UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C.   20549









FORM
10-Q


(Mark
One)





[X]
            QUARTERLY
      REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the
quarterly period ended November
30, 2008





[   ]
            TRANSITION
      REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the
transition period from __________________
to ____________________





Commission
file number 000-52796





GURATA
      GOLD, INC.(Exact
      name of registrant as specified in its
charter)





Nevada
                (State
      or other jurisdiction of incorporation or organization)
              71-1046926
                (I.R.S.
      Employer Identification No.)11730
      NE 107thPlace,
      Kirkland, Washington
                (Address
      of principal executive offices)
              98033
                (Zip
      Code)206-779-5013
                (Registrant’s
      telephone number, including area code)n/a
                (Former name, former address and former fiscal
      year, if changed since last
report)





Indicate
by check mark whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 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.


[X]
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” and “smaller reporting company in Rule 12b-2 of the Exchange
Act.





Larger
      accelerated filer [   ]
              Accelerated
      filer  [   ]Non-accelerated
      filer  [   ]
                (Do
      not check if a smaller reporting company)
              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).


[X]  Yes         [   ]  No





APPLICABLE
ONLY TO CORPORATE ISSUERS





State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of the latest practicable date.





Class
              Outstanding at January 13,
    2009common
      stock - $0.001 par value
              39,000,000





Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  2





PART
I – FINANCIAL INFORMATION





Item
1.  Financial Statements.








GURATA
GOLD, INC.


(AN
EXPLORATION STAGE COMPANY)


FINANCIAL
STATEMENTS


(UNAUDITED)





AT
NOVEMBER 30, 2008 AND MAY 31, 2008,


FOR
THE THREE AND SIX MONTHS ENDED NOVEMBER 30, 2008 AND 2007


AND
THE PERIOD FROM MAY 26, 2006 (INCEPTION) TO NOVEMBER 30, 2008










IndexBalance Sheets
              F-1Statements of Operations
              F-2Statements of Cash Flows
              F-3Notes to the Financial Statements
              F-4











Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  3





GURATA
GOLD, INC.


(AN
EXPLORATION STAGE COMPANY)


BALANCE SHEETS





November
      30,
                
                
                May
      31,2008
                
                
                2008(Unaudited
      )ASSETSCurrent
      assets:Cash
                
                $
                19,994
                
                
                $
                30,200Deposit
      receivable
                
                
                -
                
                
                
                6,303Total
      assets
                
                $
                19,994
                
                
                $
                36,503LIABILITIES
      AND STOCKHOLDERS' (DEFICIT) EQUITYCurrent
      liabilities:Accounts
      payable
                
                $
                31,671
                
                
                $
                11,494Accrued
      administrative fees
                
                
                3,150
                
                
                
                3,675Accrued
      professional fees
                
                
                -
                
                
                
                127Total
      liabilities
                
                
                34,821
                
                
                
                15,296Commitments
      and contingencies
                
                
                -
                
                
                
                -Stockholders'
      (deficit) equity:Common
      stock; authorized 75,000,000; $0.001 par value;39,000,000
      shares issued and outstanding atNovember
      30, 2008 and May 31, 2008
                
                
                39,000
                
                
                
                39,000Additional
      paid in capital
                
                
                76,250
                
                
                
                76,250Deficit
      accumulated during the exploration stage
                
                
                (130,077
                )
                
                
                (94,043
                )Total
      stockholders' (deficit) equity
                
                
                (14,827
                )
                
                
                21,207Total
      liabilities and stockholders' (deficit) equity
                
                $
                19,994
                
                
                $
                36,503








The
accompanying notes are an integral part of these interim financial
statements











F-1


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  4








GURATA
GOLD, INC.


(AN
EXPLORATION STAGE COMPANY)


STATEMENTS OF OPERATIONS


(UNAUDITED)





Three
      Months Ended November 30,
                      
                      
                      Six
      Months Ended November 30,2008
                      
                      
                      2007
                      
                      
                      2008
                      
                      
                      2007
                      
                      
                      From
      May 26, 2006 (Inception) to November 30, 2008Operating
      Expenses:Administrative
      fees
                      
                      $
                      3,150
                      
                      
                      $
                      1,500
                      
                      
                      $
                      4,825
                      
                      
                      $
                      3,500
                      
                      
                      $
                      16,949Bank
      charges and interest
                      
                      
                      12
                      
                      
                      
                      -
                      
                      
                      
                      69
                      
                      
                      
                      106
                      
                      
                      
                      342Consulting
                      
                      
                      2,450
                      
                      
                      
                      -
                      
                      
                      
                      2,450
                      
                      
                      
                      -
                      
                      
                      
                      22,950Donated
      rent
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      2,750Donated
      services
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      5,500Exploration
      and development
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      19,342Office
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      123Professional
      fees
                      
                      
                      11,767
                      
                      
                      
                      3,418
                      
                      
                      
                      27,643
                      
                      
                      
                      13,918
                      
                      
                      
                      56,483Regulatory
                      
                      
                      1,047
                      
                      
                      
                      1,187
                      
                      
                      
                      1,047
                      
                      
                      
                      1,877
                      
                      
                      
                      4,638Impairment
      loss on mineral property costs
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      1,000Net
      loss for the period
                      
                      $
                      (18,426
                      )
                      
                      $
                      (6,105
                      )
                      
                      $
                      (36,034
                      )
                      
                      $
                      (19,401
                      )
                      
                      $
                      (130,077
                      )Net
      loss per share:Basic
      and diluted
                      
                      $
                      0.00
                      
                      
                      $
                      0.00
                      
                      
                      $
                      0.00
                      
                      
                      $
                      0.00Weighted
      average number of shares outstanding:Basic
      and diluted
                      
                      
                      39,000,000
                      
                      
                      
                      28,063,736
                      
                      
                      
                      39,000,000
                      
                      
                      
                      25,015,301











The
accompanying notes are an integral part of these interim financial
statements









F-2


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  5





GURATA
GOLD, INC.


(AN
EXPLORATION STAGE COMPANY)


STATEMENTS OF CASH FLOWS


(UNAUDITED)








Six
      Months
                
                
                From
      May 26, 2006Ended
      November 30,
                
                
                (Inception)
      to2008
                
                
                2007
                
                
                November
      30, 2008Cash
      flow from operating activities:Net
      loss
                
                $
                (36,034
                )
                
                $
                (19,401
                )
                
                $
                (130,077
                )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Donated
      services and rent
                
                
                -
                
                
                
                -
                
                
                
                8,250Impairment
      loss on mineral property costs
                
                
                -
                
                
                
                -
                
                
                
                1,000Changes
      in operating assets and liabilities:Accounts
      receivable
                
                
                -
                
                
                
                (337
                )
                
                
                -Deposit
      receivable
                
                
                6,303
                
                
                
                -
                
                
                
                -Accounts
      payable
                
                
                20,177
                
                
                
                (1,523
                )
                
                
                31,671Accrued
      administrative fees
                
                
                (525
                )
                
                
                3,000
                
                
                
                3,150Accrued
      professional fees
                
                
                (127
                )
                
                
                1,858
                
                
                
                -Net
      cash used in operating activities
                
                
                (10,206
                )
                
                
                (16,403
                )
                
                
                (86,006
                )Cash
      flows from investing activities:Acquisition
      of mineral properties
                
