---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

Form 10-KSB

(Mark One)

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the fiscal year ended August 31,
2007

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 For the transition period from
______________to________________

Commission file number 333-139273

DEEAS RESOURCES, INC.(Name
of small business issuer in its charter)

|Nevada                                                               | 98-0493446                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)

|6348, 49th Avenue, Ladner, British Columbia, Canada | V4K 5A1   
|--------------------------------------------------- | ----------
|(Address of principal executive offices)            | (Zip Code)

Issuers telephone number (604) 808-6211

Securities registered under Section 12(b) of the Exchange
Act:

|None                | N/A                                      
|------------------- | -----------------------------------------
|Title of each class | Name of each exchange on which registered

Securities registered under Section 12(g) of the Exchange
Act:

Common Stock, $.001 par value(Title of
class)

Check whether the issuer is not required to file reports pursuant
  to Section 13 or 15(d) of the Exchange Act. [ ]

Note  Checking the box above will not relieve any registrant
required to file reports pursuant to Section 13 or 15(d) of the Exchange Act
from their obligations under those Sections.

Check whether the issuer (1) filed all reports required to be
  filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
  for such shorter period that the registrant was required to file such reports),
  and (2) has been subject to such filing requirements for the past 90 days. Yes
  [ ] No [ ]

Check if there is no disclosure of delinquent filers in response
to Item 405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrants knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.

Yes [X] No [ ]

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

State issuers revenues for its most recent fiscal year.
$0.00

---

ii

State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the price at which
the common equity was sold, or the average bid and asked price of such common
equity, as of October 29, 2007.

676,000 common shares @ $0.10(1)=
$67,600.00

(1) Price paid by purchasers on August 15, 2006

(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE
YEARS)

Check whether the issuer has filed all documents and reports required
  to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution
  of securities under a plan confirmed by a court. Yes [ ] No [ ]

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

State the number of shares outstanding of each of the issuers
classes of common equity, as of the latest practicable date. 2,176,000
common shares as of October 29, 2007

DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference,
briefly describe them and identify the part of the Form 10-KSB (e.g., Part I,
Part II, etc.) into which the document is incorporated: (1) any annual report to
security holders; (2) any proxy or information statement; and (3) any prospectus
filed pursuant to Rule 424(b) or (c) of the Securities Act of 1933 (Securities
Act). The listed documents should be clearly described for identification
purposes (e.g., annual report to security holders for fiscal year ended December
24, 1990). N/A

Transitional Small Business Disclosure Format (Check one): Yes
  [ ] No [X]

---

ANNUAL REPORT ON FORM 10-KSB FOR THE YEAR ENDED AUGUST
31, 2007

TABLE OF CONTENTS

|                                                                                                                                                           | Page
|---------------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|DEEAS RESOURCES, INC.                                                                                                                                      | I   
|PART I                                                                                                                                                     | 2   
|ITEM 1. DESCRIPTION OF BUSINESS                                                                                                                            | 2   
|ITEM 2. DESCRIPTION OF PROPERTY.                                                                                                                           | 5   
|ITEM 3. LEGAL PROCEEDINGS                                                                                                                                  | 6   
|ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.                                                                                               | 6   
|PART II                                                                                                                                                    | 6   
|ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES.                         | 6   
|ITEM 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN
        OF OPERATION.                                                                                 | 7   
|PLAN OF OPERATIONS AND CASH REQUIREMENTS                                                                                                                   | 7   
|RESULTS OF OPERATIONS                                                                                                                                      | 8   
|RISK FACTORS                                                                                                                                               | 11  
|RISKS RELATED TO OUR BUSINESS                                                                                                                              | 12  
|RISKS ASSOCIATED WITH OUR COMPANY                                                                                                                          | 14  
|RISKS ASSOCIATED WITH OUR COMMON STOCK                                                                                                                     | 16  
|ITEM 7. FINANCIAL STATEMENTS.                                                                                                                              | 17  
|ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
      ACCOUNTING AND FINANCIAL DISCLOSURE.                                                        | 31  
|ITEM 8A. CONTROLS AND PROCEDURES.                                                                                                                          | 31  
|ITEM 8B. OTHER INFORMATION                                                                                                                                 | 31  
|PART III                                                                                                                                                   | 31  
|ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS ,
      CONTROL PERSONS AND CORPORATE GOVERNANCE; COMPLIANCE WITH SECTION 16(A) OF
      THE EXCHANGE ACT | 31  
|ITEM 10. EXECUTIVE COMPENSATION                                                                                                                            | 33  
|ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
      AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.                                             | 34  
|EQUITY COMPENSATION PLAN INFORMATION AS AT AUGUST 31,
      2007                                                                                           | 35  
|ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
      AND DIRECTOR INDEPENDENCE                                                                   | 35  
|ITEM 13. EXHIBITS                                                                                                                                          | 36  
|AUDIT FEES                                                                                                                                                 | 36  
|SIGNATURES                                                                                                                                                 | 38  

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- 2 -

PART I

Item 1. Description of Business

Forward Looking Statements.

This annual report contains forward-looking statements which
relate to future events or our future financial performance. In some cases, you
can identify forward-looking statements by terminology such as may, should,
expects, plans, anticipates, believes, estimates, predicts,
potential or continue or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including the risks in the section
entitled Risk Factors, beginning on page 11 that may cause our or our
industrys actual results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions
upon which they are based, are made in good faith and reflect our current
judgment regarding the direction of our business, actual results will almost
always vary, sometimes materially, from any estimates, predictions, projections,
assumptions or other future performance suggested herein. Except as required by
applicable law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform these
statements to actual results. The safe harbor for forward-looking statements
provided in the Private Securities Litigation Reform Act of 1995 does not apply
to the offering made in this annual report.

As used in this annual report, the terms "we", "us", "our" and
"Deeas" mean Deeas Resources Inc., and our wholly-owned subsidiary, 0758372 BC
Ltd, unless otherwise indicated.

Introduction

We are an exploration stage company engaged in the acquisition
and exploration of mineral resource properties. We currently own an interest in
two adjoining mining claims, collectively known as the Treg-Rouchon property,
located in British Columbia, Canada. We acquired the interest in the mineral
claims on May 25, 2006. The claims are registered in the name of 0758372 B.C.
Ltd., our wholly-owned subsidiary. Our rights in the property are limited to
100% of the rights to explore for and exploit gold placer deposits on the
claims.

Corporate History

We were incorporated in the State of Nevada on April 7, 2006.
Our resident agent is The Corporation Trust Company of Nevada located at 6100
Neil Road, Suite 500, Reno, NV 89511.

Recent Corporate Developments

To date, our company has not been as successful as hoped in
implementing our business plan. As management of our company investigated
opportunities and challenges in the business of mining exploration, management
realized that the business did not present the best opportunity for our company
to realize value for our shareholders. Our company has identified Global Trek
Xploration, a private California company, as a suitable business with which to
carry out a business combination. As a result, on November 9, 2007, we entered
into a letter agreement with Global Trek Xploration and Jupili Investment S.A.
The letter agreement outlined the material terms upon which the parties have
agreed to carry out a reverse take over transaction through either a merger of
share exchange. On the closing date, which the parties anticipate will be on or
before February 25, 2008, the parties have agreed to restructure our company as
follows following a proposed stock split of 20.71 shares for each share
currently issued and outstanding:

Number of authorized common shares: 2,071,000,000
  Shares held by former shareholders of Global Trek Xploration: 18,000,000
  Registered shares: 13,999,960

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- 3 -

Shares issued in a $2,000,000 financing at closing:
2,666,666Shares issued in $1,000,000 convertible bridge financing (assuming
conversion): 1,333,333 Issued and outstanding shares at closing:
35,999,959

A copy of the letter agreement is attached hereto as Exhibit
10.5. The parties to the letter agreement contemplate that additional terms will
be incorporated into a formal agreement which will include standard
representations, warranties, covenants and conditions that are typical in
reverse take over transactions.

Conditions Precedent to the Closing of the Letter
Agreement

The closing of the letter agreement is subject to the
satisfaction of several conditions precedent as set forth in the letter
agreement, including the following:

|1. | we will have effected a stock split whereby each share
      issued and outstanding prior to the stock split will be converted into
      20.71 shares. The 18,000,000 shares that we are required to issue to the
      current shareholders of Global Trek Xploration pursuant to the letter
      agreement will be issued following completion of the proposed stock
      split;                                                                                                                                                                                                         
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2. | our sole director and officer will have executed a return
      to treasury agreement whereby he agrees to tender 31,065,000 post split
      shares to treasury for cancellation;                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|3. | the transaction will be approved by the shareholders of
      Global Trek Xploration;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4. | Global Trek Xploration will have provided to us audited
      financial statements for the years ended December 31, 2006 and 2005 and
      unaudited interim financial statements for the nine months ended September
      30, 2007;                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|5. | Jupili Investments will have arranged for third party
      investors to subscribe for a private placement financing of $2,000,000
      consisting of 2,666,666 post stock split units, at a price of $0.75 per
      unit, each unit consisting of one share and one stock purchase warrant,
      each warrant of which will be exercisable into another share at an
      exercise price of $1.25 per share. Of the warrants, 1,000,000 will be
      exercisable for a period of twelve months from the date of issuance, with
      the remainder exercisable for a period of 18 months;
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6. | conversion by Global Trek Xploration of a bridge
      financing of $1,000,000 into units on the same terms as the private
      placement financing, except that all warrants will be exercisable for a
      period of 18 months;                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|7. | we will take all corporate action to ensure that our
      board of directors consists of five members, including four members as
      nominated by Global Trek Xploration, two of which will not be employed by
      our company, nor hold over 5% of our issued and outstanding shares;
    and                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|8. | we will retain the services of an investor relations
      consultant for a term of one year for a monthly fee of $2,500 and the
      issuance of 400,000 warrants, with 50,000 warrants vesting every three
      month period, the first 200,000 of which will have an exercise price of
      $0.75 per share and the remaining 200,000 of which will have an exercise
      price of $1.25 per share, all of which will expire on February 7,
    2010.                                                                                                                                  

Due to the conditions precedent to closing, including those set
out above, and the risk that these conditions precedent will not be satisfied,
we can offer no assurance that we will close the letter agreement or the formal
agreement that the parties contemplate will replace the letter agreement. At
this time, we have not made any determination as to whether we will abandon or
continue with the business related to our mining interests.

Business of Global Trek Exploration

Founded in 2002, Global Trek Xploration develops, patents and
integrates miniaturized Assisted GPS tracking and cellular location-transmitting
technology for consumer products and applications. As the underlying technology,
Global Trek Xploration works with license branded partners to deliver these
innovative solutions to the consumer

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- 4 -

in a wide variety of wearable location devices. Global Trek
Xplorations Personal Location Services (PLS) suite delivers remote, continuous
real-time oversight of loved ones and high-value assets. Its licensing model and
a user friendly format allows it to transparently embed its technology into a
wide variety of consumer branded products.

In addition to geo spatial location-reporting, which provides
peace of mind to caretakers, Global Trek Xplorations scalable GPVector
technology platform is also designed to deliver new and innovative life style
based applications, from interactive real-time gaming to performance and health
/ exercise monitoring. The unprecedented miniaturization of its electronics
offers a whole new category of portable hosts to deliver a wide range of new
consumer-oriented high tech wearable solutions. Global Trek Xplorations first
and most essential product is GPS-enabled footwear. Additional deployments in
progress include maritime applications, pet tracking, cellular handsets, and
many others. Global Trek Xploration holds one patent and seven additional
patents pending. With more than five years in research and development,
strategic partnerships, and an ongoing program of intellectual property
protection, Global Trek Xploration continues its ongoing efforts to advance the
wearable GPS technology industry and the PLS space. Global Trek Xplorations
approach is to be the value-added supporting brand to master consumer brands.
The driving goal of the company is to utilize advanced assisted GPS, cellular
and Internet technology, then converge that technology with branded consumer
products and collectively deliver solutions which will benefit people and
society.

