| ý                                        | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|-----------------------------------------------|-----------------------------------------------------------------------------------------------|
|                                          |                                                                                          |
| For the quarterly period ended March 31, 2011 |
|                                          |
|                                       | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| Nevada                                                         | 98-0425310                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| Alcalá Centro de Negocios, Cra 43 B # 14-51 Office 705, Medellin, Colombia    |
|------------------------------------------------------------------------------------|
| (Address of principal executive offices)                                           |
|                                                                               |
| +574 461 61 54                                                                     |
| (Registrant’s telephone number, including area code)                    |
| _______________________________________________________________________            |
| (Former name, former address and former fiscal year, if changed since last report) |

| Large accelerated filer  ̈                                                                    | Accelerated filer                     ̈ |
|---------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|
| Non-accelerated filer    ̈  (Do not check if a smaller reporting company) | Smaller reporting company  ý                                                                                                     |

| Class                            |   | Outstanding at June 8, 2011 |
|----------------------------------|--------|-----------------------------|
| Common Stock, $0.00001 par value |   | 39,503,585                  |

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Table of Contents

|                                          | FORM 10-QFIRST COLOMBIA GOLD CORP.MARCH 31, 2011 TABLE OF CONTENTS                 |      Page |
|-----------------------------------------------|----------------------------------------------------------------------------------------------|------------------------------------|
| PART I – FINANCIAL INFORMATION     |
| Item 1.                                       | Interim Consolidated Financial Statements.                                                   | 3                             |
| Item 2.                                       | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 4                             |
| Item 3.                                       | Quantitative and Qualitative Disclosures About Market Risk.                                  | 14                            |
| Item 4.                                       | Controls and Procedures.                                                                     | 14                            |
|  PART II – OTHER INFORMATION  |
| Item 1.                                       | Legal Proceedings.                                                                           | 15                            |
| Item 1A.                                      | Risk Factors.                                                                                | 15                            |
| Item 2.                                       | Unregistered Sales of Equity Securities and Use of Proceeds.                                 | 15                            |
| Item 3.                                       | Defaults Upon Senior Securities.                                                             | 15                            |
| Item 4.                                       | (Removed and Reserved).                                                                      | 15                            |
| Item 5.                                       | Other Information.                                                                           | 15                            |
| Item 6.                                       | Exhibits.                                                                                    | 15                            |
|                                          |                                                                                         |                               |
| Signatures                               |                                                                                         |                               |
| Exhibits                                 |                                                                                         |                               |
| Certifications                           |                                                                                         |                               |

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Table of Contents

Item 1. 

| Our unaudited interim consolidated financial statements included in this Form 10-Q for the three months ended March 31, 2011 are as follows: |
|----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                         |
| F-1                                                                                                                                          | Unaudited Interim Consolidated Balance Sheet as of March 31, 2011. |
|                                                                                                                                         |   |
| F-2                                                                                                                                          | Unaudited Interim Consolidated Statements of Operations for the three months ended March 31, 2011 and 2010 and from inception on September 5, 1997 to March 31, 2011. |
|                                                                                                                                         |   |
| F-3                                                                                                                                          | Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010and from inception on September 5, 1997 to March 31, 2011. |
|                                                                                                                                         |   |
| F-4                                                                                                                                          | Unaudited Interim Consolidated Statement of Changes in Stockholders' Equity (Deficiency) from inception on September 5, 1997 to March 31, 2011. |
|                                                                                                                                         |   |
| F-7                                                                                                                                          | Notes to Unaudited Interim Consolidated Financial Statements. |

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Table of Contents

Interim Consolidated Balance Sheets

----

|                                                                  |   | As at31 March2011 |        |   | As at31 December2010(Audited) |   |
|-----------------------------------------------------------------------|--------|-------------------|-------------|--------|-------------------------------|--------|
|                                                                  |   |              | $           |   |                          |   | $ |   |
| Assets                                                                |   |              |        |   |                          |   |   |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Current                                                               |   |              |        |   |                          |   |   |   |
| Cash and cash equivalents (Note 2)                                    |   |              | 92,088      |   |                          |   | 70,019 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Mineral property interests (Note 3)                                   |   |              | 11,976,434  |   |                          |   | 11,976,434 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Property and equipment (Note 4)                                       |   |              | 11,088      |   |                          |   | 11,988 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
|                                                                  |   |              | 12,079,610  |   |                          |   | 12,058,441 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Liabilities                                                           |   |              |        |   |                          |   |   |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Current                                                               |   |              |        |   |                          |   |   |   |
| Accounts payable and accrued liabilities (Note 5)                     |   |              | 367,236     |   |                          |   | 394,534 |   |
| Current portion of convertible promissory notes (Note 6)              |   |              | 571,041     |   |                          |   | 468,630 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
|                                                                  |   |              | 938,277     |   |                          |   | 863,164 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Convertible promissory notes (Note 6)                                 |   |              | 1,662,274   |   |                          |   | 1,451,863 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Due to related parties (Note 7)                                       |   |              | 109,976     |   |                          |   | 109,691 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
|                                                                  |   |              | 2,710,527   |   |                          |   | 2,424,718 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Stockholders’ equity                                            |   |              |        |   |                          |   |   |   |
| Common stock (Note 8)                                                 |   |              |        |   |                          |   |   |   |
| Authorized                                                            |   |              |        |   |                          |   |   |   |
| 200,000,000 common shares, par value $0.00001 and                     |   |              |        |   |                          |   |   |   |
| 200,000,000 blank check preferred shares, par value $0.001            |   |              |        |   |                          |   |   |   |
| Issued and outstanding                                                |   |              |        |   |                          |   |   |   |
| 31 March 2011 – 39,503,585 common shares, par value $0.00001    |   |              |        |   |                          |   |   |   |
| 31 December 2010 – 38,503,585 common shares, par value $0.00001 |   |              | 395         |   |                          |   | 385 |   |
| Additional paid in capital                                            |   |              | 18,329,720  |   |                          |   | 18,229,730 |   |
| Deficit, accumulated during the exploration stage                     |   |              | (11,211,032 | )      |                          |   | (10,846,392 | ) |
|                                                                  |   |              |        |   |                          |   |   |   |
|                                                                  |   |              | 7,119,083   |   |                          |   | 7,383,723 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
| Non-controlling interest (Note 13)                                    |   |              | 2,250,000   |   |                          |   | 2,250,000 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
|                                                                  |   |              | 9,369,083   |   |                          |   | 9,633,723 |   |
|                                                                  |   |              |        |   |                          |   |   |   |
|                                                                  |   |              | 12,079,610  |   |                          |   | 12,058,441 |   |