                
                -
                
                
                
                -
                
                
                
                (1,000
                )Net
      cash used in investing activities
                
                
                -
                
                
                
                -
                
                
                
                (1,000
                )Cash
      flows from financing activities:Cash
      from issuance of common stock
                
                
                -
                
                
                
                85,000
                
                
                
                107,000Net
      cash provided by financing activities
                
                
                -
                
                
                
                85,000
                
                
                
                107,000Net
      (decrease) increase in cash during the period
                
                
                (10,206
                )
                
                
                68,597
                
                
                
                19,994Cash,
      beginning of period
                
                
                30,200
                
                
                
                15,967
                
                
                
                -Cash,
      end of period
                
                $
                19,994
                
                
                $
                84,564
                
                
                $
                19,994Supplemental
      disclosure of cash flow information:Cash
      paid during the periodTaxes
                
                $
                -
                
                
                $
                -
                
                
                $
                -Interest
                
                $
                -
                
                
                $
                -
                
                
                $
                -








(The
accompanying notes are an integral part of these interim financial
statements)








F-3


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  6


GURATA GOLD,
INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION





Nature
of Operations





Gurata
Gold, Inc. (“Gurata”) was incorporated on May 26, 2006, under the laws of the
State of Nevada.  Gurata’s principal business is the acquisition and
exploration of mineral resources in northwestern British Columbia,
Canada.  Gurata has not presently determined whether its properties
contain mineral reserves that are economically recoverable.  In these
notes, the terms “Company”, “we”, “us” or “our” mean Gurata.





Exploration
Stage





These
financial statements and related notes are presented in accordance with
accounting principles generally accepted in the United States of
America.  The Company has not produced any revenues from its principal
business and is an exploration stage company as defined by SEC Industry Guide 7,
and follows Statement of Financial Accounting Standard (SFAS) No. 7, where
applicable.





The
Company is in the early exploration stage.  In an exploration stage
company, management devotes most of its time to conducting exploratory work and
developing its business.  These financial statements have been
prepared on a going concern basis, which implies the Company will continue to
realize its assets and discharge its liabilities in the normal course of
business.  The Company has never paid any dividends and is unlikely to
pay dividends or generate earnings in the immediate or foreseeable
future.  The Company’s continuation as a going concern and its ability
to emerge from the exploration stage with any planned principal business
activity is dependent upon the continued financial support of its shareholders
and its ability to obtain the necessary equity financing and attain profitable
operations.





Basis
of Presentation





The
accompanying unaudited financial statements included herein have been prepared
in accordance with accounting principles generally accepted in the United States
for interim financial information and with the instructions to Form
10-Q.  They do not include all information and notes required by
generally accepted accounting principles for complete financial
statements.  However, except as disclosed herein, there have been no
material changes in the information disclosed in the notes to the financial
statements included on Form 10-K of Gurata Gold, Inc. for the year ended May 31,
2008.  In the opinion of management, all adjustments considered
necessary for a fair presentation have been included, and are of a normal
recurring nature.  Operating results for the three and six months
ended November 30, 2008 are not necessarily indicative of the results that may
be expected for any other interim period or the entire year.  For
further information, these unaudited financial statements and the related notes
should be read in conjunction with the Company’s audited consolidated financial
statements for the year ended May 31, 2008, included in the Company’s annual
report on Form 10-K.





NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES





Reclassifications





Certain
prior period amounts in the accompanying financial statements have been
reclassified to conform to the current period’s presentation. These
reclassifications had no effect on the results of operations or financial
position for any period presented.




























F-4


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  7


GURATA GOLD,
INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued





Recent
Accounting Pronouncements




On June
1, 2007, the Company adopted Statement of Financial Accounting Standards (SFAS)
No. 157 (SFAS 157), Fair Value
Measurements.  SFAS 157 relates to financial assets and
financial liabilities.  In February 2008, the Financial Accounting
Standards Board (FASB) issued FASB Staff Position (FSP) No. FAS 157-2, Effective Date of FASB Statement No.
157, which delayed the effective date of SFAS 157 for all nonfinancial
assets and nonfinancial liabilities, except those that are recognized or
disclosed at fair value in the financial statements on at least an annual basis,
until January 1, 2009 for calendar year-end entities.  Also in
February 2008, the FASB issued FSP No. FAS 157-1, Application of FASB Statement
No. 157 to FASB Statement No. 13 and Other Accounting Pronouncements That
Address Fair Value Measurements for Purposes of Lease Classification or
Measurement under Statement 13, which states that SFAS No. 13, Accounting for Leases, (SFAS
13) and other accounting pronouncements that address fair value measurements for
purposes of lease classification or measurement under SFAS 13 are excluded from
the provisions of SFAS 157, except for assets and liabilities related to leases
assumed in a business combination that are required to be measured at fair value
under SFAS No. 141, Business
Combinations, (SFAS 141) or SFAS No. 141 (revised 2007), Business Combinations, (SFAS
141(R)).





SFAS 157
defines fair value, establishes a framework for measuring fair value in
accounting principles generally accepted in the United States of America (GAAP),
and expands disclosures about fair value measurements.  The provisions
of this standard apply to other accounting pronouncements that require or permit
fair value measurements and are to be applied prospectively with limited
exceptions.  The adoption of SFAS 157, as it relates to financial
assets and financial liabilities, had no impact on the Company’s financial
statements.





SFAS 157
defines fair value as the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at
the measurement date.  This standard is now the single source in GAAP
for the definition of fair value, except for the fair value of leased property
as defined in SFAS 13. SFAS 157 establishes a fair value hierarchy that
distinguishes between (1) market participant assumptions developed based on
market data obtained from independent sources (observable inputs) and (2) an
entity’s own assumptions about market participant assumptions developed based on
the best information available in the circumstances (unobservable
inputs).  The fair value hierarchy consists of three broad levels,
which gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (Level 1) and the lowest priority to
unobservable inputs (Level 3).  The three levels of the fair value
hierarchy under SFAS 157 are described below:




Level
      1 - Unadjusted quoted prices in active markets that are accessible at the
      measurement date for identical, unrestricted assets or
      liabilities.




Level
      2 - Inputs other than quoted prices included within Level 1 that are
      observable for the asset or liability, either directly or indirectly,
      including quoted prices for similar assets or liabilities in active
      markets; quoted prices for identical or similar assets or liabilities in
      markets that are not active; inputs other than quoted prices that are
      observable for the asset or liability (e.g., interest rates); and inputs
      that are derived principally from or corroborated by observable market
      data by correlation or other means.




Level
      3 - Inputs that are both significant to the fair value measurement and
      unobservable.

























F-5


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  8


GURATA GOLD,
INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued





Recent
Accounting Pronouncements, continued





In
September 2006, the FASB issued SFAS 158 (“SFAS 158”), Employers’ Accounting for Defined
Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements
No. 87, 88, 106, and 132(R).  This statement requires an
employer to recognize the over funded or under funded status of a defined
benefit postretirement plan as an asset or liability in its statement of
financial position and to recognize changes in that funded status in the year in
which the changes occur through comprehensive income of a business
entity.  This statement also requires an employer to measure the
funded status of a plan as of the date of its year end statement of financial
position, with limited exceptions.  The Company will be required to
initially recognize the funded status of a defined benefit postretirement plan
and to provide the required disclosures as of the end of the fiscal year ending
after December 15, 2006.  The requirement to measure plan assets and
benefit obligations as of the date of the employer’s fiscal year end statement
of financial position is effective for fiscal years ending after December 15,
2008, or June 1, 2008 for the Company.  We do not have a defined
benefit postretirement plan and thus the Adoption of SFAS 158 did not have a
material impact on our financial statements.