Competition

There are numerous mining and exploration companies in Canada
and the United States, both big and small. All of these mining companies are
seeking properties of merit. While we may compete with other exploration
companies in our effort to locate and license mineral resource properties, we do
not compete with them for the removal or sale of mineral products from our
properties if we should eventually discover the presence of them in quantities
sufficient to make production economically feasible. Readily available markets
exist world-wide for the sale of mineral products. Therefore, we will likely be
able to sell any mineral products that we are able to identify and produce. Our
ability to be competitive in the market over the long term is dependent upon the
quality and amount of ore discovered, cost of production and proximity to our
market. Due to the large number of companies and variables involved in the
mining industry, it is not possible to pinpoint our direct competition.

Competition levels for investment and qualified employees for
mineral resource companies are very high. It has proven to be extremely
difficult for us to obtain financing and hire qualified personnel to conduct our
exploration program.

Compliance with Government Regulation

We are committed to complying with and are, to our knowledge,
in compliance with, all governmental and environmental regulations applicable to
our company and our properties. Permits from a variety of regulatory authorities
are required for many aspects of mine operation and reclamation. We do not
currently own or operate any mines and are not required to comply with the
requirements of these regulatory authorities. We cannot predict the extent to
which these requirements will affect our company or our properties if we
identify the existence of minerals in commercially exploitable quantities. In
addition, future legislation and regulation could cause additional expense,
capital expenditure, restrictions and delays in the exploration of our
properties.

Research and Development Expenditures

We have not incurred any research and development expenditures
over the last fiscal year.

Employees

Currently our only employee is our sole director and officer.
We do not know whether we will experience any material changes in the number of
employees over the next 12 month period. If we do enter into a new business
opportunity, our personnel needs may change dramatically.

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- 5 -

We engage contractors from time to time to consult with us on
specific corporate affairs or to perform specific tasks in connection with our
exploration programs.

We retain consultants on the basis of ability and experience.
Except as set forth above, neither we nor any person acting on our behalf has
any preliminary agreement or understanding, nor do we contemplate any such,
concerning any aspect of our operations pursuant to which any person would be
hired, compensated or paid a finders fee.

Subsidiaries

We have one wholly owned subsidiary, 0758372 BC Ltd which is
registered in British Columbia.

Intellectual Property

We do not own, either legally or beneficially, any patent or
trademark.

Item 2. Description of Property.

Executive Offices

The address of our principal executive office is 6348, 49th
Avenue, Ladner, British Columbia, Canada V4K 5A1 and our telephone number is
(604) 808-6211.

Treg-Rouchon property

The Treg-Rouchon property is located in central British
Columbia, approximately 102 km north-east of the city of Quesnel, and 712 km
north-east of Vancouver, situated in the Caribou Gold District. The Treg-Rouchon
property extends along the Tregillus Creek extending 1.5 kilometres below
Tregillus Lake to 200 meters (600 feet) above the mouth of the Willow River.

Our rights in the Treg-Rouchon property are limited to the
exploration and exploitation of gold placer deposits. We intend to explore the
Treg-Rouchon property for any commercially exploitable gold placer deposits and
intend to exploit any gold placer deposits we discover or sell or otherwise
assigning the rights to do so. Maps of the Treg-Rouchon property are included
below under the section entitled Location and Description of the Property.
There is no assurance that any commercially viable gold placer deposits exists
on the Treg-Rouchon property.

The Treg-Rouchon property is covered with pine, fir and spruce
forest and sits at an elevation of approximately 1,060 meters (3,500 feet). The
climate is characterized by warm, dry summers and cold winters, with an average
snowfall of 1.0 meters (936) inches recorded a year.

There is no infrastructure available on the Treg-Rouchon other
than a forest service road.

Mineral property exploration is typically conducted in phases.
Each subsequent phase of exploration work is recommended by a geologist based on
the results from the most recent phase of exploration. We have not yet commenced
the initial phase of exploration on our property. If we complete the first phase
of exploration, we will make a decision as to whether or not we proceed with the
next phase based upon the analysis of the results of that program. Our sole
director would make these decisions based upon the recommendations of the
independent geologist who oversees the program and records the results.

As set out above, we have entered into a letter agreement dated
November 9, 2007 with Global Trek Xploration and Jupili Investment S.A.
regarding a proposed reverse take over transaction. If the letter agreement
closes as is currently contemplated, our company will undergo a change of
control and a majority of new directors will be appointed to our board. In
addition, our company will commence the business currently operated by Global
Trek Xploration. Although we currently intend to maintain our mining property
interests, we do not know whether our company will abandon or continue to hold
such interests following the closing date.

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- 6 -

Item 3. Legal Proceedings.

We know of no material, active or pending legal proceedings
against our company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our
directors, officers or affiliates, or any registered or beneficial shareholder,
is an adverse party or has a material interest adverse to our interest.

Item 4. Submission of Matters to a Vote of Security
Holders.

None

PART II

Item 5. Market for Common Equity and Related Stockholder
Matters and Small Business Issuer Purchases of Equity Securities.

Market for Securities

Our common shares are approved for quotation on the OTC
Bulletin Board under the symbol "DEEA". Currently, there are no sales of our
stock on the OTC Bulletin Board.

Our transfer agent is Empire Stock Transfer located at 2470 St.
Rose Pkwy, Suite 304, Henderson, NV 89074.

Holders of our Common Stock

As of August 31, 2007, there were 40 registered stockholders
holding 2,176,000 shares of our issued and outstanding common stock.

Dividend Policy

Since our inception, we have not declared nor paid any cash
dividends on our capital stock and we do not anticipate paying any cash
dividends in the foreseeable future. Our current policy is to retain any
earnings in order to finance the expansion of our operations. Our board of
directors will determine future declarations and payments of dividends, if any,
in light of the then-current conditions they deem relevant and in accordance
with applicable corporate law.

There are no restrictions in our articles of incorporation or
bylaws that prevent us from declaring dividends. The Nevada Revised Statutes,
however, do prohibit us from declaring dividends where, after giving effect to
the distribution of the dividend:

| | 1. | We would not be able to pay our debts as they become due
      in the usual course of business; or                                                                                                                                          
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                             
| | 2. | Our total assets would be less than the sum of our total
      liabilities plus the amount that would be needed to satisfy the rights of
      shareholders who have preferential rights superior to those receiving the
      distribution.

Recent Sales of Unregistered Securities

We have not completed any unregistered sales of our securities
during the last fiscal year. We have registered 676,000 shares of our common
stock to the public by means of prospectus filed on February 2, 2007.Equity
Compensation Plan Information

We have not adopted any equity compensation plans.

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- 7 -

Purchases of Equity Securities by the Issuer and Affiliated
Purchasers

We did not purchase any of our shares of common stock or other
securities during our fiscal year ended August 31, 2007.

Item 6. Managements Discussion and Analysis or Plan of
Operation.

We are an exploration stage company. We have commenced very
limited operations and we currently have no business revenue and assets
consisting of cash and mineral and joint venture rights. There can be no
assurance that we will generate revenues in the future, or that we will be able
to operate profitably in the future, if at all. We have incurred net losses in
each fiscal year since inception of our operations. Our company has never
declared bankruptcy, it has never been in receivership, and it has never been
involved in any legal action or proceedings.

We are an exploration stage company engaged in the acquisition,
exploration and exploitation of gold placer resource properties. We currently
own a 100% interest in two adjoining mining claims, consisting of 16 placer
claim cells, collectively known as the Treg-Rouchon property. The Treg-Rouchon
property is located in central British Columbia, approximately 102 km north-east
of the city of Quesnel and 712 km Northeast of Vancouver, situated in an area
known as the Caribou Gold District. Our rights to the Treg-Rouchon property are
limited to the exploration for and exploitation of gold placer deposits. We may
explore the Treg-Rouchon property for any commercially exploitable gold placer
deposits and may exploit any gold placer deposits we discover or sell or
otherwise assigning the rights to do so.

To date, we have not been successful raising the funding
necessary to proceed with our business plan. Our company has identified Global
Trek Xploration, a private California company, as a suitable business with which
to carry out a reverse take over transaction. As a result, on November 9, 2007,
we entered into a letter agreement with Global Trek Xploration and Jupili
Investment S.A. which is described under the heading Recent Corporate
Developments in Item 1. The letter agreement, a copy of which is attached to
this annual report, outlines the material terms upon which the parties have
agreed to carry out a reverse take over transaction through either a merger of
share exchange.

Plan of Operations and Cash Requirements

Plan of Operation

We have been unable to find sufficient investors who wish to
invest in our company, on terms we find acceptable, with its current business
plan. This may be due in part to a high level of competition for financing for
mineral exploration companies. Management has therefore decided that we will not
pursue our exploration program for our Treg-Rouchon property for the time being.
Following the entry into the letter agreement dated November 9, 2007, our
company intends to work towards closing the proposed reverse take over
transaction as described under the heading Recent Corporate Developments under
Item 1 of this annual report. As a result, our company anticipates that we will
incur significant due diligence and transaction costs in connection with this
closing. We can offer no assurances that the letter agreement will in fact
close, or that our company will be successful in our new business following the
closing of the proposed transaction.

Cash Requirements

Over the next 12 months we anticipate that we will incur the
following operating expenses:

Expense
    
    CostLegal Fees
    $
    45,000Accounting Fees
    $
    12,000Miscellaneous
    $
    30,000Total
    $
    87,000.00


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- 8 -

Purchase of Significant Equipment

We do not intend to purchase any significant equipment over the
12 months ending August 31, 2008 other than office computers, furnishings, and
communication equipment as required.

Results of Operations

Summary of Year End Results

**April 7, 2006 (date
      of** ****inception to August 312007
    
    
    2006Revenue
    $
    0.00
    
    $
    0.00Expenses
    $
    82,195
    
    $
    22,812Net Loss
    $
    82,195
    
    $
    22,812


Revenue

We are presently in the exploration stage of our business, have
not earned any revenues to date, and do not anticipate earning revenues until
such time as we enter into commercial production of the Treg-Rouchon property.
As we have entered into a letter agreement with Global Trek Xploration, we may
elect not to proceed with our mining business if the transactions contemplated
under the letter agreement are consummated. Upon the closing of the letter
agreement, we will be engaged in the business currently operated by Global Trek
Xploration, but we can offer no assurances as to whether our company will be
successful in generating revenues following the closing date.

Expenses

The major components of our expenses for the past two fiscal
years as well as the percentage increase or decrease in those expenses for the
year ended August 31, 2007 compared to the year ended August 31, 2006 are
outlined in the table below:

2006
    
    
    2007Filing fees
    $
    -
    
    $
    305.00Foreign exchange gain
    
    (93.00
    )
    
    (1,015.00
    )Interest and bank charges
    
    91.00
    
    
    318.00Legal, audit and accounting fees
    
    12,349.00
    
    
    53,690.00Management fees
    
    -
    
    
    12,000.00Mineral claims costs
    
    10,465.00
    
    
    15,160.00Transfer agent
    
    -
    
    
    1,737.00$
    22,812.00
    
    $
    82,195.00


Total operating expenses during fiscal 2007 increased by 260%
  as compared to fiscal 2006 primarily due to the fact that: (i) we had increased
  mineral exploration expenses and (ii) our general and administrative expenses
  increased primarily due to increased professional fees associated with the acquisition
  of the properties.

