends, interest, royalties, rents and certain other types of passive income). Each United States shareholder in a FPHC is required to include in gross income, as a dividend, an allocable share of the FPHC’s undistributed foreign personal holding company income (generally the taxable income of the FPHC, as specially adjusted).

A corporation will be classified as a foreign investment company (an “FIC”) if for any taxable year it: (i) is registered under the Investment Company Act of 1940, as amended, as a management company or share investment trust or is engaged primarily in the business of investing or trading in securities or commodities (or any interest therein); and (ii) 50% or more of the value or the total combined voting power of all the corporation’s stock is owned directly or indirectly (including stock owned through the application of attribution rules) by United States persons. In general, unless an FIC elects to distribute 90% or more of its taxable income (determined under United States tax principles as specially adjusted) to its shareholders, gain on the sale or exchange of FIC stock is treated as ordinary income (rather than capital gain) to the extent of such shareholder’s ratable share of the corporation’s earnings and profits for the period during which such stock was held.

The Company believes that it is not and will not be a PHC, FPHC or FIC. However, no assurance can be given as to the Company’s future status.

U.S. Information Reporting and Backup Withholding

Dividends are generally subject to the information reporting requirements of the Code. Dividends may be subject to backup withholding at the rate of 31% unless the holder provides a taxpayer identification number on a properly completed Form W-9 or otherwise establishes an exemption.

The amount of any backup withholding will not constitute additional tax and will be allowed as a credit against the United States Investor’s federal income tax liability.

Filing of Information Return.

Under a number of circumstances, a United States Investor acquiring shares of the Company may be required to file an information return. In particular, any United States Investor who becomes the owner, directly or indirectly, of 10% or more of the shares of the Company will be required to file such a return. Other filing requirements may apply and United States Investors should consult their own tax advisors concerning these requirements.

F.	Dividends and Paying Agents

Not applicable.

Statement by Experts

Not applicable.

H.	Documents on Display

The Company is required to file financial statements and other information with the Securities Commission in the Provinces of British Columbia, Ontario and Alberta, electronically through the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) which can be viewed at www.sedar.com.

The Company files annual reports and furnishes other information with the SEC. You may read and copy any document that we file at the SEC’s Public Reference Room at 450 Fifth Street, N.W., Room 1024, Washington, D.C. 20549 or by accessing the Commission’s website (http://www.sec.gov).

Copies of the Company’s material contracts are kept in the Company’s administrative headquarters.

I.	Subsidiary Information

Not applicable.

Item 11. Quantitative and Qualitative Disclosures About Financial Instrument Risks

We are exposed to various risks including currency risks, credit risks, liquidity risks and interest rate risks, which may affect our results of operations and financial condition and, consequently, the value of our company.

a)	~~Credit risk~~

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company’s cash and cash equivalents is exposed to credit risk. The Company is not exposed to significant credit risk on amounts receivable (excluding HST).

~~The Company manages credit risk, in respect of cash, by maintaining the majority of cash at high credit rated Canadian financial institutions.~~

Concentration of credit risk exists with respect to the Company’s cash and cash equivalents and reclamation deposits as the majority of the amounts are held with a single Canadian and US financial institution. The Company’s concentration of credit risk, and maximum exposure thereto, is as follows:

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

b)	~~Liquidity risk~~

~~Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due.~~

The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities. The Company has cash and cash equivalents at January 31, 2014 in the amount of $8,074 (January 31, 2013 - $14,450) in order to meet short-term business requirements. At January 31, 2014, the Company had current liabilities of $499,993 (January 31, 2013 - $595,964). Accounts payable have contractual maturities of approximately 30 days, and are subject to normal trade terms. Amounts due to related parties are without stated terms of interest or repayment.

The Company will require significant cash funding to conduct its planned exploration programs, meet its administrative overhead costs and maintain its mineral properties in 2014. This will require the Company to continue to monitor its financing requirements

c)	~~Market risk~~

~~Market risk consists of interest rate risk, foreign currency risk and other price risk. These are discussed further below.~~

~~Interest rate risk~~

~~Interest rate risk consists of two components:~~

	~~(i)~~ a)	Credit risk

		Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company’s cash and cash equivalents is exposed to credit risk. The Company is not exposed to significant credit risk on amounts receivable.

		The Company manages credit risk, in respect of cash, by maintaining the majority of cash at high credit rated Canadian financial institutions.

		Concentration of credit risk exists with respect to the Company’s cash and cash equivalents and reclamation deposits as the majority of the amounts are held with a single Canadian and US financial institution. The Company’s concentration of credit risk, and maximum exposure thereto, is as follows:

	January 31, 2015		January 31, 2014

Cash and cash equivalents held at major financial institutions
Canada – cash	$	103,470	$	4,706
US – cash		44,105		3,368

		147,575		8,074
Reclamation deposits held at major financial institutions		655,209		529,408

Total cash and equivalents and reclamation deposits	$	802,784	$	537,482

	b)	Liquidity risk

		Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due.

		The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities. The Company had a working capital of $11,324 at January 31, 2015 and a working capital deficit of $486,109 at January 31, 2014. The Company has cash at January 31, 2015 in the amount of $147,575 (2014 - $8,074) in order to meet short-term business requirements. At January 31, 2015, the Company had current liabilities of $154,653 (2014 - $499,993). Accounts payable have contractual maturities of approximately 30 days and are subject to normal trade terms. Amounts due to related parties are without stated terms of interest or repayment.

		The Company will require significant cash funding to conduct its planned exploration programs, meet its administrative overhead costs, and maintain its mineral properties in 2016. This will require the Company to continue to monitor its financing requirements

	c)	Market risk

		Market risk consists of interest rate risk, foreign currency risk and other price risk. These are discussed further below.

		Interest rate risk

		Interest rate risk consists of two components:

(i)

To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.

	~~(ii)~~
		(ii)	To the extent that changes in prevailing market rates differ from the interest rate in the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk.

The Company is exposed to interest rate price risk with respect to reclamation deposits as they bear interest at market rates. However, given the stated rates of interest are fixed, the Company is not exposed to significant interest rate price risk as at January 31, ~~2014~~2015 and ~~2013.~~

2014.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in foreign currency.

The Company is exposed to foreign currency risk with respect to cash, other amounts receivable, accounts payable and accrued liabilities, and amounts payable to related parties, as a portion of these amounts are denominated in US dollars as follows:

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

	January 31, 2015			January 31, 2014

Cash	US$	34,698		US$	3,024
Other amounts receivable		2,343			2,085
Amounts receivable from a related parties		46,340			41,454
Reclamation bonds		515,466			475,317
Accounts payable		(15,945	)		(117,288	)

Net exposure	US$	582,902		US$	404,592

Canadian dollar equivalent	$	740,927		$	450,634

Based on the net Canadian dollar denominated asset and liability exposures as at January 31, ~~2014,~~2015, a 10% fluctuation in the Canadian/US exchange rates will impact the Company’s net loss and comprehensive loss by approximately ~~$45,063~~$74,093 (January 31, ~~2013~~2014 - ~~$20,894)~~$45,063).

The Company manages foreign currency risk by minimizing the value of financial instruments denominated in foreign currency. The Company has not entered into any foreign currency contracts to mitigate this risk.

Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is exposed to other price risk with respect to its investment securities, as they are carried at fair value based on quoted market prices.

The Company’s ability to raise capital to fund mineral resource exploration is subject to risks associated with fluctuations in mineral resource prices. Management closely monitors commodity prices, individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company.

Item 12. Description of Securities Other than Equity Securities

Not applicable.

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 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.

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, ~~2013~~2015 based on the criteria set forth in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway ~~Commission.~~Commission in 2013. 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, ~~2013~~2015 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, ~~2014.~~2015. 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, ~~2014:~~2015: (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, ~~2014;~~2015; however, as a result of the evaluation of the Company’s internal control over financial reporting as of January 31, ~~2013,~~2015, 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, ~~2015.~~

2016.

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 ~~year~~years ended January 31, 2015, 2014 and 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 Manning Elliott LLP for the audit of the Company’s annual financial statements for the fiscal year ended January 31, ~~2014~~2015 were ~~$32,000.~~$36,000. The aggregate fees billed by Manning Elliott LLP for the fiscal year ended January 31, ~~2013~~2014 were $32,000.

Audit-Related Fees

The audit related fees billed by Manning Elliott LLP for the year ended January 31, ~~2014~~2015 are estimated to be $4,000. The audit related fees billed by Manning Elliott for the year ended January 31, ~~2013~~2014 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 Manning Elliott LLP for the year ended January 31, ~~2014~~2015 are estimated to be $3,000. The tax fees billed by Manning Elliott LLP for the year ended January 31, ~~2013~~2014 were ~~$3,700.~~$3,000. 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, ~~2014~~2015 and ~~2013.~~

2014.

The Audit Committee approved 100% of the fees paid to the principal accountant for audit-related, tax and other fees in the ~~fiscal~~ year ~~2014.~~ended January 31, 2015. 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. Change in Registrant’s Certifying Accountant

~~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~~]

Not applicable

Item 16G. Corporate Governance

Not applicable.

Item 16H. Mine Safety Disclosure

Under Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and under the SEC's recently adopted Item 104 of Regulation S-K, each operator of a coal or other mine is required to include disclosures regarding certain mine safety results in its periodic reports filed with the SEC. The operation of the our quarries is subject to regulation by the federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977. We do not own any operating mines in the United States and as a result, this information is not required.

PART III

Item 17. Financial Statements

See Item 18.

Item 18. Financial Statements

The following Consolidated Financial Statements pertaining to the Company are filed as part of this annual report:

Independent Auditors’ Report.		6766
Consolidated Statement of Financial Position	68 67
Consolidated Statements of Operations and Comprehensive Loss	69 68
Consolidated Statements of Changes in Equity	70 69
Consolidated Statements of Cash Flows	71
Notes to Consolidated Financial Statements	72 - 9695

Item 19. Exhibits

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*

~~__________________________~~

______________

* Incorporated by reference from a previous filing.

CORAL GOLD RESOURCES LTD.

(an Exploration Stage Company)

Consolidated financial statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian Dollars)

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~~Financial Position	69		68

Consolidated Statements of ~~Changes in Equity~~Operations and Comprehensive Income (Loss)			70 69

Consolidated Statements of ~~Cash Flows~~Changes in Equity			71 70

Consolidated Statements of Cash Flows			71

Notes to the Consolidated Financial Statements			~~72– 96~~ 72 - 95

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 consolidated financial statements as at January 31, 2015 and 2014 and ~~2013~~ for the years ~~then~~ ended January 31, 2015, 2014, and 2013 have been audited by Manning Elliott LLP, ~~Chartered Accountants,~~an independent registered public accounting firm, 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
May 29, 2015		May 29, 2015


~~David Wolfin~~	~~Malcolm Davidson, CA~~
~~President & CEO~~

~~Chief Financial Officer~~

~~May 29, 2014~~

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

~~REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM~~

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 statements of financial position as at January 31, ~~2014~~2015 and ~~2013~~2014 and the consolidated statements of operations and comprehensive ~~loss,~~income (loss), equity and cash flows for the years ~~then~~ ended January 31, 2015, 2014 and 2013, and the related notes comprising a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the ConsolidatedFinancial 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 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 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, we consider internal control relevant to the 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 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, ~~2014~~2015 and ~~2013~~2014 and the results of its ~~operations~~financial performance and its cash flows for the years ~~then~~ ended January 31, 2015, 2014 and 2013 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 1 to these consolidated financial statements which describes the existence of a material uncertainty that may cast significant doubt about the ability of Coral Gold Resources Ltd. to continue as a going concern.

