sila_10q.htm

0001354488-11-005008.txt : 20111215 0001354488-11-005008.hdr.sgml : 20111215 20111215123259 ACCESSION NUMBER: 0001354488-11-005008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111031 FILED AS OF DATE: 20111215 DATE AS OF CHANGE: 20111215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLD AMERICAN MINING CORP. CENTRAL INDEX KEY: 0001416090 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 352302128 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-147056 FILM NUMBER: 111262914 BUSINESS ADDRESS: STREET 1: 10775 DOUBLE R BOULEVARD CITY: RENO STATE: NV ZIP: 89521 BUSINESS PHONE: 775-996-8200 MAIL ADDRESS: STREET 1: 10775 DOUBLE R BOULEVARD CITY: RENO STATE: NV ZIP: 89521 FORMER COMPANY: FORMER CONFORMED NAME: SILVER AMERICA, INC. DATE OF NAME CHANGE: 20100310 FORMER COMPANY: FORMER CONFORMED NAME: GOLF ALLIANCE CORP DATE OF NAME CHANGE: 20080225 FORMER COMPANY: FORMER CONFORMED NAME: Golf Alliance CORP DATE OF NAME CHANGE: 20071025 10-Q 1 sila_10q.htm QUARTERLY REPORT sila_10q.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2011

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____.

Commission File No. 333-147056

(Exact Name of Registrant as Specified in Its Charter)

Nevada		35-2302128
(State or Other Jurisdiction		(IRS Employer Identification
Of Incorporation or Organization)		Number)

10775 Double R Boulevard
Reno, Nevada		89521
(Address of Principal Executive Offices)		(Zip Code)

	(775) 996 - 8200
	(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-3 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer (Do not check if smaller reporting company)	o	Smaller reporting company	þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes o No o

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of December 15, 2011, there were 89,804,393 shares of the registrant’s common stock issued and outstanding.

GOLD AMERICAN MINING CORP.

FORM 10-Q INDEX

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		3
		3
Item 1.	Financial Statements	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23
Item 4.	Controls and Procedures

PART II – OTHER INFORMATION		24

Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	(Removed and Reserved).	24
Item 5.	Other Information	24
Item 6.	Exhibits	24
Signature Page		25

GOLD AMERICAN MINING CORP.

(AN EXPLORATION STAGE COMPANY)

CONTENTS

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Gold American Mining, Corp.

(An Exploration Stage Company)

Condensed Balance Sheets

ASSETS

	October 31, 2011			July 31, 2011
	(Unaudited)

Current Assets
Cash	$	1,934		$	5,226
Prepaid Expenses		-			5,174
Total Current Assets		1,934			10,400

Property and Equipment, net		2,915			3,121

Total Assets	$	4,849		$	13,521

LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Current Liabilities
Accounts Payable and Accrued Expenses	$	21,152		$	22,043
Accounts Payable - related party		45,000			37,500
Notes Payable - related party		20,000			18,500
Loans Payable - related party		14,241			2,244
Total Liabilities		100,393			80,287

Commitments and Contingencies

Stockholders' Deficiency
Preferred stock, $0.00001 par value; 10,000,000 shares authorized,
none issued and outstanding		-			-
Common stock, $0.00001 par value; 500,000,000 shares authorized, 89,804,393 and 89,804,393
issued and outstanding, respectively		898			898
Additional paid-in capital		3,993,926			3,993,595
Deficit accumulated during the exploration stage		(4,090,368	)		(4,061,259	)
Total Stockholders' Deficiency		(95,544	)		(66,766	)

Total Liabilities and Stockholders' Deficiency	$	4,849		$	13,521

Gold American Mining, Corp.

(An Exploration Stage Company)

Condensed Statements of Operations

(Unaudited)

							For the Period
	For the Three Months Ended						From July 2, 2007 (Inception) to
	October 31, 2011			October 31, 2010			October 31, 2011
Operating Expenses
Professional fees	$	11,938		$	30,329		$	223,188
Consulting Expense		7,500			103,350			373,425
Exploration Costs		6,021			623,952			3,259,729
General and administrative		3,319			26,306			231,509
Total Operating Expenses		28,778			783,937			4,087,851

Loss from Operations		(28,778	)		(783,937	)		(4,087,851	)

Other Income/(Expenses)
Interest Income		-			14			22
Interest Expense		(331	)		(470	)		(2,539	)

LOSS FROM OPERATIONS BEFORE INCOME TAXES		(29,109	)		(784,393	)		(4,090,368	)

Provision for Income Taxes		-			-			-

NET LOSS	$	(29,109	)	$	(784,393	)	$	(4,090,368	)

Net Loss Per Share - Basic and Diluted	$	(0.00	)	$	(0.01	)

Weighted average number of shares outstanding
during the period - Basic and Diluted		89,804,393			86,918,679

Gold American Mining, Corp.

(An Exploration Stage Company)

Condensed Statement of Changes in Stockholders' Equity/(Deficiency)

For the period from July 2, 2007 (Inception) to October 31, 2011

(Unaudited)

														Deficit accumulated			Total
											Additional			during			Stockholders'
	Preferred Stock				Common stock						paid-in			exploration			Equity
	Shares		Amount		Shares			Amount			capital			stage			/(Deficiency)

Balance July 2, 2007		-	$	-		-		$	-		$	-		$	-		$	-

Common stock issued for services to founder ($0.00001)		-		-		250,000,000			2,500			(2,450	)		-			50

In kind contribution of services		-		-		-			-			1,080			-			1,080

Net loss for the period July 2, 2007 (inception) to July 31, 2007		-		-		-			-			-			(4,879	)		(4,879	)

Balance, July 31, 2007		-		-		250,000,000			2,500			(1,370	)		(4,879	)		(3,749	)

Common stock issued for cash ($0.10 per share)		-		-		40,000,000			400			79,600			-			80,000

In kind contribution of services		-		-		-			-			5,760			-			5,760

Net loss for the year ended July 31, 2008		-		-		-			-			-			(70,555	)		(70,555	)

Balance, July 31, 2008		-		-		290,000,000			2,900			83,990			(75,434	)		11,456

In kind contribution of services		-		-		-			-			5,760			-			5,760

In kind contribution of interest		-		-		-			-			256			-			256

Net loss for the year ended July 31, 2009		-		-		-			-			-			(31,521	)		(31,521	)

Balance, July 31, 2009		-		-		290,000,000			2,900			90,006			(106,955	)		(14,049	)

Shares issued in exchange for mining rights		-		-		700,000			7			657,993			-			658,000

Shares issued for cash ($0.60 per share)		-		-		333,333			3			199,997			-			200,000

Shares returned by founder as an in kind contribution		-		-		(205,000,000	)		(2,050	)		2,050			-			-

Shares issued for services		-		-		37,500			0			48,375			-			48,375

Shares and warrants issued for cash ($1.10 per share)		-		-		272,727			3			299,997			-			300,000

Forgiveness of debts by principal stockholder		-		-		-			-			24,262			-			24,262

Expenses paid by shareholder on Company's behalf		-		-		-			-			60,871			-			60,871

In kind contribution of services		-		-		-			-			4,320			-			4,320

In kind contribution of interest		-		-		-			-			627			-			627

Net loss for the year ended July 31, 2010		-		-		-			-			-			(1,351,087	)		(1,351,087	)

Balance, July 31, 2010		-		-		86,343,560			863			1,388,498			(1,458,042	)		(68,681	)

Shares issued for services		-		-		152,500			2			88,948			-			88,950

Shares issued in exchange for mining rights		-		-		1,600,000			16			1,615,984			-			1,616,000

Shares and warrants issued for cash ($0.80 per share)		-		-		375,000			4			299,996			-			300,000

Shares and warrants issued for cash ($0.75 per share)		-		-		533,333			5			399,995			-			400,000

Shares and warrants issued for cash ($0.25 per share)		-		-		800,000			8			199,992			-			200,000

In kind contribution of interest		-		-		-			-			182			-			182

Net loss for the year ended July 31, 2011				-		-			-			-			(2,603,217	)		(2,603,217	)

Balance, July 31, 2011		-		-		89,804,393			898			3,993,595			(4,061,259	)		(66,766	)

In kind contribution of interest		-		-		-			-			331			-			331

Net loss for the three months ended October 31, 2011															(29,109	)		(29,109	)

Balance, October 31, 2011		-	$	-		89,804,393		$	898		$	3,993,926		$	(4,090,368	)	$	(95,544	)

Gold American Mining, Corp.

(An Exploration Stage Company)

Condensed Statements of Cash Flows

(Unaudited)

	For the Three Months Ended						For the Period from July 2, 2007 (Inception) to
	October 31, 2011			October 31, 2010			October 31, 2011

Cash Flows From Operating Activities:
Net Loss	$	(29,109	)	$	(784,393	)	$	(4,090,368	)
Adjustments to reconcile net loss to net cash used in operations
Depreciation expense		206			2,260			11,393
Stock issued for mining rights		-			505,000			2,274,000
Impairment of website		-			-			14,253
Stock issued for services		-			43,950			137,325
In-kind contribution of services		-			-			16,920
In-kind contribution of interest		331			-			1,396
Changes in operating assets and liabilities:
Increase/(Decrease) in accounts payable and accrued expenses		(891	)		(87,683	)		21,152
Increase/(Decrease) in accounts payable - related party		7,500			-			45,000
(Increase)/Decrease in prepaid expenses		5,174			(139,558	)		-
Net Cash Used In Operating Activities		(16,789	)		(460,424	)		(1,568,929	)


Cash Flows From Investing Activities:
Advance receivable - related party		-			-			(1,123	)
Repayment of advance receivable - related party		-			-			1,123
Purchase of fixed assets		-			(2,099	)		(28,561	)
Net Cash Used In Investing Activities		-			(2,099	)		(28,561	)


Cash Flows From Financing Activities:
Repayment of loan payable- related party		-			(18,584	)		(66,276	)
Expenses paid by shareholder on Company's behalf		-			-			60,871
Proceeds from loans payable-related party		11,997			19,479			104,779
Proceeds from notes payable-related party		1,500			-			20,000
Proceeds from issuance of common stock		-			700,000			1,480,050
Net Cash Provided by Financing Activities		13,497			700,895			1,599,424

Net Increase / (Decrease) in Cash		(3,292	)		238,372			1,934

Cash at Beginning of Period		5,226			8,202			-

Cash at End of Period	$	1,934		$	246,574		$	1,934

Supplemental disclosure of cash flow information:

Cash paid for interest	$	-		$	470		$	948
Cash paid for taxes	$	-		$	-		$	-

Supplemental disclosure of non-cash investing and financing activities:

During the year ended July 31,2010, the Company's principal stockholder forgave loans of $24,262. The forgiveness was treated as contributed capital
from the principal stockholder.

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

(A) Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.

It is management's opinion, however that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

Gold American Mining, Corp. (an exploration stage company) (the "Company") was incorporated under the name of Golf Alliance Corporation and under the laws of the State of Nevada on July 2, 2007. Gold American Mining, Corp. is a precious metal mineral acquisition, exploration and development company.

Golf Alliance Corporation pursued its original business plan to provide opportunities for golfers to play on private golf courses normally closed to them due to the membership requirements of the private clubs. During the year ended July 31, 2010, the Company decided to redirect its business focus toward precious metal mineral acquisition and exploration.

Activities during the exploration stage include developing the business plan and raising capital.

The Company is in the exploration stage in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 915 (formerly Statement of Financial Accounting Standards (“SFAS”) No.7, “Accounting and Reporting by Exploration Stage Enterprises”).

On March 5, 2010, the Company amended its articles of incorporation to (1) to change its name to Silver America, Inc. and (2) increased its authorized common stock from 100,000,000 to 500,000,000.

On June 23, 2010 the Company amended its articles of incorporation to change its name to Gold American Mining Corp.

(B) Use of Estimates

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses during the reported period. Actual results could differ from those estimates.

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At October 31, 2011 and July 31, 2011, the Company had no cash equivalents.

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

(D) Exploration and Development Costs

Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property in accordance with FASB Accounting Standards Codification No. 930, Extractive Activities- Mining. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.

Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.

During the three months ended October 31, 2011 and 2010, the Company recorded exploration costs of $6,021 and $623,952, respectively.

(E) Property and Equipment

The Company values property and equipment at cost and depreciates these assets using the straight-line method over their expected useful life. The Company uses a five year life for computer equipment.

In accordance with FASB Accounting Standards Codification No. 360, Property, Plant and Equipment, the Company carries long-lived assets at the lower of the carrying amount or fair value. Impairment is evaluated by estimating future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the assets, an impairment loss is recognized. Fair value, for purposes of calculating impairment, is measured based on estimated future cash flows, discounted at a market rate of interest.

There were no impairment losses recorded during the three months ended October 31, 2011 and 2010, respectively.

(F) Website Development

The Company has adopted the provisions of FASB Accounting Standards Codification No. 350 Intangible-Goodwills and Other. Costs incurred in the planning stage of a website are expensed, while costs incurred in the development state are capitalized and amortized over the estimated three year life of the asset.

As of July 31, 2011, the website valued at $14,253 was fully impaired.

(G) Loss Per Share

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB Accounting Standards Codification Topic 260, “Earnings Per Share.” As of October 31, 2011 and 2010 there were 990,530 and 593,030, respectively, warrants issued and outstanding that were not included in the computation of earnings per share because their inclusion is anti-dilutive.

(H) Revenue Recognition

The Company recognizes revenue on arrangements in accordance with FASB Accounting Standards Codification No. 605, Revenue Recognition. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. The Company has not yet entered into any contractual obligation to deliver ore product or finished metals.

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

(I) Income Taxes

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

(J) Stock-Based Compensation

In December 2004, the FASB issued FASB Accounting Standards Codification No. 718, Compensation – Stock Compensation. Under FASB Accounting Standards Codification No. 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value.

Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. The Company applies this statement prospectively.

Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB Accounting Standards Codification No. 718. FASB Accounting Standards Codification No. 505, Equity Based Payments to Non-Employees defines the measurement date and recognition period for such instruments. In general, the measurement date is when either a (a) performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB Accounting Standards Codification.

(K) Business Segments

The Company operates in one segment and therefore segment information is not presented.

(L) Fair Value of Financial Instruments

The carrying amounts reported in the balance sheet for prepaids, accounts payable and accrued expenses, accounts payable-related party, notes payable-related party and loans payable – related party approximate fair value based on the short-term maturity of these instruments.