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- 9 -

Liquidity and Financial Condition

Working CapitalPercentageAugust 31, 2007
    
    
    August 31, 2006
    
    
    Increase/(Decrease)Current Assets
    $
    26,691
    
    $
    82,959
    
    
    -68%Current Liabilities
    
    473
    
    
    8,300
    
    
    -94%Working Capital Surplus (Deficit)
    $
    26,218
    
    $
    74,659
    
    
    -65%


|Cash Flows                                          |   |                 |   |   |                 |  
|--------------------------------------------------- | - | --------------- | - | - | --------------- | -
|                                                    |   | Year Ended      |   |   | Year Ended      |  
|                                                    |   | August 31, 2007 |   |   | August 31, 2006 |  
|Cash Flows used in Operating Activities             | $ | (55,430         | ) | $ | (15,035         | )
|Cash Flows used in Investing Activities             |   | --              |   |   | --              |  
|Cash Flows from Financing Activities                |   | --              |   | $ | 97,600          |  
|Effects of Foreign Currency Exchange Rate           |   | (1,093          | ) |   | (129            | )
|Net Increase (decrease) in Cash During
      Period | $ | (56,523         | ) | $ | 82,436          |  

Going Concern

These financial statements have been prepared on a going
concern basis, which implies that our company will continue to realize its
assets and discharge its liabilities and commitments in the normal course of
business. Our company has not generated revenues since inception and has never
paid any dividends and is unlikely to pay dividends or generate earnings in the
immediate or foreseeable future. The continuation of our company as a going
concern is dependent upon the continued financial support from its shareholders,
the ability of our company to obtain necessary equity financing to achieve its
operating objectives, confirmation of our companys interests in the underlying
properties, and the attainment of profitable operations. As at August 31, 2007,
our company has accumulated net losses of $82,195 since inception. These factors
raise substantial doubt regarding our companys ability to continue as a going
concern. These financial statements do not include any adjustments to the
recoverability and classification of recorded asset amounts and classification
of liabilities that might be necessary should our company be unable to continue
as a going concern.

Due to the uncertainty of our ability to meet our current
operating expenses and the capital expenses noted above, in their report on the
annual financial statements for the year ended August 31, 2006, our independent
auditors included an explanatory paragraph regarding concerns about our ability
to continue as a going concern. Our financial statements contain additional note
disclosures describing the circumstances that lead to this disclosure by our
independent auditors. As at August 31, 2007, we had sufficient cash resources to
meet some but not all of our obligations for the next 12 months.

The continuation of our business is dependent upon us raising
additional financial support. The issuance of additional equity securities by us
could result in a significant dilution in the equity interests of our current
stockholders. Obtaining commercial loans, assuming those loans would be
available, will increase our liabilities and future cash commitments.

Recently Issued Accounting Standards

In June 2006, the Financial Accounting Standards Board (FASB)
issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes.
The interpretation clarifies the accounting for uncertainty in income taxes
recognized in a companys financial statements in accordance with Statement of
Financial Accounting Standards No. 109, Accounting for Income Taxes.
Specifically, the pronouncement prescribes a recognition threshold and a
measurement attribute for the financial statement recognition and measurement of
a tax position taken or expected to be taken in a tax return. The interpretation
also provides guidance on the related derecognition, classification,

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- 10 -

interest and penalties, accounting for interim periods,
disclosure and transition of uncertain tax position. The interpretation is
effective for fiscal years beginning after December 15, 2006. The adoption of
FIN 48 is not expected to have a material impact on our consolidated financial
position, results of operations or cash flows; however, we are still analyzing
the effects of FIN 48.

In September 2006, the FASB issued SFAS No. 157, Fair Value
Measurements. This Statement defines fair value as used in numerous accounting
pronouncements, establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosure related to the use of fair
value measures in financial statements. The Statement is to be effective for our
financial statements issued in 2009; however, earlier application is encouraged.
We are currently evaluating the timing of adoption and the impact that adoption
might have on its financial position or results of operations.

In September 2006, the Securities and Exchange Commission
(SEC) issued Staff Accounting Bulletin No. 108 (SAB 108). Due to diversity
in practice among registrants, SAB 108 expressed SEC staff views regarding the
process by which misstatements in financial statements are evaluated for
purposes of determining whether financial statement restatement is necessary.
SAB 108 is effective for fiscal years ending after November 15, 2006, and we
have adopted it. SAB 108 did not have a material impact on our financial
position or results from operations.

In December 2006, the FASB issued FASB Staff Position (FSP)
EITF 00-19-2, Accounting for Registration Payment Arrangements. This FSP
specifies that the contingent obligation to make future payments or otherwise
transfer consideration under a registration payment arrangement should be
separately recognized and measured in accordance with FASB No. 5, Accounting
for Contingencies. This FSP is effective immediately for registration payment
arrangements and the financial instruments subject to those arrangements that re
entered into or modified subsequent to December 31, 2006. For registration
payment arrangements and financial instruments subject to those arrangements
that were entered into prior to December 31, 2006, the guidance in the FSP is
effective January 1, 2006 for the Company. This FSP has not had a material
impact on our financial position or results from operations.

On February 15, 2007, the FASB issued SFAS No. 159 The Fair
Value Option for Financial Assets and Financial Liabilities. This Statement
establishes presentation and disclosure requirements designed to facilitate
comparisons between companies that choose different measurement attributes for
similar types of assets and liabilities. SFAS No. 159 is effective for our
financial statements issued in 2009. We are currently evaluating the impact that
the adoption of SFAS No. 159 might have on its financial position or results of
operations. Application of Critical Accounting Estimates

The financial statements of our company have been prepared in
accordance with generally accepted accounting principles in the United States.
Because a precise determination of many assets and liabilities is dependent upon
future events, the preparation of financial statements for a period necessarily
involves the use of estimates which have been made using careful judgement.

The financial statements have, in managements opinion, been
properly prepared within reasonable limits of materiality and within the
framework of the significant accounting policies summarized below:

Mineral Property and Exploration Costs

Exploration costs are expensed as incurred. Development costs
are expensed until it has been established that a mineral deposit is
commercially mineable and a production decision has been made by our company to
implement a mining plan and develop a mine, at which point the costs
subsequently incurred to develop the mine on the property prior to the start of
mining operations are capitalized.

Our company capitalizes the cost of acquiring mineral property
interests, including undeveloped mineral property interests, until the viability
of the mineral interest is determined. Capitalized acquisition costs are
expensed if it is determined that the mineral property has no future economic
value. Exploration stage mineral interests represent interests in properties
that are believed to potentially contain (i) other mineralized material such as
measured, indicated or inferred resources with insufficient drill hole spacing
to qualify as proven and probable mineral reserves and (ii) other mine-related
or greenfield exploration potential that are not an immediate part of measured
or

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- 11 -

indicated resources. Our companys mineral rights are generally
enforceable regardless of whether proven and probable reserves have been
established. Our company has the ability and intent to renew mineral rights
where the existing term is not sufficient to recover undeveloped mineral
interests.

Capitalized amounts (including capitalized development costs)
are also written down if future cash flows, including potential sales proceeds,
related to the mineral property are estimated to be less than the propertys
total carrying value. Management of our company reviews the carrying value of
each mineral property periodically, and whenever events or changes in
circumstances indicate that the carrying value may not be recoverable.
Reductions in the carrying value of a property would be recorded to the extent
that the total carrying value of the mineral property exceeds its estimated fair
value. No write downs of mineral property interests were recorded in the period
ended August 31, 2007.

Asset Retirement Obligations

In accordance with Statement of Financial Accounting Standards
No. 143, Accounting for Asset Retirement Obligations (''SFAS 143''), the fair
value of an asset retirement cost, and corresponding liability, should be
recorded as part of the cost of the related long-lived asset and subsequently
allocated to expense using a systematic and rational method. Our company will
record an asset retirement obligation to reflect its legal obligations related
to future abandonment of its mineral property interests using estimated expected
cash flow associated with the obligation and discounting the amount using a
credit-adjusted, risk-free interest rate. At least annually, our company will
reassess the obligation to determine whether a change in any estimated
obligation is necessary. Our company will evaluate whether there are indicators
that suggest the estimated cash flows underlying the obligation have materially
changed. Should those indicators suggest the estimated obligation has materially
changed, our company will accordingly update its assessment. At August 31, 2007,
our company had not undertaken any drilling activity on its properties had not
incurred significant reclamation obligations. As such, no asset retirement
obligation accrual was made in the August 31, 2007 financial statements.

Purchase of Significant Equipment

We do not anticipate the purchase or sale of any plant or
significant equipment during the next 12 months.

Personnel Plan

We do not anticipate any significant changes in the number of
employees during the next 12 months.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that is material to
investors.

RISK FACTORS

An investment in our common stock involves a number of very
significant risks. You should carefully consider the following risks and
uncertainties in addition to other information in this annual report in
evaluating our company and its business before purchasing shares of our
companys common stock. Our business, operating results and financial condition
could be seriously harmed due to any of the following risks. You could lose all
or part of your investment due to any of these risks.

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- 12 -

Risks Related To Our Business

Although we have entered into a letter agreement dated
November 9, 2007 with Global Trek Xploration and Jupili Investment S.A., we can
offer no assurance that such agreement will close, or that our company will be
successful in carrying out the business currently operated by Global Trek
Xploration.

We have entered into a letter agreement dated November 9, 2007
with Global Trek Xploration and Jupili Investment S.A. Due to conditions
precedent to closing, and the risk that these conditions precedent will not be
satisfied, we can offer no assurance that we will close the letter agreement or
the formal agreement that the parties contemplate will replace the letter
agreement. Our ability to achieve growth upon the consummation of the reverse
take over transaction with Global Trek Xploration will be dependent upon a
number of factors including our ability to transition our companys business,
establish a viable and knowledgable management team and obtain adequate
financial resources. There can be no assurance that we will be able to
successfully manage the resulting business. Failure to manage anticipated growth
effectively and efficiently could have a material adverse effect on our
company.

If the letter agreement closes as contemplated, management
of our company will be required to cancel 31,065,000 post stock split shares and
our current director will be only one of five directors on the proposed board
post closing.

The closing of the letter agreement is conditional upon our
sole director and officer cancelling 31,065,000 post stock split shares and upon
the appointment of four additional directors. It is also likely that our current
executive officer will resign at closing and will be replaced by a new
management team as determined by Global Trek Xploration. Our company cannot
provide any assurance that the new board or management team will be successful
in developing the business of our company following the closing of the letter
agreement.

If the letter agreement closes as contemplated, we will
issue a substantial number of common shares which will dilute the shareholdings
of our current shareholders and result in a change of control of our company.

The closing of the letter agreement is conditional upon the
issuance of 18,000,000 post split shares following the proposed stock split of
20.71 shares for each share currently issued and outstanding. In addition, our
sole director and officer is required to cancel 31,065,000 shares. Including the
issuance of 3,999,999 shares that are contemplated in connection with a
$2,000,000 financing and conversion of a $1,000,000 convertible bridge financing
(as described under the heading Recent Corporate Developments in Item 1), the
issuance of such shares will amount to a change of control of our company.
Excluding the shares held by our current director and officer, the current
shareholders of our company will hold 38.9% of our issued and outstanding shares
post closing. Under such circumstances, such shareholders will have a limited
ability to determine the affairs of our company on a going forward basis.

Because of the unique difficulties and uncertainties
inherent in mineral exploration ventures, we face a high risk of business
failure.

Potential investors should be aware of the difficulties
normally encountered by new mineral exploration companies and the high rate of
failure of such enterprises. The likelihood of success must be considered in
light of the problems, expenses, difficulties, complications and delays
encountered in connection with the exploration program that we may undertake on
the Treg-Rouchon property and any additional properties that we may acquire.
These potential problems include, but are not limited to, unanticipated problems
relating to exploration, and additional costs and expenses that may exceed
current estimates. The expenditures to be made by us in the exploration of the
Treg-Rouchon property may not result in the discovery of gold placer. Any
expenditures that we may make in the exploration of any other mineral property
that we may acquire may not result in the discovery of any commercially
exploitable mineral resources. Problems such as unusual or unexpected geological
formations and other conditions are involved in all mineral exploration and
often result in unsuccessful exploration efforts. If the results of our
exploration do not reveal viable commercial mineralization, we may decide to
abandon our interests in the Treg-Rouchon property. If this happens, our
business will likely fail.

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- 13 -

Because of the speculative nature of the exploration of
mineral properties, there is no assurance that our exploration activities will
result in the discovery of any quantities of gold placer on the Treg-Rouchon
property or any other additional properties we may acquire.

