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NOTE 1: BASIS OF PRESENTATION The condensed financial statements presented herein have been prepared by the Company in accordance with the accounting policies in its audited financial statements for the period ended May 31, 2011, as filed with the SEC on Form 10K and should be read in conjunction with the notes thereto. The Company is in the exploration stage. On August 23, 2010, the Company entered into three agreements with TAC Gold Inc., a Canadian reporting issuer, in regards to the acquisition of certain property interests – (a) an option to acquire a 70% interest in a mineral exploration property called the “Belleville” property in Mineral County, Nevada; (b) an option to acquire a 35% interest in a mineral exploration property called the “Goldfield West” property in Esmeralda County, Nevada; and a right of first refusal on an additional exploration property called the “Iowa Canyon” property in Lander County, Nevada for period of 12 months; which resulted in the Company on September 9, 2011, entering into an option to acquire a 15% interest in the mineral exploration property (see Note 4). In April, 2007, the Company entered into an Option to Purchase and Royalty Agreement to acquire a 25% interest in a mining property with no known reserves, known as the Gao Feng property, in Jiangxi Province, east-central China, such option being terminated on January 31, 2011 as a result of insufficient results being obtained from the first phase of exploration and the high costs of a projected second phase (see Note 4). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary to provide a fair presentation of operating results for the interim period presented have been made. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the year. The Company is considered an exploration stage company as it has not generated revenues from its operations.

NOTE 2 – GOING CONCERN These financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation. The Company’s significant operating losses raise substantial doubt about the ability to continue as a going concern. Inherent in the Company’s business are various risks and uncertainties, including its limited operating history, historical operating losses, dependence upon strategic alliances, and the historical success rate of mineral exploration. As shown in the accompanying financial statements, the Company has incurred an accumulated deficit of $1,995,873 for the period from May 17, 2006 (inception), to November 30, 2011, and has no revenue. The Company’s future success is primarily dependent upon the existence of gold or other precious minerals on properties for which the Company owns a working interest or an option to acquire an interest. No minerals have yet been discovered on the property. The Company’s success will also be dependent upon its ability to raise sufficient capital to fund its exploration programs and, if gold is discovered, to exploit the discovery on a timely and cost-effective basis.

NOTE 3 – RELATED PARTY TRANSACTIONS In 2006, the Company issued a total of 50,000,000 shares of its restricted common stock to two directors (25,000,000 to each) for $5,000 ($0.0001/share) . Officers contributed administrative services to the Company for all periods to May 31, 2008. The time and effort was recorded in the accompanying financial statements based on the prevailing rates for such services, which equaled $50 per hour based on the level of services performed. The services were reported as contributed administrative support with a corresponding credit to additional paid-in capital. No contributed administrative costs have been incurred in the current year to date. On January 1, 2009, the Company entered into a Management Services Agreement with its then President and Director to provide certain financial and administrative management services for the Company at a rate of Hong Kong $5,000 (approximately US $645) per month for a one year period. The contract was fully paid in December, 2009 but was not renewed as a result of the lack of available funds from within operations. During 2010-2011, a director advanced the Company a total of $40,000 with no specific terms of repayment. On December 1, 2010, the Company entered into a consulting agreement with Brent Welke, our president, Chief Executive Officer and a director, for a term of 36 months, whereby Mr. Welke agreed to provide the Company with various consulting services. As compensation, the Company agreed to pay Mr. Welke US$1,000 on the first day of each of the 36 months, pursuant to the terms of the consulting agreement and issued 2,500,000 shares of the Company’s common stock which, for accounting purposes, was valued at $12,500 which was based on the previously last issue price of our common stock of $0.005 per share. On July 1, 2011, the Company entered into a consulting agreement with Gaspar R. Gonzalez, our treasurer, Chief Financial officer and a director, for a term of 36 months, whereby Mr. Gonzalez agreed to provide the Company with various financial consulting services. As compensation, the Company agreed to pay him US$1,000 on the first day of each of the 36 months, pursuant to the terms of the consulting agreement and issued 2,000,000 shares of the Company’s common stock which, for accounting purposes, was valued at $1,000,000 which is based on the last price at which our common stock traded at the close of business on July 1, 2011 –$0.50 per share.