In
February 2007, the FASB issued SFAS No. 159 (SFAS 159), The Fair Value Option for Financial
Assets and Financial Liabilities—Including an amendment of FASB Statement No.
115.  SFAS 159 permits measurement of certain financial assets
and financial liabilities at fair value.  If the fair value option is
elected, the unrealized gains and losses are reported in earnings at each
reporting date.  Generally, the fair value option may be elected on an
instrument-by-instrument basis, as long as it is applied to the instrument in
its entirety.  The fair value option election is irrevocable, unless a
new election date occurs.  SFAS 159 was effective for the Company on
June 1, 2008.  The adoption of SFAS 159 did not have a material impact
on the Company’s financial statements as the Company did not elect the fair
value option for any of its financial assets or liabilities.





In June
2007, the Emerging Issues Task Force (EITF) of the FASB reached a consensus on
Issue No. 07-3, Accounting for
Nonrefundable Advance Payments for Goods or Services Received for Use in Future
Research and Development Activities(EITF 07-3).  EITF 07-3
requires that non-refundable advance payments for goods or services that will be
used or rendered for future research and development activities must be deferred
and capitalized.  As the related goods are delivered or the services
are performed, or when the goods or services are no longer expected to be
provided, the deferred amounts must be recognized as an expense.  This
issue is effective for financial statements issued for fiscal years beginning
after December 15, 2007 and earlier application is not
permitted.  This consensus is to be applied prospectively for new
contracts entered into on or after the effective date.  The Company
adopted EITF 07-03 on June 1, 2008.  The adoption of EITF 07-03 did
not have a material effect on our financial statements.





In March
2008, the FASB, affirmed the consensus of FASB Staff Position (FSP) Accounting
Principles Board Opinion No. 14-1 (APB 14-1), Accounting for Convertible Debt
Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash
Settlement), which applies to all convertible debt instruments that have
a net settlement
feature; which means that such convertible debt instruments, by their
terms, may be settled either wholly or partially in cash upon
conversion.  FSP APB 14-1 requires issuers of convertible debt
instruments that may be settled wholly or partially in cash upon conversion to
separately account for the liability and equity components in a manner
reflective of the issuer’s nonconvertible debt borrowing
rate.  Previous guidance provided for accounting for this type of
convertible debt instrument entirely as debt.  FSP APB 14-1 is
effective for financial statements issued for fiscal years beginning after
December 15, 2008 and interim periods within those fiscal years.  We
do not expect the adoption of FSP APB 14-1 to have a material impact on our
financial statements.


























F-6


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  9


GURATA GOLD,
INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued





Recent
Accounting Pronouncements, continued





In May,
2008, FASB issued SFAS No. 162, The Hierarchy of Generally Accepted
Accounting Principles (SFAS 162).  SFAS 162 identifies the
sources of accounting principles and the framework for selecting the principles
used in the preparation of financial statements of nongovernmental entities that
are presented in conformity with generally accepted accounting principles (GAAP)
in the United States (the GAAP hierarchy).  SFAS 162 is effective 60
days following the U.S. Securities and Exchange Commission’s (SEC’s) approval of
the Public Company Accounting Oversight Board amendments to AU Section 411,
The Meaning of Present Fairly
in Conformity With Generally Accepted Accounting
Principles.  The Company is currently reviewing the effect, if
any; the proposed guidance will have on its financial statement
disclosures.





In May,
2008, FASB issued SFAS No. 163, Accounting for Financial Guarantee
Insurance Contracts—an interpretation of FASB Statement No.
60.  Diversity exists in practice in accounting for financial
guarantee insurance contracts by insurance enterprises under FASB Statement No.
60, Accounting and Reporting
by Insurance Enterprises.  That diversity results in
inconsistencies in the recognition and measurement of claim liabilities because
of differing views about when a loss has been incurred under FASB Statement No.
5, Accounting for
Contingencies.  This Statement requires that an insurance
enterprise recognize a claim liability prior to an event of default (insured
event) when there is evidence that credit deterioration has occurred in an
insured financial obligation.  This Statement also clarifies how
Statement 60 applies to financial guarantee insurance contracts, including the
recognition and measurement to be used to account for premium revenue and claim
liabilities.  Those clarifications will increase comparability in
financial reporting of financial guarantee insurance contracts by insurance
enterprises.  This Statement requires expanded disclosures about
financial guarantee insurance contracts.  The accounting and
disclosure requirements of the Statement will improve the quality of information
provided to users of financial statements.  SFAS 163 will be effective
for financial statements issued for fiscal years beginning after December 15,
2008, and interim periods within those fiscal years; disclosure requirements in
paragraphs 30(g) and 31 are effective for the first period (including interim
periods) beginning after May 23, 2008.  We do not expect the adoption
of SFAS 163 to have a significant impact on our financial
statements.





On June
16, 2008, the FASB issued FASB Staff Position No. EITF 03-6-1 (FSP No. EITF
03-6-1), Determining Whether
Instruments Granted in Share-Based Payment Transactions Are Participating
Securities, to address the question of whether instruments granted in
share-based payment transactions are participating securities prior to
vesting.  FSP EITF 03-6-1 indicates that unvested share-based payment
awards that contain rights to dividend payments should be included in earnings
per share calculations.  The guidance will be effective for fiscal
years beginning after December 15, 2008.  The Company is currently
evaluating the requirements of FSP No. EITF 03-6-1 and the impact that its
adoption will have on its results of operations and financial
position.





In June
2008, the FASB issued EITF Issue 07-5 (EITF 07-5), Determining whether an Instrument
(or Embedded Feature) is indexed to an Entity’s Own
Stock.  EITF No. 07-5 is effective for financial statements
issued for fiscal years beginning after December 15, 2008, and interim periods
within those fiscal years.  Early application is not permitted.
Paragraph 11(a) of SFAS No. 133 Accounting for Derivatives and
Hedging Activities, specifies that a contract that would otherwise meet
the definition of a derivative but is both (a) indexed to the Company’s own
stock and (b) classified in stockholders’ equity in the statement of financial
position would not be considered a derivative financial instrument. EITF 07-5
provides a new two-step model to be applied in determining whether a financial
instrument or an embedded feature is indexed to an issuer’s own stock and thus
able to qualify for the SFAS No. 133 paragraph 11(a) scope
exception.  The Company is currently evaluating the impact that
adoption of EITF 07-5 will have on its financial statements.























F-7


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  10


GURATA GOLD,
INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued





Recent
Accounting Pronouncements, continued





In June
2008, FASB released a proposed SFAS, Disclosure of Certain Loss
Contingencies, an amendment of FASB Statements No. 5 and 141 (the proposed Statement), for a
comment period that ended during August 2008.  The proposed Statement
would (a) expand the population of loss contingencies that are required to be
disclosed, (b) require disclosure of specific quantitative and qualitative
information about those loss contingencies, (c) require a tabular reconciliation
of recognized loss contingencies and (d) provide an exemption from disclosing
certain required information if disclosing that information would be prejudicial
to an entity's position in a dispute.  The proposed Statement would be
effective for financial statements issued for fiscal years ending after December
15, 2008, and for interim and annual periods in subsequent fiscal
years.  When and if the proposed Statement is approved in final form
by FASB, the Company will evaluate whether the adoption of the proposed
Statement will have any material impact on its financial position and results of
operations.





