----

----

|    x | Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
|---------------------|--------------------------------------------------------------------------------------|

|    o | Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
|----------------|------------------------------------------------------------------------------------------|

|  Utah                            |   |   |  73-1083773          |
|---------------------------------------|--------|--------|---------------------------|
|  (State or other jurisdiction of |   |   |  (I.R.S. Employer    |
|  incorporation or organization)  |   |   |  Identification No.) |

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

----

| Heading                                               | Page                                                                            |
|-------------------------------------------------------|---------------------------------------------------------------------------------|
|                                                  |                                                                            |
| PART  I       |
|                                                  |
|  Item 1.                               | Business                                                                        | 3 |
|                                                  |                                                                            |   |
| Item 1A.                                         | Risk Factors                                                               | 7 |
|                                                  |                                                                            |   |
| Item 1B.                                         | Unresolved Staff Comments                                                  | 8 |
|                                                  |                                                                            |
|  Item 2.                               | Properties                                                                      | 8 |
|                                                  |                                                                            |
|  Item 3.                               | Legal Proceedings                                                               | 8 |
|                                                  |                                                                            |
|  Item 4                           | (Removed and Reserved)                                                          | 8 |
|                                                  |                                                                            |
|                                                  |                                                                            |
| PART II                                               |
|                                                  |                                                                            |
|  Item 5.                               | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer   |   |
|                                                  | Purchases of Equity Securities                                             | 8  |
|                                                  |                                                                            |
|  Item 6.                     | Selected Financial Data                                                         | 10 |
|                                                  |                                                                            |
|  Item 7.                     | Management's Discussion and Analysis of Financial Condition                     |   |
|                                                  | and Results of Operations                                                       |  10 |
|                                                  |                                                                            |
|  Item 7A.                              | Quantitative and Qualitative Disclosures About Market Risk                      | 12 |
|                                                  |                                                                            |
|  Item 8.                               | Financial Statements and Supplementary Data                                     | 12 |
|                                                  |                                                                            |
|  Item 9.                                    | Changes in and Disagreements with Accountants on Accounting                     |   |
|                                                  | and Financial Disclosure                                                   | 12 |
|                                                  |                                                                            |
|  Item 9A(T).                                | Controls and Procedures                                                         | 12 |
|                                                  |                                                                            |   |
| Item 9B.                                         | Other Information                                                               | 13 |
|                                                  |                                                                            |   |
| PART III                                              |
|                                                  |                                                                            |   |
| Item 10.                                         | Directors, Executive Officers and Corporate Governance                     | 13 |
|                                                  |                                                                            |   |
| Item 11.                                         | Executive Compensation                                                     | 15  |
|                                                  |                                                                            |   |
| Item 12.                                         | Security Ownership of Certain Beneficial owners and Management             |   |
|                                                  | and Related Stockholder matters                                            | 15 |
|                                                  |                                                                            |   |
| Item 13.                                         | Certain Relationshuips and Related Transactions and Director Independence  | 16  |
|                                                  |                                                                            |   |
| Item 14.                                         | Principal Accounting Fees and Services                                     | 16 |
|                                                  |                                                                            |   |
|  PART IV                                         |
|                                                  |                                                                            |   |
| Item 15.                                              | Principal Accounting Fees and Statement Schedules                     | 17  |
|                                                  |                                                                            |   |
|                                                  | Signatures                                                                 | 34 |
|                                                  |                                                                            |

----

----

----

----

----

----

| Item 2. | Description of Property. |
|---------|--------------------------|

| Item 3. | Legal Proceedings. |
|---------|--------------------|

| Item 4. | Removed and Reserved. |
|---------|-----------------------|

| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
|---------|---------------------------------------------------------------------------------------------------------------------|

|   | ● | registered and traded on a national securities exchange meeting specified criteria set by the SEC; |
|--------|---------|----------------------------------------------------------------------------------------------------|

|   | ● | authorized for quotation on The Nasdaq Stock Market; |
|--------|---------|------------------------------------------------------|

|   | ● | issued by a registered investment company; |
|--------|---------|--------------------------------------------|