~~Other Matter~~

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, British Columbia

May 29, ~~2014~~

2015

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Financial Position

(Expressed in Canadian dollars)

Note
January
31, 2014

January 31,
2013

Assets
Current assets
Cash and cash equivalents $ 8,074 $ 14,450
Other amounts receivable 5,810 38,593
Prepaid expenses - 3,107
13,884 56,150

Exploration and Evaluation Assets 4 19,027,044 19,264,220
Property and Equipment 6 99,383 106,358
Investments in Related Companies 7 140,505 396,743
Amounts Receivable from a Related Party 11b 46,171 33,043
Reclamation Bonds 8 529,408 474,034
Total Assets $ 19,856,395 $ 20,330,548

Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 236,548 $ 401,088
Amounts payable to related parties 11c 263,445 194,876
499,993 595,964

Reclamation Provision 12 484,000 395,000
Deferred Tax Liability 17 1,766,720 2,444,038
Total liabilities 2,750,713 3,435,002

Equity
Share Capital 9 44,311,995 43,954,422
Equity Reserves 2,738,194 2,701,918
Accumulated Other Comprehensive Income 80,461 277,637
Accumulated Deficit (30,035,288 ) (30,048,751 )
Equity Attributable to Equity Holders of the Company 17,095,362 16,885,226
Equity Attributable to Non-Controlling Interests 10,320 10,320
Total Equity 17,105,682 16,895,546
Total Liabilities and Equity $ 19,856,395 $ 20,330,548

	Note	January 31, 2015			January 31, 2014

Assets
Current assets
Cash and cash equivalents		$	147,575		$	8,074
Other amounts receivable			17,954			5,810
Prepaid expenses			448			-
			165,977			13,884

Exploration and Evaluation Assets	4		19,152,737			19,027,044
Property and Equipment	6		96,986			99,383
Investments in Related Companies	7		146,032			140,505
Amounts Receivable from a Related Party	11b		58,903			46,171
Reclamation Bonds	8		655,209			529,408
Total Assets		$	20,275,844		$	19,856,395

Liabilities
Current liabilities
Accounts payable and accrued liabilities		$	71,761		$	236,548
Amounts payable to related parties	11c		82,892			263,445
			154,653			499,993

Reclamation Provision	12		566,410			484,000
Deferred Tax Liability	17		1,290,000			1,766,720
Total liabilities			2,011,063			2,750,713

Equity
Share Capital	9		45,205,901			44,311,995
Equity Reserves			2,684,849			2,738,194
Accumulated Other Comprehensive Income			87,588			80,461
Accumulated Deficit			(29,723,877	)		(30,035,288	)
Equity Attributable to Equity Holders of the Company			18,254,461			17,095,362
Equity Attributable to Non-Controlling Interests			10,320			10,320
Total Equity			18,264,781			17,105,682
Total Liabilities and Equity		$	20,275,844		$	19,856,395

Nature and continuance of operations – Note 1

Commitments – Note 13

Subsequent ~~Events~~Event – Note 19

Approved by the Board of Directors on May 29, ~~2014:~~

2015:

/s/ David Wolfin

Director

~~Director~~

/s/ s/ Gary Robertson

Director

The accompanying notes are an integral part of the consolidated financial statements

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Operations and Comprehensive ~~Loss~~

Income (Loss)

For the years ended January 31, 2015, 2014, ~~2013~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

Note 2014 2013 2012

Operating and Administrative Expenses
Consulting fees $ 18,836 $ 12,000 $ 96,951
Depreciation 6,975 1,849 1,845
Directors’ fees 18,000 16,500 12,000
Finance costs 12 11,850 27,561 7,067
Impairment of exploration and evaluation assets 5 498,528 - -
Investor relations 10,305 70,518 109,690
Management fees 30,000 67,500 106,140
Office and miscellaneous 44,426 73,088 90,259
Professional fees 87,669 39,004 58,676
Regulatory and compliance fees 23,603 26,157 24,646
Salaries and benefits 95,134 153,137 169,483
Share-based payments 10 9,350 855,773 63,146
Travel 5,841 22,201 32,684
860,517 1,365,288 772,587

Loss before other items and tax (860,517 ) (1,365,288 ) (772,587 )

Other items
Interest and other income 248 4,253 28,784
Gain on sale of investments 7 107,300 22,155 -
Gain on settlement of debt 9 46,340 - -
Impairment loss on investments 7 - (40,337 ) -
Foreign exchange gain (loss) 7,903 (15,369 ) 1,281
Loss Before Income Tax (698,726 ) (1,394,586 ) (742,522 )
Deferred income tax recovery (expense) 17 647,855 (147,978 ) (31,291 )
Net Loss (50,871 ) (1,542,564 ) (773,813 )
Other Comprehensive Income (Loss) – Items that may be reclassified subsequently to income or loss
Unrealized gain loss on available for sale securities 7 (197,176 ) (454,342 ) (330,342 )
COMPREHENSIVE LOSS $ (248,047 ) $ (1,996,906 ) $ (1,104,155 )

Loss per Share - Basic and Diluted $ (0.00 ) $ (0.05 ) $ (0.02 )

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

	Note	2015			2014			2013

Operating and Administrative Expenses
Consulting fees		$	18,731		$	18,836		$	12,000
Depreciation			2,397			6,975			1,849
Directors’ fees			18,000			18,000			16,500
Finance costs	12		14,519			11,850			27,561
Impairment of exploration and evaluation assets	5		-			498,528			-
Investor relations			14,982			10,305			70,518
Management fees			30,000			30,000			67,500
Office and miscellaneous			37,459			44,426			73,088
Professional fees			62,964			87,669			39,004
Regulatory and compliance fees			29,324			23,603			26,157
Salaries and benefits			46,164			95,134			153,137
Share-based payments	10		259,163			9,350			855,773
Travel			4,766			5,841			22,201
			538,469			860,517			1,365,288

Loss before other items and tax			(538,469	)		(860,517	)		(1,365,288	)

Other items
Interest and other income			629			248			4,253
Gain on sale of investments	7		7,130			107,300			22,155
Gain on settlement of debt	9b		25,719			46,340			-
Impairment loss on investments	7		-			-			(40,337	)
Foreign exchange gain (loss)			28,798			7,903			(15,369	)
Loss Before Income Tax			(476,193	)		(698,726	)		(1,394,586	)
Deferred income tax recovery (expense)	17		476,720			647,855			(147,978	)
Net Income (Loss)			527			(50,871	)		(1,542,564	)
Other Comprehensive Income (Loss) – Items that may be reclassified subsequently to income or loss
Unrealized gain (loss) on available for sale securities	7		7,127			(197,176	)		(454,342	)

COMPREHENSIVE INCOME (LOSS)		$	7,654		$	(248,047	)	$	(1,996,906	)

Income (Loss) per Share - Basic and Diluted		$	0.00		$	(0.00	)	$	(0.05	)

Weighted Average Number of Common Shares Outstanding			42,016,049			36,024,532			33,563,649

The accompanying notes are an integral part of the consolidated financial statements

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Equity

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

Note Number of Common Shares Share Capital Amount Reserve for Stock Options Reserve for Warrants Total Reserves Accumulated Other Comprehensive Income Accumulated Deficit Non-Controlling Interest Total

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 ) $ 10,320 $ 18,639,294
Common shares issued for cash:

Exercise of options 95,000 48,950 - - - - - - 48,950
Exercise of warrants 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 - - 63,146 - 63,146 - - - 63,146
Transfer of expired options - - (805,185 ) - (805,185 ) - 805,185 - -
Unrealized loss on investment in securities, net of tax - - - - - (330,342 ) - - (330,342 )
Net loss for 2012 - - - - - - (773,813 ) - (773,813
Balance, January 31, 2012 33,563,649 $ 43,954,422 $ 1,012,245 $ 1,798,602 $ 2,380,998 $ 731,979 $ (29,041,040 ) $ 10,320 $ 18,036,679

Share-based payments 9 - - 425,924 429,849 855,773 - - - 855,773
Transfer of expired options - - (534,853 ) - (534,853 ) - 534,853 - -
Unrealized loss on investment in securities, net of tax 7 - - - - - (454,342 ) - - (454,342 )
Net loss for 2013 - - - - - - (1,542,564 ) - (1,542,564 )
Balance, January 31, 2013 33,563,649 $ 43,954,422 $ 903,316 $ 1,798,602 $ 2,701,918 $ 277,637 $ (30,048,751 ) $ 10,320 $ 16,895,546
Common shares issued for cash:
Private Placements 9 3,694,500 278,190 - 91,260 91,260 - - - 369,450
Less: Share issuance costs - (3,000 ) - - - - - - (3,000 )
Common shares issued for debt 9 514,892 82,383 - - - - - - 82,383
Share-based payments 9 - - 2,629 6,721 9,350 - - - 9,350
Transfer of expired/cancelled options
- - (64,334 ) - (64,334 ) - 64,334 - -
Unrealized loss on investment in securities, net of tax 7 - - - - - (197,176 ) - - (197,176 )
Net loss for 2014 - - - - - - (50,871 ) - (50,871 )
Balance, January 31, 2014 37,773,041 $ 44,311,995 $ 841,611 $ 1,896,583 $ 2,738,194 $ 80,461 $ (30,035,288 ) $ 10,320 $ 17,105,682

	Note	Number of Common Shares		Share Capital Amount		Reserve for Stock Options			Reserve for Warrants		Total Reserves			Accumulated Other Comprehensive Income			Accumulated Deficit			Non-Controlling Interest		Total
Balance, January 31, 2013			33,563,649	$	43,954,422	$	1,012,245		$	1,368,753	$	2,380,998		$	731,979		$	(29,041,040	)	$	10,320	$	18,036,679

Share-based payments	10		-		-		425,924			429,849		855,773			-			-			-		855,773
Transfer of expired options			-		-		(534,853	)		-		(534,853	)		-			534,853			-		-
Unrealized loss on investment in securities, net of tax	7		-		-		-			-		-			(454,342	)		-			-		(454,342	)
Net loss for 2013			-		-		-			-		-			-			(1,542,564	)		-		(1,542,564	)
Balance, January 31, 2013			33,563,649	$	43,954,422	$	903,316		$	1,798,602	$	2,701,918		$	277,637		$	(30,048,751	)	$	10,320	$	16,895,546

Common shares issued for cash:
Private Placements	9	3,694,500		278,190			-			91,260			91,260			-			-			-		369,450
Less: Share issuance costs		-		(3,000	)		-			-			-			-			-			-		(3,000	)
Common shares issued for debt	9	514,892		82,383			-			-			-			-			-			-		82,383
Share-based payments	10	-		-			2,629			6,721			9,350			-			-			-		9,350
Transfer of expired/cancelled options		-		-			(64,334	)		-			(64,334	)		-			64,334			-		-
Unrealized loss on investment in securities, net of tax	7	-		-			-			-			-			(197,176	)		-			-		(197,176	)
Net loss for 2014		-		-			-			-			-			-			(50,871	)		-		(50,871	)
Balance, January 31, 2014		37,773,041	$	44,311,995		$	841,611		$	1,896,583		$	2,738,194		$	80,461		$	(30,035,288	)	$	10,320	$	17,105,682
Common shares issued for cash:
Private Placements	9	4,150,000		705,500			-			-			-			-			-			-		705,500
Exercise of warrants and compensation options		45,000		8,374			-			(1,624	)		(1,624	)		-			-			-		6,750
Common shares issued for debt	9	857,296		180,032			-			-			-			-			-			-		180,032
Share-based payments	10	-		-			237,547			21,616			259,163			-			-			-		259,163
Transfer of expired/cancelled options		-		-			(310,884	)		-			(310,884	)		-			310,884			-		-
Unrealized gain on investment in securities, net of tax	7	-		-			-			-			-			7,127			-			-		7,127
Net income for 2015		-		-			-			-			-			-			527			-		527
Balance, January 31, 2015		42,825,337	$	45,205,901		$	768,274		$	1,916,575		$	2,684,849		$	87,588		$	(29,723,877	)	$	10,320	$	18,264,781

The accompanying notes are an integral part of the consolidated financial statements

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Cash Flows

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

Note 2014 2013 2012

CASH PROVIDED BY (USED IN):

