UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                 FOR THE QUARTERLY PERIOD ENDED AUGUST 31, 2010

                       Commission file number: 333-141426


                       NORTH AMERICAN GOLD & MINERALS FUND
             (Exact name of registrant as specified in its charter)

                                     Nevada
         (State or other jurisdiction of incorporation or organization)

                           848 N. Rainbow Blvd. #3003
                               Las Vegas, NV 89107
          (Address of principal executive offices, including zip code)

                                 (702) 635-8146
                     (Telephone number, including area code)

                               ELKO VENTURES INC.
                                  650 Ruby Way
                            Crescent Valley, NV 89821
                 (Former name and former address of registrant)

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 last 90 days. YES [X] NO [ ]

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

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated filer, a non-accelerated  filer, or a smaller reporting company. See
the   definitions   of   "large   accelerated   filer,    "accelerated   filer,"
"non-accelerated  filer," and "smaller  reporting  company" in Rule 12b-2 of the
Exchange Act.

Large accelerated filer [ ]                        Accelerated filer [ ]

Non-accelerated filer [ ]                          Smaller reporting company [X]

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

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:  405,000,000 shares as of October 15,
2010.
<PAGE>
ITEM 1. FINANCIAL STATEMENTS

The un-audited financial statements for the three and the six month period ended
August 31, 2010 immediately follow.

                                       2
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

                            Condensed Balance Sheets
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                      As of                As of
                                                                    August 31,          February 28,
                                                                      2010                 2010
                                                                   ----------           ----------
<S>                                                                <C>                  <C>
                                     ASSETS

CURRENT ASSETS
  Cash                                                             $    4,036           $       --

TOTAL CURRENT ASSETS                                                    4,036                   --
                                                                   ----------           ----------

      TOTAL ASSETS                                                 $    4,036           $       --
                                                                   ==========           ==========

                       LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Bank overdraft                                                   $       --           $       10
  Accounts Payable                                                      8,243               15,115
  Loan - Related Party                                                 86,351                  144
                                                                   ----------           ----------
TOTAL CURRENT LIABILITIES                                              94,594               15,269

      TOTAL LIABILITIES                                                94,594               15,269
                                                                   ----------           ----------

STOCKHOLDERS' EQUITY (DEFICIT)
  Common Stock ($0.001 par value 450,000,000
   Shares authorized; 405,000,000 and
   132,000,000 shares issued and outstanding
   as at August 31, 2010 and February 28, 2010)                       292,446              259,946
  Additional Paid In Capital                                          (85,077)             (85,077)
  Deficit accumulated during development stage                       (297,927)            (190,138)
                                                                   ----------           ----------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                                  (90,558)             (15,269)
                                                                   ----------           ----------

      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                     $  (90,558)          $  (15,269)
                                                                   ==========           ==========
</TABLE>


    The Accompanying Notes are an Integral Part of These Financial Statements

                                       3
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

                        Condensed Statement of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                  February 5, 2007
                                           Three Months         Three Months        (Inception)
                                              Ended                Ended              Through
                                            August 31,          August 31,           August 31,
                                               2010                2009                 2010
                                           ------------        ------------         ------------
<S>                                        <C>                 <C>                  <C>
REVENUES
  Revenues                                 $         --        $         --         $         --
                                           ------------        ------------         ------------
TOTAL REVENUES                                       --                  --                   --

OPERATING EXPENSES
  Mineral Exploration Expense                        --                  --               21,111
  Office and Administration                       2,592              45,259               35,804
  Consulting - Related Party                     12,500                  --               46,438
  Payroll                                         3,750                  --               15,931
  Professional Fees                               2,000               1,500               50,026
  Impairment of Assets                               --                  --               73,000
  BLM Claim Filing Fees                          55,617                  --               55,617
                                           ------------        ------------         ------------
TOTAL OPERATING EXPENSES                         76,459              46,759             (297,927)
                                           ------------        ------------         ------------

NET INCOME (LOSS)                               (76,459)            (46,759)            (297,927)
                                           ============        ============         ============

BASIC EARNINGS PER SHARE                   $      (0.00)       $      (0.00)
                                           ============        ============
WEIGHTED AVERAGE NUMBER OF COMMON
 SHARES OUTSTANDING                         405,000.000          16,243,478
                                           ============        ============
</TABLE>


