----

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| Nevada                   | 58-2550089                           |
|--------------------------|--------------------------------------|
| (State of Incorporation) | (I.R.S. Employer Identification No.) |

| 3500 Lenox Road, NE                                    |
|--------------------------------------------------------|
| Suite 1500                                             |
| Atlanta, Georgia  30326                      |
| (Address of principal executive offices)               |
|                                              |
| (404) 419-2440                                         |
| (Issuer’s telephone number, including area code) |

| Large accelerated filer            o           | Accelerated filer o         |
|------------------------------------------------------------------------------------------------------------|-----------------------------|
| Non-accelerated filer              o | Smaller reporting company x |

| Transitional Small Business Disclosure Format: | Yes o | No x |
|------------------------------------------------|-------|------|

| Class                                    |   | Outstanding at September 30, 2010 |
|------------------------------------------|--------|-----------------------------------|
| Common Stock, par value $0.001 per share |   | 192,948,792                       |

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DUT

| INDEX                                                                                                             | Page         |
|-------------------------------------------------------------------------------------------------------------------|--------------|
|                                                                                                         |    |
| PART I - FINANCIAL INFORMATION                                                                                    |    |
|                                                                                                         |    |
| ITEM 1 – Financial Statements – Unaudited                                                             | 3            |
|                                                                                                         |    |
| Consolidated Balance Sheets at September 30, 2010 (unaudited) and December 31, 2009                               | 3            |
|                                                                                                         |    |
| Consolidated Statements of Operations for the three and nine months ended September 30, 2010 and 2009 (unaudited) | 4            |
|                                                                                                         |    |
| Consolidated Statements of Cash Flows for the nine months ended September 30, 2010 and 2009 (unaudited)           | 5            |
|                                                                                                         |    |
| Notes to Consolidated Financial Statements (unaudited)                                                            | 6            |
|                                                                                                         |    |
| ITEM 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations              | 20           |
|                                                                                                         |    |
| ITEM 3 - Quantitative and Qualitative Disclosures About Market Risk                                               | 24           |
|                                                                                                         |    |
| ITEM 4 - Controls and Procedures                                                                                  | 24           |
|                                                                                                         |    |
| PART II- OTHER INFORMATION                                                                                        |    |
|                                                                                                         |    |
| ITEM 1 – Legal Proceedings                                                                                  | 26           |
|                                                                                                         |    |
| ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds                                        | 26           |
|                                                                                                         |    |
| ITEM 3 – Defaults Upon Senior Securities                                                                    | 26           |
|                                                                                                         |    |
| ITEM 4 – Removed and Reserved                                                                               | 26           |
|                                                                                                         |    |
| ITEM 5 – Other information                                                                                  | 26           |
|                                                                                                         |    |
| ITEM 6 – Exhibits                                                                                           | 26           |
|                                                                                                         |    |
| EXHIBITS                                                                                                          | 27           |
|                                                                                                         |    |
| SIGNATURES                                                                                                        | 27           |

