At October 31, 2011, the value of the Company's current assets was $3.0 million, compared to $1.2 million at April 30, 2011, an increase of $1.8 million.
The increase in current assets from the end of fiscal 2010 to the end of Q2 2012 is primarily a result of the addition of cash from the sale of securities under a private placement financing as outlined in Section 5.3 above, offset by expenditures of cash on exploration and general and administrative costs as well as expenditures related to PacRim's CAFTA/ILES action.
Resource property balances at October 31, 2011 were negligibly higher than the April 30, 2011 balance ($5.49 million and $5.45 million respectively).
At October 31, 2011 the Company had current liabilities of $1.5 million, marginally lower than the April 30, 2011 balance of $1.6 million due to a slight decrease in accounts payable and accrued liabilities.
Of the accounts payable and accrued liability balances, $1.4 million at both October 31, 2011 and April 30, 2011 is due to one vendor associated with PacRim's arbitration action.
The $1.8 million increase in current assets combined with the marginal decrease in current liabilities, resulted in a $1.9 million increase in working capital from $(0.4) million at the end of fiscal 2011 to $1.5 million at the end of Q2 2012.