(M) Reclassifications

Certain amounts in the 2010 information have been reclassified to conform with the 2011 presentation. These reclassifications had no impact on the Company’s net loss or cash flows.

(N) Recent Accounting Pronouncements

ASU No. 2011-03; Reconsideration of Effective Control for Repurchase Agreements. In April, 2011, the FASB issued ASU No. 2011-03. The amendments in this ASU remove from the assessment of effective control the criterion relating to the transferor’s ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee. The amendments in this ASU also eliminate the requirement to demonstrate that the transferor possesses adequate collateral to fund substantially all the cost of purchasing replacement financial assets.

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

The guidance in this ASU is effective for the first interim or annual period beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations.

ASU No. 2011-04; Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. In May, 2011, the FASB issued ASU No. 2011-04. The amendments in this ASU generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This ASU results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRSs.

The amendments in this ASU are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted.

The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations.

ASU No. 2011-05; Amendments to Topic 220, Comprehensive Income. In June, 2011, the FASB issued ASU No. 2011-05. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.

The amendments in this ASU should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted, because compliance with the amendments is already permitted. The amendments do not require any transition disclosures. Due to the recency of this pronouncement, the Company is evaluating its timing of adoption of ASU 2011-05, but will adopt the ASU retrospectively by the due date.

On September 15, 2011, the FASB issued ASU 2011-08, Intangibles – Goodwill and Other, which simplifies how an entity is required to test goodwill for impairment. This ASU would allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under the ASU, an entity would not be required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU includes a number of factors to consider in conducting the qualitative assessment. The ASU is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. This standard is not expected to have a material impact on the Company’s reported results of operations or financial position.

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

NOTE 2 PROPERTY AND EQUIPMENT

At October 31, 2011 and July 31, 2011, respectively, property and equipment is as follows:

	October 31, 2011 (Unaudited)			July 31, 2011
Website Development	$	-		$	-
Office Equipment		4,098			4,098
Less: accumulated depreciation		(1,183	)		(977	)
Total Property and Equipment	$	2,915		$	3,121

Depreciation/amortization expense for the three months ended October 31, 2011 and 2010 and for the period from July 2, 2007 (Inception) to October 31, 2011 was $206, $2,260 and $11,393 respectively.

During the year ended July 31, 2011, the Company determined that the website was fully impaired and recognized an impairment of $14,253.

NOTE 3 NOTES PAYABLE – RELATED PARTY

On October 10, 2011, the Company executed an unsecured, non-interest bearing, due on demand promissory note payable to its principal stockholder in the amount of $20,000 encompassing the $18,500 loaned to the Company during the year ended July 31, 2011 and an additional $1,500 loaned on August 22, 2011. Pursuant to the terms of the note, the loans are non-interest bearing, unsecured and due on demand (See Note 6).

NOTE 4 LOANS PAYABLE – RELATED PARTY

During the three months ended October 31, 2011, the principal stockholder loaned the Company $11,997 to pay Company expenses. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand (See Note 6).

During the year ended July 31, 2011, the principal stockholder loaned the Company $23,484 to pay Company expenses and was repaid $21,240 during the year. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand (See Note 6).

During the year ended July 31, 2010, the principal stockholder loaned the Company $41,915 to pay Company expenses and was repaid $39,274 during the year. There was $2,641 owed to the principal stockholder as of July 31, 2010 (See Note 6). Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. The Company repaid the $2,641 to the principal stockholder during the year ended July 31, 2011.

On various dates from 2008 through 2010, the Company received $24,283 from a principal stockholder. Pursuant to the terms of the loan, the loans were non-interest bearing, were unsecured and due on demand. During the year ended July 31, 2010, the principal stockholder forgave $24,262 and this was recorded by the Company as contributed capital (See Note 5(G) and 6).

During the period ended October 31, 2007 the Company received $3,100 from a principal stockholder. Pursuant to the terms of the loan, the loan bears interest at 8%, is unsecured and matures on July 31, 2008. The Company repaid $3,100 of a stockholder loan and $60 of accrued interest as of July 31, 2008 (See Note 6).

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

NOTE 5 STOCKHOLDERS’ EQUITY (DEFICIENCY)

(A) Common Stock Issued for Cash

On January 25, 2011, the Company issued 800,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (400,000 warrants) for a total of $200,000 ($.25/share). Each warrant is exercisable for a two year period and has an exercise price of $0.38 per share. As of October 31, 2011, none of the warrants had been exercised.

On September 24, 2010, the Company issued 533,333 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (266,667 warrants) for a total of $400,000 ($.75/share). Each warrant is exercisable for a two year period and has an exercise price of $1.13 per share. As of July 31, 2011, none of the warrants had been exercised.

On August 16, 2010, the Company issued 375,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (187,499 warrants) for a total of $300,000 ($.80/share). Each warrant is exercisable for a two year period and has an exercise price of $1.20 per share. As of October 31, 2011, none of the warrants had been exercised.

On June 1, 2010, the Company issued 272,727 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 of a share of common stock (136,364 warrants) for a total of $300,000 ($1.10/share). Each warrant is exercisable for a two year period and has an exercise price of $1.65 per share. As of October 31, 2011, none of the warrants had been exercised.

On April 30, 2010, the Company issued 333,333 shares of common stock for $200,000 ($0.60/share).

For the year ending July 31, 2008 the Company entered into stock purchase agreements to issue 40,000,000 shares of common stock for cash of $80,000 ($0.02/share).

On July 24, 2007, the Company issued 250,000,000 shares of common stock for $50 ($0.0000002/share).

(B) In-Kind Contribution

For the three months ended October 31, 2011 the shareholder of the Company contributed $331 of interest on behalf of the Company (See Note 6).

For the year ended July 31, 2011 the shareholder of the Company contributed $182 of interest on behalf of the Company (See Note 6).

For the year ended July 31, 2010 the shareholder of the Company contributed $4,320 of services on behalf of the Company (See Note 6).

For the year ended July 31, 2010 the shareholder of the Company contributed $627 of in kind contribution of interest on behalf of the Company (See Note 6).

For the year ended July 31, 2009 the shareholder of the Company contributed $5,760 of services on behalf of the Company (See Note 6).

For the year ended July 31, 2009 the shareholder of the Company contributed $256 of in kind contribution of interest on behalf of the Company (See Note 6).

For the year ending July 31, 2008 the shareholder of the Company contributed $5,760 of services on behalf of the Company (See Note 6).

For the year ending July 31, 2007 the shareholder of the Company contributed $1,080 of services on behalf of the Company (See Note 6).

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

On July 6, 2007 the Company amended its Articles of Incorporation to decrease the par value to $0.00001 per share from $0.001 par value.

On March 5, 2010 the Company amended its Articles of Incorporation to increase its authorized common stock from 100,000,000 to 500,000,000 and changed its name from Golf Alliance Corporation to Silver America Inc.

On June 23, 2010, the Company amended its Articles of Incorporation to change its name to Gold American Mining Corp.

(D) Return of Common Stock

Immediately prior to the forward split, the Company’s sole member of the board of directors, returned 205,000,000 shares of common stock out of the total of 250,000,000 held by him as an in-kind contribution.

(E) Stock Issued for Mining Rights

On July 31, 2011 the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).

On April 30, 2011 the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).

On December 31, 2010, the Company issued 100,000 shares of common stock having a fair value of $101,000 ($1.01/share) in exchange for mining rights (See Note 7).

On October 31, 2010, the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).

On June 30, 2010, the Company issued 100,000 shares of common stock having a fair value of $52,000 ($0.52/share) in exchange for mining rights (See Note 7).

On April 26, 2010, the Company issued 100,000 shares of common stock having a fair value of $101,000 ($1.01/share) in exchange for mining rights (See Note 7).

On April 28, 2010, the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).

(F) Stock Issued for Services

On May 1, 2011 the Company issued 10,000 shares of common stock having a fair value of $1,100 ($0.11/share) in exchange for consulting services (See Note 7).

On February 1, 2011 the Company issued 10,000 shares of common stock having a fair value of $2,400 ($0.24/share) in exchange for consulting services (See Note 7).

On February 1, 2011 the Company issued 37,500 shares of common stock having a fair value of $9,000 ($0.24/share) in exchange for consulting services (See Note 7).

On January 31, 2011 the Company issued 10,000 shares of common stock having a fair value of $2,500 ($0.25/share) in exchange for consulting services (See Note 7).

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

On November 1, 2010, the Company issued 37,500 shares of common stock having a fair value of $30,000 ($0.80/share) in exchange for consulting services (See Note 7).

On August 23, 2010, the Company issued 10,000 shares of common stock having a fair value of $8,700 ($0.87) in exchange for consulting services (See Note 7).

On August 1, 2010, the Company issued 37,500 shares of common stock having a fair value of $35,250 ($0.94/share) in exchange for consulting services (See Note 7).

On May 7, 2010, the Company issued 37,500 shares of common stock having a fair value of $48,375 ($1.29/share) in exchange for consulting services (See Note 7).

(G) Cash contributed on Company’s behalf

During the year ended July 31, 2010, the principal stockholder forgave loans of $24,262 and this was recorded by the Company as contributed capital (See Note 4 and 6).

(H) Expenses paid on Company’s behalf

During the year ended July 31, 2010, the principal stockholder paid $60,871 of expenses on the Company’s behalf, which was recorded as an in kind contribution of capital (See Note 6).

(I) Stock Split

On March 5, 2010, the Company implemented a 50 for 1 forward stock split. Upon effectiveness of the stock split, each shareholder received 50 shares of common stock for every share of common stock owned as of March 5, 2010. All share and per share references have been retroactively adjusted to reflect this 50 to 1 forward stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented.

(J) Warrants Issued for Cash

The following tables summarize all warrant grants for the three months ended October 31, 2011 and the related changes during this period are presented below:

	Number of Options		Weighted Average Exercise Price
Stock Warrants

Balance at July 31, 2011		990,530	$	.91
Granted		-	$	-
Exercised		-	$	-
Forfeited		-	$	-
Balance at October 31, 2011		990,530	$	0.91
Weighted Average Fair Value of Warrants Granted			$	0.91

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

2011 Outstanding Warrants		Warrants Exercisable
Range of Exercise Price		Number Outstanding at October 31, 2011		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number Exercisable at October 31, 2011		Weighted Average Exercise Price
$	0.38 - $1.65		990,530	0.88 years	$	0.91		990,530	$	0.91

2010 Outstanding Warrants		Warrants Exercisable
Range of Exercise Price		Number Outstanding at October 31, 2010		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number Exercisable at October 31, 2010		Weighted Average Exercise Price
$	1.13 - $1.65		593,030	0.59 years	$	1.27		593,030	$	1.27

NOTE 6 RELATED PARTY TRANSACTIONS

For the three months ended October 31, 2011 the shareholder of the Company contributed $331 of interest on behalf of the Company (See Note 4).

During the three months ended October 31, 2011, the Company paid $0 and accrued an additional $7,500 to its President for consulting services. The total amount owed to the President for consulting services is $45,000 as of October 31, 2011.

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

During the year ended July 31, 2011, the Company paid $52,500 and accrued $37,500 to its President for consulting services.

During the year ended July 31, 2010, the Company paid $22,500 to its President for consulting services.

During the year ended July 31, 2011, the principal stockholder loaned the Company $23,484 to pay Company expenses and was repaid $21,240 during the year ended July 31, 2011. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. As of July 31, 2011 the outstanding balance of the loans was $20,744. The Company has imputed an interest rate of 6% per anum upon the loans. Accordingly, interest expense and an in-kind contribution to additional paid in capital of $182 was recorded as of and for the year ended July 31, 2011 (See Note 4 and 5(B)).

During the year ended July 31, 2010, the principal stockholder loaned the Company $41,915 to pay Company expenses and was repaid $ 39,274 during the year. There was $2,641 owed to the principal stockholder as of July 31, 2010 (See Note 4). Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. The Company repaid the $2,641 to the principal stockholder during the year ended July 31, 2011.

During the period ended October 31, 2007 the Company received $3,100 from a principal stockholder. Pursuant to the terms of the loan, the loan bears interest at 8%, is unsecured and matures on July 31, 2008. At October 31, 2007, the Company had recorded $60 of related accrued interest payable. The Company repaid $3,100 of a stockholder loan and $60 of accrued interest as of July 31, 2008 (See Note 4).

For the year ended July 31, 2009, the shareholder of the Company contributed $256 of in kind contribution of interest on behalf of the Company (See Note 5(B).

For the year ended July 31, 2010, the shareholder of the Company contributed $4,320 of services on behalf of the Company (See Note 5(B)).

For the year ended July 31, 2010, the shareholder of the Company contributed $627 of in kind contribution of interest on behalf of the Company (See Note 5(B)).

During the year ended July 31, 2010, the principal stockholder paid $60,871 of expenses on Company’s behalf, which was recorded as an in kind contribution of capital (See Note 5(H)).

As of July 31, 2009, the shareholder of the Company contributed $12,600 of services on behalf of the Company (See Note 5 (B)).

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

NOTE 7 AGREEMENTS AND COMMITMENTS

On May 7, 2010 the Company entered into a share issuance agreement with a non-related party for share subscriptions up to $7,500,000. The subscriber shall make available to the Company by way of advances up to $7,500,000 until December 31, 2011. Upon receipt of the advances, the Company shall issue units of the Company at a price equal to 90% of volume weighted average closing price of the Company (ticket symbol “SILA.OB”) during the 10 previous trading days according to http://www.nasdaq.com. Each unit consists of one common share of the Company and one half share purchase warrant. Each whole warrant may be exercised within two years of the date of issuance to the purchaser at a price equal to 150% of subscription price. For the year ended July 31, 2010 the Company issued 272,727 shares of common stock for cash of $300,000 ($1.10/share) and 136,364 warrants at $1.65 per unit. On September 24, 2010, the Company issued 533,333 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock for a total of $400,000 ($.75/share). Each warrant is exercisable for a two year period and has an exercise price of $1.13 per share. On August 16, 2010, the Company issued 375,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock for a total of $300,000 ($.80/share). Each warrant is exercisable for a two year period and has an exercise price of $1.20 per share. On January 25, 2011, the Company issued 800,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (400,000 warrants) for a total of $200,000 ($.25/share). Each warrant is exercisable for a two year period and has an exercise price of $0.38 per share (See Note 5(A) and 5(J)). None of the aforementioned warrants had been exercised as of October 31, 2011.

