| x | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF 1934 |
|---|--------------------------------------------------------------------------------------------------------|

|  ̈ | 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.) |

| Jiron      Caracas 2226, Jesus Maria, Lima, Peru                                             |
|----------------------------------------------------------------------------------------------|
| (Address      of principal executive offices)                                           |
| (51      1) 989 184 706                                                                      |
| (Registrant’s      telephone number, including area code)                              |
| ________________________________________________________________                             |
| (Former      name, former address and former fiscal year, if changed since last      report) |

| Class                                 |   | Outstanding      at July 28, 2010 |
|---------------------------------------|--------|-----------------------------------|
| Common      Stock, $0.00001 par value |   | 36,853,585                        |

----

Table of Contents

|                                               | FORM      10-QAMAZON      GOLDSANDS LTD.JUNE      30, 2010 TABLE OF CONTENTS                  |     Page |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------|------------------------------|
| PART      I – FINANCIAL INFORMATION     |
| Item      1.                                       | 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.                                        | 17                      |
| Item      4T.                                      | Controls and Procedures.                                                                                | 17                           |
|  PART      II – OTHER INFORMATION  |
| Item      1.                                       | Legal Proceedings.                                                                                      | 18                      |
| Item      1A.                                      | Risk Factors.                                                                                           | 18                      |
| Item      2.                                       | Unregistered Sales of Equity Securities and Use of      Proceeds.                                       | 18                      |
| Item      3.                                       | Defaults Upon Senior Securities.                                                                        | 18                      |
| Item      4.                                       | (Removed and Reserved).                                                                                 | 18                      |
| Item      5.                                       | Other Information.                                                                                      | 18                      |
| Item      6.                                       | Exhibits.                                                                                               | 18                           |
|                                               |                                                                                                    |                         |
| Signatures                                         |                                                                                                    |  19                     |
| Exhibits                                           |                                                                                                    |  20                     |
| Certifications                                     |                                                                                                    |  20                     |

----

Table of Contents

Item 1.    

| Our      unaudited consolidated financial statements included in this Form 10-Q for      the three and six months ended June 30, 2010 are as    follows: |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  F-1                                                                                                                                                |  Unaudited Consolidated Balance Sheet as of June 30,      2010. |
|  F-2                                                                                                                                                |  Unaudited Consolidated Statements of Operations for the three      and six months ended June 30, 2010 and 2009 and from inception on      September 5, 1997 to June 30, 2010. |
|  F-3                                                                                                                                                |  Unaudited Consolidated Statements of Cash Flows for the three      and six months ended June 30, 2010 and 2009 and from inception on      September 5, 1997 to June 30, 2010. |
|  F-4                                                                                                                                                |  Unaudited Consolidated Statement of Changes in Stockholders'      Equity (Deficiency) from inception on September 5, 1997 to June 30,      2010. |
|  F-5                                                                                                                                                |  Notes to Unaudited Consolidated Financial      Statements. |

----

Table of Contents

Interim Consolidated Balance Sheets

----

|                                                                          |   | As      at30      June2010 |       |   | As      at31      December2009(Audited) |   |
|-------------------------------------------------------------------------------|--------|----------------------------|------------|--------|-----------------------------------------|--------|
|                                                                          |   |                       | $          |   |                                    |   | $ |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Assets                                                                        |   |                       |       |   |                                    |   |   |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Current                                                                       |   |                       |       |   |                                    |   |   |   |
| Cash      and cash equivalents (Note 2)                                       |   |                       | 56,381     |   |                                    |   | 4,214 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Mineral property interests      (Note 4)                                      |   |                       | 12,012,287 |   |                                    |   | 7,361,401 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Property and equipment      (Note 5)                                          |   |                       | 14,555     |   |                                    |   | 17,125 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Website development cost      (Note 6)                                        |   |                       | 4,167      |   |                                    |   | 10,833 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
|                                                                          |   |                       | 12,087,390 |   |                                    |   | 7,393,573 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Liabilities                                                                   |   |                       |       |   |                                    |   |   |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Current                                                                       |   |                       |       |   |                                    |   |   |   |
| Accounts      payable and accrued liabilities (Note 3)                        |   |                       | 309,657    |   |                                    |   | 812,895 |   |
| Current      portion of convertible promissory note (Note 8)                  |   |                       | 255,753    |   |                                    |   | - |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
|                                                                          |   |                       | 565,410    |   |                                    |   | 812,895 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Convertible promissory note      (Note 8)                                     |   |                       | 3,250,000  |   |                                    |   | - |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Due to related parties      (Note 9)                                          |   |                       | 110,571    |   |                                    |   | 109,767 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
|                                                                          |   |                       | 3,925,981  |   |                                    |   | 922,662 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Stockholders’      equity                                               |   |                       |       |   |                                    |   |   |   |
| Common stock (Note      7)                                                    |   |                       |       |   |                                    |   |   |   |
| 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                                                   |   |                       |       |   |                                    |   |   |   |
| 30      June 2010 – 36,853,585 common shares, par value $0.00001        |   |                       |       |   |                                    |   |   |   |
| 31      December 2009 – 13,103,585 common shares, par value    $0.00001 |   |                       | 369        |   |                                    |   | 131 |   |
| Additional      paid in capital                                               |   |                       | 15,834,746 |   |                                    |   | 12,809,984 |   |
| Deficit,      accumulated during the exploration stage                        |   |                       | (9,933,706 | )      |                                    |   | (9,714,204 | ) |
|                                                                          |   |                       |       |   |                                    |   |   |   |
|                                                                          |   |                       | 5,901,409  |   |                                    |   | 3,095,911 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
| Non-controlling interest      (Note 14)                                       |   |                       | 2,260,000  |   |                                    |   | 3,375,000 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
|                                                                          |   |                       | 8,161,409  |   |                                    |   | 6,470,911 |   |
|                                                                          |   |                       |       |   |                                    |   |   |   |
|                                                                          |   |                       | 12,087,390 |   |                                    |   | 7,393,573 |   |

