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 NOVEMBER 30, 2009

                        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 [X] NO [ ]

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 February 10,
2010.
<PAGE>
ITEM 1. FINANCIAL STATEMENTS

The un-audited financial statements for the three and nine month periods ended
November 30, 2009 immediately follow.



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

<TABLE>
<CAPTION>
                                                                             As of               As of
                                                                          November 30,        February 28,
                                                                             2009                2009
                                                                           ---------           ---------
<S>                                                                        <C>                 <C>
                                     ASSETS

CURRENT ASSETS
  Cash                                                                     $   2,585           $  27,350
  Deposits                                                                        --                 235
                                                                           ---------           ---------
TOTAL CURRENT ASSETS                                                           2,585              27,585
                                                                           ---------           ---------

TOTAL OTHER ASSETS                                                                --                  --
                                                                           ---------           ---------

      TOTAL ASSETS                                                         $   2,585           $  27,585
                                                                           =========           =========

                       LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts Payable                                                             8,901               3,380
                                                                           ---------           ---------
TOTAL CURRENT LIABILITIES                                                      8,901               3,380

      TOTAL LIABILITIES                                                        8,901               3,380

STOCKHOLDERS' EQUITY
  Common stock, ($0.001 par value, 450,000,000
   shares authorized; 405,000,000 and 132,000,000 shares issued
   and outstanding as of November 30, 2009 and February 28, 2009)            243,696             132,000
  Additional paid-in capital                                                 (85,077)            (60,000)
  Deficit accumulated during exploration stage                              (164,935)            (47,795)
                                                                           ---------           ---------
TOTAL STOCKHOLDERS' EQUITY                                                    (6,316)             24,205
                                                                           ---------           ---------

      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                             $   2,585           $  27,585
                                                                           =========           =========
</TABLE>


                        See Notes to Financial Statements

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

<TABLE>
<CAPTION>
                                                                                                           February 5, 2007
                                       Three Months     Three Months     Nine Months       Nine Months       (inception)
                                          ended            ended            ended             ended            through
                                       November 30,     November 30,     November 30,      November 30,      November 30,
                                           2009             2008             2009              2008              2009
                                       ------------     ------------     ------------      ------------      ------------
<S>                                    <C>              <C>              <C>               <C>               <C>
REVENUES
  Revenues                             $         --     $         --     $         --      $         --      $         --
                                       ------------     ------------     ------------      ------------      ------------
TOTAL REVENUES                                   --               --               --                --                --

OPERATIONG EXPENSES
  Mineral Exploration Expense                    --            9,500               --            13,361            21,111
  Office and Administration                  27,289              870           30,994             2,998            41,516
  Professional Fees                           8,146            1,500           13,146             6,327            29,309
  Provision for Impairment of Assets         73,000               --           73,000                --            73,000
                                       ------------     ------------     ------------      ------------      ------------
TOTAL OPERATING EXPENSES                   (108,435)         (11,870)        (117,140)          (22,687)         (164,935)
                                       ------------     ------------     ------------      ------------      ------------

NET INCOME (LOSS)                      $   (108,435)    $    (11,870)    $   (117,140)     $    (22,687)     $   (164,935)
                                       ============     ============     ============      ============      ============

BASIC EARNINGS PER SHARE               $      (0.00)    $      (0.00)    $      (0.00)     $      (0.00)
                                       ============     ============     ============      ============

WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING              183,429,740      132,000,000      150,036,750       132,000,000
                                       ============     ============     ============      ============
</TABLE>


                        See Notes to Financial Statements

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

<TABLE>
<CAPTION>
                                                                                                       February 5, 2007
                                                                 Nine Months         Nine Months         (inception)
                                                                   ended               ended               through
                                                                 November 30,        November 30,        November 30,
                                                                    2009                2008                2009
                                                                  ---------           ---------           ---------
<S>                                                               <C>                 <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                               $(117,140)          $ (22,687)          $(164,935)
  Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:

  Changes in operating assets and liabilities:
    (Increase) Decrease in Deposits                                     235              (1,235)                 --
    Increase (Decrease) in Due to a Director                             --                 600                  --
    Increase (Decrease) in Accounts Payable                           5,521              (1,500)              8,901
    Provision for Impairment of Assets                               73,000                  --              73,000
    Provision for Payroll                                             4,681                  --               4,681
    Provision for Consulting                                          8,938                  --               8,938
                                                                  ---------           ---------           ---------
          NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES       (24,764)            (24,822)            (69,415)

CASH FLOWS FROM INVESTING ACTIVITIES                                     --                  --                  --
                                                                  ---------           ---------           ---------
          NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES            --                  --                  --

CASH FLOWS FROM FINANCING ACTIVITIES
  Issuance of common stock                                               --                  --              13,200
  Additional paid-in capital                                             --                  --              58,800
                                                                  ---------           ---------           ---------
          NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES            --                  --              72,000
                                                                  ---------           ---------           ---------

NET INCREASE (DECREASE) IN CASH                                     (24,764)            (24,822)              2,585

CASH AT BEGINNING OF PERIOD                                          27,350              51,661                  --
                                                                  ---------           ---------           ---------

CASH AT END OF PERIOD                                             $   2,585           $  26,840           $   2,585
                                                                  =========           =========           =========

SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

In fiscal year 2009 the Company issued 14,381,740 in relation to prepaid
consulting agreements valued at $8,938, 20,000,000 shares as a signing bonus to
management valued at $2,000, 4,314,500 shares in compensation for management
valued at $2,681 and 73,000,000 shares for the acquistion of 2 mines valued at
$73,000.