On May 7, 2010, the Company entered into a consulting agreement with an unrelated third party to provide consulting services in exchange for $7,500 per month and 37,500 share of Common Stock for every three months while the agreement remains in place. Effective February 1, 2011, the consulting services fee was reduced to $1,500 per month. For the year ended July 31, 2010 the Company issued 37,500 shares of common stock with a fair value of $48,375 and paid $22,500 in consulting fees. For the three months ended October 31, 2010, the Company issued 37,500 shares of common stock with a fair value of $36,250 and paid $22,500 in consulting fees (See Note 5(F)). This agreement was terminated in April 2011.

On April 28, 2010, Gold American Mining Corp (the “Company) and four individuals collectively referred to as the “Optionor” entered into a mineral property option agreement. The Company acquired an option to acquire an option to acquire 72% interest in an approximately 245 acres property located in Clark County, Nevada (the “Property’). To exercise the option the Company shall pay cash, issue common shares of the Company’s stock and fund exploration and development expenditures on the Property. The cash payments contemplated in the agreement total $272,000 and are distributed in installments from the date of the agreement through June 30, 2010. The number of Company’s shares to be issued total 2,000,000 and are to be distributed in installments from the date of the agreement through October 31, 2011. The Company is also obligated to fund a minimum of $750,000 and at the Company’s sole discretion up to $1,000,000 worth of exploration and development on the Property beginning April 30, 2011 and continuing through April 30, 2012. As of July 31, 2011, the Company issued 1,500,000 shares of common stock having a fair value of $1,515,000 (See Note 5(E)) and paid $272,000 in cash payment. As part of the $750,000 work commitment, the Company is to provide $400,000 on or before April 30, 2011 and $350,000 on or before April 30, 2012. Finally, the Company is to issue 500,000 shares on October 31, 2011.

The Company incurred $0 in expenditures during the year ended July 31, 2011, therefore the agreement went into default and terminated as of July 31, 2011. Therefore, the Company issued the final 500,000 shares of common stock having a fair value of $505,000 as of July 31, 2011.

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

On March 5, 2010, Gold American Mining Corp. (the “Company”) and Yale Resources Ltd. (“Yale”) (collectively referred to below as the “Parties”), entered into a Binding Letter of Intent (“LOI”) whereby the Parties agreed to a transaction in which Yale will grant the Company an option to acquire a 90% undivided interest in an approximately 282.83 hectare property located in Zacatcas State, Mexico (the “Property”). The Company entered into a definitive agreement on April 26, 2010. A brief description of the material terms and conditions of the option contemplated by the agreement is set forth below.

To exercise the option the Company shall pay cash to Yale, issue restricted common shares of Company stock to Yale, and fund exploration and development expenditures on the Property. The cash payments contemplated under the agreement total $900,000 and are to be distributed in installments from the date of the LOI through December 30, 2013. The number of Company shares to be issued to Yale total 1,000,000 and are to be distributed in installments from the date of the definitive agreement through December 30, 2013. The Company is also obligated to fund a total of $2,000,000 worth of exploration and development on the Property beginning June 30, 2011 and continuing through December 30, 2013 according the following schedule:

Upon signing the letter of intent the Company paid Yale $10,000 in refundable deposit

Upon signing of a Definite Agreement the Company paid $10,000 and issued 100,000 shares of common stock having a fair value of $101,000

For the year ended July 31, 2010 the Company paid $20,000 and issued 100,000 shares of common stock (See Note 5(E)).

On or before December 30, 2010, the Company will pay $30,000 and issue 100,000 shares of common stock. On December 31, 2010, the Company paid $30,000 and issued 100,000 shares of common stock (See Note 5(E)).

On or before June 30, 2011, the Company was required to pay $50,000 and issue 100,000 shares of common stock. and have minimum expenditures of $400,000. As of July 31, 2011, Yale issued a waiver regarding the required cash payment and stock issuance.

On or before December 30, 2011, the company will pay $50,000 and issue 100,000 shares of common stock.

On or before June 30, 2012, the Company will pay $75,000 and issue 100,000 shares of common stock

On or before December 30, 2012, the company will pay $100,000, issue 100,000 shares of common stock and have minimum expenditures of an additional $700,000

On or before June 30, 2013, the Company will pay $200,000 and issue 100,000 share of common stock

On or before December 30, 2013, the Company will pay $355,000, issue an 200,000 shares of common stock and have minimum expenditures of an additional $900,000

Upon the execution and exercise of the option, Yale will transfer a 90% undivided interest in the property to the Company. As of July 31, 2011, the Company issued 300,000 shares of common stock having a fair value of $254,000 (See Note 5(E)) and paid $50,000 in cash payments.

Gold American Mining, Corp.

(An Exploration Stage Company)

Notes to Condensed Financial Statements

As of October 31, 2011

(Unaudited)

On August 4, 2010, Gold American Mining Corp (the “Company”) and three individuals collectively referred to as the “Optionor” entered into a mineral property option agreement. The Company acquired a 100% interest in an approximately 178 acres property located in Opodepe Municipality, Sonara Sate, Mexico. To exercise the option the Company shall pay cash and fund exploration and development expenditures on the Property. The cash payments contemplated in the agreement total $765,000 and are distributed in installments from the date of the agreement through December 31, 2012, in the following installments:

Upon the execution of the agreement the Company paid $40,000 on August 23, 2010.

On or before December 23, 2010 the Company will pay $50,000.

On or before June 23, 2011 the Company will pay $50,000.

On or before December 23, 2011 the Company will pay $50,000.

On or before June 23, 2012, the Company will pay $175,000.

On or before December 23, 2012 the Company will pay $400,000.

In addition to the above payment schedule the Company will pay a 1% royalty as a result of the exploitation activities or a $500,000 lump sum payment upon the Company’s discretion. Effective December 22, 2010 the agreement has been terminated and no additional payments are due.

On August 23, 2010 the Company signed a consulting agreement with an unrelated party in exchange for $1,000 per month and 10,000 shares of common stock every three months. For the three months ended October 31, 2010, the Company issued 10,000 shares of common stock with a fair value of $8,700 and paid $2,000 in consulting fees (See Note 5(F)). This agreement was terminated as of August 1, 2011.

NOTE 8 GOING CONCERN

As reflected in the accompanying unaudited financial statements, the Company is in the exploration stage with minimal operations, has a net loss since inception of $4,090,368 and used cash in operations of $1,568,929 from inception. In addition, there is a working capital deficiency of $98,459 and a stockholders’ deficiency of $95,544 as of October 31, 2011. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 9 SUBSEQUENT EVENT

Subsequent to October 31, 2011, the principal stockholder loaned the Company $22,499 to pay Company expenses. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a precious metal mineral acquisition, exploration and development company, formed in Nevada on July 2, 2007. At the time of our incorporation, we were incorporated under the name “The Golf Alliance Corporation,” and our original business plan was to act as a service-based firm that would provide opportunities for golfers to play on private courses normally closed to them because of membership requirements. On February 12, 2010, Johannes Petersen acquired the majority of the shares of our issued and outstanding common stock in accordance with a stock purchase agreement by and between Mr. Petersen and John Fahlberg. Further, on March 5, 2010, we effected a name change to “Silver America, Inc.” and at the same time effected a 50-for-1 forward stock split and increased our authorized capital from 100,000,000 shares of common stock, par value $0.00001 per share, and 10,000,000 shares of preferred stock, par value $0.00001 per share, to 500,000,000 shares of common stock, par value $0.00001 per share, and 10,000,000 shares of preferred stock, par value $0.00001. In addition to the name change, we changed our intended business purpose to that of precious metal mineral exploration, development and production. Unless specifically stated otherwise, all share amounts referenced herein, will refer to post-forward stock split share amounts. On June 23, 2010, we effected a name change from Silver America, Inc., to “Gold American Mining Corp.” in order to better reflect the nature of our operations as a precious metal mining and exploration company, with a more specific emphasis on gold exploration.

Our primary business focus is to option, acquire, explore and develop precious metals properties in North America. On April 26, 2010, we entered into a definitive option agreement (“Guadalupe Option Agreement”) with Yale Resources Ltd. (“Yale”) with respect to our acquisition of an exclusive option (the “Option”) to purchase an undivided 90% interest in those two certain mining concessions in Zacatecas State, Mexico, covering approximately 282.83 hectares (the “Guadalupe Property”). The Guadalupe Option Agreement was entered into pursuant to a binding letter of intent between the parties (the “LOI”) dated March 5, 2010.

To exercise the option, we must pay cash to Yale, issue restricted shares of Company common stock to Yale, and fund exploration and development expenditures on the Guadalupe Property. The cash payments contemplated under the agreement total $900,000 and are to be distributed in installments from the date of the LOI through December 30, 2013. The number of Company shares to be issued to Yale total 1,000,000 and are to be distributed in installments from the date of the definitive agreement through December 30, 2013. We are also obligated to fund a total of $2,000,000 worth of exploration and development on the Guadalupe Property by December 30, 2013. Upon the execution and exercise of the Option, Yale will transfer a 90% undivided interest in the Guadalupe Property to the Company. Yale will act as the operator for the project, and should the earn-in be completed, Yale will retain a 10% participating interest in the Guadalupe Property as well as a 2% NSR, which can be bought out in its entirety for $2,000,000.

In connection with the Guadalupe Option and Guadalupe Property, during the quarter ended April 30, 2011, we learned that the validity of one of the two mining concessions may have been questioned. During the quarter ended July 31, 2011, enquiries were made regarding the possible legal challenge to the ownership of the Guadalupe Property and we learned that a third-party threatened to challenge it. We started preliminary negotiations with this third-party, through Yale, which didn’t lead to an agreement to solve the dispute. Subsequently, we learned that the third-party may have filed a lawsuit against the underlying owner of the Guadalupe Property. At this time, the situation remains unresolved and the Company has reached an understanding with Yale to stop making any further payments regarding the Guadalupe Option until the challenge to the ownership of the Guadalupe Property is resolved.

On April 28, 2010, we entered into a definitive option agreement (the “Keeno Strike Option Agreement”) with four individuals (collectively, the “Optionor”) with respect to our acquisition of an exclusive option (the “Keeno Option”) to purchase an undivided 72% interest in those certain 12 mining claims and a mill site claim containing approximately 245 acres, located in Clark County, Nevada (“Keeno Property”). To exercise the Keeno Option, we must pay cash to the Optionor, issue restricted shares of Company common stock to Optionor, and fund exploration and development expenditures on the Keeno Property. The cash payments contemplated under the agreement total $272,000 to be paid in installments on or before June 30, 2010, such payments having been completed as of the date of the filing of this Annual Report on Form 10-K. The number of Company shares to be issued to Optionor total 2,000,000 and are to be distributed in installments from the date of the definitive agreement through October 31, 2011. The Company needs to fund a minimum of $750,000 worth of exploration and development on the Keeno Property, with at least $400,000 to be incurred or funded on or before April 30, 2011 and $350,000 to be incurred or funded on or before April 30, 2012. Upon our fulfillment of each of the above-referenced conditions and exercise of the Keeno Option, the Optionor will transfer an undivided 72% interest in the Keeno Property to us. Instead, we have chosen not to exercise the option by not funding the $400,000 in work commitments, which were due on or before April 30, 2011, and the Option Agreement has been terminated.

On August 4, 2010, Gold American Mining Corp (the “Company”) and three individuals collectively referred to as the “Optionor” entered into a mineral property option agreement to acquire 100% interest in an approximately 178 acres property located in Opodepe Municipality, Sonara Sate, Mexico (“La Escondida” project). To exercise the option the Company shall pay cash and fund exploration and development expenditures on the project. The cash payments contemplated in the agreement total $765,000 and are distributed in installments from the date of the agreement through December 31, 2012. In addition to the above payment schedule the Company will pay a 1% royalty as a result of the exploitation activities or a $500,000 lump sum payment upon the Company’s discretion. Effective December 22, 2010 the option agreement was terminated and no additional payments are due.

Results of Operations

Three-months ended October 31, 2011 compared to the three-months ended October 31, 2010

We had a net loss of $29,109 for the three-months ended October 31, 2011, which was $755,284 lower than the net loss of $784,393 for the three-months ended October 31, 2010. This change in our results over the two periods is primarily the result of decreases in professional fees, consulting expenses, exploration costs and general and administrative expenses due to the termination of various consulting agreements and option agreements. The following table summarizes key items of comparison and their related increase (decrease) for the three-months ended October 31, 2011 and 2010:

	Three-Months Ended
	October 31,						Increase
	2011			2010			(Decrease)

Revenues	$	0		$	0		$	0
Professional Fees		11,938			30,329			(18,391	)
Consulting Expenses		7,500			103,350			(95,850	)
Exploration Costs		6,021			623,952			(617,931	)
General and Administrative		3,319			26,306			(22,987	)

Total Operating Expenses		28,778			783,937			(755,159	)

(Loss) from Operations		(28,778	)		(783,937	)		755,159

Net Interest Income (Expense)		(331	)		(456	)		125

Loss from Operations Before Taxes		(29,109	)		(784,393	)		755,284

Net Loss	$	(29,109	)		(784,393	)		755,284

Liquidity And Capital Resources

Our balance sheet as of October 31, 2011, reflects assets of $4,849. We had cash in the amount of $1,934 and a working capital deficit in the amount of $98,459 as of October 31, 2011. Thus, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

Working Capital

	October 31, 2011			July 31, 2011

Current assets	$	1,934		$	10,400
Current liabilities		100,393			80,287
Working capital deficit	$	(98,459	)	$	(69,887	)

We anticipate generating losses and, therefore, may be unable to continue operations in the future. If we require additional capital, we would have to issue debt or equity or enter into a strategic arrangement with a third party.

Going Concern Consideration

As reflected in the accompanying financial statements, the Company is in the exploration stage with no revenue generating operations and has a net loss since inception of $4,090,368 and used cash in operations of $1,568,929 from inception. In addition, there is a working capital deficiency of $98,459 and a stockholder’s deficiency of $95,544 as of October 31, 2011. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

From March 5, 2010, the Company changed its intended business purpose to that of precious metals mineral exploration, development and production. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

	Three-months Ended
	October 31,
	2011			2010

Net Cash Used in Operating Activities	$	(16,789	)	$	(460,424	)
Net Cash Used in Investing Activities		0			(2,099	)
Net Cash Provided by Financing Activities		13,497			700,895
Net Increase (Decrease) in Cash	$	(3,292	)	$	238,372

Operating Activities

Net cash flow used in operating activities during the three-months ended October 31, 2011 was $16,789 – a decrease of $443,635 from the $460,424 net cash outflow during the three-months ended October 31, 2010. This decrease in the cash used in operating activities was primarily due to the significantly lower level of exploration activities of the Company.