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Table of Contents

ITEM 1.  Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                        |   | September 30,  |        |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-------------|--------|-------------------|--------|
|                                                                                                                                                        |   | 2010                |        |   | 2009              |   |
|                                                                                                                                                        |   | (unauditedrestated) |        |   |              |   |
|                                                                                                                                                        |   |                |        |   |              |   |
| ASSETS                                                                                                                                                      |   |
|                                                                                                                                                        |   |                |        |   |              |   |
| CURRENT ASSETS:                                                                                                                                             |   |                |        |   |              |   |
| Cash and cash equivalents                                                                                                                                   |   | $                   | 3,185       |   |              | $      | 24,522 |   |
| Investments available for sale at fair value                                                                                                                |   |                | 1,237,500   |   |              |   | - |   |
| Other current assets                                                                                                                                        |   |                | 58,252      |   |              |   | 269,919 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| Total current assets                                                                                                                                        |   |                | 1,298,937   |   |              |   | 294,441 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| LONG-TERM ASSETS:                                                                                                                                           |   |                |        |   |              |   |   |   |
| Mineral properties                                                                                                                                          |   |                | 2,581,155   |   |              |   | - |   |
| Property, plant and equipment at cost                                                                                                                       |   |                | 2,358,424   |   |              |   | 2,398,776 |   |
| Less accumulated depreciation                                                                                                                               |   |                | (1,992,070  | )      |              |   | (1,632,253 | ) |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| Net mineral properties and property, plant and equipment                                                                                                    |   |                | 2,947,509   |   |              |   | 766,523 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| Other assets                                                                                                                                                |   |                | 11,600      |   |              |   | 179,852 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| TOTAL ASSETS                                                                                                                                                |   | $                   | 4,258,046   |   |              | $      | 1,240,816 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                       |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| CURRENT LIABILITIES:                                                                                                                                        |   |                |        |   |              |   |   |   |
| Accounts payable                                                                                                                                            |   | $                   | 1,110,375   |   |              | $      | 1,312,724 |   |
| Accounts payable-related parties                                                                                                                            |   |                | 998,089     |   |              |   | 141,391 |   |
| Notes payable-related parties                                                                                                                               |   |                | 2,434,926   |   |              |   | - |   |
| Loans from shareholders                                                                                                                                     |   |                | 195,000     |   |              |   | 360,000 |   |
| Convertible notes payable                                                                                                                                   |   |                | 292,500     |   |              |   | - |   |
| Payroll liabilities                                                                                                                                         |   |                | 558,686     |   |              |   | 558,686 |   |
| Accrued liabilities                                                                                                                                         |   |                | 223,648     |   |              |   | 648,856 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| Total current liabilities                                                                                                                                   |   |                | 5,813,224   |   |              |   | 3,021,657 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| LONG-TERM LIABILITIES:                                                                                                                                      |   |                |        |   |              |   |   |   |
| Long-term notes payable-related parties                                                                                                                     |   |                | -           |   |              |   | 2,514,926 |   |
| Warrant liability                                                                                                                                           |   |                | 2,517,202   |   |              |   | 2,517,202 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| Total long-term liabilities                                                                                                                                 |   |                | 2,517,202   |   |              |   | 5,032,128 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| TOTAL LIABILITIES                                                                                                                                           |   |                | 8,330,426   |   |              |   | 8,053,785 |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| Commitments and contingencies                                                                                                                               |   |                |        |   |              |   |   |   |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| STOCKHOLDERS' DEFICIT                                                                                                                                       |   |
|                                                                                                                                                        |   |
| Common stock, $.001 par value 500,000,000 shares authorized, 235,981,334 and 115,717,375 issued and outstanding at September 30, 2010 and December 31, 2009 |   |                | 235,981     |   |              |   | 115,717 |   |
| Additional paid-in-capital                                                                                                                                  |   |                | 15,324,580  |   |              |   | 10,549,581 |   |
| Stock subscriptions                                                                                                                                         |   |                | 254,905     |   |              |   | 69,600 |   |
| Accumulated deficit                                                                                                                                         |   |                | (19,887,846 | )      |              |   | (17,547,867 | ) |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| Total stockholders' deficit                                                                                                                                 |   |                | (4,072,380  | )      |              |   | (6,812,969 | ) |
|                                                                                                                                                        |   |                |        |   |              |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                 |   | $                   | 4,258,046   |   |              | $      | 1,240,816 |   |

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

|                                         |   | Three months ended September 30, |        |   | Nine months ended September 30, |   |
|----------------------------------------------|--------|----------------------------------|-------------|--------|---------------------------------|--------|
|                                         |   | 2010                             |        |   | 2009                            |   |   | 2010 |   |   | 2009 |   |
|                                         |   | (unauditedrestated)              |        |   | (unaudited)                     |   |   | (unauditedrestated) |   |   | (unaudited) |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |
| Revenue                                      |   |                             |        |   |                            |   |   |   |   |   |   |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |
| Sales                                        |   | $                                | -           |   |                            | $      | - |   |   | $ | - |   |   | $ | - |   |
| Cost of sales                                |   |                             | -           |   |                            |   | - |   |   |   | - |   |   |   | - |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                 |   |                             | -           |   |                            |   | - |   |   |   | - |   |   |   | - |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Operational Expenses                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses |   |                             | 393,510     |   |                            |   | 72,574 |   |   |   | 737,744 |   |   |   | 855,269 |   |
| Professional fees                            |   |                             | 52,175      |   |                            |   | 2,005,896 |   |   |   | 1,698,063 |   |   |   | 4,075,331 |   |
| Rent and repairs and maintenance             |   |                             | 2,729       |   |                            |   | (1,316 | ) |   |   | 28,227 |   |   |   | 903 |   |
| Depreciation                                 |   |                             | 119,939     |   |                            |   | 119,939 |   |   |   | 359,817 |   |   |   | 359,817 |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses                     |   |                             | 568,353     |   |                            |   | 2,197,093 |   |   |   | 2,823,851 |   |   |   | 5,291,320 |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                               |   |                             | (568,353    | )      |                            |   | (2,197,093 | ) |   |   | (2,823,851 | ) |   |   | (5,291,320 | ) |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense)                       |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense, net                        |   |                             | (3,378      | )      |                            |   | (345,798 | ) |   |   | (3,378 | ) |   |   | (1,023,227 | ) |
| Financial settlement expense                 |   |                             | (25,000     | )      |                            |   | - |   |   |   | (61,250 | ) |   |   | - |   |
| Gain from debt settlement                    |   |                             | -           |   |                            |   | - |   |   |   | 251,277 |   |   |   | - |   |
| Gain from settlement of accounts payable     |   |                             | -           |   |                            |   | - |   |   |   | 80,046 |   |   |   | - |   |
| Gain from sale of Aultra investment          |   |                             | -           |   |                            |   | - |   |   |   | 217,177 |   |   |   | - |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income taxes                     |   |                             | (596,731    | )      |                            |   | (2,542,891 | ) |   |   | (2,339,979 | ) |   |   | (6,314,547 | ) |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                   |   |                             | -           |   |                            |   | - |   |   |   | - |   |   |   | - |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                     |   |                             | (596,731    | )      |                            |   | (2,542,891 | ) |   |   | (2,339,979 | ) |   |   | (6,314,547 | ) |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted loss per share             |   | $                                | (0.00       | )      |                            | $      | (0.03 | ) |   | $ | (0.01 | ) |   | $ | (0.08 | ) |
| Weighted average shares outstanding          |   |                             | 235,981,334 |   |                            |   | 78,056,164 |   |   |   | 235,981,334 |   |   |   | 78,056,164 |   |