----

|   | ● | excluded from the definition on the basis of price (at least $5.00 per share) or the issuer's net tangible assets; or |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------|

|   | ● | exempted from the definition by the SEC. |
|--------|---------|------------------------------------------|

|   | ● | the average weekly trading volume in the common stock, as reported through the automated quotation system of a registered securities association, during the four calendar weeks preceding such sale, or |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | 1% of the shares then outstanding. |
|--------|---------|------------------------------------|

|   | ● | has ceased to be a shell company; |
|--------|---------|-----------------------------------|

|   | ● | is subject to the Exchange Act reporting obligations; |
|--------|---------|-------------------------------------------------------|

|   | ● | has filed all required Exchange Act reports during the preceding twelve months; and |
|--------|---------|-------------------------------------------------------------------------------------|

|   | ● | at least one year has elapsed from the time the company filed with the SEC current Form 10 type information reflecting its status as an entity that is not a shell company. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Item 6. | Selected Financial Data. |
|---------|--------------------------|

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
|---------|----------------------------------------------------------------------------------------------|

----

----

| Item 8. | Financial Statements and Supplementary Data. |
|---------|----------------------------------------------|

| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. |
|---------|---------------------------------------------------------------------------------------|

| Item 9A(T). | Controls and Procedures. |
|-------------|--------------------------|

----

|   | ● | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition of our assets; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures are being made only with proper authorizations of management and directors; and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of company assets that could have a material effect on the financial statements. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 9B. | Other Information. |
|----------|--------------------|

| Item 10. | Directors, Executive Officers and Corporate Governance. |
|----------|---------------------------------------------------------|

|  Name               |  Age |  Position           |  Served as Director Since |
|--------------------------|-----------|--------------------------|--------------------------------|
|  Delbert G. Blewett |  77  |  President/Director |  May 25, 1995             |
|  Fred Hefti         |  79  |  Secretary/Director |  April 20, 1995           |
|  Glen Buckler       |  69  |  Treasurer/Director |  August 14, 2000          |

----

----

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
|----------|-------------------------------------------------------------------------------------------------|

|  Name and Address                  |  Amount and Nature       |  Percent     |   |
|-----------------------------------------|-------------------------------|-------------------|--------|
|  of Beneficial Owner               |  of Beneficial Ownership |  of Class(1) |   |
|    Directors and Officers     |                          |              |   |
|  Delbert G. Blewett                |  10,000                  |  0.038%      |   |
|    7810 Marchwood Place,      |                          |              |   |
|    Vancouver BC, Canada       |                          |              |   |
|                                    |                          |              |   |
| Emac Handels AG                         |  13,853,186              |  53.300%     |   |
|    (controlled by D. Blewett) |                          |              |   |

----

|  Name and Address                                   |  Amount and Nature       |  Percent     |   |
|----------------------------------------------------------|-------------------------------|-------------------|--------|
|  of Beneficial Owner                                |  of Beneficial Ownership |  of Class(1) |   |
|    Directors and Officers, cont'd              |                          |              |   |
|  Fred Hefti                                         |  1,570,000               |  6.041%      |   |
|    1663 Canford Rd.                            |                          |              |   |
|    Meritt BC, Canada                      |                          |              |   |
|                                                     |                          |              |   |
| Glen Buckler                                             |  1,520,000               |  5.848%      |   |
|    305  15895-84th Ave.                   |                          |              |   |
|    Surrey BC, Canada                           |                          |              |   |
|                                                     |                          |              |   |
|  All directors and executive officers               |                          |              |   |
|    As a group (3 persons)                      |  16,953,186              |  65.228%     |   |
|                                                     |                          |              |   |
|  5% Stockholders                                    |                          |              |   |
|  Peter Thaler - Thaler Consultants                  |  1,528,973               |  5.883%      |   |
|  Sommerlistr. 3,  9000-St. Gallen, Switzerland |                          |              |   |
|                                                     |                          |              |   |
|  Rusheen Handels AG                                 |  3,279,360               |  12.61%      |   |
|  Churerstr. 106, 8808 Pfaeffikon, Switzerland       |                          |              |   |

|   | Note: | Unless otherwise indicated, we have been advised that each person above has sole voting power over the shares indicated above. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------|

| Item 14. | Principal Accounting Fees and Services. |
|----------|-----------------------------------------|