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Table of Contents

Interim Consolidated Statements of Operations

----

|                                                                    |   | For the period from the date of inception on5 September 1997 to31 March2011 |        |       | For thethree month period ended 31 March2011 |   |     | For thethree month period ended 31 March2010 |   |
|-------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|-------------|------------|----------------------------------------------|--------|----------|----------------------------------------------|--------|
|                                                                    |   |                                                                        | $           |       |                                         |   | $        |                                         |   |   | $ |   |
| Expenses                                                                |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Amortization – property and equipment (Note 4)                    |   |                                                                        | 38,521      |       |                                         |   | 900      |                                         |   |   | 1,285 |   |
| Amortization – website development cost                           |   |                                                                        | 40,001      |       |                                         |   | -        |                                         |   |   | 3,333 |   |
| Bank charges and interest (Note 6)                                      |   |                                                                        | 986,041     |       |                                         |   | 313,354  |                                         |   |   | 1,029 |   |
| Consulting and management fees (Note 7)                                 |   |                                                                        | 5,250,414   |       |                                         |   | 39,000   |                                         |   |   | 47,776 |   |
| Foreign exchange (gain) loss                                            |   |                                                                        | 22,581      |       |                                         |   | 794      |                                         |   |   | (4,493 | ) |
| Investor communication and promotion                                    |   |                                                                        | 632,571     |       |                                         |   | -        |                                         |   |   | 8,000 |   |
| Office and administrative                                               |   |                                                                        | 116,721     |       |                                         |   | -        |                                         |   |   | 74 |   |
| Professional fees                                                       |   |                                                                        | 674,596     |       |                                         |   | 9,935    |                                         |   |   | 21,660 |   |
| Rent                                                                    |   |                                                                        | 56,416      |       |                                         |   | -        |                                         |   |   | 2,000 |   |
| Telephone                                                               |   |                                                                        | 54,659      |       |                                         |   | -        |                                         |   |   | - |   |
| Transfer agent and filing fees                                          |   |                                                                        | 54,386      |       |                                         |   | 657      |                                         |   |   | 2,162 |   |
| Travel and accommodation                                                |   |                                                                        | 377,754     |       |                                         |   | -        |                                         |   |   | - |   |
| Website maintenance                                                     |   |                                                                        | 86,000      |       |                                         |   | -        |                                         |   |   | 20,000 |   |
| Mineral property exploration expenditures (Note 3)                      |   |                                                                        | 5,270,919   |       |                                         |   | -        |                                         |   |   | - |   |
|                                                                    |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Net operating loss before other items                                   |   |                                                                        | (13,661,580 | )          |                                         |   | (364,640 | )                                            |   |   | (102,826 | ) |
|                                                                    |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Other items                                                             |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Forgiveness of debt                                                     |   |                                                                        | 39,000      |       |                                         |   | -        |                                         |   |   | - |   |
| Gain on sale of oil and gas property                                    |   |                                                                        | 10,745      |       |                                         |   | -        |                                         |   |   | - |   |
| Interest income                                                         |   |                                                                        | 102,561     |       |                                         |   | -        |                                         |   |   | - |   |
| Recovery of expenses                                                    |   |                                                                        | 4,982       |       |                                         |   | -        |                                         |   |   | - |   |
| Write-down of incorporation cost                                        |   |                                                                        | (12,500     | )          |                                         |   | -        |                                         |   |   | - |   |
| Write-down of assets                                                    |   |                                                                        | (14,111     | )          |                                         |   | -        |                                         |   |   | - |   |
|                                                                    |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Net operating loss before income taxes                                  |   |                                                                        | (13,530,903 | )          |                                         |   | (364,640 | )                                            |   |   | (102,826 | ) |
|                                                                    |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Future income tax recovery (Note 12)                                    |   |                                                                        | 2,319,871   |       |                                         |   | -        |                                         |   |   | 10,657 |   |
|                                                                    |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Net operating loss andcomprehensive loss for the period                 |   |                                                                        | (11,211,032 | )          |                                         |   | (364,640 | )                                            |   |   | (92,169 | ) |
|                                                                    |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Basic and diluted loss per common share                                 |   |                                                                        |        |       |                                         |   | (0.01    | )                                            |   |   | (0.01 | ) |
|                                                                    |   |                                                                        |        |       |                                         |   |     |                                         |   |   |   |   |
| Weighted average number of common shares used in per share calculations |   |                                                                        |        | 38,626,536 |                                         |   |     | 15,548,640                                   |   |

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Table of Contents

Interim Consolidated Statements of Cash Flows

----

|                                                                   |   | For the period from the date of inception on 5 September1997 to 31 March2011 |        |   | For thethree month period ended 31 March2011 |   |     | For thethree month period ended 31 March2010 |   |
|------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|-------------|--------|----------------------------------------------|--------|----------|----------------------------------------------|--------|
|                                                                   |   |                                                                         | $           |   |                                         |   | $        |                                         |   |   | $ |   |
| Cash flows used in operating activities                                |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Net loss for the period                                                |   |                                                                         | (11,211,032 | )      |                                         |   | (364,640 | )                                            |   |   | (92,169 | ) |
| Adjustments to reconcile loss to net cash used by operating activities |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Amortization                                                           |   |                                                                         | 78,522      |   |                                         |   | 900      |                                         |   |   | 4,618 |   |
| Accrued interest                                                       |   |                                                                         | 973,315     |   |                                         |   | 312,822  |                                         |   |   | - |   |
| Consulting fees                                                        |   |                                                                         | 40,200      |   |                                         |   | -        |                                         |   |   | - |   |
| Forgiveness of debt                                                    |   |                                                                         | (24,000     | )      |                                         |   | -        |                                         |   |   | - |   |
| Future income tax recovery                                             |   |                                                                         | (2,319,871  | )      |                                         |   | -        |                                         |   |   | - |   |
| Gain on sale of oil and gas property                                   |   |                                                                         | (10,745     | )      |                                         |   | -        |                                         |   |   | (10,657 | ) |
| Mineral property acquisition                                           |   |                                                                         | 1,816,000   |   |                                         |   | -        |                                         |   |   | - |   |
| Stock-based compensation                                               |   |                                                                         | 3,587,000   |   |                                         |   | -        |                                         |   |   | - |   |
| Write-down of assets                                                   |   |                                                                         | 3,940       |   |                                         |   | -        |                                         |   |   | - |   |
| Changes in operating assets and liabilities                            |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Increase (decrease) in accounts payable and accrued liabilities        |   |                                                                         | 317,406     |   |                                         |   | (27,298  | )                                            |   |   | (605,354 | ) |
| Increase (decrease) in due to related parties                          |   |                                                                         | 51,274      |   |                                         |   | 285      |                                         |   |   | (73 | ) |
|                                                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
|                                                                   |   |                                                                         | (6,697,991  | )      |                                         |   | (77,931  | )                                            |   |   | (703,635 | ) |
|                                                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Cash flows from financing activities                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Cost of repurchase of common stock                                     |   |                                                                         | (1,000      | )      |                                         |   | -        |                                         |   |   | - |   |
| Proceeds from issuance of common stock, net of share issue costs       |   |                                                                         | 8,411,915   |   |                                         |   | 100,000  |                                         |   |   | 1,775,000 |   |
|                                                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
|                                                                   |   |                                                                         | 8,410,915   |   |                                         |   | 100,000  |                                         |   |   | 1,775,000 |   |
|                                                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Cash flows used in investing activities                                |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Proceeds from sale of oil and gas property                             |   |                                                                         | 46,200      |   |                                         |   | -        |                                         |   |   | - |   |
| Oil and gas property acquisitions                                      |   |                                                                         | (2,846      | )      |                                         |   | -        |                                         |   |   | - |   |
| Oil and gas exploration                                                |   |                                                                         | (22,609     | )      |                                         |   | -        |                                         |   |   | - |   |
| Mineral property exploration                                           |   |                                                                         | (48,609     | )      |                                         |   | -        |                                         |   |   | - |   |
| Business acquisition, net of cash received                             |   |                                                                         | (1,499,422  | )      |                                         |   | -        |                                         |   |   | (1,000,000 | ) |
| Purchase of equipment                                                  |   |                                                                         | (53,550     | )      |                                         |   | -        |                                         |   |   | - |   |
| Website development cost                                               |   |                                                                         | (40,000     | )      |                                         |   | -        |                                         |   |   | - |   |
|                                                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
|                                                                   |   |                                                                         | (1,620,836  | )      |                                         |   | -        |                                         |   |   | (1,000,000 | ) |
|                                                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Increase in cash and cash equivalents                                  |   |                                                                         | 92,088      |   |                                         |   | 22,069   |                                         |   |   | 71,365 |   |
|                                                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Cash and cash equivalents, beginning of period                         |   |                                                                         | -           |   |                                         |   | 70,019   |                                         |   |   | 4,214 |   |
|                                                                   |   |                                                                         |        |   |                                         |   |     |                                         |   |   |   |   |
| Cash and cash equivalents, end of period                               |   |                                                                         | 92,088      |   |                                         |   | 92,088   |                                         |   |   | 75,579 |   |