NOTE 4 – OPTION ON MINERAL PROPERTY – UNPROVEN MINERAL INTERESTS Mineral Property Interests – State of Nevada – U.S.A. On August 23, 2010, we entered into three agreements with TAC Gold Inc., a Canadian reporting issuer, in regards to the acquisition of certain property interests. The interests that we have acquired are as follows: <ul style="text-align: justify;"> <li> An option to acquire a 70% interest in a mineral exploration property called the “Belleville” property in Mineral County, Nevada. TAC has an underlying option agreement with Minquest Inc. for the acquisition of a 100% interest in the property (under which agreement Minquest has retained a 3% net smelter return royalty); </li> <li> An option to acquire a 35% interest in a mineral exploration property called the “Goldfield West” property in Esmeralda County, Nevada. TAC has an underlying option agreement with Minquest Inc. for the acquisition of a 100% interest in the property; and </li> </ul>   <ul style="text-align: justify;"> <li> A right of first refusal on an additional exploration property called the “Iowa Canyon” property in Lander County, Nevada for period of 12 months; In September, 2011, we converted that right to an option to acquire a 15% interest in the property. TAC has an underlying option agreement with Minquest Inc. for the acquisition of a 100% interest in the property. </li> </ul> Pursuant to the terms of the above noted option agreements, in order to earn the 70% interest in the Belleville property we have assumed our 70% portion of the obligations of TAC Gold under their option agreements with Minquest which consist of: <ul style="text-align: justify;"> <li> Making payments in the aggregate amount of $170,000 in payments ranging from $20,000 to $50,000, to the sixth anniversary of the underlying option agreement; and </li> <li> Incurring exploration expenditures in the aggregate amount of $1,320,000 in annual amounts ranging from $120,000 to $400,000, to the seventh anniversary of the underlying option agreement. </li> </ul> In regards to the option agreement for the Goldfield West property, in order to earn the 35% interest in the property we have assumed our 35% portion of the obligations of TAC Gold under their option agreements with Minquest which consist of: <ul style="text-align: justify;"> <li> Making payments in the aggregate amount of $98,000 in annual periodic payments ranging from $7,000 to $24,500 to the seventh anniversary of the underlying option agreement and initial payments of $300,000; and </li> <li> Incurring exploration expenditures in the aggregate amount of $770,000 in annual amounts ranging from $70,000 to $175,000 to the seventh anniversary of the underlying option agreement. </li> </ul> Upon payment of the $300,000 to TAC Gold Inc. (paid as to $200,000 on September 14, 2010, and $100,000 on November 24, 2010), we earned a 35% interest in the Goldfield West Property. In order to maintain this 35% interest, we are required to aggregate cash payments of $98,000 over a seven year period and incur an aggregate of $770,000 in exploration expenditures over a seven year period as described in the table below. In regards to the option agreement for the Iowa Canyon property, in order to earn the 15% interest in the property we have assumed our 15% portion of the obligations of TAC Gold under their option agreements with Minquest which consist of: <ul style="text-align: justify;"> <li> Making payments in the aggregate amount of $89,000 in annual periodic payments ranging from $4,500 to $10,500, through the seventh anniversary of the Underlying Option Agreement. </li> <li> Incurring exploration expenditures in the minimum aggregate amount of $300,000 in annual amounts ranging from $30,000 to $75,000, through the seventh anniversary of the Underlying Option Agreement. </li> </ul> In addition, TAC Gold is required to make certain share issuances to Minquest under the terms of their option agreements (700,000 shares in regards to the Belleville property, 1,000,000 shares in regards to the Goldfield West Property and 825,000 shares in regards to the Iowa Canyon property, periodically over the terms of the agreements). We are obligated to reimburse TAC Gold in either cash for the fair market value of the TAC Gold shares that are issued to Minquest or in the issuance of the equivalent value of All American shares as have a market value equal to the amount of the payment then due. The common shares of TAC Gold are listed for trading on the Canadian National Stock Exchange. The schedule of payments, stock issuances & required property expenditures under the agreements is as follows: BELLEVILLE – ALL AMERICAN’S 70% INTEREST <div> <table border="1" cellpadding="3" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse;" width="100%"> <tr valign="top"> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);"> All American’s Portion </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> 70% </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> 70% </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> Anniversary Date </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Payment </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Share Issuance </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Property Expenditure </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> August 4, 2010 </td> <td align="center" bgcolor="#e6efff" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Paid by TAC </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Paid by TAC </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> August 4, 2011 </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $14,000 (paid) </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> 9,804 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $84,000 (paid) </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> August 4, 2012 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $21,000 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $105,500 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> August 4, 2013 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $21,000 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $140,000 </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> August 4, 2014 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $28,000 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $140,500 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> August 4, 2015 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $35,000 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $175,000 </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> August 4, 2016 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $0 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $280,000 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> TOTALS </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $133,000 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $995,000 </td> </tr> </table> </div> As of the date of this periodic report, we are in full compliance with the terms of the option agreement on the Belleville property and are current in all payments, exploration expenditures or advances on planned exploration programs and share issuances to TAC under the option