**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

[   ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the fiscal year ended ____________

[X] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from **January 1, 2013** to **November 30, 2013**

Commission file number: **000-50738**

**AMERICAN CORDILLERA MINING CORPORATION**

(Exact name of registrant as specified in its charter)

| **Nevada**

**91-1959986**

(State or other jurisdiction

(IRS Employer

of incorporation or organization)

Identification No.)

**1314 S. Grand Blvd, Ste. 2-250, Spokane, WA 99202**

(Address of principal executive offices)

**(509) 744-8590**

(Registrant’s telephone number)

**______________________________________**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered under Section 12(b) of the Act: **None**

Securities registered under Section 12(g) of the Act:

**Common Stock, par value $.001**

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

YES [   ]   NO [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

YES [   ]   NO [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES [X]   NO [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES [X]   NO [   ]

Indicate by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K (§ 229.405) is not contained in this herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “accelerated filer,” “larger accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer [   ]       Accelerated filer [   ]       Non- accelerated filer [   ]       Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[   ] Yes   [X] No

The aggregate market value of the Registrant's Common Stock held by non-affiliates of the Registrant out of 89,482,679 shares outstanding (73,684,761 shares held by non-affiliates) as of the last business day of the registrant's most recently completed second fiscal quarter ended May 31, 2013 was approximately $4,421,086 based upon $0.06 per share, the last price at which the stock was issued.  The shares of our company are currently listed on the OTC Bulletin Board.

The Registrant had 89,882,679 shares of Common Stock outstanding as of March 28, 2014.

DOCUMENTS INCORPORATED BY REFERENCE

None

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**TABLE OF CONTENTS**

 

 

Page

**PART I**

 

4

 

 

 

Item 1.

Business

4

 

 

 

Item 1A.

Risk Factors

11

 

 

 

Item 2.

Properties

21

 

 

 

Item 3.

Legal Proceedings

34

 

 

 

Item 4.

Mine Safety Disclosures

34

 

 

 

**PART II**

 

35

 

 

 

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

35

 

 

 

Item 6.

Selected Financial Data

36

 

 

 

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

 

 

 

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

42

 

 

 

Item 8.

Financial Statements and Supplementary Data

42

 

 

 

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

72

 

 

 

Item 9A.

Controls and Procedures

72

 

 

 

Item 9B.

Other Information

74

 

 

 

**PART III**

 

75

 

 

 

Item 10.

Directors, Executive Officers, and Corporate Governance

75

 

 

 

Item 11.

Executive Compensation

76

 

 

 

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

77

 

 

 

Item 13.

Certain Relationships and Related Transactions, and Director Independence

78

 

 

 

Item 14.

Principal Accounting Fees and Services 

79

 

 

 

**PART IV**

 

81

 

 

 

Item 15.

Exhibits, Financial Statement Schedules

81

 

 

 

**SIGNATURES**

 

83

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**FORWARD LOOKING STATEMENTS**

This Report on Form 10-K and the documents incorporated by reference include “forward-looking statements”.  To the extent that the information presented in this Report on Form 10-K discusses financial projections, information or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking.  Such forward-looking statements can be identified by the use of words such as “intends”, “anticipates”, “believes”, “estimates”, “projects”, “forecasts”, “expects”, “plans” and “proposes”. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.  These include, among others, the cautionary statements in the “Risk Factors” and “Management’s Discussion and Analysis or Plan of Operation” sections of this Report on Form 10-K.  These cautionary statements identify important factors that could cause actual results to differ materially from those described in the forward-looking statements.  When considering forward-looking statements in this report, you should keep in mind the cautionary statements in the “Risk Factors” and “Management’s Discussion and Analysis or Plan of Operation” sections below, and other sections of this Report on Form 10-K.

The statements contained in this Report on Form 10-K that are not purely historical are forward-looking statements, including, without limitation, statements regarding our expectations, objectives, anticipations, plans, hopes, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements.  It is important to note that our actual results could differ materially from those included in such forward-looking statements. There are many factors that could cause actual results to differ materially from the forward looking statements.  For a detailed explanation of such risks, please see the section entitled “Risk Factors” of this Report on Form 10-K.  Such risks, as well as such other risks and uncertainties as are detailed in our SEC reports and filings for a discussion of the factors that could cause actual results to differ materially from the forward- looking statements.  Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements.

The following discussion should be read in conjunction with the audited consolidated financial statements and the notes included in this Report on Form 10-K and the section entitled “Management’s Discussion and Analysis or Plan of Operation” included in this Report on Form 10-K.
**PART I**

**ITEM 1.  BUSINESS**

APD Antiquities, Inc. (“APD”) was incorporated under the laws of the State of Nevada on July 23, 1996.  

American Cordillera Mining Corporation or AMCOR, was incorporated on July 23, 1996 under the laws of the State of Nevada, under the name “APD International Corporation”, which was subsequently changed to APD Antiquities, Inc.  On December 27, 2004, APD and GCJ, Inc. entered into to an Acquisition Agreement and Plan of Merger, whereby APD acquired all the outstanding shares of common stock of GCJ from its sole stockholder in an exchange for $3,600. Pursuant to Rule 12g-3(g) of the General Rules and Regulations of the Securities and Exchange Commission, APD is the successor issuer to GCJ for reporting purposes under the Securities Exchange Act of 1934, as amended (the "Act"). The purpose of this transaction was for APD to succeed the registration status of GCJ under the Exchange Act pursuant to Rule 12g-3.  APD Antiquities, Inc. business purpose was acquiring, importing, marketing, and selling valuable antiquity and art items of Asian origin.  As we were unable to develop our Asian art and antiquities business into a financially viable business, our management and board of directors decided to change the our name to American Cordillera Mining Corporation and redirect our business and to acquire mineral properties, leases on mineral properties, and mining claims from Northern Adventures, Inc., a private Nevada corporation.  We maintain our corporate office in Spokane, Washington.  Our fiscal year end is currently November 30.

On May 7, 2011, we formed APD Metals, Inc., a wholly owned subsidiary corporation in the State of Nevada.  On May 7, 2012, the Articles of Incorporation of the subsidiary corporation were amended in the State of Nevada and the corporate name of APD Metals, Inc. was changed to AMCOR Exploration, Inc with the intent of evaluating the feasibility of acquiring mining properties, abandoned mines and entering into mineral lease agreements pertaining to mining properties located in the Western United States and evaluating the feasibility of diversifying into the mineral exploration business, which is now our current business strategy. 

Partial implementation of our objective to obtain high-quality mineral exploration properties was initiated through the execution of an Option to Purchase Mineral Assets dated July 3, 2012 and the exercise of the option on December 28, 2012 and the execution of a Asset Purchase Agreement on December 28, 2012, by and among AMCOR, AMCOR Exploration, Inc., Northern Adventures, Inc. (“NAI”), and Northern Adventures, LLC (“NALLC”).  In consideration for the acquisition of certain mining assets, AMCOR exchanged debt owed by NALLC in the amount of $382,500 and accrued interest in the amount of $30,564 through November 30, 

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2012, and the issuance of 71,500,000 shares of AMCOR restricted common stock to NAI, (dividended to its shareholders based on their ownership).

Pursuant to the execution of the Asset Purchase Agreement on December 28, 2012, we acquired certain mineral assets made up of the following nine projects which will be owned outright by our company or controlled pursuant to mineral lease agreements or options to acquire leases: 1) an agreement to explore and acquire the Bayhorse silver mine consisting of 3 patented and 21 unpatented claims located in Baker County, Oregon; 2) a lease agreement pertaining to 37 unpatented mining claims located on Quartz Creek, in Mineral County, Montana; 3) a lease agreement pertaining to 58 unpatented mining claims located Trout Creek, in Mineral County, Montana; 4) a lease agreement pertaining to 18 unpatented mining claims referred to as the Vienna prospect locate in Shoshone County, Idaho; 5) a lease agreement pertaining to the Monitor-Richmond and Copper Age mines consisting of a total of 20 unpatented mining claims located in Shoshone County, Idaho; 6) the option to acquire ten leases granted by the State of Washington covering 4,664 acres of state mineral leases and 27 unpatented mining claims known as the Toroda Creek Project in the Bodie Mining District in Okanogan County, Washington; 7) acquisition agreements pertaining to 15 unpatented mining claims located in Stevens County, Washington referred to as the Box Group; 8) acquisition agreements pertaining to 15 unpatented mining claims located in Stevens County, Washington referred to as the McKinley-McNally Property; and 9) directly owned all right, title, and claim to 26 unpatented claims commonly known as the North Moccasin Project or Plum Claims located in Fergus County, Montana.  In addition to these nine projects, we also seek to find, develop, produce and sell other precious metal and mine assets.  For a more detailed description of our mining projects, see Item 2, Mining Properties below.

On December 28, 2012, AMCOR issued an aggregate of 10,541,567 shares of restricted common stock in exchange for the conversion of debt held by sixteen promissory note holders in the amount of $486,000 and accrued interest which was $41,078 as of November 30, 2012.

The closing of the Asset Purchase Agreement on December 28, 2012 involved, in part, the exchange of debt in the amount of $382,500 and accrued interest in the amount of $30,564 through November 30, 2012, which was applied as partial consideration for the purchase of the mining assets.  In addition, we issued 71,500,000 shares of our common stock to NAI, which are to be transferred 

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to the shareholders of NAI as a dividend based on their shareholdings.  The issuance of the shares to the shareholders of NAI will be exempt from registration pursuant to Rule 505 of Regulation D under the Securities Act of 1933 and Section 4(2).  The shareholders of NAI were provided with copies of our Form 10-K filed on March 30, 2012, our Form 10-Q for the quarters ended September 30, 2012, June 30, 2012, March 31, 2012, a copy of our definitive Schedule 14A and a copy of our 8-K filed on February 11, 2013.  In addition they each signed investor representation letter indicating that they are sophisticated investors who have the experience and resources to assess the valuation of the transaction and undertaken that they cannot sell their shares without an applicable exemption from registration

The shareholders of NAI held in aggregate approximately 80.5% of the outstanding shares of common stock of AMCOR after the issuance of 10,541,568 shares to 17 promissory note holders who converted notes in the aggregate principal amount of $486,000 of loans and accrued interest in the amount of $41,078 into restricted common stock at $0.05 per share.  The pre-acquisition stockholders of AMCOR, who held 6,701,111 shares of common stock, experienced very substantial dilution as a result of the issuance of the shares by us to NAI, and became minority shareholders in AMCOR.

On December 12, 2012, the Articles of Incorporation in the State of Nevada were amended and the authorized shares were increased to 210,000,000, consisting of 200,000,000 common shares and 10,000,000 preferred shares.

On December 28, 2012, the Articles of Incorporation in the State of Nevada were amended and the name of the corporation was changed from APD Antiquities, Inc. to American Cordillera Mining Corporation.  Our new trading symbol for our shares on the OTC Bulletin Board has been changed to AUAG.

On December 28, 2012, after the closing of the Asset Purchase Agreement transaction with Northern Adventures, LLC and Northern Adventures, Inc. and based on an understanding between AMCOR and NALLC with regard to that transaction, our Board of Directors elected the following six persons who were nominees designated by NAI as members of the Board of Directors of AMCOR on December 28, 2012: Frank H. Blair, Dwight Weigelt CPA, Gerald Frankovich, Manuel Graiwer, Louis Cornacchia Sr. and David Boleneus.  The biographical information concerning these elected directors is included below in this report on Form 10-K under the Directors and Executive Officers section.

 

On December 28, 2012, the new Board of Directors appointed the following Executive Officers:  Frank H. Blair, President and Chief Executive Officer; Gerald Frankovich, Vice President; Dwight Weigelt, Chief Financial Officer, Secretary/Treasurer.  The biographical information concerning these board appointed Executive Officers are included in this report on Form 10-K under the Directors and Executive Officers section.

Several important corporate priorities set by AMCOR management are reflected in the acquisition of the mining assets from NAI comprising abandoned mines, exploration projects, and prospects.  There are certain priorities that may contribute to the strategic advantages to AMCOR’s operations, as well as advantages in efficiencies, economy, and cost savings.  These priorities are: (1) the properties be valuable for gold or silver for the purpose of leveraging future returns from the current prices of these metals; additional metal values also known to be present in several of these properties would represent added value; (2) emphasize work in select mining districts in order to leverage operational experiences, similar geology and knowledge bases peculiar within a district; (3) assemble operations within hauling distance to operating custom mills in view of establishing future toll milling agreements; and (4) operate in areas within reasonable commute distance to AMCOR’s base of operations.  The emphasis for locating of projects in known mining districts is important because other mining prospects within the same districts are also available from time to time for evaluation and/or acquisition.

**Transfer Agent**

Our transfer agent is Nevada Agency and Transfer Company, 50 West Liberty Street, Reno, Nevada 89501.

**Current Business Operations**

We are an exploration stage company whose focus is on acquiring and developing mineral properties in the states of Montana, Idaho, Washington and Oregon and more specifically, the North Moccasin Property, located in central Montana, Fergus County, in the Judith Mountain mining district, and the Bodie-Wauconda-Toroda Creek Mining District of Okanogan County, Washington.  Through our recent acquisitions from NAI, AMCOR owns all, right, title and interest in 83 unpatented mining claims which make up four properties; 2) has the option to acquire certain mineral leases from the state of Washington covering 4,664 acres and 27 unpatented mining claims in Okanogan County; and 3) all right, title and interest in five existing mineral leases of other mining claims.

**Joint Venture Agreements**

**Transatlantic Mining Corp. (Formerly Archean Star) Agreement**

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On February 5, 2013, we entered into a definitive Option and Joint Venture Agreement with Transatlantic Mining Corp. (TMC) pertaining to 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures, LLC.  On June 27, 2012, Northern Adventures, LLC originally entered into the Mining Lease with Northern Adventures, Inc., and AMCOR assumed the rights in that Mining Lease from Northern Adventures, Inc. pursuant to the Asset Purchase Agreement dated December 28, 2013.  The claims cover the Monitor-Richmond-Copper Age mines in Northern Idaho which were historic producers between 1900 and 1920.  As part of the transaction, AMCOR received 500,000 shares of TMC restricted common stock and will receive an additional 500,000 shares of TMC restricted common stock on the second and third anniversaries of the agreement, subject to TMC going forward with the agreement after year one.  TMC has assumed the obligations of the underlying lease agreement and paid an up-front fee of $7,500 to AMCOR. 

Under the terms of the agreement TMC can earn up to 80% ownership interest in the property lease by expending $2,100,000 over a three year period, with a minimum expenditure of $700,000 in year one of the agreement.  AMCOR’s interest shall be a Carried Interest until such time as a Bankable Feasibility Study has been produced or a Decision to Mine has been made.  As of November 30, 2013, TMC had expended only $485,000 on the property and we extended the year one minimum work expenditure period an additional six months.

**Kinross Agreement.**

On April 5, 2013 we exercised an option to acquire three mineral leases located in Okanogan County, Washington, pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. and Northern Adventures, Inc. (NAI) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to us on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  The original option was granted by HydroImaging, Inc (Hydro), a private company owned solely by David Boleneus, currently a member of our board of directors, to NAI on June 25, 2012.  Under the terms of the original option Hydro granted the right to acquire ten leases granted by the Department of Natural Resources for the State of Washington totaling 4,583.76 acres and 27 unpatented mining claims located in the Toroda Creek-Wauconda Mining district in Okanogan country in the State of Washington for the payment of an exercise price of $10,000.  

An amendment to the Option to Purchase Mineral Leases on December 7, 2012 provided Hydro the authority to enter into a Mining Lease and Assignment agreement with Kinross Gold USA, Inc. (Kinross), as an alternative to transferring the ten leases and subject to Hydro executing an agreement with Kinross.  As an alternative to acquiring the ten leases and pursuant to the amendment, AMCOR was also granted an option to acquire all right, title and interest in any agreement reached between Kinross and Hydro.  On February 28, 2013, Hydro concluded a Mining Lease and Assignment agreement with Kinross transferring seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  The seven state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to the terms of the Kinross agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims.  The remaining three state mining leases totaling 1,649.2 acres will be transferred from Hydro to AMCOR, subject to approval from the Department of Natural Resources for the State of Washington.

Under the terms of the Mining Lease and Assignment agreement dated February 28, 2013, Kinross will pay AMCOR production royalties as follows:  a 1% net smelter return royalty on all minerals extracted from the area covered by the 7 leases and a 2.5% net smelter return royalty on all minerals extracted from the area covered by the 27 unpatented mining claims.  The amount of royalties to be paid (both production royalties and advance royalty payments) are capped at $3 million per lease.  Kinross will also pay advance royalty payments in the aggregate amount of $1 million as follows:  $15,000 payable within 7 days of February 28, 2013, the effective date, $15,000 payable within 15 days of the effective date, $40,000 payable on February 28, 2014, $50,000 payable on February 28, 2015, and thereafter the annual advance royalty payment is to increase by 5% per year up to a maximum annual payment of $100,000.  Kinross satisfied the initial two $15,000 payments as well as the first year payment of $40,000.  The obligation to pay the advance royalty payment shall cease once an aggregate of $1 million has been paid.  Advance minimum royalty payments shall be creditable against the production royalties.  The production royalty payments for minerals produced from the state leases shall be capped at $3,000,000 for each of the seven leases, including any advanced royalty payments to be offset.  Kinross also undertakes to make such payments and undertake such other actions necessary to maintain the seven state mining leases and the unpatented claims in effect and good standing.

**Subsequent Event Joint Venture Agreement**

Bayhorse Silver Inc. Agreement

On December 4, 2013, AMCOR signed an Option and Joint Venture Agreement dated December 4, 2013 with Bayhorse Silver Inc. ("BSI") (formerly Kent Exploration, Inc.) a Canadian mineral exploration company, whereby BSI can acquire an option to earn an 80% interest in the historic Bayhorse Silver Mine ("Bayhorse") in east-central Oregon State.  This Agreement superseded the Letter Agreement executed with BSI on November 4, 2013 

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Under the terms of the Agreement BSI made a payment of US$20,000 on December 5,2013.  To earn the 80% interest, BSI is required to conduct a minimum of US$100,000 per year on exploration expenditures on the property on or before each of the first two anniversaries of the Agreement, US$300,000 on or before the third anniversary of the Agreement and expend US$500,000 on or before the fourth and fifth anniversaries respectively of the Agreement.  In addition, BSI issued 500,000 shares of its common stock to AMCOR on December 16, 2013, per the agreement, and on February 12, 2014, Bayhorse Silver Inc. issued 125,000 shares of its subsidiary, Silcom Systems Inc. (Silcom), restricted common stock to the Company for no consideration.  The issuance was dividend shares from their subsidiary, Silcom, given to shareholders of Bayhorse Silver Inc.  An additional 500,000 shares of BSI shall be issued to AMCOR on the third anniversary of the Agreement and 500,000 shares on the fifth anniversary of the Agreement.  BSI will assume the obligations of the underlying lease agreement with Northern Adventures LLC.

AMCOR’s interest shall be a carried interest until such time as a Decision to Mine has been made.  A Decision to Mine is defined as a detailed report prepared by, or prepared under the supervision of, an Independent Qualified Person in accordance with the Canadian National Instrument 43-101 Standards of Disclosure for evaluating the feasibility of placing any part of a property into commercial production as an operating mine and shall include a reasonable assessment of the various categories of ore reserves and resources and their amenability to metallurgical treatment, a detailed description of the work, personnel, equipment and supplies required to bring such part of the Property into commercial production and the estimated cost thereof, a description of the mining and processing methods to be employed and a financial appraisal of the proposed operations.  At such time as a decision to mine has been made, of which there is no assurance, a joint venture shall automatically be formed between AMCOR and BSI, whereby AMCOR shall hold 20% of the joint venture interest and BSI shall hold 80% of the joint venture interest, in and to the Lease.  All expenditures from the date of the formation of the joint venture shall be apportioned between the parties as to their percentage of ownership interest.

**Business Strategy**

We plan to focus our future business on evolving into a growth-orientated, newly reorganized, early stage, and independent mineral and precious metal exploration company engaged in the acquisition, exploration, exploitation and development of mineral and precious metal properties; focusing our activities in the western United States.  At this point, we are considered an exploration or exploratory stage company because we are involved in the examination, investigation and acquisition of land that we believe may contain valuable minerals, for the purpose of discovering the presence of possible commercial minerals and their extent.  The primary focus of our exploration activities will be for gold and silver. 

During the next twelve months we plan to engage in more possible joint ventures and attempt to seek financing opportunities to commence a growth plan that will include the acquisition of additional mineral exploration properties as well as the possibility of selling additional equity in the form of common stock.  See Joint Venture Agreements section below for descriptions of joint venture and sub-leasing arrangements we have entered into.

To accelerate the development program we will attempt to engage in other joint venture programs that will take responsibility, both financially and in labor, of the capital costs of early exploration.  This economic strategy may allow us to utilize our own financial assets toward the exploration on our own properties and mineral leases. 

The expenditures to be made by us on our exploration program may not result in the discovery of commercially exploitable reserves of valuable minerals.  Exploration for minerals is a speculative venture involving substantial risk.  The probability of a mineral property ever having commercially exploitable reserves is extremely remote, and in all probability our mineral claims may not contain any reserves.  If we are unable to find reserves of valuable minerals on any of our nine projects or if we cannot remove the minerals because we either do not have the capital to do so, or because it is not economically feasible to do so, then we will cease operations relating to our properties and we will attempt to seek out and acquire alternate mining properties.  In the event that we cease operations relating to our properties, any funds received by us upon sale of the mining properties on which operations ceased will be used to pay our working capital expenses.

Because we are an exploration stage company, there is no assurance that commercially viable mineral deposits exist on any of the nine projects that are owned or leased by us.  A substantial amount of additional exploration will be required before a final evaluation is made as to the economic viability of our mineral properties.  To date, we have no known reserves of any type of mineral on any of our nine projects and as of this date, we have not discovered economically viable mineral deposits on any of our nine projects and there is no assurance that we will discover such commercially viable deposits. 

If we decide to stop further exploration on any of our nine projects, we may seek to acquire other natural resource exploration oriented properties.  Any such acquisition(s) will involve due diligence costs in addition to the acquisition costs.  As a public company, we will also have an ongoing obligation to maintain our periodic filings with the appropriate regulatory authorities, which will involve legal and accounting costs.  In the event that our available capital is insufficient to acquire an alternative resource property and sustain minimum operations, we will need to secure additional funding or else we will be compelled to discontinue our business. 

If commercially marketable quantities of valuable mineral deposits exist on one or more of our properties and sufficient funds are available, we will evaluate the technical and financial risks of mineral extraction, including an evaluation of the economically 

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recoverable portion of the deposits, market rates for the minerals, engineering concerns, infrastructure costs, finance and equity requirements, safety concerns, regulatory requirements, environmental concerns and an analysis of the deposit from initial excavation all the way through to reclamation.  After we conduct this analysis and determine that a given mineral deposit is worth recovering, of which there is no assurance, we will begin the development process.  Development will require us to obtain a processing plant and other necessary equipment including equipment to extract, transport and store the minerals.

