10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

 (Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended October 31, 2011

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from   to .

Commission file number: 000-52927

American Sierra Gold Corp.

 (Exact name of registrant as specified in its charter)

Nevada	98-0528416
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1420 5th Avenue, Suite 2200, Seattle, Washington	98101
(Address of principal executive offices)	(Zip Code)

206-274-5165

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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.   x  Yes  o No

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).    o Yes  x  No 

Indicate by check mark 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-2 of the Exchange Act (Check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company x

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

As of December 1, 2011, the registrant had 68,201,843 shares of its common stock, par value $0.001 per share, issued and outstanding.

EXPLANATORY NOTE - AMENDMENT

The sole purpose of this Amendment No. 1 to the Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2011 of American Sierra Gold Corp. (the “Company”) filed with the Securities and Exchange Commission on December 19, 2011 (the “Form 10-Q”) is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T.

No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

ITEM 6. EXHIBITS

The following exhibits are filed as part of this report:

31.1	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101.INS	XBRL Instance Document **
101.SCH	XBRL Taxonomy Extension Schema Document **
101.CAL	XBRL Taxonomy Extension Calculation Linkbase **
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document **
101.LAB	XBRL Taxonomy Extension Label Linkbase Document **
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document **

* These exhibits were previously included or incorporated by reference in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2011, filed with the Securities and Exchange Commission on December 19, 2011.

** Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and otherwise are not subject to liability under those sections.

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.

	American Sierra Gold Corp.
	(Registrant)
Date:  September 4, 2012	By:	/s/ James Vandeberg
		James Vandeberg
		Principal Executive Officer and Principal Accounting and Financial Officer

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Note 4 - Related Party Loans

3 Months Ended

Oct. 31, 2011

Other Liabilities Disclosure [Text Block]

Note 4 - Related Party Loans

As of April 30, 2011, a loan from an individual who is a former Director, officer, and stockholder of the Company amounted to $27,301 (July 31, 2009 - $27,301).  The loan was provided for working capital purposes, and was unsecured, non-interest bearing, and had no terms for repayment.  In May 2011, this note was forgiven by the lender and the Company recognized the amount owing of $27,301 as other income.

As of April 30, 2011, the Company owed $62,500 to a former officer of the Company.  The loan was provided for working capital purposes, and was unsecured, non-interest bearing, and had no specific terms of repayment.  In May 2011, this note was forgiven and the Company recognized the amount owing of $62,500 as other income.

As of April 30, 2011, loans from a former officer of the Company amounted to $48,499 (July 31, 2010 - $106,000).  The loan was provided for working capital purposes, and was unsecured, non-interest bearing, and had no specific terms of repayment.  In May 2011, this note was forgiven and the Company recognized the amount owing of $48,499 as other income.

As of October 31, 2011, the Company received a loan from its sole officer.  The loan was provided for working capital purposes, and is unsecured, non-interest bearing, and has no specific terms of repayment.

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Note 3 - Change in Management

3 Months Ended

Oct. 31, 2011

Change In Management Disclosure [Text Block]

Note 3 - Change in Management

On September 29, 2009, Mr. Johannes Petersen was appointed a Director and Chief Financial Officer of the Company.

On September 10, 2010, Mr. Johannes Petersen resigned as a Director and Chief Financial officer of the Company and Mr. Wayne Gruden was appointed a Director and Chief Financial Officer of the Company.

On October 20, 2010, Mr. Wayne Gruden resigned as sole Director and executive officer of the Company and Mr. James Vandeberg was appointed as sole Director and executive officer of the Company.

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BALANCE SHEETS (USD $)	Oct. 31, 2011	Jul. 31, 2011
Current assets:
Cash	$ 3,929	$ 10,856
Prepaid expenses	2,500	2,500
Total current assets	6,429	13,356
Other Assets
Mining Claims	0	0
Website software	10,573	10,573
Total Other Assets	10,573	10,573
Total assets	17,002	23,929
Current liabilities:
Accounts payable and accrued expenses	15,270	7,895
Related party loans	3,250	0
Loans payable	0	0
Total current liabilities	18,520	7,895
Long-term liabilities:
Convertible Notes Payable	45,000	45,000
Total long-term liabilities	45,000	45,000
Total liabilities	63,520	52,895
STOCKHOLDERS' EQUITY
Common stock, $.001 par value, 2,000,000,000 authorized, 68,201,843 and 68,201,843 shares issued and outstanding	68,201	68,201
Capital in excess of par value	5,034,241	5,034,241
Stock subscription payable	50,000	50,000
Deficit accumulated during the development stage	(5,198,960)	(5,181,408)
Total stockholders' equity	(46,518)	(28,966)
Total liabilities and stockholders' deficit	$ 17,002	$ 23,929