NOTE
3 – GOING CONCERN





These
financial statements have been prepared on a going concern basis, which implies
the Company will continue to realize its assets and discharge its liabilities in
the normal course of business.  The Company has not generated any
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 the Company as a going concern is
dependent upon the continued financial support from its shareholders, the
ability of the Company to obtain necessary equity financing to continue
operations, confirmation of the Company’s interests in the underlying
properties, and the attainment of profitable operations.  The
Company’s ability to achieve and maintain profitability and positive cash flows
is dependent upon its ability to locate profitable mineral properties, generate
revenues from its mineral production and control production
costs.  Based upon current plans, the Company expects to incur
operating losses in future periods.  At November 30, 2008, the Company
had accumulated losses of $130,077 since inception.  These factors
raise substantial doubt regarding the Company’s ability to continue as a going
concern.  There is no assurance that the Company will be able to
generate revenues in the future.  These financial statements do not
give any effect to any adjustments that would be necessary should the Company be
unable to continue as a going concern and therefore be required to realize its
assets and discharge its liabilities in other than the normal course of business
and at amounts different from those reflected in the accompanying financial
statements.





NOTE
4 - RELATED PARTY TRANSACTIONS





All of
the Company’s mineral claims are registered in the name of a former director of
the Company and pursuant to a trust agreement are held in trust on behalf of the
Company (see Note 5).





At
November 30, 2008 and May 31 2008, the Company was indebted to a former director
in the amounts of $28 and $34, respectively. This debt was reclassified to
accounts payable at November 30, 2008.































F-8


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  11


GURATA GOLD,
INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
5 – UNPROVED MINERAL PROPERTY





On
December 15, 2006, the Company acquired the Gate 1 mineral claim near Atlin,
British Columbia, Canada, comprising an area of 376.49 hectares for
$1,000.  During the year ended May 31, 2007, the Company determined
that the carrying amount of the mineral property was in excess of its estimated
fair value and recognized an impairment loss on mineral property costs of $1,000
(see Note 4).





The
Company is required to incur approximately $1,217 (CDN$1,505) on or before
February 10, 2009 and approximately $2,435 (CDN$3,012) on or before February 10,
2010 and each year thereafter in exploration expenditures or pay the equivalent
sum in cash in lieu of work, in order to retain title to the claim.





The
Company’s mineral claim is in good standing until February 10,
2009.





NOTE
6 - COMMON STOCK





On July
11, 2006 and August 23, 2006, the Company issued 3,000,000 and 19,000,000 common
shares respectively, at $0.001 per share for cash of $22,000 to its
director.





On
November 30, 2007, the Company issued 17,000,000 common shares at $0.005 per
share for cash of $85,000.





NOTE
7 – SUBSEQUENT EVENT





On
December 15, 2008, the Company registered exploration work performed on its
unproved mineral properties with the Government of British Columbia, which would
allow the Company to retain title to the claims until February 12, 2012. The
approval for this exploration work is pending a review by the Government of
British Columbia on a final geological report to be provided by the Company (see
Note 5).


























































F-9


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  12




Item
2.  Management’s Discussion and Analysis of Financial Condition and
Results of Operation.





Forward-Looking
Statements





This
quarterly report on Form 10-Q filed by Gurata Gold, Inc. contains
forward-looking statements.  These are statements regarding financial
and operating performance and results and other statements that are not
historical facts.  The words “expect,” “project,” “estimate,”
“believe,” “anticipate,” “intend,” “plan,” “forecast,” and similar expressions
are intended to identify forward-looking statements.  Certain
important risks could cause results to differ materially from those anticipated
by some of the forward-looking statements.  Some, but not all, of
these risks include, among other things:





·
            general
      economic conditions, because they may affect our ability to raise
      money,


·
            our
      ability to raise enough money to continue our
  operations,


·
            changes
      in regulatory requirements that adversely affect our
    business,


·
            changes
      in the prices for minerals that adversely affect our
    business,


·
            political
      changes in Canada, which could affect our interests there,
    and


·
            other
      uncertainties, all of which are difficult to predict and many of which are
      beyond our control.





We
caution you not to place undue reliance on these forward-looking statements,
which reflect our management’s view only as of the date of this
report.  We are not obligated to update these statements or publicly
release the results of any revisions to them to reflect events or circumstances
after the date of this report or to reflect the occurrence of unanticipated
events.  You should refer to and carefully review the information in
future documents we file with the Securities and Exchange
Commission.





General




You
should read this discussion and analysis in conjunction with our interim
unaudited financial statements and related notes included in this Form 10-Q and
the audited financial statements and related notes included in our Annual Report
on Form 10-K for the fiscal year ended May 31, 2008.  The inclusion of
supplementary analytical and related information may require us to make
estimates and assumptions to enable us to fairly present, in all material
respects, our analysis of trends and expectations with respect to our results of
operations and financial position taken as a whole.  Actual results
may vary from the estimates and assumptions we make.




Our
principal business is the acquisition and exploration of mineral resources in
northwestern British Columbia, Canada.  We have not presently
determined whether our properties contain mineral reserves that are economically
recoverable.  We have not commenced significant operations and are
considered an Exploration Stage Company, as defined by SEC Industry Guide 7, and
follows Statement of Financial Accounting Standard (SFAS) No.7 Accounting and Reporting by
Development Stage Enterprises, where applicable.  We have no
operations and if our mineral claims are not successfully developed we will not
earn any revenues.





“We”,
“us” or “our” means Gurata Gold, Inc. throughout the balance of this
document.













Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  13


Results
of Operations





Our
operating results for the three and six months ended November 30, 2008 and 2007
and the changes between those periods for the expenses are summarized as
follows:





For
      the Three Months Ended November 30,
                        Increase
      (Decrease)
                          Between
      the Three Months Ended November 30, 2008 and, 2007
                        For
      the Six Months Ended November 30,
                        Increase
      (Decrease)
                          Between
      the Six Months Ended November 30, 2008 and, 20072008
                        
                        2007
                        
                        2008
                        
                        2007Administrative
      fees
                        $
                        3,150
                        $
                        1,500
                        $
                        1,650
                        $
                        4,825
                        $
                        3,500
                        $
                        1,325Bank
      charges and interest
                        
                        12
                        
                        -
                        
                        12
                        
                        69
                        
                        106
                        
                        (37)Consulting
                        
                        2,450
                        
                        -
                        
                        2,450
                        
                        2,450
                        
                        -
                        
                        2,450Professional
      fees
                        
                        11,767
                        
                        3,418
                        
                        8,349
                        
                        27,643
                        
                        13,918
                        
                        13,725Regulatory
                        
                        1,047
                        
                        1,187
                        
                        (140)
                        
                        1,047
                        
                        1,877
                        
                        (830)Net loss for the period
                        $
                        18,426
                        $
                        6,105
                        $
                        12,321
                        $
                        36,034
                        $
                        19,401
                        $
                        16,633





During
the three months ended November 30, 2008, our net loss increased by $12,321 an
increase of 202% from $6,105 for the three months ended November 30, 2007 to
$18,426 for the three months ended November 30, 2008.