Since our exploration stage inception on March 30, 2013, through November 30, 2013, we have had nominal revenue.  From March 30, 2012, through November 30, 2013, we have incurred a net loss of $200,195.  We do not anticipate earning revenues until such time, if ever, as we enter into commercial production of one of our mining properties.  For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.  Our ability to continue as a going concern is dependent upon our ability to successfully accomplish our plan of operations described herein, secure additional outside capital and eventually attain profitable operations.  We anticipate that any additional funding that we require will be in the form of equity financing from the sale of our restricted common stock.

Our material financial obligations for the future will include our public reporting expenses, transfer agent fees, bank fees, lease payments due on mineral properties and other recurring fees, combined with any additional operating expense related to our new business.

Our future financial results will depend primarily on: (i) the ability to discover commercial quantities of precious or base metal on properties which we own or lease: (ii) the ability to continue to source and screen potential projects; (iii) the market price for precious metals; and (iv) the ability to fully implement our exploration and development programs on our nine projects, which is dependent on the availability of capital resources.  There can be no assurance that we will be successful in any of these respects or that the prices of metals will be at a level allowing for profitable production, in the event we are able to define a commercial ore body, of which there is no assurance.

***Reserves***

We are unable to accurately estimate reserves until substantial additional exploration and development work has been completed, which will be subject to securing additional capital, of which there is no assurance.

***Production***

We currently have no production and do not anticipate production of any precious or base metals in the near future.

***Exploration Data***

We have not conducted any drilling to test mineralization on any of our mining properties since changing our business.

***Industry Background***

The exploration for and development of gold mineral deposits requires significant capital investment.  Few properties are ultimately developed into producing mines. Some of the factors involved in determining whether a mineral exploration project will be successful include, without limitation: 

 

·

competition;

 

·

financing costs;

 

·

availability of capital;

 

·

proximity to infrastructure;

 

·

the particular attributes of the deposit, such as its size and grade;

 

·

political risks, particularly in some emerging third world countries; and

 

·

governmental regulations, particularly regulations relating to prices, taxes, royalties, infrastructure, land use, importing and exporting of gold, environmental protection matters, property title, rights and options of use, and license and permitting obligations. 

The combination of these and other factors lead to a speculative endeavor, and very high risk.  Even with the formation of new theories and new methods of analysis, unless the minerals are simply lying exposed on the surface of the ground, exploration will continue to be a “hit or miss” process. 

***Governmental Regulations***

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The AMCOR property lessees and any future exploration, development and possible production are subject to various rules, regulations and limitations impacting precious metals exploration, mine development and metals production industry as whole.  These rules, regulations and limitations can indirectly impact our company in a number of ways.

***Regulations of the Mineral and Metal Industry***

Exploration for precious metals, base metals and commercial minerals, if and when developed, are subject to extensive rules and regulations promulgated by federal, state and local authorities and agencies.  For example, in most states, the Bureau of Land Management and the U.S. Forest Service require permits for exploration drilling, development of a mining property and operation of a commercial mine, submission of several reports concerning operations of a commercial mine and other requirements relating to the production of precious and base metals.  The regulatory burden on the mining industry will most likely increase the cost of doing business and may affect our potential for profitability.  Although we believe that we can stay in compliance with all applicable laws and regulations, because such rules and regulations are frequently amended or reinterpreted, we are unable to predict the future cost or impact of complying with such laws.  Significant expenditures may be required to comply with governmental laws and regulations and may have a material adverse effect on our financial condition and results of operations.

***Environmental Matters***

Our operations and properties are subject to extensive and changing federal, state and local laws and regulations relating to environmental protection, including the generation, storage, handling, emission, transportation and discharge of materials into the environment, and relating to safety and health.  The recent trend in environmental legislation and regulation generally is toward stricter standards, and this trend will likely continue.  These laws and regulations may:

·

require the acquisition of a permit or other authorization before construction or drilling commences and for certain other activities;

·

limit or prohibit construction, drilling and other activities on certain lands lying within wilderness and other protected areas; and

·

impose substantial liabilities for pollution resulting from exploration activities or mining operation. 

The permits required for our operations may be subject to revocation, modification and renewal by issuing authorities. Governmental authorities have the power to enforce their regulations, and violations are subject to fines or injunctions, or both.  In the opinion of management, we are in substantial compliance with current applicable environmental laws and regulations, and have no material commitments for capital expenditures to comply with existing environmental requirements.  Nevertheless, changes in existing environmental laws and regulations or in interpretations thereof could have a significant impact on AMCOR.

The Comprehensive Environmental, Response, Compensation, and Liability Act (“CERCLA”) and comparable state statutes impose strict, joint and several liabilities on owners and operators of sites and on persons who disposed of or arranged for the disposal of “hazardous substances” found at such sites. It is not uncommon for the neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by the hazardous substances released into the environment.  The Federal Resource Conservation and Recovery Act (“RCRA”) and comparable state statutes govern the disposal of “solid waste” and “hazardous waste” and authorize the imposition of substantial fines and penalties for noncompliance.  CERCLA currently includes certain minerals and toxic chemicals used to extract precious or base metals from rock that fall within the definition of a “hazardous substance”.  State laws affecting our operations may impose clean-up liability related to mining minerals and the use of toxic chemicals.  In addition, although RCRA classifies certain mineral as “non-hazardous,” such exploration and production wastes could be reclassified as hazardous wastes thereby making such wastes subject to more stringent handling and disposal requirements.

The Endangered Species Act (“ESA”) seeks to ensure that activities do not jeopardize endangered or threatened animal, fish and plant species, nor destroy or modify the critical habitat of such species. Under ESA, exploration and production operations, as well as actions by federal agencies, may not significantly impair or jeopardize the species or its habitat. ESA provides for criminal penalties for willful violations of the Act. Other statutes that provide protection to animal and plant species and that may apply to our operations include, but are not necessarily limited to, the Fish and Wildlife Coordination Act, the Fishery Conservation and Management Act, the Migratory Bird Treaty Act and the National Historic Preservation Act. Although we believe that our proposed exploration programs and future operations, if any, will be in substantial compliance with such statutes, any change in these statutes or any reclassification of a species as endangered could subject us to significant expenses to modify our operations or could force us to discontinue certain operations altogether.

***Competition***

The mineral exploration and mining industry is intensely competitive, and we compete with thousands of other metals exploration and production companies, including huge multinational corporations with vast resources.  Almost all of these companies have substantially greater resources than we have.  The operations of other companies may be able to pay more for exploratory prospects 

- 10 -

and productive or partially developed mineral properties.  They may also have more resources to define, evaluate, bid for and purchase a greater number of properties and prospects than our financial or human resources permit.

Our larger or integrated competitors have the resources to be better able to absorb the burden of existing, and any changes to federal, state, and local laws and regulations more easily than we can, which would adversely affect our competitive position.  Our ability to discover commercial ore bodies and acquire additional properties in the future will be dependent upon our ability and resources to evaluate and select suitable properties and to consummate transactions in this highly competitive environment.  In addition, we may be at a disadvantage in negotiating for mineral leases and bidding for exploratory prospects, because we have fewer financial and human resources than other companies in our industry.  Should a larger and better financed company decide to directly compete with us, and be successful in its efforts, our business in general or specific projects could be adversely affected.

***Marketing and Customers***

The market for precious and base metals that we may produce in the future depends on factors beyond our control, including the extent of global production, the proximity and capacity of smelters and refineries, demand for specific metals, the potential toxic elements contained in the ore (i.e. mercury or arsenic) and the effects of state and federal regulation on all aspects of the mining and extraction industry. 

***Employees***

We currently do not have any employees.  Some of our newly appointed executives, subject to securing additional operating capital, of which there is no assurances, may enter into employment agreements in the future.  We anticipate that we will initially have no full time employees.  Frank H. Blair, President and CEO, and Dwight Weigelt, the CFO plan to initially be part-time consultants and paid an hourly fee for services rendered to us, but no employment agreement or compensation arrangement is currently in place.  We will employ a number of outside consultants on an as needed basis.  In the event we are successful at raising addition capital by the sale of equity, debt or pursuant to a possible joint venture and exploration activities increase, we may hire additional technical, operational or administrative personnel as appropriate.  We are using and will continue to use the services of independent consultants and contractors to perform various professional services.  We believe that this use of third-party service providers may enhance our ability to contain general and administrative expenses.

***Intangible Assets***

AMCOR’s intangible assets are composed of various mining claims and mineral leases with third party entities, some of whom are related and others are independent.  See Obligations Under Material Contracts section below for details on the leases and mining claims held by AMCOR.

**ITEM 1A.  RISK FACTORS**

*The securities described herein involve a high degree of risk. Interested persons should carefully consider, among others, the risk factors described below.  As used in the Risk Factors, the term the “Company” when used in this “Risk Factors” section may refer to AMCOR or AMCOR Exploration, Inc. on a combined asset basis, based on the context of the language presented.  If any of the following risks actually occurs, our business, financial condition or results of operations could suffer.  In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.  You should carefully consider the various risks involved in investing in our shares, which include, among others, the following factors:*

**RISK FACTORS RELATED TO OUR NEW BUSINESS:**

***The leases on the mining properties that we have acquired with the closing of the Asset Purchase Agreement require us to make annual minimum advance royalty payments and to spend minimum annual amounts to work the properties.***

Under the terms of four leases to mining properties we acquired from NAI on December 28, 2012 we are required to make minimum annual advance royalty payments in the amount of $10,000 per lease or an aggregate of $40,000 by the end of June 2013 and, in addition, we are required to expend resources in the aggregate amount of $100,000 by the end of June 2013 on three of the relevant mining properties.  Two of these $10,000 payments have been made by our Joint Venture partners TMC and Kinross.  The other two payment due dates have been extended to December 31, 2014.  One of the three work requirements has been satisfied and the other two have been deferred, allowed to be accomplished at the earliest possible time, weather permitting.  The minimum annual advance royalty payments and the work requirement expenditures increase during the next five years under each of the four leases.  If we fail to make such payments or expenditures, the lessors may, under certain circumstances, terminate our leases.

***We may be unable to obtain additional capital that we will require to implement our business plan, which could restrict our ability to grow.***

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We expect that our current capital and our other existing resources will not be sufficient and will only provide a limited amount of working capital and may not be sufficient to fund our continuing operations, our proposed exploration work and our planned growth.  We will require additional capital to continue to operate our business beyond the initial phase of development and to further expand our exploration and development programs to additional properties.  Financing may not be available in amounts or on terms acceptable to us, if at all.  Any failure by us to raise additional funds on terms favorable to us, or at all, could have a material adverse effect on our business, financial condition and results of operations. 

We may seek to sell additional equity or debt securities or obtain additional credit facilities.  Any additional capital raised through the sale of equity may dilute the ownership percentage of our stockholders.  This could also result in a decrease in the fair market value of our equity securities because our assets would be owned by a larger pool of outstanding equity.  The terms of securities we issued in future capital transactions may be more favorable to our new investors, and may include preferences, superior voting rights and the issuance of other derivative securities, and issuance of incentive awards under equity employee incentive plans, which may have a further dilutive effect.  The incurrence of indebtedness would result in increased debt service obligations and could require us to agree to operating and financing covenants that would restrict our operations.  We may pursue sources of additional capital through various financing transactions or arrangements, including joint venturing of projects, debt financing, equity financing or other means.  We may not be successful in locating suitable financing transactions in the time period required or at all, and we may not obtain the capital we require by other means.  If we do not succeed in raising additional capital, our resources may not be sufficient to fund our planned operations going forward. Our ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties, including:

·

investors’ perception of, and demand for, securities of a U.S.-based mineral exploration company involved in the mining sector; 

·

conditions of the U.S. and other capital markets in which we may seek to raise funds; 

·

our future results of operations, financial condition, exploration results and cash flows; and 

·

economic, political and other conditions in North America. 

There is no assurance that we will be able to raise sufficient funding from the sale of our restricted common stock.  The risky nature of this enterprise and lack of tangible assets places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated.  We do not have any arrangements in place for any future equity financing.  If we are unable to secure additional funding, we will cease or suspend operations.  We have no plans, arrangements or contingencies in place in the event that we cease operations.

Future mine and/or claim acquisitions and future exploration, development, production and marketing activities, as well as our administrative requirements (such as salaries, insurance expenses and general overhead expenses, as well as legal compliance costs and accounting expenses) may require a substantial amount of additional capital and cash flow.  We may incur substantial costs in pursuing future capital financing, including investment banking fees, legal fees, accounting fees, securities law compliance fees, printing and distribution expenses and other costs.  We may also be required to recognize non-cash expenses in connection with certain securities we may issue, such as convertible notes, which may adversely impact our financial condition.

Further, if gold and silver gas prices on the commodities markets decline, our revenues from the anticipated operations will decrease and such decreased revenues may increase our requirements for capital.  If the amount of capital we are able to raise from financing activities, together with our revenues from operations, is not sufficient to satisfy our capital needs (even to the extent that we reduce our operations), we may be required to cease our operations.

***No current production from our leased properties.***

None of the properties we currently own, lease or control have any blocked out reserves.  The term ore reserves is the calculated tonnage and grade of mineralization that be ascertain within specified accuracy limits of the valuable metal or mineral content of known deposits which may be extracted and processed at a profit under current economic conditions with present technology.  The existence of mineralization can be classified as possible, probable and proven according to the level of confidence that can be placed in the data.

***Strategic relationships upon which we may rely are subject to change, which may diminish our ability to conduct our operations.***

Our ability to successfully acquire additional mining properties or abandoned mines with other third party companies or property owners will depend on developing and maintaining close working relationships with existing owners of groups of mining claims that are deemed to be exploration targets and abandoned mines that need to be re-evaluated under the new metals prices.  Our ability to select and evaluate suitable properties of interest and to consummate transactions in a highly competitive environment will be critical to our long range success.  These facts are subject to change and may impair our ability to grow and make prudent acquisitions in the future.

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To continue to develop our business, we will endeavor to use the business relationships of our new management to identify, screen and enter into strategic relationships, which may take the form of leasing of other mining claims, joint ventures with other private parties and contractual arrangements with other operating exploration companies.  We may not be able to establish these strategic relationships, or if established, we may not be able to maintain them.  Even if we are able to engage in joint ventures and enter into strategic investment relationships with existing operators, they may not be pursuant to terms and conditions that are favorable to us.  In addition, the dynamics of our relationships with strategic partners may require us to incur expenses or undertake activities we would not otherwise be inclined to in order to fulfill our obligations to these partners or maintain our relationships.  If our strategic relationships are not established or maintained, our business prospects may be limited, which could diminish our ability to conduct our operations.

***We have no previous operating history in the exploration and mining industry, which may raise substantial doubt as to our ability to successfully develop profitable business operations.***

We have no operating history in the exploration and mining industry.  We are presently in the exploration stage of our business and have not commenced planned principal operations.  We can provide no assurance that we will discover commercially exploitable levels of mineral resources on any of our nine projects, or if such deposits are discovered, that we will enter into further substantial exploration programs.

Our business operations must be considered in light of the risks, expenses and difficulties frequently encountered in establishing a business in the mineral exploration and mining industry.  We have not generated any substantial revenues to date.  The five leased properties we now own are not currently in production and subject to completing some additional exploration and development work to ascertain if they contain commercial zones of mineralization.  We have been primarily focused on fund raising activities for the express purpose of acquiring certain mineral rights and leases.  There is nothing at this time on which to base an assumption that our business operations will prove to be successful in the long-term.  Our future operating results will depend on many factors, including, but not limited to:

·

our ability to raise adequate working capital;

·

success of the development and exploration program conducted on our properties;

·

demand for precious metals;

·

the level of our competition;

·

our ability to attract and maintain key management and employees; and

·

the ability of our management to efficiently explore, develop and produce sufficient quantities of ore in the future from our properties.

To achieve profitable operations in the future, we are primarily dependent upon the management to define ore bodies, mine and mill commercial grade ore from the properties controlled by us.  Our management needs to successfully execute on the factors stated above, along with continuing to develop strategies and make acquisitions of abandon mines that had historically significant production or mining claims that are deemed to be good exploration targets to potentially enhance our revenue after the mines are reevaluated or additional exploration has been completed in the geographic areas of interest.  Despite our best efforts, our management and various outside consultants may not be successful in their exploration or development efforts or obtain required regulatory approvals on the property where we are entitled to mine and extract precious metals. 

***We will be highly dependent on our new Officers and Directors.***

Frank H. Blair is our Chief Executive Officer and President, Gerald Frankovich is our Vice President, and Dwight Weigelt is our Chief Financial Officer, Secretary, and Treasurer.  These three individuals are the key officers and directors of our company, the loss of any of the three, upon whose knowledge, leadership and technical expertise we shall be relying on in the future, would harm our ability to execute our new business plan.

Our success will depend heavily upon the future contributions of the above three individuals, whose knowledge, leadership and technical expertise would be difficult to replace and impact our ability to retain and attract new or replacement technical and professional personal.  If we were to lose their services, our ability to execute our new business plan would be harmed and we may be forced to cease operations until such time as we could hire a suitable replacement for them. 

***We have limited operating history upon which to evaluate our potential for future success.***

The likelihood of our success must be considered in light of the risks and uncertainties frequently encountered by early stage companies like ours in an evolving market, such as unforeseen capital requirements, failure of market acceptance, failure to establish 

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business relationships, and competitive disadvantages as against larger and more established companies. If we are unsuccessful in addressing these risks and uncertainties, our business will be materially harmed. 

***Our post-reorganization management team does not have extensive experience in public company matters, which could impair our ability to comply with legal and regulatory requirements.***

Our new management team has had very limited public company management experience or responsibilities, which could impair our ability to comply with legal and regulatory requirements such as the Sarbanes-Oxley Act of 2002 and applicable federal securities laws, including filing required reports and other information required on a timely basis.  It may be expensive to implement and effect programs and policies in an effective and timely manner that adequately respond to increased legal, regulatory compliance and reporting requirements imposed by such laws and regulations, and we may not have the resources to do so.  Our failure to comply with such laws and regulations could lead to the imposition of fines and penalties and further result in the deterioration of our business.

***Our lack of diversification will increase the risk of an investment in AMCOR, and our financial condition and results of operations may deteriorate if we fail to diversify.***

Our new business will initially be in the mineral exploration industry and focus on nine projects leased or owned by us. Larger companies have the ability to manage their risk by diversification.  However, we will lack diversification, in terms of both the nature and geographic scope of our business.  As a result, we will likely be impacted more acutely by factors affecting our industry or the regions in which we operate than we would if our business were more diversified, enhancing our risk profile.  If we cannot diversify or expand our operations, our financial condition and results of operations could deteriorate.  Initially, we are solely dependent on the expertise of our management to conduct comprehensive exploration and evaluate the economic viability of our leased properties. 

***Certain of our existing stockholders have substantial influence over our company, and their interests may not be aligned with the interests of our other stockholders.***

Mr. Frank H. Blair, our President and Chief Executive Officer, beneficially owns approximately 3,500,000 shares of our stock which represents approximately 4% of our outstanding voting securities.  As a result, Mr. Blair has influence over our business, including decisions regarding mergers, consolidations, the sale of all or substantially all of our assets, election of directors and other significant corporate actions.  This concentration of ownership may also have the effect of discouraging, delaying or preventing a future change of control, which could deprive our stockholders of an opportunity to receive a premium for their shares as part of a sale of our company and might reduce the price of our shares. 

***The lingering effects of the global financial crisis may significantly impact our business and financial condition for the foreseeable future.***

The lingering effects of the credit crisis and related periodic turmoil in the global financial system may adversely impact our business and our financial condition, and we may face challenges if conditions in the financial markets do not improve. Our ability to access the capital markets may be restricted at a time when we would like, or need, to raise financing, which could have an impact on our flexibility to react to changing economic and business conditions. The economic situation could have an impact on the properties leased and controlled by us in that it may be impossible to secure additional capital to finance development of the properties. If capital is available to finance growth, it may not be on terms and conditions that are favorable to us and this may impact the shareholders of us in a negative way as it relates to dilution.

***Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern.***

We have an exploration stage accumulated deficit of $30,292 as of November 30, 2013, we have incurred a net loss of $221,177 and a net cash used in operating activities of approximately $145,066 from the beginning of exploration stage through November 30, 2013.  We have had no significant source of revenue.  The future of our company is dependent upon future profitable operations from the production of gold, silver and copper and the development of our mineral properties.  Our management will need to seek additional financing in the future.  These conditions raise substantial doubt about our company’s ability to continue as a going concern.  Although there are no assurances that our plans will be realized, our management believes that we will be able to continue operations in the future.

***Competition in obtaining rights to explore and develop gold and silver properties and abandoned mines in the future may impair our business.***

The mining industry, property acquisition and exploration for commercial minerals and precious metals is highly competitive.  Other mining companies may seek to acquire mineral leases and other properties in our area of interest.  This competition is increasingly intense as prices of gold and silver on the commodities markets have increased in recent years.  Additionally, other companies engaged in our line of business may compete with us from time to time in obtaining capital from investors.  Competitors include larger 

- 14 -

companies which, in particular, may have access to greater resources, may be more successful in the recruitment and retention of qualified employees and may conduct their own mining and milling operations, which may give them a competitive advantage.  In addition, actual or potential competitors may be strengthened through the acquisition of additional assets and interests.  If we are unable to compete effectively or adequately respond to competitive pressures, this inability may materially adversely affect our results of operation and financial condition.

***We may not be able to effectively manage our growth, which may harm our profitability.***

Our strategy, which envisions expanding our business, is based in part on anticipated future income, of which there is no assurance.  If we fail to effectively manage our growth, our financial results could be adversely affected. Growth may place a strain on our management systems and resources.  We must continue to refine and expand our business capabilities, our systems and processes and our access to financing sources.  As we grow, we must continue to hire, train, supervise and manage new employees.  We cannot assure that we will be able to:

**▪**

meet our capital needs;

**▪**

expand our systems effectively or efficiently or in a timely manner;

**▪**

allocate our human resources optimally;

**▪**

identify and hire qualified employees or retain valued employees; or

**▪**

incorporate effectively the components of any business that we may acquire in our effort to achieve growth.

If we are unable to manage our growth, our operations and our financial results could be adversely affected by inefficiency, which could diminish our profitability.

**RISKS RELATED SPECIFICALLY TO PRECIOUS METALS EXPLORATION AND THE MINING INDUSTRY**

***The imprecision of mineral deposit estimates may prove any resource calculations that we make to be unreliable.***

Mineral deposit estimates and related databases are expressions of judgment based on knowledge, mining experience, geophysical surveys and analysis of drilling results and industry practices.  Valid estimates made at a given time may significantly change when new information becomes available.  By their nature, mineral deposit estimates are imprecise and depend upon statistical inferences, which may ultimately prove unreliable.  Mineral deposit estimates included here, if any, have not been adjusted in consideration of these risks and, therefore, no assurances can be given that any mineral deposit estimate will ultimately be reclassified as reserves.  If our exploration program locates a mineral deposit, there can be no assurances that any of such deposits will ever be classified as reserves.