We may conduct exploration activities on the Treg-Rouchon
property and we may or may not acquire additional interests in other mineral
properties. The search for minerals as a business is extremely risky. We can
provide investors with no assurance that exploration on the Treg-Rouchon
property, or any other property that we may acquire, will establish that any
commercially exploitable quantities of minerals exist. Additional potential
problems may prevent us from discovering any minerals. These potential problems
include, but are not limited to, unanticipated problems relating to exploration
and additional costs and expenses that may exceed current estimates. If we are
unable to establish the presence of minerals on our property, our ability to
fund future exploration activities will be impeded, we will not be able to
operate profitably and investors may lose all of their investment in our
company.

Because of the inherent dangers involved in mineral
exploration and exploitation, there is a risk that we may incur liability or
damages if we conduct our exploration program.

The search for minerals involves numerous hazards. As a result,
we may become subject to liability for such hazards, including pollution,
cave-ins and other hazards against which we cannot insure or against which we
may elect not to insure. At the present time we have no coverage to insure
against these hazards. The payment of such liabilities may have a material
adverse effect on our financial position.

The potential profitability of mineral ventures depends in
part upon factors beyond the control of our company and even if we discover and
exploit mineral deposits, we may never become commercially viable and we may be
forced to cease operations.

The commercial feasibility of an exploration program on a
mineral property is dependent upon many factors beyond our control, including
the existence and size of mineral resources in the properties we explore, the
proximity and capacity of processing equipment, market fluctuations of prices,
taxes, royalties, land tenure, allowable production and environmental
regulation. These factors cannot be accurately predicted and any one or a
combination of these factors may result in our company not receiving an adequate
return on invested capital. These factors may have material and negative effects
on our financial performance and our ability to continue operations.

Exploration and exploitation activities are subject to
comprehensive regulation which may cause substantial delays or require capital
outlays in excess of those anticipated causing an adverse effect on our
company.

Exploration and exploitation activities are subject to federal,
provincial, and local laws, regulations and policies, including laws regulating
the removal of natural resources from the ground and the discharge of materials
into the environment. Exploration and exploitation activities are also subject
to federal, provincial, and local laws and regulations which seek to maintain
health and safety standards by regulating the design and use of drilling methods
and equipment.

Environmental and other legal standards imposed by federal,
provincial, or local authorities may be changed and any such changes may prevent
us from conducting planned activities or increase our costs of doing so, which
would have material adverse effects on our business. Moreover, compliance with
such laws may cause substantial delays or require capital outlays in excess of
those anticipated, thus causing an adverse effect on us. Additionally, we may be
subject to liability for pollution or other environmental damages that we may
not be able to or elect not to insure against due to prohibitive premium costs
and other reasons. Any laws, regulations or policies of any government body or
regulatory agency may be changed, applied or interpreted in a manner which will
alter and negatively affect our ability to carry on our business.

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- 14 -

Risks Associated With Our Company

Because the Treg-Rouchon property may not contain gold
placer and because we have never made a profit from our operations, and because
we may abandon our current business plan to embark on a new business venture,
our securities are highly speculative and investors may lose all of their
investment in our company.

Our securities must be considered highly speculative, generally
because of the nature of our business and our early stage of operations. We
currently only have an interest in the Treg-Rouchon property. Our only rights on
this property are to explore for gold placer. The Treg-Rouchon property is in
the exploration stage only and may not contain gold placer. We may never conduct
our exploration program. We may enter into an entirely new type of business. We
may or may not acquire additional interests in other mineral properties but we
do not have plans to acquire rights in any specific mineral properties as of the
date of this report. Accordingly, we have not generated any revenues nor have we
realized a profit from our operations to date and there is little likelihood
that we will generate any revenues or realize any profits in the short term. So,
any profitability in the future from our business will be dependent upon
locating and exploiting gold placer on the Treg-Rouchon property or mineral
deposits on any additional properties that we may acquire. The likelihood of any
mineral properties that we may acquire or have an interest in, including the
Treg-Rouchon property, containing commercially exploitable mineral deposits is
extremely remote. In all probability, any mineral properties that we may acquire
or that we have an interest in, including the Treg-Rouchon property, do not
contain any commercially exploitable mineral deposits and any funds that we
spend on exploration will be lost. We may never discover gold placer in the
Treg-Rouchon property or any other area, or we may do so and still not be
commercially successful if we are unable to exploit those mineral deposits
profitably. We may not be able to operate profitably and may have to cease
operations, the price of our securities may decline and investors may lose all
of their investment in our company.

As we face intense competition in the gold placer
exploration and exploitation industry, we will have to compete with our
competitors for financing and for qualified managerial and technical
employees.

The Treg-Rouchon property is located in central British
Columbia, approximately 102 km Northeast of the city of Quesnel, and 712 km
Northeast of Vancouver, situated in an area known as the Caribou Gold District.
Our competition in this area includes large established mining companies with
substantial capabilities and with greater financial and technical resources than
we have. As a result of this competition, we may have to compete for financing
and be unable to acquire financing on terms we consider acceptable. We may also
have to compete with the other mining companies in the region for the
recruitment and retention of qualified managerial and technical employees. If we
are unable to successfully compete for financing or for qualified employees, our
exploration programs may be slowed down, suspended or ceased, which may cause us
to cease operations as a company.

Weather Interruptions in the Caribou Gold District may delay
or prevent exploration on the Treg-Rouchon property.

Our proposed exploration work can be performed approximately
only nine months a year. This is because of extreme winter conditions which
exist in the Caribou Gold District between the months of December and March,
which may delay or prevent exploration on the Treg-Rouchon property.

Our common stock is illiquid and shareholders may be unable
to sell their shares.

There is currently no market for our common stock and we can
provide no assurance to investors that a market will develop. If a market for
our common stock does not develop, our shareholders may not be able to re-sell
the shares of our common stock that they have purchased and they may lose all of
their investment. Public announcements regarding our company, changes in
government regulations, conditions in our market segment or changes in earnings
estimates by analysts may cause the price of our common shares to fluctuate
substantially. These fluctuations may adversely affect the trading price of our
common shares.

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- 15 -

We have a history of losses and have a deficit, which raises
substantial doubt about our ability to continue as a going concern.

We have not generated any revenues since our inception and we
will continue to incur operating expenses without revenues until we are in
commercial deployment. Our net loss from April 7, 2006 (date of inception) to
August 31, 2007 was $82,195. We had cash of $25,913 as of August 31, 2007. We
currently do not have any operations and we have no income. We estimate our
average monthly operating expenses to be approximately $4700 each month. We
cannot provide assurances that we will be able to successfully explore and
develop our business. These circumstances raise substantial doubt about our
ability to continue as a going concern as described in an explanatory paragraph
to our independent auditors report on our audited financial statements for the
period ended August 31, 2007. If we are unable to continue as a going concern,
investors will likely lose all of their investments in our company.

Our future is dependent upon our ability to obtain
financing. If we do not obtain such financing, we may have to cease our
exploration activities and investors could lose their entire investment.

There is no assurance that we will operate profitably or will
generate positive cash flow in the future. We will require additional financing
in order to proceed beyond the first few months of our exploration program. We
will also require additional financing for the fees we must pay to maintain our
status in relation to the rights to our properties and to pay the fees and
expenses necessary to become and operate as a public company. We will also need
more funds if the costs of the exploration of our gold placer claims are greater
than we have anticipated. We will require additional financing to sustain our
business operations if we are not successful in earning revenues. We will also
need further financing if we decide to obtain additional mineral properties. We
currently do not have any arrangements for further financing and we may not be
able to obtain financing when required. Our future is dependent upon our ability
to obtain financing. If we do not obtain such financing, our business could fail
and investors could lose their entire investment.

We have a limited operating history and if we are not
successful in operating our company, then investors may lose all of their
investment in our company.

Our company has a limited operating history and is in the
exploration stage. We have never earned revenues and there is, no basis on which
to judge the likelihood of our success as a company. If we are not able to
operate profitably, then our stock may become worthless and investors may lose
all of their investment in our company.

Because Jeffrey Sharpe, our President, Secretary, Treasurer
and a director of our company, lives outside of the United States, you may have
no effective recourse against him for misconduct and may not be able to enforce
judgment and civil liabilities against him.

Jeffrey Sharpe, our President, Secretary, Treasurer and a
director of our company is a national and a resident of Canada, and all or a
substantial portion of his assets are located outside of the United States. As a
result, it may be difficult for investors to enforce within the United States
any judgments obtained against him, or obtain judgments against him outside of
the United States that are predicated upon the civil liability provisions of the
securities laws of the United States or any state thereof.

Because Jeffrey Sharpe, our President, Secretary, Treasurer
and director of our company, is employed elsewhere his time and efforts will not
be devoted to our company full-time.

Jeffrey Sharpe our President, Secretary, Treasurer and a
director of our company is not devoted to our company on a full time basis. As a
result, he manages our company on a part-time basis. He spends approximately 20
to 25 hours per week managing our company. Because of this fact, the management
of our company may suffer and our company could under-perform or fail.

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- 16 -

Risks Associated with Our Common Stock

Trading on the OTC Bulletin Board may be volatile and
sporadic, which could depress the market price of our common stock and make it
difficult for our stockholders to resell their shares.

Our common stock is quoted on the OTC Bulletin Board service of
the Financial Industry Regulatory Authority (FINRA). Trading in stock quoted
on the OTC Bulletin Board is often thin and characterized by wide fluctuations
in trading prices due to many factors that may have little to do with our
operations or business prospects. This volatility could depress the market price
of our common stock for reasons unrelated to operating performance. Moreover,
the OTC Bulletin Board is not a stock exchange, and trading of securities on the
OTC Bulletin Board is often more sporadic than the trading of securities listed
on a quotation system like Nasdaq or a stock exchange like the American Stock
Exchange. Accordingly, our shareholders may have difficulty reselling any of
their shares.

Our stock is a penny stock. Trading of our stock may be
restricted by the SECs penny stock regulations and the FINRAs sales practice
requirements, which may limit a stockholders ability to buy and sell our
stock.

Our stock is a penny stock. The Securities and Exchange
Commission has adopted Rule 15g-9 which generally defines penny stock to be
any equity security that has a market price (as defined) less than $5.00 per
share or an exercise price of less than $5.00 per share, subject to certain
exceptions. Our securities are covered by the penny stock rules, which impose
additional sales practice requirements on broker-dealers who sell to persons
other than established customers and accredited investors. The term
accredited investor refers generally to institutions with assets in excess of
$5,000,000 or individuals with a net worth in excess of $1,000,000 or annual
income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock
rules require a broker-dealer, prior to a transaction in a penny stock not
otherwise exempt from the rules, to deliver a standardized risk disclosure
document in a form prepared by the SEC which provides information about penny
stocks and the nature and level of risks in the penny stock market. The
broker-dealer also must provide the customer with current bid and offer
quotations for the penny stock, the compensation of the broker-dealer and its
salesperson in the transaction and monthly account statements showing the market
value of each penny stock held in the customers account. The bid and offer
quotations, and the broker-dealer and salesperson compensation information, must
be given to the customer orally or in writing prior to effecting the transaction
and must be given to the customer in writing before or with the customers
confirmation. In addition, the penny stock rules require that prior to a
transaction in a penny stock not otherwise exempt from these rules, the
broker-dealer must make a special written determination that the penny stock is
a suitable investment for the purchaser and receive the purchasers written
agreement to the transaction. These disclosure requirements may have the effect
of reducing the level of trading activity in the secondary market for the stock
that is subject to these penny stock rules. Consequently, these penny stock
rules may affect the ability of broker-dealers to trade our securities. We
believe that the penny stock rules discourage investor interest in, and limit
the marketability of, our common stock.

Financial Industry Regulatory Authority (FINRA) sales
practice requirements may also limit a stockholders ability to buy and sell our
stock.