Investing Activities

Cash used in investing activities during the three-months ended October 31, 2011 was nil – a decrease of $2,099 when compared to the figures during the three-months ended October 31, 2010. This decrease in the cash used in investing activities was primarily due to the purchase of computer equipment.

Financing Activities

Financing activities during the three-months ended October 31, 2011, provided $13,497 to us, a decrease of $687,398 from the $700,895 provided by financing activities during the three-months ended October 31, 2010. During the three-months ended October 31, 2011, the company received $13,497 as loans from related parties.

On May 7, 2010, we entered into an Equity Issuance Agreement with ZUG Financing Group S.A. (“ZUG”) wherein ZUG has agreed to advance up to $7,500,000 to our Company until December 31, 2011. While we have arranged for advances of up to $7,500,000 from ZUG, there can be no assurances that we will receive these funds from ZUG. As of October 31, 2011, $1,200,000 has been advanced to the Company by Zug Financing Group under the terms of the Equity Issuance Agreement.

Critical Accounting Policies

Our financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles used in the United States. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financials.

Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain. Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain. As of October 31, 2011, none of the Company’s projects have proven reserves.

Recent Accounting Pronouncements

For recent accounting pronouncements, please refer to the notes to the financial statements section of this quarterly report.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management evaluated, with the participation of Mr. Johannes Petersen, who currently serves as both Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our disclosure controls and procedures include components of our internal control over financial reporting. Management’s assessment of the effectiveness of our internal control over financial reporting is expressed at the level of reasonable assurance that the control system, no matter how well designed and operated, can provide only reasonable, but not absolute, assurance that the control system’s objectives will be met.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the period covered by this quarterly report, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We may be involved from time to time in ordinary litigation, negotiation and settlement matters that will not have a material effect on our operations or finances. We are not aware of any pending or threatened litigation against us or our officers and directors in their capacity as such that could have a material impact on our operations or finances.

ITEM 1A. RISK FACTORS

Not Applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. (REMOVED AND RESERVED).

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit No.		Description
3.1		Articles of Incorporation (1)
3.2		Certificate of Amendment, effective March 5, 2010 (2)
3.3		Certificate of Amendment, effective June 23, 2010 (6)
3.4		Bylaws (1)
10.1		Stock Purchase Agreement by and between John Fahlberg and Johannes Petersen, dated February 12, 2010 (3)
10.2		Letter of Intent by and between the Company and Yale Resources, Ltd., dated March 5, 2010 (2)
10.3		Guadalupe Option Agreement between the Company and Yale Resources, dated April 26, 2010 (4)
10.4		Keeno Strike Option Agreement between the Company and Certain Individuals, dated April 28, 2010. (4)
10.5		Private Placement Subscription Agreement, dated April 30, 2010 (5)
10.6		Equity Financing Agreement between the Company and ZUG Financing Group S.A., dated May 7, 2010 (7)
31.1		Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2		Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1		Certification by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

______________________________

*	Filed herewith

(1)	Incorporated by reference from Form SB-2 filed with the SEC on October 31, 2007.
(2)	Incorporated by reference from Form 8-K filed with the SEC on March 10, 2010.
(3)	Incorporated by reference from Form 8-K filed with the SEC on February 18, 2010.
(4)	Incorporated by reference from Form 10-Q filed with the SEC on June 21, 2010.
(5)	Incorporated by reference from Form 8-K filed with the SEC on May 6, 2010.
(6)	Incorporated by reference from Form 8-K filed with the SEC on June 28, 2010.
(7)	Incorporated by reference from Form 8-K filed with the SEC on May 10, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GOLD AMERICAN MINING CORP.

Date: December 15, 2011	By:	/s/ Johannes Petersen
	Name:	Johannes Petersen
	Title:	Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, President, Chairman of the Board of Directors

EX-31.1 2 sila_ex311.htm CERTIFICATION sila_ex311.htm

EXHIBIT 31.1

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

I, Johannes Petersen, certify that:

1.	I have reviewed this Quarterly Report of Gold American Mining Corp. on Form 10-Q for the period ending October 31, 2011;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 15, 2011

/s/ Johannes Petersen
Johannes Petersen
Title: Chief Executive Officer, Principal Executive Officer

EX-31.2 3 sila_ex312.htm CERTIFICATION sila_ex312.htm

EXHIBIT 31.2

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

I, Johannes Petersen, certify that:

1.	I have reviewed this Quarterly Report of Gold American Mining Corp. on Form 10-Q for the period ending October 31, 2011;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	e)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	f)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	g)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	h)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	c)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	d)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 15, 2011

/s/ Johannes Petersen
Johannes Petersen
Title: Chief Financial Officer, Principal Accounting Officer

EX-31.1 4 sila_ex321.htm CERTIFICATION sila_ex321.htm

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Gold American Mining Corp. (the “Company”) on Form 10-Q for the period ended October 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: December 15, 2011	/s/ Johannes Petersen
	Johannes Petersen Title: Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, President, Sole Director

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(A) Basis of Presentation   The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.   It is management's opinion, however that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.   Gold American Mining, Corp. (an exploration stage company) (the "Company") was incorporated under the name of Golf Alliance Corporation and under the laws of the State of Nevada on July 2, 2007.  Gold American Mining, Corp. is a precious metal mineral acquisition, exploration and development company.   Golf Alliance Corporation pursued its original business plan to provide opportunities for golfers to play on private golf courses normally closed to them due to the membership requirements of the private clubs. During the year ended July 31, 2010, the Company decided to redirect its business focus toward precious metal mineral acquisition and exploration.   Activities during the exploration stage include developing the business plan and raising capital.   The Company is in the exploration stage in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic No. 915 (formerly Statement of Financial Accounting Standards (SFAS) No.7, Accounting and Reporting by Exploration Stage Enterprises).   On March 5, 2010, the Company amended its articles of incorporation to (1) to change its name to Silver America, Inc. and (2) increased its authorized common stock from 100,000,000 to 500,000,000.   On June 23, 2010 the Company amended its articles of incorporation to change its name to Gold American Mining Corp.   (B) Use of Estimates   In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses during the reported period.  Actual results could differ from those estimates.   (C) Cash and Cash Equivalents   The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.  At October 31, 2011 and July 31, 2011, the Company had no cash equivalents.    (D) Exploration and Development Costs   Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property in accordance with FASB Accounting Standards Codification No. 930, Extractive Activities- Mining. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.   The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.   Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.   During the three months ended October 31, 2011 and 2010, the Company recorded exploration costs of $6,021 and $623,952, respectively.   (E) Property and Equipment   The Company values property and equipment at cost and depreciates these assets using the straight-line method over their expected useful life. The Company uses a five year life for computer equipment.   In accordance with FASB Accounting Standards Codification No. 360, Property, Plant and Equipment, the Company carries long-lived assets at the lower of the carrying amount or fair value. Impairment is evaluated by estimating future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the assets, an impairment loss is recognized. Fair value, for purposes of calculating impairment, is measured based on estimated future cash flows, discounted at a market rate of interest.   There were no impairment losses recorded during the three months ended October 31, 2011 and 2010, respectively.   (F) Website Development   The Company has adopted the provisions of FASB Accounting Standards Codification No. 350 Intangible-Goodwills and Other. Costs incurred in the planning stage of a website are expensed, while costs incurred in the development state are capitalized and amortized over the estimated three year life of the asset.     (G) Loss Per Share   Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB Accounting Standards Codification Topic 260,   Earnings Per Share.   As of October 31, 2011 and 2010 there were 990,530 and 593,030, respectively, warrants issued and outstanding that were not included in the computation of earnings per share because their inclusion is anti-dilutive.   (H) Revenue Recognition   The Company recognizes revenue on arrangements in accordance with FASB Accounting Standards Codification No. 605, Revenue Recognition.  In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. The Company has not yet entered into any contractual obligation to deliver ore product or finished metals.   (I) Income Taxes   The Company accounts for income taxes under FASB Codification Topic 740-10-25 (ASC 740-10-25).  Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.     (J) Stock-Based Compensation   In December 2004, the FASB issued FASB Accounting Standards Codification No. 718, Compensation Stock Compensation.  Under FASB Accounting Standards Codification No. 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans.  As such, compensation cost is measured on the date of grant at their fair value.   Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant.  The Company applies this statement prospectively.   Equity instruments (instruments) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB Accounting Standards Codification No. 718.  FASB Accounting Standards Codification No. 505, Equity Based Payments to Non-Employees defines the measurement date and recognition period for such instruments.  In general, the measurement date is when either a (a) performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB Accounting Standards Codification.   (K) Business Segments   The Company operates in one segment and therefore segment information is not presented.   (L) Fair Value of Financial Instruments   The carrying amounts reported in the balance sheet for prepaids, accounts payable and accrued expenses, accounts payable-related party, notes payable-related party and loans payable related party approximate fair value based on the short-term maturity of these instruments.   (M) Reclassifications   Certain amounts in the 2010 information have been reclassified to conform with the 2011 presentation. These reclassifications had no impact on the Companys net loss or cash flows.   (N) Recent Accounting Pronouncements   ASU No. 2011-03; Reconsideration of Effective Control for Repurchase Agreements. In April, 2011, the FASB issued ASU No. 2011-03. The amendments in this ASU remove from the assessment of effective control the criterion relating to the transferors ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee. The amendments in this ASU also eliminate the requirement to demonstrate that the transferor possesses adequate collateral to fund substantially all the cost of purchasing replacement financial assets.   The guidance in this ASU is effective for the first interim or annual period beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations.   ASU No. 2011-04; Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. In May, 2011, the FASB issued ASU No. 2011-04. The amendments in this ASU generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This ASU results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRSs. The amendments in this ASU are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted.   The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations.   ASU No. 2011-05; Amendments to Topic 220, Comprehensive Income. In June, 2011, the FASB issued ASU No. 2011-05. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.   The amendments in this ASU should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted, because compliance with the amendments is already permitted. The amendments do not require any transition disclosures. Due to the recency of this pronouncement, the Company is evaluating its timing of adoption of ASU 2011-05, but will adopt the ASU retrospectively by the due date.   On September 15, 2011, the FASB issued ASU 2011-08, Intangibles Goodwill and Other, which simplifies how an entity is required to test goodwill for impairment. This ASU would allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under the ASU, an entity would not be required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU includes a number of factors to consider in conducting the qualitative assessment.  The ASU is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  Early adoption is permitted. This standard is not expected to have a material impact on the Companys reported results of operations or financial position.

At October 31, 2011 and July 31, 2011, respectively, property and equipment is as follows:     <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: center; border-bottom: Black 1pt solid">October 31,   2011   (Unaudited)</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: center; border-bottom: Black 1pt solid">July 31,   2011</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid">Website Development</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">$-</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">$-</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Office Equipment</td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">4,098</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">4,098</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,183</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(977</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Total Property and Equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,915</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,121</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>   Depreciation/amortization expense for the three months ended October 31, 2011 and 2010 and for the period from July 2, 2007 (Inception) to October 31, 2011 was $206, $2,260 and $11,393 respectively.   During the year ended July 31, 2011, the Company determined that the website was fully impaired and recognized an impairment of $14,253.

On October 10, 2011, the Company executed an unsecured, non-interest bearing, due on demand promissory note payable to its principal stockholder in the amount of $20,000 encompassing the $18,500 loaned to the Company during the year ended July 31, 2011 and an additional $1,500 loaned on August 22, 2011. Pursuant to the terms of the note, the loans are non-interest bearing, unsecured and due on demand (See Note 6).   During the three months ended October 31, 2011, the principal stockholder loaned the Company $11,997 to pay Company expenses. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand (See Note 6).   During the year ended July 31, 2011, the principal stockholder loaned the Company $23,484 to pay Company expenses and was repaid $21,240 during the year. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand (See Note 6).   During the year ended July 31, 2010, the principal stockholder loaned the Company $41,915 to pay Company expenses and was repaid $39,274 during the year. There was $2,641 owed to the principal stockholder as of July 31, 2010 (See Note 6).  Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. The Company repaid the $2,641 to the principal stockholder during the year ended July 31, 2011.   On various dates from 2008 through 2010, the Company received $24,283 from a principal stockholder. Pursuant to the terms of the loan, the loans were non-interest bearing, were unsecured and due on demand.  During the year ended July 31, 2010, the principal stockholder forgave $24,262 and this was recorded by the Company as contributed capital (See Note 5(G) and 6).   During the period ended October 31, 2007 the Company received $3,100 from a principal stockholder. Pursuant to the terms of the loan, the loan bears interest at 8%, is unsecured and matures on July 31, 2008.  The Company repaid $3,100 of a stockholder loan and $60 of accrued interest as of July 31, 2008 (See Note 6).