***We are sensitive to fluctuations in the price of gold and silver, which is beyond our control. The price of gold and silver is volatile and price changes are beyond our control.***

The price of precious metals can fluctuate dramatically in a short period of time.  The prices of gold and silver have been and will continue to be affected by numerous factors beyond our control.  Factors that affect the price of gold and silver include the demand from consumers for products that use gold and silver, economic conditions, demand by industries that use gold and silver in the production of products, over supply from secondary sources and costs of production.  Price volatility and downward price pressure, which can lead to lower prices, could have a material adverse effect the economic viability of our exploration targets. 

***The volatility of metals prices in general may adversely affect our exploration efforts.***

If the prices of gold and silver decline, it may not be economically feasible for us to initiate any limited production or continue exploration on any of our leased or owned properties or to interest a joint venture partner in developing commercial production on one or more of our properties.  We may make substantial expenditures for exploration or additional development of the property, which cannot be recovered if production becomes uneconomical.  Gold and silver prices historically have fluctuated widely, based on numerous factors including, but not limited to:

 

1. industrial and jewelry demand; 

2. market supply from new production and release of existing bullion stocks;

3. central bank lending, sales and purchases of gold;

4. forward sales of gold and silver by producers and speculators; 

5. production and cost levels in major gold-producing regions;

6. rapid short-term changes in supply and demand because of speculative or hedging activities; and

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7. macroeconomic factors, including confidence in the global monetary system; inflation expectations; interest rates and global or regional political or economic events.

***Mineral exploration and prospecting is highly competitive and speculative business and we may not be successful in seeking available opportunities.***

The process of mineral exploration and prospecting is a highly competitive and speculative business.  Individuals are not subject to onerous accreditation and licensing requirements prior to beginning mineral exploration and prospecting activities, and, as such AMCOR, in seeking available opportunities, will compete with numerous individuals and companies, including established, multi-national companies that have substantially more experience and resources than our company.  The exact number of active competitors at any one time is heavily dependent on current economic conditions; however, statistics provided by the AEBC (The Association for Mineral Exploration, British Columbia), state that approximately 1,000 mining companies operate in North America.  Each one of these companies can be considered to be in competition with our company for mineral resources in North America.  The Government of Canada at: http://mmsd1.mms.nrcan.gc.ca/mmsd/exploration/default.asp, reports that in 2006, $140.6 billion was spent in mineral exploration activities in British Columbia alone.

Because we may not have the financial and managerial resources to compete with other companies, we may not be successful in our efforts to acquire projects of value, which, ultimately, become productive.  However, while we compete with other exploration companies for the rights to explore other claims, there is no competition for the exploration or removal of mineral from our claims by other companies, as we have no agreements or obligations that limit our right to explore or remove minerals from our claims.

***Compliance with environmental considerations and permitting could have a material adverse effect on the costs or the viability of our projects.  The historical trend toward stricter environmental regulation may continue, and, as such, represents an unknown factor in our planning processes.***

All mining is regulated by the government agencies at the Federal, State and County levels of government in the United States.  Compliance with such regulation has a material effect on the economics of our operations and the timing of project development.  Our primary regulatory costs will be related to filing fees pertaining to the maintenance of 83 mining claims owned by us and the 154 claims we have leased from third parties, which were staked on Federal ground and securing all the necessary federal and state permits and licenses to explore and develop the mineral resources that may exist on the various properties leased by us.  In the event a commercial ore would be discovered and defined on one or more properties we have under lease or the location of unpatented mining claims by us, obtaining new or expanded licenses and permits from government agencies before the commencement of larger scale mining program would be very expensive and time consuming.  A comprehensive environmental impact study would be required to be undertaken on our property in order to obtain governmental approval to commence and conduct large scale mining on our property.

The possibility of more stringent regulations exists in the areas of worker health and safety, the dispositions of wastes, the decommissioning and reclamation of mining and milling sites and other environmental matters, each of which could have an adverse material effect on the costs or the viability of a particular project.  Compliance with environmental considerations and permitting could have a material adverse effect on the costs or the viability of our projects.

***We face substantial governmental regulation.***

Because we have commenced small scale mining operations, we are subject to inspection and regulation by the Mine Safety and Health Administration of the United States Department of Labor ("MSHA") under the provisions of the Mine Safety and Health Act of 1977.  The Occupational Safety and Health Administration ("OSHA") also has jurisdiction over safety and health standards not covered by MSHA.

***Current Environmental Laws and Regulations could cause us to incur high costs and significant delays to our business plans.*****

We must comply with environmental standards, laws and regulations that may result in greater or lesser costs and delays depending on the nature of the regulated activity and how stringently the regulations are implemented by the regulatory authority.  The costs and delays associated with compliance with such laws and regulations could stop us from proceeding with the exploration of the areas around the properties currently under lease to our company.  Laws and regulations involving the protection and remediation of the environment and the governmental policies for implementation of such laws and regulations are constantly changing and are generally becoming more restrictive.  We expect to make in the future significant expenditures to comply with such laws and regulations.  These requirements include regulations under many state and U.S. federal laws and regulations, including the:

•

Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA" or "Superfund") which regulates and establishes liability for the release of hazardous substances;

•

the U.S. Endangered Species Act;

•

the Clean Water Act;

•

the Clean Air Act;

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•

the U.S. Resource Conservative and Recovery Act ("RCRA");

•

the Migratory Bird Treaty Act;

•

the Safe Drinking Water Act;

•

the Emergency Planning and Community Right-to-Know Act;

•

the Federal Land Policy and Management Act;

•

the National Environmental Policy Act; and

•

the National Historic Preservation Act.

The United States Environmental Protection Agency continues the development of a solid waste regulatory program specific to mining operations such as ours, where the mineral extraction and beneficiation wastes are not regulated as hazardous wastes.

Some of our properties are located in a historic mining district with past production and are deemed to be abandoned mines.  We are exposed to liability, or assertions of liability that would require expenditure of legal defense costs, under joint and several liability statutes for cleanups of historical wastes that have not yet been completed.

***Environmental Regulations.*****

Environmental laws and regulations may also have an indirect impact on us, such as increased costs for electricity due to acid rain provisions of the United States Clean Air Act Amendments of 1990. Charges by refiners to which we may sell any metallic concentrates and products have substantially increased over the past several years because of requirements that refiners meet revised environmental quality standards.  We have no control over the refiner's operations or their compliance with environmental laws and regulations.

***We could be subject to Environmental Liability.***

We are subject to potential risks and liabilities associated with pollution of the environment and the disposal of waste rock and materials that could occur as a result of our mineral exploration and production.  To the extent that we are subject to environmental liabilities, the payment of such liabilities or the costs that we may incur to remedy environmental pollution would reduce funds otherwise available to us and could have a material adverse effect on our financial condition or results of operations.  If we are unable to fully remedy an environmental problem, we might be required to suspend operations or enter into interim compliance measures pending completion of the required remedy.  The potential exposure may be significant and could have a material adverse effect on us.  We have not purchased insurance for environmental risks (including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from exploration and production) because it is not generally available at a reasonable price.

***We will have to obtain Environmental Permits which could prove costly to our business and profitability.***

All of our exploration activities are subject to regulation under one or more of the various State and Federal environmental laws and regulations in the U.S. Many of the regulations require us to obtain permits for our activities.  We must update and review our permits from time to time, and are subject to environmental impact analyses and public review processes prior to approval of the additional activities.  It is possible that future changes in applicable laws, regulations and permits or changes in their enforcement or regulatory interpretation could have a significant impact on some portion of our business, causing those activities to be economically re-evaluated at that time.

Those risks include, but are not limited to, the risk that regulatory authorities may increase bonding requirements beyond our financial capabilities.  The posting of bonding in accordance with regulatory determinations is a condition to the right to operate under all material operating permits, and therefore increases in bonding requirements could prevent our operations from continuing even if we were in full compliance with all substantive environmental laws.

Mining and exploration activities are subject to extensive regulation by federal and state governments.  Future changes in governments, regulations and policies, could adversely affect our results of operations for a particular period and our long-term business prospects.

Mining and exploration activities are subject to extensive regulation by many government agencies on all levels.  Such regulation relates to production, development, exploration, exports, taxes and royalties, labor standards, occupational health, waste disposal, protection and remediation of the environment, mine and mill reclamation, mine and mill safety, toxic substances and other matters.  Compliance with such laws and regulations has increased the costs of exploring, drilling, developing, constructing, operating mines and other facilities.  Furthermore, future changes in governments, regulations and policies, could adversely affect our results of operations in a particular period and its long-term business prospects.

The development of mines and related facilities is contingent upon governmental approvals, which are complex and time consuming to obtain and which, depending upon the location of the project, involve various governmental agencies.  The duration and success of such approvals are subject to many variables outside our control.

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***Potential Legislation.*****

Changes to the current laws and regulations governing the operations and activities of mining companies, including changes in permitting, environmental, title, health and safety, labor and tax laws, are actively considered from time to time.  We cannot predict such changes, and such changes could have a material adverse impact on our business. Expenses associated with the compliance with such new laws or regulations could be material.  Further, increased expenses could prevent or delay exploration projects and could, therefore, affect future levels of mineral production.

***Exploration for precious metals is risky and may not be commercially successful, and the advanced exploration technologies to be used by consultants to be retained by us cannot eliminate exploration risk.***

Our initial future success will depend on the data and results of our proposed exploration and the results of exploratory drilling and geophysical surveys.  Precious metals exploration involves a high degree of risk.  These risks are more acute in the early stages of exploration. 

Expenditures on exploration and development may not result in establishment of ore reserves of commercially viable quantities of gold and silver ore.  It is difficult to project the costs of implementing exploratory and development work due to the inherent uncertainties of drilling in search of certain geological structures, the costs associated with encountering various drilling conditions, changes in drilling plans and locations as a result of prior drilling and structural unconformities that may be encountered in the mine. 

***Our business will suffer if we cannot obtain or maintain necessary licenses.***

The surface exploration on the leased properties will require licenses, permits, bonds and in some cases renewals of licenses and permits from various governmental authorities.  Our ability to obtain, sustain or renew such licenses and permits on acceptable terms is subject to change in regulations and policies and to the discretion of the applicable governments, among other factors.  Our inability to obtain or our loss of or denial of extension of, any of these licenses or permits could hamper our ability to conduct exploration.

**RISKS RELATING TO THE OWNERSHIP OF AMERICAN CORDILLERA MINING CORPORATION COMMON STOCK**

***Risks Relating to Low Priced Stocks.***

Although our Common Stock is approved for trading on the OTC Bulletin Board, there has been no trading activity in the stock.  Accordingly, there is no history on which to estimate the future trading price range of the Common Stock.  If the Common Stock trades below $5.00 per share, trading in the Common Stock will be subject to the requirements of certain rules promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which require additional disclosure by broker-dealers in connection with any trades involving a stock defined as a penny stock (generally, any non-FINRA equity security that has a market price share of less than $5.00 per share, subject to certain exceptions).  Such rules require the delivery, prior to any penny stock transaction, of a disclosure schedule explaining the penny stock market and the risks associated therewith and impose various sales practice requirements on broker-dealers who sell penny stocks to persons other than established customers and accredited investors (generally defined as an investor with a net worth in excess of $1,000,000 or annual income exceeding $200,000 individually or $300,000 together with a spouse).  For these types of transactions, the broker-dealer must make a special suitability determination for the purchaser and have received the purchaser’s written consent to the transaction prior to the sale.  The broker-dealer also must disclose the commissions payable to the broker-dealer, current bid and offer quotations for the penny stock and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over the market.  Such information must be provided to the customer orally or in writing before or with the written confirmation of trade sent to the customer.  Monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.  The additional burdens imposed upon broker-dealers by such requirements could discourage broker-dealers from effecting transactions in the Common Stock which could severely limit the market liquidity of the Common Stock and the ability of holders of the Common Stock to sell it.

***When and if a trading market for our stock develops, the market price of our common stock is likely to be volatile, leading to the possibility of its value being depressed at a time when shareholders may want to sell your holdings.***

The market price of our common stock can become volatile.  Numerous factors, many of which are beyond our control, may cause the market price of our common stock to fluctuate significantly.  These factors include: 

•

our earnings releases, actual or anticipated changes in our earnings, fluctuations in our operating results or our failure to meet the expectations of financial market analysts and investors; 

•

changes in financial estimates by us or by any securities analysts who might cover our stock; 

•

speculation about our business in the press or the investment community; 

- 18 -

•

significant developments relating to our relationships with our consultants and out-sourced contracting companies which will be utilized for most of exploration services; 

•

stock market price and volume fluctuations of other publicly traded companies and, in particular, those that are in the mining industry; 

•

customer demand for our products; 

•

investor perceptions of the mining industry in general and our Company in particular; 

•

the operating and stock performance of comparable companies; 

•

general economic conditions and trends; 

•

announcements by us or our competitors of new products, significant acquisitions, strategic partnerships or divestitures; 

•

changes in accounting standards, policies, guidance, interpretation or principles; 

•

loss of external funding sources; 

•

sales of our common stock, including sales by our directors, officers or significant stockholders; and 

•

additions or departures of key personnel. 

Securities class action litigation is often instituted against companies following periods of volatility in their stock price.  Should this type of litigation be instituted against us, it could result in substantial costs to us and divert our management’s attention and resources.

Moreover, securities markets may from time to time experience significant price and volume fluctuations for reasons unrelated to the operating performance of particular companies.  These market fluctuations may adversely affect the price of our common stock and other interests in our company at a time when you want to sell your interest in us.

***Rule 144 limitation on selling shares.***

The shares issued to investors in AMCOR can be sold pursuant to Rule 144 promulgated under the Securities Act after six months.  AMCOR cease being a shell and the event was disclosed in the filing of a current report n Form 8-K on January 3, 2013.  In general, under Rule 144 as currently in effect, a person (or persons whose shares are aggregated) who has beneficially owned restricted securities shares for at least six months, including persons who may be deemed “affiliates” of AMCOR, as that term is defined under the Securities Act, would be entitled to sell within any three month period a number of shares that does not exceed the greater of 1% of the then outstanding shares or the average weekly trading volume of shares during the four calendar weeks preceding such sale.  Sales under Rule 144 are also subject to certain manner-of-sale provisions, notice requirements and the availability of current public information about AMCOR.  A person who has not been an affiliate of AMCOR at any time during the three months preceding a sale, and who has beneficially owned his shares for at least six months, would be entitled under Rule 144 to sell such shares without regard to any volume limitations under Rule 144.

American Cordillera Mining Corporation was a shell company prior to filing its current  report on Form 8-K on January 3, 2013 disclosing that it had ceased to be a shell company and therefore a majority of its shareholders may not currently utilize Rule 144 to sell their shares. Rule 144 is not available for sales of shares of companies that are or have been “shell companies” except under certain conditions.  AMCOR completed an asset acquisition and has removed its status as a shell company by filing the current report on Form 8-K.  Shareholders are able to utilize Rule 144 one year after the filing of the Form 8-K on January 3, 2013, assuming it files the documents it is required to file as a reporting company.  Investors in AMCOR whose shares have been registered in an effective and current registration statement will be able to sell their shares pursuant to said registration statement.  They will not be able to rely on Rule 144 to sell their shares during the one year period after the filing of this Form 8-K changing our shell status if the registration statement’s effectiveness is not maintained on a temporary or permanent basis.

***Limitation on Liability of Directors and Officers.***

Our Articles of Incorporation includes provisions to eliminate, to the fullest extent permitted by Nevada General Corporation Law as in effect from time to time, the personal liability of directors of AMCOR for monetary damages arising from a breach of their fiduciary duties as directors. The Articles of Incorporation also includes provisions to the effect that AMCOR shall, to the maximum extent permitted from time to time under the law of the State of Nevada, indemnify any director or officer. In addition, AMCOR’s bylaws require us to indemnify, to the fullest extent permitted by law, any director, officer, employee or agent of AMCOR for acts which such person reasonably believes are not in violation of AMCOR’s corporate purposes as set forth in the Articles of Incorporation.

***Potential Issuance of Additional Common and Preferred Stock.***

AMCOR is authorized to issue up to 200,000,000 shares of Common Stock.  To the extent of such authorization, our Board of Directors has the ability, without seeking stockholder approval, to issue additional shares of Common Stock in the future for such consideration as the Board of Directors may consider sufficient.  The issuance of additional Common Stock in the future will reduce the proportionate ownership and voting power of the Common Stock offered hereby.  AMCOR is also authorized to issue up to 10,000,000 shares of preferred stock, the rights and preferences of which may be designated in series by the Board of Directors.  To the extent of such authorization, such designations may be made without stockholder approval.  The designation and issuance of series 

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of preferred stock in the future would create additional securities which would have dividend and liquidation preferences over the Common Stock offered hereby.  In addition, the ability to issue any future class or series of preferred stock could impede a non-negotiated change in control and thereby prevent stockholders from obtaining a premium for their Common Stock.  See “Description of Securities.”

***No Assurance of a Liquid Public Market for Securities.***

Although AMCOR’s shares of Common Stock are currently eligible for quotation on the OTC Bulletin Board and the Pink Sheets, there has been no significant market in such stock.  There has been no long term established public trading market for the Common Stock, and there can be no assurance that a regular and established market will be developed and maintained for our stock.  There can also be no assurance as to the depth or liquidity of any market for the Common Stock or the prices at which shareholders may be able to sell the shares.

***Currently Not Effective for Trading on the DTCC System.***

The Depository Trust and Clearing Corporation, through its subsidiary DTC, provides electronic clearing, transfer, settlement and information services for Pink Sheet and over-the-counter stocks.  As of this date, our application has been approved for electronic trading using the DTC system but not effected.

***Volatility of Stock Prices.***

In the event that a public market for our Common Stock is created, market prices for the Common Stock will be influenced by many factors and will be subject to significant fluctuations in response to variations in operating results of AMCOR and other factors such as investor perceptions of AMCOR, supply and demand, interest rates, general economic conditions and those specific to the industry, developments with regard to our activities, future financial condition and management.

***The market price of our common stock is, and is likely to continue to be highly volatile and subject to wide fluctuations.***

The market price of our common stock is likely to continue to be highly volatile and could be subject to wide fluctuations in response to a number of factors, some of which are beyond our control, including:

 

**▪******

dilution caused by our issuance of additional shares of common stock and other forms of equity securities, which we expect to make in connection with future capital financings to fund our operations and growth, to attract and retain valuable personnel and in connection with future strategic partnerships with other companies;

 

**▪******

announcements of new mining property acquisitions, ore reserve discoveries or other business initiatives by our competitors;

 

**▪******

our ability to take advantage of new acquisitions, ore reserve discoveries or other business initiatives;

 

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fluctuations in revenue from our mining operation;

 

**▪******

changes in the market price for gold and silver and/or in the capital markets generally;

 

**▪******

changes in the demand for gold and silver, including changes resulting from the number of new mines going into production on a global basis;

 

**▪******

quarterly variations in our revenues and operating expenses;

 

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changes in the valuation of similarly situated companies, both in our industry and in other industries;

 

**▪******

changes in analysts’ estimates affecting our company, our competitors and/or our industry;

 

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changes in the accounting methods used in or otherwise affecting our industry;

 

**▪******

additions and departures of key personnel;

 

**▪******

announcements of technological and metallurgical innovations becoming available to the exploration and mining industry;

 

**▪******

possible industrial accidents or cave-ins that could cause closure of the one of our properties;

 

**▪******

fluctuations in interest rates and the availability of capital in the capital markets; and

 

**▪******

significant sales of our common stock, including sales by selling stockholders following the registration of shares under a prospectus.

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These and other factors are largely beyond our control, and the impact of these risks, singly or in the aggregate, may result in material adverse changes to the market price of our common stock and/or our results of operations and financial condition.

***Our operating results may fluctuate significantly, and these fluctuations may cause the price of our common stock to decline.***

Our exploration results will likely vary in the future primarily as a result of the information to be developed on our leased properties.  Our operating expenses, expenses that we incur regarding investments in exploration and development programs with other partners, the prices of gold and silver in the commodities markets and other factors.  If our results of operations do not meet the expectations of current or potential investors, the price of our common stock may decline.

***Certain provisions of our Articles of Incorporation may make it more difficult for a third party to effect a change-of-control.***

Our Articles of Incorporation authorize our Board of Directors to issue up to 10,000,000 shares of preferred stock.  The preferred stock may be issued in one or more series, the terms of which may be determined at the time of issuance by our Board of Directors without further action by the stockholders.  These terms may include voting rights including the right to vote as a series on particular matters, preferences as to dividends and liquidation, conversion rights, redemption rights and sinking fund provisions.  The issuance of any preferred stock could diminish the rights of holders of our common stock, and therefore could reduce the value of such common stock. In addition, specific rights granted to future holders of preferred stock could be used to restrict our ability to merge with, or sell assets to, a third party.  The ability of our Board of Directors to issue preferred stock could make it more difficult, delay, discourage, prevent or make it more costly to acquire or effect a change-in-control, which in turn could prevent our stockholders from recognizing a gain in the event that a favorable offer is extended and could materially and negatively affect the market price of our common stock. 

***We do not expect to pay dividends in the foreseeable future.***

We do not intend to declare dividends for the foreseeable future, as we anticipate that we will reinvest any future earnings in the development and growth of our business.  Therefore, investors will not receive any funds unless they sell their common stock, and stockholders may be unable to sell their shares on favorable terms or at all.  Investors cannot be assured of a positive return on investment or that they will not lose the entire amount of their investment in our common stock.

**ITEM 2. PROPERTIES**

The address of our principal office is: 1314 S. Grand Boulevard, Suite 2 - 250, Spokane, WA 99202. An unaffiliated party is providing approximately 1,250 square feet of office space on a month-to-month basis at the rate of $300 per month.  The subleased space is currently fully utilized by our operation. 

Management believes that this space is currently suitable for our needs for an additional twelve (12) months. 

Our officers own the computer equipment that we utilize.

**Mineral Properties**

AMCOR intends to conduct exploration for gold, silver and base metal deposits and mineral targets in; 1) the Coeur d’Alene Mining District of northern Idaho; 2) in the Quartz Creek Mining District of western Montana; 3) in the Connor Creek Mining District of eastern Oregon; 4) in the Kootenai ARC district in Idaho; 5) the Judith-Moccasin Mining District in central Montana; and 6) the Toroda Creek -Wauconda and Republic Mining Districts in northern Washington. Our strategy is to explore for gold, silver and base metal deposits primarily in the Coeur d’Alene Mining District, a world class mining district and other known districts, by forming joint ventures with other companies who will potentially earn their interest in the property by contributing cash.  Revival of operations in old districts can be easily justified on the basis of increases in prices of metals in the last decade.