    The Accompanying Notes are an Integral Part of These Financial Statements

                                       4
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

                        Condensed Statement of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                     February 5, 2007
                                                                 Six Months          Six Months         (Inception)
                                                                   Ended               Ended              through
                                                                 August 31,          August 31,          August 31,
                                                                   2010                2009                2010
                                                                 ---------           ---------           ---------
<S>                                                              <C>                 <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net Income (Loss)                                              $(107,789)          $ (51,354)          $(297,927)
  Adjustments  to reconcile  net loss to net cash
   provided by (used in) operating activities:
     Payroll - Stock Issued                                          7,500                  --              19,681
     Consulting - Related Party - Stock Issued                      25,000                  --              58,938
     Expenses Paid by Related Party on Behalf of The Company        27,171                  --              34,793
  Changes in operating assets and liabilities:
     Increase (Decrease) in Bank Overdraft                           4,026              (1,500)              4,036
     Increase (Decrease) in Accounts Payable                        (6,872)             (1,580)            (15,485)
     Impairment of Assets                                               --                  --              73,000
                                                                 ---------           ---------           ---------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                (50,964)            (54,434)           (122,964)

CASH FLOWS FROM INVESTING ACTIVITIES                                    --                  --                  --

CASH FLOWS FROM FINANCING ACTIVITIES
  Loan - Related Party                                              55,000                  --              55,000
  Issuance of Common Stock                                              --              20,000              13,200
  Additional Paid In Capital                                            --             380,000              58,800
  Prepaid Expenses - Related Party                                      --             (58,871)                 --
  Prepaid Expenses                                                      --            (296,235)                 --
                                                                 ---------           ---------           ---------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                 55,000              44,894             127,000
                                                                 ---------           ---------           ---------

NET INCREASE (DECREASE) IN CASH                                      4,047              (9,540)              4,036

CASH AT BEGINNING OF PERIOD                                            (10)             27,350                  --
                                                                 ---------           ---------           ---------

CASH AT END OF PERIOD                                            $   4,036           $  17,810           $   4,036
                                                                 =========           =========           =========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for:
  Interest                                                       $      --           $      --           $      --
                                                                 =========           =========           =========

INCOME TAXES                                                     $      --           $      --           $      --
                                                                 =========           =========           =========
NON CASH ACTIVITY
  Payroll - Stock Issued                                         $   7,500           $      --           $      --
                                                                 =========           =========           =========

  Consulting - Related Party - Stock Issued                      $  25,000           $      --           $  19,681
                                                                 =========           =========           =========

  Expenses paid by Related Party on Behalf of The Company        $  27,171           $      --           $  34,793
                                                                 =========           =========           =========
</TABLE>

   The Accompanying Notes are an Integral Part of These Financial Statements

                                       5
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

      Notes to the Condensed Unaudited Financial Statements August 31, 2010


NOTE 1. CONDENSED FINANCIAL STATEMENTS

The accompanying  financial statements have been prepared by North American Gold
& Minerals Fund (f/k/a Elko Ventures Inc. the "Company")  without audit.  In the
opinion of management,  all  adjustments  (which  include only normal  recurring
adjustments)  necessary to present  fairly the  financial  position,  results of
operations,  and cash flows at August  31,  2010 and 2009,  and for all  periods
presented herein, have been made.

Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with accounting  principles generally accepted
in the United States of America have been condensed or omitted.  It is suggested
that  these  condensed  financial  statements  be read in  conjunction  with the
financial  statements and notes thereto  included in the Company's  February 28,
2010 audited  financial  statements.  The results of operations  for the periods
ended August 31, 2010 and 2009 are not  necessarily  indicative of the operating
results for the full years.