----

Table of Contents

Interim Consolidated Statements of Operations

----

|                                                                                   |   | For      the period      from the      date of inception      on      5 September1997      to30      June2010 |        |       | For      the three      month      period      ended30      June2010 |   |     | For      the three      month period      ended30      June2009 |   |   | For      thesixmonthperiod30      June2010 |       |   | For      the six      month      period      ended30      June2009 |     |
|----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|-------------|------------|---------------------------------------------------------------------------|--------|----------|---------------------------------------------------------------------------|--------|--------|--------------------------------------------|------------|--------|-------------------------------------------------------------------------|----------|
|                                                                                   |   |                                                                                                               | $           |       |                                                                      |   | $        |                                                                      |   |   | $                                          |       |   |                                                                    | $        |   |   |   | $ |   |
| Expenses                                                                               |   |                                                                                                               |        |       |                                                                      |   |     |                                                                      |   |   |                                       |       |   |                                                                    |     |   |   |   |   |   |
| Amortization      – property and equipment                                       |   |                                                                                                               | 35,054      |       |                                                                      |   | 1,285    |                                                                      |   |   | 2,210                                      |       |   |                                                                    | 2,570    |   |   |   | 4,419 |   |
| Amortization      – website development costs                                    |   |                                                                                                               | 35,834      |       |                                                                      |   | 3,333    |                                                                      |   |   | 3,334                                      |       |   |                                                                    | 6,666    |   |   |   | 6,667 |   |
| Bank      charges and interest (Note 8)                                                |   |                                                                                                               | 16,683      |       |                                                                      |   | 6,057    |                                                                      |   |   | 284                                        |       |   |                                                                    | 7,086    |   |   |   | 1,195 |   |
| Consulting      and management fees                                                    |   |                                                                                                               | 5,063,518   |       |                                                                      |   | 84,450   |                                                                      |   |   | 113,842                                    |       |   |                                                                    | 132,226  |   |   |   | 271,547 |   |
| Investor      communication and promotion                                              |   |                                                                                                               | 632,571     |       |                                                                      |   | 6,000    |                                                                      |   |   | -                                          |       |   |                                                                    | 14,000   |   |   |   | 61,347 |   |
| Office      and administrative (recovery)                                              |   |                                                                                                               | 116,593     |       |                                                                      |   | 184      |                                                                      |   |   | (7,290                                     | )          |   |                                                                    | 258      |   |   |   | 1,700 |   |
| Professional      fees                                                                 |   |                                                                                                               | 620,658     |       |                                                                      |   | 22,787   |                                                                      |   |   | 72,551                                     |       |   |                                                                    | 44,447   |   |   |   | 102,040 |   |
| Rent                                                                                   |   |                                                                                                               | 56,416      |       |                                                                      |   | -        |                                                                      |   |   | 4,000                                      |       |   |                                                                    | 2,000    |   |   |   | 6,000 |   |
| Telephone                                                                              |   |                                                                                                               | 54,659      |       |                                                                      |   | -        |                                                                      |   |   | -                                          |       |   |                                                                    | -        |   |   |   | 276 |   |
| Transfer      agent and filing fees                                                    |   |                                                                                                               | 46,271      |       |                                                                      |   | 1,819    |                                                                      |   |   | 1,383                                      |       |   |                                                                    | 3,981    |   |   |   | 3,083 |   |
| Travel      and accommodation                                                          |   |                                                                                                               | 377,754     |       |                                                                      |   | -        |                                                                      |   |   | -                                          |       |   |                                                                    | -        |   |   |   | 1,118 |   |
| Website      maintenance                                                               |   |                                                                                                               | 86,000      |       |                                                                      |   | -        |                                                                      |   |   | 7,500                                      |       |   |                                                                    | 20,000   |   |   |   | 15,000 |   |
