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NOTE 1 – BASIS OF PRESENTATION <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">a)</td> <td> Organization </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> Osprey Ventures, Inc. (the “Company”) was incorporated in the state of Wyoming on May 17, 2006, and changed its name to All American Gold Corp. on October 15, 2010, to engage in the acquisition, exploration and development of mineral resource properties. The Company is considered an exploration stage company as it has not generated revenues from its operations. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> 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) that was subsequently terminated on January 11, 2012. </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> 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. </td> </tr> </table>

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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 its 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. In the accompanying financial statements, the Company incurred an accumulated deficit of $2,222,641 for the period from May 17, 2006 (inception), to August 31, 2012, 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 properties. 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.

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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 $5,000 ($.0001/share).   Officers contributed administrative services to the Company for certain 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 April 16, 2011, a director of the Company, through a wholly owned corporation, loaned the Company $30,000 in exchange for a promissory note. The note carries a five percent interest rate and matures on April 30, 2012. Accrued interest payable on the note was $2,247 at May 31, 2012. On December 1, 2010, the Company entered into a consulting agreement with Brent Welke, our president 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 has issued 2,500,000 shares of the Company’s common stock which, for accounting purposes, has been valued at $12,500 which is based on the last issue price of our common stock of $0.005 per share. On August 30, 2012, he resigned as an officer and director of the Company; the agreement was thereby terminated on that date. 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. On August 30, 2012, with the resignation of Brent Welke as an officer and director of the Company, Mr. Gonzalez assumed the position of President, Secretary and Chief Executive Officer.

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NOTE 4 – RECENTLY ADOPTED AND RECENTLY ENACTED ACCOUNTING PRONOUNCEMENTS In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income”, which is effective for annual reporting periods beginning after December 15, 2011. ASU 2011-05 will become effective for the Company on December 1, 2012. This guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. In addition, items of other comprehensive income that are reclassified to profit or loss are required to be presented separately on the face of the financial statements. This guidance is intended to increase the prominence of other comprehensive income in financial statements by requiring that such amounts be presented either in a single continuous statement of income and comprehensive income or separately in consecutive statements of income and comprehensive income. The adoption of ASU 2011-05 is not expected to have a material impact on our financial position or results of operations. Recently Issued Accounting Standards - none

NOTE 5 – 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 style="font-family: times new roman,times,serif; font-size: 10pt;"> 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 style="font-family: times new roman,times,serif; font-size: 10pt;"> 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. Subsequent to the end of the current quarter the option was terminated by mutual agreement between TAC and the Company as the result of poor exploration results achieved to date; and </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> 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 and then terminated the agreement on January 18, 2012 in order to focus on the Goldfield and Belleville prospects. 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 style="font-family: times new roman,times,serif; font-size: 10pt;"> 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 style="font-family: times new roman,times,serif; font-size: 10pt;"> 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 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, 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 Belleville agreements is: <div align="center"> <table border="1" cellpadding="3" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="90%"> <tr valign="top"> <td align="center" nowrap="nowrap"> All American’s Portion </td> <td align="center" nowrap="nowrap" width="25%"> 70% </td> <td align="left" nowrap="nowrap" width="25%"> </td> <td align="center" nowrap="nowrap" width="25%"> 70% </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap"> Anniversary Date </td> <td align="center" nowrap="nowrap" width="25%"> Payment </td> <td align="center" nowrap="nowrap" width="25%"> Share Issuance </td> <td align="center" nowrap="nowrap" width="25%"> Property Expenditure </td> </tr> <tr valign="top"> <td align="center">August 4, 2010</td> <td align="center" width="25%">Paid by TAC</td> <td align="center" width="25%"> nil </td> <td align="center" width="25%">Paid by TAC</td> </tr> <tr valign="top"> <td align="center">August 4, 2011</td> <td align="center" width="25%"> $14,000 (paid) </td> <td align="center" width="25%"> 9,804 </td> <td align="center" width="25%"> $84,000 (paid) </td> </tr> <tr valign="top"> <td align="center">August 4, 2012</td> <td align="center" width="25%"> $21,000 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $105,500 </td> </tr> <tr valign="top"> <td align="center">August 4, 2013</td> <td align="center" width="25%"> $21,000 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $140,000 </td> </tr> <tr valign="top"> <td align="center">August 4, 2014</td> <td align="center" width="25%"> $28,000 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $140,500 </td> </tr> <tr valign="top"> <td align="center">August 4, 2015</td> <td align="center" width="25%"> $35,000 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $175,000 </td> </tr> <tr valign="top"> <td align="center">August 4, 2016</td> <td align="center" width="25%"> $0 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $280,000 </td> </tr> <tr valign="top"> <td align="center"> TOTALS </td> <td align="center" width="25%"> $133,000 </td> <td align="left" width="25%"> </td> <td align="center" 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. DESERT PACIFIC – ESSEX AND BELL FLATS PROPERTIES On April 13, 2012, we entered into a non-binding Letter of Intent (the “Desert Pacific ‘Essex’ LOI”) with Desert Pacific Exploration, Inc. (“Desert Pacific”) that set out the general terms and conditions between Desert Pacific and the Corporation for the “Essex” mineral property located in White Pine County, Nevada, which allowed us to exclusively investigate the mineral property until May 12, 2012, and whereby the Corporation had an exclusive right to enter into a mining option agreement with Desert Pacific at any time prior to May 12, 2012. In consideration of signing the Letter of Intent, we have paid to Desert Pacific sum of $2,500 concurrently with the execution and delivery of the LOI. review historical records on the Essex property, discuss their implications with Desert Pacific and our engineers so as to determine if we wish to enter into a mining option agreement with Desert Pacific to explore the project. In early June, 2012 the decision was made not to pursue the project. On May 7, 2012, we entered into a non-binding Letter of Intent (the “Desert Pacific ‘Bell Flats’ LOI”) with Desert Pacific Exploration, Inc. (“Desert Pacific”) that set out the general terms and conditions between Desert Pacific and the Corporation for the “Bell Flats” mineral property located in Churchill County, Nevada, which allowed us to exclusively investigate the mineral property for a forty-five (45) day period until June 22, 2012, and whereby the Corporation has an exclusive right to enter into a mining option agreement with Desert Pacific at any time prior to June 22, 2012. In consideration of signing the Letter of Intent, we paid to Desert Pacific sum of $2,500 concurrently with the execution and delivery of the LOI. On June 22, 2012, the decision was made not to pursue the project.