agreements. GOLDFIELD – ALL AMERICAN 35% INTEREST All American must pay to TAC Gold $200,000 on date of execution and $100,000 by November 21, 2010 (fully paid) <div> <table border="1" cellpadding="3" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse;" width="100%"> <tr valign="top"> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);"> All American’s Portion </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> 35% of TAC </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> 35% </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> Anniversary Date </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Payment </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Share Issuance </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Property Expenditure </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> September 14, 2010 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $200,000 (paid) </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> November 21, 2010 </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $100,000 (paid) </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> January 20, 2011 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $7,000 (paid) * </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> 9,651 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $70,000 (paid) </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> January 20, 2012 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $10,500 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $70,000 </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> January 20, 2013 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $10,500 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $87,500 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> January 20, 2014 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $14,000 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $105,000 </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> January 20, 2015 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $14,000 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $122,500 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> January 20, 2016 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $17,500 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $140,000 </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> January 20, 2017 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $24,500 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $175,000 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> TOTALS </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $398,000 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $770,000 </td> </tr> </table> </div> * included as a credit as part of the cost of the acquisition of the option agreement and paid by TAC Gold As of the date of this periodic report, we are in full compliance with the terms of the option agreement on the Goldfields West property and are current in all payments, exploration expenditures or advances on planned exploration programs and share issuances to TAC under the option agreements. IOWA CANYON – ALL AMERICAN 15% INTEREST All American must pay to TAC Gold $50,000 on date of execution (paid) and a further $50,000 by January 11, 2012 which has not been made. On January 12, 2012, the Board of Directors decided to proceed no further with the Iowa Canyon property at this time because raising the required funds would strain or jeopardize our ability to secure the funds that we require to continue moving forward with our two primary targets – the Belleville and Goldfield West projects. At this point there will be no further expenditures made in regards to the Iowa Canyon property. <div> <table border="1" cellpadding="3" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse;" width="100%"> <tr valign="top"> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);"> All American’s Portion </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> (15% of total) </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> (15% of total) </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> Anniversary Date </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Payment </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Share Issuance </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Property Expenditure </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> September 9, 2011 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $50,000 (paid) </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> January 11, 2012 </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $50,000 (not paid) </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> Nil </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> April 5, 2012 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $4,500 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $30,000 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> April 5, 2013 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $4,500 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $37,500 </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> April 5, 2014 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $6,000 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $45,000 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> April 5, 2015 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $6,000 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $52,500 </td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> April 5, 2016 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $7,500 </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $60,000 </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> April 5, 2017 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $10,500 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> TBD </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $75,000 </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="25%"> </td> <td bgcolor="#e6efff" width="25%"> </td> <td bgcolor="#e6efff" width="25%"> </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);"> TOTALS </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $89,000 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="25%"> $300,000 </td> </tr> </table> </div> Gao Feng Gold Property – Jiangxi Province, China In April, 2007 the Company entered into an Option to Purchase and Royalty Agreement, as amended May 15, 2010, to acquire a 25% interest in a mining property with no known reserves, in Jiangxi Province, China. As at November 30, 2011, the Company had paid for its portion of the first phase of a planned two-phase exploration program in the amount of $20,000. The field work for the first phase of the planned two-phase exploration program was carried out between February 15 and March 3, 2010, to determine if there are commercially exploitable deposits of gold and silver. On January 31, 2011, the agreement was terminated as a result of insufficient results being obtained from the first phase of exploration and the high costs of a projected second phase as reported and recommended in a geological engineering report dated January 18, 2011. No further payments or consideration are required as a result of the termination of the agreement.