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                   |   | None months ended September 30, |       |
|------------------------------------------------------------------------|--------|---------------------------------|------------|
|                                                                   |   | 2010                            |       |   | 2009 |   |
|                                                                   |   | (unaudited restated)            |       |   | (unaudited) |   |
|                                                                   |   |                            |       |   |   |   |
| Operating activities:                                                  |   |                            |       |   |   |   |
|                                                                   |   |                            |       |   |   |   |
| Net loss                                                               |   | $                               | (2,339,979 | ) |   | $ | (6,314,547 | ) |
| Adjustments to reconcile net loss to cash used by operating activities |   |                            |       |   |   |   |   |   |
| Gain from settlement of accounts payable                               |   |                            | (80,046    | ) |   |   | - |   |
| Gain from reversal of accrued interest                                 |   |                            | (361,277   | ) |   |   | - |   |
| Loss from write-off of other assets                                    |   |                            | 110,000    |   |   |   | - |   |
| Common stock issued for services                                       |   |                            | 1,384,324  |   |   |   | 5,309,783 |   |
| Common stock issued for payment of interest                            |   |                            | -          |   |   |   | 818,656 |   |
| Common stock issued for other settlements                              |   |                            | 61,250     |   |   |   | - |   |
| Depreciation                                                           |   |                            | 359,817    |   |   |   | 359,817 |   |
| Gain on sale of Aultra Investment                                      |   |                            | (217,177   | ) |   |   | - |   |
| Changes in assets and liabilities                                      |   |                            |       |   |   |   | - |   |
| Other current assets                                                   |   |                            | -          |   |   |   | (1,468,070 | ) |
| Accounts payable                                                       |   |                            | (81,951    | ) |   |   | 909,819 |   |
| Accounts payable-related parties                                       |   |                            | 441,294    |   |   |   | - |   |
| Accrued liabilities                                                    |   |                            | (12,497    | ) |   |   | 198,214 |   |
|                                                                   |   |                            |       |   |   |   |   |   |
| Net cash used in operating activities                                  |   |                            | (736,242   | ) |   |   | (186,328 | ) |
|                                                                   |   |                            |       |   |   |   |   |   |
| Financing activities:                                                  |   |                            |       |   |   |   |   |   |
| Proceeds from sale of common stock, net                                |   |                            | 69,600     |   |   |   | 147,500 |   |
| Proceeds from stock subscriptions                                      |   |                            | 185,305    |   |   |   | - |   |
| Proceeds from notes payable-related parties                            |   |                            | 150,000    |   |   |   | - |   |
| Proceeds from loans from shareholders                                  |   |                            | -          |   |   |   | 40,561 |   |
| Proceeds from convertible notes payable                                |   |                            | 310,000    |   |   |   | - |   |
|                                                                   |   |                            |       |   |   |   |   |   |
| Net cash provided by financing activities                              |   |                            | 714,905    |   |   |   | 188,061 |   |
|                                                                   |   |                            |       |   |   |   |   |   |
| Net increase (decrease)/increase in cash and cash equivalents          |   |                            | (21,337    | ) |   |   | 1,733 |   |
|                                                                   |   |                            |       |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                       |   |                            | 24,522     |   |   |   | (1,063 | ) |
|                                                                   |   |                            |       |   |   |   |   |   |
| Cash and cash equivalents at end of period                             |   | $                               | 3,185      |   |   | $ | 670 |   |
|                                                                   |   |                            |       |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION                                     |   |                            |       |   |   |   |   |   |
|                                                                   |   |                            |       |   |   |   |   |   |
| Cash paid during year for interest                                     |   | $                               | -          |   |   | $ | - |   |
|                                                                   |   |                            |       |   |   |   |   |   |
| Non-cash Transactions:                                                 |   |                            |       |   |   |   |   |   |
| Common shares issued to settle debt                                    |   | $                               | 612,500    |   |   | $ | 525,000 |   |
| Common shares issued to settle accrued expenses                        |   |                            | 51,434     |   |   |   | - |   |
| Common shares issued for acquisition                                   |   |                            | 2,716,155  |   |   |   | - |   |
|                                                                   |   |                            |       |   |   |   |   |   |
|                                                                   |   | $                               | 3,380,089  |   |   | $ | 525,000 |   |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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|   | • | Level 1—Quoted prices in active markets for identical instruments. |
|--------|---------|--------------------------------------------------------------------------|