NOTE 2. GOING CONCERN

The  Company's  financial  statements  are  prepared  using  generally  accepted
accounting  principles  in the United  States of America  applicable  to a going
concern  which  contemplates  the  realization  of  assets  and  liquidation  of
liabilities  in  the  normal  course  of  business.  The  Company  has  not  yet
established  an ongoing  source of revenues  sufficient  to cover its  operating
costs and allow it to continue as a going concern. The ability of the Company to
continue  as a going  concern is  dependent  on the Company  obtaining  adequate
capital to fund operating losses until it becomes profitable.  If the Company is
unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going  concern,  the  Company  will need,  among other
things,  additional  capital  resources.  Management's  plan is to  obtain  such
resources for the Company by obtaining  capital from  management and significant
shareholders  sufficient  to meet its  minimal  operating  expenses  and seeking
equity and/or debt financing.  However  management cannot provide any assurances
that the Company will be successful in accomplishing any of its plans.

                                       6
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

      Notes to the Condensed Unaudited Financial Statements August 31, 2010


The ability of the Company to continue as a going concern is dependent  upon its
ability  to  successfully  accomplish  the  plans  described  in  the  preceding
paragraph and eventually secure other sources of financing and attain profitable
operations. The accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.

NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS

The Company has evaluated all the recent accounting  pronouncements  through the
date the  financial  statements  were issued and filed with the  Securities  and
Exchange Commission and believe that none of them will have a material effect on
the company's financial statements.

NOTE 4. CONSULTING AGREEMENTS

On August 18, 2009,  the Company  entered into a consulting  agreement  with Mr.
Frederick C. Bauman. The consulting  agreement is for a term of three years. The
Company  retained Mr.  Bauman to consult on corporate  and  structured  finance,
corporate law, mining mineral  exploration,  mineral  property  acquisitions and
divestiture,  talent acquisition and other consulting services.  As compensation
under the  agreement,  the  Company  had agreed to issue  50,000,000  post-split
restricted common shares. Mr. Bauman had agreed that these 50,000,000 restricted
shares of the Company's  common stock will not be in any manner either assigned,
pledged,  sold,  lent or in any way  alienated  for a period of 3 (three)  years
commencing from the date of the agreement and terminating on August 18, 2012. On
August  12,  2010  the  Company  entered  into an  amendment  to the  Consulting
Agreement,  effective as of July 21, 2010 The  amendment  requires Mr. Bauman to
surrender to the transfer  agent for  cancellation 49,900,000 of the  50,000,000
shares of the Company's  restricted  stock that were granted to Mr. Bauman under
the agreement.  While the Company intends to implement the amendment,  at August
31, 2010 none of the Bauman shares had yet been sent to the  Company's  transfer
agent for cancellation.

                                       7
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

      Notes to the Condensed Unaudited Financial Statements August 31, 2010


On August 18,  2009,  the  Company  entered  into a  consulting  agreement  with
Flexwell Finance Limited. The consulting agreement is for a term of three years.
The  Company  retained  Flexwell  Finance  Limited to consult on  corporate  and
structured finance,  securities law, fund raising,  investor relations and other
consulting services. As compensation under the agreement, the Company had agreed
to issue  50,000,000  post-split  restricted  common  shares.  Flexwell  Finance
Limited  had agreed that these  50,000,000  restricted  shares of the  Company's
common stock will not be in any manner either assigned,  pledged,  sold, lent or
in any way alienated for a period of 3 (three) years commencing from the date of
the agreement and terminating on August 18, 2012. On August 12, 2010 the Company
entered into an amendment to the Consulting Agreement,  effective as of July 21,
2010 The  amendment  requires  Flexwell to surrender  to the transfer  agent for
cancellation  49,900,000 of the  50,000,000  shares of the Company's  restricted
stock that were  granted to  Flexwell  under the  agreement.  While the  Company
intends to  implement  the  amendment,  at August 31, 2010 none of the  Flexwell
shares had yet been sent to the Company's transfer agent for cancellation.

On August 18, 2009, the Company entered into a consulting agreement with Topcast
Management Limited.  The consulting  agreement is for a term of three years. The
Company  retained  Topcast  Management  Limited  to  consult  on  corporate  and
structured finance,  securities law, fund raising,  investor relations and other
consulting services. As compensation under the agreement, the Company had agreed
to issue 50,000,000  post-split  restricted  common shares.  Topcast  Management
Limited  had agreed that these  50,000,000  restricted  shares of the  Company's
common stock will not be in any manner either assigned,  pledged,  sold, lent or
in any way alienated for a period of 3 (three) years commencing from the date of
the agreement and terminating on August 18, 2012. On August 12, 2010 the Company
entered into an amendment to the Consulting Agreement,  effective as of July 21,
2010 The  amendment  requires  Topcast to surrender  to the  transfer  agent for
cancellation  49,900,000 of the  50,000,000  shares of the Company's  restricted
stock that were  granted  to  Topcast  under the  agreement.  While the  Company
intends to  implement  the  amendment,  at August 31,  2010 none of the  Topcast
shares had yet been sent to the Company's transfer agent for cancellation.