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Note 1 - Summary of Significant Accounting Policies

3 Months Ended

Oct. 31, 2011

Significant Accounting Policies [Text Block]

Note 1 - Summary of Significant Accounting Policies

     General Organization and Business

American Sierra Gold Corp. (the “Company”) is a Nevada corporation in the exploration stage.  The Company was incorporated under the laws of the State of Nevada on January 30, 2007.  The original business plan of the Company was to engage in the marketing and sale of Ukrainian classical music.  Effective May 19, 2009, the Company changed its name from C.E. Entertainment, Inc. to American Sierra Gold Corp. by way of a merger with its wholly owned subsidiary American Sierra Gold Corp., which was formed solely for the purpose of a change in name.  In addition, the Company changed its focus to a business plan involving the acquisition, exploration, development, mining, and production of precious metals, with emphasis on gold and silver.

The Company is considered to be in the exploration stage since it has not established the existence of a commercially minable deposit and therefore has not reached the development stage.

In November 2010, the Company acquired a 100% undivided interest in six mineral claims in the Adams Ridge area of British Columbia, Canada (“Adams Ridge Claims”) totaling approximately 2,479 hectares. The Adams Ridge Claims are held in trust for the Company by Carl Von Einsiedel, trustee of the BC Land Trust, as required by the B.C. Mineral Tenure Act. The claims have been registered with the Government of British Columbia. The Company’s plan of operation is to conduct mineral exploration activities on the Adams Ridge Claims in order to assess whether the sites possess mineral deposits of gold or other precious metals in commercial quantities, capable of commercial extraction. The Company has ceased exploration activities due to budgetary constraints and, therefore, has not established whether there are mineral reserves at the Adams Ridge Claims sites, nor can there be any assurance that the Company will be able to commence exploration activities.

In February 2007, the Company commenced a capital formation activity through a private placement offering (“PPO”), exempt from registration under Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”), to raise up to $38,000 through the issuance 30,400,000 shares of its common stock (post forward stock split), par value $0.001 per share, at an offering price of $0.00125 per share.  As of March 31, 2007, the Company closed the PPO and received proceeds totaling $38,000.

The Company also commenced an activity to effect a registration statement on Form SB-2 with the U.S. Securities and Exchange Commission (“SEC”) to register 30,400,000 shares of its outstanding shares of common stock (post forward stock split) on behalf of selling stockholders.  The registration statement on Form SB-2 was filed with the SEC on November 7, 2007, and declared effective by the SEC on November 20, 2007.  The Company did not receive any of the proceeds of this registered offering from the sale of the shares of common stock.

     Basis of Presentation

The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles applicable to exploration stage enterprises.  Changes in classification of 2010 amounts have been made to conform to current presentations.

     Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.  

Cash and cash equivalents

For purposes of the statement of cash flows, the Company considers all cash in banks, money market funds, and certificates of deposit with a maturity of less than three months to be cash equivalents.

     Property and Equipment

The Company values its investment in property and equipment at cost less accumulated depreciation.  Depreciation is computed primarily by the straight line method over the estimated useful lives of the assets ranging from five to thirty-nine years.

     Fair Value of Financial Instruments and Derivative Financial Instruments

The Company has adopted Accounting Standards Codification regarding Disclosure About Derivative Financial Instruments and Fair Value of Financial Instruments. The carrying amounts of cash, accounts payable, accrued expenses, and other current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates.  The Company does not hold or issue financial instruments for trading purposes, nor does the Company utilize derivative instruments in the management of foreign exchange, commodity price or interest rate market risks.

     Federal Income Taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with Accounting Standards Codification regarding Accounting for Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits 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, and for tax loss and credit carryforwards.  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.  Deferred taxes are provided for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not.

     Net Income Per Share of Common Stock

The Company has adopted Accounting Standards Codification regarding Earnings per Share, which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation.  In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period.  The Company does not have a complex capital structure requiring the computation of diluted earnings per share.

    Internal Website Development Costs

Under FASB ASC350-50, Website Development Costs , costs and expenses incurred during the planning and operating stages of the Company's website are expensed as incurred.  Under ASC 350-50, costs incurred in the website application and infrastructure development stages are capitalized by the Company and amortized to expense over the website's estimated useful life or period of benefit.  As of July 31, 2010, and 2009, the Company capitalized $10,573 related to its internal-use website development related to a new website as work in process.  During 2009, the old website development costs and related accumulated amortization were written-off to expense resulting in a loss on disposal in the amount of $2,267.