|   | • | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|

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|                          |   | September 30, |   |   | December 31, |   |
|-------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                          |   | 2010               |   |   | 2009              |   |
| Deposits                      |   | $                  | 33,252 |   |              | $      | - |   |
| Performance Bond              |   |               | 25,000 |   |              |   | - |   |
| Advances to Aultra Gold, Inc. |   |               | -      |   |              |   | 269,919 |   |
|                          |   |               |   |   |              |   |   |   |
| Total other current assets    |   | $                  | 58,252 |   |              | $      | 269,919 |   |

|                                                       |   | September 30, |      |   | December 30, |   |
|------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                       |   | 2010               |      |   | 2009              |   |
|                                                       |   |               |      |   |              |   |
| Mine and Mill Equipment                                    |   | $                  | 2,358,424 |   |              | $      | 2,398,776 |   |
| Mineral Properties                                         |   |               | 2,581,155 |   |              |   | - |   |
|                                                       |   | $                  | 4,939,579 |   |              | $      | 2,398,776 |   |
| Less: accumulated depreciation, depletion and amortization |   |               | 1,992,070 |   |              |   | 1,632,253 |   |
| Net carrying value                                         |   | $                  | 2,947,509 |   |              | $      | 766,523 |   |

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|                            |   | September 30, |    |   | December 31, |   |
|---------------------------------|--------|--------------------|---------|--------|-------------------|--------|
|                            |   | 2010               |    |   | 2009              |   |
| Convertible promissory notes    |   | $                  | 292,500 |   |              | $      | - |   |
|                            |   |               |    |   |              |   |   |   |
| Total convertible notes payable |   | $                  | 292,500 |   |              | $      | - |   |

|                            |   | Warrants Outstanding |      |   | WeightedAverageExercisePrice |   |   |   AggregateIntrinsicValue |   |
|---------------------------------|--------|----------------------|-----------|--------|------------------------------|--------|--------|--------------------------------|--------|
|                            |   |                 |      |   |                         |   |   |                           |   |
| Outstanding, December 31, 2010  |   |                 | 7,777,500 |   |                         | $      | 0.56   |                           |   |   | - |   |
| Granted                         |   |                 | -         |   |                         |   | -      |                           |   |   | - |   |
| Forfeited/Expired               |   |                 | -         |   |                         |   | -      |                           |   |   | - |   |
| Exercised                       |   |                 | -         |   |                         |   | -      |                           |   |   | - |   |
| Outstanding, September 30, 2010 |   |                 | 7,777,500 |   |                         | $      | 0.56   |                           |   | $ | 0 |   |