| Mineral      property acquisition and exploration expenditures                         |   |                                                                                                               | 5,235,144   |       |                                                                      |   | -        |                                                                      |   |   | -                                          |       |   |                                                                    | -        |   |   |   | 136,057 |   |
|                                                                                   |   |                                                                                                               |        |       |                                                                      |   |     |                                                                      |   |   |                                       |       |   |                                                                    |     |   |   |   |   |   |
| Net      operating loss before other items                                             |   |                                                                                                               | (12,377,155 | )          |                                                                      |   | (125,915 | )                                                                         |   |   | (197,814                                   | )          |   |                                                                    | (233,234 | ) |   |   | (610,449 | ) |
|                                                                                   |   |                                                                                                               |        |       |                                                                      |   |     |                                                                      |   |   |                                       |       |   |                                                                    |     |   |   |   |   |   |
| Other      items                                                                       |   |                                                                                                               |        |       |                                                                      |   |     |                                                                      |   |   |                                       |       |   |                                                                    |     |   |   |   |   |   |
| Foreign      exchange gain (loss)                                                      |   |                                                                                                               | (17,756     | )          |                                                                      |   | (1,418   | )                                                                         |   |   | (1,250                                     | )          |   |                                                                    | 3,075    |   |   |   | (1,213 | ) |
| 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 and for the period before income taxes                         |   |                                                                                                               | (12,264,234 | )          |                                                                      |   | (127,333 | )                                                                         |   |   | (199,064                                   | )          |   |                                                                    | (230,159 | ) |   |   | (611,662 | ) |
|                                                                                   |   |                                                                                                               |        |       |                                                                      |   |     |                                                                      |   |   |                                       |       |   |                                                                    |     |   |   |   |   |   |
| Future income tax      recovery (Note 13)                                              |   |                                                                                                               | 2,330,528   |       |                                                                      |   | -        |                                                                      |   |   | -                                          |       |   |                                                                    | 10,657   |   |   |   | - |   |
|                                                                                   |   |                                                                                                               |        |       |                                                                      |   |     |                                                                      |   |   |                                       |       |   |                                                                    |     |   |   |   |   |   |
| Net      operating loss and comprehensive loss for the period                          |   |                                                                                                               | (9,933,706  | )          |                                                                      |   | (127,333 | )                                                                         |   |   | (199,064                                   | )          |   |                                                                    | (219,502 | ) |   |   | (611,662 | ) |
|                                                                                   |   |                                                                                                               |        |       |                                                                      |   |     |                                                                      |   |   |                                       |       |   |                                                                    |     |   |   |   |   |   |
| Basic      and diluted loss per common share                                           |   |                                                                                                               |        | (0.01      | )                                                                         |   |     | (0.02                                                                     | )      |   |                                       | (0.01      | )      |                                                                    |     | (0.09 | ) |
|                                                                                   |   |                                                                                                               |        |       |                                                                      |   |     |                                                                      |   |   |                                       |       |   |                                                                    |     |   |   |   |   |   |
| Weighted      average number of common shares used      in per share calculations |   |                                                                                                               |        | 36,853,585 |                                                                      |   |     | 9,814,354                                                                 |   |   |                                       | 26,201,113 |   |                                                                    |     | 7,034,042 |   |