NOTE 5 – RECENTLY ADOPTED AND RECENTLY ENACTED ACCOUNTING PRONOUNCEMENTS In June 2009, ASC Topic “ The FASB (Financial Accounting Standards Board Accounting Standards Codification(TM) and the Hierarchy of Generally Accepted Accounting Principles – A Replacement of FASB Statement No. 162 ” was issued. This standard establishes the FASB Accounting Standards Codification(TM) (the “Codification”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with US GAAP. The Codification does not change current US GAAP, but is intended to simplify user access to all authoritative US GAAP by providing all the authoritative literature related to a particular topic in one place. The Codification was effective for interim and annual periods ending after September 15, 2009, and as of the effective date, all existing accounting standard documents were superseded. The Codification was effective in the second quarter of the year ending May 31, 2010, and accordingly, the Annual Report on Form 10-K for the year ended May 31, 2010, and all subsequent public filings will reference the Codification as the sole source of authoritative literature. All guidance contained in the Codification carries an equal level of authority. The Codification superseded all existing non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification is non-authoritative. The FASB will not issue new standards in the form of Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates (“ASUs”). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve only to update the Codification, provide background information about the guidance and provide the bases for conclusions on the change(s) in the Codification. References made to FASB guidance throughout these consolidated financials have been updated for the Codification. In March 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-11 (ASU 2010-11), “ Derivatives and Hedging (Topic 815): Scope Exception Related to Embedded Credit Derivatives. ” The amendments in this Update are effective for each reporting entity at the beginning of its first fiscal quarter beginning after June 15, 2010. Early adoption is permitted at the beginning of each entity’s first fiscal quarter beginning after issuance of this Update. The Company does not expect the provisions of ASU 2010-11 to have a material effect on the financial position, results of operations or cash flows of the Company. In May 2009, ASC Topic 855, “ Subsequent Events ” was issued which established principles and requirements for evaluating and reporting subsequent events and distinguishes which subsequent events should be recognized in the financial statements versus which subsequent events should be disclosed in the financial statements. ASC Topic 855 was effective for interim periods ending after June 15, 2009. Because it impacts the disclosure requirements, not the accounting treatment for subsequent events, the adoption of ASC Topic 855 did not impact our consolidated results of operations or financial condition. In February 2010, the FASB issued ASU No. 2010-09 “ Subsequent Events (ASC Topic 855) “Amendments to Certain Recognition and Disclosure Requirements ” (“ASU No. 2010-09”) which requires an entity that is an SEC filer to evaluate subsequent events through the date that the financial statements are issued. The adoption did not have an impact on the Company’s financial position and results of operations. See Note 8 for disclosures regarding our subsequent events. In January 2010, FASB issued Accounting Standards Update (“ASU”) No. 2010-06, “ Improving Disclosures about Fair Value Measurements ” which amends FASB Accounting Standards Codification (“ASC”) 820 and clarifies and provides additional disclosure requirements related to recurring and non-recurring fair value measurements and employers’ disclosures about postretirement benefit plan assets. This ASU is effective for interim and annual reporting periods beginning after December 15, 2010. The adoption of ASU 2010-06 did not have a material impact on the Company’s financial statements. In