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

                                    FORM 10-Q

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

    FOR THE QUARTERLY PERIOD ENDED AUGUST 31, 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 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: 33,200,000 shares as of October 12,
2009
<PAGE>
ITEM 1. FINANCIAL STATEMENTS

The un-audited financial statements for the quarter ended August 31, 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
                                                                         August 31,         February 28,
                                                                           2009                2009
                                                                         ---------           ---------
<S>                                                                      <C>                 <C>
                                     ASSETS

CURRENT ASSETS
  Cash                                                                   $  17,810           $  27,350
  Deposits                                                                   1,735                 235
                                                                         ---------           ---------
TOTAL CURRENT ASSETS                                                        19,545              27,585
                                                                         ---------           ---------

      TOTAL ASSETS                                                       $  19,545           $  27,585
                                                                         =========           =========

                       LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts Payable                                                           1,800               3,380
                                                                         ---------           ---------
TOTAL CURRENT LIABILITIES                                                    1,800               3,380

      TOTAL LIABILITIES                                                      1,800               3,380

STOCKHOLDERS' EQUITY
  Common stock, ($0.001 par value, 250,000,000
   shares authorized; 33,200,000 and 13,200,000 shares issued
   and outstanding as of August 31, 2009 and February 28, 2009)             33,200              13,200
  Additional paid-in capital                                               438,800              58,800
  Prepaid Expenses - Related Party                                         (58,871)                 --
  Prepaid Expenses                                                        (296,235)                 --
  Deficit accumulated during exploration stage                             (99,149)            (47,795)
                                                                         ---------           ---------
TOTAL STOCKHOLDERS' EQUITY                                                  17,745              24,205
                                                                         ---------           ---------

      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                           $  19,545           $  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       Six Months        Six Months        (inception)
                                     ended             ended             ended             ended            through
                                   August 31,        August 31,        August 31,        August 31,        August 31,
                                      2009              2008              2009              2008              2009
                                  ------------      ------------      ------------      ------------      ------------
<S>                               <C>               <C>               <C>               <C>               <C>
REVENUES
  Revenues                        $         --      $         --      $         --      $         --      $         --
                                  ------------      ------------      ------------      ------------      ------------
TOTAL REVENUES                              --                --                --                --                --

OPERATIONG EXPENSES
  Mineral Exploration Expense               --               111                --             3,861            21,111
  Office and Administration             45,259             1,268            46,354             2,128            56,876
  Professional Fees                      1,500             1,500             5,000             4,827            21,163
                                  ------------      ------------      ------------      ------------      ------------
TOTAL OPERATING EXPENSES               (46,759)           (2,879)          (51,354)          (10,816)          (99,149)
                                  ------------      ------------      ------------      ------------      ------------

NET INCOME (LOSS)                 $    (46,759)     $     (2,879)     $    (51,354)     $    (10,816)     $    (99,149)
                                  ============      ============      ============      ============      ============

BASIC EARNINGS PER SHARE          $      (0.00)     $      (0.00)     $      (0.00)     $      (0.00)
                                  ============      ============      ============      ============
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING          16,243,478        13,200,000        14,721,739        13,200,000
                                  ============      ============      ============      ============
</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
                                                                   Six Months         Six Months         (inception)
                                                                     ended              ended             through
                                                                   August 31,         August 31,         August 31,
                                                                      2009               2008               2009
                                                                   ----------         ----------         ----------
<S>                                                                <C>                <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                                $  (51,354)        $  (10,816)        $  (99,149)
  Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:

  Changes in operating assets and liabilities:
    (Increase) Decrease in Deposits                                    (1,500)            (8,735)            (1,735)
    Increase (Decrease) in Due to a Director                               --                600                 --
    Increase (Decrease) in Accounts Payable                            (1,580)            (1,500)             1,800
                                                                   ----------         ----------         ----------
          NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES         (54,434)           (20,451)           (99,084)

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

CASH FLOWS FROM FINANCING ACTIVITIES
  Issuance of common stock                                             20,000                 --             33,200
  Additional paid-in capital                                          380,000                 --            438,800
  Prepaid Expenses - Related Party                                    (58,871)                --            (58,871)
  Prepaid Expenses                                                   (296,235)                --           (296,235)
                                                                   ----------         ----------         ----------
          NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES          44,894                 --            116,894
                                                                   ----------         ----------         ----------

NET INCREASE (DECREASE) IN CASH                                        (9,540)           (20,451)            17,810

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

CASH AT END OF PERIOD                                              $   17,810         $   31,210         $   17,810
                                                                   ==========         ==========         ==========

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
                                 August 31, 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 August 31,  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 August 31, 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 5,000,000 restricted common
shares.  Mr.  Bauman has agreed that these  5,000,000  restricted  shares of the

                                       6
<PAGE>
                       NORTH AMERICAN GOLD & MINERALS FUND
                           (f/k/a ELKO VENTURES INC.)
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                 August 31, 2009
--------------------------------------------------------------------------------

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
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 5,000,000 restricted common shares. Flexwell Finance Limited has agreed
that these 5,000,000 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 5,000,000  restricted  common shares.  Topcast  Management  Limited has
agreed that these 5,000,000 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  3,000,000
restricted  shares.  Mr.  Lowenthal has agreed that these  3,000,000  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 2,000,000  restricted shares of its
common stock to Mr.  Lowenthal.  Mr.  Lowenthal has agreed that these  2,000,000
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.

NOTE 4 - SUBSEQUENT EVENTS

Effective  September 26, 2009,  the Company  changed its name from Elko Ventures
Inc. to North American Gold & Minerals Fund. The name change was effected by way
of stockholders resolution.

                                       7
<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 $99,149 in
expenses through August 31, 2009. For the three months ended August 31, 2009 we
incurred operating expenses of $46,759. For the same period ended August 31,
2008 we had operating expenses of $2,879.

Our cash in the bank at August 31, 2009 was $17,810, with total assets being
$19,545. Our outstanding liabilities were $1,800. Cash provided by financing
activities since inception is 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.   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.

     5.   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
<PAGE>
After completing Phase 1 of the exploration program on the claim the geologist
recommended a continuation of Phase 1 (Phase 1A) to further examine anomalies
that were identified in the initial phase. The Company has relocated its mining
claims for 2010 and has also acquired by staking two additional mining claims
nearby including the historic Paymaster Mine. In addition, Management is now
investigating several other business opportunities to enhance shareholder value.

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.

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.

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.

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.

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.

                                       9
<PAGE>
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 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.

LIQUIDITY AND CAPITAL RESOURCES

Our cash balance at August 31, 2009 was $17,810. We have an outstanding asset of
$1,735 which consists of a prepaid expense. 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.

                                       10
<PAGE>
CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting that
occurred during the last fiscal quarter ended August 31, 2009 that have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.

                           PART II. OTHER INFORMATION

ITEM 5. OTHER INFORMATION

SUBSEQUENT EVENTS

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.

The name change became effective with the Over-the-Counter Bulletin Board at the
opening for trading on September 28, 2009 under the new stock symbol "NMGF". Our
new CUSIP number is 65687T109.

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>

                                       11
<PAGE>
                                   SIGNATURES

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

October 12, 2009          North American Gold & Minerals Fund, Registrant


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

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

October 12, 2009          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

                                       12