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Table of Contents

Interim Consolidated Statements of Changes in Stockholders’ Equity (Deficiency)

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|                                                                            |   | Number of shares issued |   |   | Common stock |   |   | Additional paid-incapital |   |   | Deferredstock-based compensation |   |   | Share subscriptions received in advance |   |   | Deficit, accumulated during the exploration stage |   |   | Total stockholders’ equity (deficiency) |   |
|---------------------------------------------------------------------------------|--------|-------------------------|--------|--------|--------------|--------|--------|--------------------------------|--------|--------|----------------------------------|--------|--------|-----------------------------------------|--------|--------|---------------------------------------------------|--------|--------|-----------------------------------------------|--------|
|                                                                            |   |                    |   |   |         | $      |   |                           |   | $      |                             |   |   | $                                       |   |   |                                              | $      |   |                                          |   | $ |   |   |   | $ |   |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |
| Balance at 5 September 1997 (inception)                                         |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | - |   |   |   | - |   |
| Common shares issued for cash ($0.25 per share)                                 |   |                    | 4,000  |   |         |   | 1      |                           |   |   | 999                              |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | - |   |   |   | 1,000 |   |
| Net loss for the period                                                         |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (2,522 | ) |   |   | (2,522 | ) |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 30 September 1997                                                    |   |                    | 4,000  |   |         |   | 1      |                           |   |   | 999                              |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (2,522 | ) |   |   | (1,522 | ) |
| Common shares issued for acquisition of oil and gas properties ($25 per share)  |   |                    | 400    |   |         |   | -      |                           |   |   | 10,000                           |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   |   - |   |   |   | 10,000 |   |
| Common shares issued for cash ($0.25 per share)                                 |   |                    | 4,000  |   |         |   | 1      |                           |   |   | 999                              |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | - |   |   |   | 1,000 |   |
| Net loss for the year                                                           |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (1,246 | ) |   |   | (1,246 | ) |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 30 September 1998                                                    |   |                    | 8,400  |   |         |   | 2      |                           |   |   | 11,998                           |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (3,768 | ) |   |   | 8,232 |   |
| Common shares issued for cash ($25 per share)                                   |   |                    | 4,000  |   |         |   | 1      |                           |   |   | 99,999                           |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   |   |   |   |   | 100,000 |   |
| Common shares repurchased for cash ($0.25 per share)                            |   |                    | (4,000 | )      |         |   | (1     | )                              |   |   | (999                             | )      |   |                                    | -      |   |                                              |   | -      |                                          |   |   | - |   |   |   | (1,000 | ) |
| Net loss for the year                                                           |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (9,569 | ) |   |   | (9,569 | ) |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 30 September 1999                                                    |   |                    | 8,400  |   |         |   | 2      |                           |   |   | 110,998                          |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (13,337 | ) |   |   | 97,663 |   |
| Net loss for the year                                                           |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (34,290 | ) |   |   | (34,290 | ) |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 30 September 2000                                                    |   |                    | 8,400  |   |         |   | 2      |                           |   |   | 110,998                          |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (47,627 | ) |   |   | 63,373 |   |
| Net loss for the year                                                           |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (14,296 | ) |   |   | (14,296 | ) |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 30 September 2001                                                    |   |                    | 8,400  |   |         |   | 2      |                           |   |   | 110,998                          |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (61,923 | ) |   |   | 49,077 |   |
| Net income for the year                                                         |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | 10,954 |   |   |   | 10,954 |   |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 30 September 2002                                                    |   |                    | 8,400  |   |         |   | 2      |                           |   |   | 110,998                          |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (50,969 | ) |   |   | 60,031 |   |
| Net income for the year                                                         |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | 2,387 |   |   |   | 2,387 |   |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 30 September 2003                                                    |   |                    | 8,400  |   |         |   | 2      |                           |   |   | 110,998                          |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (48,582 | ) |   |   | 62,418 |   |
| Common shares issued for cash ($1.50 per share) and for services ($6 per share) |   |                    | 8,569  |   |         |   | 1      |                           |   |   | 62,699                           |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   |   - |   |   |   | 62,700 |   |
| Donated capital                                                                 |   |                    | -      |   |         |   | -      |                           |   |   | 5,000                            |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | - |   |   |   | 5,000 |   |
| Net loss for the year                                                           |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (64,175 | ) |   |   | (64,175 | ) |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 30 September 2004                                                    |   |                    | 16,969 |   |         |   | 3      |                           |   |   | 178,697                          |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (112,757 | ) |   |   | 65,943 |   |
| Donated capital                                                                 |   |                    | -      |   |         |   | -      |                           |   |   | 3,000                            |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | - |   |   |   | 3,000 |   |
| Net loss for the period                                                         |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (7,750 | ) |   |   | (7,750 | ) |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 31 December 2004                                                     |   |                    | 16,969 |   |         |   | 3      |                           |   |   | 181,697                          |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (120,507 | ) |   |   | 61,193 |   |
| Common shares repurchased ($0.25 per share)                                     |   |                    | (4,000 | )      |         |   | (1     | )                              |   |   | (999                             | )      |   |                                    | -      |   |                                              |   | -      |                                          |   |   | - |   |   |   | (1,000 | ) |
| Donated capital                                                                 |   |                    | -      |   |         |   | -      |                           |   |   | 8,200                            |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | - |   |   |   | 8,200 |   |
| Net loss for the year                                                           |   |                    | -      |   |         |   | -      |                           |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (40,652 | ) |   |   | (40,652 | ) |
|                                                                            |   |                    |   |   |         |   |   |                           |   |   |                             |   |   |                                    |   |   |                                              |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 31 December 2005                                                     |   |                    | 12,969 |   |         |   | 2      |                           |   |   | 188,898                          |   |   |                                    | -      |   |                                              |   | -      |                                          |   |   | (161,159 | ) |   |   | 27,741 |   |