Several important corporate priorities set by AMCOR management are expressed by the choice of these abandon mines, exploration projects, and prospects. There are certain priorities that may contribute to the strategic advantages to AMCOR’s operations, as well as advantages in efficiencies, economy, and cost savings. These priorities are: (1) the properties be valuable for gold or silver for the purpose of leveraging future returns from the current prices of these metals; additional metal values also known to be present in several of these properties would represent added value; (2) emphasize work in select mining districts in order to leverage operational experiences, similar geology and knowledge bases peculiar within a district; (3) assemble operations within hauling distance to operating custom mills in view of establishing future toll milling agreements; and (4) operate in areas within reasonable commute distance to AMCOR’s base of operations.  Tables 1 and 1A on the following page summarize these operational and knowledge advantages.  The emphasis for locating of projects in known mining districts is important because other mining prospects within the same districts are also available from time to time for evaluation and/or acquisition.  
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**Table – Characteristics of and operational or knowledge advantages listed for our projects**

**Name**

**Mining District**

**Gold**

**Silver**

**Copper-Lead-Zinc**

**Number of Targets**

**Type Mine**

**Custom Mill Nearby**

Quartz Creek

Quartz Cr.

√

 

 

9 to 13

SU, placer

√

Bodie

Republic

√

√

 

3

SU, UG

√

Monitor-Richmond-CopperAge

Coeur

d’Alene

√

√

√

1

UG

√

Vienna

Coeur

d’Alene

 

√

√

1

UG

√

Bayhorse

Connor Creek

 

√

√

1+

SU, UG

√

Golden Plum North Moccasin

Judith

√

√

√

3

UG

√

McKinley

 

 

 

√

1

UG

√

Box & McNally

 

√

√

 

1

UG

√

SU-surface UG-underground

**Table 1A**

**Name**

**Past Producer**

**Resource Known**

**Proximity to other Mines**

**AMCOR Management Past Experience**

**Large Database Available**

**Private landholdings available**

**Pre-1955 unpatented mining claims**

Quartz Creek

√

 

√

√

√

 

√

Trout Creek

√

 

√

√

√

 

√

Bodie

√

√

√

√

√

√

 

Monitor-Richmond

√

√

√

√

√

 

√

Vienna

√

√

√

√

√

 

√

Bayhorse

√

√

 

√

√

√

√

Golden Plum North Moccasin

√

√

√

√

√

 

√

McKinley

√

√

 

√

 

 

 

Box & McNally

√

 

 

√

√

√

 

**Monitor - Richmond – Copper Age Mines**

AMCOR holds a leasehold interest in this property pursuant to a lease with NALLC dated June 27, 2012.  We have an option and joint venture agreement with Transatlantic Mining Corp as of February 5, 2013.  See Obligations Under Material Contracts section below.

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*History and Previous Exploration/Development Efforts*

The Monitor-Richmond-Copper Age Mines are adjacent properties and are all past producers of copper with minor amounts of gold and silver. These 20 unpatented lode mining claims cover nearly 400 acres and are located along the eastern edge of the Coeur d’Alene Mining District which has produced over 1.1 billion ounces of silver, 8.5 million tons of zinc and substantial amounts of lead, copper and gold. (Brian G. White, Mining Engineering July-Dec. Vol. 50, August 1998) The Monitor was discovered in 1891 and mined until a fire in 1910 destroyed the above ground facilities of all three mines. The Monitor claims lay dormant until 1940 when they were purchased by Day Mines in a tax sale. Hecla Mining Company acquired Day Mines in the 1980’s and traded the patented claims for federal land around their Lucky Friday Mine. The claim patents were then vacated and the area reverted to public domain. Subsequently Northern Adventures LLC located the 20 unpatented mining claims and leased them to NAI, who subsequently assigned its lease interest to AMCOR.

*Geology*

The Monitor-Richmond-Copper Age Mines have been developed within a complex system of mineralized veins and intrusives within the favorable Precambrian Belt Super group Wallace and St. Regis Formations.  This development includes a 700 foot shaft and 5 drifts running east and west along the vein at 100 feet intervals. Over 700 feet of drifting was accomplished on four levels where the vein ranged from 10 feet to 15 feet.  The crosscut to the vein on the 700 level did not intersect the hanging wall of the vein and this indicates a potentially greater vein width than reported in the upper levels.  This widening of the vein is typical of the other vein systems in the Coeur d’Alene district.

Ore mined and milled from the various levels between 1881 and 1910 produced 1,500 tons of concentrate containing 15% copper and 0.247 oz/ton gold and sold to the Tacoma Smelter. Recent geochemical analysis surveys on the Monitor Mine property found elevated levels of cobalt and nickel.  The Monitor vein has only been preliminarily tested by the early mining efforts. The vein outcrop can be traced for approximately 2,000 feet on the surface. Drifts at 100 foot intervals to 400 feet level of the 700 foot shaft produced ore from only 110 feet to 300 feet along the drifts. In 1920’s a 5,000 foot crosscut was driven to intersect the Monitor vein at the 1700 foot level. Based upon the ore produced prior to 1910, the areas mined to produce that ore, doubling at depth at the 1920 crosscut elevation and when compared to the geological features of other mines in the Coeur d’Alene District there exists a possibility of commercial mineralization.  The Monitor vein is along the Placer Creek Fault, a regional structure that contains the Coeur, Galena and Caladay mines.  These mines are currently operating approximately four miles west of the Monitor along the same regional structure.

**Bayhorse Mine**

AMCOR holds a leasehold interest in this property pursuant to a lease with Bayhorse Silver Mine LLC dated June 26, 2102.  AMCOR, as of December 4, 2013, has an option and joint venture agreement on the property with Bayhorse Silver Inc.  See Obligations Under Material Contracts section below.

*History and Previous Exploration/Development Efforts*

The Bayhorse Silver Mine composed of 21 unpatented and three patented claims (480 acres) operated from 1920-1925. Underground development consisted of a 500 foot drift that was driven on a mineralized structure. The drift followed the vein up approximately 80 feet and a large stope was excavated. In 1983, Cash Industries ran a drift on the same level as the stope, 485 feet in to the excavated area. Sunshine Mining Company and Homestake Mining Company conducted exploration on the property until from 1980-1984. The property has been dormant since 1984.

Production records show dry ore shipments to both the Bunker Hill Smelter and the Tacoma Smelter.  Tacoma reported a total of 203 tons of ore received between June 1920-April 1924, with average returns of 33.8 oz/ton silver (Ag) and 1.02% copper (Cu).  The Bunker Hill Smelter handled the bulk of ore shipped from the Bayhorse Mine from 1920-1925; 4,692 and 1,595 tons of ore were shipped to Bunker Hill, with 138,710.97 ounces of silver recovered, showing an average of 29.56 oz/ton.  Ore shipment records from 1984 showed 5,088 tons of ore shipped, but no average grades were recorded.

*Geology*

The Bayhorse Silver Mine is situated on a mineralized portion of a heavily faulted series of volcanic rocks.  The lithologies range from coarse grain andesite to fine grain rhyolite with various intrusives.  The mineralized zone occurs in both the highly silicified portion of the andesitic member and in small fractures in the hard, flinty rhyolite.  The ore body is generally tabular to trough-like in shape and is transversed by veinlets and stringers of an arsenic rich variety of tetrahedrite, tennantite.  There is silver, lead and zinc associated with and combined with copper, arsenic, and vanadium rich minerals, rather than the more common association with galena and sphalerite.  The body of mineralization is bounded by fine grained fault gouge on all four sides, as well as the top and bottom, indicating that the ore exists as a structurally bound segment of an original body of rock.  It has not been determined if the ore existed pre faulting and is present in the continuation of the lithologic units, however, the degree of impermeability of the fault gouge is such that it would seem to preclude secondary, post movement mineralization. 

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The distribution of mineralization on the Bayhorse Silver Mine is controlled by three main faults, along with numerous secondary planes of movement.  Earlier reports indicated that the northern extent of the mineralized zone terminates against a thick, gouge zone extending to a maximum of 5 feet. 

*Proposed Future Exploration – Phase I*

Phase I is a recommended program that would consist of implementing an orientation survey, for soil and rock geochemistry and geophysics.  To determine viable methodology of operations, geologic mapping and sample geochemistry under the recommended exploration plan would be carried out over the entire property utilizing early stage core drilling.  This proposed work is designed to accurately assess the property to determine if there exists the possibility of a massive sulfide deposit and to determine if further work as outlined in Phase II is necessary and determine which techniques of data acquisition are appropriate for the Bayhorse Property.  An attempt will be undertaken to reopen the underground working for purposes of examination, mapping and sampling.

*Orientation survey over surface of known mineralized zone and outcrops – Phase II*

The proposed orientation survey would establish a working grid system, which will allow for accurate data acquisition, as well as provide the initial geochemical and geophysical data to determine which methodology is applicable; a) mapping; b) geochemical surveys; c) geophysical evaluation; d) detailed geologic mapping on surface and open underground rock units and structure including additional rock geochemistry testing**;**f) Soil geochemical testing of property; g) grid soil sample and assay1000 soil samples total distance of 26 line miles.  Predicated on these results, the decision will be made with regard to a comprehensive diamond drilling program.

**Golden Plum Claims - North Moccasin Property**

AMCOR owns these mining properties directly, with no leasehold obligations.

*History and Previous Exploration/Development Efforts*

The Golden Plum property is located in the North Moccasin Mountains, Fergus County, Montana, near Lewistown.  The property consists of 26 unpatented claims (520 acres).

1893 to 1943

The Central Montana Alkaline Province received a fair amount of gold exploration in the 1890s, with the first discovery in the North Moccasins about 1893.  Little production from the prospects in the mountain range was completed till the early 1900s, when vat leaching cyanide was introduced into the milling circuits.  The mining and milling was restricted to the east flank of the mountain in the Kendall Mining District.  Total production from the district between 1893 and 1922 reportedly reached 450,000 ounces of gold and 46,500 ounces of silver.  There was only intermittent production till 1943 yet the Kendall District was overwhelmingly the largest producer in all of Fergus County.  The total for the entire North Moccasin region is estimated to be 2,133,772 tons of ore averaging 0.238 gold (Au) oz/ton and 0.024 Ag oz/ton.  These values are attributed to mining along the strike and down dip eastward along the Madison Limestone and syenite porphyry contact.  This zone of economic contact mineralization included the Kendall, Barnes King, Muleshoe and Horseshoe mines that are located along a strike length of 9,000 feet.

1960 to 1993

A list of companies that evaluated the perimeter of the North Moccasin gold mines along the intrusive and limestone contact includes:

-Duval Corporation – 1968;

-Golden Cycle – 1971;

-GeoSurveys – 1972 – 1976;

-Coastal Mining Company – 1976 – 1977;

-Gold Fields – 1979 – 1982; and

-Canyon Resources and Kendall Mining began a JV mining program on the old Judith Gold property in 1987 and continued till 1997.

Mine production came from the gold deposits in the karst sinkhole system of the Kendall-type gold deposits that contained Tertiary hydrothermal brecciation introduced along pre-existing fracture zones.  The introduction of the Merrill-Crowe processing plant technology greatly improved the recovery of the micron size gold.  It should be noted here that no native gold was found within the deposits mined.

- 24 -

The Tertiary gold mineralization in the sub-alkalic to alkalic intrusive complex exposed in the core area of the North Moccasin Mountains uplift resulted in an estimated $3.5 million dollars (2012 dollars) being expended on gold exploration between 1979 to 1993.  This period of activity was completed by:

-Rexcon Incorporated 1979 -1980;

-H&R Properties 1981 – 1982 (Hecla/Rexcon JV);

-Chevron 1983;

-Utah International 1984 -1985;

-Cominco American Resources 1987 – 1989; and

-CR Kendall/Cominco American Joint Venture 1989 – 1993   

All of the exploration in the uplifted mountain core was oriented toward establishing bulk minable gold deposits. Primary targets were a number of crosscutting volcanic vents identified within the intrusive core. AMCOR’s interest in the North Moccasins in 2012 is due to the increased price of gold and silver, combined with the availability of historical technical and scientific data avail to us.

In 1981, the property was drilled on a Joint Venture basis between H & R Properties and Hecla Mining Company (Rexcon Joint Venture).  The drilling program consisted of 15,000 ft and assaying was done every five feet.  The diamond drilling program resulted in the discovery of several strong gold-mineralized zones; 1) 40 ft of 0.174 oz/ton Au; 2) 80 ft of 0.077 oz/ton Au; and 3) 5 feet of 0.95 oz/ton Au. The speculative open pit potential resulting from this initial drilling totaled 1.8 million tons of 0.1 to 0.2 oz/ton Au. The underground potential confined only to vent-filled clastics is estimated at .4 million tons of 0.1 to 0.3 oz/ton Au. At a depth of 2,000’ drilling indicated another potential of 1.0 million tons of 0.1 to 0.5 oz/ton Au.  In addition to the mineral zones defined in this early program, there exists an open pit potential of another several million tons in the area referred to as Gold Ridge. In addition to the gold mineralization described above, drilling encountered 340 ft. of 0.005 oz/ton Au and a 100 ft. zone of 0.019 oz/ton Au. There exits the potential for a large stratabound vent-filled deposition at the Plum Gold property. Previous drilling by H & R Properties and Hecla Mining Company also defined a potential molybdenum reserve estimated up to 5.0 million tons of 0.1 to 0.5% Mo at a depth of 500 ft under Heller Ridge.

*Geology*

The North Moccasin Mountains is another isolated, laccolith-type mountain range within the Central Montana Alkalic Province. A substantial felsic laccolithic intrusion produced a domed structure approximately 6 miles in diameter and over 7,000 feet in altitude. Erosion of the uplifted, thick sequence of Cambrian to Tertiary sedimentary and volcanic rocks formed the current altitudes within the 3-1⁄2 mile diameter core of that range from 4,600 feet to 5,800 feet and reflects the erosion of approximately 1,700 feet from the exposed dome of the laccolith core. The base of the laccolith is not exposed; however, the incidence of a Cambrian Flathead quartzite that suggests a complex basal geometry. 

Over several years of state-of-the-art gold-silver exploration in the igneous core of the North Moccasins Mountains has identified at least five separate areas of interest that have received specific exploration attention. Syenite to quartz latite porphyries comprise the major rock types within the intrusive core, which is also cut by several breccia pipes, tuff-filled vents, brittle zones or crackle breccia zones and major, north, northwest, and northeast trending structures. A number of radial faults and ring structures cut the flanking areas outside the sedimentary-intrusive contact on the dome. All of the rock types and superimposed structure are intimately related to the late Tertiary gold mineralization. Many dikes, sills and plugs intrude the core and the bounding sedimentary rock units.

*Proposed Future Exploration – Phase I*

Due to much better understanding of the structural influence on the host rocks of the gold mineralization indicates that there is a possibility of developing a large, high grade vein system deeper in the igneous core of the Golden Plum property. It is strongly recommended that deep probe geophysical methods be used to evaluate the subsurface. There are newly developed geophysical instruments that combine the use of induced polarization to investigate sulfide mineral content and passive magnetotelluric sounding to map geologic units by their resistivity contrasts.**This deep-probe IP is capable of imaging to +/- 5,500 ft depth during the day and followed by use of magnetotelluric work accomplished at night. 

Completion of 4 or 5, two-mile long lines on a 9 square mile grids would cover all of the most interesting structurally controlled surface gold mineralization on the property.

Additional surface exploration should be considered during the recommended subsurface program. Prior to implementation of the deep probe survey the traverse lines must be established by AMCOR. This will entail clearing and establishing 5 to 7, 10,000 foot lines with location stakes every 100 feet. From 9 miles to 13 miles of deep probe traverse lines would be established. Our objective, subject to securing additional capital, of which there is no assurance would be use the lines to further define the geology and collect additional rock and soil samples in areas not previously explored in the North Moccasin intrusive core. The established and surveyed traverse lines will also make sighting of future drill holes accessible considering use of the existing road network.  

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**Vienna Property**

AMCOR holds this mining property subject to leases with Martin Clemets dated June 26, 2012.  See Obligations Under Material Contracts section below.

*History and Previous Exploration/Development Efforts*

The Vienna Mine consists of 18 unpatented claims covering nearly 360 acres and is located along the projection of the Coeur d’Alene Mining District (aka “Silver Belt”). Present exploration development and mining within the Silver Belt is edging eastward from the original discoveries at the Sunshine Mine past the Coeur, Galena and Caladay a projection of about 10 miles to the Vienna Mine. 

Prior to the formation of the Vienna International Company in 1906 and their development until 1916 there is very little information available.  Only minor production has been reported.  A 1927 report mentions concentrates with 70% lead and 35 ounces of silver per ton had been milled. 

Vienna International completed a total 1,565 feet of development in 3 tunnels. Tunnel No.3 level contained a 90 foot raise, 125 foot shaft and 30 feet of drifting from the shaft bottom. Historical reports indicate that his may have been to locations where the ore that was milled and concentrates were derived from.  Three prospective vein systems have been defined within the Vienna Mine Claims.

*Geology*

Vienna Vein

The mineralized outcrop of the Vienna vein can be traced for 600 feet on the surface.  Projections of this N80 W trending, vertical to 85 N dip can be inferred to give a strike length of an estimated 1,500 feet.  The width of the vein increases from 6 feet at the surface to 15 feet in width at 300 foot level.  The vein is characterized by oxidized sulfides in a siderite gangue and also contains tetrahedrite, galena, pyrite and arsenopyrite. Tetrahedrite is the dominant silver mineral in the Coeur d’Alene Mining District.  Historical reports indicate that gold assays were found from the surface down to the 300 foot level. Tunnel No.1 values of 0.30 oz/ton Au, Tunnel No.2 0.20 oz/ton Au to 0.85 oz/ton Au with a high of 2.25 oz/ton Au and confirmed by dump samples of 0.68 oz/ton Au and 0.30 oz/ton Ag.  Other sampling in Tunnel No.2 found values range from 0.14 to 0.19 oz/ton Au with a high of 1.20 oz/ton Au.  Tunnel No.3 has been closed since 1926, but gold values in the 0.60 oz/ton Au range have been reported.  An old report mentions an un-oxidized sample assayed 7.20 oz/ton Ag in the raise between tunnels 3 and 2.  Silver values are low in the oxidized portion of the veins and this is typical elsewhere in the Silver Belt mines. 

Cross Vein

As the name implies the Cross Vein cuts N80 W trending toward Vienna Vein at N60 E and is exposed in tunnels 2 and 3.  The vein ranges in width from 1.5 feet to 2 feet and is comprised of siderite with narrow stringers of tetrahedrite.  A Cross Vein sample contained 0.025 oz/ton Au, 0.15 oz/ton Ag and 0.35 % Cu.

International Vein

Exposure of the International Vein is located on the International Claim north of Tunnel No.2.  A shaft and short tunnel here indicate some development.  A recent bulk sample from the old discovery cut contained 0.26 oz/ton Au, and 0.41 oz/ton Ag.

Other Vein Systems

Three other vein systems are inferred on the claim block.  All three occurrences have been explored by short adits. Continued surface exploration mapping and sampling could reveal additional and important vein structures.

*Proposed Future Exploration – Phase I*

Phase I is a recommended program that would consist of implementing an orientation survey, for soil and rock geochemistry and geophysics, for the express purpose of defining the known veins out along the strike of the veins and to attempt to ascertain if these mineralized structure continue to depth. To determine viable methodology of operations, geologic mapping and sample geochemistry under the recommended exploration plan would be carried out over the entire property utilizing early stage core drilling to define one or more veins. This proposed work is designed to accurately assess the property to determine if further work outlined in Phase II is necessary, and determine which techniques of data acquisition are appropriate for the Vienna property.

*Orientation survey over surface of known mineralized zone and outcrops – Phase II*

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The proposed orientation survey would establish a working grid system, which will allow for accurate data acquisition, as well as provide the initial Geochemical and Geophysical data to determine which methodology is applicable; a) mapping; b) geochemical surveys; c) geophysical evaluation; d) detailed geologic mapping on surface and open underground rock units and structure including additional rock geochemistry testing**;**f) Soil geochemical testing of property; g) grid soil sample and assay 500 soil samples total distance of 10 line miles;

**Quartz Creek and Trout Creek**

AMCOR holds a leasehold interest in these properties pursuant to leases with NALLC dated June 26, 2012.  See Obligations Under Material Contracts section below.

*History and Previous Exploration/Development Efforts*

The district, known primarily for its placer deposits, encompasses Cedar, Quartz and Trout Creeks, rising near the crest of the northward extension of the Bitterroot Mountain range.  The creeks flow northeastward to enter the Clark Fork River above Superior (Sahinen 1935).

The placers were first claimed in 1869 by French Canadian Louis A. Barrette, and have seen continuous production since then.  By 1935 the district had yielded at least $2,000,000 in gold and perhaps as much as $10,000,000. Annual output between 1869 and 1935 ranges from $1,000 to $50,000, with recovery primarily through sluicing and hydraulicking. A connected-bucket dredge was reported to have operated in 1912, and some shaft, drift and limited lode mining has been done. The gold was transported from Superior, a station on the Northern Pacific and the Chicago, Milwaukee and St. Paul Railroads (Rowe 1911; Sahinen 1935).

The gold recovered from the placers was considered to be exceptionally rich, ranging from $19.75 to $20.45 with a standard price of $20.67 per ounce. In 1875 it was reported that the various drifts were yielding as high as $300 to a set of timber, and that about $50,000 in gold was recovered each year from 1871 to 1873. The fineness was reported as ranging from .950 to .982 (Sahinen 1935; Lyden 1948). Each of the creeks has several notable tributaries for which some information is available.

Oregon Gulch and Snowshoe Gulch have both been significant producers along Cedar Creek. In 1875, one company on Snowshoe Gulch grossed $9,200 in 10 weeks with nine men. The net profit for the owners was $4,600, with an additional two to three thousand dollars stolen from the sluices. Windfall Creek, a tributary of Trout Creek, is considered to be the largest producer of placer gold in the district. The "Miller Ground" claim on Windfall Creek was reported to have yielded gold valued at $150,000 by 1919. Tucker Gulch is an important tributary of Quartz Creek, although production along Quartz Creek probably did not exceed $100,000 (Lyden 1948).

The initial rush on Cedar Creek, especially on Oregon Gulch was so great that a hundred miners staked out 200 claims within six months of the initial discoveries in 1869. Mining camps arose and were abandoned quickly as the focus of placering shifted around the district. The population of the district rose upwards of 10,000 by some estimates. In 1870, Forest City, on Cedar Creek itself, reached a population of 7,000 and was a wholesale commercial center for many towns in the area including Missoula. The success of the district prompted publication for three years of "The Missoula and Cedar Creek Pioneer" newspaper. The paper was then moved to Missoula and its name changed to the Missoulian (Smith 1899; Rowe 1911b; Lyden 1948; Wolle 1963).

The gold is recovered from stream and bench gravels located along the three creeks and their tributaries. The gold originates from veins associated with igneous dykes crosscutting the northward extension of the Bitterroots. Chalcopyrite is the principal ore material, and also carries copper and silver in small amounts (Sahinen 1935).  The Quartz Creek Property and the adjacent Trout Creek properties comprise a total of 95 unpatented mining claims (1,900 acres), and are located within the favorable Wallace Formation of the Belt Super Group rocks. The area is a highly productive placer district with reported totals of approximately 879,000 oz of gold. The Quartz Creek and Trout Creek Properties collective encompass the potential lode source for the placer workings. Outcrop sampling has returned grades of .05 to as high as 1.0 oz/ton gold. The mineralization is defined as occurring within fractures and in veinlets within the fractured Wallace rocks. The property is located within a historically productive gold district. The aim of this project is to attempt to locate, define and exploit the lode source responsible for the prolific placer deposits. 