     Mineral Properties

The Company is engaged in the business of acquiring and exploring properties that may contain precious metals, with an emphasis on gold and silver. If precious metals are found, the Company’s intention is to develop, mine and produce the precious metals. Mineral claim and other property acquisition costs are capitalized as incurred.  Such costs are carried as an asset of the Company until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations.  Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development cost, are capitalized.  The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves.  If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period.

     Impairment of Long-Lived Assets

The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date.  The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed.

At the beginning of November 2010, the Company abandoned the Urique Project in Mexico and the Discovery Day Gold Project in California. Subsequent to the fiscal year ended July 31, 2010, the Company also abandoned its mineral property interests and Joint Venture project with Trinity Alps Resources, Inc.

     Deferred Offering Costs

The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed.  At the time of the completion of the offering, the costs are charged against the capital raised.  Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.

     Deferred Acquisition Costs

The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed.  At the time of the completion of the offering, the costs are charged against the capital raised.  Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.

     Common Stock Registration Expenses

The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions.  As such, subsequent registration costs and expenses are reflected in the accompanying financial statements as general and administrative expenses, and are expensed as incurred.

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Note 2 - Uncertainty, going concern:

3 Months Ended

Oct. 31, 2011

Liquidity Disclosure [Policy Text Block]

Note 2 - Uncertainty, going concern:

At October 31, 2011, the Company was engaged in a business and had suffered losses from exploration stage activities to date. In addition, the Company has minimal operating funds. Although management is currently attempting to identify business opportunities and is seeking additional sources of equity or debt financing, there is no assurance that these activities will be successful. Accordingly, the Company must rely on its current officer to perform essential functions without compensation unless and until the Company generates revenue.  No amounts have been recorded in the accompanying financial statements for the value of the officer’s services, as it is not considered material.  These factors raise doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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BALANCE SHEETS (Parentheticals) (USD $)	Oct. 31, 2011	Jul. 31, 2011
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	68,201,843	68,201,843
Common stock, shares outstanding	68,201,843	68,201,843

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Note 12 - Recent Accounting Pronouncements

3 Months Ended

Oct. 31, 2011

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

Note 12 - Recent Accounting Pronouncements

On May 22, 2009, the FASB issued FASB Statement No. 164, (FASB ASC 958) “ Not-for-Profit Entities: Mergers and Acquisitions ”.  SFAS No. 164 (FASB ASC 958) is intended to improve the relevance, representational faithfulness, and comparability of the information that a not-for-profit entity provides in its financial reports about a combination with one or more other not-for-profit entities, businesses, or nonprofit activities. To accomplish that, this Statement establishes principles and requirements for how a not-for-profit entity:

a.   Determines whether a combination is a merger or an acquisition.

b.   Applies the carryover method in accounting for a merger.

c.   Applies the acquisition method in accounting for an acquisition, including determining which of the combining entities is the acquirer.

d.   Determines what information to disclose to enable users of financial statements to evaluate the nature and financial effects of a merger or an acquisition.

This Statement also improves the information a not-for-profit entity provides about goodwill and other intangible assets after an acquisition by amending FASB Statement No. 142, Goodwill and Other Intangible Assets , to make it fully applicable to not-for-profit entities.

SFAS No. 164 (FASB ASC 958) is effective for mergers occurring on or after December 15, 2009, and acquisitions for which the acquisition date  is on or after the beginning of the first annual reporting period beginning on or after December 15, 2009.  Early application is prohibited.  The management of the Company does not expect the adoption of this pronouncement to have material impact on its financial statements.

On May 28, 2009, the FASB issued FASB Statement No. 165, (FASB ASC 855) “ Subsequent Events ”.  SFAS No.  165 (FASB ASC 855) establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. Specifically, Statement 165 (FASB ASC 855) provides:

1.   The period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements.

2.   The circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements.

3.   The disclosures that an entity should make about events or transactions that occurred after the balance sheet date.

In accordance with this Statement, an entity should apply the requirements to interim or annual financial periods ending after June 15, 2009.  The management of the Company does not expect the adoption of this pronouncement to have material impact on its financial statements.

In June 2009, the FASB issued FASB Statement No. 166, (FASB ASC 860) “ Accounting for Transfers of Financial Assets- an amendment of FASB Statement No, 140 ”. SFAS No. 166 (FASB ASC 860) is a revision to SFAS No. 140 “ Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities ” and will require more information about transfers of financial assets, including securitization transactions, and where companies have continuing exposure to the risks related to transferred financial assets.  It eliminates the concept of a “qualifying special-purpose entity,” changes the requirements for derecognizing financial assets, and requires additional disclosures.