----

Table of Contents

Interim Consolidated Statements of Cash Flows

----

|                                                                        |   | For      the period      from the      date of inception      on      5 September1997to      30 June 2010 |       |   | For      the three      month period      ended 30      June2010 |   |     | For      the three      month period      ended 30      June2009 |   |   | For      the six      month period      ended 30      June 2010 |   |   | For      thesix      month      period      ended 30      June2009 |       |
|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|------------|--------|------------------------------------------------------------------|--------|----------|------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|------------|
|                                                                        |   |                                                                                                      | $          |   |                                                             |   | $        |                                                             |   |   | $                                                                         |   |   |                                                               | $          |   |   |   | $ |   |
|                                                                        |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Cash      flows used in operating activities                                |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Net      loss for the period                                                |   |                                                                                                      | (9,933,706 | )      |                                                             |   | (127,333 | )                                                                |   |   | (199,064                                                                  | )      |   |                                                               | (219,502   | ) |   |   | (611,662 | ) |
| Adjustments      to reconcile loss to net cash used by operating activities |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Amortization      (Notes 5 and 6)                                           |   |                                                                                                      | 70,888     |   |                                                             |   | 4,618    |                                                             |   |   | 5,544                                                                     |   |   |                                                               | 9,236      |   |   |   | 11,086 |   |
| Accrued      interest (Note 8)                                              |   |                                                                                                      | 5,753      |   |                                                             |   | 5,753    |                                                             |   |   | -                                                                         |   |   |                                                               | 5,753      |   |   |   | - |   |
| Consulting      fees                                                        |   |                                                                                                      | 40,200     |   |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
| Forgiveness      of debt                                                    |   |                                                                                                      | (24,000    | )      |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
| Future      income tax recovery                                             |   |                                                                                                      | (2,330,528 | )      |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | (10,657    | ) |   |   | - |   |
| Gain      on sale of oil and gas property                                   |   |                                                                                                      | (10,745    | )      |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
| Mineral      property acquisition                                           |   |                                                                                                      | 1,816,000  |   |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
| Stock      based compensation                                               |   |                                                                                                      | 3,587,000  |   |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
| Write-down      of assets                                                   |   |                                                                                                      | 3,940      |   |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
| Changes      in operating assets and liabilities                            |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Decrease      in taxes recoverable                                          |   |                                                                                                      | -          |   |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | 4,394 |   |
| Decrease      in prepaid expenses and deposits                              |   |                                                                                                      | -          |   |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | 1,962 |   |
| Increase      (decrease) in accounts payable and accrued liabilities        |   |                                                                                                      | 254,631    |   |                                                             |   | 96,887   |                                                             |   |   | 157,331                                                                   |   |   |                                                               | (508,467   | ) |   |   | 243,424 |   |
| Increase      in advances from related parties                              |   |                                                                                                      | 51,869     |   |                                                             |   | 877      |                                                             |   |   | -                                                                         |   |   |                                                               | 804        |   |   |   | - |   |
|                                                                        |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
|                                                                        |   |                                                                                                      | (6,468,698 | )      |                                                             |   | (19,198  | )                                                                |   |   | (36,189                                                                   | )      |   |                                                               | (722,833   | ) |   |   | (350,796 | ) |
|                                                                        |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Cash      flows from (used in) financing activities                         |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Shares      subscriptions received in advance                               |   |                                                                                                      | -          |   |                                                             |   | -        |                                                             |   |   | (19,000                                                                   | )      |   |                                                               | -          |   |   |   | (613,583 | ) |
| Cost      of repurchase of common stock                                     |   |                                                                                                      | (1,000     | )      |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
| Proceeds      from issuance of common stock,net      of share issue costs   |   |                                                                                                      | 8,146,915  |   |                                                             |   | -        |                                                             |   |   | 18,900                                                                    |   |   |                                                               | 1,775,000  |   |   |   | 730,665 |   |
|                                                                        |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
|                                                                        |   |                                                                                                      | 8,145,915  |   |                                                             |   | -        |                                                             |   |   | (100                                                                      | )      |   |                                                               | 1,775,000  |   |   |   | 117,082 |   |
|  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 | ) |   |   | (250,000 | ) |
| Purchase      of equipment                                                  |   |                                                                                                      | (53,550    | )      |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
| Website      development costs                                              |   |                                                                                                      | (40,000    | )      |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | -          |   |   |   | - |   |
|                                                                        |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
|                                                                        |   |                                                                                                      | (1,620,836 | )      |                                                             |   | -        |                                                             |   |   | -                                                                         |   |   |                                                               | (1,000,000 | ) |   |   | (250,000 | ) |
|                                                                        |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Increase      (decrease) in cash and cash equivalents                       |   |                                                                                                      | 56,381     |   |                                                             |   | (19,198  | )                                                                |   |   | (36,289                                                                   | )      |   |                                                               | 52,167     |   |   |   | (483,714 | ) |
|                                                                        |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                         |   |                                                                                                      | -          |   |                                                             |   | 75,579   |                                                             |   |   | 45,478                                                                    |   |   |                                                               | 4,214      |   |   |   | 492,903 |   |
|                                                                        |   |                                                                                                      |       |   |                                                             |   |     |                                                             |   |   |                                                                      |   |   |                                                               |       |   |   |   |   |   |
| Cash      and cash equivalents, end of period                               |   |                                                                                                      | 56,381     |   |                                                             |   | 56,381   |                                                             |   |   | 9,189                                                                     |   |   |                                                               | 56,381     |   |   |   | 9,189 |   |