Operating Activities
Net loss $ (50,871 ) $ (1,542,564 ) $ (773,813 )
Adjustments for non-cash items:
Depreciation 6,975 1,849 1,845
Share-based payments 9,350 855,773 63,146
Gain on sale of investments (107,300 ) (22,155 ) -
Gain on settlement of debt (46,340 ) - -
Impairment loss on investments - 40,337 -
Foreign exchange gain (loss) (25,400 ) 2,602 354
Finance costs 11,850 27,561 7,067
Impairment of exploration and evaluation assets 498,528 - -
Deferred income tax expense (recovery) (647,855 ) 147,978 31,291

(351,063 ) (488,619 ) (670,110 )
Net change in non-cash working capital 16 59,374 400,276 (54,845 )
(291,689 ) (88,343 ) (724,955 )

Investing Activities
Expenditures on exploration and evaluation assets (218,352 ) (1,179,581 ) (1,056,544 )
Proceeds on sale of investments 136,899 26,834 -
Purchase of property and equipment - - (3,023 )
Increase in reclamation bond - (58,937 ) (34,696 )
(81,453 ) (1,211,684 ) (1,094,263 )

Financing Activities
Issuance of shares for cash, net 366,450 - 438,394
Effect of exchange rate fluctuations on cash and equivalents 316 (15 ) (546 )
Net decrease in cash and equivalents (6,376 ) (1,300,044 ) (1,381,370 )
Cash and cash equivalents, beginning of year 14,450 1,314,494 2,695,864
Cash and cash equivalents, end of year $ 8,074 $ 14,450 $ 1,314,494

Supplementary Cash Flow Disclosures
Cash paid during the year for:
Interest expense $ - $ - $ 252
Income taxes $ - $ - $ -
Expenditures on exploration and evaluation assets included in amounts payable to related parties, net $ (4,829 ) $ (9,026 ) $ 78,244

	Note	2015			2014			2013


CASH PROVIDED BY (USED IN):

Operating Activities
Net income (loss)		$	527		$	(50,871	)	$	(1,542,564	)
Adjustments for non-cash items:
Depreciation			2,397			6,975			1,849
Share-based payments			259,163			9,350			855,773
Gain on sale of investments			(7,130	)		(107,300	)		(22,155	)
Gain on settlement of debt			(25,719	)		(46,340	)		-
Impairment loss on investments			-			-			40,337
Foreign exchange gain (loss)			(14,363	)		(25,400	)		2,602
Finance costs			14,519			11,850			27,561
Impairment of exploration and evaluation assets			-			498,528			-
Deferred income tax expense (recovery)			(476,720	)		(647,855	)		147,978

			(247,326	)		(351,063	)		(488,619	)
Net change in non-cash working capital	16		(60,766	)		59,374			400,276

			(308,092	)		(291,689	)		(88,343	)

Investing Activities
Expenditures on exploration and evaluation assets			(229,840	)		(218,352	)		(1,179,581	)
Proceeds on sale of investments			8,730			136,899			26,834
Increase in reclamation bond			(43,982	)		-			(58,937	)

			(265,092	)		(81,453	)		(1,211,684	)

Financing Activities
Issuance of shares for cash, net			712,250			366,450			-

Effect of exchange rate fluctuations on cash and equivalents			435			316			(17	)

Change in cash and equivalents			139,501			(6,376	)		(1,300,044	)
Cash and cash equivalents, beginning of year			8,074			14,450			1,314,494

Cash and cash equivalents, end of year		$	147,575		$	8,074		$	14,450


Supplementary Cash Flow Disclosures
Cash paid during the year for:
Interest expense		$	-		$	-		$	-
Income taxes		$	-		$	-		$	-
Expenditures on exploration and evaluation assets included in amounts payable to related parties		$	(17,741	)	$	(4,829	)	$	(9,026	)

The accompanying notes are an integral part of the consolidated financial statements

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS

Coral Gold Resources Ltd. (the “Company”) was incorporated in 1988 under the Company Act of British Columbia and is primarily involved in the exploration and development of its mineral properties. The Company’s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company’s common shares are traded on the TSX-V, OTCBB, and the Frankfurt Stock Exchange.

The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The recoverability of the carrying value of exploration and evaluation assets and the Company's ability to continue as a going concern is dependent upon the preservation of its interest in the underlying properties, the discovery of economically recoverable reserves, the achievement of profitable operations, or the ability of the Company to raise alternative financing.

These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As at January 31, ~~2014,~~2015, the Company has a working ~~deficit~~capital of ~~$486,109~~$11,324 and accumulated losses of ~~$30,035,288.~~$29,723,877. The Company has not yet generated any revenues from its operations. The Company is required to raise new financing through the sale of shares or issuance of debt to continue with its operations and to develop its mineral properties. Although management intends to secure additional financing, there is no assurance that management will be successful in its efforts to secure additional financing or that it will ever develop a self-supporting business. These factors together form a material uncertainty which may raise significant doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

2. BASIS OF PRESENTATION

Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Basis of presentation

These consolidated financial statements are expressed in Canadian dollars, the Company’s functional currency and have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. The accounting policies in Note 3 have been applied consistently to all periods presented.

Approval of the consolidated financial statements

These consolidated financial statements were reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on May 29, ~~2014.~~

2015.

Foreign Currency Translation

The functional and reporting currency of the Company and its subsidiaries is the Canadian dollar. Transactions in currencies other than the Company’s functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign currency translation differences are recognized in net income or loss for the year.

The preparation of these consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates under different assumptions and conditions.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

2. BASIS OF PRESENTATION (continued)

Significant Accounting Judgements and Estimates

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

Going concern

Determining if the Company has the ability to continue as a going concern is dependent on its ability to achieve profitable operations. Certain judgments are made when determining if the Company will achieve profitable operation. Further disclosure is included in Note 1.

b)
		Determining if the Company has the ability to raise the financing required to continue as a going concern is a judgment made by management. Further disclosure is included in Note 1.

	b)	*Impairment of equipment and exploration and evaluation assets*

Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s equipment and exploration and evaluation assets are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its equipment and mining interests.

c)
		Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s equipment and exploration and evaluation assets are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its equipment and mining interests.

	c)	*Depreciation rate for equipment*

Depreciation is allocated based on assumed asset lives. Should the asset life or depreciation rates differ from the initial estimate, an adjustment would be made in the consolidated statements of operations and comprehensive loss.

d)
		Depreciation is allocated based on assumed asset lives. Should the asset life or depreciation rates differ from the initial estimate, an adjustment would be made in the consolidated statements of operations and comprehensive income or loss.

	d)	*Estimated reclamation provisions*

The Company’s provision for decommissioning liabilities represents management’s best estimate of the present value of the future cash outflows required to settle estimated reclamation and site closure costs. The provision reflects estimates of future costs, inflation, and assumptions of risks associated with the future cash outflows, and the applicable risk free interest rates for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company.

e)
		The Company’s provision for decommissioning liabilities represents management’s best estimate of the present value of the future cash outflows required to settle estimated reclamation and site closure costs. The provision reflects estimates of future costs, inflation, and assumptions of risks associated with the future cash outflows, and the applicable risk free interest rates for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company.

	e)	*Valuation of share based payments*

		The Company uses the Black Scholes Option Pricing Model for valuation of share-based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves.

The Company uses the Black Scholes Option Pricing Model for valuation of share-based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian ~~dollars~~)

dollars)

2. BASIS OF PRESENTATION (continued)

Significant Accounting Judgements and Estimates (continued)

Recognition and measurement of deferred tax assets and liabilities


		Estimates of future taxable income are based on forecasted cash flows from operations and ~~theapplication~~the application of existing tax laws in each jurisdiction. Weight is attached to ~~taxplanning~~tax planning opportunities that are within the Company’s control, and are feasible and implementable without significant obstacles. The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant tax position evaluated in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income tax assets/liabilities.

3. SIGNIFICANT ACCOUNTING POLICIES

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its US subsidiaries.

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

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

Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions are eliminated in preparing the consolidated financial statements.

Financial Instruments

All financial assets are initially recorded at fair value and classified into one of four categories: held to maturity, available for sale, loans and receivable or fair value through profit or loss (“FVTPL”). All financial liabilities are initially recorded at fair value and classified as either FVTPL or other financial liabilities. Financial instruments comprise cash and cash equivalents, investments in related companies, amounts due from a related party, accounts payable and amounts due to related parties. At initial recognition management has classified financial assets and liabilities as follows:

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial Instruments (continued)

The Company has classified its cash and cash equivalents as FVTPL. Investments in related companies are classified as available for sale and amounts due from a related party are classified as loans and receivables. Accounts payable and amounts due to related parties are classified as other liabilities.

Fair value hierarchy

Fair value measurements of financial instruments are required to be classified using a fair value hierarchy that reflects the significance of inputs in making the measurements. The levels of the fair value hierarchy are defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Inputs for the asset or liability that are not based on observable market data.

Cash and cash equivalents

Cash and cash equivalents in the consolidated statements of financial position comprise cash at banks and on hand, and short term deposits with an original maturity of three months or less, which are cashable readily convertible into a known amounts of cash.

Exploration and evaluation assets

The Company is in the exploration stage with respect to its mineral properties and capitalizes all costs relating to the acquisition, exploration and evaluation of mineral claims and recognizes any proceeds received as a reduction of the cost of the related claims. At such time as commercial production commences, these costs will be charged to operations on a unit-of-production method based on proven and probable reserves. The aggregate costs related to abandoned mineral claims are charged to operations at the time of any abandonment. All capitalized exploration and evaluation expenditures are monitored for indications of impairment. Where a potential impairment is indicated, assessments are performed for each area of interest. To the extent that exploration expenditure is not expected to be recovered, it is charged to the results of operations. An impairment charge relating to a mineral property is subsequently reversed when new exploration results or actual or potential proceeds on sale or farm out of the property result in a revised estimate of the recoverable amount, but only to the extent that this does not exceed the original carrying value of the property that would have resulted if no impairment had been recognized.

The recoverability of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain financing to complete development of the properties, and on future production or proceeds of disposition.

Incidental revenues and operating costs are included in exploration and evaluation assets prior to commercial production.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mine development properties, and subsequently amortized over the life of the resources associated with the area of interest once mining operations have commenced.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Property and equipment

Property and equipment are recorded at historical cost less accumulated depreciation and impairment. Historical costs include expenditures that are directly attributable to bringing the asset to a location and condition necessary to operate in a manner intended by management. Such costs are accumulated as construction in progress until the asset is available for use, at which point the asset is classified as plant and equipment. Once commercial production has commenced, certain equipment are depreciated using the units of production method, if sufficient reserve information is available or the straight-line method over their estimated useful lives, not to exceed the life of the mine to which the assets related.

Property and equipment are depreciated annually using the following methods and rates:

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

An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss in the consolidated statements of comprehensive income or loss.

Where an item of property and equipment comprises major components with different useful lives, the components are accounted for as separate items of property and equipment. Expenditures incurred to replace a component of an item of plant and equipment that is accounted for separately, including major inspection and overhaul expenditures, are capitalized.

Impairment

At each financial reporting date, the carrying amounts of the Company’s assets are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

An asset’s recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the year.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Accounting for equity units

Proceeds received on the issuance of units, comprised of common shares and warrants are allocated based on a value determined by the Black-Scholes option pricing model for the warrants.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Share-based payment transactions

The share option plan allows Company employees, directors and consultants to acquire shares of the Company. All options granted are measured at fair value and are recognized in expenses as share-based payments with a corresponding increase in equity reserves. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee.

The fair value of employee options is measured at grant date, and each tranche is recognized using the graded vesting method over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. For non-employees, share-based payments are measured at the fair value goods and services received or the fair value or the fair value of the equity instruments issued, if it is determined the fair value cannot be reliably measured, and are recorded at the date the goods or services are received. The fair value of the options is accrued and charged either to operations or exploration and evaluation assets, with the offset credit to equity reserves. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. Upon the expiration or cancellation of unexercised stock options, the Company will transfer the value attributed to those stock options from equity reserves to deficit.

