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<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The Company's
financial statements are prepared using generally accepted accounting principles in the United States of America applicable to
a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The
Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue
as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital
to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to
cease operations. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">In order
to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to
obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its
minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the
Company will be successful in accomplishing any of its plans.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The ability
of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the
preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following provides additional information
for certain stock transactions that occurred during the three months ended July 31, 2014.  For additional details for
all stock transaction please see the consolidated statement of changes in stockholders’ equity as reported in the Company’s
10-K for the period ended April 30, 2014 and filed with the Securities Exchange Commission on September 4, 2014.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended July 31,
2014, we issued a total of 1,302,373 shares;   280,187 shares were issued for services valued at $42,000 to our
Board of Directors vendors; 250,000 shares were issued to our CEO valued at $70,000 under a stock grant for services
performed; 50,000 shares were issued to an individual for their introduction to our potential joint venture partner valued at
$14,000; 25,000 shares were issued to a member of our Board of Directors valued at $7,000 under a stock grant for services
performed; 135,001 shares were issued for cash to investors in private placement at $0.12 per share for receipt of cash
totaling $16,200; 561,441 shares were issued in settlement of the convertible note dated November 19, 2013 with principal
amount of $25,000 plus accrued interest; and 744 shares were issued as part of rounding shares due to the 20 for 1 reverse
stock split effected on May 30, 2014.</p>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The
accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations,
and cash flows at July 31, 2014, and for all periods presented herein, have been made.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">In
accordance with Article 8-03 of Regulation S-X certain information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It
is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included
in the Company's April 30, 2013 audited financial statements.  The results of operations for the period ended July 31,
2014 are not necessarily indicative of the operating results for the full year.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The
accompanying condensed consolidated financial statements include the accounts of Cibolan Gold Corporation and its wholly owned
subsidiary, General Gold Corporation.  Collectively, they are referred herein as the Company.  All inter-company
balances and transactions have been eliminated on consolidation.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white"><i>Use
of estimates</i></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white"><i>Recently
Issued Accounting Pronouncements</i></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">No
new accounting pronouncements have been issued since the filing of the Company’s Form 10-K on September 4, 2014 for the fiscal
year ended April 30, 2014 that are likely to have a material impact on the Company’s financial position, results of operations,
or cash flows. In the prior year, we adopted Accounting Standards Updated 2014-10, which changed disclosure for requirements for
development (exploration) stage entities.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">On May 23,
2014, the $25,000 convertible note issued November 19, 2013 to a non-related party was converted to 561,441 shares of common stock
which resulted in the remove of the derivative liability related to this debt.. A total of $1,521 of interest accrued to the note
and $25,000 of interest related to the beneficial conversion feature had accreted over the 6-month period ending May 19, 2014.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">On July 17,
2014, the Company issued a convertible note with a non-related party for $50,000. Under the terms of the agreement the amount
is unsecured with a stated </font>interest rate of 8% per annum, and 150% of the principal is due on or before January 17, 2015.
The note is convertible into common shares of the Company as of the issue date at a discounted conversion price of $0.033 per
share. A total of $2,765 of interest has accreted for the 14-days ended July 31, 2014 and the unamortized <font style="font: 8pt Times New Roman, Times, Serif">discount
was $47,235 as of July 31, 2014, which is related to the intrinsic value of the beneficial conversion feature. Additionally, the
Company recorded $1,931 of original issue discount financing fees on the convertible note during the three months ended July 31,
2014.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">Forbush
and Associates, of which Dan Forbush, CEO, President, and CFO, is the Principal, provides accounting support and bookkeeping services
to the Company on a billed by hour incurred basis. Forbush and Associates is owed $31,182 and $39,797 relating to hours incurred
at July 31, 2014 and April 30, 2014, respectively. In the three months ended July 31, 2014, Forbush and Associates charged $885
for consulting services rendered in relation to administrative and bookkeeping services rendered during the three month period.
In the three months ended July 31, 2013, Forbush and Associates charged $2,485 for office support services and for services rendered
in relation.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">Mr.
Forbush also receives wages from the Company in accordance with his employment as an officer of the Company. Mr. Forbush is owed
$265,000 and $245,000 in unpaid gross wages as of July 31, 2014 and April 30, 2014 respectively which is included in accrued liabilities.
In addition, Mr. Forbush incurs certain reimbursable expenses related to travel and other expenses for his position as CEO and
President. Mr. Forbush was owed $19,092 and $20,928 for expenses incurred for the periods ended July 31, 2014 and April 30, 2014,
respectively. Reimbursable expenses are recorded as part of the trade accounts payable as of the period end.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">As
of July 31, 2014 and April 30, 2014, $18,620 and $36,600 respectively is due to Larry Bigler, Shane Dyer, and Walter A. “Del”
Marting, for combined reimbursable expenses incurred in their position as members of the Board of Directors and fees related thereto.
Any amounts owing are included in trade accounts payable at the end of the respective year. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Dyer Engineering Consultants, an entity
controlled by one of our Directors, provides mine permitting, engineering and leach pad design services at the Independence project.
As of July 31, 2014 and April 30, 2014, Dyer Engineering Consultants is owed $34,663 for services rendered respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On August 20, 2014, the Company received notice from Compass
Holdings LLC of their intent to terminate the letter of intent dated April 15, 2014. With the termination of the agreement,
Compass has requested repayment of the initial contribution of $425,000 and the additional $75,000 forwarded to Cibolan Gold
during July 2014 by October 1, 2014 while retaining a 1/2% net smelter royalty.  As of the date of this filing, there
has been no payment made to Compass nor any agreement reached with Compass in resolving the outstanding liability.</p>
<p style="margin: 0pt"></p>
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