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|                                                                                                      |   | Number of shares issued |       |   | Commonstock |   |   | Additional paid-incapital |   |   | Deferredstock-based compensation |   |   | Share subscriptions received in advance |       |   | Deficit, accumulated during the exploration stage |   |     | Non-controlling interest |   |   | Total stockholders’ equity (deficiency) |   |
|-----------------------------------------------------------------------------------------------------------|--------|-------------------------|------------|--------|-------------|--------|--------|--------------------------------|--------|--------|----------------------------------|--------|--------|-----------------------------------------|------------|--------|---------------------------------------------------|--------|----------|--------------------------|--------|--------|-----------------------------------------------|--------|
|                                                                                                      |   |                    |       |   |        | $      |   |                           |   | $      |                             |   |   | $                                       |       |   |                                              | $      |     |                     |   | $      |                                          |   |   | $ |   |   |   | $ |   |
|                                                                                                      |   |                    |       |   |        |   |   |                           |   |   |                             |   |   |                                    |       |   |                                              |   |     |                     |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 31 December 2005                                                                               |   |                    | 12,969     |   |        |   | 2      |                           |   |   | 188,898                          |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | (161,159                                      | )      |   |   | - |   |   |   | 27,741 |   |
| Common shares issued for cash ($0.125 per share)                                                          |   |                    | 1,200,000  |   |        |   | 12     |                           |   |   | 149,988                          |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 150,000 |   |
| Common shares cancelled                                                                                   |   |                    | (8,467     | )      |        |   | (1     | )                              |   |   | 1                                |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | - |   |
| Common shares issued for purchase of Finmetal OY (deemed at $25.60 per share)                             |   |                    | 50,000     |   |        |   | 1      |                           |   |   | 1,279,999                        |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 1,280,000 |   |
| Common shares issued as stock-based compensation (deemed at $24.80 per share)                             |   |                    | 97,500     |   |        |   | 1      |                           |   |   | 2,417,999                        |   |   |                                    | (2,321,280 | )      |                                              |   | -        |                     |   |   |   -                                      |   |   |   | - |   |   |   | 96,720 |   |
| Common shares issued for cash ($10 per share)                                                             |   |                    | 279,950    |   |        |   | 2      |                           |   |   | 2,799,498                        |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 2,799,500 |   |
| Share issue costs                                                                                         |   |                    |       |   |        |   | -      |                           |   |   | (254,500                         | )      |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | (254,500 | ) |
| Net loss for the year                                                                                     |   |                    | -          |   |        |   | -      |                           |   |   | -                                |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | (2,506,896                                    | )      |   |   | - |   |   |   | (2,506,896 | ) |
|                                                                                                      |   |                    |       |   |        |   |   |                           |   |   |                             |   |   |                                    |       |   |                                              |   |     |                     |   |   |                                          |   |   |   |   |   |   |   |   |   |
| Balance at 31 December 2006                                                                               |   |                    | 1,631,952  |   |        |   | 17     |                           |   |   | 6,581,883                        |   |   |                                    | (2,321,280 | )      |                                              |   | -        |                     |   |   | (2,668,055                                    | )      |   |   | - |   |   |   | 1,592,565 |   |
| Common shares issued for cash ($25 per unit)                                                              |   |                    | 121,800    |   |        |   | 1      |                           |   |   | 2,944,578                        |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 2,944,579 |   |
| Share issue costs                                                                                         |   |                    | -          |   |        |   | -      |                           |   |   | (212,450                         | )      |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | (212,450 | ) |
| Warrants issued                                                                                           |   |                    | -          |   |        |   | -      |                           |   |   | 100,421                          |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 100,421 |   |
| Common shares issued as stock-based compensation (deemed at $29 per share)                                |   |                    | 46,250     |   |        |   | 1      |                           |   |   | 1,341,249                        |   |   |                                    | (1,341,250 | )      |                                              |   | -        |                     |   |   |   -                                      |   |   |   | - |   |   |   | - |   |
| Common shares issued for finder’s fee for mineral interests (deemed at $26.80)  per share |   |                    | 20,000     |   |        |   | 1      |                           |   |   | 535,999                          |   |   |                                    | -          |   |                                              |   | -        |                     |   |   |   -                                      |   |   |   | - |   |   |   | 536,000 |   |
| Stock-based compensation                                                                                  |   |                    | -          |   |        |   | -      |                           |   |   | 3,023,282                        |   |   |                                    | 2,936,734  |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 5,960,016 |   |
| Stock awards cancelled                                                                                    |   |                    | (97,500    | )      |        |   | (1     | )                              |   |   | 1                                |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | - |   |
| Net loss for the year                                                                                     |   |                    | -          |   |        |   | -      |                           |   |   | -                                |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | (9,511,457                                    | )      |   |   | - |   |   |   | (9,511,457 | ) |
|                                                                                                      |   |                    |       |   |        |   |   |                           |   |   |                             |   |   |                                    |       |   |                                              |   |     |                     |   |   |                                          |   |   |   |   |   |   |   |   |   |
| Balance at 31 December 2007                                                                               |   |                    | 1,722,502  |   |        |   | 18     |                           |   |   | 14,314,963                       |   |   |                                    | (725,796   | )      |                                              |   | -        |                     |   |   | (12,179,512                                   | )      |   |   | - |   |   |   | 1,409,674 |   |
| Stock-based compensation                                                                                  |   |                    | -          |   |        |   | -      |                           |   |   | -                                |   |   |                                    | 725,796    |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 725,796 |   |
| Stock awards cancelled                                                                                    |   |                    | (31,250    | )      |        |   | (1     | )                              |   |   | 1                                |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | - |   |
| Stock options forfeited                                                                                   |   |                    | -          |   |        |   | -      |                           |   |   | (3,245,532                       | )      |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | (3,245,532 | ) |
| Common shares issued for acquisition of mineral rights ($0.25 per share) (Notes 3, 8 and 11)              |   |                    | 2,500,000  |   |        |   | 25     |                           |   |   | 624,975                          |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 625,000 |   |
| Share subscriptions received in advance                                                                   |   |                    | -          |   |        |   | -      |                           |   |   | -                                |   |   |                                    | -          |   |                                              |   | 613,583  |                     |   |   | -                                             |   |   |   | - |   |   |   | 613,583 |   |
| Net income for the year                                                                                   |   |                    | -          |   |        |   | -      |                           |   |   | -                                |   |   |                                    | -          |   |                                              |   |     |                     |   |   | 983,065                                       |   |   |   | - |   |   |   | 983,065 |   |
|                                                                                                      |   |                    |       |   |        |   |   |                           |   |   |                             |   |   |                                    |       |   |                                              |   |     |                     |   |   |                                          |   |   |   |   |   |   |   |   |   |
| Balance at 31 December 2008                                                                               |   |                    | 4,191,252  |   |        |   | 42     |                           |   |   | 11,694,408                       |   |   |                                    | -          |   |                                              |   | 613,583  |                     |   |   | (11,196,447                                   | )      |   |   | - |   |   |   | 1,111,586 |   |
| Common shares issued for cash ($0.15 per unit) (Note 8)                                                   |   |                    | 5,412,333  |   |        |   | 54     |                           |   |   | 811,796                          |   |   |                                    | -          |   |                                              |   | (613,583 | )                        |   |   | -                                             |   |   |   | - |   |   |   | 198,267 |   |
| Share issue costs (Note 8)                                                                                |   |                    | -          |   |        |   | -      |                           |   |   | (81,185                          | )      |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | (81,185 | ) |
| Common shares issued for acquisition of mineral rights ($0.11 per share) (Notes 3, 8 and 11)              |   |                    | 3,500,000  |   |        |   | 35     |                           |   |   | 384,965                          |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | - |   |   |   | 385,000 |   |
| Business acquisition                                                                                      |   |                    | -          |   |        |   | -      |                           |   |   | -                                |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | -                                             |   |   |   | 3,375,000 |   |   |   | 3,375,000 |   |
| Net income for the year                                                                                   |   |                    | -          |   |        |   | -      |                           |   |   | -                                |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | 1,482,243                                     |   |   |   | - |   |   |   | 1,482,243 |   |
|                                                                                                      |   |                    |       |   |        |   |   |                           |   |   |                             |   |   |                                    |       |   |                                              |   |     |                     |   |   |                                          |   |   |   |   |   |   |   |   |   |
| Balance at 31 December 2009                                                                               |   |                    | 13,103,585 |   |        |   | 131    |                           |   |   | 12,809,984                       |   |   |                                    | -          |   |                                              |   | -        |                     |   |   | (9,714,204                                    | )      |   |   | 3,375,000 |   |   |   | 6,470,911 |   |