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| Warrants Outstanding |   |   | ExercisePrice |   |   | ExpirationDate |              |
|----------------------|--------|--------|---------------|--------|--------|----------------|-------------------|
| 500,000              |   |   | $             | 1.15   |   |           | January 5, 2013   |   |
| 250,000              |   |   |          | 1.15   |   |           | January 5, 2013   |   |
| 41,667               |   |   |          | 0.60   |   |           | February 27, 2010 |   |
| 100,000              |   |   |          | 0.97   |   |           | February 27, 2010 |   |
| 12,500               |   |   |          | 0.95   |   |           | April 14, 2013    |   |
| 12,500               |   |   |          | 0.95   |   |           | April 14, 2013    |   |
| 833,333              |   |   |          | 1.00   |   |           | September 4, 2010 |   |
| 166,667              |   |   |          | 1.00   |   |           | September 4, 2010 |   |
| 3,333,333            |   |   |          | 0.50   |   |           | March 12, 2011    |   |
| 62,500               |   |   |          | 0.50   |   |           | June 9, 2012      |   |
| 437,500              |   |   |          | 0.50   |   |           | June 9, 2012      |   |
| 125,000              |   |   |          | 0.30   |   |           | October 5, 2012   |   |
| 50,000               |   |   |          | 0.30   |   |           | October 21, 2012  |   |
| 62,500               |   |   |          | 0.30   |   |           | November 16, 2012 |   |
| 500,000              |   |   |          | 0.30   |   |           | November 18, 2012 |   |
| 100,000              |   |   |          | 0.30   |   |           | November 18, 2012 |   |
| 75,000               |   |   |          | 0.30   |   |           | November 24, 2012 |   |
| 75,000               |   |   |          | 0.30   |   |           | November 29, 2012 |   |
| 125,000              |   |   |          | 0.30   |   |           | December 4, 2012  |   |
| 625,000              |   |   |          | 0.30   |   |           | December 9, 2014  |   |
| 90,000               |   |   |          | 0.30   |   |           | December 9, 2012  |   |
| 100,000              |   |   |          | 0.30   |   |           | December 16, 2012 |   |
| 50,000               |   |   |          | 0.30   |   |           | December 16, 2012 |   |
| 50,000               |   |   |          | 0.50   |   |           | December 16, 2012 |   |
|                 |   |   |          |   |   |           |              |   |
| 7,777,500            |   |   |          |   |   |           |              |   |

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|   | A) | Consolidated Balance Sheet |
|--------|----|----------------------------|

|                                        |   | As of September 30, 2010 |        |
|---------------------------------------------|--------|--------------------------|-------------|
|                                        |   | As reported              |        |   | Adjustment |   |   | As Restated |   |
|                                        |   |                     |        |   |   |   |   |   |   |
|                                        |   |                     |        |   |   |   |   |   |   |
| ASSETS                                      |   |                     |        |   |   |   |   |   |   |
|                                        |   |                     |        |   |   |   |   |   |   |
| CURRENT ASSETS:                             |   |                     |        |   |   |   |   |   |   |
| Cash and cash equivalents                   |   | $                        | 3,184       |   |   | $ | 1 |   |   | $ | 3,185 |   |
| Investments available for sale              |   |                     | 140,000     |   |   |   | 1,097,500 |   |   |   | 1,237,500 |   |
| Other current assets                        |   |                     | 5,250       |   |   |   | 53,002 |   |   |   | 58,252 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Total current assets                        |   |                     | 148,434     |   |   |   | 1,150,503 |   |   |   | 1,298,937 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment               |   |                     |        |   |   |   |   |   |   |   |   |   |
| Mineral properties                          |   |                     | 1,394,053   |   |   |   | 1,187,102 |   |   |   | 2,581,155 |   |
| Property, plant and equipment at cost       |   |                     | 2,369,424   |   |   |   | (11,000 | ) |   |   | 2,358,424 |   |
| Less accumulated depreciation               |   |                     | (1,992,070  | ) |   |   | - |   |   |   | (1,992,070 | ) |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Net property, plant and equipment           |   |                     | 1,771,407   |   |   |   | 1,176,102 |   |   |   | 2,947,509 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Other Assets                                |   |                     | 94,852      |   |   |   | (83,252 | ) |   |   | 11,600 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                |   | $                        | 2,014,693   |   |   | $ | 2,243,353 |   |   | $ | 4,258,046 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT       |   |                     |        |   |   |   |   |   |   |   |   |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Accounts payable                            |   | $                        | 1,126,541   |   |   | $ | (16,166 | ) |   | $ | 1,110,375 |   |
| Accounts payable-related parties            |   |                     | 367,237     |   |   |   | 630,852 |   |   |   | 998,089 |   |
| Notes payable - related parties             |   |                     | -           |   |   |   | 2,434,926 |   |   |   | 2,434,926 |   |
| Loans from shareholders                     |   |                     | -           |   |   |   | 195,000 |   |   |   | 195,000 |   |
| Convertible notes payable, net              |   |                     | 373,005     |   |   |   | (80,505 | ) |   |   | 292,500 |   |
| Payroll liabilities                         |   |                     | 558,686     |   |   |   | - |   |   |   | 558,686 |   |
| Accrued liabilities                         |   |                     | 724,662     |   |   |   | (501,014 | ) |   |   | 223,648 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Total current liabilities                   |   |                     | 3,150,131   |   |   |   | 2,663,093 |   |   |   | 5,813,224 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES:                      |   |                     |        |   |   |   |   |   |   |   |   |   |
| Long-term notes payable-related parties     |   |                     | 2,901,926   |   |   |   | (2,901,926 | ) |   |   | - |   |
| Warrant liability                           |   |                     | -           |   |   |   | 2,517,202 |   |   |   | 2,517,202 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Total long-term liabilities                 |   |                     | 2,901,926   |   |   |   | (384,724 | ) |   |   | 2,517,202 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES                           |   |                     | 6,052,057   |   |   |   | 2,278,369 |   |   |   | 8,330,426 |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies               |   |                     |        |   |   |   |   |   |   |   |   |   |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' DEFICIT                       |   |                     |        |   |   |   |   |   |   |   |   |   |
| Common stock                                |   |                     | 192,949     |   |   |   | 43,032 |   |   |   | 235,981 |   |
| Additional paid-in-capital                  |   |                     | 15,786,033  |   |   |   | (461,453 | ) |   |   | 15,324,580 |   |
| Stock subscriptions                         |   |                     | -           |   |   |   | 254,905 |   |   |   | 254,905 |   |
| Accumulated deficit                         |   |                     | (20,016,346 | ) |   |   | 128,500 |   |   |   | (19,887,846 | ) |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| Total stockholders' deficit                 |   |                     | (4,037,364  | ) |   |   | (35,016 | ) |   |   | (4,072,380 | ) |
|                                        |   |                     |        |   |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT |   | $                        | 2,014,693   |   |   | $ | 2,243,353 |   |   | $ | 4,258,046 |   |