Provisions

Provisions are recognized where a legal or constructive obligation has been incurred as a result of past events, it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. If material, provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in any provision due to passage of time is recognized as accretion expense.

Reclamation provision

The Company records the present value of estimated costs of legal and constructive obligations required to restore mineral properties in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures, rehabilitating mines and restoration, reclamation and re-vegetation of affected areas. The reclamation provisions are initially recorded with corresponding increase to the carrying amount of related mineral properties.

When the liability is initially recognized, the present value of the estimated cost is capitalized by increasing the carrying amount of the related mineral property. Over time, the discounted liability is increased for the change in present value based on the risk-free interest rate applicable to the future cash outflows, which is accreted over time through periodic charges to income or loss.

~~Loss~~

Income (loss) per share

The Company presents basic and diluted ~~loss~~income (loss) per share data for its common shares, calculated by dividing the ~~loss~~income (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted ~~loss~~income (loss) per share is determined by adjusting the ~~loss~~income (loss) attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares. In the Company's case, diluted ~~loss~~income (loss) per share is the same as basic ~~loss~~income (loss) per share as the effects of including all outstanding options and warrants would be anti-dilutive.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Income taxes

Income tax on the profit or loss for the years presented comprises current and deferred tax. Income tax is recognized in profit or loss, except to the extent that it relates to items recognized directly in equity, in which case it is recognized as equity.

Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the consolidated statement of financial position date.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

New accounting standards adopted by the Company

The mandatory adoption of the following new and revised accounting standards and interpretations on February 1, ~~2013~~2014 had no significant impact on the Company’s consolidated financial statements for the years presented:

~~IFRS 10 –~~ ~~Consolidated Financial Statements~~

IFRS 10 requires an entity to consolidate an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. IFRS 10 replaces SIC-12 Consolidation - Special Purpose Entities and parts of the previous IAS 27 Consolidated and Separate Financial Statements.

~~IFRS 11 –Joint Arrangements~~

IFRS 11 requires a venturer to classify its interest in a joint arrangement as a joint venture or a joint operation. Joint ventures will be accounted for using the equity method of accounting whereas for a joint operation the venturer will recognize its share of the assets, liabilities, revenue and expenses of the joint operation. Under IFRS 11, proportionate consolidation is no longer permitted.

~~IFRS 12 –Disclosure of Interests in Other Entities~~

IFRS 12 establishes disclosure requirements for interests in other entities, such as joint arrangements, associates, special purpose vehicles and off balance sheet vehicles. The standard carries forward existing disclosures and also introduces significant additional disclosure requirements that address the nature of, and risks associated with, an entity’s interests in other entities.

~~IFRS 13~~ ~~– Fair Value Measurement~~

IFRS 13 is a comprehensive standard for fair value measurement and disclosure requirements for use across all IFRS standards. The new standard clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes disclosures about fair value measurement.

~~IAS 1 –~~ ~~Presentation of Financial Statements~~

In June 2011, the IASB issued an amendment to IAS 1, which requires entities to separately present items in other comprehensive income based on whether or not they may be reclassified to profit or loss in future periods.

~~IAS 27 –~~ ~~Separate Financial Statements~~

As a result of the issue of IFRS 10, IFRS 11 and IFRS 12, IAS 27 Separate Financial Statements has been reissued, as the consolidation guidance will now be included in IFRS 10. IAS 27 has been reissued to only prescribe the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements.

~~CORAL GOLD RESOURCES LTD.~~

~~Notes to the Consolidated Financial Statements~~

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

~~(Expressed in Canadian dollars)~~

~~3. SIGNIFICANT ACCOUNTING POLICIES (continued)~~

~~IAS 28 –~~ ~~Investments in Associates and Joint Ventures~~

As a consequence of the issuance of IFRS 10, IFRS 11 and IFRS 12, IAS 28 has been amended to provide accounting guidance for investments in associates and sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures. The amended IAS 28 is applied by all entities that are investors with joint control of, or significant influence over, an investee.

~~IFRIC 20 –~~ ~~Production~~ ~~Stripping Costs~~

In October 2011, the IASB issued IFRIC 20, which requires the capitalization and depreciation of stripping costs in the production phase if an entity can demonstrate (i) that it is probable future economic benefits will flow to the entity, (ii) the component of the ore body for which the access has been improved is identifiable, (iii) the costs related to the stripping activity associated with that component can be reliably measured.

~~Accounting Standards and Amendments Issued But Not Yet Effective~~

~~Certain pronouncements were issued by the IASB or the IFRS Interpretations Committee that are mandatory for accounting periods beginning on or after January 1, 2014.~~

~~The following standards will be adopted effective February 1, 2014:~~

IAS 36 – Impairment of Assets

In May 2013, the IASB issued an amendment to address the disclosure of information about the recoverable amount of impaired assets or a CGU for periods in which an impairment loss has been recognized or reversed. The amendments also address disclosure requirements applicable when ~~and~~an asset’s or a CGU’s recoverable amount is based on fair value less costs of disposal. ~~Management does not expect that the adoption of this standard will have a significant effect on the consolidated financial statements of the Company other than additional disclosures.~~

IFRIC 21 – Levies

In May 2013, the IASB issued IFRIC 21, Levies (“IFRIC 21”), an interpretation of IAS 37, Provisions, Contingent Liabilities and Contingent Assets (“IAS 37”), on the accounting for levies imposed by governments. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (“obligating event”). IFRIC 21 clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. ~~Management does~~

Accounting Standards and Amendments Issued But Not Yet Effective

The following accounting standards were issued but not ~~expect that~~yet effective as of January 31, 2015:

IFRS 15 – Revenue from Contracts with Customers

In May 2014, the ~~adoption~~IASB issued IFRS 15 – Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 – Construction Contracts, IAS 18 – Revenue, IFRIC 13 – Customer Loyalty Programmes, IFRIC 15 – Agreements for the Construction of ~~this~~Real Estate, IFRIC 18 – Transfers of Assets from Customers, and SIC 31 – Revenue – Barter Transactions Involving Advertising Services. IFRS 15 establishes a comprehensive five-step framework for the timing and measurement of revenue recognition. The standard ~~will~~is effective for annual periods beginning on or after January 1, 2017. The Company is currently evaluating the impact the final standard may have ~~a significant effect~~ on ~~the~~its consolidated financial ~~statements of the Company other than additional disclosures.~~

~~The following standard will be adopted effective February 1, 2015:~~

statements.

IFRS 9 – Financial Instruments

~~In November 2009, as part of the~~

The IASB ~~project~~intends to replace IAS 39 – Financial Instruments: Recognition and Measurement ~~the IASB issued the first phase of~~in its entirety with IFRS 9 – Financial Instruments ~~that introduces new requirements for~~(“IFRS 9”) which is intended to reduce the complexity in the classification and measurement of financial ~~assets.~~instruments. In February 2014, the IASB tentatively determined that the revised effective date for IFRS 9 would be January 1, 2018. The ~~standard was revised in October 2010 to include requirements regarding classification and measurement of financial liabilities.~~

~~We are~~Company is currently evaluating the impact the final ~~interpretation is expected to~~standard may have on ~~our~~its consolidated financial statements.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Annual improvements

In December 2013, the IASB issued the Annual Improvements 2010-2012 and 2011-2013 cycles, effective for annual periods beginning on or after July 1, 2014. In September 2014, the IASB issued the Annual Improvements 2012-2014 cycle, effective for annual periods beginning on or after July 1, 2016. These Annual Improvements made necessary but non-urgent amendments to existing IFRSs. These amendments are not expected to have a significant impact on the Company's consolidated financial statements.

4. EXPLORATION AND EVALUATION ASSETS

The Company has accumulated the following acquisition and exploration expenditures:

Robertson Property Ruf and Norma Sass Claims Other Total

Balance, January 31, 2012 $ 17,852,382 $ 40,633 $ 3 $ 17,893,018

Exploration costs during 2013:
Assays 105,209 - - 105,209
Consulting 281,715 - - 281,715
Drilling 576,544 - - 576,544
Field supplies and other 299 - - 299
Lease payments 110,756 - - 110,756
Mapping 7,842 - - 7,842
Taxes, licenses and permits 91,145 5,812 - 96,957
Water analysis 259 - - 259
Reclamation provision 191,621 - - 191,621

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

	Robertson Property			Ruf and Norma Sass Claims		Other		Total

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

Exploration costs during 2015:
Consulting		42,269			-		-		42,269
Lease payments		13,376			-		-		13,376
Taxes, licenses and permits		62,910			7,138		-		70,048

Balance, January 31, 2015	$	19,093,107		$	59,627	$	3	$	19,152,737

The Company has certain interests in ~~696~~688 patented and unpatented lode mining claims located in Lander County, Nevada, subject to net smelter returns (“NSR”) on production ranging from 4% to 10%, and which certain leases provide for advanced royalty payments.

a)	a)	Robertson Property

		On March 5, 2014, the Company entered into an exploration and option to joint venture agreement with Barrick Gold Corporation (“Barrick”). As a result, the Robertson property is now comprised of four contiguous claim groups known as the Core claims, Gold Ridge claims, Excluded claims, and Ruf claims.

		(1) Core Claims

		The Company holds an interest in 338 patented and unpatented lode mining claims. The Company owns 284 of these claims outright, of which 39 unpatented lode claims are owned by the Company’s 98.49% owned subsidiary, Marcus Corporation.

~~The Robertson group is comprised of three claim groups known as the Core claims, the Excluded claims (previously referred to as Carve-out claims), and the Ruf claims.~~

~~Core Claims – 100% interest~~

The Company holds an interest in 445 patented and unpatented lode mining claims. The Company owns outright 378 of these claims of which 39 unpatented lode claims are owned by the Company’s 98.49% owned subsidiary, Marcus.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

4. EXPLORATION AND EVALUATION ASSETS (continued)

a)	~~Robertson Property (continued)~~

~~The remaining 67 claims are leased by the Company as follows:~~

Robertson Property (continued)

~~(i)~~

~~Breckon Lease June Claims~~

The remaining 54 claims are leased by the Company as follows:

(i) Chachas/Moore Lease

The Company assumed an option-to-purchase agreement dated November 30, 1975 related to 13 mineral claims, which form part of the Core claims of the Robertson Property. The total purchase price of the claims is US$2,000,000, which is payable in installments of US$1,000 per month until paid in full.

The property is subject to an 8% NSR. Any NSR royalty payments paid to the lessors are credited against the minimum monthly payments for a period equal to the value of the royalties paid at a rate of US$1,000 per month.

(ii) Blue Nugget, Lander Ranch, and Norma Sass Claims

The Company entered a mineral lease and option-to-purchase agreement with respect to 9 Blue Nugget claims, 27 Lander Ranch claims, 24 Norma claims, and 11 Sass claims, of which the Blue Nugget and Lander Ranch claims form part of the Core claims of the Robertson Property, and the Norma and Sass claims form part of the Norma Sass Property (Note 4c). Pursuant to the fifth amending agreement, the term of the lease was extended to April 21, 2013 and is currently being negotiated. The total purchase price of the claims is US$1,500,000, which is payable in annual installments of $500 per claim until paid in full.

(iii) Northern Nevada Lease

The Company entered a mineral lease with respect to 12 claims, which form part of the Core claims of the Robertson Property with an indefinite term. The claims are subject to a 4% NSR for which the Company is required to make minimum annual advanced royalty payments in the amount of $9,600 per year throughout the term of the lease. Of these 12 claims, 5 are part of the Core claims and 7 are part of Gold Ridge claims.

(2) Gold Ridge Claims

In an agreement dated March 5, 2014, the Company granted Barrick Gold Exploration Inc. an option to purchase a 60% interest in 108 claims on the west side of the Core claims.

Of the 108 claims, 95 are owned outright and 13 are held under leases as follows.