*Geology*

Two distinct exploration targets have been identified as; the brecciated siltites of the Wallace Formation, and Mesozoic to Tertiary aged gabbroic to dioritic dikes and sills. Gold in the Wallace Formation is shear/fault zone hosted and is present as associated with quartz and hematite with small pyrite occurrences. The presence of extensive placer workings adjacent to the brecciated Wallace rocks is suggestive of a lode source of significant size and potential. The intrusive hosted quartz-gold veins are considered to be a smaller tonnage potential of medium to high grade. 

The Quartz Creek Property entails the potential lode source for a historic placer gold district that has produced approximately 879,000 oz of Gold. The combination of geology, placers, and soil geochemistry indicate the presence of gold mineralized structures sampling and field work has indicated gold grades hosted within the highly favorable brecciated siltite of the Middle Wallace Formation, which 

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warrant continued exploration and development. The deposit, as outlined by previous investigators, indicates samples of 0.04 across 1000-foot widths. Potential exists for low gold deposits along a 3-mile area as outlined and evaluated by the Montana State Bureau of Mines and Geology. Three major placers lead to the lode discovery, with one alone producing 879,000 ounces gold as reported to US Mint. Ground positions are being increased with bulk tonnage testing anticipated by our company in 2013.

*Proposed Future Exploration*

Two geologist from the Montana Bureau of Mines and Geology conducted extensive field work over a 6 year period and identified six zones of gold mineralization warranting exploration advancement. These six identified zones will be further evaluated by us by structural mapping, trenching and bulk sampling. At such time as the work conducted by the Montana Bureau of Mines has been confirmed, we will engage in a drilling program to evaluate these six zones at depth.

**Bodie Project and Toroda Creek Property**

AMCOR holds a leasehold interest to three of the ten Washington State mineral prospecting leases covering this property and the remaining seven mining leases were assigned to Kinross Gold USA, Inc. and 27 unpatented mining claims have been leased to Kinross Gold USA, Inc.  AMCOR hold the leasehold interest pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. and Northern Adventures, Inc. (NAI) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to us on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  See Obligations Under Material Contracts section below.

*History and Previous Exploration/Development Efforts of the Toroda Creek-Wauconda Mining District*

The Bodie Mining Company owned 27 unpatented claims covering nearly 540 acres located in what is now called the Toroda Creek-Wauconda Mining District in Okanogan County Washington and was organized in 1902 to expand development of the original location. Under the leadership of C.M. Fassett of Spokane, a ten-stamp mill was erected that used mercury amalgamation and straight-leach cyanidation (Chamberlain, 1936). Early production mined near-surface zones of high-grade ore containing as much as 20 ounces per ton (opt) gold. Initial milling practice yielded marginal recoveries, leading to several turnovers in management and ownership. The first period of mining ended in 1916, prior to the start of World War I. During this period, the mine changed hands four times: Bodie Mining Co. (1902–1907), Bodie Mining and Transportation Co. (1907–1909), Duluth-TorodaMining Co. (1910–1912), and Toroda Development Co. (1915–1916). 

Moore (1934) reported that approximately 15,000 tons were mined during this 14-year period, with a value of about $130,000 with gold held at $20.67 per ounce. Two companies, Cary Mining and Development Co. and Blue Stem Mining Co., leased or purchased the property between. 1916 and 1922, but no production is reported in these years. Chamberlain (1936) stated that the mine was shut down until 1934, at which time Northern Gold Corp. began operations when the price of gold increased to $35 per ounce. Northern Gold rebuilt the mill in 1935, increased throughput to 70 tons per day (tpd), and added a trial flotation circuit that was suspended after only six months use. Recoveries were not completely successful until 1938 when cyanidation and a revised flotation circuit were added. Northern Gold ceased mining and milling operations in 1941 after the War Production Board issued Government Order L-208 closing industries considered nonessential during World War II, but remained active on the property until 1945. The company mined approximately 50,000 tons, valued at $280,000, until shut down. As many as 40 miners and mill men had been employed during Northern Gold’s stewardship, working three shifts per day (Moen, 1980).

A number of companies engaged in mineral exploration and sampling in the district when price of gold escalated in the late 1970s and early 1980s: Vieco Resources, Ltd., Vancouver, B.C. (1974); Malabar Mines, Ltd. (1980); Noranda Exploration, Inc., and Western Land and Resources, Inc. (1982); Freeport Exploration Co., Inc. (1984); and Crown Resource Corp. (1984, 1987). 

*Geology*

The Bodie and Toroda Creek properties lie within the Klondike Mountain volcaniclastic unit of Tertiary age within the Toroda Creek graben, a major north trending feature lying parallel and to the west of the Republic graben structure which contains the Knob Hill and several other historically productive gold mines. Several volcanic units of intrusive, extrusive flow and volcaniclastic rock types fill both grabens. The middle member of the Klondike Mountain formation appears to be the best host for gold mineralization. Lithologies vary from light and dark andesite flows, volcanic breccia and conglomerate to argillite and tuffaceouss units associated with hematite.

The Bodie vein structure intrudes a wide zone of hydrothermally altered and silicified, multi-lithic breccia and vein which forms an impressive backbone of a ridge over 7000 feet long, aligned in a north-south direction. This topographic ridge reflects the silica flooded breccia and spine of the Bodie mineralized structure. Gold mineralization in the Bodie district is similar in age as the epithermal (50-200 °C ) hot springs type gold deposits found in the Republic Mining District and the Knob Hill mine. Although the brecciated rocks contain widespread gold mineralization, historical mining operations have concentrated on a persistent vein up to 22 feet wide.  The Bodie vein contains a series of thin porcelain-like quartz stringers or veinlets separated by narrow bands of highly altered andesite and dacite. Moen (1980) reported that the precious metal mineralization in the district occurs as “dust-sized particles”. 

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The only readily identifiable sulfide mineral is finely disseminated pyrite that is pervasive, both in the vein and the breccia. Propylite, sericite, and kaolinite are important alteration products; there is also widespread silica flooding. We do not own or control the patented claims where the original Bodie mine is located, our holdings are to the South and North and extend for several thousand feet along the strike of the zone on which the Bodie mine sits. We believe that this existing gold mineralization is extensive and due to certain geological features, there may not be surface expressions of gold mineralization in several areas of interest. Our primary interest is to explore the extensions of the Bodie vein and areas of extensive brecciation, alteration and quartz flood which are present on our leases and claims.

**Box Claims**

AMCOR owns these claims directly, with no leasehold obligations.

*History and Previous Exploration/Development Efforts*

The Box property consists of 15 unpatented mining claims covering approximately 300 acres. The property is located in Steven County, Washington. There are numerous old workings on the property, none of which are accessible. There was no known or reported historical production from this property 

*Geology*

The formations on this property consist of altered latite bisected by diorite porphyry and aplitic dikes. There are numerous old working on the property. There are surface expressions of contacts between the dikes and limestone that exhibit pyrite and chalcopyrite mineralization. In addition to these contact zones, there are several fracture zones up to 100 feet in width that also exhibit pyrite and chalcopyrite mineralization with values in gold.

*Proposed Future Exploration*

Future exploration will be directed at the extensive fracture zones which carry values in gold. These fracture zones will be geologically mapped on the the surface and tested using rock chip geochemistry and assaying. Additional exploration orientated at defining the size and location of these fracture zones will undertaken utilizing MagIVLF, SP and IP Surveys over the entire property to determine viable methodologies of operations and possible locations for early-stage core drilling. This work will accurately assess the property to determine if further work is justified and determine which techniques of data acquisition are appropriate for the project. Additionally, due to the extensive silicification in the fracture zones, which is associated with gold mineralization, we intend to conduct extensive trenching on our property. Future exploration will also be directed at evaluating the extensive skarn zones that are present on our holding. 

**McKinley Claims**

AMCOR owns these claims directly, with no leasehold obligations.

*History and Previous Exploration/Development Efforts*

The McKinley property comprises 15 unpatented mining claims covering approximately 300 acres. The property is located in Stevens County, Washington. The claim blocks surround a core group of patented claims. The eastern patented mining claims, which are the core of the claims are owned by a private individual who we are currently in negotiations with. The McKinley-McNally prospect is a gold bearing skarn deposit emplaced within a highly reactive carbonaceous metasedimentary sequence. The area surrounding the property is the site of several prospects, which are oriented with the contact between the limestone and an intrusive diorite. The density and distribution of prospects indicate a highly mineralized zone that warrants continued development. 

Previous production on the McKinley-McNally Property included limited gold extraction and shipment of ore to the Trail smelter in British Columbia; however, no production or shipping records exist. Previous exploration on the property was carried out by Orient Mining Company in agreement with Bunker Limited Partnership in the early 1990’s, Western Land and Resources in the late 1980’s, and other companies going back to the late 1800’s. Underground workings adjacent to the property total approximately 1000 feet. The largest adit is on the Rabbitfoot-Butte workings and extends 600 ' north. It was intended to intersect a massive sulphide skarn zone. Further to the east a second adit extends 200 toward the same target. Extensive surface trenches and small open pits exist across the area. At the center of the MK Claim group is the Kettle River Mine. There is not much data on the mines operation or production; however, previous work and a visit to the site in early 2008 indicate a vein up to 10 feet in width was mined. No access to the underground workings was attempted. The surface trenching and prospects are positioned along Tertiary age intrusives parallel to sub parallel to the productive Kettle River Mine vein. Drilling in the early 1980’s by Newmont Mining encountered a large alteration zone of talc that had inferred reserves in excess of ten million tons. This non-metallic zone of talc will be further evaluated by us.

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*Geology*

The McKinley-McNally prospect is a near surface massive sulphide skarn deposit which represents significant development and extraction potential. The extent of prospects and historic production indicate that the mineralization is widespread, most notably within the favorable carbonate bearing skarn sequences, and secondary intrusive bodies. These members are up to several thousand feet along strike, and up to hundreds of feet in width. Gold values to several thousand ppb have been recovered from the area. The McKinley prospect is located within a complex geologic setting, and is composed of favorable lithologies, which have returned positive gold values historically. The secondary structure of interest is a quartz vein in a limestone replacement, which is reported to be an average of 8 feet in width (Huntting 1956). Based upon historic development and favorable indicators of mineralization, it is considered that exploration and developments of the property needs to be expanded and the mineralized structures and veins evaluated along the strike of these known structures.

*Proposed Future Exploration*

An orientation survey will be implemented for soil and rock geochemistry and geophysics, geologic mapping and sample geochemistry will be undertaken over the entire property to determine viable methodologies of operations and possible locations for early-stage core drilling. This work will accurately assess the property to determine if further work outlined in Phase II is necessary and determine which techniques of data acquisition are appropriate for the Bodie project. Additionally, due to the extensive silicification which is associated with gold mineralization in the skarn zones, we intend to conduct extensive trenching on our property. Future exploration will also be directed at evaluating the extensive skarn zones that are present on our holding.

**Obligations Under Material Contracts**

We currently have five mineral properties leased from third parties and an option to acquire mineral prospecting and leases from the State of Washington, plus 27 unpatented mining claims.  Below is a summary of the financial obligations, terms and conditions of each of the five leases.

**Bayhorse Mine**

The date of our mining lease with Bayhorse Silver Mine LLC is June 26, 2012.  The term of the lease on the 3 patented and 21 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, mined, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of ten thousand ($10,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2014, or payable within ten business days after AMCOR secures funding in excess of $500,000.

There is a work requirement of ten thousand ($10,000) during the first year of the lease for the benefit of the property and during the second and subsequent years the amount increases to fifty thousand ($50,000) dollars per year.  The first year's work requirement was deferred until it could to be accomplished at the earliest possible time, weather permitting.  Our joint venture partner, Bayhorse Silver Inc. (“BSI”) (formerly Kent Exploration, Inc.), has satisfied the first year work requirement.  The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

**Value Per Ton**

**NSR**

$200/per ton or less

2%

More than $201/ton up to $300/ton

3%

More than $301/ton up to $400/ton

4%

More than $401/oz up to $1000/ton

5%

More than $1001/per

6.5%

On December 4, 2013, AMCOR signed an Option and Joint Venture Agreement with BSI, a Canadian mineral exploration company, whereby BSI can acquire an option to earn an 80% interest in the Bayhorse Silver Mine ("Bayhorse") in east-central Oregon State.  The terms of the Agreement called for a payment of US$20,000 from BSI to AMCOR subsequent to the execution of the agreement and that payment was received on December 5, 2013.  To earn the 80% interest the BSI is required to conduct a minimum of US$100,000 per year on exploration expenditures on the property on, or before, each of the first two anniversaries of the Agreement, 

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US$300,000 on or before the third anniversary of the Agreement and expend US$500,000 on or before the fourth and fifth anniversaries of the Agreement. In addition, BSI issued 500,000 shares of its restricted common stock to AMCOR, per the agreement, on December 16, 2013.  An additional 500,000 restricted shares of BSI shall be issued to AMCOR on the third anniversary of the Agreement and 500,000 restricted shares on the fifth anniversary of the Agreement.  BSI will assume the obligations of the underlying lease agreement with Northern Adventures, Inc.

On February 12, 2014, Bayhorse Silver Inc. issued 125,000 shares of its subsidiary, Silcom Systems Inc. (Silcom), restricted common stock to the Company for no consideration.  The issuance was dividend shares from their subsidiary, Silcom, given to shareholders of Bayhorse Silver Inc.  There is no market for the shares currently.

**Vienna Mine**

The date of our mining lease with Martin Clemets is June 26, 2012.  The term of the lease on 18 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of five thousand ($5,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis. We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2014, or payable within ten business days after AMCOR secures funding in excess of $500,000.

There is a work requirement of twenty thousand ($20,000) during the first year of the lease for the benefit of the property and during the second and third year the amount increases to fifty thousand ($50,000) dollars per year and seventy five thousand ($75,000) each year thereafter. The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”). The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.  The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.

**Value Per Ton**

**NSR**

$200/per ton or less

2%

More than $201/ton up to $300/ton

3%

More than $301/ton up to $400/ton

4%

More than $401/oz up to

$1000/ton or higher

5%

**Monitor-Richmond-Copper Age Mines**

The date of our mining lease with Northern Adventures LLC is June 27, 2012.  The term of the lease on 20 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of five thousand ($5,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The year one payment has been satisfied by Transatlantic Mining Corp. ("TMC") (formerly Archean Star Resources Inc.), our joint venture partner on the project.  There are also work requirements for each year and the lease calls for a variable net smelter royalty in the future.  On February 5, 2013, the Company entered into a definitive Option Joint Venture Agreement with TMC pertaining to these 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures.

There is a work requirement of fifty thousand ($50,000) during the first year of the lease for the benefit of the property and during the second and third year the amount is also fifty thousand ($50,000) dollars per year and one hundred thousand ($100,000) each year thereafter.  The first year work requirement has been met by our joint venture partner TMC.  The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

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**Value Per Ton**

**NSR**

$200/per ton or less

2%

More than $201/ton up to $300/ton

3%

More than $301/ton up to $400/ton

4%

More than $401/oz up to $1000/ton

5%

More than $1001/per

6.5%

As a consequence of entering an agreement dated October 21, 2012 the lease with NALLC was amended and the above royal schedule modified and agreed to by all parties as outlined below:

**Value Per Ton**

**NSR**

$500/per ton or less

2%

More than $500 per ton

3%

**Transatlantic Mining Corp. (formerly Archean Star) Agreement**

On February 5, 2013, we entered into a definitive Option and Joint Venture Agreement with Transatlantic Mining Corp. ("TMC") pertaining to 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures, LLC.  On June 27, 2012, Northern Adventures, LLC originally entered into the Mining Lease with Northern Adventures, Inc., and AMCOR assumed the rights in that Mining Lease from Northern Adventures, Inc. pursuant to the Asset Purchase Agreement dated December 28, 2013.  As part of the transaction, AMCOR received 500,000 shares of TMC common stock and was to receive an additional 500,000 shares of TMC common stock on the second and third anniversaries of the agreement, subject to TMC going forward with the agreement after year one.  (See Note 6)  TMC will assume the obligations of the underlying lease agreement and paid an up-front fee of $7,500 to AMCOR in addition to $5,000 already received by AMCOR indirectly from TMC.  Under the terms of the agreement TMC can earn up to 80% ownership interest in the property lease by expending $2,100,000 over a three year period, with a minimum expenditure of $700,000 in year one of the agreement.  AMCOR’s interest shall be a Carried Interest until such time as a Bankable Feasibility Study has been produced or a Decision to Mine has been made.  A Carried Interest means that AMCOR is not required to contribute any capital or pay any costs related to exploration or development of the property until such time as the joint venture is formed.  A Bankable Feasibility Study is an independently audited document that analyses all technical and financial risks before the construction of mine including: capital costs, grades, permits, taxation, cash flow, strip ratio, politics, water, power, labor, revenues, royalties, metallurgy, milling and transport.  As of November 30, 2013, TMC has expended approximately $485,000 on the project.  TMC agreed to issue an additional 500,000 shares of its restricted common stock to the Company on, or before, February 5, 2014, per the joint venture option agreement's second year requirements related to the Monitor mine, but these shares were not issued until March 12, 2014.  The Company has also given TMC a six month extension of time to meet the minimum year one $700,000 work requirement of called for in the joint venture option agreement pertaining to the Monitor-Richmond property executed on February 5, 2013.

**Quartz Creek**

The date of our mining lease with Northern Adventures, LLC is June 26, 2012. The term of the lease on 37 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of twenty five thousand ($25,000) dollars. Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2014, or payable within ten business days after AMCOR secures funding in excess of $500,000.

There is a work requirement of twenty thousand ($20,000) during the first, second and third year of the lease for the benefit of the property and this amount increases to one hundred thousand ($100,000) dollars per year each year thereafter.  The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.  The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

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**Value Per Ton**

**NSR**

$200/per ton or less

2%

More than $201/ton up to $300/ton

3%

More than $301/ton up to $400/ton

4%

More than $401/oz up to $1000/ton

5%

More than $1001/per

6.5%

**Trout Creek**

The date of our mining lease with Northern Adventures LLC is June 26, 2012.  The term of the lease on 58 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of twenty five thousand ($25,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2014, or payable within ten business days after AMCOR secures funding in excess of $500,000.

There is a work requirement of fifty thousand ($50,000) during the first, second and third year of the lease for the benefit of the property and this amount increases to one hundred thousand ($100,000) dollars per year each year thereafter.  The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.  The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

**Value Per Ton**

**NSR**

$200/per ton or less

2%

More than $201/ton up to $300/ton

3%

More than $301/ton up to $400/ton

4%

More than $401/oz up to $1000/ton

5%

More than $1001/per

6.5%

**Washington State Mineral Prospecting Leases—Bodie Project Toroda Creek-Wauconda Mining District-Kinross Gold USA, Inc**

The terms and conditions for annual prospecting leases granted from the State of Washington require the expenditure of $3.00 per acre on prospecting or exploration on an annual basis during the term of the lease.  The work conducted must be performed in such a manner as to contribute directly to the evaluation of the economic mineral potential of the leased property.  As an alternative there is the option to make cash payment to the State in the amount of $3.00 per acre in lieu of the performance of prospecting work for up to, but not more than three (3) years during the term of the prospecting lease.  In addition to the requirement to expend $3.00 per acre on prospecting and exploration on an annual basis, there is a requirement to pay the State of Washington an annual rental fee of $2.00 per acre for the first three years of the mineral prospecting lease and $3.00 per year for each subsequent year.  Pursuant to the assignment of the Washington State prospecting permit and leases to Kinross, all annual rental fees payable to the state of Washington and work requirements were assumed and have been paid by Kinross, as detailed below.

*Kinross Mining Lease and Assignment*

On April 5, 2013 we exercised an option to acquire three mineral leases located in Okanogan County, Washington, pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. and Northern Adventures, Inc. (NAI) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to us on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  The original option was granted by HydroImaging, Inc (Hydro), a private company owned solely by David Boleneus, currently a member of our board of directors, to NAI on June 25, 2012.  Under the terms of the original option Hydro granted the right to acquire ten leases granted by the Department of Natural Resources for the State of Washington totaling 4,583.76 acres and 27 

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unpatented mining claims located in the Toroda Creek-Wauconda Mining district in Okanogan country in the State of Washington for the payment of an exercise price of $10,000.

An amendment to the Option to Purchase Mineral Leases on December 7, 2012 provided Hydro the authority to enter into an Mining Lease and Assignment agreement with Kinross Gold USA, Inc. (Kinross), as an alternative to transferring the ten leases and subject to Hydro executing an agreement with Kinross.  As an alternative to acquiring the ten leases and pursuant to the amendment, AMCOR was also granted an option to acquire all right, title and interest in any agreement reached between Kinross and Hydro.  On February 28, 2013, Hydro concluded a Mining Lease and Assignment agreement with Kinross transferring seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  The seven state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to the terms of the Kinross agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims.  The remaining three state mining leases totaling 1,649.2 acres will be transferred from Hydro to AMCOR, subject to approval from the Department of Natural Resources for the State of Washington.

Under the terms of the Mining Lease and Assignment agreement Kinross will pay AMCOR production royalties as follows:  a 1% net smelter return royalty on all minerals extracted from the area covered by the 7 leases and a 2.5% net smelter return royalty on all minerals extracted from the area covered by the 27 unpatented mining claims.  The amount of royalties to be paid (both production royalties and advance royalty payments) are capped at $3 million per lease.  Kinross will also pay advance royalty payments in the aggregate amount of $1 million as follows:  $15,000 payable within 7 days of February 28, 2013, the effective date, $15,000 payable within 15 days of the effective date, $40,000 payable on February 28, 2014, $50,000 payable on February 28, 2015, and thereafter the annual advance royalty payment is to increase by 5% per year up to a maximum annual payment of $100,000.  Kinross satisfied the initial two $15,000 payments as well as the first year payment of $40,000.  The obligation to pay the advance royalty payment shall cease once an aggregate of $1 million has been paid.  Advance minimum royalty payments shall be creditable against the production royalties.  The production royalty payments for Minerals produced from the state leases shall be capped at $3,000,000 for each of the seven leases, including any advanced royalty payments to be offset.  Kinross also undertakes to make such payments and undertake such other actions necessary to maintain the seven state mining leases and the unpatented claims in effect and good standing.

**ITEM 3. LEGAL PROCEEDINGS**

We are not involved in any legal proceedings and there are no material pending legal proceedings of which we are aware.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

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**PART II**

**ITE****M 5.  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.**

There is no public market for our common stock.  Our common stock, par value $.001, has never been traded on the OTC bulletin board any national exchange or other formal public exchange quotation medium.  There is no trading market for our common stock at present and there has been no trading market to date.