                                       8
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

      Notes to the Condensed Unaudited Financial Statements August 31, 2010


On August 18, 2009, the Company entered into a 5 year service agreement with Mr.
Ronald Yadin Lowenthal,  the Company's President and Chief Executive Officer. As
compensation  under  the  agreement,  the  Company  agreed  to issue  30,000,000
post-split  restricted  shares.  Mr.  Lowenthal had agreed that these 30,000,000
restricted shares of the Company's common stock will not be in any manner either
assigned,  pledged,  sold,  lent or in any way alienated for a period of 2 (two)
years  commencing  from the date of the agreement and  terminating on August 18,
2011. As a signing  bonus,  the Company  agreed to issue  20,000,000  post-split
restricted shares of its common stock to Mr. Lowenthal. Mr. Lowenthal had agreed
that these 20,000,000  restricted  shares of the Company's common stock will not
be in any manner either  assigned,  pledged,  sold, lent or in any way alienated
for a period of 3 (three)  years  commencing  from the date of the agreement and
terminating  on August 18, 2012. On August 12, 2010 the Company  entered into an
amendment  to the  Consulting  Agreement,  effective  as of July  21,  2010  The
amendment  requires  Mr.  Lowenthal  to  surrender  to the  transfer  agent  for
cancellation  49,750,000 of the  50,000,000  shares of the Company's  restricted
stock that were granted to Mr. Lowenthal under the agreement.  While the Company
intends to implement  the  amendment,  at August 31, 2010 none of the  Lowenthal
shares had yet been sent to the Company's transfer agent for cancellation.

Due to the  Company's  current  lack  of cash  flows  it has  determined  that a
share-based  payment  arrangement is the most  appropriate way to compensate its
officer/consultants.

Pursuant  to the  terms of all four of the  above  listed  agreements,  with the
exception of the shares issued to Mr.  Lowenthal as a signing bonus,  the shares
issued in exchange  for  services  are defined as  "unvested  and  forfeitable."
Pursuant to ASC  505-50-S99-1  the above  mentioned  shares have been treated as
unissued for accounting  purposes  until the future  services are received (that
is, the shares are not considered  issued until they are earned).  Consequently,
there  will be no  recognition  at the  measurement  date and no  entry  will be
recorded.  Consequently,  the  paid in  capital  and  related  expense  are only
recognized as services are performed,  by employee or  non-employee.  The shares
are still included in "Issued and Outstanding"  amounts,  but there is no actual
Journal entries until the services are performed. At that point, the appropriate
expense is debited and the appropriate capital accounts are credited.

                                       9
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

      Notes to the Condensed Unaudited Financial Statements August 31, 2010


The  Company has  determined  that the fair  market  value of the  consideration
received by the Company  from both  officer and  consultants  cannot be reliably
determined and therefore it has deemed it appropriate to value the shares issued
based on the fair market value of the securities underlying the transaction. The
Company has further  determined that the period end price of its common stock as
quoted at  www.pinksheets.com  can not be used to determine fair market value as
the stock had never  traded.  Furthermore,  as the  Company  has not  issued any
shares for cash in the past 2 years, it has determined  that a reasonable  value
at this time for the shares being  issued is $.001,  the par value of the common
stock. The Company's policy is to re-assess the per-share value assigned to each
periodic recognition of expense/capital under ASC 505-50-30-6 at the end of each
Quarter.  The  following  table sets out the  projected  future  recognition  of
expenses/contributed capital over the next 12 months based on the Company's most
recent  assessment of the fair market value of the stock and as a market for the
stock  develops,  the  per-share  value will be adjusted to reflect  fair market
value as it becomes more reliably measurable.