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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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Table of Contents

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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 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) (Note 7)                                                                              |   |                              | 121,800    |   |              |   | 1      |                           |   |   | 2,944,578                             |   |   |                                         | -          |   |                                                   |   | -        |                          |   |   | -                                                  |   |   |   | - |   |   |   | 2,944,579 |   |
| Share      issue costs                                                                                                                  |   |                              | -          |   |              |   | -      |                           |   |   | (212,450                              | )      |   |                                         | -          |   |                                                   |   | -        |                          |   |   | -                                                  |   |   |   | - |   |   |   | (212,450 | ) |
| Warrants      issued (Note 7)                                                                                                           |   |                              | -          |   |              |   | -      |                           |   |   | 100,421                               |   |   |                                         | -          |   |                                                   |   | -        |                          |   |   | -                                                  |   |   |   | - |   |   |   | 100,421 |   |
| Common      shares issued as stock-based compensation (deemed at $29 per share) (Note      7)                                           |   |                              | 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 (Notes 4, 7 and 12) |   |                              | 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 (Note 7)                                                                                                  |   |                              | -          |   |              |   | -      |                           |   |   | -                                     |   |   |                                         | 725,796    |   |                                                   |   | -        |                          |   |   | -                                                  |   |   |   | - |   |   |   | 725,796 |   |
| Stock      awards cancelled(Note      7)                                                                                                |   |                              | (31,250    | )      |              |   | (1     | )                              |   |   | 1                                     |   |   |                                         | -          |   |                                                   |   | -        |                          |   |   | -                                                  |   |   |   | - |   |   |   | - |   |
| Stock      options forfeited(Note      7)                                                                                               |   |                              | -          |   |              |   | -      |                           |   |   | (3,245,532                            | )      |   |                                         | -          |   |                                                   |   | -        |                          |   |   | -                                                  |   |   |   | - |   |   |   | (3,245,532 | ) |
| Common      shares issued for business acquisition ($0.25 per share) (Notes 4, 7 and      12)                                           |   |                              | 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 7)                                                                            |   |                              | 5,412,333  |   |              |   | 54     |                           |   |   | 811,796                               |   |   |                                         | -          |   |                                                   |   | (613,583 | )                             |   |   | -                                                  |   |   |   | - |   |   |   | 198,267 |   |
| Share      issue costs                                                                                                                  |   |                              | -          |   |              |   | -      |                           |   |   | (81,185                               | )      |   |                                         | -          |   |                                                   |   | -        |                          |   |   | -                                                  |   |   |   | - |   |   |   | (81,185 | ) |
| Common      shares issued for business acquisition ($0.11 per share) (Notes 4, 7 and      12)                                           |   |                              | 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 4, 7 and      12) |   |                         | 5,000,000  |   |              |   | 50     |                           |   |   | 1,249,950                             |   |   |                                         | -      |   |                                                   |   | -      |                          |   |   | -                                                  |   |   |   | - |   |   |   | 1,250,000 |   |
| Common      shares issued for cash ($0.10 per unit) (Note 7)                                  |   |                         | 18,750,000 |   |              |   | 188    |                           |   |   | 1,015,720                             |   |   |                                         | -      |   |                                                   |   | -      |                          |   |   | -                                                  |   |   |   | - |   |   |   | 1,015,720 |   |
| Warrants      issued (Note 7)                                                                 |   |                         | -          |   |              |   | -      |                           |   |   | 859,092                               |   |   |                                         | -      |   |                                                   |   | -      |                          |   |   | -                                                  |   |   |   | - |   |   |   | 859,092 |   |
| Share      issue costs                                                                        |   |                         | -          |   |              |   | -      |                           |   |   | (100,000                              | )      |   |                                         | -      |   |                                                   |   | -      |                          |   |   | -                                                  |   |   |   | - |   |   |   | (100,000 | ) |
| Business      acquisition                                                                     |   |                         | -          |   |              |   | -      |                           |   |   | -                                     |   |   |                                         | -      |   |                                                   |   | -      |                          |   |   | -                                                  |   |   |   | (1,115,000 | ) |   |   | (1,115,000 | ) |
| Net      loss for the period                                                                  |   |                         | -          |   |              |   | -      |                           |   |   | -                                     |   |   |                                         | -      |   |                                                   |   | -      |                          |   |   | (219,502                                           | )      |   |   | - |   |   |   | (219,502 | ) |
|                                                                                          |   |                         |       |   |              |   |   |                           |   |   |                                  |   |   |                                         |   |   |                                                   |   |   |                          |   |   |                                               |   |   |   |   |   |   |   |   |   |
| Balance      at 30 June 2010                                                                  |   |                         | 36,853,585 |   |              |   | 369    |                           |   |   | 15,834,746                            |   |   |                                         | -      |   |                                                   |   | -      |                          |   |   | (9,933,706                                         | )      |   |   | 2,260,000 |   |   |   | 8,161,409 |   |