----

|   | (a) | Exhibits |
|--------|-----|----------|

| Exhibit No. |      Exhibit Name |
|-------------|--------------------------------------------|

|   |  3.1* |   | Articles of Incorporation and Amendments |
|--------|------------|--------|------------------------------------------|

|   |  3.2* |   | By-Laws |
|--------|------------|--------|---------|

|   |  4.1* |   | Instrument defining rights of stockholders (See Exhibit No. 3.1, Articles of Incorporation) |
|--------|------------|--------|---------------------------------------------------------------------------------------------|

|   | 31.1 |   | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|--------|------|--------|-------------------------------------------------------------------------|

|   | 32.1 |   | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|--------|------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | * | Previously filed as an Exhibit to the Form 10-SB filed August 31, 2006. |
|--------|---|-------------------------------------------------------------------------|

----

----

|  Report of Independent Registered Public Accounting Firm                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |  20 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |     |
|  Balance Sheets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |  21 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |     |
|  Statements of Operations                                                                                                          |   |   |  22 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |     |
|  Statements of Stockholders’ Equity (Deficit)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |  23 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |     |
|  Statements of Cash Flows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |  28 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |     |
|  Notes to the Financial Statements                                                                                                 |   |   |  29 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |     |

----

----

| QUINTANA GOLD RESOURCES CORP.                                             |
|---------------------------------------------------------------------------|
| (A Development Stage Company)                                             |
| Balance Sheets                                                            |
|                                                                      |   |   |   |   |   |   |
| ASSETS                                                                    |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |
|                                                                      |   | December 31, |   |   | December 31, |   |
|                                                                      |   | 2010 |   |   | 2009 |   |
|                                                                      |   |   |   |   |   |   |
| CURRENT ASSETS                                                            |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |
| Cash                                                                      |   | $ | 401 |   |   | $ | 624 |   |
| Prepaid expenses                                                          |   |   | 730 |   |   |   | 730 |   |
|                                                                      |   |   |   |   |   |   |   |   |
| Total Current Assets                                                      |   |   | 1,131 |   |   |   | 1,354 |   |
|                                                                      |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                              |   | $ | 1,131 |   |   | $ | 1,354 |   |
|                                                                      |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                            |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES                                                       |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
| Accounts payable                                                          |   | $ | 73,802 |   |   | $ | 67,568 |   |
| Accounts payable - related parties (Note 2)                               |   |   | 75,242 |   |   |   | 25,000 |   |
|                                                                      |   |   |   |   |   |   |   |   |
| Total Current Liabilities                                                 |   |   | 149,044 |   |   |   | 92,568 |   |
|                                                                      |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES                                                         |   |   | 149,044 |   |   |   | 92,568 |   |
|                                                                      |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY (DEFICIT)                                            |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
| Common stock, $0.001 par value, 50,000,000 shares                         |   |   |   |   |   |   |   |   |
| authorized; 25,990,868 shares issued and outstanding, respectively        |   |   | 25,991 |   |   |   | 25,991 |   |
| Additional paid-in capital                                                |   |   | 569,112 |   |   |   | 564,455 |   |
| Deficit accumulated during the development stage                          |   |   | (743,016 | ) |   |   | (681,660 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| Total Stockholders' Equity (Deficit)                                      |   |   | (147,913 | ) |   |   | (91,214 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                      |   | $ | 1,131 |   |   | $ | 1,354 |   |
|                                                                      |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements |

----

| QUINTANA GOLD RESOURCES CORP.                                             |   |
|---------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                             |   |
| Statement of Operations                                                   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   | From |   |
|                                                                      |   |   |   |   |   |   |   | Inception on |   |
|                                                                      |   |   |   |   |   |   |   | August 23, |   |
|                                                                      |   | For the Years Ended |   |   | 1978 Through |   |
|                                                                      |   | December 31, |   |   |   |   |   | December 31, |   |
|                                                                      |   | 2010 |   |   | 2009 |   |   | 2010 |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
| REVENUE                                                                   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative                                                |   |   | 56,699 |   |   |   | 49,332 |   |   |   | 572,965 |   |
| Depreciation expense                                                      |   |   | - |   |   |   | - |   |   |   | 1,095 |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Operating Expenses                                                  |   |   | 56,699 |   |   |   | 49,332 |   |   |   | 574,060 |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS FROM OPERATIONS                                                      |   |   | (56,699 | ) |   |   | (49,332 | ) |   |   | (574,060 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSES)                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                          |   |   | (4,657 | ) |   |   | (1,374 | ) |   |   | (38,815 | ) |
| Interest income                                                           |   |   | - |   |   |   | - |   |   |   | 15,708 |   |
| Loss on settlement of debt                                                |   |   | - |   |   |   | - |   |   |   | (59,495 | ) |
| Loss on disposal of asset                                                 |   |   | - |   |   |   | - |   |   |   | (64,454 | ) |
| Loss on investment                                                        |   |   | - |   |   |   | - |   |   |   | (21,900 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Other Income (Expenses)                                             |   |   | (4,657 | ) |   |   | (1,374 | ) |   |   | (168,956 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS                                                                  |   | $ | (61,356 | ) |   | $ | (50,706 | ) |   | $ | (743,016 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC LOSS PER SHARE                                                      |   | $ | 0.00 |   |   | $ | 0.00 |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE SHARES OUTSTANDING                                       |   |   | 25,990,868 |   |   |   | 25,990,868 |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements |

----

| QUINTANA GOLD RESOURCES CORP.                                              |   |
|----------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                              |   |
| Statements of Stockholders' Equity (Deficit)                               |   |
| From Inception on August 23, 1978 through December 31, 2010                |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Deficit |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Accumulated |   |
|                                                                       |   |   |   |   |   |   |   | Additional |   |   | During the |   |
|                                                                       |   | Common Stock |   |   |   |   |   | Paid-in |   |   | Development |   |
|                                                                       |   | Shares |   |   | Amount |   |   | Capital |   |   | Stage |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, August 23, 1978 through                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 1993                                                          |   |   | 30,000 |   |   | $ | 30 |   |   | $ | 7,470 |   |   | $ | (7,500 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash and a                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  note at $0.25 per share                                              |   |   | 614,000 |   |   |   | 614 |   |   |   | 148,386 |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  at $0.375 per share                                                  |   |   | 230,666 |   |   |   | 231 |   |   |   | 86,269 |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  at $0.375 per share                                                  |   |   | 40,000 |   |   |   | 40 |   |   |   | 14,960 |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  at $0.375 per share                                                  |   |   | 36,000 |   |   |   | 36 |   |   |   | 13,464 |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued and held in                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| escrow in option to purchase company                                       |   |   | 300,000 |   |   |   | 300 |   |   |   | (300 | ) |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 1994                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (58,609 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 1994                                                 |   |   | 1,250,666 |   |   |   | 1,251 |   |   |   | 270,249 |   |   |   | (66,109 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| at $ 0.25 per share                                                        |   |   | 4,000 |   |   |   | 4 |   |   |   | 9,996 |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 1995                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (77,715 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 1995                                                     |   |   | 1,254,666 |   |   |   | 1,255 |   |   |   | 280,245 |   |   |   | (143,824 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation of shares held in escrow                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  in option to purchase company                                        |   |   | (300,000 | ) |   |   | (300 | ) |   |   | 300 |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 1996                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (157,370 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance December 31, 1996                                                  |   |   | 954,666 |   |   | $ | 955 |   |   | $ | 280,545 |   |   | $ | (301,194 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| QUINTANA GOLD RESOURCES CORP.                                              |   |
|----------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                              |   |
| Statements of Stockholders' Equity (Deficit) (Continued)                   |   |
| From Inception on August 23, 1978 through Derember 31, 2010                |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Deficit |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Accumulated |   |
|                                                                       |   |   |   |   |   |   |   | Additional |   |   | During the |   |
|                                                                       |   | Common Stock |   |   |   |   |   | Paid-in |   |   | Development |   |
|                                                                       |   | Shares |   |   | Amount |   |   | Capital |   |   | Stage |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 1996                                                 |   |   | 954,666 |   |   | $ | 955 |   |   | $ | 280,545 |   |   | $ | (301,194 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 1997                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (14,040 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 1997                                                 |   |   | 954,666 |   |   |   | 955 |   |   |   | 280,545 |   |   |   | (315,234 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash and a                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  note at $0.50 per share                                              |   |   | 70,602 |   |   |   | 70 |   |   |   | 35,231 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contributed capital for expenses                                           |   |   | - |   |   |   | - |   |   |   | 1,000 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 1998                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (7,415 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 1998                                                 |   |   | 1,025,268 |   |   |   | 1,025 |   |   |   | 316,776 |   |   |   | (322,649 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  at $0.7per share                                                     |   |   | 38,646 |   |   |   | 38 |   |   |   | 27,383 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  at $0.7per share                                                     |   |   | 30,000 |   |   |   | 30 |   |   |   | 21,256 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 1999                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (53,097 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 1999                                                 |   |   | 1,093,914 |   |   |   | 1,093 |   |   |   | 365,415 |   |   |   | (375,746 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2000                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (10,081 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 2000                                                     |   |   | 1,093,914 |   |   |   | 1,093 |   |   |   | 365,415 |   |   |   | (385,827 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 2,795 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2001                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (14,879 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance December 31, 2001                                                  |   |   | 1,093,914 |   |   | $ | 1,093 |   |   | $ | 368,210 |   |   | $ | (400,706 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |

----

| QUINTANA GOLD RESOURCES CORP.                                              |   |
|----------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                              |   |
| Statements of Stockholders' Equity (Deficit) (Continued)                   |   |
| From Inception on August 23, 1978 through December 31, 2010                |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Deficit |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Accumulated |   |
|                                                                       |   |   |   |   |   |   |   | Additional |   |   | During the |   |
|                                                                       |   | Common Stock |   |   |   |   |   | Paid-in |   |   | Development |   |
|                                                                       |   | Shares |   |   | Amount |   |   | Capital |   |   | Stage |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2001                                                 |   |   | 1,093,914 |   |   | $ | 1,093 |   |   | $ | 368,210 |   |   | $ | (400,706 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 3,466 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2002                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (15,466 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2002                                                 |   |   | 1,093,914 |   |   |   | 1,093 |   |   |   | 371,676 |   |   |   | (416,172 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 4,665 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2003                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (16,954 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2003                                                 |   |   | 1,093,914 |   |   |   | 1,093 |   |   |   | 376,341 |   |   |   | (433,126 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 5,902 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2004                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (18,644 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2004                                                 |   |   | 1,093,914 |   |   |   | 1,093 |   |   |   | 382,243 |   |   |   | (451,770 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Difference due to rounding                                                 |   |   | 38 |   |   |   | 2 |   |   |   | (2 | ) |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 7,289 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2005                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (22,289 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2005                                                 |   |   | 1,093,952 |   |   | $ | 1,095 |   |   | $ | 389,530 |   |   | $ | (474,059 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| QUINTANA GOLD RESOURCES CORP.                                              |   |
|----------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                              |   |
| Statements of Stockholders' Equity (Deficit) (Continued)                   |   |
| From Inception on August 23, 1978 through December 31, 2010                |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Deficit |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Accumulated |   |
|                                                                       |   |   |   |   |   |   |   | Additional |   |   | During the |   |
|                                                                       |   | Common Stock |   |   |   |   |   | Paid-in |   |   | Development |   |
|                                                                       |   | Shares |   |   | Amount |   |   | Capital |   |   | Stage |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2005                                                 |   |   | 1,093,952 |   |   | $ | 1,095 |   |   | $ | 389,530 |   |   | $ | (474,059 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for debt                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion at $0.005 per share                                             |   |   | 16,077,400 |   |   |   | 16,077 |   |   |   | 64,310 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for debt                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion at $0.005 per share                                             |   |   | 2,920,156 |   |   |   | 2,920 |   |   |   | 11,681 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for debt                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion at $0.005 per share                                             |   |   | 2,620,000 |   |   |   | 2,620 |   |   |   | 10,480 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 2,662 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2006                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (45,730 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2006                                                 |   |   | 22,711,508 |   |   |   | 22,712 |   |   |   | 478,663 |   |   |   | (519,789 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 2,800 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the year ended                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2007                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (50,730 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2007                                                 |   |   | 22,711,508 |   |   |   | 22,712 |   |   |   | 481,463 |   |   |   | (570,519 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 2,913 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for debt                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion at $0.025 per share                                             |   |   | 3,279,360 |   |   |   | 3,279 |   |   |   | 78,705 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the period ended                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2008                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (60,435 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2008                                                 |   |   | 25,990,868 |   |   | $ | 25,991 |   |   | $ | 563,081 |   |   | $ | (630,954 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |

----

| QUINTANA GOLD RESOURCES CORP.                                              |   |
|----------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                              |   |
| Statements of Stockholders' Equity (Deficit) (Continued)                   |   |
| From Inception on August 23, 1978 through December 31, 2010                |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Deficit |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   | Accumulated |   |
|                                                                       |   |   |   |   |   |   |   | Additional |   |   | During the |   |
|                                                                       |   | Common Stock |   |   |   |   |   | Paid-in |   |   | Development |   |
|                                                                       |   | Shares |   |   | Amount |   |   | Capital |   |   | Stage |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2008                                                 |   |   | 25,990,868 |   |   | $ | 25,991 |   |   | $ | 563,081 |   |   | $ | (630,954 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 1,374 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the period ended                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2009                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (50,706 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2009                                                 |   |   | 25,990,868 |   |   |   | 25,991 |   |   | $ | 564,455 |   |   |   | (681,660 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense contributed related                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to related party payables                                                  |   |   | - |   |   |   | - |   |   |   | 4,657 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the period ended                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (61,356 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2010                                                 |   |   | 25,990,868 |   |   | $ | 25,991 |   |   | $ | 569,112 |   |   | $ | (743,016 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |

----

| QUINTANA GOLD RESOURCES CORP.                                              |   |
|----------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                              |   |
| Statement of Cash Flows                                                    |   |
|                                                                       |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   | From |   |
|                                                                       |   |   |   |   |   |   |   | Inception on |   |
|                                                                       |   |   |   |   |   |   |   | August 23, |   |
|                                                                       |   | For the Years Ended |   |   | 1978 Through |   |
|                                                                       |   | December 31, |   |   |   |   |   | December 31, |   |
|                                                                       |   | 2010 |   |   | 2009 |   |   | 2010 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                       |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |
| Net loss                                                                   |   | $ | (61,356 | ) |   | $ | (50,706 | ) |   | $ | (743,016 | ) |
| Adjustments to reconcile net loss to                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| net cash used by operating activities                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Contributed capital for expenses                                           |   |   | 4,657 |   |   |   | 1,374 |   |   |   | 39,523 |   |
| Stock for services                                                         |   |   | - |   |   |   | - |   |   |   | 36,286 |   |
| Decline in value of assets                                                 |   |   | - |   |   |   | - |   |   |   | 21,900 |   |
| Depreciation                                                               |   |   | - |   |   |   | - |   |   |   | 2,136 |   |
| Loss on disposal of asset                                                  |   |   | - |   |   |   | - |   |   |   | 64,454 |   |
| Loss on settlement of debt                                                 |   |   | - |   |   |   | - |   |   |   | 60,042 |   |
| Change in operating assets and liabilities                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| (Increase) decrease in prepaid expenses                                    |   |   | - |   |   |   | - |   |   |   | (730 | ) |
| (Increase) decrease in loans receivable                                    |   |   | - |   |   |   | - |   |   |   | 63,872 |   |
| Increase (decrease) in accounts payable                                    |   |   | 6,234 |   |   |   | 22,250 |   |   |   | 77,088 |   |
| Increase (decrease) in accrued liabilities                                 |   |   | - |   |   |   | - |   |   |   | 1,700 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Cash (Used) by Operating Activities                                    |   |   | (50,465 | ) |   |   | (27,082 | ) |   |   | (376,745 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Advances on notes receivable                                               |   |   | - |   |   |   | - |   |   |   | (123,914 | ) |
| Collection of notes receivable                                             |   |   | - |   |   |   | - |   |   |   | 73,000 |   |
| Purchase of investments                                                    |   |   | - |   |   |   | - |   |   |   | (72,854 | ) |
| Sale of fixed assets                                                       |   |   | - |   |   |   | - |   |   |   | 3,340 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Cash (Used) by Investing Activities                                    |   |   | - |   |   |   | - |   |   |   | (120,428 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                       |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Advances from related parties                                              |   |   | 50,242 |   |   |   | 25,000 |   |   |   | 285,203 |   |
| Proceeds from loans payable                                                |   |   | - |   |   |   | - |   |   |   | 4,950 |   |
| Net stock offering proceeds                                                |   |   | - |   |   |   | - |   |   |   | 207,421 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Cash Provided by Financing Activities                                  |   |   | 50,242 |   |   |   | 25,000 |   |   |   | 497,574 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| (DECREASE) INCREASE IN CASH                                                |   |   | (223 | ) |   |   | (2,082 | ) |   |   | 401 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH AT BEGINNING OF PERIOD                                                |   |   | 624 |   |   |   | 2,706 |   |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH AT END OF PERIOD                                                      |   | $ | 401 |   |   | $ | 624 |   |   | $ | 401 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |   |   |   |   |