                                                    Topcast
                       Ronald Y.    Frederick C.   Management    Flexwell
                       Lowenthal      Bauman        Limited      Finance
                       ---------      ------        -------      -------

August 31, 2010         $3,750        $4,167        $4,167       $4,167
November 30, 2010       $3,750        $4,167        $4,167       $4,167
February 28, 2011       $3,750        $4,167        $4,167       $4,167
May 31, 2011            $3,750        $4,167        $4,167       $4,167

There is a potentially  dilutive effect that could affect existing  shareholders
thereby reducing the value of each shareholder's investment. As the value of the
shares  issued  under each  agreement is  re-evaluated  based on the fair market
value of the  underlying  shares at the end of each quarter there is a potential
for the compensation expense to become much larger in subsequent periods than it
is now.

                                       10
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)

      Notes to the Condensed Unaudited Financial Statements August 31, 2010


NOTE 5. SUBSEQUENT EVENTS

The Company  evaluated all events or transactions that occurred after August 31,
2010  through  the  date the  Company  issued  these  financial  statements.  On
September 8, 2010,  the Company  directed its transfer agent to issue to Western
Diversified  Mining  Resources,   Inc.  ("Western")  12,096,115  shares  of  the
Company's Series A Preferred Stock and 29,334,212 Shares of the Company's Series
B Preferred Stock. These shares were issued in payment of the purchase price for
Western's   23.22%   shareholding  in  Bouse  Gold  Inc.  and  Western's  46.84%
shareholding  in South  Copperstone  Inc.,  the  acquisition  of which closed on
September 8, 2010.

                                       11
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

FORWARD LOOKING STATEMENTS

This  report   contains   forward-looking   statements  that  involve  risk  and
uncertainties.  We use words such as "anticipate",  "believe", "plan", "expect",
"future",  "intend",  and similar  expressions to identify such  forward-looking
statements.  Investors  should  be  aware  that all  forward-looking  statements
contained  within this filing are good faith  estimates of  management as of the
date of this filing and actual  results may differ  materially  from  historical
results or our predictions of future results.

RESULTS OF OPERATIONS

We have  generated no revenue since  inception and have  incurred  $297,927,  in
expenses  through August 31, 2010. For the three months ended August 31, 2010 we
incurred  operating  expenses of $76,459.  For the same period  ended August 31,
2009 we had operating expenses of $46,759.

Our cash in the bank at August 31,  2010 was  $4,036,  with total  assets  being
$4,036.  Our outstanding  liabilities  were $94,594.  Cash provided by financing
activities and significant operating milestones since inception are as follows:

1. On February 5, 2007, a total of 72,000,000 shares of common stock were issued
in exchange for $12,000 US, or $.000167 per share.  These securities were issued
to Mr. David Wolfin, who was then an officer and director of the company.

2. On June 28,  2007,  we  completed  and  closed  our  offering  pursuant  to a
Registration  Statement  on Form SB-2  selling a total of  60,000,000  shares at
$.001 per share to raise $60,000.

3. On January 31, 2008, the company affected a three for one forward stock split
of our share  capital  such that  every one  share of common  stock  issued  and
outstanding  prior to the split was  exchanged  for three  post-split  shares of
common  stock.  The company also changed its  post-split  authorized  capital to
250,000,000  shares of common  stock with a par value of $0.001  per share.  All
amounts of shares  presented on these  financial  statements  are reflected on a
post-split basis.

4. On July 22, 2009,  Ronald Yadin  Lowenthal was  appointed  director and chief
executive  officer  of our  company  and  Lou  Schiliro  resigned  as the  chief
executive  officer of our company.  Following Mr.  Schiliro's  resignation,  our
board of directors solely consisted of Mr. Ronald Yadin Lowenthal.

5. On August 14, 2009, Mr. Lou Schiliro  resigned as the  president,  secretary,
chief  financial  officer  and  director  of our  company.  As a  result  of Mr.

                                       12
<PAGE>
Schiliro's resignation, we appointed Mr. Ronald Yadin Lowenthal as our secretary
and chief financial  officer.  Our board of directors now solely consists of Mr.
Ronald Yadin Lowenthal.