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|   | B) | Consolidated Statement of Operations |
|--------|----|--------------------------------------|

|                                         |   | Three months ended September 30, |        |   | Nine months ended September 30, |   |
|----------------------------------------------|--------|----------------------------------|-------------|--------|---------------------------------|--------|
|                                         |   | As reported                      |        |   | Adjustment                      |   |   | As Restated |   |   | As reported |   |   | Adjustment |   |   | As Restated |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                      |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales                                        |   | $                                | -           |   |                            | $      | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Cost of sales                                |   |                             |        |   |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                 |   |                             | -           |   |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operational Expenses                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses |   |                             | 845,480     |   |                            |   | (451,970 | ) |   |   | 393,510 |   |   |   | 2,774,880 |   |   |   | (2,037,136 | ) |   |   | 737,744 |   |
| Professional fees                            |   |                             | -           |   |                            |   | 52,175 |   |   |   | 52,175 |   |   |   | - |   |   |   | 1,698,063 |   |   |   | 1,698,063 |   |
| Rent and repairs and maintenance             |   |                             | -           |   |                            |   | 2,729 |   |   |   | 2,729 |   |   |   | - |   |   |   | 28,227 |   |   |   | 28,227 |   |
| Depreciation                                 |   |                             | 119,939     |   |                            |   | - |   |   |   | 119,939 |   |   |   | 359,817 |   |   |   | - |   |   |   | 359,817 |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses                     |   |                             | 965,419     |   |                            |   | (397,066 | ) |   |   | 568,353 |   |   |   | 3,134,697 |   |   |   | (310,846 | ) |   |   | 2,823,851 |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                               |   |                             | (965,419    | )      |                            |   | 397,066 |   |   |   | (568,353 | ) |   |   | (3,134,697 | ) |   |   | 310,846 |   |   |   | (2,823,851 | ) |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense)                       |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense, net                        |   |                             | (23,319     | )      |                            |   | 19,941 |   |   |   | (3,378 | ) |   |   | (248,661 | ) |   |   | 245,283 |   |   |   | (3,378 | ) |
| Financial settlement expense                 |   |                             | -           |   |                            |   | (25,000 | ) |   |   | (25,000 | ) |   |   | - |   |   |   | (61,250 | ) |   |   | (61,250 | ) |
| Gain from debt settlement                    |   |                             | -           |   |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | 251,277 |   |   |   | 251,277 |   |
| Gain from settlement of accounts payable     |   |                             | -           |   |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | 80,046 |   |   |   | 80,046 |   |
| Gain from sale of Aultra investment          |   |                             | -           |   |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | 217,177 |   |   |   | 217,177 |   |
|                                         |   |                             | -           |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income taxes                     |   |                             | (988,738    | )      |                            |   | 392,007 |   |   |   | (596,731 | ) |   |   | (3,383,358 | ) |   |   | 1,043,379 |   |   |   | (2,339,979 | ) |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                   |   |                             | -           |   |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                     |   |                             | (988,738    | )      |                            |   | 392,007 |   |   |   | (596,731 | ) |   |   | (3,383,358 | ) |   |   | 1,043,379 |   |   |   | (2,339,979 | ) |
|                                         |   |                             |        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted loss per share             |   | $                                | (0.01       | )      |                            | $      | 0.01 |   |   | $ | (0.00 | ) |   | $ | (0.02 | ) |   | $ | 0.02 |   |   | $ | (0.01 | ) |
| Weighted average shares outstanding          |   |                             | 192,948,792 |   |                            |   | 43,032,542 |   |   |   | 235,981,334 |   |   |   | 192,948,792 |   |   |   | 43,032,542 |   |   |   | 235,981,334 |   |