(A) Common Stock Issued for Cash    On January 25, 2011, the Company issued 800,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (400,000 warrants) for a total of $200,000 ($.25/share). Each warrant is exercisable for a two year period and has an exercise price of $0.38 per share. As of October 31, 2011, none of the warrants had been exercised.   On September 24, 2010, the Company issued 533,333 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (266,667 warrants) for a total of  $400,000 ($.75/share). Each warrant is exercisable for a two year period and has an exercise price of $1.13 per share. As of July 31, 2011, none of the warrants had been exercised.   On August 16, 2010, the Company issued 375,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (187,499 warrants) for a total of $300,000 ($.80/share). Each warrant is exercisable for a two year period and has an exercise price of $1.20 per share. As of October 31, 2011, none of the warrants had been exercised.   On June 1, 2010, the Company issued 272,727 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 of a share of common stock (136,364 warrants) for a total of  $300,000 ($1.10/share).  Each warrant is exercisable for a two year period and has an exercise price of $1.65 per share. As of October 31, 2011, none of the warrants had been exercised.   On April 30, 2010, the Company issued 333,333 shares of common stock for $200,000 ($0.60/share).   For the year ending July 31, 2008 the Company entered into stock purchase agreements to issue 40,000,000 shares of common stock for cash of $80,000 ($0.02/share).   On July 24, 2007, the Company issued 250,000,000 shares of common stock for $50 ($0.0000002/share).   (B) In-Kind Contribution   For the three months ended October 31, 2011 the shareholder of the Company contributed $331 of interest on behalf of the Company (See Note 6).     For the year ended July 31, 2011 the shareholder of the Company contributed $182 of interest on behalf of the Company (See Note 6).   For the year ended July 31, 2010 the shareholder of the Company contributed $4,320 of services on behalf of the Company (See Note 6).   For the year ended July 31, 2010 the shareholder of the Company contributed $627 of in kind contribution of interest on behalf of the Company (See Note 6).   For the year ended July 31, 2009 the shareholder of the Company contributed $5,760 of services on behalf of the Company (See Note 6).   For the year ended July 31, 2009 the shareholder of the Company contributed $256 of in kind contribution of interest on behalf of the Company (See Note 6).   For the year ending July 31, 2008 the shareholder of the Company contributed $5,760 of services on behalf of the Company (See Note 6).   For the year ending July 31, 2007 the shareholder of the Company contributed $1,080 of services on behalf of the Company (See Note 6).   (C) Amendments to Articles of Incorporation   On July 6, 2007 the Company amended its Articles of Incorporation to decrease the par value to $0.00001 per share from $0.001 par value.   On March 5, 2010 the Company amended its Articles of Incorporation to increase its authorized common stock from 100,000,000 to 500,000,000 and changed its name from Golf Alliance Corporation to Silver America Inc.   On June 23, 2010, the Company amended its Articles of Incorporation to change its name to Gold American Mining Corp.    (D) Return of Common Stock   Immediately prior to the forward split, the Companys sole member of the board of directors, returned 205,000,000 shares of common stock out of the total of 250,000,000 held by him as an in-kind contribution.   (E) Stock Issued for Mining Rights   On July 31, 2011 the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).   On April 30, 2011 the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).   On December 31, 2010, the Company issued 100,000 shares of common stock having a fair value of $101,000 ($1.01/share) in exchange for mining rights (See Note 7).   On October 31, 2010, the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).     On June 30, 2010, the Company issued 100,000 shares of common stock having a fair value of $52,000 ($0.52/share) in exchange for mining rights (See Note 7).   On April 26, 2010, the Company issued 100,000 shares of common stock having a fair value of $101,000 ($1.01/share) in exchange for mining rights (See Note 7).   On April 28, 2010, the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).   (F) Stock Issued for Services   On May 1, 2011 the Company issued 10,000 shares of common stock having a fair value of $1,100 ($0.11/share) in exchange for consulting services (See Note 7).   On February 1, 2011 the Company issued 10,000 shares of common stock having a fair value of $2,400 ($0.24/share) in exchange for consulting services (See Note 7).   On February 1, 2011 the Company issued 37,500 shares of common stock having a fair value of $9,000 ($0.24/share) in exchange for consulting services (See Note 7).   On January 31, 2011 the Company issued 10,000 shares of common stock having a fair value of $2,500 ($0.25/share) in exchange for consulting services (See Note 7).   On November 1, 2010, the Company issued 37,500 shares of common stock having a fair value of $30,000 ($0.80/share) in exchange for consulting services (See Note 7).   On August 23, 2010, the Company issued 10,000 shares of common stock having a fair value of $8,700 ($0.87) in exchange for consulting services (See Note 7).   On August 1, 2010, the Company issued 37,500 shares of common stock having a fair value of $35,250 ($0.94/share) in exchange for consulting services (See Note 7).   On May 7, 2010, the Company issued 37,500 shares of common stock having a fair value of $48,375 ($1.29/share) in exchange for consulting services (See Note 7).   (G) Cash contributed on Companys behalf   During the year ended July 31, 2010, the principal stockholder forgave loans of $24,262 and this was recorded by the Company as contributed capital (See Note 4 and 6).     (H) Expenses paid on Companys behalf   During the year ended July 31, 2010, the principal stockholder paid $60,871 of expenses on the Companys behalf, which was recorded as an in kind contribution of capital (See Note 6).     (I) Stock Split   On March 5, 2010, the Company implemented a 50 for 1 forward stock split. Upon effectiveness of the stock split, each shareholder received 50 shares of common stock for every share of common stock owned as of March 5, 2010. All share and per share references have been retroactively adjusted to reflect this 50 to 1 forward stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented.   (J)   Warrants Issued for Cash   The following tables summarize all warrant grants for the three months ended October 31, 2011 and the related changes during this period are presented below:   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: center; border-bottom: Black 1pt solid">Number of   Options</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise   Price</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Warrants</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Balance at July 31, 2011</td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">990,530</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">.91</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; padding-bottom: 2.5pt; padding-left: 5.4pt">Balance at October 31, 2011         </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">990,530</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.91</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Weighted Average Fair Value of Warrants Granted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.91</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>     <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid">2011 Outstanding Warrants</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Warrants Exercisable</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid">Range of Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number Outstanding at October 31, 2011</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining    Contractual Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number Exercisable at October 31, 2011</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td style="width: 35%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">$0.38 - $1.65</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">990,530</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">0.88 years</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">0.91</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">990,530</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">0.91</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid">2010 Outstanding Warrants</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Warrants Exercisable</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid">Range of Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number Outstanding at October 31, 2010</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining    Contractual Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number Exercisable at October 31, 2010</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td style="width: 35%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">$1.13 - $1.65</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">593,030</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">0.59 years</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">1.27</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">593,030</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">1.27</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table>

For the three months ended October 31, 2011 the shareholder of the Company contributed $331 of interest on behalf of the Company (See Note 4).   During the three months ended October 31, 2011, the principal stockholder loaned the Company $11,997 to pay Company expenses. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand (See Note 4).   During the three months ended October 31, 2011, the Company paid $0 and accrued an additional $7,500 to its President for consulting services. The total amount owed to the President for consulting services is $45,000 as of October 31, 2011.   On October 10, 2011, the Company executed an unsecured, non-interest bearing, due on demand promissory note payable to its principal stockholder in the amount of $20,000 encompassing the $18,500 loaned to the Company during the year ended July 31, 2011 and an additional $1,500 loaned on August 22, 2011. Pursuant to the terms of the note, the loans are non-interest bearing, unsecured and due on demand (See Note 3).     During the year ended July 31, 2011, the Company paid $52,500 and accrued $37,500 to its President for consulting services.   During the year ended July 31, 2010, the Company paid $22,500 to its President for consulting services.   On various dates from 2008 through 2010, the Company received $24,283 from a principal stockholder. Pursuant to the terms of the loan, the loans were non-interest bearing, were unsecured and due on demand.  During the year ended July 31, 2010, the principal stockholder forgave $24,262 and this was recorded by the Company as contributed capital (See Note 4 and 5(G)).   During the year ended July 31, 2011, the principal stockholder loaned the Company $23,484 to pay Company expenses and was repaid $21,240 during the year ended July 31, 2011. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. As of July 31, 2011 the outstanding balance of the loans was $20,744. The Company has imputed an interest rate of 6% per anum upon the loans. Accordingly, interest expense and an in-kind contribution to additional paid in capital of $182 was recorded as of and for the year ended July 31, 2011 (See Note 4 and 5(B)).   During the year ended July 31, 2010, the principal stockholder loaned the Company $41,915 to pay Company expenses and was repaid $ 39,274 during the year. There was $2,641 owed to the principal stockholder as of July 31, 2010 (See Note 4).  Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. The Company repaid the $2,641 to the principal stockholder during the year ended July 31, 2011.   During the period ended October 31, 2007 the Company received $3,100 from a principal stockholder. Pursuant to the terms of the loan, the loan bears interest at 8%, is unsecured and matures on July 31, 2008.  At October 31, 2007, the Company had recorded $60 of related accrued interest payable.  The Company repaid $3,100 of a stockholder loan and $60 of accrued interest as of July 31, 2008 (See Note 4).   For the year ended July 31, 2009, the shareholder of the Company contributed $256 of in kind contribution of interest on behalf of the Company (See Note 5(B).   For the year ended July 31, 2010, the shareholder of the Company contributed $4,320 of services on behalf of the Company (See Note 5(B)).   For the year ended July 31, 2010, the shareholder of the Company contributed $627 of in kind contribution of interest on behalf of the Company (See Note 5(B)).   During the year ended July 31, 2010, the principal stockholder paid $60,871 of expenses on Companys behalf, which was recorded as an in kind contribution of capital (See Note 5(H)).   As of July 31, 2009, the shareholder of the Company contributed $12,600 of services on behalf of the Company (See Note 5 (B)).

On May 7, 2010 the Company entered into a share issuance agreement with a non-related party for share subscriptions up to $7,500,000. The subscriber shall make available to the Company by way of advances up to $7,500,000 until December 31, 2011. Upon receipt of the advances, the Company shall issue units of the Company at a price equal to 90% of volume weighted average closing price of the Company (ticket symbol SILA.OB) during the 10 previous trading days according to http://www.nasdaq.com. Each unit consists of one common share of the Company and one half share purchase warrant. Each whole warrant may be exercised within two years of the date of issuance to the purchaser at a price equal to 150% of subscription price. For the year ended July 31, 2010 the Company issued 272,727 shares of common stock for cash of $300,000 ($1.10/share) and 136,364 warrants at $1.65 per unit. On September 24, 2010, the Company issued 533,333 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock for a total of  $400,000 ($.75/share). Each warrant is exercisable for a two year period and has an exercise price of $1.13 per share. On August 16, 2010, the Company issued 375,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock for a total of  $300,000 ($.80/share). Each warrant is exercisable for a two year period and has an exercise price of $1.20 per share. On January 25, 2011, the Company issued 800,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (400,000 warrants) for a total of $200,000 ($.25/share). Each warrant is exercisable for a two year period and has an exercise price of $0.38 per share (See Note 5(A) and 5(J)). None of the aforementioned warrants had been exercised as of October 31, 2011.   On May 7, 2010, the Company entered into a consulting agreement with an unrelated third party to provide consulting services in exchange for $7,500 per month and 37,500 share of Common Stock for every three months while the agreement remains in place. Effective February 1, 2011, the consulting services fee was reduced to $1,500 per month. For the year ended July 31, 2010 the Company issued 37,500 shares of common stock with a fair value of $48,375 and paid $22,500 in consulting fees. For the three months ended October 31, 2010, the Company issued 37,500 shares of common stock with a fair value of $36,250 and paid $22,500 in consulting fees (See Note 5(F)).  This agreement was terminated in April 2011.   On April 28, 2010, Gold American Mining Corp (the Company) and four individuals collectively referred to as the Optionor entered into a mineral property option agreement.  The Company acquired an option to acquire an option to acquire 72% interest in an approximately 245 acres property located in Clark County, Nevada (the Property).  To exercise the option the Company shall pay cash, issue common shares of the Companys stock and fund exploration and development expenditures on the Property.  The cash payments contemplated in the agreement total $272,000 and are distributed in installments from the date of the agreement through June 30, 2010.  The number of Companys shares to be issued total 2,000,000 and are to be distributed in installments from the date of the agreement through October 31, 2011.  The Company is also obligated to fund a minimum of $750,000 and at the Companys sole discretion up to $1,000,000 worth of exploration and development on the Property beginning April 30, 2011 and continuing through April 30, 2012.   As of July 31, 2011, the Company issued 1,500,000 shares of common stock having a fair value of $1,515,000 (See Note 5(E)) and paid $272,000 in cash payment. As part of the $750,000 work commitment, the Company is to provide $400,000 on or before April 30, 2011 and $350,000 on or before April 30, 2012.  Finally, the Company is to issue 500,000 shares on October 31, 2011.   The Company incurred $0 in expenditures during the year ended July 31, 2011, therefore the agreement went into default and terminated as of July 31, 2011. Therefore, the Company issued the final 500,000 shares of common stock having a fair value of $505,000 as of July 31, 2011.    On March 5, 2010, Gold American Mining Corp. (the Company) and Yale Resources Ltd. (Yale) (collectively referred to below as the Parties), entered into a Binding Letter of Intent (LOI) whereby the Parties agreed to a transaction in which Yale will grant the Company an option to acquire a 90% undivided interest in an approximately 282.83 hectare property located in Zacatcas State, Mexico (the Property). The Company entered into a definitive agreement on April 26, 2010.  A brief description of the material terms and conditions of the option contemplated by the agreement is set forth below.   To exercise the option the Company shall pay cash to Yale, issue restricted common shares of Company stock to Yale, and fund exploration and development expenditures on the Property. The cash payments contemplated under the agreement total $900,000 and are to be distributed in installments from the date of the LOI through December 30, 2013. The number of Company shares to be issued to Yale total 1,000,000 and are to be distributed in installments from the date of the definitive agreement through December 30, 2013. The Company is also obligated to fund a total of $2,000,000 worth of exploration and development on the Property beginning June 30, 2011 and continuing through December 30, 2013 according the following schedule:   ·         Upon signing the letter of intent the Company paid Yale $10,000 in refundable deposit   ·         Upon signing of a Definite Agreement the Company paid $10,000 and issued 100,000 shares of common stock having a fair value of $101,000   ·         For the year ended July 31, 2010 the Company paid $20,000 and issued 100,000 shares of common stock (See Note 5(E)).   ·         On or before December 30, 2010, the Company will pay $30,000 and issue 100,000 shares of common stock.  On December 31, 2010, the Company paid $30,000 and issued 100,000 shares of common stock (See Note 5(E)).   ·         On or before June 30, 2011, the Company was required to pay $50,000 and issue 100,000 shares of common stock. and have minimum expenditures of $400,000. As of July 31, 2011, Yale issued a waiver regarding the required cash payment and stock issuance.   ·         On or before December 30, 2011, the company will pay $50,000 and issue 100,000 shares of common stock.   ·         On or before June 30, 2012, the Company will pay $75,000 and issue 100,000 shares of common stock.   ·         On or before December 30, 2012, the company will pay $100,000, issue 100,000 shares of common stock and have minimum expenditures of an additional $700,000.   ·         On or before June 30, 2013, the Company will pay $200,000 and issue 100,000 share of common stock.   ·         On or before December 30, 2013, the Company will pay $355,000, issue an 200,000 shares of common stock and have minimum expenditures of an additional $900,000.   Upon the execution and exercise of the option, Yale will transfer a 90% undivided interest in the property to the Company.  As of July 31, 2011, the Company issued 300,000 shares of common stock having a fair value of $254,000 (See Note 5(E)) and paid $50,000 in cash payments.    On August 4, 2010, Gold American Mining Corp (the Company) and three individuals collectively referred to as the Optionor entered into a mineral property option agreement.  The Company acquired a 100% interest in an approximately 178 acres property located in Opodepe Municipality, Sonara Sate, Mexico.  To exercise the option the Company shall pay cash and fund exploration and development expenditures on the Property.  The cash payments contemplated in the agreement total $765,000 and are distributed in installments from the date of the agreement through December 31, 2012, in the following installments:   ·         Upon the execution of the agreement the Company paid $40,000 on August 23, 2010.   ·         On or before December 23, 2010 the Company will pay $50,000.   ·         On or before June 23, 2011 the Company will pay $50,000.   ·         On or before December 23, 2011 the Company will pay $50,000.   ·         On or before June 23, 2012, the Company will pay $175,000.   ·         On or before December 23, 2012 the Company will pay $400,000.    In addition to the above payment schedule the Company will pay a 1% royalty as a result of the exploitation activities or a $500,000 lump sum payment upon the Companys discretion. Effective December 22, 2010 the agreement has been terminated and no additional payments are due.   On August 23, 2010 the Company signed a consulting agreement with an unrelated party in exchange for $1,000 per month and 10,000 shares of common stock every three months. For the three months ended October 31, 2010, the Company issued 10,000 shares of common stock with a fair value of $8,700 and paid $2,000 in consulting fees (See Note 5(F)). This agreement was terminated as of August 1, 2011.