----

|                                    |   | For the Years Ended |     |
|-----------------------------------------|--------|---------------------|----------|
|                                    |   | December 31,        |     |
|                                    |   | 2010                |     |   | 2009 |   |
|                                    |   |                |     |   |   |   |
|  Deferred tax asset: NOL Carryover |   | $                   | 208,338  |   |   | $ | 194,904 |   |
|  Deferred tax liabilities:         |   |                | -        |   |   |   | - |   |
|  Valuation allowance               |   |                | (208,338 |  ) |   |   | (194,904 |  ) |
|                                    |   |                |     |   |   |   |   |   |
|                                    |   | $                   | -        |   |   | $ | - |   |
|                                    |   |                |     |   |   |   |   |   |

----

|                      |   | For the Years Ended |    |
|---------------------------|--------|---------------------|---------|
|                      |   | December 31,        |    |
|                      |   | 2010                |    |   | 2009 |   |
|                      |   |                |    |   |   |   |
|  Book loss           |   | $                   | (23,344 | ) |   | $ | (19,775 | ) |
|  Interest            |   |                | 1,816   |   |   |   | 536 |   |
|  Valuation allowance |   |                | 21,528  |   |   |   | 19,239 |   |
|                      |   |                |    |   |   |   |   |   |
|                      |   | $                   | -       |   |   | $ | - |   |
|                      |   |                |    |   |   |   |   |   |

----

----

|                                      |   | For the Years Ended |       |
|-------------------------------------------|--------|---------------------|------------|
|                                      |   | December 31,        |       |
|                                      |   | 2010                |       |   | 2009 |   |
|                                      |   |                |       |   |   |   |
|  Numerator Loss                      |   | $                   | (61,356    | ) |   | $ | (50,706 | ) |
|                                      |   |                |       |   |   |   |   |   |
| Denominator - weighted average            |   |                |       |   |   |   |   |   |
|    number of shares outstanding |   |                | 25,990,868 |   |   |   | 25,990,868 |   |
|                                      |   |                |       |   |   |   |   |   |
|  Loss per share                      |   | $                   | (0.00      | )  |   | $ | (0.00 | )  |
|                                      |   |                |       |   |   |   |   |   |

| NOTE 2 - | RELATED PARTY TRANSACTIONS |
|----------|----------------------------|

----

----

|  Quintana Gold Resources Corp.                                      |   |   |   |
|--------------------------------------------------------------------------|--------|--------|--------|
|                                                                     |   |   |   |
|  By:     /S/  Delbert G. Blewett |   |   |   |
|  President and C.E. O.                                              |   |   |   |
|  Principal Financial Officer                                        |   |   |   |
|  Principal Accounting Officer                                       |   |   |   |
|                                                                     |   |   |   |

|  Signature                                                                       |  Title                               |  Date           |   |
|---------------------------------------------------------------------------------------|-------------------------------------------|----------------------|--------|
|                                                                                  |                                      |                 |   |
|  /S/  Delbert G. Blewett                                |  President, C.E.O. and Director      |  March 29, 2011 |   |
|  Delbert G. Blewett                                                              |    Principal Financial Officer  |                 |   |
|                                                                                  |    Principal Accounting Officer |                 |   |
|                                                                                  |                                      |                 |   |
|  /S/  Fred Hefti          |  Secretary and Director              |  March 29, 2011 |   |
|  Fred Hefti                                                                      |                                      |                 |   |
|                                                                                  |                                      |                 |   |
|                                                                                  |                                      |                 |   |
|                                                                                  |                                      |                 |   |

----

----