This statement is effective for financial asset transfers occurring after the beginning of an entity's first fiscal year that begins after November 15, 2009. The management of the Company does not expect the adoption of this pronouncement to have a material impact on its financial statements.

In June 2009, the FASB issued FASB Statement No. 167, (FASB ASC 810) " Amendments to FASB Interpretation No. 46(R )". SFAS No. 167 (FASB ASC 810) amends certain requirements of FASB Interpretation No. 46(R), “Consolidation of Variable Interest Entities” and changes how a company determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated.  The determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design and a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance.

 This statement is effective as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009. The management of the Company does not expect the adoption of this pronouncement to have a material impact on its financial statements.

In June 2009, the FASB issued FASB Statement No. 168, (FASB ASC 105) " The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles - a replacement of FASB Statement No. 162 ".  SFAS No. 168 (FASB ASC 105) establishes the FASB Accounting Standards Codification (the "Codification") to become the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (“GAAP”).  The Codification did not change GAAP but reorganizes the literature.

SFAS No. 168 (FASB ASC 105) is effective for interim and annual periods ending after September 15, 2009. The management of the Company does not expect the adoption of this pronouncement to have a material impact on its financial statements.

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Document And Entity Information	3 Months Ended
	Oct. 31, 2011	Dec. 01, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	American Sierra Gold Corp.
Document Type	10-Q
Current Fiscal Year End Date	--07-31
Entity Common Stock, Shares Outstanding		68,201,843
Amendment Flag	false
Entity Central Index Key	0001415432
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Oct. 31, 2011
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

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STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		57 Months Ended
	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011
Sales	$ 0	$ 0	$ 0
Cost of Sales	0	0	0
Cost of Sales	0	0	0
General and administrative expenses:
Exploration costs	0	0	4,880
Consulting	0	18,338	220,327
Insurance	0	3,645	29,802
Investor relations	0	495	109,009
Legal fees	0	55,110	273,802
Tax and license	0	0	10,015
Bank charges	55	145	1,889
Accounting	9,250	3,299	78,463
Other office and miscellaneous	5,622	1,454	47,789
Total operating expenses	14,927	82,486	775,976
(Loss) from operations	(14,927)	(82,486)	(775,976)
Other income (expense):
Interest income	0	0	0
Forgiveness of debt	0	0	478,300
Loss on write-off of mineral properties	0	0	(4,851,271)
Loss on write-off of website software costs	0	0	(2,267)
Investment losses	0	0	(21,269)
Interest (expense)	(2,625)	(1,134)	(26,477)
(Loss) before taxes	(17,552)	(83,620)	(5,198,960)
Provision (credit) for taxes on income	0	0	0
Net (loss)	$ (17,552)	$ (83,620)	$ (5,198,960)
Basic earnings (loss) per common share (in Dollars per share)	$ (0.0003)	$ (0.0013)
Weighted average number of shares outstanding (in Shares)	68,201,843	63,400,000

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Note 7 - Common Stock

3 Months Ended

Oct. 31, 2011

Stockholders' Equity Note Disclosure [Text Block]

Note 7 - Common Stock

On January 30, 2007, the Company issued 52,000,000 shares of common stock (post forward stock split) valued at a price of $0.00025 per share to Directors and officers for cash proceeds of $13,000 (See Note 9).

In February 2007, the Company commenced a capital formation activity through a private placement offering, exempt from registration under Regulation S of the Securities Act, to raise up to $38,000 through the issuance 30,400,000 shares of its common stock (post forward stock split), par value $0.001 per share, at an offering price of $0.00125 per share. As of March 31, 2007, the Company fully subscribed the offering, and received gross proceeds of $38,000, whereupon it issued 30,400,000 shares of its common stock to 38 foreign, non-affiliated investors.

In addition, on November 7, 2007, the Company filed a registration statement on Form SB-2 under the Securities Act with the SEC to register 30,400,000 shares of its common stock (post forward stock split) on behalf of selling stockholders.  The registration statement was declared effective by the SEC on November 20, 2007.  The Company did not receive any proceeds from this registered sale of its common stock.

Effective May 19, 2009, the Company declared a 40:1 forward stock split of its authorized, issued, and outstanding common stock.  As a result, the authorized capital of the Company was increased from 50,000,000 shares of common stock with a par value of $0.001 to 2,000,000,000 shares of common stock with a par value of $0.001, and correspondingly its issued and outstanding common stock increased from 2,060,000 shares to 82,400,000 shares.   The accompanying financial statements and related notes thereto have been adjusted accordingly to reflect this forward stock split.