As reflected in the accompanying unaudited financial statements, the Company is in the exploration stage with minimal operations, has a net loss since inception of $4,090,368 and used cash in operations of $1,568,929 from inception. In addition, there is a working capital deficiency of $98,459 and a stockholders deficiency of $95,544 as of October 31, 2011. This raises substantial doubt about its ability to continue as a going concern.  The ability of the Company to continue as a going concern is dependent on the Companys ability to raise additional capital and implement its business plan.  The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Subsequent to October 31, 2011, the principal stockholder loaned the Company $22,499 to pay Company expenses. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand.

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PROPERTY AND EQUIPMENT

3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

PROPERTY AND EQUIPMENT

At October 31, 2011 and July 31, 2011, respectively, property and equipment is as follows:

	October 31, 2011 (Unaudited)			July 31, 2011
Website Development	$-			$-
Office Equipment		4,098			4,098
Less: accumulated depreciation		(1,183	)		(977	)
Total Property and Equipment	$	2,915		$	3,121

Depreciation/amortization expense for the three months ended October 31, 2011 and 2010 and for the period from July 2, 2007 (Inception) to October 31, 2011 was $206, $2,260 and $11,393 respectively.

During the year ended July 31, 2011, the Company determined that the website was fully impaired and recognized an impairment of $14,253.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION	3 Months Ended
Oct. 31, 2011
Notes to Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION	*(A) Basis of Presentation* The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations. It is management's opinion, however that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year. Gold American Mining, Corp. (an exploration stage company) (the "Company") was incorporated under the name of Golf Alliance Corporation and under the laws of the State of Nevada on July 2, 2007. Gold American Mining, Corp. is a precious metal mineral acquisition, exploration and development company. Golf Alliance Corporation pursued its original business plan to provide opportunities for golfers to play on private golf courses normally closed to them due to the membership requirements of the private clubs. During the year ended July 31, 2010, the Company decided to redirect its business focus toward precious metal mineral acquisition and exploration. Activities during the exploration stage include developing the business plan and raising capital. The Company is in the exploration stage in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 915 (formerly Statement of Financial Accounting Standards (“SFAS”) No.7, “Accounting and Reporting by Exploration Stage Enterprises”). On March 5, 2010, the Company amended its articles of incorporation to (1) to change its name to Silver America, Inc. and (2) increased its authorized common stock from 100,000,000 to 500,000,000. On June 23, 2010 the Company amended its articles of incorporation to change its name to Gold American Mining Corp. *(B) Use of Estimates* In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses during the reported period. Actual results could differ from those estimates. *(C) Cash and Cash Equivalents* The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At October 31, 2011 and July 31, 2011, the Company had no cash equivalents. *(D) Exploration and Development Costs* Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property in accordance with FASB Accounting Standards Codification No. 930, Extractive Activities- Mining. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value. The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain. Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain. During the three months ended October 31, 2011 and 2010, the Company recorded exploration costs of $6,021 and $623,952, respectively. *(E) Property and Equipment* The Company values property and equipment at cost and depreciates these assets using the straight-line method over their expected useful life. The Company uses a five year life for computer equipment. In accordance with FASB Accounting Standards Codification No. 360, Property, Plant and Equipment, the Company carries long-lived assets at the lower of the carrying amount or fair value. Impairment is evaluated by estimating future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the assets, an impairment loss is recognized. Fair value, for purposes of calculating impairment, is measured based on estimated future cash flows, discounted at a market rate of interest. There were no impairment losses recorded during the three months ended October 31, 2011 and 2010, respectively. *(F) Website Development* The Company has adopted the provisions of FASB Accounting Standards Codification No. 350 Intangible-Goodwills and Other. Costs incurred in the planning stage of a website are expensed, while costs incurred in the development state are capitalized and amortized over the estimated three year life of the asset. *(G) Loss Per Share* Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB Accounting Standards Codification Topic 260, “Earnings Per Share.” As of October 31, 2011 and 2010 there were 990,530 and 593,030, respectively, warrants issued and outstanding that were not included in the computation of earnings per share because their inclusion is anti-dilutive. *(H) Revenue Recognition* The Company recognizes revenue on arrangements in accordance with FASB Accounting Standards Codification No. 605, Revenue Recognition. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. The Company has not yet entered into any contractual obligation to deliver ore product or finished metals. *(I) Income Taxes* The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. *(J) Stock-Based Compensation* In December 2004, the FASB issued FASB Accounting Standards Codification No. 718, Compensation – Stock Compensation. Under FASB Accounting Standards Codification No. 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. The Company applies this statement prospectively. Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB Accounting Standards Codification No. 718. FASB Accounting Standards Codification No. 505, Equity Based Payments to Non-Employees defines the measurement date and recognition period for such instruments. In general, the measurement date is when either a (a) performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB Accounting Standards Codification. *(K) Business Segments* The Company operates in one segment and therefore segment information is not presented. *(L) Fair Value of Financial Instruments* The carrying amounts reported in the balance sheet for prepaids, accounts payable and accrued expenses, accounts payable-related party, notes payable-related party and loans payable – related party approximate fair value based on the short-term maturity of these instruments. *(M) Reclassifications* Certain amounts in the 2010 information have been reclassified to conform with the 2011 presentation. These reclassifications had no impact on the Company’s net loss or cash flows. *(N) Recent Accounting Pronouncements* ASU No. 2011-03; Reconsideration of Effective Control for Repurchase Agreements. In April, 2011, the FASB issued ASU No. 2011-03. The amendments in this ASU remove from the assessment of effective control the criterion relating to the transferor’s ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee. The amendments in this ASU also eliminate the requirement to demonstrate that the transferor possesses adequate collateral to fund substantially all the cost of purchasing replacement financial assets. The guidance in this ASU is effective for the first interim or annual period beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. ASU No. 2011-04; Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. In May, 2011, the FASB issued ASU No. 2011-04. The amendments in this ASU generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This ASU results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRSs. The amendments in this ASU are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. ASU No. 2011-05; Amendments to Topic 220, Comprehensive Income. In June, 2011, the FASB issued ASU No. 2011-05. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments in this ASU should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted, because compliance with the amendments is already permitted. The amendments do not require any transition disclosures. Due to the recency of this pronouncement, the Company is evaluating its timing of adoption of ASU 2011-05, but will adopt the ASU retrospectively by the due date. On September 15, 2011, the FASB issued ASU 2011-08, Intangibles – Goodwill and Other, which simplifies how an entity is required to test goodwill for impairment. This ASU would allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under the ASU, an entity would not be required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU includes a number of factors to consider in conducting the qualitative assessment. The ASU is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. This standard is not expected to have a material impact on the Company’s reported results of operations or financial position.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

(A) Basis of Presentation

Activities during the exploration stage include developing the business plan and raising capital.

On March 5, 2010, the Company amended its articles of incorporation to (1) to change its name to Silver America, Inc. and (2) increased its authorized common stock from 100,000,000 to 500,000,000.

On June 23, 2010 the Company amended its articles of incorporation to change its name to Gold American Mining Corp.

(B) Use of Estimates

(C) Cash and Cash Equivalents

(D) Exploration and Development Costs

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.

Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.

During the three months ended October 31, 2011 and 2010, the Company recorded exploration costs of $6,021 and $623,952, respectively.

(E) Property and Equipment

There were no impairment losses recorded during the three months ended October 31, 2011 and 2010, respectively.

(F) Website Development

(G) Loss Per Share

(H) Revenue Recognition

(I) Income Taxes

(J) Stock-Based Compensation

In December 2004, the FASB issued FASB Accounting Standards Codification No. 718, Compensation – Stock Compensation. Under FASB Accounting Standards Codification No. 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value.

Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. The Company applies this statement prospectively.

Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB Accounting Standards Codification No. 718. FASB Accounting Standards Codification No. 505, Equity Based Payments to Non-Employees defines the measurement date and recognition period for such instruments. In general, the measurement date is when either a (a) performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB Accounting Standards Codification.

(K) Business Segments

The Company operates in one segment and therefore segment information is not presented.

(L) Fair Value of Financial Instruments

(M) Reclassifications

Certain amounts in the 2010 information have been reclassified to conform with the 2011 presentation. These reclassifications had no impact on the Company’s net loss or cash flows.

(N) Recent Accounting Pronouncements

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

XML 16 R2.htm IDEA: XBRL DOCUMENT

Balance Sheets (Unaudited) (USD $)	Oct. 31, 2011	Jul. 31, 2011
ASSETS
Cash	$ 1,934	$ 5,226
Prepaid Expenses	0	5,174
Total Current Assets	1,934	10,400
Property and Equipment, net	2,915	3,121
Total Assets	4,849	13,521
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Accounts Payable and Accrued Expenses	21,152	22,043
Accounts Payable - related party	45,000	37,500
Notes Payable - related party	20,000	18,500
Loans Payable - related party	14,241	2,244
Total Liabilities	100,393	80,287
Stockholders' Deficiency
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.00001 par value; 500,000,000 shares authorized, 89,804,393 and 89,804,393 issued and outstanding, respectively	898	898
Additional paid-in capital	3,993,926	3,993,595
Deficit accumulated during the exploration stage	(4,090,368)	(4,061,259)
Total Stockholders' Deficiency	(95,544)	(66,766)
Total Liabilities and Stockholders' Deficiency	$ 4,849	$ 13,521

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Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		52 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011
Cash Flows From Operating Activities:
Net Loss	$ (29,109)	$ (784,393)	$ (4,090,368)
Adjustments to reconcile net loss to net cash used in operations
Depreciation expense	206	2,260	11,393
Stock issued for mining rights	0	505,000	2,274,000
Impairment of website	0	0	14,253
Stock issued for services	0	43,950	137,325
In-kind contribution of services	0	0	16,920
In-kind contribution of interest	331	0	1,396
Changes in operating assets and liabilities:
Increase/(Decrease) in accounts payable and accrued expenses	(891)	(87,683)	21,152
Increase/(Decrease) in accounts payable - related party	7,500	0	45,000
(Increase)/Decrease in prepaid expenses	5,174	(139,558)	0
Net Cash Used In Operating Activities	(16,789)	(460,424)	(1,568,929)
Cash Flows From Investing Activities:
Advance receivable - related party	0	0	(1,123)
Repayment of advance receivable - related party	0	0	1,123
Purchase of fixed assets	0	(2,099)	(28,561)
Net Cash Used In Investing Activities	0	(2,099)	(28,561)
Supplemental disclosure of cash flow information:
Cash paid for interest	0	470	948
Cash paid for taxes	0	0	0
Cash Flows From Financing Activities:
Repayment of loan payable- related party	0	(18,584)	(66,276)
Expenses paid by shareholder on Company's behalf	0	0	60,871
Proceeds from loan payable-related party	11,997	19,479	104,779
Proceeds from notes payable-related party	1,500	0	20,000
Proceeds from issuance of common stock	0	700,000	1,480,050
Net Cash Provided by Financing Activities	13,497	700,895	1,599,424
Net Increase / (Decrease) in Cash	(3,292)	238,372	1,934
Cash at Beginning of Year/Period	5,226	8,202	0
Cash at End of Year/Period	$ 1,934	$ 246,574	$ 1,934
Supplemental disclosure of non-cash investing and financing activities:
During the year ended July 31,2010, the Company's principal stockholder forgave loans of $24,262. The forgiveness was treated as contributed capital from the principal stockholder.	-	-	-

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Statements of Cash Flows (Parenthetical) (USD $)	12 Months Ended
Statements of Cash Flows (Parenthetical) (USD $)	Jul. 31, 2010
Statements Of Cash Flows Parenthetical
Loans forgiven by principal stockholder	$ 24,262

XML 20 R3.htm IDEA: XBRL DOCUMENT

Balance Sheets (Parenthetical) (USD $)	Oct. 31, 2011	Jul. 31, 2011
Stockholders equity:
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, authorized shares	500,000,000	500,000,000
Common stock, issued shares	89,804,393	89,804,393
Common stock, outstanding shares	89,804,393	89,804,393

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

XML 21 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information (USD $)	3 Months Ended
Document and Entity Information (USD $)	Oct. 31, 2011	Dec. 14, 2011
Document And Entity Information
Entity Registrant Name	GOLD AMERICAN MINING CORP.
Entity Central Index Key	0001416090
Document Type	10-Q
Document Period End Date	Oct. 31, 2011
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 2,688,264
Entity Common Stock, Shares Outstanding		89,804,393
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

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Statements of Operations (Unaudited) (USD $)
3 Months Ended 52 Months Ended

Oct. 31, 2011

Oct. 31, 2010

Oct. 31, 2011

Statements Of Operations

Revenues $ 0 $ 0 $ 0

Operating Expenses

Professional fees 11,938 30,329 223,188

Consulting Expense 7,500 103,350 373,425

Exploration Costs 6,021 623,952 3,259,729

General and administrative 3,319 26,306 231,509

Total Operating Expenses 28,778 783,937 4,087,851

Loss from Operations (28,778) (783,937) (4,087,851)

Other Income/(Expenses)

Interest Income 0 14 22

Interest Expense (331) (470) (2,539)

LOSS FROM OPERATIONS BEFORE INCOME TAXES (29,109) (784,393) (4,090,368)

Provision for Income Taxes 0 0 0

NET LOSS $ (29,109) $ (784,393) $ (4,090,368)

Net Loss Per Share - Basic and Diluted $ (0.001) $ (0.01)

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XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

STOCKHOLDERS’ EQUITY (DEFICIENCY)
3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

STOCKHOLDERS’ EQUITY (DEFICIENCY)

(A) Common Stock Issued for Cash



On January 25, 2011, the Company issued 800,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (400,000 warrants) for a total of $200,000 ($.25/share). Each warrant is exercisable for a two year period and has an exercise price of $0.38 per share. As of October 31, 2011, none of the warrants had been exercised.