(i) Breckon Lease June Claims

The Company entered a mineral lease and option-to-purchase agreement granting it the exclusive rights to explore, develop, and exploit six lode mining claims, which form part of the ~~core area~~Gold Ridge claims of the Robertson Property. The agreement is for an initial term of four years expiring on March 22, 2012 in consideration of the payment of an annual rent of US$25,000, renewable in successive four-year terms, provided that the rent will increase by US$5,000 every four years. The agreement was renewed in March 2012 and will expire in March 2016, with annual rent of US$30,000.

The property is subject to a 3% NSR royalty, subject to the Company’s exclusive right to purchase the NSR for US$1,000,000 per percentage point. The Company also has the exclusive right to purchase the property, subject to the NSR, for US$1,000,000.

~~(ii)~~

~~Chachas/Moore Lease~~

~~The Company assumed an option-to-purchase agreement dated November 30, 1975 related~~

CORAL GOLD RESOURCES LTD.

Notes to ~~13 mineral claims, which form part~~the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

4. EXPLORATION AND EVALUATION ASSETS (continued)

Robertson Property (continued)

(2) Gold Ridge Claims (continued)

(ii) Northern Nevada Lease

7 of the ~~core area of~~12 lease claims are included in the ~~Robertson Property. The total~~Gold Ridge claims.

(3) Excluded Claims (previously referred to as Carve-out Claims) – 39% carried interest

By Agreement dated May 16, 1996, the Company granted Amax Gold Exploration Inc. (“Amax”) an option to purchase ~~price of~~a 61% interest in 132 claims (originally 219 claims). Amax exercised the ~~claims is US$2,000,000, which is payable~~option by paying twice the amount the Company had incurred in ~~installments of US$1,000 per month until paid in full.~~

~~The property is subject to an 8% NSR. Any NSR royalty payments paid to~~exploration expenditures on the ~~lessors are credited against the minimum monthly payments for a period equal to the value of the royalties paid at a rate of US$1,000 per month.~~

~~(iii)~~

~~Blue Nugget, Lander Ranch and Norma Sass Claims~~

The Company entered a mineral lease and option-to-purchase agreement with respect to nine Blue Nugget claims, 27 Lander Ranch claims, 24 Norma claims and 11 Sass claims of which the Blue Nugget and Lander Ranch claims form part of the core area of the Robertson Property and the Norma and Sass claims form part of the Norma Sass Property (Note 4d). Pursuant to the fifth amending agreement,property. Under the terms of the lease was extended to April 21, 2013 and are currently being negotiated. The total purchase price of the claims is US$1,500,000, which is payable in annual installments of $500 per claim until paid in full.

~~(iv)~~

~~Northern Nevada Lease~~

~~The Company entered a mineral lease with respect to 12 claims, which form part of the core area of the Robertson Property with an indefinite term. The claims are subject to a 4% NSR for which~~Agreement, the Company has a 39% carried interest.

The Amax 61% interest was subsequently acquired by Cortez GML, and is ~~required to make minimum annual advanced royalty payments in the amount of $9,600 per year throughout the term of the lease.~~

~~(v)~~

~~Ruf Claims – 66.67% owned~~

currently owned by Barrick Gold Corporation.

(4) Ruf Claims – 66.67% owned

By an amended option agreement dated September 13, 1995, the Company granted Levon Resources ~~Ltd (“Levon”)~~Ltd., a company related by common directors, an option to purchase a 50% interest in 58 claims including 23 Ruf, 24 Norma and 11 Sass Claims (Notes ~~4a(iii)~~4a(1)(iii) and 4d), of which the Ruf claims form a portion of the Robertson Property and the Norma Sass claims constitute the Norma Sass Property. On December 31, 2002, the Agreement was amended whereby Levon earned a 33.33% interest in these claims. Expenditures incurred on the Ruf claims have been classified to Ruf and Norma Sass claims in the exploration expenditure table. A third party holds a 3% NSR royalty from some of these mining claims, up to a limit of US$1,250,000.

	b)	Norma Sass Property – 66.67% interest

		The Company holds a 66.67% interest in the 38 Norma Sass mining claims located in Lander County, Nevada, pursuant to a mineral lease and option-to-purchase agreement (Note 4a(4)). The remaining 33.33% interest is held by Levon.

	c)	JDN Hilltop Crest – 100% interest

		The Company holds a 100% interest in 27 claims in the Hilltop District, Lander County, Nevada.

	d)	Eagle Claims – 50% interest

		The Company holds a 50% interest in 45 claims in the Eagle Claims situated in the Shoshone Range, Lander County, Nevada. The remaining 50% interest is held by Levon.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

4. EXPLORATION AND EVALUATION ASSETS (continued)

b)	~~Excluded Claims (previously referred to as Carve-out Claims) – 39% carried interest~~

By Agreement dated May 16, 1996, the Company granted Amax Gold Exploration Inc. (“Amax”) an option to purchase a 51% interest in 132 claims (originally 219 claims). Amax exercised the option by paying twice the amount the Company had incurred in exploration expenditures on the property. Under the terms of the Agreement, the Company has a 39% carried interest.

~~The Amax 61% interest was subsequently acquired by Cortez GML and is currently owned by Barrick Gold Corporation (“Barrick”).~~

c)	~~Blue Ridge Claims~~

The Company has a mineral lease agreement relating to nine mineral claims, which adjoin the southern part of the Excluded Claims. These claims are subject to a 5% NSR. In order to maintain the lease the Company must pay minimum advanced royalty payments of US$1,800 per month.

d)	~~Norma Sass Property – 66.67% interest~~

The Company holds a 66.67% interest in the 38 Norma Sass mining claims located in Lander County, Nevada, pursuant to a mineral lease and option-to-purchase agreement (Note 4a(iii)). The remaining 33.33% interest is held by Levon (Note 4a(v)).

e)	~~JDN Hilltop Crest – 50% interest~~

~~The Company holds a 50% interest in 27 claims in the Hilltop District, Lander County, Nevada. The remaining 50% interest is held by Great Thunder Gold Corp.~~

f)	~~Eagle Claims – 50% interest~~

~~The Company holds a 50% interest in 45 claims in the Eagle Group situated in the Shoshone Range, Lander County, Nevada. The remaining 50% interest is held by Levon.~~

Realization of Exploration and Evaluation Assets

The investment in and expenditures on exploration and evaluation assets comprise a significant portion of the Company’s assets. Realization of the Company’s investment in these assets is dependent upon the establishment of legal ownership, the attainment of successful production from the properties or from the proceeds of their disposal. Resource exploration and development is highly speculative and involves inherent risks. While the rewards can be substantial if an ore body is discovered, few properties that are explored are ultimately developed into producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore.

The amounts shown for acquisition costs and deferred exploration expenditures represent costs incurred to date and do not necessarily reflect present or future values.

Title to Exploration and Evaluation Assets Interests

Although the Company has taken steps to verify the title to exploration and evaluation assets in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title. Property title may be subject to unregistered prior agreements or transfers and title may be affected by undetected defects.

~~CORAL GOLD RESOURCES LTD.~~

~~Notes to the Consolidated Financial Statements~~

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

~~(Expressed in Canadian dollars)~~

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

Environmental

The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material, and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company other than the amount presented and disclosed as a reclamation provision in these consolidated financial statements.

Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company’s operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the property may be diminished or negated.

5. IMPAIRMENT OF EXPLORATION AND EVALUATION ASSETS

The Company reviews the carrying amounts of its ~~long~~‐long‐term assets at each statement of financial position date to determine whether there is any indication that those assets are impaired.

During the year ended January 31, 2014, the Company determined that 184 claims were insignificant to the core property and did not warrant ~~addition~~additional expenditures for claims maintenance. The 184 claims were previously part of the core claims – 100% and described in note 4 (a). The Company concluded that these claims were not required to maintain the value of the other core claims and therefore the costs incurred to date on those claims should be written off. The Company acquired these claims between 1986 and 1991. The $498,528 carrying value of the claims disposed iswas recorded as a charge to operations and is included in net ~~loss.~~

loss in 2014. There were no impairments or write-offs during the current year.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

6. PROPERTY AND EQUIPMENT

Land Buildings Vehicles
Computer
Hardware
Equipment TOTAL
$ $ $ $ $ $
COST
Balance at January 31, 2012 84,127 18,708 6,920 5,926 3,459 119,140
Additions - - - - - -
Balance at January 31, 2013 84,127 18,708 6,920 5,926 3,459 119,140
Additions - - - - - -
Balance at January 31, 2014 84,127 18,708 6,920 5,926 3,459 119,140

ACCUMULATED DEPRECIATION
Balance at January 31, 2012 - - 5,297 5,035 600 10,932
Depreciation - - 1,384 176 289 1,849
Balance at January 31, 2013 - - 6,681 5,211 889 12,781
Depreciation - 6,080 239 143 513 6,975
Balance at January 31, 2014 - 6,080 6,920 5,354 1,402 19,757

CARRYING VALUE
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

	Land		Buildings		Vehicles		Computer Hardware		Equipment		TOTAL
	$		$		$		$		$		$
COST
Balance at January 31, 2013		84,127		18,708		6,920		5,926		3,459		119,140
Additions		-		-		-		-		-		-
Balance at January 31, 2014		84,127		18,708		6,920		5,926		3,459		119,140
Additions		-		-		-		-		-		-
Balance at January 31, 2015		84,127		18,708		6,920		5,926		3,459		119,140

ACCUMULATED DEPRECIATION
Balance at January 31, 2013		-		-		6,681		5,211		889		12,781
Depreciation		-		6,080		239		143		513		6,975
Balance at January 31, 2014		-		6,080		6,920		5,354		1,402		19,757
Depreciation		-		1,872		-		114		411		2,397
Balance at January 31, 2015		-		7,952		6,920		5,468		1,814		22,154

CARRYING VALUE
At January 31, 2014		84,127		12,628		-		572		2,057		99,383
At January 31, 2015		84,127		10,756		-		458		1,645		96,986

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

7. INVESTMENT IN RELATED COMPANIES

At January 31, 2015, the Company held shares as follows:

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

Available-for-sale shares:
Levon Resources Ltd.		519,071	$	41,237	$	104,103		$	145,340
Great Thunder Gold Corp (formerly Mill Bay Ventures Inc.)*		17,291		1,297		(605	)		692

			$	42,534	$	103,498		$	146,032

At January 31, 2014, the Company held shares as follows:

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

~~At January 31, 2013, the Company held shares as follows:~~

Number of Shares Cost
Accumulated Unrealized
Gain
Unrealized Impairment Loss Recognized in Net Loss Fair Value

Available-for-sale shares:
Levon Resources Ltd. 909,071 $ 72,437 $ 323,009 $ - $ 395,446
Great Thunder Gold Corp (formerly Mill Bay Ventures Inc.) 51,873 41,634 - (40,337 ) 1,297
$ 114,071 $ 323,009 $ (40,337 ) $ 396,743

~~_________________~~

	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

*Mill Bay Ventures Inc. affected a 3:1 consolidation and changed its name to Great Thunder Gold Corp. during the year ended January 31, 2014.

During the year ended January 31, ~~2014,~~2015, the Company recorded an unrealized pre-tax gain of $7,127 (2014 – loss of ~~$226,639 (2013 -~~$226,639; 2013 – loss of $559,583) on investments in related companies, representing the change in fair value during the year.

Certain directors of Levon and Great Thunder Gold Corp. (formerly Mill Bay Ventures Inc.) are also directors of the Company.

During the year ended January 31, ~~2014,~~2015, the Company sold ~~370,000 (2013~~20,000 (2014 – 370,000; 2013 – 58,500) Levon shares and realized a gain of ~~$107,300 (January 31,~~$7,130 (2014 - $107,300; 2013 - $22,155).

During the year ended January 31, 2013, the share price of Great Thunder Gold Corp. (formerly Mill Bay Ventures Inc.) declined significantly. The amount of the cumulative unrealized loss that is reclassified from other comprehensive loss represents the difference between the book cost and current fair value. The amount reclassified at January 31, 2013 was $40,337 which was included in net loss for 2013.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

8. RECLAMATION BONDS

Under the Bureau of Land Management of the United States (the “Bureau”), the Company is required to hold reclamation bonds that cover the estimated cost to reclaim the ground disturbed. During the year ended January 31, ~~2014,~~2015, at the request of the Bureau the Company increased the bonds by US$~~59,089.~~

40,149 (2014 - US$59,089).