In addition to the penny stock rules promulgated by the
Securities and Exchange Commission (see above for a discussion of penny stock
rules), FINRA rules require that in recommending an investment to a customer, a
broker-dealer must have reasonable grounds for believing that the investment is
suitable for that customer. Prior to recommending speculative low priced
securities to their non-institutional customers, broker-dealers must make
reasonable efforts to obtain information about the customers financial status,
tax status, investment objectives and other information. Under interpretations
of these rules, FINRA believes that there is a high probability that speculative
low priced securities will not be suitable for at least some customers. FINRA
requirements make it more difficult for broker-dealers to recommend that their
customers buy our common stock, which may limit your ability to buy and sell our
stock and have an adverse effect on the market for our shares.

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- 17 -

Item 7. Financial Statements.

DEEAS RESOURCES INC.

(A Pre-exploration Stage Company)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2007 and 2006

(Stated in US Dollars)

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- 18 -

|A PARTNERSHIPOFINCORPORATEDPROFESSIONALS | AMISANOHANSON       
|---------------------------------------- | --------------------
|                                         | CHARTEREDACCOUNTANTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Stockholders, Deeas Resources Inc.

We have audited the accompanying consolidated balance sheets of
Deeas Resources Inc. (A Pre-exploration Stage Company) and its subsidiary as of
August 31, 2007 and 2006 and the related consolidated statements of operations,
cash flows and stockholders' equity for the year ended August 31, 2007, the
period April 7, 2006 (Date of Inception) to August 31, 2006 and the period April
7, 2006 (Date of Inception) to August 31, 2007. These financial statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States of America). Those
standards require that we plan and perform an audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, these financial statements referred to above
present fairly, in all material respects, the financial position of Deeas
Resources Inc. and its subsidiary as of August 31, 2007 and 2006 and the results
of their operations and their cash flows for the year ended August 31, 2007, the
period April 7, 2006 (Date of Inception) to August 31, 2006 and the period April
7, 2006 (Date of Inception) to August 31, 2007, in conformity with accounting
principles generally accepted in the United States of America.

The accompanying financial statements referred to above have
been prepared assuming that the company will continue as a going concern. As
discussed in Note 1 to the financial statements, the company is in the
pre-exploration stage, has no established source of revenue and is dependent on
its ability to raise capital from stockholders or other sources to sustain
operations. These factors, along with other matters as set forth in Note 1,
raise substantial doubt that the company will be able to continue as a going
concern. The financial statements do not include any adjustments that might
result from the outcome of these uncertainties.

|Vancouver, Canada                             | AMISANO HANSON     
|--------------------------------------------- | ---------------------
|September 27, 2007, except as to Note 7 which | Chartered Accountants
|is as of November 9, 2007                     |                      

|750 WEST PENDER STREET, SUITE 604 | TELEPHONE: | 604-689-0188     
|--------------------------------- | ---------- | -----------------
|VANCOUVER CANADA                  | FACSIMILE: | 604-689-9773     
|V6C 2T7                           | E-MAIL:    | amishan@telus.net

---

|- 19 -                           
|---------------------------------
|                                 
|                                 
|DEEAS RESOURCES INC.             
|(A Pre-exploration Stage Company)
|CONSOLIDATED BALANCE SHEETS      
|August 31, 2007 and 2006         
|(Stated in US Dollars)           

|ASSETS                                               |   | 2007    |   |   | 2006    |  
|---------------------------------------------------- | - | ------- | - | - | ------- | -
|                                                     |   |         |   |   |         |  
|Current                                              |   |         |   |   |         |  
|Cash                                                 | $ | 25,913  |   | $ | 82,436  |  
|Amount receivable                                    |   | 778     |   |   | 523     |  
|                                                     |   |         |   |   |         |  
|                                                     | $ | 26,691  |   | $ | 82,959  |  
|                                                     |   |         |   |   |         |  
|LIABILITIES                                          |   |         |   |   |         |  
|                                                     |   |         |   |   |         |  
|Current                                              |   |         |   |   |         |  
|Accounts payable and accrued
      liabilities       | $ | 473     |   | $ | 8,300   |  
|                                                     |   |         |   |   |         |  
|STOCKHOLDERS EQUITY                                 |   |         |   |   |         |  
|                                                     |   |         |   |   |         |  
|Capital stock  Notes 3, 5 and 7                     |   |         |   |   |         |  
|Authorized:                                          |   |         |   |   |         |  
|100,000,000 Common shares, $0.001 par value          |   |         |   |   |         |  
|10,000,000 Preferred shares, $0.001 par value        |   |         |   |   |         |  
|Issued and outstanding                               |   |         |   |   |         |  
|2,176,000 common shares                              |   | 2,176   |   |   | 2,176   |  
|Additional paid in capital                           |   | 107,424 |   |   | 95,424  |  
|Other comprehensive loss                             |   | (1,187  | ) |   | (129    | )
|Deficit accumulated during the pre-exploration stage |   | (82,195 | ) |   | (22,812 | )
|                                                     |   |         |   |   |         |  
|                                                     |   | 26,218  |   |   | 74,659  |  
|                                                     |   |         |   |   |         |  
|                                                     | $ | 26,691  |   | $ | 82,959  |  

Nature and Continuance of Operations  Note 1 Commitments 
Note 7 Subsequent Event  Note 7

SEE ACCOMPANYING NOTES

---

|- 20 -                                                                   
|-------------------------------------------------------------------------
|DEEAS RESOURCES INC.                                                     
|(A Pre-exploration Stage Company)                                        
|CONSOLIDATED STATEMENTS OF OPERATIONS                                    
|for the year ended August 31, 2007, the period April 7,
      2006       
|(Date of Inception) to August 31, 2006 and                               
|for the period April 7, 2006 (Date of Inception) to
      August 31, 2007
|(Stated in US Dollars)                                                   

|                                              |   |            |   |   | April 7,      |   |   | April 7,      |  
|--------------------------------------------- | - | ---------- | - | - | ------------- | - | - | ------------- | -
|                                              |   |            |   |   | 2006          |   |   | 2006          |  
|                                              |   |            |   |   | (Date of      |   |   | (Date of      |  
|                                              |   | Year ended |   |   | Inception) to |   |   | Inception) to |  
|                                              |   | August 31, |   |   | August 31,    |   |   | August 31,    |  
|                                              |   | 2007       |   |   | 2006          |   |   | 2007          |  
|                                              |   |            |   |   |               |   |   |               |  
|Revenue                                       | $ | -          |   | $ | -             |   | $ | -             |  
|                                              |   |            |   |   |               |   |   |               |  
|Expenses                                      |   |            |   |   |               |   |   |               |  
|Filing fees                                   |   | 305        |   |   | -             |   |   | 305           |  
|Foreign exchange gain                         |   | (922       | ) |   | (93           | ) |   | (1,015        | )
|Interest and bank charges                     |   | 227        |   |   | 91            |   |   | 318           |  
|Legal, audit and
      accounting fees        |   | 41,341     |   |   | 12,349        |   |   | 53,690        |  
|Management fees  Notes 3 and 6               |   | 12,000     |   |   | -             |   |   | 12,000        |  
|Mineral claims costs                          |   | 4,695      |   |   | 10,465        |   |   | 15,160        |  
|Transfer agent                                |   | 1,737      |   |   | -             |   |   | 1,737         |  
|                                              |   |            |   |   |               |   |   |               |  
|                                              |   | 59,383     |   |   | 22,812        |   |   | 82,195        |  
|                                              |   |            |   |   |               |   |   |               |  
|Net loss for the period                       |   | (59,383    | ) |   | (22,812       | ) |   | (82,195       | )
|                                              |   |            |   |   |               |   |   |               |  
|Other comprehensive loss:                     |   |            |   |   |               |   |   |               |  
|Foreign currency
      translation adjustment |   | (1,058     | ) |   | (129          | ) |   | (1,187        | )
|                                              |   |            |   |   |               |   |   |               |  
|Comprehensive loss for the priod              | $ | (60,441    | ) | $ | (22,941       | ) | $ | (83,382       | )
|                                              |   |            |   |   |               |   |   |               |  
|Basic loss per share                          | $ | (0.03      | ) | $ | (0.01         | ) |   |               |  
|                                              |   |            |   |   |               |   |   |               |  
|Weighted average number of common shares      |   |            |   |   |               |   |   |               |  
|outstanding                                   |   | 2,176,000  |   |   | 2,176,000     |   |   |               |  

SEE ACCOMPANYING NOTES

---

|- 21 -                                                                   
|-------------------------------------------------------------------------
|DEEAS RESOURCES INC.                                                     
|(A Pre-exploration Stage Company)                                        
|CONSOLIDATED STATEMENTS OF CASH FLOWS                                    
|for the year ended August 31, 2007, the period April 7,
      2006       
|(Date of Inception) to August 31, 2006 and                               
|for the period April 7, 2006 (Date of Inception) to
      August 31, 2007
|(Stated in US Dollars)                                                   

|                                                    |   |            |   |   | April 7,      |   |   | April 7,      |  
|--------------------------------------------------- | - | ---------- | - | - | ------------- | - | - | ------------- | -
|                                                    |   |            |   |   | 2006          |   |   | 2006          |  
|                                                    |   |            |   |   | (Date of      |   |   | (Date of      |  
|                                                    |   | Year ended |   |   | Inception) to |   |   | Inception) to |  
|                                                    |   | August 31, |   |   | August 31,    |   |   | August 31,    |  
|                                                    |   | 2007       |   |   | 2006          |   |   | 2007          |  
|                                                    |   |            |   |   |               |   |   |               |  
|Cash Flows from Operating Activities                |   |            |   |   |               |   |   |               |  
|Net loss for the period                             | $ | (59,383    | ) | $ | (22,812       | ) | $ | (82,195       | )
|Add item not involving
      cash:                  |   |            |   |   |               |   |   |               |  
|Management fees                                     |   | 12,000     |   |   | -             |   |   | 12,000        |  
|Changes in non-cash
      working capital balances: |   |            |   |   |               |   |   |               |  
|Increase in amount
      receivable                 |   | (216       | ) |   | (523          | ) |   | (739          | )
|Increase (decrease) in accounts payable             |   |            |   |   |               |   |   |               |  
|and accrued
      liabilities                       |   | (7,831     | ) |   | 8,300         |   |   | 469           |  
|                                                    |   |            |   |   |               |   |   |               |  
|Net cash used in operating activities               |   | (55,430    | ) |   | (15,035       | ) |   | (70,465       | )
|                                                    |   |            |   |   |               |   |   |               |  
|Cash Flows from Financing Activity                  |   |            |   |   |               |   |   |               |  
|Issuance of common
      stock                      |   | -          |   |   | 97,600        |   |   | 97,600        |  
|                                                    |   |            |   |   |               |   |   |               |  
|Effect of foreign currency translation              |   | (1,093     | ) |   | (129          | ) |   | (1,222        | )
|                                                    |   |            |   |   |               |   |   |               |  
|Increase (decrease) in cash                         |   | (56,523    | ) |   | 82,436        |   |   | 25,913        |  
|                                                    |   |            |   |   |               |   |   |               |  
|Cash, beginning of the period                       |   | 82,436     |   |   | -             |   |   | -             |  
|                                                    |   |            |   |   |               |   |   |               |  
|Cash, end of the period                             | $ | 25,913     |   | $ | 82,436        |   | $ | 25,913        |  
|                                                    |   |            |   |   |               |   |   |               |  
|Non-cash Transaction  Note 5                       |   |            |   |   |               |   |   |               |  