On September 24, 2010, the Company issued 533,333 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (266,667 warrants) for a total of $400,000 ($.75/share). Each warrant is exercisable for a two year period and has an exercise price of $1.13 per share. As of July 31, 2011, none of the warrants had been exercised.

On August 16, 2010, the Company issued 375,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (187,499 warrants) for a total of $300,000 ($.80/share). Each warrant is exercisable for a two year period and has an exercise price of $1.20 per share. As of October 31, 2011, none of the warrants had been exercised.

On June 1, 2010, the Company issued 272,727 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 of a share of common stock (136,364 warrants) for a total of $300,000 ($1.10/share). Each warrant is exercisable for a two year period and has an exercise price of $1.65 per share. As of October 31, 2011, none of the warrants had been exercised.

On April 30, 2010, the Company issued 333,333 shares of common stock for $200,000 ($0.60/share).

For the year ending July 31, 2008 the Company entered into stock purchase agreements to issue 40,000,000 shares of common stock for cash of $80,000 ($0.02/share).

On July 24, 2007, the Company issued 250,000,000 shares of common stock for $50 ($0.0000002/share).

(B) In-Kind Contribution

For the three months ended October 31, 2011 the shareholder of the Company contributed $331 of interest on behalf of the Company (See Note 6).

For the year ended July 31, 2011 the shareholder of the Company contributed $182 of interest on behalf of the Company (See Note 6).

For the year ended July 31, 2010 the shareholder of the Company contributed $4,320 of services on behalf of the Company (See Note 6).

For the year ended July 31, 2010 the shareholder of the Company contributed $627 of in kind contribution of interest on behalf of the Company (See Note 6).

For the year ended July 31, 2009 the shareholder of the Company contributed $5,760 of services on behalf of the Company (See Note 6).

For the year ended July 31, 2009 the shareholder of the Company contributed $256 of in kind contribution of interest on behalf of the Company (See Note 6).

For the year ending July 31, 2008 the shareholder of the Company contributed $5,760 of services on behalf of the Company (See Note 6).

For the year ending July 31, 2007 the shareholder of the Company contributed $1,080 of services on behalf of the Company (See Note 6).

(C) Amendments to Articles of Incorporation

On July 6, 2007 the Company amended its Articles of Incorporation to decrease the par value to $0.00001 per share from $0.001 par value.

On March 5, 2010 the Company amended its Articles of Incorporation to increase its authorized common stock from 100,000,000 to 500,000,000 and changed its name from Golf Alliance Corporation to Silver America Inc.

On June 23, 2010, the Company amended its Articles of Incorporation to change its name to Gold American Mining Corp.

(D) Return of Common Stock

Immediately prior to the forward split, the Company’s sole member of the board of directors, returned 205,000,000 shares of common stock out of the total of 250,000,000 held by him as an in-kind contribution.

(E) Stock Issued for Mining Rights

On July 31, 2011 the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).

On April 30, 2011 the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).

On December 31, 2010, the Company issued 100,000 shares of common stock having a fair value of $101,000 ($1.01/share) in exchange for mining rights (See Note 7).

On October 31, 2010, the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).

On June 30, 2010, the Company issued 100,000 shares of common stock having a fair value of $52,000 ($0.52/share) in exchange for mining rights (See Note 7).

On April 26, 2010, the Company issued 100,000 shares of common stock having a fair value of $101,000 ($1.01/share) in exchange for mining rights (See Note 7).

On April 28, 2010, the Company issued 500,000 shares of common stock having a fair value of $505,000 ($1.01/share) in exchange for mining rights (See Note 7).

(F) Stock Issued for Services

On May 1, 2011 the Company issued 10,000 shares of common stock having a fair value of $1,100 ($0.11/share) in exchange for consulting services (See Note 7).

On February 1, 2011 the Company issued 10,000 shares of common stock having a fair value of $2,400 ($0.24/share) in exchange for consulting services (See Note 7).

On February 1, 2011 the Company issued 37,500 shares of common stock having a fair value of $9,000 ($0.24/share) in exchange for consulting services (See Note 7).

On January 31, 2011 the Company issued 10,000 shares of common stock having a fair value of $2,500 ($0.25/share) in exchange for consulting services (See Note 7).

On November 1, 2010, the Company issued 37,500 shares of common stock having a fair value of $30,000 ($0.80/share) in exchange for consulting services (See Note 7).

On August 23, 2010, the Company issued 10,000 shares of common stock having a fair value of $8,700 ($0.87) in exchange for consulting services (See Note 7).

On August 1, 2010, the Company issued 37,500 shares of common stock having a fair value of $35,250 ($0.94/share) in exchange for consulting services (See Note 7).

On May 7, 2010, the Company issued 37,500 shares of common stock having a fair value of $48,375 ($1.29/share) in exchange for consulting services (See Note 7).

(G) Cash contributed on Company’s behalf

During the year ended July 31, 2010, the principal stockholder forgave loans of $24,262 and this was recorded by the Company as contributed capital (See Note 4 and 6).

(H) Expenses paid on Company’s behalf

During the year ended July 31, 2010, the principal stockholder paid $60,871 of expenses on the Company’s behalf, which was recorded as an in kind contribution of capital (See Note 6).

(I) Stock Split

On March 5, 2010, the Company implemented a 50 for 1 forward stock split. Upon effectiveness of the stock split, each shareholder received 50 shares of common stock for every share of common stock owned as of March 5, 2010. All share and per share references have been retroactively adjusted to reflect this 50 to 1 forward stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented.

(J) Warrants Issued for Cash

The following tables summarize all warrant grants for the three months ended October 31, 2011 and the related changes during this period are presented below:

Number of
 Options Weighted
Average
Exercise
 Price

Stock Warrants

Balance at July 31, 2011 990,530 $ .91

Granted — $ —

Exercised — $ —

Forfeited — $ —

Balance at October 31, 2011

990,530 $ 0.91

Weighted Average Fair Value of Warrants Granted $ 0.91

2011 Outstanding Warrants Warrants Exercisable

Range of
Exercise Price Number
Outstanding at
October 31, 2011 Weighted
Average Remaining
 Contractual Life Weighted
Average
Exercise Price Number
Exercisable at
October 31, 2011 Weighted
Average
Exercise Price

$0.38 - $1.65 990,530 0.88 years $ 0.91 990,530 $ 0.91

2010 Outstanding Warrants Warrants Exercisable

Range of
Exercise Price Number
Outstanding at
October 31, 2010 Weighted
Average Remaining
 Contractual Life Weighted
Average
Exercise Price Number
Exercisable at
October 31, 2010 Weighted
Average
Exercise Price

$1.13 - $1.65 593,030 0.59 years $ 1.27 593,030 $ 1.27

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-Paragraph 10

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LOANS PAYABLE – RELATED PARTY
3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

LOANS PAYABLE – RELATED PARTY

During the three months ended October 31, 2011, the principal stockholder loaned the Company $11,997 to pay Company expenses. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand (See Note 6).

During the year ended July 31, 2011, the principal stockholder loaned the Company $23,484 to pay Company expenses and was repaid $21,240 during the year. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand (See Note 6).

During the year ended July 31, 2010, the principal stockholder loaned the Company $41,915 to pay Company expenses and was repaid $39,274 during the year. There was $2,641 owed to the principal stockholder as of July 31, 2010 (See Note 6). Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. The Company repaid the $2,641 to the principal stockholder during the year ended July 31, 2011.

On various dates from 2008 through 2010, the Company received $24,283 from a principal stockholder. Pursuant to the terms of the loan, the loans were non-interest bearing, were unsecured and due on demand. During the year ended July 31, 2010, the principal stockholder forgave $24,262 and this was recorded by the Company as contributed capital (See Note 5(G) and 6).

During the period ended October 31, 2007 the Company received $3,100 from a principal stockholder. Pursuant to the terms of the loan, the loan bears interest at 8%, is unsecured and matures on July 31, 2008. The Company repaid $3,100 of a stockholder loan and $60 of accrued interest as of July 31, 2008 (See Note 6).

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GOING CONCERN
3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

GOING CONCERN

As reflected in the accompanying unaudited financial statements, the Company is in the exploration stage with minimal operations, has a net loss since inception of $4,090,368 and used cash in operations of $1,568,929 from inception. In addition, there is a working capital deficiency of $98,459 and a stockholders’ deficiency of $95,544 as of October 31, 2011. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

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RELATED PARTY TRANSACTIONS
3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

For the three months ended October 31, 2011 the shareholder of the Company contributed $331 of interest on behalf of the Company (See Note 4).

During the three months ended October 31, 2011, the principal stockholder loaned the Company $11,997 to pay Company expenses. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand (See Note 4).

During the three months ended October 31, 2011, the Company paid $0 and accrued an additional $7,500 to its President for consulting services. The total amount owed to the President for consulting services is $45,000 as of October 31, 2011.

On October 10, 2011, the Company executed an unsecured, non-interest bearing, due on demand promissory note payable to its principal stockholder in the amount of $20,000 encompassing the $18,500 loaned to the Company during the year ended July 31, 2011 and an additional $1,500 loaned on August 22, 2011. Pursuant to the terms of the note, the loans are non-interest bearing, unsecured and due on demand (See Note 3).

During the year ended July 31, 2011, the Company paid $52,500 and accrued $37,500 to its President for consulting services.

During the year ended July 31, 2010, the Company paid $22,500 to its President for consulting services.

On various dates from 2008 through 2010, the Company received $24,283 from a principal stockholder. Pursuant to the terms of the loan, the loans were non-interest bearing, were unsecured and due on demand. During the year ended July 31, 2010, the principal stockholder forgave $24,262 and this was recorded by the Company as contributed capital (See Note 4 and 5(G)).

During the year ended July 31, 2011, the principal stockholder loaned the Company $23,484 to pay Company expenses and was repaid $21,240 during the year ended July 31, 2011. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. As of July 31, 2011 the outstanding balance of the loans was $20,744. The Company has imputed an interest rate of 6% per anum upon the loans. Accordingly, interest expense and an in-kind contribution to additional paid in capital of $182 was recorded as of and for the year ended July 31, 2011 (See Note 4 and 5(B)).

During the year ended July 31, 2010, the principal stockholder loaned the Company $41,915 to pay Company expenses and was repaid $ 39,274 during the year. There was $2,641 owed to the principal stockholder as of July 31, 2010 (See Note 4). Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand. The Company repaid the $2,641 to the principal stockholder during the year ended July 31, 2011.

During the period ended October 31, 2007 the Company received $3,100 from a principal stockholder. Pursuant to the terms of the loan, the loan bears interest at 8%, is unsecured and matures on July 31, 2008. At October 31, 2007, the Company had recorded $60 of related accrued interest payable. The Company repaid $3,100 of a stockholder loan and $60 of accrued interest as of July 31, 2008 (See Note 4).

For the year ended July 31, 2009, the shareholder of the Company contributed $256 of in kind contribution of interest on behalf of the Company (See Note 5(B).

For the year ended July 31, 2010, the shareholder of the Company contributed $4,320 of services on behalf of the Company (See Note 5(B)).

For the year ended July 31, 2010, the shareholder of the Company contributed $627 of in kind contribution of interest on behalf of the Company (See Note 5(B)).

During the year ended July 31, 2010, the principal stockholder paid $60,871 of expenses on Company’s behalf, which was recorded as an in kind contribution of capital (See Note 5(H)).

As of July 31, 2009, the shareholder of the Company contributed $12,600 of services on behalf of the Company (See Note 5 (B)).

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AGREEMENTS AND COMMITMENTS
3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

AGREEMENTS AND COMMITMENTS

On May 7, 2010 the Company entered into a share issuance agreement with a non-related party for share subscriptions up to $7,500,000. The subscriber shall make available to the Company by way of advances up to $7,500,000 until December 31, 2011. Upon receipt of the advances, the Company shall issue units of the Company at a price equal to 90% of volume weighted average closing price of the Company (ticket symbol “SILA.OB”) during the 10 previous trading days according to http://www.nasdaq.com. Each unit consists of one common share of the Company and one half share purchase warrant. Each whole warrant may be exercised within two years of the date of issuance to the purchaser at a price equal to 150% of subscription price. For the year ended July 31, 2010 the Company issued 272,727 shares of common stock for cash of $300,000 ($1.10/share) and 136,364 warrants at $1.65 per unit. On September 24, 2010, the Company issued 533,333 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock for a total of $400,000 ($.75/share). Each warrant is exercisable for a two year period and has an exercise price of $1.13 per share. On August 16, 2010, the Company issued 375,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock for a total of $300,000 ($.80/share). Each warrant is exercisable for a two year period and has an exercise price of $1.20 per share. On January 25, 2011, the Company issued 800,000 units, each unit consisted of 1 share of common stock and a warrant to purchase 0.5 shares of common stock (400,000 warrants) for a total of $200,000 ($.25/share). Each warrant is exercisable for a two year period and has an exercise price of $0.38 per share (See Note 5(A) and 5(J)). None of the aforementioned warrants had been exercised as of October 31, 2011.

On May 7, 2010, the Company entered into a consulting agreement with an unrelated third party to provide consulting services in exchange for $7,500 per month and 37,500 share of Common Stock for every three months while the agreement remains in place. Effective February 1, 2011, the consulting services fee was reduced to $1,500 per month. For the year ended July 31, 2010 the Company issued 37,500 shares of common stock with a fair value of $48,375 and paid $22,500 in consulting fees. For the three months ended October 31, 2010, the Company issued 37,500 shares of common stock with a fair value of $36,250 and paid $22,500 in consulting fees (See Note 5(F)). This agreement was terminated in April 2011.