As of November 30, 2013 there were approximately 107 holders of record of our common stock before calculating individual participants in security position listings pursuant to Rule 17Ad-8 under the Securities Exchange Act of 1934. Our transfer agent is Nevada Agency and Transfer Company, 50 West Liberty Street, Suite 880, Reno, Nevada 89501.

Since our company’s inception in July of 1996, we have never paid cash dividends to the holders of the common stock.  We presently intend to retain future earnings, if any, to finance the expansion of our business and we do not anticipate that any cash dividends will be paid in the foreseeable future.  Our future dividend policy will depend on our earnings, capital requirements, expansion plans, financial condition and other relevant factors.

**Recent Sales of Unregistered Securities; Use of Proceeds From Unregistered Securities**

On January 17, 2012, we sold 920,000 shares of common stock in a private placement to three accredited unrelated individuals, for $46,000 ($0.05 per share).  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On March 29, 2012, we sold 500,000 shares of common stock in a private placement to an accredited unrelated individual, for $25,000.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On October 26, 2012, we entered into definitive agreements relating to the private placement of $10,000 of its securities through the sale of 200,000 shares of its common stock at $0.05 per share to an accredited investor. In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On November 30, 2012, we entered into sixteen definitive agreements relating to the conversion of $486,000 debt and $41,078 of accrued interest at the rate of $.05 per share before December 31, 2012.

On December 11, 2012, we entered into definitive agreements relating to the private placement of $10,000 of its securities through the sale of 200,000 shares of its common stock at $0.05 per share to an accredited investor. In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On December 14, 2012, we entered into definitive agreements relating to the private placement of $7,500 of its securities through the sale of 150,000 shares of its common stock at $0.05 per share to an accredited investor. In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On December 28, 2012, we issued a total of 10,541,568 shares of restricted common stock in exchange for the conversion of debt in the principal amount of $486,000 and accrued interest which was $41,078 as of November 30, 2012, to seventeen promissory note holders who agreed to the conversion to take place before December 31, 2012. This transaction was exempt from registration pursuant to Section 4(2) of the Securities Act, as amended. The purchasers of the shares were provided with copies of our Form 10-K for the year ending December 31, 2011 and filed on March 30, 2012, our Form 10-Q for the quarter ended March 31, 2012, our Form 10-Q 

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for the quarter ended June 30, 2012, and our Form 10-Q for the quarter ended September 30, 2012. We reasonably believe that the recipients, immediately prior to issuing the shares in exchange of loans made to us, had knowledge and experience in financial and business matters and were sophisticated and capable of evaluating the merits and risks of the investment. The recipients had the opportunity to speak with our officers and directors prior to their investment decisions.

On December 28, 2012, we issued 71,500,000 shares of common stock to Northern Adventures, Inc. pursuant to an Asset Purchase Agreement which involved, in part, the exchange of debt in the amount of $382,500 and accrued interest in the amount of $30,564, which was applied as partial consideration for the purchase of the mining assets, and the issuance of the 71,500,000 shares of our common stock to NAI. These shares will be subsequently broken down by NAI and issued pro-rata to their stockholders as a dividend. The issuance of the shares to Northern Adventures, Inc. will be exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended. The shareholders of NAI will be provided with copies of our Form 10-K filed on March 30, 2012 and our Form 10-Q for the quarter ended September 30, 2012 filed on November 19, 2012, our Form 10-Q for the quarter ended June 30, 2012 filed on August 20, 2012 and a copy of our definitive Schedule 14-C and all 8-Ks filed during 2012.  In addition they each signed investor representation letters indicating that they are sophisticated investors who have the experience and resources to assess the valuation of the transaction and undertaking not to sell their shares without an applicable exemption from registration.

On February 11, 2013, we entered into a definitive agreement relating to the private placement of $25,000 of its securities through the sale of 500,000 shares of its common stock at $0.05 per share to an investor.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On February 19, 2013, we entered into a definitive agreement relating to the private placement of $5,000 of its securities through the sale of 100,000 shares of its common stock at $0.05 per share to an investor.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On May 1, 2013, we entered into a definitive agreement relating to the private placement of $7,000 of its securities through the sale of 140,000 shares of its common stock at $0.05 per share to an investor.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On August 21, 2013, we entered into a definitive agreement relating to the private placement of $5,000 of our securities through the sale of 100,000 shares of AMCOR common stock at $0.05 per share to an individual.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On August 30, 2013, we entered into a definitive agreement relating to the private placement of $12,000 of our securities through the sale of 200,000 shares of AMCOR common stock at $0.06 per share to an individual.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On September 30, 2013, we entered into a definitive agreement relating to the private placement of $6,000 of our securities through the sale of 100,000 shares of AMCOR common stock at $0.06 per share to an individual.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

**ITEM 6.  ****SELECTED FINANCIAL DATA**

Not applicable.

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**ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

THE FOLLOWING PLAN OF OPERATIONS SECTION SHOULD BE READ IN CONJUNCTION WITH OUR FINANCIAL STATEMENTS AND THE NOTES THERETO INCLUDED IN THIS ANNUAL REPORT ON FORM 10-K. ALL STATEMENTS IN THIS ANNUAL REPORT RELATED TO APD ANTIQUITIES’ CHANGING FINANCIAL OPERATIONS AND EXPECTED FUTURE OPERATIONAL PLANS CONSTITUTE FORWARD-LOOKING STATEMENTS. THE ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE ANTICIPATED OR EXPRESSED IN SUCH STATEMENTS. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE.
This discussion and analysis of our financial condition and results of operations are based on our financial statements that have been prepared under accounting principles generally accepted in the United States of America.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could materially differ from those estimates.  We have disclosed all significant accounting policies in Note 2 to the financial statements included in this Form 10-K.

Corporate Background

American Cordillera Mining Corporation or AMCOR, was incorporated on July 23, 1996, under the laws of the State of Nevada for the purpose of acquiring, importing, marketing, and selling valuable antiquity and art items of Asian origin.

Since our exploration stage inception on March 30, 2012 to December 31, 2012, we have generated minimal revenue from our distribution and sales business, while incurring a net loss of approximately $221,177.  Because we were unable to develop our Asian art and antiquities business into a financially viable business, the Board of Directors decided to redirect our business and to acquire mineral properties, leases on mineral properties and mining claims from Northern Adventures, Inc., a private Nevada corporation.

On December 28, 2012, AMCOR, AMCOR Exploration, Inc. a wholly owned subsidiary of American Cordillera Mining Corporation, Northern Adventures, LLC, and Northern Adventures, Inc. entered into an Asset Purchase Agreement to assign all right, title, and interest of specific NAI owned assets to AMCOR Exploration, with NAI shareholders, on a post acquisition basis, will hold a controlling 80.5% interest in American Cordillera Mining Corporation  The Asset Purchase Agreement was executed on December 28, 2012 by issuing restricted common stock as consideration to Northern Adventures, Inc. and the exchange of certain promissory notes from Northern Adventures LLC detailed in the Asset Purchase Agreement.  Under the terms of the Asset Purchase Agreement, AMCOR exchanged loans to NALLC in the amount of $382,500 including additional accrued interest of $30,564 and issued NAI 71,500,000 shares of restricted common stock as a total consideration for the assets acquired.  With the issuance of the 71,500,000 shares to NAI for transferring to its shareholders as a dividend, they own the controlling interest in AMCOR.

The Asset Purchase Agreement related to the acquisition of:  1) all right, title and interest in five existing mineral leases consisting of 154 unpatented claims and 3 patented claims; 2) ownership of 83 unpatented mining claims; and 3) the transfer of all right, title and interest to an Option to Purchase Mineral Leases agreement relating to ten mineral leases granted by the State of Washington covering 4,664 acres of land and 27 unpatented mining claims.  On December 6, 2012, the Option to Purchase Mineral Leases was amended between all the parties to the option agreement, Hydro Imaging, Inc., NAI and AMCOR.  The amended option agreement speaks to the possibility of a large company entering into an agreement with HydroImaging, Inc., the owner of the prospecting rights and future leases; and the claims, in which case AMCOR would still exercise the existing option pursuant to the same terms and conditions, the only material difference being that it would then acquire all right, title and interest in the agreement between HydroImaging and the unrelated third party company, as compared to acquiring the prospecting rights and future leases directly.  HydroImaging, Inc. is owned by David Boleneus, one of our directors.

At December 28, 2012 a total of $41,078 of interest had accrued on the convertible promissory notes with an aggregate principal amount of $486,000.  All of these convertible promissory notes and the accrued interest on each note were converted to shares of restricted common stock at $.05 per share, as of December 28, 2012. 

**Plan of Operations**

AMCOR intends to conduct exploration for gold, silver and base metal deposits and mineral targets in; 1) the Coeur d’Alene Mining District of northern Idaho; 2) in the Quartz Creek Mining District of western Montana; 3) in the Connor Creek Mining District of eastern Oregon; 4) in the Kootenai ARC district in Idaho; 5) the Judith-Moccasin Mining District in central Montana; and 6) the Toroda Creek, Wauconda and Republic Mining Districts in northern Washington.  Our strategy is to explore for gold, silver and base metal deposits primarily in the Coeur d’Alene Mining District, a world class mining district and other known districts, by forming joint ventures with other companies who will potentially earn their interest in the property by contributing cash.  Revival of operations in old districts can be easily justified on the basis of increases in prices of metals in the last decade.

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Several important corporate priorities set by AMCOR management are expressed by the choice of these abandoned mines, exploration projects, and prospects.  There are certain priorities that may contribute to the strategic advantages to AMCOR’s operations, as well as advantages in efficiencies, economy, and cost savings.  These priorities are: (1) the properties be valuable for gold or silver for the purpose of leveraging future returns from the current prices of these metals; additional metal values also known to be present in several of these properties would represent added value; (2) emphasize work in select mining districts in order to leverage operational experiences, similar geology and knowledge bases peculiar within a district; (3) assemble operations within hauling distance to operating custom mills in view of establishing future toll milling agreements; and (4) operate in areas within reasonable commute distance to AMCOR’s base of operations.  The emphasis for locating of projects in known mining districts is important because other mining prospects within the same districts are also available from time to time for evaluation and/or acquisition.

We plan to structure our operations in such a way as to keep our capital expenditures and administrative expenses to a minimum.  Overhead and staff will be kept to a minimum and the majority of operational duties will be outsourced to consultants and independent contractors.  We currently have no employees, but we expect to eventually hire three to five employees, commensurate with the development of our business and the availability of additional capital from the future sale of common stock, of which there is no assurance.  We believe that most operational responsibilities can be handled by the officers and directors, and through the working partnership of other consultants.  Two of our officers may draw salaries in the future, Frank H. Blair, our President and CEO, and Dwight Weigelt, CPA, our Secretary, Treasurer and Chief Financial Officer.  Our other officers and directors may be retained on an as needed basis and will be paid an hourly rate of to be determined by the Board and reimbursed any out of pocket expenses.

We anticipate that any additional funding that we require will be in the form of equity financing from the sale of our restricted Common Stock. However, there is no assurance that we will be able to raise sufficient funding from the sale of our restricted Common Stock.  The risky nature of this enterprise and lack of tangible assets places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated.  We do not have any arrangements in place for any future equity financing. If we are unable to secure additional funding, we will cease or suspend operations.  We have no plans, arrangements or contingencies in place in the event that we cease operations. 

We will focus our future business on evolving into a growth-orientated, newly reorganized, early stage, and independent mineral and precious metal exploration company engaged in the acquisition, exploration, exploitation and development of mineral and precious metal properties; focusing our activities in the western United States.  Through the recent acquisitions from NAI, AMCOR owns all, right, title and interest in 83 unpatented mining claims which make up four properties; 2) has the option to acquire certain mineral leases from the state of Washington covering 4,664 acres and 27 unpatented mining claims in Okanogan County; and 3) all right, title and interest in five existing mineral leases.

Our material financial obligations for the future will include our public reporting expenses, transfer agent fees, bank fees, lease payments due on mineral properties and other recurring fees, combined with any additional operating expense related to our new business.

During the next twelve months we plan to engage in additional joint ventures and attempt to seek financing opportunities to commence a growth plan that will include the acquisition of additional mineral exploration properties as well as the possibility of selling additional equity in the form of common stock.

To accelerate the development program we will attempt to engage in other joint venture programs that will take responsibility, both financially and in labor, of the capital costs of early exploration.  This economic strategy may allow us to utilize our own financial assets toward the exploration on our own properties and mineral leases.  

Our future financial results will depend primarily on: (i) the ability to discover commercial quantities of precious or base metal on properties which we own or lease: (ii) the ability to continue to source and screen potential projects; (iii) the market price for precious metals; and (iv) the ability to fully implement our exploration and development programs on our nine projects, which is dependent on the availability of capital resources.  There can be no assurance that we will be successful in any of these respects or that the prices of metals will be at a level allowing for profitable production, in the event we are able to define a commercial ore body, of which there is no assurance.

**Transatlantic Mining Corp. (formerly Archean Star) Agreement**

On February 5, 2013, we entered into a definitive Option and Joint Venture Agreement with Transatlantic Mining Corp. ("TMC") pertaining to 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures, LLC.  On June 27, 2012, Northern Adventures, LLC originally entered into the Mining Lease with Northern Adventures, Inc., and AMCOR assumed the rights in that Mining Lease from Northern Adventures, Inc. pursuant to the Asset Purchase Agreement dated December 28, 2013.  As part of the transaction, AMCOR received 500,000 shares of TMC common stock and was to receive an additional 500,000 shares of TMC common stock on the second and third anniversaries of the agreement, subject to TMC going forward with the agreement after year one.  (See Note 6)  TMC will assume the obligations of the underlying lease agreement and paid an up-front fee of $7,500 to 

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AMCOR in addition to $5,000 already received by AMCOR indirectly from TMC.  Under the terms of the agreement TMC can earn up to 80% ownership interest in the property lease by expending $2,100,000 over a three year period, with a minimum expenditure of $700,000 in year one of the agreement.  AMCOR’s interest shall be a Carried Interest until such time as a Bankable Feasibility Study has been produced or a Decision to Mine has been made.  A Carried Interest means that AMCOR is not required to contribute any capital or pay any costs related to exploration or development of the property until such time as the joint venture is formed.  A Bankable Feasibility Study is an independently audited document that analyses all technical and financial risks before the construction of mine including: capital costs, grades, permits, taxation, cash flow, strip ratio, politics, water, power, labor, revenues, royalties, metallurgy, milling and transport.  As of November 30, 2013, TMC has expended approximately $485,000 on the project.  TMC agreed to issue an additional 500,000 shares of its restricted common stock to AMCOR on, or before, February 5, 2014, per the joint venture option agreement's second year requirements related to the Monitor mine, but these shares were not issued until March 12, 2014.  The Company has also given TMC a six month extension of time to meet the minimum year one $700,000 work requirement of called for in the joint venture option agreement pertaining to the Monitor-Richmond property executed on February 5, 2013.

As of September 30, TMC completed a multi-phase surface exploration program which consisted of mapping, rock chip and soil sampling, and location of an additional 85 unpatented mining claims owned by Northern Adventures LLC, but the costs related to the acquisition of these additional mining claims was paid for by TMC, but deemed to be part of the agreement pursuant to the standard area of influence.  The initial surface work was undertaken to delineate the mineralized structures and veins that were known to exist on the Richmond and Monitor properties.  Initial work was completed related to opening the Adair adit, which was a haulage way that was driven in the 1920’s.  Access was gained back to a point approximately 3,200 feet from the portal.  Additional work will be required to be completed to gain complete access to the balance of the haulage way, which estimated from historical maps to continue for another 2,000 feet or more.  Applications have been made to the United States Forest Service to receive permits to undertake a rehabilitation of the Adair portal and to drill up to 12 surface diamond drill holes in the spring of 2014.

**Kinross Agreement**

On April 5, 2013 we exercised an option to acquire three mineral leases located in Okanogan County, Washington, pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. and Northern Adventures, Inc. (NAI) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to us on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  The original option was granted by HydroImaging, Inc (Hydro), a private company owned solely by David Boleneus, currently a member of our board of directors, to NAI on June 25, 2012.  Under the terms of the original option Hydro granted the right to acquire ten leases granted by the Department of Natural Resources for the State of Washington totaling 4,583.76 acres and 27 unpatented mining claims located in the Toroda Creek-Wauconda Mining district in Okanogan country in the State of Washington for the payment of an exercise price of $10,000.

An amendment to the Option to Purchase Mineral Leases on December 7, 2012 provided Hydro the authority to enter into a Mining Lease and Assignment agreement with Kinross Gold USA, Inc. (Kinross), as an alternative to transferring the ten leases and subject to Hydro executing an agreement with Kinross.  As an alternative to acquiring the ten leases and pursuant to the amendment, AMCOR was also granted an option to acquire all right, title and interest in any agreement reached between Kinross and Hydro.  On February 28, 2013, Hydro concluded a Mining Lease and Assignment agreement with Kinross transferring seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  The seven state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to the terms of the Kinross agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims.  The remaining three state mining leases totaling 1,649.2 acres will be transferred from Hydro to AMCOR, subject to approval from the Department of Natural Resources for the State of Washington.

Under the terms of the Mining Lease and Assignment agreement Kinross will pay AMCOR production royalties as follows:  a 1% net smelter return royalty on all minerals extracted from the area covered by the 7 leases and a 2.5% net smelter return royalty on all minerals extracted from the area covered by the 27 unpatented mining claims.  The amount of royalties to be paid (both production royalties and advance royalty payments) are capped at $3 million per lease.  Kinross will also pay advance royalty payments in the aggregate amount of $1 million as follows:  $15,000 payable within 7 days of February 28, 2013, the effective date, $15,000 payable within 15 days of the effective date, $40,000 payable on February 28, 2014, $50,000 payable on February 28, 2015, and thereafter the annual advance royalty payment is to increase by 5% per year up to a maximum annual payment of $100,000.  Kinross satisfied the initial two $15,000 payments as well as the first year payment of $40,000.  The obligation to pay the advance royalty payment shall cease once an aggregate of $1 million has been paid.  Advance minimum royalty payments shall be creditable against the production royalties.  The production royalty payments for Minerals produced from the state leases shall be capped at $3,000,000 for each of the seven leases, including any advanced royalty payments to be offset.  Kinross also undertakes to make such payments and undertake such other actions necessary to maintain the seven state mining leases and the unpatented claims in effect and good standing.

On February 28, 2013, Hydro concluded the Mining Lease and Assignment agreement with Kinross concerning seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  Seven of the state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to 

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the terms of the Kinross agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims.

**Results of Operations**

Since AMCOR entered exploration stage on March 30, 2012 (inception), it has earned minimal revenue and has incurred a deficit accumulated during the exploration stage of $221,177 through November 30, 2013.  Results of operations for the transition period ended November 30, 2013, compared to the period from March 30, 2012 to December 31, 2012 are as follows:

*Revenue*

We generated no revenue from sale of metal bearing concentrate for the transition period ended November 30, 2013 or for the period from March 30, 212 (inception) through December 31, 2012. 

We earned $30,000 in royalty revenue for the transition period ended November 30, 2013 and none for the period from March 30, 212 (inception) through December 31, 2012.  The cost of revenue was $38,485 for the transition period ended November 30, 2013 in comparison with $49,145 for the period from March 30, 212 (inception) through December 31, 2012.  The increase in royalty revenue is attributed to our two mineral lease joint venture agreements entered into.

*Operating Expenses*

For the transition period ended November 30, 2013, we incurred $134,049 in professional fees and $6,374 in general and administrative expenses in comparison with the period from March 30, 212 (inception) through December 31, 2012 where we incurred $2,259 in professional fees and $8 in general and administrative expenses.  The increase in professional fees and general and administrative expenses was attributable to the cost associated with SEC reporting.  We expect operating expenses for our 2014 fiscal year to remain comparable in comparison with that for our 2013 transition period.

**Liquidity and Capital Resources**

With respect to long term liquidity (periods in excess of one year), we are unable to reasonably project or otherwise make assumptions concerning future cash flows or amounts of funds that may be available to us.  With additional funding to carry on and support operations, management anticipates that our operating expenses would increase in the long-term as a result of an increase in sales and marketing activities, as well as general and administrative costs. Long-term liquidity is directly dependent upon either the future success of our business or our ability to identify and acquire a favorable business opportunity through merger or acquisition.  Without reasonable funding in the near future, we would attempt to enter into one or more business transactions that could involve a merger or sale of our company and/or the sale of some or all of its assets to protect our shareholders’ interest and investments.  No binding merger or acquisition agreements have been entered into at this time.

Net cash used in operating activities for the transition period ended November 30, 2013 was $95,913 which includes net loss of $150,207, offset by decrease in prepaid expenses of $4,382 and increases in accounts payable of $48,613 and accrued expense of $1,299.

Net cash provided by investing activities for the transition period ended November 30, 2013 was $2,500 which includes cash used in purchase of mineral rights of $10,000 offset by cash provided by return of investment in mineral rights of $12,500.

Net cash provided by financing activities for the transition period ended November 30, 2013 was $83,500 which includes cash proceeds from notes payable and convertible notes payable of $31,000 and cash proceeds from sale of common stock of $60,000 offset by cash used in repayments of notes payable and convertible notes payable of $7,500.

Our cash in the bank at November 30, 2013 was $138.  We do not have any available lines of credit.  Since inception we have financed our operations from private placements of equity securities, royalty revenue, and loans.  On November 30, 2013, we had $15,500 due for convertible notes payable, 20,000 due for related party convertible notes payable, and $2,500 due for notes payable.  We intend to pay these notes from private placements of equity securities and royalty revenue, but if we are unable to raise additional capital or receive further loans on an as needed basis, we will have to curtail or cease our operations.
Our recent cash burn rate in our operations over the eleven months ended November 30, 2013, has been approximately $13,500 per month.  We expect that that cash burn rate to remain constant over the next quarter.  Given this recent rate of use of cash in our operations, we do not have sufficient capital to carry on operations past April 2014.  Our long term capital requirements and the adequacy of our available funds will depend on many factors, including the reporting company costs, public relations fees, and operating expenses, among others.  If we are unable to raise additional capital to repay loans, generate sufficient revenue, or receive further loans on an as needed basis, we will have to curtail or cease our operations.

- 40 -

We believe that we could experience negative operating cash flow for the foreseeable future.  At November 30, 2013, we had outstanding liabilities of $118,137 of which $38,000 was due to convertible and non-convertible notes payable.  If our outstanding non-convertible loans are not repaid before December 31, 2014 and our convertible debt is not converted to equity before December 31, 2014, and we cannot repay this debt on the maturity date, we will be required to ask for extensions from the lenders or engage in another equity offering to provide capital to repay the debt.  If the lenders do not convert their debt to equity and we cannot raise further capital through and equity offering, there is a high probability that the company would become insolvent and could potentially go out of business.