As at January 31, ~~2014,~~2015, the total reclamation deposits were $655,209 (US$515,466) (2014 – $529,408 (US$475,317) ~~(January 31, 2013 - $474,034 (US$475,317)~~).

The Company placed the funds in trust with a fully secured standby letter of credit lodged as collateral in support of the bond. Interest is accrued on the bond at a monthly weighted average rate of 0.05% ~~(2013~~(2014 - 0.05%).

9. SHARE CAPITAL

Authorized

~~Unlimited common shares without par value. All shares outstanding are fully paid.~~

b)
		Unlimited common shares without par value. All shares outstanding are fully paid.

	b)	Issued during 2015 and 2014

		On August 5, 2014, the Company issued 45,000 common shares upon the exercise of share purchase warrants for gross proceeds of $6,750.

		On July 28, 2014, the Company issued 857,296 common shares to three related companies settling amounts payable totalling $205,751 at a deemed price of $0.24 per share. The shares issued had a fair value of $180,032 and the Company recorded a gain on settlement of debt of $25,719. The shares issued by the Company are subject to a four month hold period that expired on November 29, 2014.

		On March 13, 2014, the Company closed a non-brokered private placement issuing 4,150,000 common shares at a price of $0.17 per common share for gross proceeds of $705,500.

		On July 17, 2013, the Company closed a non-brokered private placement issuing 3,694,500 units at a price of $0.10 per unit for gross proceeds of $369,450. Each unit is comprised of one common share and one non-transferable share purchase warrant. Each share purchase warrant is exercisable at a price of $0.15 expiring on July 17, 2015. The company paid cash finders’ fees of $3,000. The fair value of the warrants issued has been estimated using the Black-Scholes options pricing model with the following assumptions, respectively: risk-free interest rate of 1.09%, dividend yield rates of $nil, volatility of 76.45% and expected lives of 2 years. Of the $369,450 total aggregate proceeds raised, $91,260 was attributable to warrants and $278,190 was attributable to common shares.

		On March 18, 2013, the Company issued 514,892 common shares to four related companies settling amounts payable totalling $128,723 at a deemed price of $0.25 per share. The shares issued had a fair value of $82,383 and the Company recorded a gain on settlement of debt of $46,340. The shares issued by the Company were subject to a four month hold period that expired on July 18, 2013.

~~On July 17, 2013,~~

CORAL GOLD RESOURCES LTD.

Notes to the Company closed a non-brokered private placement issuing 3,694,500 units at a price of $0.10 per unit for gross proceeds of $369,450. Each unit is comprised of one common share and one non-transferable share purchase warrant. Each share purchase warrant is exercisable at a price of $0.15 expiring on July 17, 2015. The company paid cash finders’ fees of $3,000.

The fair value of the warrants issued has been estimated using the Black-Scholes options pricing model with the following assumptions, respectively: risk-free interest rate of 1.09%, dividend yield rates of $nil, volatility of 76.45% and expected lives of 2 years. Of the $369,450 total aggregate proceeds raised, $91,260 was attributable to warrants and $278,190 was attributable to common shares.

On March 18, 2013, the Company issued 514,892 common shares to four related companies settling amounts payable totalling $128,723 at a deemed price of $0.25 per share. The shares issued had a fair value of $82,383 and the Company recorded a gain on settlement of debt of $46,340. The shares issued by the Company were subject to a four month hold period that expired on July 18, 2013.

~~During~~Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013 ~~no options or warrants were exercised.~~

(Expressed in Canadian dollars)

9. SHARE CAPITAL (continued)

Share purchase warrants and compensation options


		On September ~~19, 2013,~~23, 2014, the TSX Venture Exchange approved the final extension of the expiry dates of the warrants issued pursuant to the private placement that closed on April 1, 2010 from October 1, ~~2013 and October 23, 2013 to October 1,~~ 2014 and October 23, 2014 to April 1, 2015 and April 23, 2015 respectively. All other terms remain the same.


		As a result of the extension, the Company recorded an additional aggregate fair value compensation cost in the amount of ~~$6,721~~$21,616, which has been estimated using the Black-Scholes option pricing model with the following assumptions for the fair value of the amended warrants at the date of the amendment: risk-free interest rate of ~~1.25%~~1.15%, dividend yield of ~~0.00%~~0%, volatility of ~~74.91%,~~92.75% and 116.13% respectively, and an expected life of ~~1.0 year.~~0.5 years.

~~CORAL GOLD RESOURCES LTD.~~

~~Notes to the Consolidated Financial Statements~~

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

~~(Expressed in Canadian dollars)~~

~~9. SHARE CAPITAL (continued)~~

c)	~~Share purchase warrants and compensation options (continued)~~


		During the year ended January 31, ~~2013,~~2014, the Company recorded an incremental compensation cost totaling ~~$429,849~~$6,721 for the excess of the fair value of the original warrants immediately before their terms were modified and the fair value of the modified warrants at the date of modification. The fair value of warrants modified has been estimated using the Black-Scholes option pricing with the following ~~assumptions, respectively:~~assumptions: risk-free interest rates of ~~1.43% and 1.09%~~1.25%, dividend yield rates of ~~$nil,~~0%, volatility of ~~114% and 90.95%~~74.91%, and expected lives of ~~0.5~~1 year.

		A summary of the share purchase warrants and compensation options issued, exercised and expired during the years ~~and 1 year.~~ended January 31, 2015 is as follows:

~~A summary of the share purchase warrants and compensation options issued, exercised and expired during the years ended January 31, 2014 is as follows:~~

Number of Warrants Weighted Average Exercise Price
Balance, January 31, 2012 6,464,120 $ 0.75
Balance, January 31, 2013 6,464,120 $ 0.75
Issued 3,694,500 $ 0.15
Balance, January 31, 2014 10,158,620 $ 0.53

	Number of Warrants			Weighted Average Exercise Price
Balance, January 31, 2013		6,464,120		$	0.75
Issued		3,694,500		$	0.15
Balance, January 31, 2014		10,158,620		$	0.53
Exercised		(45,000	)	$	0.15
Balance, January 31, 2015		10,113,620		$	0.53

Details of share purchase warrants outstanding as of January 31, 2015 and 2014 ~~and 2013~~ are:

Exercise Price Warrants Outstanding and Exercisable
Expiry Date per Share January 31, 2014 January 31, 2013

October 1, 2014 $ 0.75 4,709,120 4,709,120
October 23, 2014 $ 0.75 1,755,000 1,755,000
July 17, 2015 $ 0.15 3,694,500 -
10,158,620 6,464,120

			Warrants Outstanding and Exercisable
Expiry Date	Exercise Priceper Share		January 31, 2015		January 31, 2014

April 1, 2015	$	0.75		4,709,120		4,709,120
April 23, 2015	$	0.75		1,755,000		1,755,000
July 17, 2015	$	0.15		3,649,500		3,694,500
				10,113,620		10,158,620

~~Stock options~~

The Company’s stock option plan provides for the granting of options to directors, officers, employees and consultants. Under the terms of the option plan, options issued will not exceed 10% (2013 - 10%) of the issued and outstanding shares from time to time. The option price under each option is not less than the discounted market price on the grant date. The expiry date for each option is set by the Board of Directors at the time of issue and cannot be more than ten years after the grant date. All options vest 100% on the grant date unless a vesting schedule is set by the Board of Directors at the time of issue.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

9. SHARE CAPITAL (continued)

d)	d)	Stock options ~~(continued)~~

		The Company’s stock option plan provides for the granting of options to directors, officers, employees and consultants. Under the terms of the option plan, options issued will not exceed 10% (2014 - 10%) of the issued and outstanding shares from time to time. The option price under each option is not less than the discounted market price on the grant date. The expiry date for each option is set by the Board of Directors at the time of issue and cannot be more than ten years after the grant date. All options vest 100% on the grant date unless a vesting schedule is set by the Board of Directors at the time of issue.

		For the years ended January 31, 2015 and 2014 stock option activity is summarized as follows:

~~For the years ended January 31, 2014 and 2013 stock option activity is summarized as follows:~~

Number of Options Weighted Average Exercise Price
Stock options outstanding, January 31, 2012 2,515,000 $ 0.76
Granted 1,765,000 $ 0.36
Cancelled (420,000 ) $ 0.74
Expired (575,000 ) $ 0.97
Stock options outstanding, January 31, 2013 3,285,000 $ 0.51
Granted - -
Cancelled (65,000 ) $ 0.43
Expired (65,000 ) $ 1.00
Stock options outstanding, January 31, 2014 3,155,000 $ 0.50

	Number of Options			Weighted Average Exercise Price
Stock options outstanding, January 31, 2013		3,285,000		$	0.51
Granted		-			-
Cancelled		(65,000	)	$	0.43
Expired		(65,000	)	$	1.00
Stock options outstanding, January 31, 2014		3,155,000		$	0.50
Granted		1,420,000		$	0.24
Cancelled		-			-
Expired		(605,000	)	$	0.71
Stock options outstanding, January 31, 2015		3,970,000		$	0.37
Stock options exercisable, January 31, 2015		3,947,500		$	0.38

A summary of stock options outstanding as at January 31, ~~2014~~2015 is as follows:

Number
Outstanding

Exercise
Price

Weighted Average
Remaining
Contractual
Life (years)
Intrinsic Value Expiry Date
90,000 $ 0.40 0.06 $ 0.00 February 22, 2014
515,000 $ 0.76 0.95 $ 0.00 January 13, 2015
550,000 $ 0.45 1.63 $ 0.00 September 17, 2015
420,000 $ 0.80 1.97 $ 0.00 January 21, 2016
900,000 $ 0.40 3.06 $ 0.00 February 22, 2017
680,000 $ 0.30 3.70 $ 0.00 October 12, 2017
3,155,000 $ 0.50 2.37

~~As at~~

Number Outstanding	Exercise Price		Weighted Average Remaining Contractual Life (years)		Intrinsic Value		Expiry Date
50,000	$	0.24		0.12	$	0.00	March 14, 2015
550,000	$	0.45		0.63	$	0.00	September 17, 2015
420,000	$	0.80		1.97	$	0.00	January 21, 2016
900,000	$	0.40		2.06	$	0.00	February 22, 2017
680,000	$	0.30		2.70	$	0.00	October 12, 2017
1,370,000	$	0.24		4.12	$	0.00	March 14, 2019

3,970,000	$	0.37		2.54

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~3,155,000~~and 2013

(Expressed in Canadian dollars)

10. SHARE-BASED PAYMENTS

On March 14, 2014, the Company granted incentive stock options ~~were exercisable~~for the purchase of up to 1,420,000 common shares at a ~~weighted-average exercise~~ price of ~~$0.50. The weighted average remaining contractual life~~$0.24 per share to directors, officers, consultants, and employees of the Company. Of these, 50,000 stock options ~~outstanding as at January 31, 2014 was 2.73 years.~~

~~10. SHARE-BASED PAYMENTS~~

are exercisable on or before March 14, 2015, and 1,370,000 stock options are exercisable on or before March 14, 2019.

No stock options were granted during the year ended January 31, 2014.

During the year ended January 31, 2013, the Company granted stock options to various directors, officers, employees, consultants, and investor relations of the Company to purchase up to a total of 1,765,000 common shares at a weighted average exercise price of $0.36 pursuant to the Company’s stock option plan. The options vest on dates ranging from the grant date to October 12, 2013. The options are exercisable on or before October 12, 2017.