In July 2009, the Company commenced a private placement offering, exempt from registration under Regulation S of the Securities Act, to raise up to $137,500 through the offer and sale of up to 183,334 shares of its common stock (post forward stock split), par value $0.001 per share, at an offering price of $0.75 per share to two (2) non-U.S. individuals.  Gross proceeds of $137,469 were received from these investors before July 31, 2009.  As a result, on September 1, 2009, the Company issued 100,000 shares of common stock (post forward stock split) and, on November 16, 2009, the Company issued an additional 83,334 shares of common stock (post forward stock split) to the investors in connection with this offering.

In September 2009, the Company commenced a private placement offering, exempt from registration under Regulation S of the Securities Act, to raise up to $100,000 through the issuance 250,000 shares of its common stock (post forward stock split), par value $0.001 per share, at an offering price of $0.40 per share.  On October 1, 2009, the Company issued 250,000 shares of common stock (post forward stock split) to investors in connection with this offering thereupon receiving $100,000 in gross proceeds.

In November 2009, the Company canceled 19,000,000 shares of common stock (post forward stock split) that were forfeited by Mr. Wayne Gruden, a former Director and officer of the Company, in connection with his departure.

On November 20, 2009, the Company closed a private placement offering whereupon it issued 348,837 units at a price of $0.86 per unit for gross proceeds of $300,000. This offer and sale of securities was exempt from registration under Regulation S of the Securities Act.  Each unit consisted of one share of common stock, par value $0.001 per share, and one warrant that gives the holder thereof the option to purchase one share of common stock at a price of $1.51 over a period of two years from the date of the subscription agreement.

On December 11, 2009, the Company closed a private placement offering whereupon it issued 819,672 units at a price of $0.61 per unit for gross proceeds to the Company of $500,000.  The offer and sale of securities under PPO #5 was exempt from registration under Regulation S of the Securities Act.. Each unit consisted of one share of common stock, par value $0.001 per share, and one warrant that gives the holder the option to purchase one share of common stock, par value $0.001 per share, at a price of $1.07 with a term of two years.

On October 19, 2009, as required per the Company’s joint venture agreement with Trinity Alps Property (“Trinity Alps Joint Venture”), the Company issued 2,000,000 restricted shares of common stock, par value $0.001 per share, and a warrant that gave the holder the option to purchasing up to an additional 2,000,000 shares of common stock, par value $0.001 per share, of the Company at an exercise price of $1.25 per share over a period of five years.  The issuance of these securities was exempt from registration under Section 4(2) of the Securities Act. This satisfied all equity issuances as required by the joint venture agreement. As of October 19, 2009, the 2,000,000 shares of common stock were valued at $1,660,000. The warrant to purchase 2,000,000 shares of the common stock of the Company were later forfeited by Trinity Alps Property in connection with the termination of the Trinity Alps Joint Venture and canceled by the Company.

On December 8, 2009, the Company issued an additional 300,000 shares of common stock (post forward stock split) to Trinity Alps Property in connection with the Trinity Alps Joint Venture. This transaction was valued at $249,000 on the date of issuance. This offering was exempt from registration under Section 4(2) of the Securities Act.

On March 22, 2010, the Company issued an additional 100,000 shares of common stock (post forward stock split) to Trinity Alps Property in connection with the Trinity Alps Joint Venture. The issuance of these securities was exempt from registration under Section 4(2) of the Securities Act.

On May 26, 2010, the Company closed a private placement offering whereupon it issued 800,000 units at a price of $0.25 per unit for gross proceeds of $200,000.  The offer and sale of these securities was exempt from registration under Regulation S of the Securities Act. Each unit consisted of one share of common stock, par value $0.001 per share, and one warrant that gave the holder the option to purchase one share of common stock, par value $0.001 per share, at a price of $0.44 over a period of five years.

     Warrants

As of October 31, 2011, the Company had warrants outstanding as follows:

Grant Date	Number		Exercise Price		Expiration Date
October 20, 2009		348,837	$	1.51	October 20, 2011
December 11, 2009		819,672	$	1.07	December 11, 2011
January 15, 2010		500,000	$	1.25	January 15, 2015
May 25, 2010		800,000	$	0.44	May 26, 2015
Total		2,468,509

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Note 6 - Convertible Debenture

3 Months Ended

Oct. 31, 2011

Short-term Debt [Text Block]

Note 6 – Convertible Debenture

On May 18, 2011, the Company entered into a Securities Purchase Agreement with Asher Enterprises, Inc., a Delaware corporation.  In connection therewith, the Company issued a convertible promissory note to Asher Enterprises, Inc. in exchange for principal funds in the amount of $45,000. The maturity date of the promissory note is February 23, 2012, whereupon all principal and interest outstanding shall be due. The holder of the note has the right to convert principal and interest outstanding into shares of common stock of the Company. The Company has agreed to use the proceeds for general working capital purposes. This offering and sale of securities was exempt from registration under Rule 506 of Regulation D under the Securities Act.