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|                                                                                    |   | Number of shares issued |       |   | Common stock |   |   | Additional paid-incapital |   |   | Deferredstock-based compensation |   |   | Share subscriptions received in advance |   |   | Deficit, accumulated during the exploration stage |   |   | Non- controlling interest |   |   | Total stockholders’ equity (deficiency) |   |
|-----------------------------------------------------------------------------------------|--------|-------------------------|------------|--------|--------------|--------|--------|---------------------------|--------|--------|----------------------------------|--------|--------|-----------------------------------------|--------|--------|---------------------------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------------------------|--------|
|                                                                                    |   |                    |       |   |         | $      |   |                      |   | $      |                             |   |   | $                                       |   |   |                                              | $      |   |                           |   | $      |                                          |   |   | $ |   |   |   | $ |   |
|                                                                                    |   |                    |       |   |         |   |   |                      |   |   |                             |   |   |                                    |   |   |                                              |   |   |                           |   |   |                                          |   |   |   |   |   |   |   |   |
| Balance at 31 December 2009                                                             |   |                    | 13,103,585 |   |         |   | 131    |                      |   |   | 12,809,984                       |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | (9,714,204                                    | )      |   |   | 3,375,000 |   |   |   | 6,470,911 |   |
| Common shares issued for business acquisition ($0.25 per share) (Notes 3, 8, 11 and 13) |   |                    | 5,000,000  |   |         |   | 50     |                      |   |   | 1,239,950                        |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | -                                             |   |   |   | (1,125,000 | ) |   |   | 115,000 |   |
| Common shares issued for cash ($0.10 per unit) (Note 8)                                 |   |                    | 18,750,000 |   |         |   | 188    |                      |   |   | 1,015,720                        |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | -                                             |   |   |   | - |   |   |   | 1,015,908 |   |
| Warrants issued (Note 8)                                                                |   |                    | -          |   |         |   | -      |                      |   |   | 859,092                          |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | -                                             |   |   |   | - |   |   |   | 859,092 |   |
| Warrants exercised (Note 8)                                                             |   |                    | 1,650,000  |   |         |   | 16     |                      |   |   | 164,984                          |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | -                                             |   |   |   | - |   |   |   | 165,000 |   |
| Share issue costs                                                                       |   |                    | -          |   |         |   | -      |                      |   |   | (100,000                         | )      |   |                                    | -      |   |                                              |   | -      |                           |   |   | -                                             |   |   |   | - |   |   |   | (100,000 | ) |
| Beneficial conversion feature (Note 6)                                                  |   |                    | -          |   |         |   | -      |                      |   |   | 2,240,000                        |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | -                                             |   |   |   | - |   |   |   | 2,240,000 |   |
| Net loss for the year                                                                   |   |                    | -          |   |         |   | -      |                      |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | (1,132,188                                    | )      |   |   | - |   |   |   | (1,132,188 | ) |
|                                                                                    |   |                    |       |   |         |   |   |                      |   |   |                             |   |   |                                    |   |   |                                              |   |   |                           |   |   |                                          |   |   |   |   |   |   |   |   |   |
| Balance at 31 December 2010                                                             |   |                    | 38,503,585 |   |         |   | 385    |                      |   |   | 18,229,730                       |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | (10,846,392                                   | )      |   |   | 2,250,000 |   |   |   | 9,633,723 |   |
| Warrants exercised (Note 8)                                                             |   |                    | 1,000,000  |   |         |   | 10     |                      |   |   | 99,990                           |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | -                                             |   |   |   | - |   |   |   | 100,000 |   |
| Net loss for the period                                                                 |   |                    | -          |   |         |   | -      |                      |   |   | -                                |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | (364,640                                      | )      |   |   | - |   |   |   | (364,640 | ) |
|                                                                                    |   |                    |       |   |         |   |   |                      |   |   |                             |   |   |                                    |   |   |                                              |   |   |                           |   |   |                                          |   |   |   |   |   |   |   |   |   |
| Balance at 31 March 2011                                                                |   |                    | 39,503,585 |   |         |   | 395    |                      |   |   | 18,329,720                       |   |   |                                    | -      |   |                                              |   | -      |                           |   |   | (11,211,032                                   | )      |   |   | 2,250,000 |   |   |   | 9,369,083 |   |

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Notes to Interim Consolidated Financial Statements

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| Furniture, computer and office equipment |   |   | 30  | % |
|------------------------------------------|--------|--------|-----|---|
| Computer software                        |   |   | 100 | % |

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| ·      | Pay $250,000 (paid) to Temasek on the date the Agreement is executed; |
|---------------------------------|-----------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·      | Issue 2,500,000 common shares (issued) of the Company to Temasek within five business days from the Effective Date (Notes 8 and 11); and |
|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·      | Pay an additional $250,000 (paid) to Temasek within ninety days of the Effective Date. |
|---------------------------------|----------------------------------------------------------------------------------------|

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| ·       | Exercise and complete the initial 25% option (completed); |
|---------------------------------------|-----------------------------------------------------------|

| ·       | Issue 3,500,000 additional common shares of the Company to Temasek (issued) (Notes 8 and 11); and |
|---------------------------------------|---------------------------------------------------------------------------------------------------|

| ·       | Pay an additional $750,000 to Temasek by 5 March 2010 (paid). |
|---------------------------------------|---------------------------------------------------------------|

| ·       | Exercise and complete the initial and second 25% options (completed); |
|---------------------------------------|-----------------------------------------------------------------------|

| ·       | Issue 11,000,000 additional common shares of the Company to Temasek (5,000,000 common shares issued on 9 March 2010) (Notes 8 and 11); |
|---------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·       | Pay an additional $250,000 to Temasek (paid); |
|--------------------------------------------|-----------------------------------------------|