During
the six months ended November 30, 2008, our net loss increased by $16,633 an
increase of 86% from $19,401 for the six months ended November 30, 2007 to
$36,034 for the six months ended November 30, 2008.





The
$12,321 and $16,633 increase in our net loss for the three and six months ending
November 30, 2008 was primarily due to outsourcing our administrative and
accounting services, professional fees associated with regulatory compliance and
a nominal consulting fee paid to our former president, CEO and CFO to compensate
him for the extra time he spent with the new president, CEO and CFO in order to
ensure an orderly transition in control.





Over the
next 12 months, we do not anticipate generating any revenue and we expect our
operating losses to be approximately $70,000.  We plan to continue to
fund Phase One of our mineral exploration program and our operations through
equity financing from the sale of our shares of common stock, private advances
or through the sale of a part interest in the Gate 1 Claim.  We do not
have any financing arranged and cannot provide any assurance that we will be
able to raise sufficient funding from the sale of our shares of common stock,
that we will receive private advances or that we will be able to sell a part
interest in the Gate 1 Claim.  Although we have not attempted to
locate a joint venture partner, if we enter into a joint venture arrangement, we
would assign a percentage of our interest in the Gate 1 Claim to our joint
venture partner.





Liquidity
and Capital Resources





At
November 30, 2008, we had a cash balance of $19,994 and negative cash flows from
operations of $10,206.  During the six months ended November 30, 2008,
we funded our operations with cash that we received from the sale of common
stock in prior quarters.








Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  14





Going
Concern





Due to
lack of operating history and present inability to generate revenues, there
currently exists substantial doubt about our ability to continue as a going
concern.  Even if we complete our current exploration program and we
are successful in identifying a mineral deposit, we will have to spend
substantial funds on further drilling and engineering studies before we will
know if we have a commercially viable mineral deposit or reserve.





The notes
to our financial statements have been prepared on a going concern basis, which
implies that we will continue to realize our assets and discharge our
liabilities in the normal course of business.  We have not generated
any revenues since inception and have never paid any dividends and we are
unlikely to pay dividends or generate earnings in the immediate or foreseeable
future.  Our continuation as a going concern is dependent upon the
continued financial support from our shareholders, our ability to obtain the
necessary equity financing to continue operations, confirmation our interests in
the underlying properties, and the attainment of profitable
operations.  Our ability to achieve and maintain profitability and
positive cash flows is dependent upon our ability to locate profitable mineral
properties, generate revenues from our mineral production and control production
costs.  Based upon current plans, we expect to incur operating losses
in future periods.  At November 30, 2008, we had accumulated losses of
$130,077 since inception.  These factors raise substantial doubt
regarding our ability to continue as a going concern.  There is no
assurance that we will be able to generate revenues in the
future.  These financial statements do not give any effect to any
adjustments that would be necessary should we be unable to continue as a going
concern and therefore be required to realize our assets and discharge our
liabilities in other than the normal course of business and at amounts different
from those reflected in the accompanying financial statements.





For
      the Six Months Ended November 30,2008
                      
                      
                      2007Net
      cash used in operating activities
                      
                      $
                      (10,206
                      )
                      
                      $
                      (16,403
                      )Net
      cash used in investing activities
                      
                      
                      -
                      
                      
                      
                      -Net
      cash provided by financing activities
                      
                      
                      -
                      
                      
                      
                      85,000Net
      (decrease) increase in cash during the period
                      
                      $
                      (10,206
                      )
                      
                      $
                      68,597





Net
Cash Used in Operating Activities





Net cash
used in operating activities during the six months ended November 30, 2008 was
$10,206.  We used cash primarily to pay down our accrued
administrative and professional fees by $525 and $127 respectively and to cover
our net loss of $36,034.  These uses of cash were offset primarily by
receipt of our deposit receivable of $6,303, and a net increase in our accounts
payable of $20,177.





Net cash
used in operating activities during the six months ended November 30, 2007 was
$16,403.  We used cash primarily to pay down our accounts payable by
$1,523, for uncollected accounts receivable of $337 and to fund our net loss of
$19,401. These uses of cash were offset primarily by increases in our accrued
administrative fees and accrued professional fees of $3,000 and $1,858
respectively.





Net
Cash Used in Investing Activities





We did
not have any investing activities during the six months ended November 30, 2008
and 2007.


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  15





Net
Cash Provided By Financing Activities





During
the six months ended November 30, 2008 we did not have any financing
activities.





During
the six months ended November 30, 2007 we received $85,000 in cash from the
issuance of common stock.





Unproved
Mineral Property





Gate
1 Claim





On
December 15, 2006 we purchased the Gate 1 Claim near Atlin, British Columbia,
Canada, comprising an area of 376.488 hectares for $1,000.  The Gate 1
Claim is registered in the name of a former director and pursuant to a trust
agreement is held in trust on our behalf.  See Exhibit 10.2 – Trust
agreement for more details.





At
November 30, 2008, we had spent $13,697 on a helicopter-supported magnetic
survey on the Gate 1 Claim.  On December 15, 2008, the Company
registered exploration work performed on its unproved mineral property with the
Government of British Columbia, which would allow the Company to retain title to
the claim until February 10, 2012.  The approval for this exploration
work is pending a review by the Government of British Columbia on a final
geological report to be provided by the Company.





Exploration
Plan





On June
18, 2008, we received an exploration report on a helicopter-supported magnetic
survey on the Gate 1 Claim from our consulting geologist.  The report
recommends prospecting and surveying the Gate 1 Claim.  If the
prospecting is successful in discovering mineralization the report recommends
following up with an IP/resistivity survey in order to verify magnetic anomalies
and help determine the depth of the causative source.  Management will
review the report in 2009 and have discussions with our consulting geologist in
order to determine the economic viability of the mineral claim based on the data
that was obtained in the helicopter-supported magnetic survey.





The
following is a brief summary of our four phase exploration program:





1.
            Management
      will review the geological report about the helicopter-supported magnetic
      survey in 2009 and have discussions with our consulting geologist in order
      to determine the economic viability of the mineral claim based on the data
      that was obtained in magnetic survey. This phase will be called Phase
      One.





2.
            If
      Phase One is successful, we plan to conduct the second phase of our four
      phase exploration program starting in July 2009.  This Phase Two
      exploration program is expected to cost approximately $16,200
      (CDN$20,000).  A two-person field crew will fly to the Gate 1
      Claim and will stay for a period of 15 days.  During this period
      the crew will generally survey the Gate 1 Claim seeking any outcroppings
      and locating streams.  An outcropping is a part of a rock
      formation that appears above the surface of the surrounding
      land.  The crew will use global positioning equipment, take 100
      geochemical samples and take 15 rock samples.  All samples will
      be bagged and tagged for location, date and time for later
      analysis.  After this period is over the crew will return to
      Atlin by float plane.





3.
            The
      samples obtained during the Phase Two exploration program will be analyzed
      at a laboratory and we will review the results of the Phase Two
      exploration program in the winter of 2009.  We will engage our
      consulting geologist to interpret the results of Phase Two.  It
      is estimated that the analysis and interpretation of results will cost
      approximately $2,800 (CDN$3,500).  If we are able to identify
      favorable rock formations and structures with elevated metal values we
      will plan and conduct a Phase Three
program.





Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  16





4.
            If
      the Phase Three program were to proceed, our consulting geologist has
      indicated that we should budget approximately $48,500 (CDN$60,000) for our
      Phase Three program.  If we proceed with our Phase Three program
      we would do so in July 2010.  A small crew will fly to the Gate
      1 Claim and will stay for a period of time to be
      determined.  During this period the crew will continue with
      Phase Two field work including additional sampling and mapping,
      magnetometer survey, trenching and a small number of diamond drill
      holes.  All samples will be bagged and tagged for location, date
      and time for later analysis. After this period is over the crew will
      return to Atlin by float plane.





5.
            In
      the case that the Phase Three exploration program takes place, we will
      review the results in winter 2010.  If we are able to continue
      to confirm elevated metal values at specific hand drilled targets we will
      consider Phase Three a success and will plan for a Phase Four exploration
      program.  The Phase Four exploration program is expected to cost
      at least $202,000 (CDN$250,000).  At this stage, we would seek
      to link with a major resource company in a joint venture relationship in
      recognition of financing requirements.  If we proceed with Phase
      Four of our exploration plan we would commence in July
    2011.





Challenges
and Risks





On
November 30, 2008, we had cash of approximately $20,000.  We will have
to raise additional funds to cover our operating costs and commence Phase Two of
our mineral exploration program.





During
the next 12 months, we do not anticipate generating any revenue.  If
we require additional funds, we anticipate this additional funding will come
from equity financing from the sale of our common stock, private loans or
advances or the sale of part of our interest in the Gate 1 Claim.  If
we are successful in completing an equity financing, existing shareholders will
experience dilution of their interest.  We do not have any financing
arranged and cannot provide investors with any assurance that we will be able to
raise sufficient funding from the sale of our common stock or obtain private
loans or advances to fund our mineral exploration program.  In the
absence of such financing, our business will fail.





We may
consider entering into a joint venture partnership by linking with a major
resource company to provide the required funding to complete our Phase Four
exploration program.  We have not undertaken any efforts to locate a
joint venture partner for Phase Four.  If we enter into a joint
venture arrangement, we will assign a percentage of our interest in the Gate 1
Claim to the joint venture partner.




Based on
the nature of our business, we anticipate incurring operating losses in the
foreseeable future.  We base this expectation, in part, on the fact
that very few mineral claims in the exploration stage ultimately develop into
producing, profitable mines.  Our future financial results are also
uncertain due to a number of factors, some of which are outside our
control.  These factors include, but are not limited to:





·
            our
      ability to raise additional funding;·
            the
      market price for gold;


·
            the
      results of our proposed exploration programs on the Gate 1 Claim;
      and·
            our
      ability to find joint venture partners for the development of our property
      interests.





Foreign
Exchange




We are
subject to foreign exchange risk for transactions denominated in foreign
currencies.  Foreign currency risk arises from the fluctuation of
foreign exchange rates and the degree of volatility of these rates relative to
the United States dollar.  We do not believe that we have any material
risk due to foreign currency exchange.


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  17





Other
Trends, Events or Uncertainties that may Impact Results of Operations or
Liquidity


Trends,
Events, and Uncertainties




The
economic crisis in the United States and the resulting economic uncertainty and
market instability may make it harder for us to raise capital as and when we
need it and have made it difficult for us to assess the impact of the crisis on
our operations or liquidity and if the prices we will receive on the sale of
minerals will exceed the cost of mineral exploitation.  If we are
unable to raise cash, we may be required to cease our
operations.  Other than as discussed in this quarterly report, we know
of no other trends, events or uncertainties that have or are reasonably likely
to have a material impact on our short-term or long-term liquidity.





Off-Balance
Sheet Arrangements





We have
no off-balance sheet arrangements and no non-consolidated, special-purpose
entities.





Contingencies
and Commitments




We had no
commitments or contingencies at November 30, 2008.





Internal
and External Sources of Liquidity





To date,
we have funded our operations from the sale of our common stock.





Recently
Adopted and Recently Issued Accounting Standards




Refer to
Note 2 of the Notes to our Financial Statements which is included in our Form
10-K for the fiscal year ended May 31, 2008 for a discussion of recent
accounting standards and pronouncements.  Accounting pronouncements
that have been issued or adopted subsequent to May 31, 2008 are described
below:





On March
1, 2008, we adopted Statement of Financial Accounting Standards (SFAS) No. 157
(SFAS 157), Fair Value
Measurements.  SFAS 157 relates to financial assets and
financial liabilities.  In February 2008, the Financial Accounting
Standards Board (FASB) issued FASB Staff Position (FSP) No. FAS 157-2, Effective Date of FASB Statement No.
157, which delayed the effective date of SFAS 157 for all nonfinancial
assets and nonfinancial liabilities, except those that are recognized or
disclosed at fair value in the financial statements on at least an annual basis,
until January 1, 2009 for calendar year-end entities.  Also in
February 2008, the FASB issued FSP No. FAS 157-1, Application of FASB Statement
No. 157 to FASB Statement No. 13 and Other Accounting Pronouncements That
Address Fair Value Measurements for Purposes of Lease Classification or
Measurement under Statement 13, which states that SFAS No. 13, Accounting for Leases, (SFAS
13) and other accounting pronouncements that address fair value measurements for
purposes of lease classification or measurement under SFAS 13 are excluded from
the provisions of SFAS 157, except for assets and liabilities related to leases
assumed in a business combination that are required to be measured at fair value
under SFAS No. 141, Business
Combinations, (SFAS 141) or SFAS No. 141 (revised 2007), Business Combinations, (SFAS
141(R)).





SFAS 157
defines fair value, establishes a framework for measuring fair value in
accounting principles generally accepted in the United States of America (GAAP),
and expands disclosures about fair value measurements.  The provisions
of this standard apply to other accounting pronouncements that require or permit
fair value measurements and are to be applied prospectively with limited
exceptions.  The adoption of SFAS 157, as it relates to financial
assets and financial liabilities had no impact on our financial
statements.





Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  18





SFAS 157
defines fair value as the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at
the measurement date.  This standard is now the single source in GAAP
for the definition of fair value, except for the fair value of leased property
as defined in SFAS 13. SFAS 157 establishes a fair value hierarchy that
distinguishes between (1) market participant assumptions developed based on
market data obtained from independent sources (observable inputs) and (2) an
entity’s own assumptions about market participant assumptions developed based on
the best information available in the circumstances (unobservable
inputs).  The fair value hierarchy consists of three broad levels,
which gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (Level 1) and the lowest priority to
unobservable inputs (Level 3).  The three levels of the fair value
hierarchy under SFAS 157 are described below:




·
            Level
      1 - Unadjusted quoted prices in active markets that are accessible at the
      measurement date for identical, unrestricted assets or
      liabilities.




·
            Level
      2 - Inputs other than quoted prices included within Level 1 that are
      observable for the asset or liability, either directly or indirectly,
      including quoted prices for similar assets or liabilities in active
      markets; quoted prices for identical or similar assets or liabilities in
      markets that are not active; inputs other than quoted prices that are
      observable for the asset or liability (e.g., interest rates); and inputs
      that are derived principally from or corroborated by observable market
      data by correlation or other means.