April 2009, the FASB issued ASC 805-10, “ Accounting for Assets Acquired and Liabilities assumed in a Business Combination That Arise from Contingencies—An Amendment of FASB Statement No. 141 (Revised December 2007), Business Combinations ”. ASC 805-10 addresses application issues raised by preparers, auditors and members of the legal profession on initial recognition and measurement, subsequent measurement and accounting and disclosure of assets and liabilities arising from contingencies in a business combination. ASC 805-10 is effective for assets or liabilities arising from contingencies in business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. ASC 805-10 will have an impact on our accounting for any future acquisitions and its consolidated financial statements. In August 2009, the FASB issued ASU No. 2010-05, “ Measuring Liabilities at Fair Value ”, which provides additional guidance on how companies should measure liabilities at fair value under ASC 820. The ASU clarifies that the quoted price for an identical liability should be used. However, if such information is not available, an entity may use the quoted price of an identical liability when traded as an asset, quoted prices for similar liabilities or similar liabilities traded as assets, or another valuation technique (such as the market or income approach). The ASU also indicates that the fair value of a liability is not adjusted to reflect the impact of contractual restrictions that prevent its transfer and indicates circumstances in which quoted prices for an identical liability or quoted price for an identical liability traded as an asset may be considered level 1 fair value measurements and was effective October 1, 2010. We would not expect it to have a material impact on the our consolidated results of operations or financial condition. Recently Issued Accounting Standards In August 2009, the FASB issued an amendment to the accounting standards related to the measurement of liabilities that are recognized or disclosed at fair value on a recurring basis. This standard clarifies how a company should measure the fair value of liabilities and that restrictions preventing the transfer of a liability should not be considered as a factor in the measurement of liabilities within the scope of this standard. This standard was effective for the Company on October 1, 2009. The Company does not expect the impact of its adoption to be material to its financial statements. In October 2009, the FASB issued an amendment to the accounting standards related to the accounting for revenue in arrangements with multiple deliverables including how the arrangement consideration is allocated among delivered and undelivered items of the arrangement. Among the amendments, this standard eliminated the use of the residual method for allocating arrangement considerations and requires an entity to allocate the overall consideration to each deliverable based on an estimated selling price of each individual deliverable in the arrangement in the absence of having vendor-specific objective evidence or other third party evidence of fair value of the undelivered items. This standard also provides further guidance on how to determine a separate unit of accounting in a multiple-deliverable revenue arrangement and expands the disclosure requirements about the judgments made in applying the estimated selling price method and how those judgments affect the timing or amount of revenue recognition. This standard became effective for the Company on January 1, 2011. The Company does not expect the impact of its adoption to be material to its financial statements.

NOTE 6 – INCOME TAXES As of November 30, 2011, the Company had net operating loss carry forwards of approximately $1,995,873 that may be available to reduce future years’ taxable income and will expire beginning in 2030. Availability of loss usage is subject to change of ownership limitations under Internal Revenue Code 382. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the future tax loss carry-forwards.