Our existing cash position is not sufficient to support our operations.  Accordingly, we continue to examine a range of possible funding sources, including additional strategic alliances, additional equity or debt private placements, the sale of existing assets, as well as the possibility of entering into one or more business transactions that could involve a merger or sale of our company and/or the sale of some or all of its assets.  We do not currently have any contractual restrictions on our ability to incur debt.  Any such indebtedness could contain covenants that would restrict our operations.  There can be no assurance that additional financing will be available on terms favorable to us, or at all.  If equity or convertible debt securities are issued, the percentage ownership of our stockholders will be reduced, stockholders may experience additional dilution and such securities may have rights, preferences or privileges senior to those of our common stock.  This effect is attributed to the fact that while additional shares of common stock are issued from our treasury, our earnings at that particular moment remain consistent and, therefore, the earnings per share decreases.  If we are unsuccessful in these efforts, we will be required to curtail our ongoing operations.  If we were unable to sufficiently curtail our costs in such a situation, we might be forced to seek protection of the courts through reorganization, bankruptcy or insolvency proceeding, or cease operations completely.

**Going Concern**

Our independent auditors have included an explanatory paragraph in their report on the audits of our consolidated financial statements for the transition period ended November 30, 2013 and for the period from March 30, 2012 (inception) through December 31, 2012, which express substantial doubt about our ability to continue as a going concern.  As discussed in Note 3 to the consolidated financial statements included in this 10-K, we have suffered recurring losses from operations since inception and have a deficit accumulated during the exploration stage  that raises substantial doubt about the Company’s ability to continue as a going concern. 

**Critical Accounting Policies and Estimates**

Please see Note 2 of the financial statements.

**Subsequent Events**

On December 1, 2013, a $7,500 loan repayment was made to director Manuel Graiwer for his June 6, 2013 loan in the amount of $20,000.

On December 5, 2013, we issued a promissory note to Manuel Graiwer, a director of the Company, in the principal amount of $20,000 with interest at 6% per annum maturing on January 14, 2014, which was subsequently extended to December 31, 2014.

On December 10, 2013, we issued a promissory note to an unrelated third party entity in the principal amount of $300 with interest at 5% per annum maturing on December 31, 2014.

The four leases including the Monitor, Bayhorse, Vienna, Quartz Creek, and Trout Creek required first anniversary payments by the Company but no payments have been made and the first anniversary royalty payment was deferred until December 31, 2014 or payable within ten business days after the Company secures funding in excess of $500,000.

The first year's work requirement for each lease has also been deferred, allowed to be accomplished at the earliest possible time, weather permitting.

Transatlantic Mining Corp. (TMC) (formerly Archean Resources) agreed to issue 500,000 shares of its restricted common stock to AMCOR on, or before, February 5, 2014, per the joint venture option agreement's second year requirements related to the Monitor mine, but these shares were not issued until March 12, 2014.  The Company has also given TMC a six month extension of time to meet the minimum year one $700,000 work requirement of called for in the joint venture option agreement pertaining to the Monitor-Richmond property executed on February 5, 2013.  As of November 20, 2013, only $485,000 had been expended by TMC on the Monitor-Richmond property.

On December 4, 2013, AMCOR signed an Option and Joint Venture Agreement with BSI, a Canadian mineral exploration company, whereby BSI can acquire an option to earn an 80% interest in the Bayhorse Silver Mine ("Bayhorse") in east-central Oregon State.  The terms of the Agreement called for a payment of US$20,000 from BSI to AMCOR subsequent to the execution of the agreement and that payment was received on December 5, 2013.  To earn the 80% interest the BSI is required to conduct a minimum of 

- 41 -

US$100,000 per year on exploration expenditures on the property on, or before, each of the first two anniversaries of the Agreement, US$300,000 on or before the third anniversary of the Agreement and expend US$500,000 on or before the fourth and fifth anniversaries of the Agreement. In addition, BSI issued 500,000 shares of its restricted common stock to AMCOR, per the agreement, on December 16, 2013.  An additional 500,000 restricted shares of BSI shall be issued to AMCOR on the third anniversary of the Agreement and 500,000 restricted shares on the fifth anniversary of the Agreement.  BSI will assume the obligations of the underlying lease agreement with Northern Adventures, Inc.

On December 16, 2013, the Company received 500,000 shares of BSI common stock, which was valued at CAD50,000 based on CAD0.10 per share on the date of issuance (CAD1 approximates $1) and recorded as return of investment in mineral rights.

On December 24, 2013 and December 27, 2013 BSI paid the Company two payment of $10,000 each, or $20,000 in aggregate, which was recorded as return of investment in mineral rights.

On February 12, 2014, Bayhorse Silver Inc. issued 125,000 shares of its subsidiary, Silcom Systems Inc. (Silcom), restricted common stock to the Company for no consideration.  The issuance was dividend shares from their subsidiary, Silcom, given to shareholders of Bayhorse Silver Inc.  There is no market for the shares currently.

Kinross Gold USA, Inc. paid $40,000 to the Company on March 3, 2014, to keep its lease on the Company’s Washington State Mineral Prospecting Leases current for an additional year pursuant the joint venture agreement.

**ITEM 7****A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not applicable.

**ITEM 8.  FINANCIAL STATEMENTS**

**AMERICAN CORDILLERA MINING CORPORATION**

**INDEX TO FINANCIAL STATEMENTS**

Report of Independent Registered Public Accounting Firm

 

43

Consolidated Balance Sheets at November 30, 2013 and December 31, 2012

 

44

Consolidated Statements of Operations for the Transition Period Ended November 30, 2013, for the Period from March 30, 2012 (inception) through December 31, 2012, and for the Period from March 30, 2012 (inception) through November 30, 2013

 

45

Consolidated Statement of Stockholders’ Equity for the Period from March 30, 2012 (inception) through November 30, 2013

 

46

Consolidated Statements of Cash Flows for the Transition Period Ended November 30, 2013, for the Period from March 30, 2012 (inception) through December 31, 2012, and for the Period from March 30, 2012 (inception) through November 30, 2013

 

47

Notes to Consolidated Financial Statements

 

48

- 42 -

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of

American Cordillera Mining Corporation

An Exploration Stage Company

We have audited the accompanying consolidated balance sheets of American Cordillera Mining Corporation (the “Company”) as of November 30, 2013 and December 31, 2012, and the related statements of operations, stockholders’ equity (deficit) and cash flows for the transition period ended November 30, 2013, for the period from March 30, 2012 (inception) through December 31, 2012, and for the period from March 30, 2012 (inception) through November 30, 2013.  These consolidated financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.  Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

The Company’s consolidated balance sheet as of December 31, 2012 and the related consolidated statements of operations, stockholder’s equity and cash flows for the period from March 30, 2012 (inception) through December 31, 2012 have been restated.  The restatements of the consolidated financial statements are described in Note 12.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of November 30, 2013 and December 31, 2012, and the results of its operations and its cash flows for the transition period ended November 30, 2013, for the period from March 30, 2012 (inception) through December 31, 2012, and for the period from March 30, 2012 (inception) through November 30, 2013 in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 3 to the consolidated financial statements, the Company had a deficit accumulated during the exploration stage at November 30, 2013, and had a net loss and net cash used in operating activities for the transition period then ended.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.  Management’s plans in regards to these matters are also described in Note 3.  The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/Li and Company, PC

Li and Company, PC

Skillman, New Jersey

March 28, 2014

- 43 -

**American Cordillera Mining Corporation**

**(An Exploration Stage Company)**

**Consolidated Balance Sheets**

 

 

 

 

 

 

**November 30, 2013**

 

 

**December 31, 2012**

 ASSETS 

 

 

 

 

 

 

 

 

 

 CURRENT ASSETS 

 

 

 

 

 

 

 

 

 

 

 Cash 

 

 

$

138 

 

 

$

10,051 

 

 

 Marketable securities 

 

 

 

40,000 

 

 

 

- 

 

 

 Prepaid expenses 

 

 

 

- 

 

 

 

4,382 

 

 

 

 Total current assets 

 

 

 

40,138 

 

 

 

14,433 

 

 Mineral rights 

 

 

 

422,064 

 

 

 

484,564 

 

 TOTAL ASSETS 

 

 

$

462,202 

 

 

$

498,997 

 

 

 

 

 

 

 

 

 

 

 

 

 LIABILITIES AND STOCKHOLDERS' EQUITY 

 

 

 

 

 

 

 

 

 

 CURRENT LIABILITIES 

 

 

 

 

 

 

 

 

 

 

 Accounts payable  

 

 

$

78,838 

 

 

$

30,225 

 

 

 Accrued expenses 

 

 

 

1,299 

 

 

 

- 

 

 

 Convertible notes payable  

 

 

 

15,500 

 

 

 

10,000 

 

 

 Convertible notes payable - related party 

 

 

 

20,000 

 

 

 

- 

 

 

 Notes payable 

 

 

 

2,500 

 

 

 

4,500 

 

 

 

 Total current liabilities 

 

 

 

118,137 

 

 

 

44,725 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total liabilities 

 

 

 

113,137 

 

 

 

44,725 

 

 

 

 

 

 

 

 

 

 

 

 

 

 COMMITMENTS AND CONTINGENCIES 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 STOCKHOLDERS' EQUITY 

 

 

 

 

 

 

 

 

 

 

 Preferred stock par value $0.001: 10,000,000 shares authorized; 

 

 

 

 

 

 

 

 

 

 

 

 10,000,000 shares designated 

 

 

 

 

 

 

 

 

 

 

 Common stock par value $0.001: 200,000,000 shares authorized; 

 

 

 

 

 

 

 

 

 

 

 

 89,882,679 and 88,742,679 shares issued and outstanding, respectively 

 

 

89,883 

 

 

 

88,743 

 

 

 Additional paid-in capital 

 

 

 

495,359 

 

 

 

436,499 

 

 

 Deficit accumulated during the exploration stage 

 

 

 

(221,177)

 

 

 

(70,970)

 

 

 Accumulated other comprehensive income (loss) 

 

 

 

 

 

 

 

 

 

 

 

 Change in unrealized gain (loss) of marketable securities 

 

 

 

(20,000)

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total Stockholders' Equity 

 

 

 

344,065 

 

 

 

454,272 

 

 

 

 

 

 

 

 

 

 

 

 

 

 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 

 

 

$

462,202 

 

 

$

498,997 

 

 

 

 

 

 

 

 

 

 

 

 

 See accompanying notes to the consolidated financial statements. 

- 44 -

**American Cordillera Mining Corporation**

**(An Exploration Stage Company)**

**Consolidated Statements of Operations and Comprehensive Income (Loss)**

 

 

 

 

 

 

 

 

 

 

 

**For the Transition**

 

 

**For the Period from**

 

 

**For the Period from**

 

 

 

 

 

 

 

 

 

 

**Period**

 

 

**March 30, 2012**

 

 

**March 30, 2012**

 

 

 

 

 

 

 

 

 

 

**Ended**

 

 

**(inception) through**

 

 

**(inception) through**

 

 

 

 

 

 

 

 

 

 

**November 30, 2013**

 

 

**December 31, 2012**

 

 

**November 30, 2013**

 

 

 

 

 

 

 

 

 

 

 

 

 

**(Restated)**

 

 

 

 

 Revenue earned during the exploration stage 

 

 

 

 

 

 

 

 

 

 

 

 Revenue from sale of metal bearing concentrate 

 $ 

- 

 

 

 $ 

- 

 

 

 $ 

- 

 

 Royalty revenue 

 

 

 

 

 

 

 

 

30,000 

 

 

 

- 

 

 

 

30,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Revenue earned during the exploration stage 

 

30,000 

 

 

 

- 

 

 

 

30,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cost of revenue 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cost of revenue 

 

 

 

 

 

 

 

 

38,485 

 

 

 

49,145 

 

 

 

87,630 

 

 Royalty expense 

 

 

 

 

 

 

 

 

- 

 

 

 

- 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total cost of revenue 

 

 

 

 

 

 

 

 

38,485 

 

 

 

49,145 

 

 

 

87,630 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Gross Margin 

 

 

 

 

 

 

 

 

(8,485)

 

 

 

(49,145)

 

 

 

(57,630)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Operating expenses 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Professional fees 

 

 

 

 

 

 

 

 

134,049 

 

 

 

2,259 

 

 

 

136,308 

 

 General and administrative 

 

 

 

 

 

 

 

 

6,374 

 

 

 

8 

 

 

 

6,382 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total operating expenses 

 

 

 

 

 

 

 

 

140,423 

 

 

 

2,267 

 

 

 

142,690 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Loss from operations 

 

 

 

 

 

 

 

 

(148,908)

 

 

 

(51,412)

 

 

 

(200,320)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Other (income) expenses 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Interest expense 

 

 

 

 

 

 

 

 

1,299 

 

 

 

19,558 

 

 

 

20,857 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Other (income) expenses, net 

 

 

 

 

 

1,299 

 

 

 

19,558 

 

 

 

20,857 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Loss before income tax provision 

 

 

 

 

 

(150,207)

 

 

 

(70,970)

 

 

 

(221,177)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Income tax provision 

 

 

 

 

 

 

 

 

- 

 

 

 

- 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net loss 

 

 

 

 

 

 

 

 

(150,207)

 

 

 

(70,970)

 

 

 

(221,177)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Other comprehensive income (loss) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Unrealized gain (loss) from marketable securities 

 

(20,000)

 

 

 

- 

 

 

 

(20,000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comprehensive loss 

 

 

 

 

 

 

 

 $ 

(170,207)

 

 

 $ 

(70,970)

 

 

 $ 

(241,177)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net loss per common share 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 - Basic and diluted 

 

 

 

 

 

 

 

 $ 

(0.00)

 

 

 $ 

(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Weighted average common shares outstanding 

 

 

 

 

 

 

 

 

 

 

 

 - Basic and diluted 

 

 

 

 

 

 

 

 

89,179,829 

 

 

 

71,573,042 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 See accompanying notes to the consolidated financial statements. 

- 45 -

**American Cordillera Mining Corporation**

**(An Exploration Stage Company)**

**Consolidated Statement of Stockholders' Equity**

**For the period from March 30, 2012 (inception) through November 30, 2013**

**For the transition period ended November 30, 2013 and for the period from March 30, 2012 (inception) through November 30, 2013**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** Other Comprehensive**

 

 

 

 

 

 

 

** Common Stock Par Value $0.001**

 

 

 

 

** Deficit Accumulated  **

 

** Income (Loss)**

 

** Total**

 

 

 

 

** Number**

 

 

 

 

**Additional**

 

** During the**

 

** Unrealized gain (loss) of**

 

** Stockholders'**

 

 

 

 

** of Shares**

 

**Amount**

 

**Paid-in Capital**

 

** Exploration Stage**

 

** Marketable Securities**

 

** Equity  **

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Balance, March 30, 2012 

 

-

 

$ 

-

   

$ 

- 

   

$ 

- 

   

$ 

-

   

$ 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Shares issued for acquisition of mining property 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 upon formation 

 

71,500,000

 

 

71,500

   

 

- 

 

 

 

 

 

 

   

 

71,500 

 Reverse acquisition adjustment 

 

6,701,111

 

 

6,701

 

 

(80,037)

 

 

 

 

 

 

 

 

(73,336)

 Shares issued for conversion of convertible notes 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 on December 28, 2012 

 

9,720,000

 

 

9,720

 

 

476,280 

 

 

 

 

 

 

 

 

486,000 

 Shares issued for conversion of accrued interest 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 on December 28, 2012 

 

821,568

 

 

822

 

 

40,256 

 

 

 

 

 

 

 

 

41,078 

 Net loss 

 

 

 

 

 

 

 

 

 

 

(70,970)

 

 

 

 

 

(70,970)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Balance, December 31, 2012 

 

88,742,679

 

 

88,743

 

 

436,499 

 

 

(70,970)

 

 

-

 

 

454,272 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Shares issued for cash 

 

1,140,000

 

 

1,140

 

 

58,860 

 

 

 

 

 

 

 

 

60,000 

 Comprehensive income (loss) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net loss 

 

 

 

 

 

 

 

 

 

 

(150,207)

 

 

 

 

 

(150,207)

 

 Other comprehensive income 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Unrealized gain (loss) of marketable securities 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,000)

 

 

(20,000)

 

 

 Total comprehensive income (loss) 

 

 

 

 

 

 

 

 

 

 

(150,207)

 

 

(20,000)

 

 

(170,207)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Balance, November 30, 2013 

 

89,882,679

 

$ 

89,883

 

$ 

495,359 

 

$ 

(221,177)

 

$ 

(20,000)

 

$ 

344,065 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 See accompanying notes to the consolidated financial statements. 

- 46 -

**American Cordillera Mining Corporation**

**(An Exploration Stage Company)**

**Consolidated Statements of Cash Flows**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**For the Period from**

 

 

**For the Period from**

 

 

 

 

 

 

 

 

 

 

**For the 11 Months**

 

 

**March 30, 2012**

 

 

**March 30, 2012**

 

 

 

 

 

 

 

 

 

 

**Ended**

 

 

**(exploration) through**

 

 

**(exploration) through**

 

 

 

 

 

 

 

 

 

 

**November 30,**

**2013**

 

 

**December 31,**

**2012**

 

 

**November 30,**

**2013**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 CASH FLOWS FROM OPERATING ACTIVITIES 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net loss 

 

 

 

 

 

 

 

 $ 

(150,207)

 

 

$ 

(70,970)

 

 

$

(221,177)

 

 Adjustments to reconcile net loss to net cash used by operations: 

 

 

 

 

 

 

 

 

 

 

 

 

 Changes in operating assets and liabilities: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Prepaid expenses 

 

 

 

 

 

 

 

 

4,382 

 

 

 

- 

 

 

 

4,382 

 

 

 Accounts payable 

 

 

 

 

 

 

 

 

48,613 

 

 

 

2,259 

 

 

 

50,872 

 

 

 Accrued expenses 

 

 

 

 

 

 

 

 

1,299 

 

 

 

19,558 

 

 

 

20,857 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net cash used by operating activities 

 

 

 

 

 

 

 

 

(95,913)

 

 

 

(49,153)

 

 

 

(145,066)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 CASH FLOWS FROM INVESTING ACTIVITIES 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash acquired from business acquisition 

 

 

 

 

 

 

 

 

- 

 

 

 

49,204 

 

 

 

49,204 

 

 Purchase of mineral rights 

 

 

 

 

 

 

 

 

(10,000)

 

 

 

(382,500)

 

 

 

(392,500)

 

 Return of investment in mineral rights

 

 

 

 

 

 

 

 

12,500 

 

 

 

- 

 

 

 

12,500 

 

 

 Net cash provided by (used in) investing activities 

 

 

2,500 

 

 

 

(333,296)

 

 

 

(330,796)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 CASH FLOWS FROM FINANCING ACTIVITIES 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Proceeds from convertible notes payable 

 

 

 

 

 

 

 

 

8,500 

 

 

 

392,500 

 

 

 

401,000 

 

 Repayments of convertible notes payable  

 

 

 

 

 

 

 

 

(3,000)

 

 

 

- 

 

 

 

(3,000)

 

 Proceeds from convertible notes payable - related party 

 

 

20,000 

 

 

 

- 

 

 

 

20,000 

 

 Proceeds from notes payable 

 

 

 

 

 

 

 

 

2,500 

 

 

 

- 

 

 

 

2,500 

 

 Repayments of notes payable  

 

 

 

 

 

 

 

 

(4,500)

 

 

 

- 

 

 

 

(4,500)

 

 Proceeds from sale of common stock 

 

 

 

 

 

 

 

 

60,000 

 

 

 

- 

 

 

 

60,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net cash provided by financing activities 

 

 

 

 

 

 

 

 

83,500 

 

 

 

392,500 

 

 

 

476,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 NET CHANGE IN CASH 

 

 

 

 

 

 

 

 

(9,913)

 

 

 

10,051 

 

 

 

138 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 CASH, BEGINNING OF PERIOD 

 

 

 

 

 

 

 

 

10,051 

 

 

 

- 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 CASH, END OF PERIOD 

 

 

 

 

 

 

 

 $ 

138 

 

 

$ 

10,051 

 

 

$

138 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 SUPPLEMENTAL CASH FLOW DISCLOSURES: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Interest paid 

 

 

 

 

 

 

 

 $ 

- 

 

 

$

- 

 

 

$

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Income tax paid 

 

 

 

 

 

 

 

 $ 

- 

 

 

$

- 

 

 

$

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 NON-CASH INVESTING AND FINANCING ACTIVITES 

 

 

 

 

 

 

 

 

 

 

 

 

 Common shares issued for acquisition of mineral rights 

 

 $ 

- 

 

 

$ 

71,500 

 

 

$

71,500 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Common shares issued for conversion of accrued interest 

 

 $ 

- 

 

 

$

30,564 

 

 

$

30,564 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 See accompanying notes to the consolidated financial statements. 

- 47 -

**American Cordillera Mining Corporation**

**Notes to the Financial Statements**

**November 30, 2013 and December 31, 2012**

**Note 1 - Organization and Operations**

*GCJ, Inc. (formerly Chad Guidry, Inc.)*

GCJ, Inc. (formerly Chad Guidry, Inc.) was incorporated under the laws of the State of Nevada on March 30, 2004 as a blank check company.  GCJ, Inc. was inactive prior to merging with and into APD Antiquities, Inc.

*American Cordillera Mining Corporation (formally APD Antiquities, Inc.) and Plan of Merger*

APD Antiquities, Inc. (“APD”) was incorporated under the laws of the State of Nevada on July 23, 1996.  On December 27, 2004, APD and GCJ, Inc. entered into to an Acquisition Agreement and Plan of Merger, whereby APD acquired all of the outstanding shares of common stock of GCJ from its sole stockholder in exchange for $3,600 and GCJ, Inc. was merged with and into APD with APD as the surviving company. Pursuant to Rule 12g-3(g) of the General Rules and Regulations of the Securities and Exchange Commission, APD is the successor issuer to GCJ for reporting purposes under the Securities Exchange Act of 1934, as amended (the "Act"). The purpose of this transaction was for APD to succeed the registration status of GCJ under the Exchange Act pursuant to Rule 12g-3.

APD Antiquities, Inc. engaged in acquiring, importing, marketing, and selling valuable antiquity and art items of Asian origin.

On October 17, 2011, upon written consent of the majority of the Company’s Board of Directors, dated October 14, 2011, the majority shareholders of the Company, adopted and implemented a name change from APD Antiquities, Inc. to American Cordillera Mining Corporation (“AMCOR” or “the Company”) to reflect its intended acquisition of Northern Adventures, Inc., effective upon the filing of the Certificate of Amendment to the Articles of Incorporation with the Secretary of the State of the State of Nevada on December 12, 2012.

The Company discontinued its prior antiquity business upon consummation of the asset purchase agreement (“Asset Purchase Agreement”) with Northern Adventures, Inc. and all of the shareholders of Northern Adventures, Inc. on December 28, 2012.

*Northern Adventures, Inc.*

Northern Adventures, Inc. (“NAI”) was incorporated on March 30, 2012 under the laws of the State of Nevada.  NAI engages in mining exploration in North America.