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

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

  Income Taxes                                                    $      --           $      --           $      --
                                                                  =========           =========           =========
</TABLE>


                        See Notes to Financial Statements

                                       5
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                November 30, 2009
--------------------------------------------------------------------------------

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 November 30, 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,
2009 audited  financial  statements.  The results of  operations  for the period
ended November 30, 2009 is not necessarily  indicative of the operating  results
for the full year.

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.

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 - 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  has agreed to issue  50,000,000  post-split
restricted common shares. Mr. Bauman has agreed that these 50,000,000 restricted
shares of the Company's  common stock will not be in any manner either assigned,

                                       6
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                November 30, 2009
--------------------------------------------------------------------------------

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 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 has agreed
to issue  50,000,000  post-split  restricted  common  shares.  Flexwell  Finance
Limited  has 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 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 has agreed
to issue 50,000,000  post-split  restricted  common shares.  Topcast  Management
Limited  has 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 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 has 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 has 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.

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 vest).  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
entry until the services are performed.  At that point, the appropriate  expense
is debited and the appropriate capital accounts are credited.

                                       7
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                November 30, 2009
--------------------------------------------------------------------------------

NOTE 4 - ACQUISITION OF MINES

On November 1, 2009,  the Company  acquired the Yaba Silver Mine  pursuant to an
agreement with Searchlight  Exploration,  LLC, 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 the Company's  restricted common stock, as well as a 5%
(Five  percent) net smelter  returns  royalty and a 5% (Five percent) net profit
interest.

On November 2, 2009,  the Company  acquired  an  undivided  fifty (50%)  percent
interest  in  the  North  Rawhide  Gold  Mine  pursuant  to  an  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 the Company's  restricted common stock, as
well as a 5% (Five percent) net smelter  returns royalty and a 5% (Five percent)
net profit interest.

NOTE 5 - COMMON STOCK

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 and our  outstanding  share  capital
increased from 33,200,000 shares of common stock to 332,000,000 shares of common
stock.  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 common stock.

NOTE 6 - IMPAIRMENT OF ASSETS

Pursuant to ASC No. 360-10-15,  "Impairment or Disposal of Long-Lived Assets", a
charge to  operating  costs of $73,000 was  recorded.  The charge  included  the
impairment  of the Yaba Silver Mine and the North  Rawhide  Gold Mine due to the
lack of funds needed to further  develop the mines and hence the lack any future
expected cash flows.

NOTE 7 - SUBSEQUENT EVENTS

The Company has evaluated  subsequent events from the balance sheet date through
January 15, 2010 and determined there are no items to disclose.

                                       8
<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 $164,935 in
expenses through November 30, 2009. For the three months ended November 30, 2009
we incurred operating expenses of $108,435. For the same period ended November
30, 2008 we had operating expenses of $11,870.

Our cash in the bank at November 30, 2009 was $2,585, with total assets being
$2,585. Our outstanding liabilities were $8,901. Cash provided by financing
activities and significant operating milestones since inception are as follows:

1.   On February 5, 2007, a total of 2,400,000 shares of common stock were
     issued in exchange for $12,000 US, or $.005 per share. These securities
     were issued to 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 2,000,000 shares at
     $.03 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. Our issued and outstanding share capital increased from
     4,400,000 shares of common stock to 13,200,000 shares of common stock.

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. Our board of directors now solely
     consists 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.
     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.

                                        9
<PAGE>
6.   Effective August 18, 2009, we issued an aggregate of 15,000,000 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 5,000,000 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 August 18, 2009, we entered into a consulting agreement with Mr.
     Frederick C.Bauman. The consulting agreement is for a term of three years.
     We have 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, we have agreed to issue 5,000,000
     restricted common shares of our company. Mr. Bauman has agreed that these
     5,000,000 restricted shares of our 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.

9.   On August 18, 2009, we entered into a consulting agreement with Flexwell
     Finance Limited. The consulting agreement is for a term of three years. We
     have 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, we have
     agreed to issue 5,000,000 restricted common shares of our company. Flexwell
     Finance Limited has agreed that these 5,000,000 restricted shares of our
     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.

10.  On August 18, 2009, we entered into a consulting agreement with Topcast
     Management Limited. The consulting agreement is for a term of three years.
     We have 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, we have
     agreed to issue 5,000,000 restricted common shares of our company. Topcast
     Management Limited has agreed that these 5,000,000 restricted shares of our
     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.

