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<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><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
January 31, 2015, and for all periods presented herein, have been made.</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">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 January
31, 2015 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="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 by 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"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following provides additional information for certain stock transactions that occurred during the nine months ended January 31,
2015.  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.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the three months ended January 31, 2015, we issued a total of 566,973 shares;  554,473 shares were issued for services
valued at $66,000 to our Board of Directors and vendors; 12,500 shares were issued as a loan fee to a minority shareholder for
providing a short-term working capital loan of $10,000.</font></p>
<p style="font: 8pt 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="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 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.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
July 17, 2014, the Company issued a convertible note with an un-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
if repaid in cash. 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 $52,196 of interest has accreted for the period from date of issuance through January 31, 2015.
As of January 31, 2015 the conversion price dropped below $0.06 per share resulting in a derivative liability in the amount of
$20,168.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
October 28, 2014, we entered into 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.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
December 23, 2014, the Company received a thirty day loan of $10,000 to be used for general corporate matters.   The
company issued 12,500 shares of common stock of the Company as a loan fee to the lender.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the quarter, we received short-term loans from related paties for $16,000 to be used for general corporate matters. The loans
carry no interest rate.</font></p>
<p style="font: 8pt 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="font: 8pt Times New Roman, Times, Serif; 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 $45,691 and $39,787 relating to hours incurred
at January 31, 2015 and April 30, 2014, respectively. In the nine months ended January 31, 2015, Forbush and Associates charged
$19,400 for consulting services rendered in relation to administrative and bookkeeping services.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; 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
$335,000 and $245,000 in unpaid gross wages as of January 31, 2015 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 $8,301 and $20,928 for expenses incurred for the periods ended January 31, 2015 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"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">As
of January 31, 2015 and April 30, 2014, $24,600 and $36,600 respectively was 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/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; 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 January 31, 2015 and April 30, 2014, Dyer Engineering Consultants is owed $34,663
for services rendered respectively.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of January 31, 2015, the Company had short-term loans payable in the amount of $16,000 to related parties.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
February 12, 2015, the Board of Directors gave their Consent to Action to convert $150,000 of the President’s accrued salary
to common stock of the Company that being 1,500,000 shares at $0.10 per share and 4,500,000 warrants with varying expirations
dates convertible into 3,000,000 shares at prices from $0.15 to $0.50 per share.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
February 6, 2015, the Company issued an additional $10,000 promissory note with an 8% annual interest rate. Principal and interest
are due February 7, 2017. The Company used the $10,000 loan to repay the thirty-day loan from a minority shareholder incurred
on December 23, 2014.</font></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"><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>
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