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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 7 and 12);  and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| ·   | Issue      3,500,000 additional common shares of the Company to Temasek (issued)      (Notes 7 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 7 and  12); |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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 8 and 12);      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      8 and 12). |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                          |   |   |   |   |                    |   |   | Net      Book Value    |   |
|-----------------------------------------------|--------|--------|--------|--------|-------------------------|--------|--------|------------------------|--------|
|                                          |   | Cost   |   |   | Accumulatedamortization |   |   | 30      June 2010 |   |   | 31      December 2009(Audited) |   |
|                                          |   |   | $      |   |                    |   | $      |                   |   |   | $ |   |   |   | $ |   |
|                                          |   |   |   |   |                    |   |   |                   |   |   |   |   |   |   |   |   |
| Furniture,      computer and office equipment |   |   | 38,505 |   |                    |   | 23,950 |                   |   |   | 14,555 |   |   |   | 17,125 |   |
| Computer      software                        |   |   | 8,928  |   |                    |   | 8,928  |                   |   |   | - |   |   |   | - |   |
|                                          |   |   |   |   |                    |   |   |                   |   |   |   |   |   |   |   |   |
|                                          |   |   | 47,433 |   |                    |   | 32,878 |                   |   |   | 14,555 |   |   |   | 17,125 |   |

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|                     |   |   |   |   |                    |   |   | Net      Book Value    |   |
|--------------------------|--------|--------|--------|--------|-------------------------|--------|--------|------------------------|--------|
|                     |   | Cost   |   |   | Accumulatedamortization |   |   | 30      June 2010 |   |   | 31      December 2009(Audited) |   |
|                     |   |   | $      |   |                    |   | $      |                   |   |   | $ |   |   |   | $ |   |
|                     |   |   |   |   |                    |   |   |                   |   |   |   |   |   |   |   |   |
| Website      development |   |   | 40,000 |   |                    |   | 35,833 |                   |   |   | 4,167 |   |   |   | 10,833 |   |

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

| ·           | 200,000,000      of 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 2010                     |   |                    | -          |   |                                 |   | - |   |
|                                                                   |   |                    |       |   |                                 |   |   |   |
| Granted                                                                |   |                    | 18,750,000 |   |                                 |   | 0.10 |   |
| Exercised                                                              |   |                    | -          |   |                                 |   | - |   |
| Expired                                                                |   |                    | -          |   |                                 |   | - |   |
|                                                                   |   |                    |       |   |                                 |   |   |   |
| Outstanding      and exercisable at 30 June 2010                       |   |                    | 18,750,000 |   |                                 |   | 0.10 |   |
|                                                                   |   |                    |       |   |                                 |   |   |   |
| Weighted      average fair value of warrants granted during the period |   |                    |       |   |                                 |   | 0.05 |   |
|                                                                   |   |                    |       |   |                                 |   |   |   |
| Outstanding      and exercisable at 1 January 2009                     |   |                    | -          |   |                                 |   | - |   |
|                                                                   |   |                    |       |   |                                 |   |   |   |
| Granted                                                                |   |                    | -          |   |                                 |   | - |   |
| Exercised                                                              |   |                    | -          |   |                                 |   | - |   |
| Expired                                                                |   |                    | -          |   |                                 |   | - |   |
|                                                                   |   |                    |       |   |                                 |   |   |   |
| Outstanding      and exercisable at 30 June 2009                       |   |                    | -          |   |                                 |   | - |   |
|                                                                   |   |                    |       |   |                                 |   |   |   |
| Weighted      average fair value of warrants granted during the period |   |                    |       |   |                                 |   | - |   |