| ·       | Issue a convertible note for $250,000 to Temasek (the “$250,000 Convertible Note”) (issued).  The $250,000 Convertible Note has a term of ninety days and will accrue interest at a rate of 12% per annum.  Both principal and interest under the $250,000 Convertible Note are payable upon maturity (Notes 6 and 11); and |
|---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·       | Issue a convertible note for $3,250,000 to Temasek (the “$3,250,000 Convertible Note”) (issued).  The $3,250,000 Convertible Note has a term of three years and will accrue interest at a rate of 12% per annum. Interest will be payable annually and the principal is payable upon maturity (Notes 6 and 11). |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                     |   |   |   |   |                    |   |   | Net Book Value |   |
|------------------------------------------|--------|--------|--------|--------|-------------------------|--------|--------|----------------|--------|
|                                     |   | Cost   |   |   | Accumulatedamortization |   |   | 31 March 2011  |   |   | 31 December 2010(Audited) |   |
|                                     |   |   | $      |   |                    |   | $      |           |   |   | $ |   |   | $ |   |   |
|                                     |   |   |   |   |                    |   |   |           |   |   |   |   |   |   |   |   |
| Furniture, computer and office equipment |   |   | 47,433 |   |                    |   | 36,345 |           |   |   | 11,088 |   |   |   | 11,988 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 31 March 2011 |      |   | 31 December 2010(Audited) |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|---------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          | $         |   |                      |   | $ |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |      |   |                      |   |   |   |
| Issued on 25 June 2010 to Temasek bearing interest at a rate of 12% per annum on any unpaid principle balance, unsecured, with principal and interest amounts due upon maturity on 25 September 2010.  The Company is in the process of renegotiating the terms of the $250,000 Convertible Note (Note 9).  Temasek has the option to convert any portion of the unpaid principal and/or accrued interest into conversion units (the “Units”) at any time up to 25 June 2011 at $0.25 per Unit where each Unit consists of one common share of the Company and one share purchase warrant.  Each warrant entitles Temasek to purchase an additional common share of the Company at an exercise price of $0.50 per share commencing six months after the date of issuance until one year from the date of issuance.  During the three month period ended 31 March 2011, the Company accrued interest expense of $46,767 (31 March 2010 - $Nil), of which $39,452 relates to the amortization of debt discount (31 March 2010 - $Nil) (Notes 3 and 11). |   |          | 235,233   |   |                      |   | 188,466 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |      |   |                      |   |   |   |
| Issued on 25 June 2010 to Temasek bearing interest at a rate of 12% per annum on any unpaid principle balance, unsecured, with interest amount payable annually and principal amount due upon maturity on 25 June 2013.  Temasek has the option to convert any portion of the unpaid principal and/or accrued interest into Units at any time up to 25 June 2013 at $0.25 per Unit where each Unit consists of one common share of the Company and one share purchase warrant.  Each warrant entitles Temasek to purchase an additional common share of the Company at an exercise price of $0.50 per share commencing six months after the date of issuance until one year from the date of issuance.  During the three month period ended 31 March 2011, the Company accrued interest expense of $266,055 (31 March 2010 - $Nil), of which $170,959 relates to the amortization of debt discount (31 March 2010 - $Nil) (Notes 3 and 11).                                                                                                                                 |   |          | 1,998,082 |   |                      |   | 1,732,027 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |      |   |                      |   |   |   |
| Less: current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          | (571,041  | )      |                      |   | (468,630 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |      |   |                      |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          | 1,662,274 |   |                      |   | 1,451,863 |   |

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| ·      | 200,000,000 common shares with par value of $0.00001 |
|---------------------------------|------------------------------------------------------|

| ·      | 200,000,000 blank check preferred shares with par value of $0.001 |
|---------------------------------|-------------------------------------------------------------------|

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|                                                              |   | Number of warrants |        |   | Weighted average exercise price |   |
|-------------------------------------------------------------------|--------|--------------------|-------------|--------|---------------------------------|--------|
|                                                              |   |               |        |   |                            | $      |   |
|                                                              |   |               |        |   |                            |   |   |
| Outstanding and exercisable at 1 January 2011                     |   |               | 17,100,000  |   |                            |   | - |   |
|                                                              |   |               |        |   |                            |   |   |   |
| Granted                                                           |   |               | -           |   |                            |   | - |   |
| Exercised                                                         |   |               | (1,000,000  | )      |                            |   | 0.10 |   |
| Expired                                                           |   |               | (16,100,000 | )      |                            |   | 0.10 |   |
|                                                              |   |               |        |   |                            |   |   |   |
| Outstanding and exercisable at 31 March 2011                      |   |               | -           |   |                            |   | - |   |
|                                                              |   |               |        |   |                            |   |   |   |
| Weighted average fair value of warrants granted during the period |   |               |        |   |                            |   | - |   |
|                                                              |   |               |        |   |                            |   |   |   |

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|                                                              |   | Number of warrants |       |   | Weighted averageexercise price |   |
|-------------------------------------------------------------------|--------|--------------------|------------|--------|--------------------------------|--------|
|                                                              |   |               |       |   |                           | $      |   |
|                                                              |   |               |       |   |                           |   |   |
| Outstanding and exercisable at 1 January 2010                     |   |               | -          |   |                           |   | - |   |
|                                                              |   |               |       |   |                           |   |   |   |
| Granted                                                           |   |               | 18,750,000 |   |                           |   | 0.10 |   |
| Exercised                                                         |   |               | -          |   |                           |   | - |   |
| Expired                                                           |   |               | -          |   |                           |   | - |   |
|                                                              |   |               |       |   |                           |   |   |   |
| Outstanding and exercisable at 31 March 2010                      |   |               | 18,750,000 |   |                           |   | 0.10 |   |
|                                                              |   |               |       |   |                           |   |   |   |
| Weighted average fair value of warrants granted during the period |   |               |       |   |                           |   | 0.10 |   |

|                    |   | 2011   |   |   | 2010   |      |
|-------------------------|--------|--------|--------|--------|--------|-----------|
|                    |   |   |   |   |   |      |
| Risk free interest rate |   |   | -      |   |   |      | 0.44 | % |
| Expected life           |   |   | -      |   |   | 1.00 year |   |
| Annualized volatility   |   |   | -      |   |   |      | 317.72 | % |
| Expected dividends      |   |   | -      |   |   |      | - |   |