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Note 10 - Commitments and Contingencies

3 Months Ended

Oct. 31, 2011

Commitments and Contingencies Disclosure [Text Block]

Note 10 - Commitments and Contingencies

During 2009 and 2008, the Company had an operating lease commitment for office space with an unrelated party.  The monthly lease rate was $214 plus miscellaneous fees.  For the years ended July 31, 2009, and 2008, the Company recorded rent expense of $2,200, and $2,449, respectively.  The Company terminated the operating lease commitment as part of the change in its business plan.

On October 1, 2009, the Company entered into an operating lease agreement for office space with an unrelated party.  The quarterly lease rate is $319.  Rent expense for the year ended July 31, 2010, was $1,317.

As of April 30, 2011, the Company made arrangements to use space currently occupied by Mr. Vandeberg. The Company pays $500 per month for use of this space as its corporate offices.  The Company plans to remain in this space until it is no longer suitable for its operations or circumstances demand otherwise.

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Note 8 - Income Taxes

3 Months Ended

Oct. 31, 2011

Income Tax Disclosure [Text Block]

Note 8 - Income Taxes

The provision (benefit) for income taxes for the years ended July 31, 2011, and 2010, were as follows:

	Year Ended July 31,
	2011			2010
Current Tax Provision:
Federal-
Taxable income	$	-		$	-
Total current tax provision	$	-		$	-
Deferred Tax Provision:
Federal-
Loss carryforwards	$	68,928		$	801,878
Change in valuation allowance		(68,928	)		(801,878	)
Total deferred tax provision	$	-		$	-

 The Company had deferred income tax assets as of July 31, 2011, and 2010, as follows:

	July 31,
	2011			2010
Loss carryforwards	$	887,475		$	818,547
Less - Valuation allowance		(887,475	)		(818,547	)
Total net deferred tax assets	$	-		$	-

The Company provided a valuation allowance equal to the deferred income tax assets for the years ended July 31, 2011, and 2010, because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

As of July 31, 2011, and 2010, the Company had approximately $5,659,708, and $5,456,980, respectively, in tax loss carryforwards that can be utilized in future periods to reduce taxable income, and will begin to expire in the year 2027.

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Note 9 - Related Party Transactions

3 Months Ended

Oct. 31, 2011

Related Party Transactions Disclosure [Text Block]

Note 9 - Related Party Transactions

In January 2007, the Company issued 52,000,000 shares of common stock (post forward stock split) to Directors and officers of the Company for cash proceeds of $13,000.  

On September 9, 2008, Mr. George Daschko resigned as President and a Director of the Company.  Mr. George Daschko also sold his interest in the Company of 24,000,000 shares of common stock (post forward stock split) to Mr. Dmitriy Ruzhytskiy, the newly appointed Director and officer of the Company.

As of April 30, 2011, a loan from an individual who is a former Director, officer, and stockholder of the Company amounted to $27,301 (July 31, 2009 - $27,301).  The loan was provided for working capital purposes, and was unsecured, non-interest bearing, and had no terms for repayment.  In May 2011, this note was forgiven by the lender and the Company recognized the amount owing of $27,301 as other income.

As of April 30, 2011, the Company owed $62,500 to a former officer.  The loan was provided for working capital purposes, and was unsecured, non-interest bearing, and had no specific terms of repayment.  In May 2011, this note was forgiven and  the Company recognized the amount owing of $62,500 as other income.

As of April 30, 2011, loans from a former officer of the Company amounted to $48,499 (July 31, 2010 - $106,000).  The loan was provided for working capital purposes, and was unsecured, non-interest bearing, and had no specific terms of repayment.  In May 2011, this note was forgiven and the Company recognized the amount owing of $48,499 as other income.

As of October 31, 2011, the Company received a loan from its sole officer.  The loan was provided for working capital purposes, and is unsecured, non-interest bearing, and has no specific terms of repayment.

On September 29, 2009, the Company entered into a consulting agreement with Mr. Johannes Petersen, whereby Mr. Petersen agreed to serve as a Director and Chief Financial Officer of the Company.  Pursuant to the terms of the consulting agreement, the Company agreed to pay Mr. Petersen $5,000 per month, and grant to him 1,000,000 restricted shares of the Company’s common stock as compensation for providing services as a Director.  On October 14, 2009, the Company’s Chief Executive Officer, Mr. Wayne Gruden, issued a private warrant to Mr. Johannes Petersen, providing him the right to acquire 1,000,000 shares of the Company’s common stock then held by Mr. Gruden, over a three-year period.  Such warrant was provided to Mr. Petersen in connection with his consulting agreement described above.  Simultaneously with issuing Mr. Petersen the warrant, on October 15, 2009, Mr. Gruden also agreed to return for cancellation 19,000,000 shares of the Company’s common stock then held under his name.  The cancellation of the 19,000,000 shares of common stock was effected subsequent to October 31, 2009. The consulting agreement with Mr. Petersen terminated on September 10, 2010.