~~CORAL GOLD RESOURCES LTD.~~

~~Notes to the Consolidated Financial Statements~~

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

~~(Expressed in Canadian dollars)~~

~~10. SHARE-BASED PAYMENTS (continued)~~

The Company recorded total share-based payments of ~~$9,350~~$259,163 for the grant and vesting of stock options and for the extension of the expiry date of warrants during the year ended January 31, ~~2014 (2013~~2015 (2014 - ~~$855,773; 2012~~$9,350; 2013 - ~~$63,146)~~$855,773) as follows:

2014 2013 2012

Directors, officers and employees $ - $ 366,171 $ -
Investor relations 2,629 10,371 63,146
Consultants - 49,382 -
Extension of warrants 6,721 429,849 -
$ 9,350 $ 855,773 $ 63,146

	2015		2014		2013

Directors, officers and employees	$	214,200	$	-	$	366,171
Investor relations		11,447		2,629		10,371
Consultants		11,900		-		49,382
Extension of warrants		21,616		6,721		429,849
	$	259,163	$	9,350	$	855,773

Option pricing requires the use of highly subjective estimates and assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the options re-valued and granted to officers, directors, consultants and employees was calculated using the Black-Scholes model with following weighted average assumptions:

2014 2013 2012
Weighted average assumptions:
Risk-free interest rate - 1.38 % 1.33 %
Expected dividend yield - - -
Expected option life (years) - 4.82 1.36
Expected stock price volatility - 108 % 85 %
Weighted average fair value at grant date - $ 0.24 $ 0.63

	2015			2014		2013
Weighted average assumptions:
Risk-free interest rate		1.39	%		-		1.38	%
Expected dividend yield		-			-		-
Expected option life (years)		4.86			-		4.82
Expected stock price volatility		96.63	%		-		108	%
Weighted average fair value at grant date	$	0.17			-	$	0.24

Expected volatility was forecasted based on the historical volatility of the Company.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

11. RELATED PARTY TRANSACTIONS AND BALANCES

Related party transactions are measured at the estimated fair values of the services provided or goods received. Related party transactions not disclosed elsewhere in these financial consolidated statements are as follows:

Key ~~Management Compensation~~management personnel include the members of the Board of Directors and officers of the Company, who have the authority and responsibility for planning, directing and controlling the activities of the Company. The remuneration of directors and officers for the years ended January 31 was as follows:

2014 2013 2012

Salaries, bonuses, fees and benefits
Members of the Board of Directors $ 66,000 $ 110,564 $ 117,000
Other members of key management 43,707 57,162 47,774

Share-based payments
Members of the Board of Directors - 269,501 -
Other members of key management - 50,821 -
$ 109,707 $ 488,048 $ 164,774

~~CORAL GOLD RESOURCES LTD.~~

~~Notes to the Consolidated Financial Statements~~

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

~~(Expressed in Canadian dollars)~~

~~11. RELATED PARTY TRANSACTIONS AND BALANCES (continued)~~

	2015		2014		2013

Salaries, bonuses, fees and benefits
Members of the Board of Directors	$	62,835	$	66,000	$	110,564
Other members of key management		24,067		43,707		57,162

Share-based payments
Members of the Board of Directors		161,500		-		269,501
Other members of key management		34,000		-		50,821
	$	282,402	$	109,707	$	488,048

In the normal course of operations the Company transacts with companies related to its directors or officers. The following amounts are receivable from related parties:

January 31,
2014

January 31,
2013

Levon Resources Ltd. $ 43,908 $ 33,043
Great Thunder Gold (formerly Mill Bay Ventures) 2,263 -
Total $ 46,171 $ 33,043

	January 31, 2015		January 31, 2014
Levon Resources Ltd.	$	58,903	$	43,908
Great Thunder Gold (formerly Mill Bay Ventures)		-		2,263
Total	$	58,903	$	46,171

In the normal course of operations the Company transacts with companies with directors or officers in common. During ~~2014~~the year ended January 31, 2015, the Company settled ~~$128,722~~$205,751 (2014 - $128,722) of related party debt through issuance of common shares of the Company, as described in Note 9b. At January 31, ~~2014~~2015 and January 31, ~~2013,~~2014, the following amounts are payable to related parties:

January 31,
2014

January 31,
2013

Directors $ 34,500 $ 16,500
Oniva International Services Corp. 153,566 131,269
Sampson Engineering Inc. 18,641 12,641
Wear Wolfin Designs Inc. 13,860 7,840
Saulnier Capital 4,028 -
Frobisher Securities Ltd. 4,200 7,026
Intermark Capital Corp. 34,650 19,600
$ 263,445 $ 194,876

	January 31, 2015		January 31, 2014
Directors	$	52,500	$	34,500
Oniva International Services Corp.		5,514		153,566
Sampson Engineering Inc.		1,200		18,641
Wear Wolfin Designs Inc.		5,250		13,860
Saulnier Capital		1,103		4,028
Frobisher Securities Ltd.		4,200		4,200
Intermark Capital Corp.		13,125		34,650
	$	82,892	$	263,445

The amounts included above in 11(b) and 11(c) are unsecured, non-interest bearing with no fixed terms of repayment.

~~Other related party transactions~~

~~The Company has a cost-sharing agreement to reimburse Oniva International Services Corp. (“Oniva”), as described in Note 13. The transactions with Oniva during the year are summarized below:~~

2014 2013 2012
Salaries and benefits $ 77,785 $ 132,884 $ 150,725
Office and miscellaneous 48,489 98,036 116,160
$ 126,274 $ 230,920 $ 266,885

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

11. RELATED PARTY TRANSACTIONS AND BALANCES (continued)

	d)	Other related party transactions

		The Company has a cost-sharing agreement to reimburse Oniva International Services Corp. (“Oniva”), as described in Note 13. The transactions with Oniva during the year are summarized below:

	2015		2014		2013
Salaries and benefits	$	40,640	$	77,785	$	132,884
Office and miscellaneous		26,035		48,489		98,036

	$	66,675	$	126,274	$	230,920

Salaries and benefits above includes $4,037 for key management personnel compensation that has been included in Note 11(a).

12. RECLAMATON PROVISION

The Company’s reclamation provision relates to the reclamation work required by the Bureau to be performed on the Robertson Property.

Management estimates the total undiscounted inflation-adjusted amount of cash flows required to settle its reclamation provision to be approximately $574,756 (US$452,172) (2014 - $503,629 (US$452,172) ~~(January 31, 2013 - $413,177 (US$412,023)~~), which is expected to be incurred during 2018. The risk-free rate of 3% ~~(January 31, 2013~~(2014 – 3%) was used to calculate the present value of the reclamation provision.

A reconciliation of the reclamation provision is as follows:

January 31, 2014 January 31, 2013

Beginning balance $ 395,000 $ 175,529
Unwinding of discount 11,850 27,561
Change in estimates 43,000 191,621
Change in foreign exchange rate 34,150 289
$ 484,000 $ 395,000

	January 31, 2015		January 31, 2014

Beginning balance	$	484,000	$	395,000
Unwinding of discount		14,519		11,850
Change in estimates		-		43,000
Change in foreign exchange rate		67,891		34,150
	$	566,410	$	484,000

13. COMMITMENTS

The Company has a cost-sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on the total overhead and corporate expenses. The agreement may be terminated with ~~one-month’s~~one-months’ notice by either party. Transactions and balances with Oniva are disclosed in Note 11.

14. FINANCIAL INSTRUMENTS

The fair values of the Company’s cash and cash equivalents, amounts receivable from a related party, accounts payable, and amounts payable to related parties approximate their carrying values due to the short-term nature of these instruments. Investment securities are accounted for at fair value based on quoted market prices.

The Company’s financial instruments are exposed to certain financial risk, credit risk, liquidity risk, and market risk.

~~Credit risk~~

~~The Company manages credit risk, in respect of cash, by maintaining the majority of cash at high credit rated Canadian financial institutions.~~

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

14. FINANCIAL INSTRUMENTS (continued)

a)	a)	Credit risk

		Credit risk ~~(continued)~~is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company’s cash and cash equivalents is exposed to credit risk. The Company is not exposed to significant credit risk on amounts receivable (excluding GST).

		The Company manages credit risk, in respect of cash, by maintaining the majority of cash at high credit rated Canadian financial institutions.

		Concentration of credit risk exists with respect to the Company’s cash and cash equivalents and reclamation deposits as the majority of the amounts are held with a single Canadian and US financial institution. The Company’s concentration of credit risk, and maximum exposure thereto, is as follows:

January 31,
2014

January 31,
2013

Cash held at major financial institutions
Canada – cash $ 4,706 $ 11,741
US - cash 3,368 2,709

8,074 14,450
Reclamation deposits held at major financial institutions 529,408 474,034
Total cash and reclamation deposits $ 537,482 $ 488,484

	January 31, 2015		January 31, 2014

Cash held at major financial institutions
Canada – cash	$	103,470	$	4,706
US - cash		44,105		3,368

		147,575		8,074
Reclamation deposits held at major financial institutions		655,209		529,408

Total cash and reclamation deposits	$	802,784	$	537,482

b)	b)	Liquidity risk

		Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due.

		The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities. The Company had a working capital of $11,324 at January 31, 2015 and a working capital deficit of $486,109 at January 31, 2014. The Company has cash at January 31, 2015 in the amount of $147,575 (2014 - $8,074) in order to meet short-term business requirements. At January 31, 2015, the Company had current liabilities of $154,653 (2014 - $499,993). Accounts payable have contractual maturities of approximately 30 days and are subject to normal trade terms. Amounts due to related parties are without stated terms of interest or repayment.

		The Company will require significant cash funding to conduct its planned exploration programs, meet its administrative overhead costs, and maintain its mineral properties in 2016.

~~Liquidity risk is~~

CORAL GOLD RESOURCES LTD.

Notes to the ~~risk that~~Consolidated Financial Statements

For the ~~Company will encounter difficulty in satisfying financial obligations as they become due.~~

~~The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities. The Company had a working capital deficit in~~years ended January 31, 2015, 2014, and ~~2013. The Company has cash at January 31, 2014~~2013

(Expressed in the amount of $8,074 (January 31, 2013 - $14,450) in order to meet short-term business requirements. At January 31, 2014, the Company had current liabilities of $499,993 (January 31, 2013 - $595,964). Accounts payable have contractual maturities of approximately 30 days and are subject to normal trade terms. Amounts due to related parties are without stated terms of interest or repayment.

~~The Company will require significant cash funding to conduct its planned exploration programs, meet its administrative overhead costs, and maintain its mineral properties in 2014.~~

Canadian dollars)

14. FINANCIAL INSTRUMENTS (continued)

c)	c)	Market risk

		Market risk consists of interest rate risk, foreign currency risk, and other price risk. These are discussed further below.

		Interest rate risk

		Interest rate risk consists of two components:

~~Market risk consists of interest rate risk, foreign currency risk, and other price risk. These are discussed further below.~~

~~Interest rate risk~~

~~Interest rate risk consists of two components:~~

~~(i)~~

(i)

~~(ii)~~
		(ii)	To the extent that changes in prevailing market rates differ from the interest rate in the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk.

~~CORAL GOLD RESOURCES LTD.~~

~~Notes to the Consolidated Financial Statements~~

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

~~(Expressed in Canadian dollars)~~

~~14. FINANCIAL INSTRUMENTS (Continued)~~

c)	~~Market risk (continued)~~

2014.

Foreign currency risk

January 31,
2014

January 31,
2013

Cash US$ 3,024 US$ 6,884
Other amounts receivable 2,085 1,847
Amounts receivable from a related parties 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

	January 31, 2015			January 31, 2014

Cash	US$	34,698		US$	3,024
Other amounts receivable		2,343			2,085
Amounts receivable from a related parties		46,340			41,454
Reclamation bonds		515,466			475,317
Accounts payable		(15,945	)		(117,288	)

Net exposure	US$	582,902		US$	404,592

Canadian dollar equivalent	$	740,927		$	450,634

Based on the net Canadian dollar denominated asset and liability exposures as at January 31, ~~2014,~~2015, a 10% ~~(January 31, 2013~~(2014 – 10%) fluctuation in the Canadian/US exchange rates will impact the Company’s net ~~loss~~income and comprehensive ~~loss~~income by approximately ~~$45,063 (January 31, 2013~~$74,093 (2014 - ~~$20,894)~~$45,063).