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|   | C) | Consolidated Statement of Cash Flows |
|--------|----|--------------------------------------|

|                                                                   |   | Nine months ended September 30, 2010 |       |
|------------------------------------------------------------------------|--------|--------------------------------------|------------|
|                                                                   |   | As reported                          |       |   | Adjustment |   |   | As Restated |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |
| Operating activities:                                                  |   |                                 |       |   |   |   |   |   |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |
| Net loss                                                               |   | $                                    | (3,383,358 | ) |   | $ | 1,043,379 |   |   | $ | (2,339,979 | ) |
| Adjustments to reconcile net loss to cash used by operating activities |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Gain from settlement of accounts payable                               |   |                                 | -          |   |   |   | (80,046 | ) |   |   | (80,046 | ) |
| Gain from reversal of accrued interest                                 |   |                                 | -          |   |   |   | (361,277 | ) |   |   | (361,277 | ) |
| Loss from write-off of other assets                                    |   |                                 | -          |   |   |   | 110,000 |   |   |   | 110,000 |   |
| Common stock issued for services                                       |   |                                 | 1,277,881  |   |   |   | 106,443 |   |   |   | 1,384,324 |   |
| Common stock issued for other settlements                              |   |                                 | -          |   |   |   | 61,250 |   |   |   | 61,250 |   |
| Depreciation                                                           |   |                                 | 359,817    |   |   |   | - |   |   |   | 359,817 |   |
| Gain on sale of Aultra Investment                                      |   |                                 | -          |   |   |   | (217,177 | ) |   |   | (217,177 | ) |
| Changes in assets and liabilities                                      |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Other current assets                                                   |   |                                 | 349,669    |   |   |   | (349,669 | ) |   |   | - |   |
| Accounts payable                                                       |   |                                 | (185,636   | ) |   |   | 103,685 |   |   |   | (81,951 | ) |
| Accounts payable-related parties                                       |   |                                 | 225,846    |   |   |   | 215,448 |   |   |   | 441,294 |   |
| Accrued liabilities                                                    |   |                                 | 75,807     |   |   |   | (88,304 | ) |   |   | (12,497 | ) |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities                    |   |                                 | (1,279,974 | ) |   |   | 543,732 |   |   |   | (736,242 | ) |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Financing activities:                                                  |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of common stock, net                                |   |                                 | 25,946     |   |   |   | 43,654 |   |   |   | 69,600 |   |
| Proceeds from sale of debentures                                       |   |                                 | 387,000    |   |   |   | (387,000 | ) |   |   | - |   |
| Common stock issued to retire debt                                     |   |                                 | 831,362    |   |   |   | (831,362 | ) |   |   | - |   |
| Proceeds from stock subscriptions                                      |   |                                 | -          |   |   |   | 185,305 |   |   |   | 185,305 |   |
| Proceeds from notes payable-related parties                            |   |                                 | -          |   |   |   | 150,000 |   |   |   | 150,000 |   |
| Proceeds from convertible notes payable                                |   |                                 | 13,005     |   |   |   | 296,995 |   |   |   | 310,000 |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) financing activities                    |   |                                 | 1,257,313  |   |   |   | (542,408 | ) |   |   | 714,905 |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Net increase (decrease)/increase in cash and cash equivalents          |   |                                 | (22,661    | ) |   |   | 1,324 |   |   |   | (21,337 | ) |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                       |   |                                 | 25,845     |   |   |   | (1,323 | ) |   |   | 24,522 |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                             |   | $                                    | 3,184      |   |   | $ | 1 |   |   | $ | 3,185 |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION                                     |   |                                 |       |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Cash paid during year for interest                                     |   | $                                    | -          |   |   | $ | - |   |   | $ | - |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Non-cash Transactions:                                                 |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Common shares issued to settle debt                                    |   | $                                    | 106,525    |   |   | $ | 505,975 |   |   | $ | 612,500 |   |
| Common shares issued to settle accrued expenses                        |   |                                 | -          |   |   |   | 51,434 |   |   |   | 51,434 |   |
| Common shares issued for acquisition                                   |   |                                 | -          |   |   |   | 2716155 |   |   |   | 2,716,155 |   |
|                                                                   |   |                                 |       |   |   |   |   |   |   |   |   |   |
|                                                                   |   | $                                    | 106,525    |   |   | $ | 3,273,564 |   |   | $ | 3,380,089 |   |