| a.      | During the year ended 31 December 2010, the Company entered into a three-month contract, commencing 24 July 2010, with a party to provide financial and administrative services for a monthly payment of $2,500.  Effective 20 October 2010, the contract for financial and administrative services was extended for an indefinite period. |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.      | The Company is subject to certain outstanding and future commitments related to the Temasek Agreement. The Company is in the process of renegotiating the terms of the Temasek Agreement (Note 3). |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.      | The Company is in default of certain outstanding commitments related to the $250,000 Convertible Note.  The Company is in the process of renegotiating the terms with Temasek (Note 6). |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                          |   | For the period from the date of inception on 5 September 1997 to 31 March2011 |      |   | For thethree month period ended 31 March2011 |   |   | For thethree month period ended 31 March2010 |   |
|-----------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|-----------|--------|----------------------------------------------|--------|--------|----------------------------------------------|--------|
|                                                                                          |   |                                                                          | $         |   |                                         |   | $      |                                         |   |   | $ |   |
|                                                                                          |   |                                                                          |      |   |                                         |   |   |                                         |   |   |   |   |
| Supplemental cash flows information                                                           |   |                                                                          |      |   |                                         |   |   |                                         |   |   |   |   |
| Interest expense                                                                              |   |                                                                          | 1,906     |   |                                         |   | -      |                                         |   |   | - |   |
| Income taxes                                                                                  |   |                                                                          | -         |   |                                         |   | -      |                                         |   |   | - |   |
| Foreign exchange (gain) loss                                                                  |   |                                                                          | 22,581    |   |                                         |   | 794    |                                         |   |   | (4,493 | ) |
|                                                                                          |   |                                                                          |      |   |                                         |   |   |                                         |   |   |   |   |
| Supplemental disclosure of non-cash investing and financing                                   |   |                                                                          |      |   |                                         |   |   |                                         |   |
| Common shares issued for oil and gas property ($25 per share)                                 |   |                                                                          | 10,000    |   |                                         |   | -      |                                         |   |   | - |   |
| Common shares issued for services ($6 per share)                                              |   |                                                                          | 50,000    |   |                                         |   | -      |                                         |   |   | - |   |
| Donated consulting services                                                                   |   |                                                                          | 16,200    |   |                                         |   | -      |                                         |   |   | - |   |
| Common shares cancelled and returned                                                          |   |                                                                          | (2        | )      |                                         |   | -      |                                         |   |   | - |   |
| Common shares issued for equity acquisition of Finmetal ($25.60 per share)                    |   |                                                                          | 1,280,000 |   |                                         |   | -      |                                         |   |   | - |   |
| Restricted shares issued ($24.80 per share)                                                   |   |                                                                          | 2,418,000 |   |                                         |   | -      |                                         |   |   | - |   |
| Common shares issued for finder’s fee ($10 per unit)                                    |   |                                                                          | 254,500   |   |                                         |   | -      |                                         |   |   | - |   |
| Warrants issued                                                                               |   |                                                                          | 100,421   |   |                                         |   | -      |                                         |   |   | - |   |
| Common shares issued for finder’s fee for mineral property interests ($26.80 per share) |   |                                                                          | 536,000   |   |                                         |   | -      |                                         |   |   | - |   |
| Common shares issued for acquisition of mineral rights (deemed at $0.25 per share)            |   |                                                                          | 1,875,000 |   |                                         |   | -      |                                         |   |   | 1,250,000 |   |
| Common shares issued for acquisition of mineral rights (deemed at $0.11 per share)            |   |                                                                          | 385,000   |   |                                         |   | -      |                                         |   |   | - |   |

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|                                                      |   | For the three month period ended 31 March 2011 |     |   | For the three month period ended 31 March 2010 |   |
|-----------------------------------------------------------|--------|------------------------------------------------|----------|--------|------------------------------------------------|--------|
|                                                      |   |                                           | $        |   |                                           |   | $ |   |
|                                                      |   |                                           |     |   |                                           |   |   |   |
| Refundable federal tax asset (liability) attributable to: |   |                                           |     |   |                                           |   |   |   |
| Current operations                                        |   |                                           | (123,946 | )      |                                           |   | (35,331 | ) |
| Less: Change in valuation allowance                       |   |                                           | 123,946  |   |                                           |   | 24,674 |   |
|                                                      |   |                                           |     |   |                                           |   |   |   |
| Future income tax recovery                                |   |                                           | -        |   |                                           |   | 10,657 |   |

|                                       |   | As at31 March2011 |      |   | As at 31 December 2010 (Audited) |   |
|--------------------------------------------|--------|-------------------|-----------|--------|----------------------------------|--------|
|                                       |   |              | $         |   |                             |   | $ |   |
|                                       |   |              |      |   |                             |   |   |   |
| Net income tax operating loss carryforward |   |              | 5,812,499 |   |                             |   | 5,688,553 |   |
|                                       |   |              |      |   |                             |   |   |   |
| Statutory federal income tax rate          |   |              | 30% - 34  | %      |                             |   | 30% - 34 | % |
|                                       |   |              |      |   |                             |   |   |   |
| Future income tax assets (liabilities)     |   |              | 978,087   |   |                             |   | 854,141 |   |
| Less: Valuation allowance                  |   |              | (978,087  | )      |                             |   | (854,141 | ) |
|                                       |   |              |      |   |                             |   |   |   |
| Future income tax assets (liabilities)     |   |              | -         |   |                             |   | - |   |

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| Assets purchased:                        |   |   |      |
|------------------------------------------|--------|--------|-----------|
| Cash and cash equivalents                |   | $      | 578       |   |
| Mineral property interests               |   |   | 6,927,792 |   |
|                                     |   |   |      |   |
| Total assets acquired                    |   | $      | 6,928,370 |   |
|                                     |   |   |      |   |
| Liabilities assumed:                     |   |   |      |   |
| Accounts payable and accrued liabilities |   | $      | 49,797    |   |
| Due to related parties                   |   |   | 58,702    |   |
| Future income tax liabilities            |   |   | 2,319,871 |   |
|                                     |   |   |      |   |
| Total liabilities assumed                |   | $      | 2,428,370 |   |
|                                     |   |   |      |   |
| Non-controlling interest:                |   | $      | 3,375,000 |   |
|                                     |   |   |      |   |
| Purchase price                           |   | $      | 1,125,000 |   |

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| Level 1: | classification is applied to any asset or liability that has a readily available quoted market price from an active market where there is significant transparency in the executed/quoted price.                                        |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                                                                                    |
| Level 2: | classification is applied to assets and liabilities that have evaluated prices where the data inputs to these valuations are observable either directly or indirectly, but do not represent quoted market prices from an active market. |
|     |                                                                                                                                                                                                                                    |
| Level 3: | classification is applied to assets and liabilities when prices are not derived from existing market data and requires us to develop our own assumptions about how market participants would price the asset or liability.              |

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Item 2. 

| ●     | risk that we will not be able to remediate identified material weaknesses in our internal control over financial reporting and disclosure controls and procedures; |
|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | risk that we will not be able to further amend the option agreement under which we acquired our fifty percent property interest in certain mining rights in certain properties in Peru in order to revive certain options we had which have lapsed as a result of our failure to meet the requirements necessary to exercise these options; |
|----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | risk that, if we are unable to further amend the option agreement and unable to revive the lapsed options, that we will be unable to recover the partial consideration we paid to exercise the option to acquire the remaining fifty percent interest in these mining and mineral rights of $250,000 in cash and the issuance of  5,000,000 shares of our common stock, a $250,000 Convertible Note and a $3,250,000 Convertible Note, which would have a significant, adverse impact on our financial condition; |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | risk that, should we be able to further amend the option agreement and to revive the lapsed options, that we will be unable to secure the necessary funding to exercise such revived third or fourth twenty-five percent options; |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | risk that, while we have commenced our Phase I drilling program on our mining properties in Peru, we must secure additional financing in the near future in order to complete this planned work and be able to sustain any drilling activity or we will be forced to cease our exploration and development program.; |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | risk that we cannot attract, retain and motivate qualified personnel, particularly employees, consultants and contractors for our operations in Peru; |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     |  risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; |
|----------------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| ●     | results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with our expectations; |
|----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | mining and development risks, including risks related to accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in production; |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | the potential for delays in exploration or development activities or the completion of feasibility studies; |
|----------------------------|-------------------------------------------------------------------------------------------------------------|