|                         |   | 2010           |   |   | 2009   |   |
|------------------------------|--------|----------------|--------|--------|--------|--------|
|                         |   |           |   |   |   |   |
| Risk      free interest rate |   |           | 0.44   | %      |   |   | - |   |
| Expected      life           |   | 1.00      year |   |   |   | -      |   |
| Annualized      volatility   |   |           | 317.72 | %      |   |   | - |   |
| Expected      dividends      |   |           | -      |   |   |   | - |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 30June2010$ |      |   | 31      December      2009(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.  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      September 2010 at $0.25 per Unit where a 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 commencing six months after the date of      issuance until one year from the date of issuance.  During the      six month period ended 30 June 2010, the Company accrued interest expense      of $411 (30 June 2009 – $Nil). The balance as at 30 June 2010 consists of      principal and accrued interest of $250,000 (31 December 2009 – $Nil) and      $411 (31 December 2009 – $Nil), respectively (Notes 4 and    12). |   |        | 250,411   |   |                                 |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |        |      |   |                                 |   |   |   |
| 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 a 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 commencing six months after the date of      issuance until one year from the date of issuance.  During the      six month period ended 30 June 2010, the Company accrued interest expense      of $5,342 (30 June 2009 – $Nil). The balance as at 30 June 2010 consists      of principal and accrued interest of $3,250,000 (31 December 2009 – $Nil)      and $5,342 (31 December 2009 – $Nil), respectively (Notes 4 and      12).                 |   |        | 3,255,342 |   |                                 |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |        |      |   |                                 |   |   |   |
| Less:      current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |        | (255,753  | )      |                                 |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |        |      |   |                                 |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |        | 3,250,000 |   |                                 |   | - |   |

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| a.   | During      the six month period ended 30 June 2010, the Company entered into a      ten-month contract for consulting services, commencing 1 March 2010, with      a party to provide investor relations services for a monthly payment of      $7,500. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | During      the six month period ended 30 June 2010, the Company entered into a      twelve-month contract for consulting services, commencing 1 April 2010,      with a party to provide media services for a monthly  payment of      $7,500. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | During      the six month period ended 30 June 2010, the Company entered into a      ten-month contract for consulting services, commencing 1 March 2010, with      a party to provide management services for a monthly payment of      $10,000. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | 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 (Note4). |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                    |   | For      the period      from the      date of      inception on      5 September      1997      to      30 June      2010 |      |   |  For the      three month      period ended 30      June2010 |   |   | For the      threemonth      period ended 30      June2009 |   |   |   For the      six month      period ended30      June2010 |   |   | For the      six month period      ended30      June2009 |      |
|---------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|-----------|--------|-----------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|-----------|
|                                                                                                    |   |                                                                                                                       | $         |   |                                                                        |   | $      |                                                            |   |   | $                                                                         |   |   |                                                               | $         |   |   |   | $ |   |
|                                                                                                    |   |                                                                                                                       |      |   |                                                                        |   |   |                                                            |   |   |                                                                      |   |   |                                                               |      |   |   |   |   |   |
| Supplemental      cash flows information                                                                |   |                                                                                                                       |      |   |                                                                        |   |   |                                                            |   |   |                                                                      |   |   |                                                               |      |   |   |   |   |   |
| Interest      expense                                                                                   |   |                                                                                                                       | 7,659     |   |                                                                        |   | 5,753  |                                                            |   |   | -                                                                         |   |   |                                                               | 5,753     |   |   |   | - |   |
| Foreign      exchange gain (loss)                                                                       |   |                                                                                                                       | (17,756   | )      |                                                                        |   | (1,418 | )                                                               |   |   | (1,250                                                                    | )      |   |                                                               | 3,075     |   |   |   | (1,213 | ) |
|                                                                                                    |   |                                                                                                                       |      |   |                                                                        |   |   |                                                            |   |   |                                                                      |   |   |                                                               |      |   |   |   |   |   |
| 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 acquisitionof      Finmetal OY ($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 six month      period ended 30 June2010 |    |   | For      the six month      period ended 30 June 2009 |   |
|----------------------------------------------------------------|--------|------------------------------------------------------|---------|--------|-------------------------------------------------------|--------|
|                                                           |   |                                                 | $       |   |                                                  |   | $ |   |
|                                                           |   |                                                 |    |   |                                                  |   |   |   |
| Refundable      federal tax asset (liability) attributable to: |   |                                                 |    |   |                                                  |   |   |   |
| Current      operations                                        |   |                                                 | 74,634  |   |                                                  |   | 207,965 |   |
| Contributions      to capital by related parties               |   |                                                 | -       |   |                                                  |   | - |   |
| Less:      Change in valuation allowance                       |   |                                                 | (63,977 | )      |                                                  |   | (207,965 | ) |
|                                                           |   |                                                 |    |   |                                                  |   |   |   |
| Future      income tax recovery                                |   |                                                 | 10,657  |   |                                                  |   | - |   |