~~Other price risk~~

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, ~~2013,~~ and ~~2012~~

2013

(Expressed in Canadian dollars)

14. FINANCIAL INSTRUMENTS ~~(Continued)~~

(continued)

d)	c)	Market risk (continued)

		Other price risk

		Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is exposed to other price risk with respect to its investment securities, as they are carried at fair value based on quoted market prices.

		The Company’s ability to raise capital to fund mineral resource exploration is subject to risks associated with fluctuations in mineral resource prices. Management closely monitors commodity prices, individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company.

	d)	Classification of Financial instruments

		IFRS 7 ‘Financial Instruments: Disclosures’ establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows:

		Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

		Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

		Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

		The following table sets forth the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as at January 31, 2015:

~~IFRS 7~~ ~~‘Financial Instruments: Disclosures’~~ ~~establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows:~~

~~Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;~~

~~Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and~~

~~Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).~~

~~The following table sets forth the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as at January 31, 2014:~~

Level 1 Level 2 Level 3
Cash and cash equivalents $ 8,074 - -
Investments in related companies 140,505 - -
$ 148,579 - -

	Level 1		Level 2		Level 3
Cash and cash equivalents	$	147,575		-		-
Investments in related companies		146,032		-		-
	$	293,607		-		-

15. CAPITAL MANAGEMENT

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and development of its properties and to maintain flexible capital structure for its projects for the benefit of its stakeholders. In the management of capital, the Company includes the components of shareholders’ equity.

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares or adjust the amount of cash and cash equivalents. Management reviews the capital structure on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital requirements. There were no changes to the Company’s capital management during the year ended January 31, ~~2014.~~

2015.

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

16. ADDITIONAL CASH FLOW DISCLOSURES

The net change in non-cash working capital is comprised of the following:

January 31,
2014

January 31,
2013

Amounts receivable from related parties $ (9,268 ) $ (6,127 )
Other amounts receivable 32,783 (8,681 )
Prepaid expenses 3,107 2,546
Accounts payable and accrued liabilities (35,817 ) 255,287
Amounts payable to related parties 68,569 157,251
$ 59,374 $ 400,276

~~CORAL GOLD RESOURCES LTD.~~

~~Notes to the Consolidated Financial Statements~~

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

~~(Expressed in Canadian dollars)~~

	January 31, 2015			January 31, 2014

Amounts receivable from related parties	$	(12,732	)	$	(9,268	)
Other amounts receivable		(12,144	)		32,783
Prepaid expenses		(448	)		3,107
Accounts payable and accrued liabilities		(67,252	)		(35,817	)
Amounts payable to related parties		31,810			68,569
	$	(60,766	)	$	59,374

17. INCOME TAXES

Income tax recovery differs from the amount that would result from applying the Canadian federal and provincial statutory income tax rates to ~~loss~~income (loss) before future income taxes. For the year ended January 31, ~~2014,~~2015, the Canadian statutory rate is 26% ~~(2013~~(2014 - ~~25%~~26%).

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 )

	2015			2014			2013

Expected income tax recovery	$	123,811		$	181,670		$	348,647
Permanent differences		(53,714	)		10,760			(225,749	)
Changes in timing differences and other		(108,612	)		9,659			(21,221	)
Effect of foreign exchange changes on U.S. loss carry-forwards		663,891			492,885			(196,741	)
Expired losses		(123,653	)		(20,428	)		(115,221	)
Changes in unrecognized deferred income tax assets		(62,588	)		(135,099	)		(61,408	)
Adjustments due to effective tax rate attributable to U.S. income taxes		37,585			37,513			126,053
Changes in income tax rates and other exchange		-			70,895			(2,338	)
Total deferred income tax recovery (expense)	$	476,720		$	647,855		$	(147,978	)

The components of the deferred income tax assets (liabilities), after applying enacted Canadian rates of 26% ~~(2013~~(2014 - ~~25%~~26%) and enacted US rates of 35.0% ~~(2013~~(2014 - 35.0%), are as follows:

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 )

	2015			2014

Deferred income tax assets
Non-capital loss carry-forwards	$	5,345,044		$	4,355,403
Other		15,858			8,685
		5,360,902			4,364,088
Deferred income tax liabilities
Investment securities		(2,680	)		(1,917	)
Exploration and evaluation assets		(6,648,222	)		(6,128,891	)
Net deferred income tax liability	$	(1,290,000	)	$	(1,766,720	)

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

17. INCOME TAXES (continued)

At January 31, ~~2014,~~2015, the Company had, for Canadian tax purposes, non-capital losses aggregating approximately ~~$6,887,000.~~$7,137,000. These losses are available to reduce taxable income earned by the Canadian operations of future years and expire as ~~follows:~~

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

follows between 2026 and 2035.

At January 31, ~~2014,~~2015, the Company had, for US tax purposes, net operating losses aggregating approximately US$~~11,960,000.~~12,061,000. The net operating losses are available to offset taxable income earned by the US operations of future years and expire as ~~follows:~~

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,~~follows between 2020 and ~~2012~~

~~(Expressed in Canadian dollars)~~

2035.

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 year ended January 31, 2015, 2014, ~~2013,~~ and ~~2012.~~

2013.

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

January 31,
2014

January 31,
2013

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

	January 31, 2015		January 31, 2014
Canada	$	148,139	$	143,136
USA		19,902,825		19,653,204
	$	20,050,964	$	19,796,340

19. SUBSEQUENT ~~EVENTS~~

EVENT

In ~~March 2014, the Company entered into an exploration and option to joint venture with~~May 2015, Barrick Gold Corporation ~~("Barrick"), pursuant~~has given a Notice of Termination and Release of the Exploration and Option to ~~which Barrick has been granted an option to earn up to an undivided 60% interest~~Joint Venture Agreement on the ~~Company's~~ Gold Ridge Property ~~in Nevada (consisting of a portion of~~originally dated March 5, 2014 (Note 4 (a)(2)), Coral will continue to identify and evaluate potential partners that have the financial capability to advance the 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 delivering to the Company a scoping study. The Option Agreement also provides that upon the exercise of the option, a 60%/40% or a 75%/25% joint venture between the parties will be established in order to further explore the Gold Ridge Property. In March 2014, the Company closed a non-brokered private placement in connection with the exploration and option to joint venture issuing 4,150,000 common shares of the Company at a price of $0.17 per common share for gross proceeds of $705,500.

project into commercial production.

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 ~~11, 2014~~15, 2015	By:	/s/ David Wolfin
		David Wolfin,
		Chief Executive Officer
		(Principal Executive Officer)

~~Exhibit Index~~

~~Exhibit Number~~
~~Name~~
~~1.1~~

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.

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

Balance Sheet	As at January 31, 2010
Total assets under Canadian GAAP	$	17,791,566
Adjustments		(14,718,069	)
Total assets under US GAAP		3,073,497

Total shareholders’ equity under Canadian GAAP		15,769,119
Adjustments		(13,337,109	)
Total shareholders’ equity under US GAAP		2,432,010

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

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

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

Zone	Tons	Ounces per Ton	Ounces of Au (Inferred)
39A	26,779,714	0.023	615,933
GP Oxide	21,939,550	0.0127	278,632
GP Sulphide	48,759.22	0.0119	580,235
Porphyry Oxide	59,707,994	0.0137	818,000
Porphyry Sulphide	9,817,623	0.0132	129,593
Altenburg Hill Oxide	23,170,083	0.0131	303,528
Altenburg Hill Sulphide	178,279	0.0087	1,551
Triplett Gulch Sulphide	678,279	0.0152	10,310
East Zone Sulphide	694,672	0.0171	11,879
Total	191,725,418	0.0143	2,741,673

	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 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 President, CEO & Director	2014	30,000	NIL	NIL	-	-	-	30,000
Malcolm Davidson CFO	2014	18,823	NIL	NIL	-	-	-	18,823

Name	Fees earned ($)	Share-based awards ($)	Option-based awards ($)(1)	Non-equity incentive plan compensation ($)	Pension value ($)	All other compensation ($)	Total ($)
Gary Robertson*	$6,000	NIL	NIL	NIL	NIL	NIL	$6,000
Chris Sampson	$18,000	NIL	NIL	NIL	NIL	NIL	$18,000
David Wolfin(2)	NIL	NIL	NIL	NIL	NIL	NIL	NIL
Ronald Andrews*	$6,000	NIL	NIL	NIL	NIL	NIL	$6,000
Andrew Kaplan*	$6,000	NIL	NIL	NIL	NIL	NIL	$6,000

	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

	January 31, 2014		January 31, 2013		January 31, 2012
Levon Resources Ltd. (i)	$	43,908	$	33,043	$	26,916
Great Thunder Gold Corp. (i)		2,263		-		-
	$	46,171	$	33,043	$	26,916

	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

	Note		January 31, 2014			January 31, 2013

Assets
Current assets
Cash and cash equivalents			$	8,074		$	14,450
Other amounts receivable				5,810			38,593
Prepaid expenses				-			3,107
				13,884			56,150

Exploration and Evaluation Assets		4		19,027,044			19,264,220
Property and Equipment		6		99,383			106,358
Investments in Related Companies		7		140,505			396,743
Amounts Receivable from a Related Party		11b		46,171			33,043
Reclamation Bonds		8		529,408			474,034
Total Assets			$	19,856,395		$	20,330,548

Liabilities
Current liabilities
Accounts payable and accrued liabilities			$	236,548		$	401,088
Amounts payable to related parties		11c		263,445			194,876
				499,993			595,964

Reclamation Provision		12		484,000			395,000
Deferred Tax Liability		17		1,766,720			2,444,038
Total liabilities				2,750,713			3,435,002

Equity
Share Capital		9		44,311,995			43,954,422
Equity Reserves				2,738,194			2,701,918
Accumulated Other Comprehensive Income				80,461			277,637
Accumulated Deficit				(30,035,288	)		(30,048,751	)
Equity Attributable to Equity Holders of the Company				17,095,362			16,885,226
Equity Attributable to Non-Controlling Interests				10,320			10,320
Total Equity				17,105,682			16,895,546
Total Liabilities and Equity			$	19,856,395		$	20,330,548

	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

	Number of Shares		Cost		Accumulated Unrealized Gain		Unrealized Impairment Loss Recognized in Net Loss			Fair Value

Available-for-sale shares:
Levon Resources Ltd.		909,071	$	72,437	$	323,009	$	-		$	395,446
Great Thunder Gold Corp (formerly Mill Bay Ventures Inc.)		51,873		41,634		-		(40,337	)		1,297
			$	114,071	$	323,009	$	(40,337	)	$	396,743

	Number of Warrants		Weighted Average Exercise Price
Balance, January 31, 2012		6,464,120	$	0.75
Balance, January 31, 2013		6,464,120	$	0.75
Issued		3,694,500	$	0.15
Balance, January 31, 2014		10,158,620	$	0.53

	Number of Options			Weighted Average Exercise Price
Stock options outstanding, January 31, 2012		2,515,000		$	0.76
Granted		1,765,000		$	0.36
Cancelled		(420,000	)	$	0.74
Expired		(575,000	)	$	0.97
Stock options outstanding, January 31, 2013		3,285,000		$	0.51
Granted		-			-
Cancelled		(65,000	)	$	0.43
Expired		(65,000	)	$	1.00
Stock options outstanding, January 31, 2014		3,155,000		$	0.50

Number Outstanding		Exercise Price		Weighted Average Remaining Contractual Life (years)		Intrinsic Value		Expiry Date
	90,000	$	0.40		0.06	$	0.00	February 22, 2014
	515,000	$	0.76		0.95	$	0.00	January 13, 2015
	550,000	$	0.45		1.63	$	0.00	September 17, 2015
	420,000	$	0.80		1.97	$	0.00	January 21, 2016
	900,000	$	0.40		3.06	$	0.00	February 22, 2017
	680,000	$	0.30		3.70	$	0.00	October 12, 2017
	3,155,000	$	0.50		2.37