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| ●     | risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; |
|----------------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ●     | risks related to commodity price fluctuations; |
|----------------------------|------------------------------------------------|

| ●     | the uncertainty of profitability based upon our history of losses; |
|----------------------------|--------------------------------------------------------------------|

| ●     | risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned exploration and development projects; |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | risks related to environmental regulation and liability; |
|----------------------------|----------------------------------------------------------|

| ●    | risks that the amounts reserved or allocated for environmental compliance, reclamation, post-closure control measures, monitoring and on-going maintenance may not be sufficient to cover such costs; |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | risks related to tax assessments; |
|----------------------------|-----------------------------------|

| ●     | political and regulatory risks associated with mining development and exploration; and |
|----------------------------|----------------------------------------------------------------------------------------|

| ●     | other risks and uncertainties related to our prospects, properties and business strategy. |
|----------------------------|-------------------------------------------------------------------------------------------|

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| Name      | Area (ha) | Code        | Title No | Owner                         |
|-----------|-----------|-------------|---------------|-------------------------------|
| Bianka 1  | 1000      | 01-03905-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Bianka 2  | 1000      | 01-03878-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Bianka 3  | 900       | 01-03879-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Bianka 4  | 1000      | 01-03883-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Bianka 6  | 1000      | 01-03881-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Bianka 7  | 1000      | 01-03888-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dalma 1   | 1000      | 01-03859-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dalma 2   | 1000      | 01-03863-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dalma 3   | 1000      | 01-03857-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dalma 4   | 800       | 01-03865-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dalma 5   | 500       | 01-03866-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dorotea 1 | 1000      | 01-03909-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dorotea 2 | 900       | 01-03906-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dorotea 3 | 1000      | 01-03904-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dorotea 4 | 800       | 01-03908-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dorotea 5 | 1000      | 01-03910-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dorotea 6 | 1000      | 01-03901-08 | 00074599      | Rio Santiago Minerales S.A.C. |
| Dorotea 7 | 1000      | 01-03899-08 | 00074599      | Rio Santiago Minerales S.A.C. |

| ·   | Complete the exercise of the second, twenty-five percent option, resulting in the acquisition of a fifty percent interest in the Mineral Rights (which was completed on March 22, 2010); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Issue 5,000,000 shares of our common stock to Temasek, or whoever persons Temasek indicates, by March 5, 2010, which date was within 30 days of the effective date of Amendment No. 2 (which shares were issued on March 9, 2010); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Pay $250,000 to the order and the direction of Temasek by March 5, 2010, which date was within 30 days of the effective date of Amendment No. 2 (which payment was made on March 22, 2010); and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Pay $1,000,000 to the order and the direction of Temasek on or before March 18, 2010, which date was within eighteen months of the Effective Date (which payment has not been made). |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·     | Exercise and complete the initial, second, and third, twenty-five percent options; |
|---------------------------|------------------------------------------------------------------------------------|

| ·     | Pay an additional amount $2,500,000 to Temasek; and |
|---------------------------|-----------------------------------------------------|

| ·     | Issue 5,500,000 additional shares of common stock to Temasek. |
|---------------------------|---------------------------------------------------------------|

| ·     | Issuance to Temasek of a total of 6,000,000 shares of our common stock (in addition to the 5,000,000 shares previously issued by us to Temasek in March 2010, for a total share consideration for the purchase of the Mineral Rights of 11,000,000 shares); |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Payment to Temasek of US $250,000 (of which such payment was acknowledged by Temasek to have been made in March 2010); |
|---------------------------|------------------------------------------------------------------------------------------------------------------------|

| ·     | Issuance of a convertible note for US $250,000 (the “$250,000 Convertible Note”) payable to the order and the direction of Temasek (which was issued on June 25, 2010); and |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Issuance of a convertible note for US $3,250,000 (the “$3,250,000 Convertible Note” and, collectively with the $250,000 Convertible Note, the “Convertible Notes”) payable to the order and the direction of Temasek (which was issued on June 25, 2010). |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·     | Drill an area on the property where known mineralization exists at closely-spaced centers in accordance with mining industry standards; |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Extend the resource though a wider-spaced program of reconnaissance drilling so as to indicate the potential size of the deposit; |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·     | Perform additional geotechnical and metallurgical studies to complement existing information in order to prepare the optimum processing route to be adopted in the exploitation phase; and |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Prepare scoping, prefeasibility, and full feasibility studies. |
|---------------------------|----------------------------------------------------------------|

| ·     | Retaining Rio Minera Marañón to set up an exploration base in the town of Saramiriza, which is located in the center of the Manseriche alluvial camp on the western bank of the Marañón; |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Implemented a community relations program to inform local communities of the planned project and what potential opportunities that may exist for community involvement in the implementation phases of the development program; |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Completed the field work for the Semidetailed Environmental Impact Assessment which allows us to undertake extensive drilling and bulk sampling programs; |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Contracted various consulting firms and experienced and knowledgeable individuals with specific skills in the exploration of alluvial deposits to assist us with the exploration and development of the Peru property; and |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Identified prospective paleo channels which are areas believed to contain in higher concentrations of mineralization and will serve as the initial drill targets for a Phase I drilling program. |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Drill Hole | Longitude | Latitude |
|------------|-----------|----------|
| 1          | 243485    | 9480000  |
| 2          | 244518    | 9480000  |
| 3          | 245203    | 9479772  |
| 4          | 245203    | 9479678  |
| 5          | 245203    | 9479450  |
| 6          | 245203    | 9479146  |
| 7          | 245516    | 9479831  |
| 8          | 245516    | 9479484  |
| 9          | 245516    | 9479170  |
| 10         | 245821    | 9478993  |

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| Activity                                       |   |   |      |
|------------------------------------------------|--------|--------|-----------|
| PROJECT COSTS:                                 |   |
|    Property-related costs       |   |   | 150,000   |   |
|    Environmental/Social permits |   |   | 200,000   |   |
|    Exploration                  |   |   | 300,000   |   |
|    Field Costs                  |   |   | 100,000   |   |
|    Travel expenses              |   |   | 100,000   |   |
|    Community relations          |   |   | 50,000    |   |
|    Administration on site       |   |   | 50,000    |   |
|    Personnel                    |   |   | 200,000   |   |
| ADMINISTRATION                                 |   |   | 250,000   |   |
| EQUIPMENT PURCHASE                             |   |   | 250,000   |   |
| TOTAL                                          |   |   | 1,650,000 |   |

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Item 3. 

Item 4.   

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Item 1. 

Item 1A. 

Item 2. 

Item 3. 

Item 4. 

Item 5. 

Item 6. 

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SIGNATURES

|                                            | First Colombia Gold Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Date:   June 9, 2011 |   By: /s/ Norman Bracht                                                           Norman BrachtTitle:    Chief Executive Officer                  |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   Date:   June 9, 2011 |   By: /s/ Tony Langford                                                             Tony LangfordTitle:    Chief Financial Officer |

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Exhibit Index

| ExhibitNo. |   | Description                                                                                                                                                                   |   | Incorporated Herein byReference to                                                                  |   | Filed Herewith |
|------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|----------------|
| 10.1       |   | Agreement between the Company and Sapo Holdings SA dated April 1, 2011                                                                                                   |   | Exhibit 10.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 |   |           |
| 31.1       |   | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                             |   |                                                                                                |   | X              |
| 31.2       |   | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                             |   |                                                                                                |   | X              |
| 32.1       |   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |   |                                                                                                |   | X              |

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