On November 3, 2009, the Company entered into a consulting agreement with Mr. Wayne Gruden, whereby Mr. Gruden agreed to serve as a Director and President of the Company.  Pursuant to the terms of the consulting agreement, the Company agreed to pay Mr. Gruden $40,000 for his service as a Director from August 1, 2009 to November 30, 2009.  Starting on December 1, 2009, the Company agreed to pay $5,000 per month to Mr. Gruden. The consulting agreement with Mr. Gruden terminated on October 20, 2010.

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Note 11 - Contracts and Agreements

3 Months Ended

Oct. 31, 2011

Contracts And Agreements Disclosure [Text Block]

Note 11 - Contracts and Agreements

     Mineral Property Option Agreement

On April 30, 2009, the Company entered into a property option agreement (the "Option Agreement") with Yale Resources Ltd., a Canadian public company (“Yale”).  Yale held a 100 percent interest in ten (10) mining concessions covering approximately 28,830 hectares in southwest Chihuahua State, Mexico.  Yale also held options to acquire an additional six (6) mining concessions covering approximately 276 hectares in the same area (the total of the mining concessions known as the “Property”).

Pursuant to the terms of the Option Agreement, the Company was granted two (2) exclusive and separate options (the “First Option” and the “Second Option”) to acquire undivided legal and beneficial interests of up to 100 percent in the Property free and clear of all liens, charges, and claims of others.

In order to exercise the First Option, which gave the Company an undivided 90 percent interest in the Property, the Company was required to (a) make the following payments to Yale: an initial payment of $300,000 (already paid by the Company); $250,000 on or before April 30, 2011; $250,000 on or before April 30, 2012; $250,000 on or before April 30, 2013; (b) fund the following expenditures: $50,000 prior to April 30, 2010; an additional $500,000 prior to April 30, 2011; an additional $800,000 prior to April 30, 2012; an additional $1,000,000 prior to April 30, 2013; and (c) make the following additional payments: $50,000 upon successful completion of a National Instrument 43-101 compliant technical report; $50,000 upon the commencement of a drilling program on the Property on or prior to August 1, 2009, (payable in stock at the election of the holder of the option set at the price of the first financing of the Company); $50,000 upon successful completion of the first year’s drilling work program (payable in stock at the election of the holder of the option set at the price of the first financing of the Company); $70,000 on or before April 30, 2011, (payable in stock at the election of the holder of the option set at the price of the first financing of the Company); $70,000 on or before April 30, 2012, (payable in stock at the election of the holder of the option set at the price of the first financing of the Company); and $70,000 on or before April 30, 2013, (payable in stock at the election of the holder of the option set at the price of the first financing of the Company).

During the year-ended July 31, 2010, the Company abandoned the mineral property and any costs related to the acquisition of the property have been written off.

     Share Issuance Agreement

On October 12, 2009, the Company entered into a Share Issuance Agreement (the “Share Agreement”) with Tobermory Holding Ltd., a corporation organized under the laws of Nevis (“Tobermory”), whereby the Company provided a subscription arrangement to Tobermory to advance funds and purchase up to $6,000,000 of units of the Company’s securities, with an option to purchase up to an additional $6,000,000 of units, until December 31, 2011.  The completion date of December 31, 2011, may be extended for an additional 12 months at the discretion of either the Company or Tobermory.

Under the Share Agreement, each unit consists of one share of common stock of the Company, and a warrant (the “Purchase Warrant”) to purchase an additional share of common stock of the Company.  The price of each unit is equal to 75 percent of the weighted average closing price of common stock of the Company, as quoted by NASDAQ, or other source agreed to by the parties, for the preceding ten days prior to each subscription advance to purchase units.  The purchase price under each Purchase Warrant to acquire one additional share of common stock shall be 175 percent of the unit price at which the unit containing the Purchase Warrant being exercised was issued.

The Company used the proceeds raised through this offering for operating expenses, acquisitions, working capital, and general corporate activities.

