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<p style="font: 8pt 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 October 31, 2014, and for all periods presented herein, have been made.</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 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, 2014 audited financial statements.  The results of operations for the period ended October
31, 2014 are not necessarily indicative of the operating results for the full year.</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">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 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"><i>Use
of estimates</i></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">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 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"><i>Recently
Issued Accounting Pronouncements</i></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">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  requirements
for development (exploration) stage entities.</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 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 Company has not earned any revenue,  has a working capital deficit of $1,441,741, and an accumulated
deficit of $13,276,399. 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">Management's
plan is to obtain capital  resources for the Company from management and significant shareholders sufficient to meet
its minimal operating expenses and seek additional 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 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="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 six months ended October 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
and 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>
<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 October 31, 2014,
we issued a total of 300,000 shares; 300,000 shares were issued for cash to investors in private placement at $0.05 per share
for receipt of cash totaling $15,000.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">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 removal 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">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 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 $25,137 of interest has accreted for the period from date
of issuance through October 31, 2014 and the unamortized discount was $24,863 as of October 31, 2014, which is related to the intrinsic
value of the beneficial conversion feature. Additionally, the Company recorded $14,481 of original issue discount financing fees
on the convertible note during the six months ended October 31, 2014.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On October 28, 2014, we issued a promissory note in which we received
$10,000 to be used for general corporate matters.  The note carries an interest rate of 8% per annum and is due and payable
on October 31, 2016 in full including principal and accrued interest.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><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 $35,876 and $39,797 relating to hours incurred at October 31,
2014 and April 30, 2014, respectively. In the six months ended October 31, 2014, Forbush and Associates charged $13,680 for consulting
services rendered in relation to administrative and bookkeeping services . In the six months ended October 31, 2013, Forbush and
Associates charged $15,000 for office support</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><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 $310,878 and $245,000 in unpaid
gross wages as of October 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 $6,183 and $20,928 for expenses incurred for the periods ended October 31, 2014 and April 30, 2014, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="background-color: white">As of October 31, 2014 and
April 30, 2014, $38,620 and $36,600 respectively is due to Larry Bigler, Bryson Goodwin, 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 period. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="background-color: white">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 October 31, 2014 and April 30, 2014, Dyer Engineering Consultants is owed $34,663 for services rendered respectively.</font></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 total contribution of $500,000by 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>
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