11.  On August 18, 2009, we entered into a 5 year service agreement with Mr.
     Ronald Yadin Lowenthal; our President and Chief Executive Officer. As
     compensation under the agreement, we have agreed to issue 3,000,000
     restricted shares of our common stock. Mr. Lowenthal has agreed that these
     3,000,000 restricted shares of our company's common stock will not be in

                                       10
<PAGE>
     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, we have agreed to issue
     2,000,000 restricted shares of our common stock to Mr. Lowenthal. Mr.
     Lowenthal has agreed that these 2,000,000 restricted shares of our
     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.

12.  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 cover 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 3,000 feet.
     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.

13.  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.

14.  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 and our
     outstanding share capital increased from 33,200,000 shares of common stock
     to 332,000,000 shares of common stock. 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 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
<PAGE>
15.  On November 1, 2009, we acquired the Yaba Silver Mine pursuant to an
     agreement (the "Yaba Acquisition Agreement") with Searchlight Exploration,
     LLC, 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 $1.05 (One dollar and five cents) 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. The Yaba Silver
     Property is located on 40 acres of mining claims (two lode claims) on land
     administered by the US Forest Service (USFS) in the Yarber Wash Mining
     District, in Yavapai County, Arizona, about 15 miles south of Jerome. There
     are two mines at Yaba Silver, the Tri-Metals Mine and the Gold Dot, the
     name of which suggests that the property may also have gold byproduct
     potential. There are shafts and adits, ranging from 65 feet to 285 feet.
     The geology in the Yaba Silver Project area is similar in many respects to
     that in and about Jerome. In both cases the deposits were once thought to
     be replacement in origin. However, by the 1970's the theory had become
     generally accepted that the Jerome deposits were volcanogenic massive
     sulfide (VMS) deposits. Approximately 1.7 billion years ago seafloor
     volcanic activity built up successive layers of the country rock. Feeder
     vents (also called "black smokers") deposited massive copper sulfides and,
     later in the cycle, silica, silver and gold. The strata were later deformed
     to greenstone schist and tilted sharply so that today the dip is nearly
     vertical in many instances. Finally, portions of the pre-Cambrian schist
     were covered with Tertiary volcanics. One difference is that the United
     Verde deposit at Jerome was principally hosted by quartz porphyry, while at
     Yaba the country rock is diorite. The Company's plans for this Mine are to
     begin exploration with surface and underground rock chip sampling to
     confirm previously reported silver mineralization.

16.  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 $1.05 (One dollar and five cents)
     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. The North Rawhide
     Gold Project encompasses approximately 60 acres of mining claims (three
     lode claims) in the Owens Mining District in southern Mohave County,
     Arizona, on land administered by the Bureau of Land Management (BLM).
     Access is from Alamo Road. North Rawhide includes the historic North
     Rawhide and Copper Bluff Gold Mines, with numerous shafts, adits, bulldozer
     cuts and one small open pit. Gold mineralization at North Rawhide is
     reportedly found in quartz veins and silicified breccia zones within the
     upper plate of the Buckskin Rawhide Detachment Fault, typically associated
     with copper oxide. The Buckskin Rawhide Detachment Fault is located a few
     hundred yards south of the North Rawhide #2 claim. North Rawhide was
     previously included in a Phelps Dodge gold exploration project, which
     included geochemical and magnetic surveys, as well as preliminary drilling.
     Based on materials from the Phelps Dodge drill campaign that are in the

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<PAGE>
     public domain, undrilled Phelps Dodge targets included the North Rawhide
     area. The Company intends to pick up where Phelps Dodge left off and,
     following some preliminary geological work, resume drilling the property.

LIQUIDITY AND CAPITAL RESOURCES

Our cash balance at November 30, 2009 was $2,585. If we experience a shortage of
funds for operating expenses we may utilize funds from our director, who 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 November 30, 2009 that have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.

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<PAGE>
                           PART II. OTHER INFORMATION

ITEM 5. OTHER INFORMATION

SUBSEQUENT EVENTS

None.

ITEM 6. EXHIBITS

<TABLE>
<CAPTION>
                                                                           Incorporated by Reference
Exhibit No.                 Exhibit                                            or Filed Herewith
-----------                 -------                                            -----------------
<S>            <C>                                                 <C>
   3.1         Articles of Incorporation                           Incorporated by reference to the Registration
                                                                   Statement  on Form SB-2 filed with the SEC on
                                                                   3/20/07 and subsequently amended and filed on
                                                                   Form 8-K on 1/31/08, File No. 333-141426

   3.2         Bylaws                                              Incorporated by reference to the Registration
                                                                   Statement on Form SB-2 filed with the SEC on
                                                                   3/20/07, File No. 333-141426

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

   32          Section 906 Certification of Chief Executive        Filed herewith
               Officer and Chief Financial Officer
</TABLE>

                                       14
<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.

February 10, 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.

February 10, 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


                                       15