NOTE 7 – CAPITAL STOCK <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse;" width="100%"> <tr> <td valign="top" width="5%"> a) </td> <td> Common Stock </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> In 2006 the Company issued 50,000,000 of its common stock at a price of $0.001 per share for proceeds of $5,000. The offering was made pursuant to section 4(2) of the Securities Act. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> In 2007, the Company offered for sale 30,000,000 shares of its common stock at a price of $0.01 per share and sold 22,000,000 shares for net proceeds of $22,000 pursuant to Rule 903 of Regulation S of the Securities Act. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> In late 2008 and early 2009, the Company took receipt of $92,000 in payment for 18,400,000 shares of its common stock at a price of $0.005 per share issued under an S-1 registration statement dated September 5, 2008, which became effective on September 18, 2008. Treasury orders were issued regarding the delivery of 18,400,000 shares that were sold under the S-1 registration statement. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> On November 30, 2010 the Company issued 2,500,000 of its common stock valued at the last issuance price of $0.005 per share to an officer and director under a consulting agreement. The offering was made pursuant to section 4(2) of the Securities Act. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> On July 1, 2011 the Company issued 2,000,000 of its common stock valued at the last trading price of $0.50 per share to an officer and director under a consulting agreement. The offering was made pursuant to section 4(2) of the Securities Act. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> On July 13, 2011, the Company issued 875,000 shares of its common stock at $0.40 per share upon receipt of Notice of Conversion related to a $350,000 Convertible Note. We issued the shares in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> On July 11, 2011 the Company issued 400,000 shares of our common stock in a private placement, raising gross proceeds of $200,000, or $0.50 per share. We issued the shares in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> On September 9, 2011 the Company issued 400,000 shares of our common stock in a private placement, raising gross proceeds of $280,000, or $0.70 per share. We issued the shares in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> On October 3, 2011, the Company issued 19,455 shares of our common stock to satisfy the annualized obligations of the Nevada option agreements on the Belleville and Goldfields West properties to TAC Gold to reimburse them for the equivalent dollar value ($18,186) of shares of TAC issued to Minquest Inc. under the underlying agreements to the option agreements between the Company and TAC at a deemed price of $0.51 per share which reflected the average closing price of the Company’s stock on the OTC-BB for the ten days prior to the issuance. We issued the shares in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td valign="top" width="5%"> b) </td> <td> Stock Options </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> The Company does not have a stock option plan and no options or rights to acquire options have been granted. </td> </tr> </table>

NOTE 8 – CONVERTIBLE NOTES On November 10, 2010, the Company issued $350,500 in non-interest bearing convertible notes to a single creditor in exchange for cash proceeds used to pay TAC Gold under the Goldfields option agreement in the amount of $300,000 as well as $50,500 which was allocated to working capital. All or any portion of the amounts due under the convertible notes, which mature on August 23, 2015, could be converted at any time, at the option of the holder, into common shares of the Company at a conversion price of seventy five percent (75%) of the average closing bid prices for the ten trading days immediately preceding the date that the Company receives notice of conversion of the convertible notes. In accordance with ASC 470-20, the Company determined that there was a beneficial conversion feature on the convertible notes with an intrinsic value of $118,500. The Company recorded $118,500 as additional paid-in capital and reduced the carrying value of the convertible notes to $237,000. The carrying values of the convertible notes are to be accreted over the term of the convertible notes up to their face value of $350,500. During the period ended November 30, 2011, the Company accreted interest of $2,542. On July 13, 2011, the holder of the debenture elected to convert $350,000 of the debenture to shares and to convert the balance ($500) to a short term, non-interest bearing loan. As a result, the Company issued 875,000 shares of its common stock at $0.40 per share upon receipt of Notice of Conversion. We issued the shares in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. The issuance of the convertible notes and the securities issued upon conversion was made pursuant to the exemption from registration requirements of Regulation S of the Securities Act. The creditor is not a U.S. person (as that term is defined in Regulation S).

NOTE 9 – SUBSEQUENT EVENTS On January 12, 2012, the Board of Directors decided not to proceed with the Iowa Canyon property at this time because raising the required funds would strain or jeopardize our ability to secure the funds that we require to continue moving forward with our two primary targets – the Belleville and Goldfield West projects. At this point there will be no further expenditures made in regards to the Iowa Canyon property. There are no other subsequent events upon which to report. Subsequent events have been evaluated through the date of this financial report.