On April 28, 2010, Gold American Mining Corp (the “Company) and four individuals collectively referred to as the “Optionor” entered into a mineral property option agreement. The Company acquired an option to acquire an option to acquire 72% interest in an approximately 245 acres property located in Clark County, Nevada (the “Property’). To exercise the option the Company shall pay cash, issue common shares of the Company’s stock and fund exploration and development expenditures on the Property. The cash payments contemplated in the agreement total $272,000 and are distributed in installments from the date of the agreement through June 30, 2010. The number of Company’s shares to be issued total 2,000,000 and are to be distributed in installments from the date of the agreement through October 31, 2011. The Company is also obligated to fund a minimum of $750,000 and at the Company’s sole discretion up to $1,000,000 worth of exploration and development on the Property beginning April 30, 2011 and continuing through April 30, 2012. As of July 31, 2011, the Company issued 1,500,000 shares of common stock having a fair value of $1,515,000 (See Note 5(E)) and paid $272,000 in cash payment. As part of the $750,000 work commitment, the Company is to provide $400,000 on or before April 30, 2011 and $350,000 on or before April 30, 2012. Finally, the Company is to issue 500,000 shares on October 31, 2011.

The Company incurred $0 in expenditures during the year ended July 31, 2011, therefore the agreement went into default and terminated as of July 31, 2011. Therefore, the Company issued the final 500,000 shares of common stock having a fair value of $505,000 as of July 31, 2011.

On March 5, 2010, Gold American Mining Corp. (the “Company”) and Yale Resources Ltd. (“Yale”) (collectively referred to below as the “Parties”), entered into a Binding Letter of Intent (“LOI”) whereby the Parties agreed to a transaction in which Yale will grant the Company an option to acquire a 90% undivided interest in an approximately 282.83 hectare property located in Zacatcas State, Mexico (the “Property”). The Company entered into a definitive agreement on April 26, 2010. A brief description of the material terms and conditions of the option contemplated by the agreement is set forth below.

To exercise the option the Company shall pay cash to Yale, issue restricted common shares of Company stock to Yale, and fund exploration and development expenditures on the Property. The cash payments contemplated under the agreement total $900,000 and are to be distributed in installments from the date of the LOI through December 30, 2013. The number of Company shares to be issued to Yale total 1,000,000 and are to be distributed in installments from the date of the definitive agreement through December 30, 2013. The Company is also obligated to fund a total of $2,000,000 worth of exploration and development on the Property beginning June 30, 2011 and continuing through December 30, 2013 according the following schedule:

· Upon signing the letter of intent the Company paid Yale $10,000 in refundable deposit

· Upon signing of a Definite Agreement the Company paid $10,000 and issued 100,000 shares of common stock having a fair value of $101,000

· For the year ended July 31, 2010 the Company paid $20,000 and issued 100,000 shares of common stock (See Note 5(E)).

· On or before December 30, 2010, the Company will pay $30,000 and issue 100,000 shares of common stock. On December 31, 2010, the Company paid $30,000 and issued 100,000 shares of common stock (See Note 5(E)).

· On or before June 30, 2011, the Company was required to pay $50,000 and issue 100,000 shares of common stock. and have minimum expenditures of $400,000. As of July 31, 2011, Yale issued a waiver regarding the required cash payment and stock issuance.

· On or before December 30, 2011, the company will pay $50,000 and issue 100,000 shares of common stock.

· On or before June 30, 2012, the Company will pay $75,000 and issue 100,000 shares of common stock.

· On or before December 30, 2012, the company will pay $100,000, issue 100,000 shares of common stock and have minimum expenditures of an additional $700,000.

· On or before June 30, 2013, the Company will pay $200,000 and issue 100,000 share of common stock.

· On or before December 30, 2013, the Company will pay $355,000, issue an 200,000 shares of common stock and have minimum expenditures of an additional $900,000.

Upon the execution and exercise of the option, Yale will transfer a 90% undivided interest in the property to the Company. As of July 31, 2011, the Company issued 300,000 shares of common stock having a fair value of $254,000 (See Note 5(E)) and paid $50,000 in cash payments.

On August 4, 2010, Gold American Mining Corp (the “Company”) and three individuals collectively referred to as the “Optionor” entered into a mineral property option agreement. The Company acquired a 100% interest in an approximately 178 acres property located in Opodepe Municipality, Sonara Sate, Mexico. To exercise the option the Company shall pay cash and fund exploration and development expenditures on the Property. The cash payments contemplated in the agreement total $765,000 and are distributed in installments from the date of the agreement through December 31, 2012, in the following installments:

· Upon the execution of the agreement the Company paid $40,000 on August 23, 2010.

· On or before December 23, 2010 the Company will pay $50,000.

· On or before June 23, 2011 the Company will pay $50,000.

· On or before December 23, 2011 the Company will pay $50,000.

· On or before June 23, 2012, the Company will pay $175,000.

· On or before December 23, 2012 the Company will pay $400,000.

In addition to the above payment schedule the Company will pay a 1% royalty as a result of the exploitation activities or a $500,000 lump sum payment upon the Company’s discretion. Effective December 22, 2010 the agreement has been terminated and no additional payments are due.

On August 23, 2010 the Company signed a consulting agreement with an unrelated party in exchange for $1,000 per month and 10,000 shares of common stock every three months. For the three months ended October 31, 2010, the Company issued 10,000 shares of common stock with a fair value of $8,700 and paid $2,000 in consulting fees (See Note 5(F)). This agreement was terminated as of August 1, 2011.

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SUBSEQUENT EVENT
3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

SUBSEQUENT EVENT

Subsequent to October 31, 2011, the principal stockholder loaned the Company $22,499 to pay Company expenses. Pursuant to the terms of the loan, the loans are non-interest bearing, unsecured and due on demand.

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Shareholders Equity (Unaudited) (USD $)

Preferred Stock

Common Stock

Additional Paid-In Capital

Deficit accumulated during exploration stage

Total

Beginning Balance - Amount at Jul. 01, 2007 $ 0 $ 0 $ 0 $ 0 $ 0

Beginning Balance - Shares at Jul. 01, 2007 0

Common stock issued for services to founder ($0.00001), Shares 250,000,000

Common stock issued for services to founder ($0.00001), Amount 2,500 (2,450) 0 50

In kind contribution of services 1,080 1,080

Net Loss (4,879) (4,879)

Ending Balance, Amount at Jul. 31, 2007 0 2,500 (1,370) (4,879) (3,749)

Ending Balance, Shares at Jul. 31, 2007 0 250,000,000

Common stock issued for cash ($0.10 per share) 40,000,000

Common stock issued for cash ($0.10 per share) 400 79,600 80,000

In kind contribution of services 5,760 5,760

Net Loss (70,555) (70,555)

Ending Balance, Amount at Jul. 31, 2008 0 2,900 83,990 (75,434) 11,456

Ending Balance, Shares at Jul. 31, 2008 0 290,000,000

In kind contribution of services 5,760 5,760

In kind contribution of interest 256 256

Net Loss (31,521) (31,521)

Ending Balance, Amount at Jul. 31, 2009 0 2,900 90,006 (106,955) (14,049)

Ending Balance, Shares at Jul. 31, 2009 0 290,000,000

Shares issued in exchange for mining rights, Shares 700,000

Shares issued in exchange for mining rights, Amount 7 657,993 658,000

Shares issued for cash ($0.60 per share), Shares 333,333

Shares issued for cash ($0.60 per share), Value 3 199,997 200,000

Shares returned by founder as an in kind contribution, Shares (205,000,000)

Shares returned by founder as an in kind contribution (2,050) 2,050 0

Shares issued for services, Shares 37,500

Shares issued for services, Amount 0 48,375 48,375

Shares and warrants issued for cash ($1.10 per share), Shares 272,727

Shares and warrants issued for cash ($1.10 per share), Amount 3 299,997 300,000

Forgiveness of debts by principal stockholder 24,262 24,262

Expenses paid by shareholder on Company's behalf 60,871 60,871

In kind contribution of services 4,320 4,320

In kind contribution of interest 627 627

Net Loss (1,351,087) (1,351,087)

Ending Balance, Amount at Jul. 31, 2010 0 863 1,388,498 (1,458,042) (68,681)

Ending Balance, Shares at Jul. 31, 2010 0 86,343,560

Shares issued in exchange for mining rights, Shares 1,600,000

Shares issued in exchange for mining rights, Amount 16 1,615,984 0 1,616,000

Shares issued for services, Shares 152,500

Shares issued for services, Amount 2 88,948 0 88,950

Shares and warrants issued for cash ($0.80 per share) 375,000

Shares and warrants issued for cash ($0.80 per share) 4 299,996 300,000

Shares and warrants issued for cash ($0.75 per share) 533,333

Shares and warrants issued for cash ($0.75 per share) 5 399,995 400,000

Shares and warrants issued for cash ($0.25 per share) 800,000

Shares and warrants issued for cash ($0.25 per share) 8 199,992 200,000

Expenses paid by shareholder on Company's behalf 0

In kind contribution of services 0

In kind contribution of interest 182 182

Net Loss (2,603,217) (2,603,217)

Ending Balance, Amount at Jul. 31, 2011 0 898 3,993,595 (4,061,259) (66,766)

Ending Balance, Shares at Jul. 31, 2011 0 89,804,393

Shares issued in exchange for mining rights, Amount 0

Shares issued for services, Amount 0

Expenses paid by shareholder on Company's behalf 0

In kind contribution of services 0

In kind contribution of interest 331 331

Net Loss (29,109) (29,109)

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NOTES PAYABLE – RELATED PARTY
3 Months Ended

Oct. 31, 2011

Notes to Financial Statements

NOTES PAYABLE – RELATED PARTY

On October 10, 2011, the Company executed an unsecured, non-interest bearing, due on demand promissory note payable to its principal stockholder in the amount of $20,000 encompassing the $18,500 loaned to the Company during the year ended July 31, 2011 and an additional $1,500 loaned on August 22, 2011. Pursuant to the terms of the note, the loans are non-interest bearing, unsecured and due on demand (See Note 6).

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Statements of Operations (Unaudited) (USD $)	3 Months Ended		52 Months Ended
Statements of Operations (Unaudited) (USD $)	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011
Statements Of Operations
Revenues	$ 0	$ 0	$ 0
Operating Expenses
Professional fees	11,938	30,329	223,188
Consulting Expense	7,500	103,350	373,425
Exploration Costs	6,021	623,952	3,259,729
General and administrative	3,319	26,306	231,509
Total Operating Expenses	28,778	783,937	4,087,851
Loss from Operations	(28,778)	(783,937)	(4,087,851)
Other Income/(Expenses)
Interest Income	0	14	22
Interest Expense	(331)	(470)	(2,539)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(29,109)	(784,393)	(4,090,368)
Provision for Income Taxes	0	0	0
NET LOSS	$ (29,109)	$ (784,393)	$ (4,090,368)
Net Loss Per Share - Basic and Diluted	$ (0.001)	$ (0.01)
Weighted average number of shares outstanding during the period - Basic and Diluted	89,804,393	86,918,679

Shareholders Equity (Unaudited) (USD $)	Preferred Stock	Common Stock	Additional Paid-In Capital	Deficit accumulated during exploration stage	Total
Beginning Balance - Amount at Jul. 01, 2007	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning Balance - Shares at Jul. 01, 2007	0
Common stock issued for services to founder ($0.00001), Shares		250,000,000
Common stock issued for services to founder ($0.00001), Amount		2,500	(2,450)	0	50
In kind contribution of services			1,080		1,080
Net Loss				(4,879)	(4,879)
Ending Balance, Amount at Jul. 31, 2007	0	2,500	(1,370)	(4,879)	(3,749)
Ending Balance, Shares at Jul. 31, 2007	0	250,000,000
Common stock issued for cash ($0.10 per share)		40,000,000
Common stock issued for cash ($0.10 per share)		400	79,600		80,000
In kind contribution of services			5,760		5,760
Net Loss				(70,555)	(70,555)
Ending Balance, Amount at Jul. 31, 2008	0	2,900	83,990	(75,434)	11,456
Ending Balance, Shares at Jul. 31, 2008	0	290,000,000
In kind contribution of services			5,760		5,760
In kind contribution of interest			256		256
Net Loss				(31,521)	(31,521)
Ending Balance, Amount at Jul. 31, 2009	0	2,900	90,006	(106,955)	(14,049)
Ending Balance, Shares at Jul. 31, 2009	0	290,000,000
Shares issued in exchange for mining rights, Shares		700,000
Shares issued in exchange for mining rights, Amount		7	657,993		658,000
Shares issued for cash ($0.60 per share), Shares		333,333
Shares issued for cash ($0.60 per share), Value		3	199,997		200,000
Shares returned by founder as an in kind contribution, Shares		(205,000,000)
Shares returned by founder as an in kind contribution		(2,050)	2,050		0
Shares issued for services, Shares		37,500
Shares issued for services, Amount		0	48,375		48,375
Shares and warrants issued for cash ($1.10 per share), Shares		272,727
Shares and warrants issued for cash ($1.10 per share), Amount		3	299,997		300,000
Forgiveness of debts by principal stockholder			24,262		24,262
Expenses paid by shareholder on Company's behalf			60,871		60,871
In kind contribution of services			4,320		4,320
In kind contribution of interest			627		627
Net Loss				(1,351,087)	(1,351,087)
Ending Balance, Amount at Jul. 31, 2010	0	863	1,388,498	(1,458,042)	(68,681)
Ending Balance, Shares at Jul. 31, 2010	0	86,343,560
Shares issued in exchange for mining rights, Shares		1,600,000
Shares issued in exchange for mining rights, Amount		16	1,615,984	0	1,616,000
Shares issued for services, Shares		152,500
Shares issued for services, Amount		2	88,948	0	88,950
Shares and warrants issued for cash ($0.80 per share)		375,000
Shares and warrants issued for cash ($0.80 per share)		4	299,996		300,000
Shares and warrants issued for cash ($0.75 per share)		533,333
Shares and warrants issued for cash ($0.75 per share)		5	399,995		400,000
Shares and warrants issued for cash ($0.25 per share)		800,000
Shares and warrants issued for cash ($0.25 per share)		8	199,992		200,000
Expenses paid by shareholder on Company's behalf					0
In kind contribution of services					0
In kind contribution of interest			182		182
Net Loss				(2,603,217)	(2,603,217)
Ending Balance, Amount at Jul. 31, 2011	0	898	3,993,595	(4,061,259)	(66,766)
Ending Balance, Shares at Jul. 31, 2011	0	89,804,393
Shares issued in exchange for mining rights, Amount					0
Shares issued for services, Amount					0
Expenses paid by shareholder on Company's behalf					0
In kind contribution of services					0
In kind contribution of interest			331		331
Net Loss			(29,109)		(29,109)
Ending Balance, Amount at Oct. 31, 2011	$ 0	$ 898	$ (3,993,926)	$ (4,090,368)	$ (95,544)
Ending Balance, Shares at Oct. 31, 2011	0	89,804,393