·
            Level
      3 - Inputs that are both significant to the fair value measurement and
      unobservable.





In
September 2006, the FASB issued SFAS 158 (“SFAS 158”), Employers’ Accounting for Defined
Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements
No. 87, 88, 106, and 132(R).This statement requires an
employer to recognize the over funded or under funded status of a defined
benefit postretirement plan as an asset or liability in its statement of
financial position and to recognize changes in that funded status in the year in
which the changes occur through comprehensive income of a business
entity.  This statement also requires an employer to measure the
funded status of a plan as of the date of its year end statement of financial
position, with limited exceptions.  We are required to initially
recognize the funded status of a defined benefit postretirement plan and to
provide the required disclosures as of the end of the fiscal year ending after
December 15, 2006.  The requirement to measure plan assets and benefit
obligations as of the date of the employer’s fiscal year end statement of
financial position is effective for fiscal years ending after December 15, 2008,
or June 1, 2008 for us.  We do not have a defined benefit
postretirement plan and thus the Adoption of SFAS 158 did not have a material
impact on our financial statements.





In
February 2007, the FASB issued SFAS No. 159 (SFAS 159), The Fair Value Option for Financial
Assets and Financial Liabilities—Including an amendment of FASB Statement No.
115.SFAS 159 permits measurement of certain financial assets and
financial liabilities at fair value.  If the fair value option is
elected, the unrealized gains and losses are reported in earnings at each
reporting date.  Generally, the fair value option may be elected on an
instrument-by-instrument basis, as long as it is applied to the instrument in
its entirety.  The fair value option election is irrevocable, unless a
new election date occurs.  SFAS 159 was effective for us on June 1,
2008.  The adoption of SFAS 159 did not have a material impact on our
financial statements as we did not elect the fair value option for any of our
financial assets or liabilities.





In June
2007, the Emerging Issues Task Force (EITF) of the FASB reached a consensus on
Issue No. 07-3, Accounting for
Nonrefundable Advance Payments for Goods or Services Received for Use in Future
Research and Development Activities(EITF 07-3).  EITF 07-3
requires that non-refundable advance payments for goods or services that will be
used or rendered for future research and development activities must be deferred
and capitalized.  As the related goods are delivered or the services
are performed, or when the goods or services are no longer expected to be
provided, the deferred amounts must be recognized as an expense.  This
issue is effective for financial statements issued for fiscal years beginning
after December 15, 2007 and earlier application is not
permitted.  This consensus is to be applied prospectively for new
contracts entered into on or after the effective date.  We adopted
EITF 07-03 on June 1, 2008.  The adoption of EITF 07-03 did not have a
material effect on our financial statements.


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  19





In March
2008, the FASB, affirmed the consensus of FASB Staff Position (FSP) Accounting
Principles Board Opinion No. 14-1 (APB 14-1), Accounting for Convertible Debt
Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash
Settlement), which applies to all convertible debt instruments that have
a net settlement
feature; which means that such convertible debt instruments, by their
terms, may be settled either wholly or partially in cash upon
conversion.  FSP APB 14-1 requires issuers of convertible debt
instruments that may be settled wholly or partially in cash upon conversion to
separately account for the liability and equity components in a manner
reflective of the issuer’s nonconvertible debt borrowing
rate.  Previous guidance provided for accounting for this type of
convertible debt instrument entirely as debt. FSP APB 14-1 is effective for
financial statements issued for fiscal years beginning after December 15, 2008
and interim periods within those fiscal years.  The adoption of FSP
APB 14-1 is not expected to have a material impact on our financial
statements.





In May,
2008, FASB issued SFAS No. 162, The Hierarchy of Generally Accepted
Accounting Principles (SFAS 162). SFAS 162 identifies the sources of
accounting principles and the framework for selecting the principles used in the
preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles (GAAP) in
the United States (the GAAP hierarchy).  SFAS 162 is effective 60 days
following the U.S. Securities and Exchange Commission’s (SEC’s) approval of the
Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in
Conformity With Generally Accepted Accounting Principles.  We
are currently reviewing the effect, if any, the proposed guidance will have on
our financial statement disclosures.





In May,
2008, FASB issued SFAS No. 163, Accounting for Financial Guarantee
Insurance Contracts—an interpretation of FASB Statement No.
60.  Diversity exists in practice in accounting for financial
guarantee insurance contracts by insurance enterprises under FASB Statement No.
60, Accounting and Reporting
by Insurance Enterprises.  That diversity results in
inconsistencies in the recognition and measurement of claim liabilities because
of differing views about when a loss has been incurred under FASB Statement No.
5, Accounting for
Contingencies.  This Statement requires that an insurance
enterprise recognize a claim liability prior to an event of default (insured
event) when there is evidence that credit deterioration has occurred in an
insured financial obligation.  This Statement also clarifies how
Statement 60 applies to financial guarantee insurance contracts, including the
recognition and measurement to be used to account for premium revenue and claim
liabilities.  Those clarifications will increase comparability in
financial reporting of financial guarantee insurance contracts by insurance
enterprises.  This Statement requires expanded disclosures about
financial guarantee insurance contracts.  The accounting and
disclosure requirements of the Statement will improve the quality of information
provided to users of financial statements.  SFAS 163 will be effective
for financial statements issued for fiscal years beginning after December 15,
2008, and interim periods within those fiscal years; disclosure requirements in
paragraphs 30(g) and 31 are effective for the first period (including interim
periods) beginning after May 23, 2008.  We do not expect the adoption
of SFAS 163 to have a significant impact on our financial
statements.





On June
16, 2008, the FASB issued FASB Staff Position No. EITF 03-6-1 (FSP No. EITF
03-6-1), Determining Whether
Instruments Granted in Share-Based Payment Transactions Are Participating
Securities, to address the question of whether instruments granted in
share-based payment transactions are participating securities prior to
vesting.  FSP EITF 03-6-1 indicates that unvested share-based payment
awards that contain rights to dividend payments should be included in earnings
per share calculations.  The guidance will be effective for fiscal
years beginning after December 15, 2008.  We are currently evaluating
the requirements of FSP No. EITF 03-6-1 and the impact that its adoption will
have on our results of operations and financial position.





In June
2008, the FASB issued EITF Issue 07-5 (EITF 07-5), Determining whether an Instrument
(or Embedded Feature) is indexed to an Entity’s Own
Stock.  EITF No. 07-5 is effective for financial statements
issued for fiscal years beginning after December 15, 2008, and interim periods
within those fiscal years.  Early application is not
permitted.  Paragraph 11(a) of SFAS No. 133 Accounting for Derivatives and
Hedging Activities, specifies that a contract that would otherwise meet
the definition of a derivative but is both (a) indexed to the Company’s own
stock and (b) classified in stockholders’ equity in the statement of financial
position would not be considered a derivative financial instrument. EITF 07-5
provides a new two-step model to be applied in determining whether a financial
instrument or an embedded feature is indexed to an issuer’s own stock and thus
able to qualify for the SFAS No. 133 paragraph 11(a) scope
exception.  We are currently evaluating the impact that adoption of
EITF 07-5 will have on our financial statements.


Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  20





In June
2008, FASB released a proposed SFAS, Disclosure of Certain Loss
Contingencies, an amendment of FASB Statements No. 5 and 141) (the proposed Statement), for a
comment period that ended during August 2008.  The proposed Statement
would (a) expand the population of loss contingencies that are required to be
disclosed, (b) require disclosure of specific quantitative and qualitative
information about those loss contingencies, (c) require a tabular reconciliation
of recognized loss contingencies and (d) provide an exemption from
disclosing certain required information if disclosing that information would be
prejudicial to an entity's position in a dispute.  The proposed
Statement would be effective for financial statements issued for fiscal years
ending after December 15, 2008, and for interim and annual periods in subsequent
fiscal years.  When and if the proposed Statement is approved in final
form by FASB, we will evaluate whether the adoption of the proposed Statement
will have any material impact on our financial position and results of
operations.





Item
3.  Quantitative and Qualitative Disclosures About Market
Risk.





Gurata is
a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is
not required to provide the information required under this item.





Item
4.  Controls and Procedures.





Disclosure Controls and
Procedures





Disclosure
controls and procedures are designed to ensure that information required to be
disclosed in the reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported, within the time period 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 in the reports filed under the Exchange Act is
accumulated and communicated to management, including Shaun P. Davis, Gurata’s
Chief Executive Officer and Chief Financial Officer, to allow timely decisions
regarding required disclosure.





Mr. Davis
has evaluated the effectiveness of the design and operation of Gurata’s
disclosure controls and procedures (as such term is defined in Rules 13a-15 and
15d-15 under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end
of the period covered by this quarterly report (the “Evaluation
Date”).  Based on such evaluation, Mr. Davis has concluded
that, as of the Evaluation Date, Gurata’s disclosure controls and procedures are
effective to ensure that information required to be disclosed in the reports
Gurata files and submits under the Exchange Act is recorded, processed,
summarized and reported as and when required.





Changes in Internal
Controls





During
the last fiscal quarter covered by this report, there were no changes in
Gurata’s internal controls or, to Gurata’s knowledge, in other factors that have
materially affected, or are reasonably likely to materially affect, these
controls and procedures subsequent to the Evaluation Date.





PART
II – OTHER INFORMATION





Item
1.  Legal Proceedings.





Gurata is
not a party to any pending legal proceedings and, to the best of Gurata’s
knowledge, none of Gurata’s property or assets are the subject of any pending
legal proceedings.





Item
1A.  Risk Factors.





Gurata is
a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is
not required to provide the information required under this item.





Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  21





Item
2.  Unregistered Sales of Equity Securities and Use of
Proceeds.





During
the quarter of the fiscal year covered by this report, (i) Gurata did not modify
the instruments defining the rights of its shareholders, (ii) no rights of any
shareholders were limited or qualified by any other class of securities, and
(iii) Gurata did not sell any unregistered equity securities.





On
September 6, 2007, the Securities and Exchange Commission declared Gurata’s Form
SB-2 Registration Statement effective, file number 333-145498, which permitted
Gurata to offer up to 20,000,000 shares of common stock at $0.005 per
share.  There was no underwriter involved in this public
offering.  Gurata accepted 27 subscription agreements for a total of
$85,000 to date.  The offering period for the public offering expired
on March 3, 2008.





Gurata
spent $12,764 of the proceeds on the offering expenses, which included $4,574 on
legal and registration fees, $6,000 on accounting and auditing fees, $1,190 on
electronic filing and printing fees, and $1,000 on transfer agent
fees.  The net proceeds to Gurata after deducting the offering
expenses were $72,236.





As of
November 30, 2008, Gurata had spent a total of $52,297 of the net
proceeds.  Gurata spent $13,697 of the net proceeds on a
helicopter-supported magnetic survey on the Gate 1 Claim.  In
addition, Gurata also spent a total of $38,600 of the net proceeds of the
working capital, which included $5,000 on consulting fees, $13,500 in legal
fees, $12,500 on administration fees, $4,500 in audit fees, $1,700 on mineral
title costs, $1,000 in tax preparation fees, and $400 in regulatory and filing
fees.  The $61 spent in excess of the net proceeds was part of
Gurata’s general working capital.





As of
November 30, 2009 there were $19,939 remaining from the net proceeds. In the
Form 10-Q filed with the SEC on October 20, 2008 Gurata disclosed that it
intended to spend $20,000 of the net proceeds on its previous Phase One
exploration program (now named Phase Two). Management has decided to change the
use of these proceeds to professional fees. The reason for the material change
in the use of proceeds from what was described in Gurata’s Registration
Statement and Form 10-Q filed with the SEC on October 20, 2008 is because Gurata
will review the geological report about the helicopter-supported magnetic survey
(now Phase One) and Gurata requires the proceeds to pay for professional fees in
order to keep its filings current with the SEC.





Item
3.  Defaults Upon Senior Securities.





During
the quarter of the fiscal year covered by this report, no material default has
occurred with respect to any indebtedness of Gurata.  Also, during
this quarter, no material arrearage in the payment of dividends has
occurred.





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





No matter
was submitted to a vote of security holders through the solicitation of proxies
or otherwise, during the quarter of the fiscal year covered by this
report.





Item
5.  Other Information.





During
the quarter of the fiscal year covered by this report, Gurata reported all
information that was required to be disclosed in a report on Form
8-K.








Form
      10-Q – Q2
                  Gurata
      Gold, Inc.
                  22





Item
6.  Exhibits





(a)
            Index
      to and Description of Exhibits





All
Exhibits required to be filed with the Form 10-Q are included in this quarterly
report or incorporated by reference to Gurata’s previous filings with the SEC,
which can be found in their entirety at the SEC website at www.sec.gov under SEC
File Number 000-52796 and SEC File Number 333-145498.





Exhibit
            Description
            Status3.1
            Articles
      of Incorporation, filed as an exhibit to Gurata’s registration statement
      on Form SB-2 filed on August 16, 2007, and incorporated herein by
      reference.
            Filed3.2
            By-Laws,
      filed as an exhibit to Gurata’s registration statement on Form SB-2 filed
      on August 16, 2007, and incorporated herein by reference.
            Filed10.1
            Property
      agreement dated December 15, 2006 between Kenneth Ralfs and Feliberto
      Gurat as Trustee for Gurata, filed as an exhibit to Gurata’s registration
      statement on Form SB-2 filed on August 16, 2007, and incorporated herein
      by reference.
            Filed10.2
            Trust
      agreement dated January 17, 2007, filed as an exhibit to Gurata’s
      registration statement on Form SB-2 filed on August 16, 2007, and
      incorporated herein by reference.
            Filed14
            Financial
      Code of Ethics, filed as an exhibit to Gurata’s registration statement on
      Form SB-2 filed on August 16, 2007, and incorporated herein by
      reference.
            Filed31
            Certifications
      pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
            Included32
            Certification
      pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
      the Sarbanes-Oxley Act of 2002.
            Included








SIGNATURES





In
accordance with the requirements of the Securities Exchange Act of 1934, Gurata
Gold, Inc. has caused this report to be signed on its behalf by the undersigned
duly authorized person.







GURATA
GOLD, INC.







Dated:  January 13,
      2009
            By:  /s/
      Shaun P. DavisName:
      Shaun P.
      DavisTitle: CEO and
      CFO(Principal
      Executive Officer,Principal
      Financial Officer,and
      Chief Accounting Officer)