SEE ACCOMPANYING NOTES

---

|- 22 -                                                                        
|------------------------------------------------------------------------------
|                                                                              
|DEEAS RESOURCES INC.                                                          
|(A Pre-exploration Stage Company)                                             
|CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY                               
|for the period from April 7, 2006 (Date of Inception) to
      August 31, 2007
|(Stated in US Dollars)                                                        

|                                            |  |              |  |   |           |  |   |               |  |   |                 |   |   | Deficit     |   |   |         |  
|------------------------------------------- |  | ------------ |  | - | --------- |  | - | ------------- |  | - | --------------- | - | - | ----------- | - | - | ------- | -
|                                            |  |              |  |   |           |  |   |               |  |   |                 |   |   | Accumulated |   |   |         |  
|                                            |  |              |  |   |           |  |   | Additional    |  |   | Other           |   |   | During the  |   |   |         |  
|                                            |  | Common Stock |  |   | Paid-in   |  |   | Comprehensive |  |   | Pre-exploration |   |   |             |  
|                                            |  | Number       |  |   | Par Value |  |   | Capital       |  |   | Loss            |   |   | Stage       |   |   | Total   |  
|                                            |  |              |  |   |           |  |   |               |  |   |                 |   |   |             |   |   |         |  
|Balance, April 7, 2006 (Date of Inception)  |  | -            |  | $ | -         |  | $ | -             |  | $ | -               |   | $ | -           |   | $ | -       |  
|Capital stock issued for cash - at $0.02    |  | 1,500,000    |  |   | 1,500     |  |   | 28,500        |  |   | -               |   |   | -           |   |   | 30,000  |  
|- at $0.10                                  |  | 676,000      |  |   | 676       |  |   | 66,924        |  |   | -               |   |   | -           |   |   | 67,600  |  
|Foreign currency translation adjustment     |  | -            |  |   | -         |  |   | -             |  |   | (129            | ) |   | -           |   |   | (129    | )
|Net loss for the period ended August 31,    |  |              |  |   |           |  |   |               |  |   |                 |   |   |             |   |   |         |  
|2006                                        |  | -            |  |   | -         |  |   | -             |  |   | -               |   |   | (22,812     | ) |   | (22,812 | )
|                                            |  |              |  |   |           |  |   |               |  |   |                 |   |   |             |   |   |         |  
|Balance, August 31, 2006                    |  | 2,176,000    |  |   | 2,176     |  |   | 95,424        |  |   | (129            | ) |   | (22,812     | ) |   | 74,659  |  
|Capital contribution  Note 5               |  | -            |  |   | -         |  |   | 12,000        |  |   | -               |   |   | -           |   |   | 12,000  |  
|Foreign currency translation adjustment     |  | -            |  |   | -         |  |   | -             |  |   | (1,058          | ) |   | -           |   |   | (1,058  | )
|Net loss for the year ended August 31, 2007 |  | -            |  |   | -         |  |   | -             |  |   | -               |   |   | (59,383     | ) |   | (59,383 | )
|                                            |  |              |  |   |           |  |   |               |  |   |                 |   |   |             |   |   |         |  
|Balance, August 31, 2007                    |  | 2,176,000    |  | $ | 2,176     |  |   | 107,424       |  | $ | (1,187          | ) | $ | (82,195     | ) | $ | 26,218  |  

SEE ACCOMPANYING NOTES

---

|- 23 -                                        
|----------------------------------------------
|                                              
|                                              
|DEEAS RESOURCES INC.                          
|(A Pre-exploration Stage Company)             
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|August 31, 2007 and 2006                      
|(Stated in US Dollars)                        

|Note 1 | Nature and Continuance of Operations
|------ | ------------------------------------

The Company was incorporated in the
State of Nevada on April 7, 2006. The Company is a pre-exploration stage company
whose principal business is the acquisition and exploration of mineral claims.
The Company has not presently determined whether its mineral claims contain
mineral reserves that are economically recoverable. The recoverability of
amounts from the mineral claims will be dependent upon the discovery of
economically recoverable reserves, confirmation of the Companys interest in the
underlying mineral claims, the ability of the Company to obtain necessary
financing to satisfy the expenditure requirements under the mineral claims
agreement and to complete the development of the mineral claims and upon future
profitable production or proceeds from the sale thereof.

These financial statements have been
prepared in accordance with generally accepted accounting principles applicable
to a going concern, which assumes that the Company will be able to meet its
obligations and continue its operations for its next fiscal year. Realization
values may be substantially different from carrying values as shown and these
financial statements do not give effect to adjustments that would be necessary
to the carrying values and classification of assets and liabilities should the
Company be unable to continue as a going concern. At August 31, 2007, the
Company had not yet achieved profitable operations, has accumulated losses of
$82,195 since its inception and expects to incur further losses in the
development of its business, all of which casts substantial doubt about the
Companys ability to continue as a going concern. The Companys ability to
continue as a going concern is dependent upon its ability to generate future
profitable operations and/or to obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business operations
when they come due. Management has no formal plan in place to address this
concern but considers that the Company will be able to obtain additional funds
by equity financing and/or related party advances, however there is no assurance
of additional funding being available.

|Note 2 | Summary of Significant Accounting
      Policies
|------ | ------------------------------------------------

The financial statements of the Company
have been prepared in accordance with generally accepted accounting principles
in the United States of America. Because a precise determination of many assets
and liabilities is dependent upon future events, the preparation of financial
statements for a period necessarily involves the use of estimates that have been
made using careful judgement. Actual results may vary from these estimates.

The financial statements have, in
managements opinion, been properly prepared within the framework of the
significant accounting policies summarized below:

---

- 24 -

|Deeas Resources Inc.                          
|----------------------------------------------
|(A Pre-exploration Stage Company)             
|Notes to the Consolidated Financial Statements
|August 31, 2007 and 2006                      
|(Stated in US Dollars)  Page 2               

|Note 2 | Summary of Significant Accounting Policies (contd)
|------ | ----------------------------------------------------

| | a) | Principles of Consolidation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    | These consolidated financial statements include the
      accounts of Deeas Resources Inc. and its wholly-owned subsidiary, 0758372
      B.C. Ltd, which was incorporated by the Company. All inter- company
      transactions have been eliminated.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | b) | Pre-exploration Stage Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    | The Company complies with Financial Accounting Standard
      Board Statement (SFAS) No. 7 and the Securities and Exchange Commission
      Exchange Act Guide 7 for its characterization of the Company as
      pre-exploration stage.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | c) | Mineral Property Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    | All costs related to the acquisition, exploration and
      development of mineral claims are expensed by the Company when incurred
      until such time as reserves are proven.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | d) | Environmental Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    | Environmental expenditures that relate to current
      operations are expensed or capitalized as appropriate. Expenditures that
      relate to an existing condition caused by past operations, and which do
      not contribute to current or future revenue generation, are expensed.
      Liabilities are recorded when environmental assessments and/or remedial
      efforts are probable, and the cost can be reasonably estimated. Generally,
      the timing of these accruals coincides with the earlier of completion of a
      feasibility study or the Companys commitments to plan of action based on
      the then known facts.                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | e) | Financial Instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    | The carrying values of the Companys financial
      instruments, which include cash and accounts payable and accrued
      liabilities, approximate their fair values due to the short-term maturity
      of these financial instruments. Foreign currency transactions are
      primarily undertaken in Canadian dollars. Unless otherwise noted, it is
      managements opinion that the Company is not exposed to significant
      interest, currency or credit risk arising from these financial
      instruments. The currency risk is the risk to the Companys operations
      that arise from fluctuations in foreign exchange rates and the degree of
      volatility of these rates. Currently, the Company does not use derivative
      instruments to reduce its exposure to foreign currency
  risk.

---

- 25 -

|Deeas Resources Inc.                          
|----------------------------------------------
|(A Pre-exploration Stage Company)             
|Notes to the Consolidated Financial Statements
|August 31, 2007 and 2006                      
|(Stated in US Dollars)  Page 3               

|Note 2 | Summary of Significant Accounting Policies (contd)
|------ | ----------------------------------------------------

| | f) | Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | The Company uses the assets and liability method of
      accounting for income taxes pursuant to SFAS, No. 109 "Accounting for
      Income Taxes". Under the assets and liability method of SFAS 109, deferred
      tax assets and liabilities are recognized for the future tax consequences
      attributable to temporary differences between the financial statements
      carrying amounts of existing assets and liabilities and their respective
      tax bases. Deferred tax assets and liabilities are measured using enacted
      tax rates expected to apply to taxable income in the years in which those
      temporary differences are expected to be recovered or settled.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | g) | Foreign Currency Translation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | The Companys functional currency is both the United
      States dollar and Canadian dollar. The Company uses the United States
      dollar as its reporting currency for consistency with registrants of the
      Securities and Exchange Commission (SEC) and in accordance with the SFAS
      No. 52.                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | Assets and liabilities denominated in a foreign currency
      are translated at the exchange rate in effect at the period-end and
      capital accounts are translated at historical rates. Income statement
      accounts are translated at the average rates of exchange prevailing during
      the period. Translation adjustments arising from the use of differing
      exchange rates from period to period were included in the accumulated
      other comprehensive income (loss) account in stockholders
  equity.                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | Transactions undertaken in currencies other than the
      functional currency of the entity are translated using the exchange rate
      in effect as of the transaction date. Any exchange gains and losses are
      included in the statement of operations.                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | h) | Comprehensive Loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | SFAS No. 130, Reporting Comprehensive Income,
      establishes standards for the reporting and display of comprehensive loss
      and its components in the financial
statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

---

- 26 -

|Deeas Resources Inc.                          
|----------------------------------------------
|(A Pre-exploration Stage Company)             
|Notes to the Consolidated Financial Statements
|August 31, 2007 and 2006                      
|(Stated in US Dollars)  Page 4               

|Note 2 | Summary of Significant Accounting Policies (contd)
|------ | ----------------------------------------------------

| | i) | Stock-based Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    | The Company will account for stock-based compensation
      using FAS 123R which requires public companies to recognize the cost of
      services received in exchange for equity instruments, based on the
      grant-date fair value of those instruments, with limited exceptions. The
      Company will use the Black-Scholes option valuation model to calculate
      stock-based compensation at the date of the grant. Option pricing models
      require the input of highly subjective assumptions, including the expected
      price volatility. Changes in assumptions may materially affect the fair
      value estimate.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | j) | Basic Loss Per Share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    | The Company reports basic loss per share in accordance
      with the SFAS No. 128, Earnings Per Share. Basic loss per share is
      computed using the weighted average number of shares outstanding during
      the year. Diluted loss per share has not been provided, as it would be
      anti- dilutive.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | k) | New Accounting Standards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    | In June 2006, the Financial Accounting Standards Board
      (FASB) issued FASB Interpretation No. 48, Accounting for Uncertainty in
      Income Taxes. The interpretation clarifies the accounting for uncertainty
      in income taxes recognized in a companys financial statements in
      accordance with Statement of Financial Accounting Standards No. 109,
      Accounting for Income Taxes. Specifically, the pronouncement prescribes
      a recognition threshold and a measurement attribute for the financial
      statement recognition and measurement of a tax position taken or expected
      to be taken in a tax return. The interpretation also provides guidance on
      the related derecognition, classification, interest and penalties,
      accounting for interim periods, disclosure and transition of uncertain tax
      position. The interpretation is effective for fiscal years beginning after
      December 15, 2006. The adoption of FIN 48 is not expected to have a
      material impact on the Companys consolidated financial position, results
      of operations or cash flows; however, the Company is still analyzing the
      effects of FIN 48.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    | In September 2006, the FASB issued SFAS No. 157, Fair
      Value Measurements. This Statement defines fair value as used in numerous
      accounting pronouncements, establishes a framework for measuring fair
      value in generally accepted accounting principles and expands disclosure
      related to the use of fair value measures in financial statements. The
      Statement is to be effective for the Companys financial statements issued
      in 2009; however, earlier application is encouraged. The Company is
      currently evaluating the timing of adoption and the impact that adoption
      might have on its financial position or results of
  operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