6. Effective  August 18, 2009, we issued an aggregate of 150,000,000  restricted
shares  of our  common  stock to three  (3)  non-U.S.  persons  (at that term as
defined  in  Regulation  S of  the  Securities  Act  of  1933),  in an  offshore
transaction relying on Regulation S and/or Section 4(2) of the Securities Act of
1933 pursuant to consulting agreements and a services agreement.

7.  Effective  August 18, 2009, we issued an aggregate of 50,000,000  restricted
shares of our common  stock to one (1) U.S.  person,  as that term is defined in
Regulation  S of the  Securities  Act of 1933,  relying on  Section  4(2) of the
Securities  Act and/or Rule 506 of  Regulation D,  promulgated  under the United
States Securities Act of 1933, as amended).

8. On September 19, 2009 we expanded our Paymaster  Gold and Silver Mine,  which
is our initial  mineral  exploration  project,  by staking two  additional  lode
mining claims.  These mining claims covered the historic  Paymaster Mine,  which
includes  numerous  shafts and adits  (tunnels)  located along a prominent  vein
system that is exposed along a  northeasterly  trend for at least one mile.  The
surrounding  country  rock  is  Cambrian  age  Harkless  Formation,  which  is a
dominantly  green  siltstone.  The Paymaster Mine is located in Paymaster Canyon
approximately 20 miles northwest from Goldfield,  Nevada.  It is accessible from
Las  Vegas  by US  Highway  95,  a paved  all-weather  road  that  runs  through
Goldfield,  and from there by a  well-maintained  all-weather  unpaved road. The
Paymaster  Mine is part of the Lone  Mountain  Mining  District,  in the  Weepah
Mining  Sub-District.  This  mining  district  has been a  substantial  historic
producer of both gold and silver. Weepah was actually the site of the last major
"gold rush" in Nevada  following  the discovery in 1927 by two 19 -year old boys
of gold ore that assayed over $75,000 per ton gold.  We were  encouraged  by the
results of our initial  sampling  program,  which was comprised of nine (9) grab
samples from mine dumps  located  along the  Paymaster  vein system.  All of the
samples had detectable  gold and silver.  One sample from the dumps of the South
Shaft  assayed a bonanza grade of 161.8 ounces  silver per ton.  Another  sample
from the North Shaft dumps contained high grade gold, assaying 0.164 ounces gold
per ton. Three  additional  samples  assayed at over 2 ounces silver per ton and
two more samples assayed over .01 ounces gold per ton. We plan to follow up with
more detailed  geochemical  sampling at Paymaster in order to identify potential
Drill  targets.  On July 29, 2010 the Company  located an  additional  seven (7)
unpatented lode mining claims at Paymaster,  bringing the property to a total of
380 acres including over one mile of the Paymaster vein system.

9. Effective  September 26, 2009, the name of our company was changed from "Elko
Ventures Inc." to "North American Gold & Minerals Fund".  The change of name was
approved by our directors and a majority of our shareholders.

10.  Effective  October  12,  2009,  we  effected a one (1) old for ten (10) new
forward stock split of our authorized and issued and  outstanding  common stock.
As a result,  our authorized capital increased from 250,000,000 shares of common
stock to  2,500,000,000  shares of common stock. All amounts of shares presented
on these  financial  statements are reflected on post-split  basis.  Immediately
upon the acceptance  and effect of the Forward Split,  we reduced the authorized
share capital from 2,500,000,000 shares of common stock to 450,000,000 shares of

                                       13
<PAGE>
common   stock.   The  forward   stock   split   becomes   effective   with  the
Over-the-Counter  Bulletin  Board at the opening for trading on October 15, 2009
under the new stock symbol "NMGL". Our new CUSIP number is 65687T 208.

11. On  November  1, 2009,  we  acquired  the Yaba  Silver  Mine  pursuant to an
agreement (the "Yaba Acquisition Agreement") with Searchlight  Exploration,  LLC
("Searchlight"),  McIntyre Mines, LLC, GlobalStar Equities  Corporation and Teme
Valley  Holdings  Limited,  pursuant to which the Company  agreed to acquire the
unpatented  mining  claims  known as the Yaba  Silver  Mine,  located in Yavapai
County,  Arizona in exchange for 33,000,000 (Thirty three million) shares of our
restricted  common  stock  valued at  $0.001  per  share,  as well as a 5% (Five
percent) net smelter returns royalty and a 5% (Five percent) net profit interest
for this mine  only.  On July 25,  2010,  Searchlight  staked an  additional  21
unpatented lode mining claims for the Company at Yaba,  bringing the property to
a total of 440 acres.