|                                            |   | As      at30      June 2010 |          |   | As      at 31 December      2009 (Audited) |   |
|-------------------------------------------------|--------|-----------------------------|---------------|--------|--------------------------------------------|--------|
|                                            |   |                        | $             |   |                                       |        | $ |   |
|                                            |   |                        |          |   |                                       |   |   |   |
| Net      income tax operating loss carryforward |   |                        | 5,379,690     |   |                                       |   | 5,305,056 |   |
|                                            |   |                        |          |   |                                       |   |   |   |
| Statutory      federal income tax rate          |   |                        | 26%      - 34 | %      |                                       |   | 26%      - 34 | % |
|                                            |   |                        |          |   |                                       |   |   |   |
| Deferred      tax assets (liabilities)          |   |                        | 534,621       |   |                                       |   | 470,644 |   |
| Less:      Valuation allowance                  |   |                        | (534,621      | )      |                                       |   | (470,644 | ) |
|                                            |   |                        |          |   |                                       |   |   |   |
| Net      deferred tax assets (liabilities)      |   |                        | -             |   |                                       |   | - |   |

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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. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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. |
|--------------------|---------------------------------------------------------------------|

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| ·   | 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 March2010); |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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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| Activity                        |   | USD      000s |
|---------------------------------|--------|---------------|
| MINERAL      PROPERTY COSTS:    |
| Annual      Fee                 |   | 50            |
| Surface      Rights Access      |   | 15            |
| EXPLORATION                     |
| Mapping                         |   | 25            |
| Geophysics      – Seismic |   | 50            |
| DRILLING                        |
| Churn      Drilling             |   | 200           |

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| TECHNICAL      SERVICES         |
|---------------------------------|
| Consultants                     |   | 90 |
| Personnel                       |   | 100 |
| CAMP      AND FIELD EXPENSES    |
| Camp                            |   | 100 |
| Field                           |   | 75 |
| TRANSPORT      AND LOGISTICS    |
| Air      Transport              |   | 90 |
| Water      Transport            |   | 40 |
| Ground      Transport           |   | 25 |
| EQUIPMENT      & PERMITTING |   | 55 |
| COMMUNITY      OUTREACH         |   | 25 |
| ADMINISTRATIONNEW      BUSINESS |   | 75 |
|                            |   |   |
| TOTAL                           |   | 1,015 |

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

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Item 3.   

Item 4T.  

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Item 1.    

Item 1A. 

Item2.       

Item3.        

Item4.   

Item5.       

Item6.   

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SIGNATURES

|                                                    | Amazon      Goldsands Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   Date:   August      20, 2010 |   By:      /s/ Robert      Van      Tassell                                                     Robert      Van TassellTitle:    Chief      Executive Officer                                               |
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   Date:   August      20, 2010 |   By:      /s/ Tony      Langford                                                              Tony      LangfordTitle:    Chief      Financial Officer   |

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Exhibit Index

| ExhibitNo. | Description                                                                                                                                                                        | Incorporated      Herein byReference      to                                                                           | Filed      Herewith |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|---------------------|
| 3.1        | Articles      of Incorporation                                                                                                                                                          | Exhibit      3.1 to the Company’s Form 10 Registration Statement (SEC File      No. 000-51203)              |                |
| 3.2        | Certificate      of Amendment to Articles of Incorporation, evidencing name change to      "FinMetal Mining Ltd."                                                                       | Exhibit      3.3 to the Company’s Annual Report on Form 10-KSB for the fiscal year      ended December 31, 2007. |                |
| 3.3        | Certificate      of Change Pursuant to NRS 78.209                                                                                                                                       | Exhibit      3.1 to the Company’s Current Report on Form 8-K filed May 27,      2008                             |                |
| 3.4        | Amended      and Restated By-laws of the Company                                                                                                                                        | Exhibit      3.1 to the Company’s Current Report on Form 8-K filed September 2,      2008                        |                |
| 10.1       | Mineral      Right Option Agreement between the Company and Temasek Investments      Inc.                                                                                               | Exhibit      10.1 to the Company’s Current Report on Form 8-K filed September 22,      2008                      |                |
| 10.2       | Amendment      to Mineral Right Option Agreement between the Company and Temasek      Investments, Inc.                                                                                 | Exhibit      10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended      May 20, 2009.        |                |
| 10.3       | Second      Amendment to Mineral Right Option Agreement, dated February      3, 2010                                                                                               | Exhibit      10.1 to the Company’s Current Report on Form 8-K filed February 3,      2010                        |                |
| 10.4       | Third      Amendment to Mineral Right Option Agreement, dated June      25, 2010                                                                                                   | Exhibit      10.3 to the Company’s Current Report on Form 8-K filed June 30,      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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