---

- 27 -

|Deeas Resources Inc.                          
|----------------------------------------------
|(A Pre-exploration Stage Company)             
|Notes to the Consolidated Financial Statements
|August 31, 2007 and 2006                      
|(Stated in US Dollars)  Page 5               

|Note 2 | Summary of Significant Accounting Policies (contd)
|------ | ----------------------------------------------------

| | k) | New Accounting Standards (contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    | In September 2006, the Securities and Exchange Commission
      (SEC) issued Staff Accounting Bulletin No. 108 (SAB 108). Due to
      diversity in practice among registrants, SAB 108 expressed SEC staff views
      regarding the process by which misstatements in financial statements are
      evaluated for purposes of determining whether financial statement
      restatement is necessary. SAB 108 is effective for fiscal years ending
      after November 15, 2006, and the Company has adopted it. SAB 108 did not
      have a material impact on the Companys financial position or results from
      operations.                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    | In December 2006, the FASB issued FASB Staff Position
      (FSP) EITF 00-19-2, Accounting for Registration Payment Arrangements.
      This FSP specifies that the contingent obligation to make future payments
      or otherwise transfer consideration under a registration payment
      arrangement should be separately recognized and measured in accordance
      with FASB No. 5, Accounting for Contingencies. This FSP is effective
      immediately for registration payment arrangements and the financial
      instruments subject to those arrangements that re entered into or modified
      subsequent to December 31, 2006. For registration payment arrangements and
      financial instruments subject to those arrangements that were entered into
      prior to December 31, 2006, the guidance in the FSP is effective January
      1, 2006 for the Company. This FSP has not had a material impact on the
      Companys financial position or results from operations.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    | On February 15, 2007, the FASB issued SFAS No. 159 The
      Fair Value Option for Financial Assets and Financial Liabilities. This
      Statement establishes presentation and disclosure requirements designed to
      facilitate comparisons between companies that choose different measurement
      attributes for similar types of assets and liabilities. SFAS No. 159 is
      effective for the Companys financial statements issued in 2009. The
      Company is currently evaluating the impact that the adoption of SFAS No.
      159 might have on its financial position or results of
  operations.                                                                                                                                                                                                                                                                                                                                                                                    

|Note 3 | Related Party Transactions
|------ | --------------------------

On April 7, 2006, the Company issued
1,500,000 shares of common stock to the President of the Company in
consideration for a cash payment of $30,000.

During the year ended August 31, 2007,
the director of the Company contributed management services to the Company at
$1,000 per month. This amount has been recorded as donated services and included
in additional paid-in capital.

---

- 28 -

|Deeas Resources Inc.                          
|----------------------------------------------
|(A Pre-exploration Stage Company)             
|Notes to the Consolidated Financial Statements
|August 31, 2007 and 2006                      
|(Stated in US Dollars)  Page 6               

|Note 4 | Mineral Properties
|------ | ------------------

On May 25, 2006, the Company acquired a
100% interest in certain mineral claims located in British Columbia, Canada in
consideration for $3,518. The claims are registered in the name of 0758372 B.C.
Ltd., a wholly-owned subsidiary of the Company. The cost of the mineral property
was expensed as incurred.

|Note 5 | Non-cash Transaction
|------ | --------------------

Investing and financing activities that do not have
  a direct impact on current cash flows are excluded from the statements of cash
  flows. The director of the Company has provided certain administrative services
  at no charge. The fair value of these services is $12,000, which has been recorded
  as additional paid-in capital. This transaction has been excluded from the statements
  of cash flows.

|Note 6 | Future Income Tax
|------ | -----------------

Potential benefits of income tax losses
are not recognized in the accounts until realization is more likely-than-not.
The Company has accumulated net operating losses of $82,195, which commence
expiring in 2016. Pursuant to SFAS No. 109, the Company is required to compute
tax asset benefits for net operating losses carried forward. The potential
benefit of net operating losses have not been recognized in these financial
statements because the Company cannot be assured that it is more likely-than-not
that it will utilize the net operating losses in future years and consequently a
valuation allowance has been provided.

The components of the net deferred tax
asset at August 31, 2007 and 2006 are scheduled below:

| |                               |   | 2007   |   |   | 2006   |  
| | ----------------------------- | - | ------ | - | - | ------ | -
| |                               |   |        |   |   |        |  
| | Future tax assets             |   |        |   |   |        |  
| | Non-capital loss carryforward | $ | 8,907  |   | $ | 3,422  |  
| | Less: valuation allowance     |   | (8,907 | ) |   | (3,422 | )
| |                               |   |        |   |   |        |  
| |                               | $ | -      |   | $ | -      |  

|Note 7 | Subsequent Event
|------ | ----------------

On November 9, 2007, the Company
entered into a letter agreement with Global Trex Xploration (GTX) and Jupili
Investment S.A. (Jupili) whereby the Company and GTX will carry out a reverse
merger under the following alternative structures:

---

- 29 -

|Deeas Resources Inc.                          
|----------------------------------------------
|(A Pre-exploration Stage Company)             
|Notes to the Consolidated Financial Statements
|August 31, 2007 and 2006                      
|(Stated in US Dollars)  Page 7               

|Note 7 | Subsequent Event (contd)
|------ | --------------------------

| | i)  | A merger of GTX with and into the Company, with the
      Company carrying on as the surviving corporation under the name of Global
      Trex Xploration (the Surviving Corporation); or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                            
| | ii) | A share exchange whereby all of the current shareholders
      of GTX would exchange their shares of GTX for shares of the
  Company.                                                      

Terms of the agreement are as follows:

| | a) | The Company or the Surviving Corporation will undertake
      to forward split its common shares on a 20.71 to 1 basis and cancel
      31,065,000 post forward split common shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | b) | The Company or the Surviving Corporation will issue
      18,000,000 post forward split common shares for 100% of the shares of
      GTX.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | c) | Juplili will arrange for a private placement of the
      Company or the Surviving Corporation of $2,000,000, consisting of
      2,666,666 post forward split units at $0.75 per unit, each unit consisting
      of one share of post forward split common stock and one stock purchase
      warrant on or before February 25, 2008. Each warrant will be exercisable
      into an additional post forward split common share at $1.25 per share. Of
      the warrants, 1,000,000 will be exercisable for a period of twelve months
      from the date of issuance and the remainder will be exercisable for a
      period of eighteen months.                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | d) | Jupili will provide a bridge financing (Bridge
      Financing) of $1,000,000 pursuant to a convertible loan agreement. Upon
      the closing date, the $1,000,000 plus accrued interest will be converted
      into units on the same terms and condition as the private placement, as
      noted above. In the event that neither Jupili nor the Company breaches any
      of the terms of the agreement, the Company or the Surviving Corporation
      will pay a liquidated damage equal to 5% of the outstanding loan if the
      closing date has not occurred within one hundred twenty days of the
      funding date and an additional 10% of the outstanding loan if the Closing
      has not occurred within one hundred forty days of the funding
  date.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | e) | The Company or the Surviving Corporation will have the
      option to raise an additional $2,000,000 from third parties at a price not
      less than the price of the private placement, as noted above.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | f) | The Company or the Surviving Corporation will pay Jupili
      a success fee of 2% of the aggregate amount of the private placement and
      the Bridge Financing. Jupili guarantees that no less than 1,000,000
      warrants will be exercised in cash within six months of the closing date,
      otherwise the Company or the Surviving Corporation shall have the right to
      compel Jupili to purchase 1,000,000 post forward split common shares of
      the Company or the Surviving Corporation at $1.25 per
  share.                                                                                                                                                                                                                                         

---

- 30 -

|Deeas Resources Inc.                          
|----------------------------------------------
|(A Pre-exploration Stage Company)             
|Notes to the Consolidated Financial Statements
|August 31, 2007 and 2006                      
|(Stated in US Dollars)  Page 8               

|Note 7 | Subsequent Event (contd)
|------ | --------------------------

| | g) | The Company or the Surviving Corporation will retain the
      services of an investor relation consultant for a one year term for a
      monthly fee of $2,500 and the issuance of 400,000 warrants, with 50,000
      warrants vesting every three month period, the first 200,000 of which will
      have an exercise price of $0.75 per share, the remaining 200,000 of which
      will have an exercise price of $1.25 per share, all of which will expire
      on February 7, 2010. The warrants will be exerciseable into one post
      forward split common share for each warrant held.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Closing of the transactions is subject
to the approval of the shareholders of GTX and the closing date is contemplated
to occur on or before February 28, 2008 or on such other date as the parties may
agree to in writing.

---

- 31 -

Item 8. Changes In and Disagreements With Accountants on
Accounting and Financial Disclosure.

None

Item 8A. Controls and Procedures.

As required by Rule 13a-15 under the Exchange Act, we have
evaluated the effectiveness of the design and operation of our disclosure
controls and procedures at August 31, 2007, which is the end of the period
covered by this report. This evaluation was carried out under the supervision
and with the participation of our sole director and officer. Based on this
evaluation, we have concluded that the design and operation of our disclosure
controls and procedures are effective as at the end of the period covered by
this report. There were no changes in our internal control over financial
reporting or in other factors that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting in
our most recent fiscal quarter.

Disclosure controls and procedures are controls and other
procedures that are designed to ensure that information required to be disclosed
by our company in the reports that we file or submit under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified
in the SEC's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed by our company in the reports that we file or submit
under the Exchange Act is accumulated and communicated to our management,
including our principal executive officer and principal financial officer, as
appropriate, to allow timely decisions regarding required disclosure.

Item 8B. Other Information.

None.

PART III

Item 9. Directors, Executive Officers, Promoters , Control
Persons and Corporate Governance; Compliance With Section 16(a) of the Exchange
Act.

Directors and Executive Officers, Promoters and Control
Persons

As at August 31, 2007, our directors and executive officers,
their ages, positions held, and duration of such, are as follows:

Name
    Position Held with
      our Company
    Age
    Date First Elected or
      AppointedJeffrey Sharpe
    President, Secretary, Treasurer and a Director
    36
    April 7, 2006


Business Experience

The following is a brief account of the education and business
experience of each director and executive officer during at least the past five
years, indicating each person's principal occupation during the period, and the
name and principal business of the organization by which he was employed.

Jeffrey Sharpe

On April 7, 2006 (date of inception) Jeffrey Sharpe was
appointed as our President, Secretary, Treasurer and a director of our
company.

Mr. Sharpe, co-founded, a privately held health and wellness
company, No Excuse Inc., based in Canada. Mr. Sharpes principal occupation over
the past five years has been serving as the companys President and CEO.

---

- 32 

Under the direction of Mr. Sharpe, the company expanded
operations internationally, during which time the company and it affiliates has
grown to approximately $5,000,000 in annual revenues. Mr. Sharpe has also served
on the Advisory Board of several not-for-profit organizations including the
Canadian Cancer Society, Diamond Ball. Mr. Sharpe was granted a Bachelors in
Human Kinetics from the University of British Columbia in 1995, and he has not
previously served as a director or officer for any public companies.

Jeffrey Sharpe, currently spends approximately 20 to 25 hours
per week providing services to our company, which represents approximately 35%
of his working hours. Jeffrey Sharpe co-founded a health and wellness company,
in which he continues to serve as its President and CEO.

Family Relationships

There are no family relationships among our directors or
executive officers.

Involvement in Certain Legal Proceedings

Our directors, executive officers and control persons have not
been involved in any of the following events during the past five years:

| | 1. | any bankruptcy petition filed by or against any business
      of which such person was a general partner or executive officer either at
      the time of the bankruptcy or within two years prior to that
  time;                                                                                                            
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2. | any conviction in a criminal proceeding or being subject
      to a pending criminal proceeding (excluding traffic violations and other
      minor offenses);                                                                                                                                                                 
| | 3. | being subject to any order, judgment, or decree, not
      subsequently reversed, suspended or vacated, of any court of competent
      jurisdiction, permanently or temporarily enjoining, barring, suspending or
      otherwise limiting his involvement in any type of business, securities or
      banking activities; or
| | 4. | being found by a court of competent jurisdiction (in a
      civil action), the Securities and Exchange Commission or the Commodity
      Futures Trading Commission to have violated a federal or state securities
      or commodities law, and the judgment has not been reversed, suspended, or
      vacated.             