<table border="1" cellpadding="3" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="90%"> <tr valign="top"> <td align="center" nowrap="nowrap"> All American’s Portion </td> <td align="center" nowrap="nowrap" width="25%"> 70% </td> <td align="left" nowrap="nowrap" width="25%"> </td> <td align="center" nowrap="nowrap" width="25%"> 70% </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap"> Anniversary Date </td> <td align="center" nowrap="nowrap" width="25%"> Payment </td> <td align="center" nowrap="nowrap" width="25%"> Share Issuance </td> <td align="center" nowrap="nowrap" width="25%"> Property Expenditure </td> </tr> <tr valign="top"> <td align="center">August 4, 2010</td> <td align="center" width="25%">Paid by TAC</td> <td align="center" width="25%"> nil </td> <td align="center" width="25%">Paid by TAC</td> </tr> <tr valign="top"> <td align="center">August 4, 2011</td> <td align="center" width="25%"> $14,000 (paid) </td> <td align="center" width="25%"> 9,804 </td> <td align="center" width="25%"> $84,000 (paid) </td> </tr> <tr valign="top"> <td align="center">August 4, 2012</td> <td align="center" width="25%"> $21,000 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $105,500 </td> </tr> <tr valign="top"> <td align="center">August 4, 2013</td> <td align="center" width="25%"> $21,000 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $140,000 </td> </tr> <tr valign="top"> <td align="center">August 4, 2014</td> <td align="center" width="25%"> $28,000 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $140,500 </td> </tr> <tr valign="top"> <td align="center">August 4, 2015</td> <td align="center" width="25%"> $35,000 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $175,000 </td> </tr> <tr valign="top"> <td align="center">August 4, 2016</td> <td align="center" width="25%"> $0 </td> <td align="center" width="25%">TBD</td> <td align="center" width="25%"> $280,000 </td> </tr> <tr valign="top"> <td align="center"> TOTALS </td> <td align="center" width="25%"> $133,000 </td> <td align="left" width="25%"> </td> <td align="center" width="25%"> $995,000 </td> </tr> </table> 0.7 0

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120000 400000 700000 2500

NOTE 6 – CAPITAL STOCK <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" 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 Reg. S of the 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> </table>     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. 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 Debenture. We issued the shares in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. Based on the terms of the agreement we should have issued 765,027 shares but over allotted the number of shares to be issued through an error in calculating the closing price as stipulated under the agreement; the value of those over allotted shares was $71,996 which is reflected in the financial statements as being a loss on the conversion and recorded in the statements as such. 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. 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. 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 in accordance with the terms of the agreement. We issued the shares in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. On March 26, 2012, we issued 41,667 shares of our common stock to satisfy the annualized obligations of the option agreements on the Goldfield West property to TAC Gold to reimburse them for the equivalent dollar value ($3,750) of shares of TAC issued to Minquest Inc. under the underlying agreements to the option agreements between the Company and TAC at a price of $0.09 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 in accordance with the terms of the agreement. We issued the shares in an offshore transaction relying on Regulation S and Section 4(2) of the Securities Act of 1933. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <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>

50000000

0.001

5000

30000000

0.01

22000000

22000

92000

18400000

0.005

2500000

0.005

2000000

0.5

875000

0.4

350000

765027 71996

400000

200000

0.5

400000

280000

0.7

19455

18186

0.51

41667

3750

0.09

NOTE 7 – INCOME TAXES As of August 31, 2012, the Company had net operating loss carry forwards of approximately $2,222,641 that may be available to reduce future years’ taxable income and will expire beginning in 2032. 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.

2222641

NOTE 8 – SUBSEQUENT EVENTS Departure of Certain Officers and Directors – On August 30, 2012, the Board of Directors received the resignation of Brent Welke as a director and officer of the Corporation. Mr. Welke’s resignation was not the result of any disagreements with the Company regarding its operations, policies, practices or otherwise but rather as a result of personal and business reasons. As of the date of this periodic report, our Board of Directors is comprised of Mr. Gaspar R. Gonzalez. There are no other subsequent events upon which to report. Subsequent events have been evaluated through the date of this financial report as being the latest practicable and most reasonable date for which to evaluate and include subsequent events in this report.