12. On November 2, 2009, we acquired an undivided  fifty (50%) percent  interest
in the North  Rawhide  Gold Mine  pursuant to an agreement  (the "North  Rawhide
Acquisition  Agreement") with Searchlight  Exploration,  LLC, Amstart Investment
Group Limited and Bayline  Investment Group S.A.,  pursuant to which the Company
agreed to acquire an undivided  fifty (50%)  interest in the  unpatented  mining
claims known as the North Rawhide Gold Mine,  located in Mohave County,  Arizona
in exchange for 40,000,000 (forty million) shares of our restricted common stock
valued at $0.001 per share,  as well as a 5% (Five percent) net smelter  returns
royalty and a 5% (Five percent) net profit interest for this mine only.

13. On August 12, 2010 the Company  entered into  amendments  to the  Consulting
Agreements with Frederick C. Bauman,  Flexwell  Finance,  Inc.  ("Flexwell") and
Topcast Management Limited ("Topcast"). The amendments, effective as of July 21,
2010 and  required  each of Mr.  Bauman,  Flexwell  and  Topcast to  immediately
surrender to the transfer  agent for  cancellation  49,900,000 of the 50,000,000
shares of the Company's restricted stock that were granted to each of them under
the consulting  agreements.  On August 12, 2010 the Company also entered into an
amendment to the Employment and Service Agreement with Ronald Y. Lowenthal.  The
amendment  was  effective  as of July 21, 2010 and  requires  Mr.  Lowenthal  to
immediately  surrender to the transfer agent for cancellation  49,750,000 of the
50,000,000  shares of the  Company's  restricted  stock that were granted to Mr.
Lowenthal  under the  agreement.  Finally,  on August 11, 2010, Mr. David Wolfin
delivered  to the  Company  a Stock  Power  for  all  72,000,000  shares  of the
Company's  common  stock owned by Mr.  Wolfin.  The Company  intends to use this
stock power to cancel the 72,000,000 Wolfin shares. While the Company intends to
implement the above-referenced  share cancellations,  at August 31, 2010 none of
the  above-referenced  shares had yet been sent to the Company's  transfer agent
for cancellation.

                                       14
<PAGE>
14. On August 12, 2010 the Company entered into an agreement with Western
Diversified  Mining Resources,  Inc.  ("Western")  pursuant to which the Company
agreed to acquire Western's 23.22% shareholding in Bouse Gold Inc. and Western's
46.84%  shareholding  in South  Copperstone  Inc. for  12,096,115  shares of the
Company's Series A Preferred Stock and 29,334,212 shares of the Company's Series
B Preferred Stock.

The Bouse Gold property  includes 360 acres of mining claims (18 lode claims) in
the  Plomosa  Mining  District,  two miles west of the town of Bouse,  in La Paz
County,  Arizona.  The land is  administered by the US Bureau of Land Management
(BLM).  It is a former  Homestake  Gold  (Barrick)  project  which  includes the
historic Little Butte, Flat Fault and Arrastre Mines. There are numerous shafts,
pits and dumps on the  property.  Reportedly,  a majority of the Plomosa  Mining
District's historic gold production came from Bouse Gold's Little Butte Mine. At
Bouse, a Mid-Tertiary system of epithermal  mineralization was introduced into a
stacked  sequence of litho  tectonic units that are located on the northern side
of the Plomosa  Detachment Fault.  Complex  epithermal gold, barite and fluorite
mineralization is superimposed on earlier  copper-specula  rite  mineralization.
Gold  occurs  in   laterally   extensive   breccias   and  in  steeply   dipping
amethystine-quartz  veins.  Past drilling by Tenneco,  US Borax and Homestake at
Bouse found  significant  gold  bearing  intervals in both the breccias and high
angle  structures.  Bouse Gold has copies of drill  results  for 50+ holes.  The
Company's  initial  plans  include  compilation  of  all  existing   exploration
materials on the property, followed by additional geological work.