     Joint Venture Agreement

On October 19, 2009, the Company entered into a Joint Venture Agreement (the “JV Agreement”) with Trinity Alps Resources, Inc. (“Trinity Alps”), whereby the Company agreed to contribute up to a total of $2,000,000 over a period of two years in order to obtain a 75 percent ownership interest in the entities owning and operating certain mineral claims and property for the production of gold covering approximately 950 acres in Northern California.  The Company paid Trinity Alps the aggregate sum of $125,000, in part, as a signing fee and, in part, for the exclusivity period to negotiate a definitive agreement pursuant to the parties’ non-binding letter of intent, which funds were to go towards the ultimate $2,000,000 to be contributed by the Company to obtain its 75 percent interest.  Under the terms of the Venture Agreement, the Company agreed to contribute an additional $150,000 at closing and $150,000 within three months of closing (collectively, the “First Semester Payment”), as well as $300,000 within six months of closing (the “Second Semester Payment”).  Both the First Semester Payment and Second Semester Payment were to be included in the aggregate sum of $2,000,000 to be contributed by the Company no later than two years from closing, to obtain its 75 percent interest.

Further, and as an additional inducement for Trinity Alps to enter into the Transaction, the Company agreed to issue to Trinity Alps 2,000,000 shares of the Company’s common stock and warrants to purchase an additional 2,000,000 shares of common stock Such shares and warrants were to be held in trust, and issued in increments of 500,000 shares and warrants, respectively, at certain intervals following the closing. 

On December 8, 2009, the Company closed the JV Agreement with Trinity Alps.  At closing, the Company (1) contributed $150,000 to an escrow account for the benefit of Trinity Alps, and (2) issued 2,000,000 shares of the Company’s common stock and warrants to purchase an additional 2,000,000 shares of the common stock to Trinity Alps.

This transaction was accounted for using the equity method of accounting since the Company was deemed to have significant influence over the operations of the Joint Venture.  All equity contributions were to be offset by losses suffered by the Joint Venture.

During the year ended July 31, 2010, the JV Agreement was terminated and the Company wrote off all costs associated with the Joint Venture transaction.

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STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended		57 Months Ended
	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011
Cash flows from operating activities:
Net (loss)	$ (17,552)	$ (83,620)	$ (5,198,960)
Adjustments to reconcile net (loss) to cash provided (used) by developmental stage activities:
Amortization	0	0	0
Loss on write off of mineral property	0	0	4,851,271
Loss on write off of website	0	0	5,100
Loss on joint venture	0	0	21,269
Forgiveness of debt	0	0	0
Change in current assets and liabilities:
Prepaids	0	(1,134)	(2,500)
Deposits	0	0	0
Accounts payable and accrued expenses	7,375	(8,112)	7,895
Net cash flows from operating activities	(10,177)	(92,866)	(315,925)
Cash flows from investing activities:
Website development	0	0	(15,673)
Purchase of Mining Rights	0	0	(1,058,598)
Net cash flows from investing activities	0	0	(1,074,271)
Cash flows from financing activities:
Proceeds from sale of common stock	0	0	1,288,500
Stock subscription payable	0	0	50,000
Payments to related party	3,250	(57,501)	0
Proceeds/(Payment) of notes payable	0	220,000	45,000
Forgiveness of debt	0	0	0
Net cash flows from financing activities	3,250	162,499	1,383,500
Net cash flows	(6,927)	69,633	(6,696)
Cash and equivalents, beginning of period	10,856	15,326	0
Cash and equivalents, end of period	3,929	84,959	3,929
Supplemental cash flow disclosures:
Cash paid for interest	0	0	(22,362)
Cash paid for income taxes	$ 0	$ 0	$ 0

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Note 5 - Loans Payable

3 Months Ended

Oct. 31, 2011

Debt Disclosure [Text Block]

Note 5 - Loans Payable

On February 11, 2009, the Company borrowed $75,000 from a third party for working capital purposes.  The loan was unsecured, bore interest at 8 percent per annum, and was due on February 11, 2010.   In May 2011, this note was forgiven and the Company recognized the balance owing of $75,000 as other income.

On April 3, 2009, the Company borrowed $125,000 from a third party under a promissory note.  The loan was unsecured, bore interest at 10 percent per annum, and was due on April 3, 2010.  On July 20, 2009, the Company made a principal payment of $40,000 on this loan.  On October 2, 2009, the Company made a principal payment of $25,000 on this loan. On November 9, 2009, the Company made a principal payment of $15,000 on this loan.   In May 2011, this note was forgiven and the Company recognized the balance owing of $45,000 as other income.

On September 30, 2010, the Company received a loan in the amount of $110,000.  In May 2011, this note was forgiven and the Company recognized the balancing owing of $110,000 as other income.

On October 12, 2010, the Company received a loan in the amount of $110,000.  In May 2011, this note was forgiven and the Company recognized the balance owing of $110,000 as other income.