BASIS OF PRESENTATION

12 Months Ended

May 31, 2013

BASIS OF PRESENTATION [Text Block]

NOTE 1 – BASIS OF PRESENTATION

a)	Organization
	Osprey Ventures, Inc. was incorporated in the state of Wyoming on May 17, 2006, and changed its name to All American Gold Corp. (the “Company”) 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.
b)	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 $2,259,721 for the period from May 17, 2006 (inception), to May 31, 2013, 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.