BASIS OF PRESENTATION

6 Months Ended

Nov. 30, 2012

BASIS OF PRESENTATION [Text Block]

NOTE 1 – BASIS OF PRESENTATION

a)	Organization
	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.
	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 Iowa Canyon mineral exploration property (see Note 4) that was subsequently terminated on January 11, 2012.
	On November 1, 2012, the Company entered into a Mineral Property Acquisition Agreement (the “Agreement”) with James Hason (“Hason”) that set out the general terms and conditions between Hason and the Corporation in regards to the “Alex” mineral property (the “Property”) located in the Vernon Mining Division, British Columbia, Canada, which allows it an option to investigate and purchase the Property until March 31, 2013, by making payment of $6,000 upon the execution of the Agreement which was completed. Hason may extend the option until October 30, 2013, by the Company making an additional payment of USD $2,000 on or before March 31, 2013.
	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, 2012, as filed with the SEC on Form 10K and should be read in conjunction with the notes thereto.