The South  Copperstone  gold  property is comprised of 480 acres (24  unpatented
lode  mining  claims)  located in the Moon  Mountains  Mining  District,  La Paz
County,  Arizona,  about midway between the towns of Parker and Quartzsite.  The
land  is  administered  by the US  Department  of  Land  Management  (BLM).  The
Company's  claims  are  immediately  south  of the  Copperstone  Mine,  which it
adjoins.  South  Copperstone's  rationale  in  acquiring  the  property  was the
potential,  which  may or may  not  be  realized,  for  one or  more  additional
Copperstone ore bodies. The known Copperstone deposit (not owned by the Company)
had a 500,000 ton open pit  resource of .09 ounce per ton gold that was mined by
Cyprus Gold in the 1980's.  A reported  underground gold resource at Copperstone
is presently being explored by another mining  company.  The western edge of the
Company's claims has exposed gold - bearing bedrock  consisting of banded quartz
latite flows intruded by granite.  Initial  drilling by Callahan Mining at South
Copperstone  found  anomalous  gold hosted by quartz and altered  quartz latite.
This was reportedly  consistent with Cyprus Gold drill results from  immediately
north of the Company's claim block.  However,  Callahan's  drilling was not deep
enough to penetrate the mineralized breccia unit that hosts the gold resource at
the Copperstone  Mine to the north.  Initial induced  polarization  (IP) work by
Callahan found anomalous  chargeability  values to the south of Callahan's claim
block  in an  area  that  is  within  South  Copperstone's  claim  block.  South
Copperstone  intends  to  follow  up  with  a  full  induced  polarization  (IP)
geophysical grid in order to locate initial drill targets.

                                       15
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

Our cash balance at August 31, 2010 was $4,036.  If we  experience a shortage of
funds for operating  expenses we may utilize funds from Angel Vest,  LLC,  which
has agreed to
Advance funds for operations,  however he has no formal commitment,  arrangement
or legal obligation to advance or loan funds to us. We are an exploration  stage
company and have generated no revenue to date.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any 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.

ITEM 4. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the  participation  of our management,  including
our principal  executive officer and the principal  financial  officer,  we have
conducted an evaluation of the  effectiveness of the design and operation of our
disclosure controls and procedures,  as defined in Rules 13a-15(e) and 15d-15(e)
under the  Securities  and  Exchange  Act of 1934,  as of the end of the  period
covered  by this  report.  Based on this  evaluation,  our  principal  executive
officer and principal financial officer concluded as of the evaluation date that
our  disclosure  controls and  procedures  were effective such that the material
information  required to be included in our Securities  and Exchange  Commission
reports  is  accumulated  and  communicated  to our  management,  including  our
Principal executive and financial officer, recorded,  processed,  summarized and
reported  within the time periods  specified in SEC rules and forms  relating to
our company, particularly during the period when this report was being prepared.

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting that
occurred  during  the last  fiscal  quarter  ended  August  31,  2010  that have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.

                                       16
<PAGE>
                           PART II. OTHER INFORMATION

ITEM 5. OTHER INFORMATION

SUBSEQUENT EVENTS

None.

ITEM 6. EXHIBITS

                                                       Incorporated by Reference
Exhibit No.              Exhibit                           or Filed Herewith
-----------              -------                           -----------------

  31        Section 302 Certification of Chief               Filed herewith
            Executive Officer and Chief Financial Officer

  32        Section 906 Certification of Chief Executive     Filed herewith
            Officer and Chief Financial Officer

                                       17
<PAGE>
                                   SIGNATURES

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

October 20, 2010             North American Gold & Minerals Fund, Registrant


                             By: /s/ Ronald Yadin Lowenthal
                                 -----------------------------------------------
                                 Ronald Yadin Lowenthal,
                                 President, Chief Executive Officer, Principal
                                 Accounting Officer, and Chief Financial Officer
                                 & Director

In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.

October 20, 2010             North American Gold & Minerals Fund, Registrant


                             By: /s/ Ronald Yadin Lowenthal
                                 -----------------------------------------------
                                 Ronald Yadin Lowenthal,
                                 President, Secretary, Chief Executive Officer,
                                 Principal Accounting Officer and Chief
                                 Financial Officer & Director

                                       18