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

|   | • | unexpected changes in business and economic conditions; |
|--------|---------|---------------------------------------------------------|

|   | • | significant increases or decreases in gold prices; |
|--------|---------|----------------------------------------------------|

|   | • | unanticipated grade changes; |
|--------|---------|------------------------------|

|   | • | metallurgy, processing, access, availability of materials, equipment, supplies and water; |
|--------|---------|-------------------------------------------------------------------------------------------|

|   | • | determination of reserves; |
|--------|---------|----------------------------|

|   | • | results of current and future exploration activities; |
|--------|---------|-------------------------------------------------------|

|   | • | results of pending and future feasibility studies; |
|--------|---------|----------------------------------------------------|

|   | • | joint venture relationships; |
|--------|---------|------------------------------|

|   | • | local and community impacts and issues; |
|--------|---------|-----------------------------------------|

|   | • | timing of receipt of government approvals; |
|--------|---------|--------------------------------------------|

|   | • | accidents and labor disputes; |
|--------|---------|-------------------------------|

|   | • | environmental costs and risks; |
|--------|---------|--------------------------------|

|   | • | competitive factors, including competition for property acquisitions; and |
|--------|---------|---------------------------------------------------------------------------|

|   | • | availability of external financing at reasonable rates or at all. |
|--------|---------|-------------------------------------------------------------------|

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| Year |   | High   |   |   | Low    |   |   | Average |   |
|------|--------|--------|--------|--------|--------|--------|--------|---------|--------|
| 2002 |   |   | 349    |   |   |   | 278    |    |   |   | 310 |   |
| 2003 |   |   | 416    |   |   |   | 320    |    |   |   | 363 |   |
| 2004 |   |   | 454    |   |   |   | 375    |    |   |   | 410 |   |
| 2005 |   |   | 537    |   |   |   | 411    |    |   |   | 445 |   |
| 2006 |   |   | 725    |   |   |   | 525    |    |   |   | 603 |   |
| 2007 |   |   | 841    |   |   |   | 608    |    |   |   | 695 |   |
| 2008 |   |   | 1,011  |   |   |   | 713    |    |   |   | 872 |   |
| 2009 |   |   | 1,146  |   |   |   | 810    |    |   |   | 978 |   |

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ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 4 – CONTROLS AND PROCEDURES

----

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Item 1.    Legal Proceedings

Item 1A.   Risk Factors

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

Item 3.    Defaults Upon Senior Securities

Item 4.    (Removed and Reserved)

 5.    Other Information

  Exhibits and Reports 

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Exhibits.

| Exhibit      |         | Description of Exhibit                                                                                                       |
|--------------|--------------|------------------------------------------------------------------------------------------------------------------------------|
| 31.1         |         | Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                             |
|         |         |                                                                                                                         |
| 31.2         |    | Chief Financial Officer Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|    |    |                                                                                                                    |
| 32.1         |    | Board and Chief Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                    |
|    |    |                                                                                                                    |
| 32.2         |         | Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                              |

SIGNATURES

|   | DUTCH GOLD RESOURCES, INC. |                                                |
|--------|----------------------------|-----------------------------------------------------|
|   |                       |                                                |   |
|   | By:                        | /s/Daniel W. Hollis                                 |   |
|   |                       | Daniel W. Hollis, Chief Executive Officer, Director |   |
|   |                       |  (principal executive officer)                 |   |
|   |                       |                                                |   |
|   | By:                        | /s/ Tom Leahey                                      |   |
|   |                       | Tom Leahey, Chief Financial Officer                 |   |
|   |                       | (principal accounting officer)                      |   |
|   |                       |                                                |   |
|   | By:                        | /s/ Lance Rosemarin                                 |   |
|   |                       | Lance Rosemarin, Director                           |   |

----