Corporate Governance

We currently act with one director. As Jeffrey Sharpe is our
sole executive officer and holds approximately 68.9% of our common stock as of
August 31, 2007, Mr. Sharpe is not independent as defined in Rule 4200(a)(15) of
the NASDAQ Manual definition of independence,

Committees of the Board

All proceedings of the board of directors for the year from
inception to August 31, 2007, were conducted by resolutions consented to in
writing by the board of directors and filed with the minutes of the proceedings
of the directors. Our company currently does not have nominating, compensation
or audit committees or committees performing similar functions nor does our
company have a written nominating, compensation or audit committee charter. Our
board of directors does not believe that it is necessary to have such committees
because it believes that the functions of such committees can be adequately
performed by the board of directors.

Our company does not have any defined policy or procedural
requirements for shareholders to submit recommendations or nominations for
directors. The board of directors believes that, given the stage of our
development, a specific nominating policy would be premature and of little
assistance until our business operations develop to a more advanced level. Our
company does not currently have any specific or minimum criteria for the
election of nominees to the board of directors and we do not have any specific
process or procedure for evaluating such nominees. The board of directors will
assess all candidates, whether submitted by management or shareholders, and make
recommendations for election or appointment.

A shareholder who wishes to communicate with our board of
directors may do so by directing a written request addressed to our president,
Jeffrey Sharpe, at the address appearing on the first page of this annual
report.

---

- 33 

Compliance with Section 16(a) of the Securities Exchange Act
of 1934

Section 16(a) of the Exchange Act requires our executive
officers and directors and persons who own more than 10% of a registered class
of our equity securities to file with the SEC initial statements of beneficial
ownership, reports of changes in ownership and annual reports concerning their
ownership of our common stock and other equity securities, on Forms 3, 4 and 5
respectively. Executive officers, directors and greater than 10% shareholders
are required by the SEC regulations to furnish us with copies of all Section
16(a) reports that they file.

Based solely on our review of the copies of such forms received
by us, or written representations from certain reporting persons, we believe
that all filing requirements applicable to our officers, directors and greater
than ten percent beneficial owners were complied with, with the exception of the
following:

Name
    Number of Late Reports
    Number of Transactions Not
      Reported on a Timely Basis
    Failure to File Requested
      FormsJeffrey Sharpe
    N/A
    N/A
    N/A


Item 10. Executive Compensation.

The particulars of compensation paid to the following
persons:

- our principal executive officer;
- each of our two most highly compensated executive officers who were
  serving as executive officers at the end of the year ended August 31, 2007;
  and
- up to two additional individuals for whom disclosure would have been
  provided under (b) but for the fact that the individual was not serving as our
  executive officer at the end of the most recently completed financial year,

who we will collectively refer to as the named executive
officers, of our years ended August 31, 2007 and 2006, are set out in the
following summary compensation table:

SUMMARY COMPENSATION TABLEName and Principal
      Position
    Year
    Salary
      ($)
    Bonus
      ($)
    Stock
      Awards ($)
    Option
      Awards ($)
    Non-Equity Incentive
      Plan Compensa- tion ($)
    Change in Pension Value and
      Nonqualified Deferred Compensation
      Earnings ($)
    All Other
      Compensa- tion ($)
    Total
      ($)Jeffrey Sharpe President, CEO, Secretary &
      Treasurer
    2007 2006
    Nil Nil
    Nil Nil
    Nil Nil
    Nil Nil
    Nil Nil
    Nil Nil
    Nil Nil
    Nil Nil


We have not entered into any employment agreement or consulting
agreement with our current director and executive officer. There are no
arrangements or plans in which we provide pension, retirement or similar
benefits for directors or executive officers. Our directors and executive
officers may receive stock options at the discretion of our board of directors
in the future. We do not have any material bonus or profit sharing plans
pursuant to which cash or non-cash compensation is or may be paid to our
directors or executive officers, except that stock options may be granted at the
discretion of our board of directors from time to time. We have no plans or
arrangements in respect of remuneration received or that may be received by our
executive officers to compensate such officers in the event of termination of
employment (as a result of resignation, retirement, change of control) or a
change of responsibilities following a change of control.

---

- 34 

Outstanding Equity Awards at Fiscal Year-End

We account for stock-based compensation using FAS 123R which
requires public companies to recognize the cost of services received in exchange
for equity instruments, based on the grant-date fair value of those instruments,
with limited exceptions. We use the Black-Scholes option valuation model to
calculate stock-based compensation at the date of the grant. Option pricing
models require the input of highly subjective assumptions, including the
expected price volatility. Changes in assumptions can materially affect the fair
value estimate.

As at August 31, 2007, we did not adopt any equity compensation
plan. No stock, options, or other equity securities were awarded to our
executive officer.

Aggregated Options Exercised in the Year Ended August 31,
2007 and Year End Option Values

There were no stock options exercised during the year ended
August 31, 2007.

Repricing of Options/SARS

We did not reprice any options previously granted during the
year ended August 31, 2007.

Director Compensation

Directors of our company may be paid for their expenses
incurred in attending each meeting of the directors. In addition to expenses,
directors may be paid a sum for attending each meeting of the directors or may
receive a stated salary as director. No payment precludes any director from
serving our company in any other capacity and being compensated for such
service. During the year ended August 31, 2007, we did not pay any compensation
or grant any stock options to our sole director.

Employment Contracts

Other than as described below, we are not party to any
employment contracts with our directors and officers.

Item 11. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters.

As of August 31, 2007, there were 2,176,000 shares of our
common stock outstanding. The following table sets forth certain information
known to us with respect to the beneficial ownership of our common stock as of
that date by (i) each of our directors, (ii) each of our executive officers, and
(iii) all of our directors and executive officers as a group. Except as set
forth in the table below, there is no person known to us who beneficially owns
more than 5% of our common stock. The number of shares beneficially owned is
determined under rules of the SEC and the information is not necessarily
indicative of beneficial ownership for any other purpose. Under such rules,
beneficial ownership includes any shares as to which the individual has the sole
or shared voting power or investment power and any shares which the individual
has the right to acquire within 60 days of August 31, 2007 through the exercise
of any stock option or other right. Unless otherwise noted, we believe that each
person has sole investment and voting power (or shares such powers with his or
her spouse) with respect to the shares set forth in the following table:

Security ownership of certain beneficial owners

Title of Class of Shares
    Name and Address of
      beneficial owner
    Amount and Nature of Beneficial
      Ownership
    Percentage of
      Class1Directors and Officerscommon shares
    Jeffrey Sharpe 6348  49th
      Avenue Ladner, BC V4K 5A1
    1,500,000 direct
    68.93%


---

- 35 

Title of Class of Shares
    Name and Address of beneficial owner
    Amount and Nature ofBeneficial
      Ownership
    Percentageof Class1common shares
    Directors and Executive Officers as a Group
    1,500,000
    68.93%Shareholders of more than 5%N/A


1Percentage of ownership is based on 2,176,000
common shares issued and outstanding as of August 31, 2007

Security ownership of management

Title of Class of Shares
    Name of beneficial owner
    Amount and Nature ofBeneficial
      Ownership
    Percentageof Class1common shares
    Jeffrey Sharpe
    1,500,000 direct
    68.93%


1Percentage of ownership is based on
2,176,000 common shares issued and outstanding as of October 22, 2007.

Securities Authorized for Issuance Under Equity Compensation
Plans

None

Equity Compensation Plan Information As At August 31, 2007

Plan Category
    Number of securities tobe issued upon exerciseof outstanding options,warrants and rights(a)
    Weighted-averageexercise price ofoutstanding options,warrants and rights(b)
    Number of securitiesremaining
      available forissuance under equitycompensation
      plans(excluding securitiesreflected in column (a))(c)Equity Compensation Plans approved by security holders
    Nil
    N/A
    N/AEquity Compensation Plans not approved by security
      holders
    Nil
    N/A
    N/ATotal
    Nil
    N/A
    N/A


Changes in Control

Upon the closing of the letter agreement as described under the
heading Recent Corporate Developments in Item 1, our company will undergo a
change of control.

Item 12. Certain Relationships and Related Transactions, and
Director Independence.

Except as disclosed herein, there have been no transactions or
proposed transactions in which the amount involved exceeds the lesser of
$120,000 or one percent of the average of our total assets at year-end for the
last three completed fiscal years in which any of our directors, executive
officers or beneficial holders of more than 5% of the outstanding shares of our
common stock, or any of their respective relatives, spouses, associates or
affiliates, has had or will have any direct or material indirect interest.

---

- 36 

Item 13. Exhibits

Exhibits required by Item 601 of Regulation S-B

Exhibit No.
      Description3.1
      Articles of Incorporation of
          the Registrant, filed as an exhibit to the registration statement on
          Form SB-2 filed with the Commission on December 12, 2006 and incorporated
          herein by reference;3.2
      Bylaws of the Registrant, filed
          as an exhibit to the registration statement on Form SB-2 filed with
          the Commission on December 12, 2006 and incorporated herein by reference;10.1
      Form of Subscription Agreement,
          filed as an exhibit to the registration statement on Form SB-2 filed
          with the Commission on December 12, 2006 and incorporated herein by
          reference;10.2
      Form of Subscription Agreement,
          filed as an exhibit to the registration statement on Form SB-2 filed
          with the Commission on December 12, 2006 and incorporated herein by
          reference;10.3
      Written Description of Oral
          Lease Agreement, filed as an exhibit to the registration statement on
          Form SB-2 filed with the Commission on December 12, 2006 and incorporated
          herein by reference;10.4
      Lending Agreement, filed as
          an exhibit to the registration statement on Form SB-2 filed with the
          Commission on December 12, 2006 and incorporated herein by reference;10.5*
      Letter
          Agreement dated November 9, 2007 among our company, Global Trek Xploration
          and Jupili Investment S.A.21.
      Subsidiaries
          - 0758372 B.C. Ltd., incorporated in the Province of British Columbia31.1*
      Certification
          Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1*
      Certification
          Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906
          of the Sarbanes-Oxley Act Of 2002


*Filed herewith

Item 14. Principal Accountant Fees and Services

Audit Fees

The aggregate fees billed for the two most recently completed
fiscal years ended August31, 2006 and August 31, 2007 for professional services
rendered by the principal accountant for the audit of our annual financial
statements and review of the financial statements included our Annual Reports on
Form 10-QSB and services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for these fiscal
periods were as follows:

Year Ended August 31, 2007
    Year Ended August 31, 2006Audit Fees and
      Audit Related Fees
    $10,766
    $6,000Tax Fees
    $0.00
    $0.00All Other Fees
    $0.00
    $0.00Total
    $10,766
    $6,000


Policy on Pre-Approval by the Board of Services Performed by
Independent Auditors

We do not use Amisano Hanson for financial information system
design and implementation. These services, which include designing or
implementing a system that aggregates source data underlying the financial
statements or generates information that is significant to our financial
statements, are provided internally or by other service providers. We do not
engage Amisano Hanson to provide compliance outsourcing services.

---

- 37 

Effective May 6, 2003, the Securities and Exchange Commission
adopted rules that require that before Amisano Hanson is engaged by us to render
any auditing or permitted non-audit related service, the engagement be:

- approved by our board of directors; or,
- entered into pursuant to pre-approval policies and procedures established
  by the board of directors, provided the policies and procedures are detailed
  as to the particular service, the board of directors is informed of each
  service, and such policies and procedures do not include delegation of the
  board of directors' responsibilities to management.

The board of directors pre-approves all services provided by
our independent auditors. All of the above services and fees were reviewed and
approved by the board of directors either before or after the respective
services were rendered.

The board of directors has considered the nature and amount of
fees billed by Amisano Hanson and believes that the provision of services for
activities unrelated to the audit is compatible with maintaining Amisano
Hansons independence.

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- 38 

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

DEEAS RESOURCES, INC.

|By /s/ Jeffrey
      Sharpe                  | 
|-------------------------------------------- | 
|Jeffrey Sharpe                               | 
|President, Secretary, Treasurer and Director | 
|November 15, 2007                            | 

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