*Acquisition of Northern Adventures, Inc. Treated as a Reverse Acquisition*

On December 28, 2012 (the "Closing Date"), an asset purchase agreement (“Asset Purchase Agreement”) was executed, by and among AMCOR, AMCOR Exploration, Inc. (a wholly owned subsidiary of AMCOR) and Northern Adventures, Inc. (“NAI”).  In consideration for the acquisition of all of the mining assets that comprise the “Northern Adventures, Inc.” business (the “NAI Mining Assets”), AMCOR (i) exchanged debt owed by NAI in the amount of $382,500 and accrued interest in the amount of $30,564 through November 30, 2012, and (ii) issued 71,500,000 shares of AMCOR restricted common stock, valued at par value $0.001 or $71,500, to NAI, which was subsequently transferred to NAI shareholders.  Pursuant to the terms and conditions of the Asset Purchase Agreement, the Company acquired substantially all of NAI’s mining assets made up of the following nine projects which will be owned outright by the Company or controlled pursuant to mineral lease agreements or options to acquire leases: 1) an agreement to explore and acquire the Bayhorse silver mine consisting of 3 patented and 21 unpatented claims located in Baker County, Oregon; 2) a lease agreement pertaining to 37 unpatented mining claims located on Quartz Creek, in Mineral County, Montana; 3) a lease agreement pertaining to 58 unpatented mining claims located Trout Creek, in Mineral County, Montana; 4) a lease agreement pertaining to 18 unpatented mining claims referred to as the Vienna prospect locate in Shoshone County, Idaho; 5) a lease agreement pertaining to the Monitor-Richmond and Copper Age mines consisting of a total of 20 unpatented mining claims located in Shoshone County, Idaho; 6) the option to acquire ten leases granted by the State of Washington covering 4,664 acres of state mineral leases and 27 unpatented mining claims known as the Torada Creek Project in the Bodie Mining District in Okanogan County, Washington; 7) acquisition agreements pertaining to 15 unpatented mining claims located in Stevens County, Washington referred to as the Box Group; 8) acquisition agreements pertaining to 15 unpatented mining claims located in Stevens County, Washington referred to as the McKinley-McNally Property; and 9) directly owned all right, title, and claim to 26 unpatented claims commonly known as the North Moccasin Project or Plum Claims located in Fergus County, Montana.

Immediately following the consummation of the Asset Purchase Agreement: (i) the former security holders of Northern Adventures, Inc. common stock had an approximate 80.6% voting interest in the Company and the Company stockholders retained an approximate 19.4% voting interest, (ii) the former board of directors and executive management team of Northern Adventures, Inc. remained as the 

- 48 -

only continuing board of directors and executive management team for the Company, and (iii) the Company’s ongoing operations consisted solely of the ongoing operations of Northern Adventures, Inc. Based primarily on these factors, for financial statement reporting purposes, the Acquisition was accounted for as a reverse acquisition and a recapitalization, the merger between the Company and NAI has been treated as a reverse acquisition with NAI deemed the accounting acquirer and the Company deemed the accounting acquiree under the acquisition method of accounting in accordance with Section 805-10-55 of the FASB Accounting Standards Codification.  The reverse acquisition is deemed a capital transaction and the net assets of NAI (the accounting acquirer) are carried forward to the Company (the legal acquirer and the reporting entity) at their carrying value before the acquisition.  The acquisition process utilizes the capital structure of the Company and the assets and liabilities of NAI which are recorded at their historical costs.  The equity of the Company is the historical equity of NAI retroactively restated to reflect the number of shares issued by the Company in the transaction.  As a result, these financial statements reflect the historical results of Northern Adventures, Inc. prior to the Acquisition, and the combined results of the Company following the Acquisition.

**Note 2 – Significant and Critical Accounting Policies and Practices**

The Management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness of accounting policies and their application.  Critical accounting policies and practices are those that are both most important to the portrayal of the Company’s financial condition and results and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The Company’s significant and critical accounting policies and practices are disclosed below as required by generally accepted accounting principles.

*Basis of Presentation*

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

*Fiscal Year End*

On December 31, 2012, the Board of Directors of the Company (the “Board”) approved a change in the Company’s fiscal year end from December 31 to November 30. As a result of this change, the Company is filing a Transition Report on Form 10-K for the 11 month transition period ended November 30, 2013.

*Exploration Stage Company*

The Company has established the existence of mineralized material, however it has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for mineralized material. As a result, the Company remains in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established..

*Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions*

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s).

Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates and assumptions affecting the financial statements were:

*(i)*

*Assumption as a going concern*: Management assumes that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business;

*(ii)*

*Fair value of long-lived assets*: Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.  If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes.  The Company evaluates 

- 49 -

acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

*(iii)*

*Valuation allowance for deferred tax assets*: Management assumes that the realization of the Company’s net deferred tax assets resulting from its net operating loss (“NOL”) carry–forwards for Federal income tax purposes that may be offset against future taxable income was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by a full valuation allowance. Management made this assumption based on (a) the Company has incurred recurring losses, (b) general economic conditions, and (c) its ability to raise additional funds to support its daily operations by way of a public or private offering, among other factors.

These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions.  After such evaluations, if deemed appropriate, those estimates are adjusted accordingly.

Actual results could differ from those estimates.

*Principles of Consolidation*

The Company applies the guidance of Topic 810 *“Consolidation”*of the FASB Accounting Standards Codification ("ASC") to determine whether and how to consolidate another entity.  Pursuant to ASC Paragraph 810-10-15-10 all majority-owned subsidiaries—all entities in which a parent has a controlling financial interest—shall be consolidated except (1) when control does not rest with the parent, the majority owner; (2) if the parent is a broker-dealer within the scope of Topic 940 and control is likely to be temporary; (3) consolidation by an investment company within the scope of Topic 946 of a non-investment-company investee.  Pursuant to ASC Paragraph 810-10-15-8 the usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, of more than 50 percent of the outstanding voting shares of another entity is a condition pointing toward consolidation.  The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders, or by court decree. The Company consolidates all less-than-majority-owned subsidiaries, if any, in which the parent’s power to control exists.

The Company's consolidated subsidiaries and/or entities are as follows:

**Name of consolidated**

**subsidiary or entity**

**State or other jurisdiction of incorporation or organization**

**Date of incorporation**

**or formation**

**(date of acquisition, if applicable)**

**Attributable interest**

 

 

 

 

Northern Adventures, Inc. (“NAI”)

The State of Nevada

March 30, 2012

100%

 

 

 

 

American Cordillera Mining Corp.

The State of Nevada

July 23, 1996

(December 28, 2012)

100%

The consolidated financial statements include all accounts of NAI as of November 30, 2013 and December 31, 2012 and for the reporting periods then ended, all accounts of the Company as of November 30, 2013 and December 31, 2012 and for the reporting period ended November 30, 2013 and for the period from December 28, 2012 (date of acquisition) through December 31, 2012.

All inter-company balances and transactions have been eliminated.

*Fair Value of Financial Instruments*

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

- 50 -

Level 1

 

Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

 

 

 

Level 2

 

Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

 

 

 

Level 3

 

Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable, and accrued expenses, approximate their fair values because of the short maturity of these instruments.

The Company’s convertible notes payable and notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at November 30, 2013 and December 31, 2012.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

*Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis*

*Level 1 Financial Assets – Marketable Securities*

The Company uses Level 1 of the fair value hierarchy to measure the fair value of the marketable securities and marks the available for sale marketable securities at fair value in the statement of financial position at each balance sheet date and reports the unrealized holding gains and losses for available-for-sale securities in other comprehensive income (loss), until realized, provided the unrealized holding gains and losses is temporary.  If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, and it is determined that the impairment is other than temporary, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period.

*Carrying Value, Recoverability and Impairment of Long-Lived Assets*

The Company has adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, which include mineral rights, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets.  Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.  If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives.

The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes.  The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

The impairment charges, if any, is included in operating expenses in the accompanying statements of operations.

- 51 -

*Cash Equivalents*

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

*Marketable Debt and Equity Securities, Available for Sale*

The Company accounts for marketable debt and equity securities, available for sale, in accordance with sub-topic 320-10 of the FASB Accounting Standards Codification (“Sub-topic 320-10”).

Pursuant to Paragraph 320-10-35-1, investments in debt securities that are classified as available for sale and equity securities that have readily determinable fair values that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized except an available-for-sale security that is designated as being hedged in a fair value hedge, from which all or a portion of the unrealized holding gain and loss of shall be recognized in earnings during the period of the hedge, pursuant to paragraphs 815-25-35-1 through 815-25-35-4.
The Company follows Paragraphs 320-10-35-17 through 34E and assess whether an investment is impaired in each reporting period.  An investment is impaired if the fair value of the investment is less than its cost. Impairment indicators include, but are not limited to the following: a. a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; b. a significant adverse change in the regulatory, economic, or technological environment of the investee; c. a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; d. a bona fide offer to purchase (whether solicited or unsolicited), an offer by the investee to sell, or a completed auction process for the same or similar security for an amount less than the cost of the investment; e. factors that raise significant concerns about the investee's ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, the impairment is either temporary or other than temporary.  Pursuant to Paragraph 320-10-35-34, if it is determined that the impairment is other than temporary, then an impairment loss shall be recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The measurement of the impairment shall not include partial recoveries after the balance sheet date. The fair value of the investment would then become the new basis of the investment and shall not be adjusted for subsequent recoveries in fair value.  For presentation purpose, the entity shall recognize and present the total other-than-temporary impairment in the statement of earnings with an offset for the amount of the total other-than-temporary impairment that is recognized in other comprehensive income, in accordance with paragraph 320-10-35-34D, if any, pursuant to Paragraph 320-10-45-8A; and separately present, in the financial statement in which the components of accumulated other comprehensive income are reported, amounts recognized therein related to held-to-maturity and available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized in earnings pursuant to Paragraph 320-10-45-9A.  Pursuant to Paragraphs 320-10-35-36 and 37 the entire change in the fair value of foreign-currency-denominated available-for-sale debt securities shall be reported in other comprehensive income and An entity holding a foreign-currency-denominated available-for-sale debt security is required to consider, among other things, changes in market interest rates and foreign exchange rates since acquisition in determining whether an other-than-temporary impairment has occurred.
*Mineral Rights/Properties*

The Company follows Section 930 of the FASB Accounting Standards Codification for its mineral properties.  Costs of acquisition and option costs of mineral rights/properties are capitalized upon acquisition pending determination of whether the drilling or lab testing has found proven reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study.  If a mineral ore body is discovered, capitalized costs will be amortized on a unit-of-production basis following the commencement of production.  Otherwise, capitalized acquisition costs are expensed when it is determined that the mineral property has no future economic value.  General exploration costs and costs to maintain rights and leases, including rights of access to lands for geophysical work and salaries, equipment, and supplies for geologists and geophysical crews are expensed as incurred.  When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves, further exploration costs and development costs as well as interest costs relating to exploration and development projects that require greater than six (6) months to be readied for their intended use, incurred after such determination, will be capitalized.  The establishment of proven and probable reserves is based on results of final feasibility studies which indicate whether a property is economically feasible.  Upon commencement of commercial production, capitalized costs will be transferred to the appropriate asset categories and amortized on a unit-of-production basis.  Where proven and probable reserves have not been established, such capitalized expenditures are depleted over the estimated production life, upon commencement of extraction, using the straight-line method. Capitalized costs, net of salvage values, relating to a deposit which is abandoned or considered uneconomic for the foreseeable future will be written off.  The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the unit-of-production amortization rate.  A gain or loss will 

- 52 -

be recognized for all other sales of proved properties and will be classified in other operating revenues.  Maintenance and repairs are charged to expense, and renewals and betterments are capitalized to the appropriate property and equipment accounts.

The provision for depreciation, depletion and amortization (“DD&A”) of mineral properties will be calculated on a property-by-property basis using the unit-of-production method.  Taken into consideration in the calculation of DD&A are estimated future dismantlement, restoration and abandonment costs, which are net of estimated salvage values.  Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts.

To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all general exploration costs, if any, are being expensed.

*Mineral Exploration and Mine Development Costs*

All mineral exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the Exploration Stage by establishing proven or probable reserves. Mine development costs incurred to develop mineral deposits, to expand the capacity of mines or to develop mine areas substantially in advance of production are capitalized once proven and probable reserves exist, and the property is determined to be a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the cost of mineral rights will be expensed at that time. Costs of abandoned projects, including related property and equipment costs, are charged to mining costs.

*Restoration Costs (Asset Retirement and Environmental Obligations)*

Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its mine projects to the pre-existing mine area average quality after the completion of mining.

In accordance with ASC 410, Asset Retirement and Environmental Obligations, the Company capitalizes the measured fair value of asset retirement and environmental obligations to mineral rights and properties. ASC 410 requires the Company to record a liability for the present value of the estimated future site restoration and environmental remediation costs with corresponding increase to the carrying amount of the related mineral rights and properties. The asset retirement and environmental obligations are accreted to an undiscounted value until the time at which they are expected to be settled. The accretion expense is charged to earnings and the actual retirement costs are recorded against the asset retirement obligations when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred will be recorded as a gain or loss in the period of settlement.
Environmental expenditures that relate to ongoing environmental and reclamation programs will be charged against statements of operations as incurred or capitalized and amortized depending upon their future economic benefits. Future site restoration and environmental remediation costs, which include extraction equipment removal, site restoration and environmental remediation, are accrued at the end of each reporting period based on management's best estimate of the costs expected to be incurred for each project. Such estimates are determined by the Company's engineering studies which consider the costs of future surface and groundwater activities, current regulations, actual expenses incurred, and technology and industry standards.

On a quarterly basis, the Company reviews the assumptions used to estimate the expected cash flows required to settle the asset retirement obligations, including changes in estimated probabilities, amounts and timing of the settlement of the asset retirement and environmental obligations, as well as changes in the legal obligation requirements at each of its mineral projects. Changes in any one or more of these assumptions may cause revision of asset retirement obligations for the corresponding assets.

*Related Parties*

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

- 53 -

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include:  a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

*Commitments and Contingencies*

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur.  The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.  In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements.  If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.  Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies.  Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

*Foreign Currency Transactions*

The Company applies the guidelines as set out in Section 830-20-35 of the FASB Accounting Standards Codification (“Section 830-20-35”) for foreign currency transactions.  Pursuant to Section 830-20-35 of the FASB Accounting Standards Codification, foreign currency transactions are transactions denominated in currencies other than U.S. Dollar, the Company’s reporting currency or Canadian Dollar, the Company’s operating functional currency.  Foreign currency transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid.  A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss****that generally shall be included in determining net income for the period in which the exchange rate changes. Likewise, a transaction gain or loss (measured from the transaction date****or the most recent intervening balance sheet date, whichever is later) realized upon settlement of a foreign currency transaction generally shall be included in determining net income for the period in which the transaction is settled. The exceptions to this requirement for inclusion in net income of transaction gains and losses pertain to certain intercompany transactions and to transactions that are designated as, and effective as, economic hedges of net investments and foreign currency commitments.  Pursuant to Section 830-20-25 of the FASB Accounting Standards Codification, the following shall apply to all foreign currency transactions of an enterprise and its investees: (a) at the date the transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction shall be measured and recorded in the functional currency of the recording entity by use of the exchange rate in effect at that date as defined in section 830-10-20 of the FASB Accounting Standards Codification; and (b) at each balance sheet date, recorded balances that are denominated in currencies other than the functional currency or reporting currency of the recording entity shall be adjusted to reflect the current exchange rate.

*Revenue Recognition*

The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company will recognize revenue when it is realized or realizable and earned.  The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is 

- 54 -

reasonably assured.  In addition to the aforementioned general policy, the following are the specific revenue recognition policies for each major category of revenue:

*(i)*

*Sale of metals or metal bearing concentrate:*  The Company will derive its revenue from sales contracts with customers with revenues being generated upon the shipment of merchandise.  Persuasive evidence of an arrangement will be demonstrated via sales invoice or contract; product delivery is evidenced by warehouse shipping log as well as a signed bill of lading from the vessel or rail company and title transfers upon shipment, based on free on board (“FOB”) warehouse terms; the sales price to the customer is fixed upon acceptance of the signed purchase order or contract and there is no separate sales rebate, discount, or volume incentive.  Revenue from the sale of metals or metal bearing concentrate may be subject to adjustment upon final settlement of estimated metal or metal bearing concentrate prices, weights and assays, and are recorded as adjustments to revenue in the period of final settlement of prices, weights and assays; such adjustments are typically not material in relation to the initial invoice amounts.

*(ii)*

*Mineral production royalty:*  The Company derives its mineral production royalty from joint venture arrangements with regard to the exploration of mineral rights the Company owns or has under its control. The Company recognizes (i) annual advance minimum royalty payments as revenue in the period when received and (ii) mineral production royalty as revenue in the period when earned based on monthly or quarterly production report from joint ventures provided the collectability of mineral production royalty is reasonable assured.

*Shipping and Handling Costs*

The Company accounts for shipping and handling fees in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification.  While amounts charged to customers for shipping products are included in revenues, the related costs are classified in cost of goods sold as incurred.

*Stock-Based Compensation for Obtaining Employee Services*

The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.  If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows:

·

Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding.  Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior into the fair value (or calculated value) of the instruments.  Pursuant to paragraph 718-10-S99-1, it may be appropriate to use the *simplified method*, *i.e., expected term = ((vesting term + original contractual term) / 2)*, if (i) A company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded; (ii) A company significantly changes the terms of its share option grants or the types of employees that receive share option grants such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term; or (iii) A company has or expects to have significant structural changes in its business such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term. The Company uses the simplified method to calculate expected term of share options and similar instruments as the company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

 

- 55 -

·

Expected volatility of the entity’s shares and the method used to estimate it.  Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index.  The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility.  If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

 

·

Expected annual rate of quarterly dividends.  An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.  The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.

 

·

Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments.

The Company’s policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award.

*Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services*

The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”).

Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.  If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows:

·

Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2 of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments.  The Company uses historical data to estimate holder’s expected exercise behavior.  If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

·

Expected volatility of the entity’s shares and the method used to estimate it.  Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index.  The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility.  If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

 

- 56 -

·

Expected annual rate of quarterly dividends.  An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.  The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.

 

·

Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments.

Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra-equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, non-forfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra-equity by the grantor of the equity instruments. The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.
Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised.
Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded.

*Income Tax Provision*

The Company follows paragraph 740-10-30-2 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date.

The Company adopted the provisions of paragraph 740-10-25-13 of the FASB Accounting Standards Codification.  Paragraph 740-10-25-13.addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.  Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.  The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of paragraph 740-10-25-13.

The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards.  The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary.

- 57 -

Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability.  In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.  In management’s opinion, adequate provisions for income taxes have been made for all years.  If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

*Uncertain Tax Positions*

The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the reporting period ended November 30, 2013 or December 31, 2012.

*Limitation on Utilization of NOLs due to Change in Control*

Pursuant to the Internal Revenue Code Section 382 (“Section 382”), certain ownership changes may subject the NOL’s to annual limitations which could reduce or defer the NOL.  Section 382 imposes limitations on a corporation’s ability to utilize NOLs if it experiences an “ownership change.”  In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period.  In the event of an ownership change, utilization of the NOLs would be subject to an annual limitation under Section 382 determined by multiplying the value of its stock at the time of the ownership change by the applicable long-term tax-exempt rate. Any unused annual limitation may be carried over to later years.  The imposition of this limitation on its ability to use the NOLs to offset future taxable income could cause the Company to pay U.S. federal income taxes earlier than if such limitation were not in effect and could cause such NOLs to expire unused, reducing or eliminating the benefit of such NOLs.

*Net Income (Loss) per Common Share*

Net income (loss) per common share is computed pursuant to paragraph of 260-10-45-10 of the FASB Accounting Standards Codification.  Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options and warrants.

The following table shows the potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive:

 

 

Potentially Outstanding Dilutive Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

For the Reporting Period Ended 

November 30, 2013

 

 

For the Reporting Period Ended 

December 31, 2012

 

 

 

 

 

 

 

 

 

 

**Convertible Note Shares**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Potential outstanding dilutive common shares from the conversion of the principal amount of convertible notes payable convertible to common shares at $0.05 per share

 

 

710,000

 

 

 

200,000

 

 

 

 

 

 

 

 

 

 

Potential outstanding dilutive common shares from the conversion of the accrued interest of convertible notes payable convertible to common shares at $0.05 per share

 

 

27,390

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Sub-total Convertible Note Shares

 

 

737,390

 

 

 

200,000

 

 

 

 

 

 

 

 

 

 

Total potentially outstanding dilutive common shares

 

 

737,390

 

 

 

200,000

 

 

 

 

 

 

 

 

*Cash Flows Reporting*

The Company has adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides 

- 58 -

definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-24 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments.

*Subsequent events*

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued.  Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

*Recently Issued Accounting Pronouncements*

In February 2013, the FASB issued ASU No. 2013-02, "*Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.*" The ASUadds new disclosure requirements for items reclassified out of accumulated other comprehensive income by component and their corresponding effect on net income. The ASU is effective for public entities for fiscal years beginning after December 15, 2013. 

In February 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-04, "*Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date*."  This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013.

In March 2013, the FASB issued ASU No. 2013-05, "*Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity*." This ASU addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The guidance outlines the events when cumulative translation adjustments should be released into net income and is intended by FASB to eliminate some disparity in current accounting practice. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. 

In March 2013, the FASB issued ASU 2013-07,*“Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting.”*  The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception.  The amendments require financial statements prepared using the liquidation basis of accounting to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any items it had not previously recognized under U.S. GAAP but that it expects to either sell in liquidation or use in settling liabilities (for example, trademarks). The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent.  Early adoption is permitted.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

**Note 3 – Going Concern**

The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

As reflected in the consolidated financial statements, the Company had a deficit accumulated during the exploration stage at November 30, 2013, a net loss and net cash used in operating activities for the reporting period then ended.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.

- 59 -

The Company is attempting to commence operations and generate revenue; however, its cash position may not be significant to support its daily operations.  While the Company believes in the viability of its strategy to commence operations, generate revenues and in its ability to raise additional funds, there can be no assurances to that effect.  The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate revenue and in its ability to raise additional funds.
The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**Note 4 – Marketable Equity Securities, Available for Sale**

On February 23, 2013, Transatlantic Mining Corp. (formerly Archean Star Resources Inc.) (“TMC”), a Toronto Stock Exchange listed company (Stock Symbol: TCO.V), issued the Company 500,000 shares of TMC common stock pursuant to their joint venture agreement.  The Company valued these marketable securities at CAD60,000 based on CAD0.12 per share on the date of issuance (CAD1 approximates $1) credited the same amount to the mineral rights as, return of investment in mineral rights, upon receipt of the same on February 23, 2013, then marked to market on a quarterly basis and recorded the change in fair value of the marketable securities as unrealized gain (loss) of the marketable securities in other comprehensive income (loss).  The Company values marketable securities at the lower of its original cost, Private Placement of Memorandum ("PPM") or market using quoted market prices from Toronto Stock Exchange on TCO, whichever is more reliably measurable.

At November 30, 2013 the Company’s available for sale marketable securities were marked to market to CAD40,000 based on CAD0.08 per share (CAD1 approximates $1).

The table below provides a summary of the changes in the fair value of marketable securities, available for sale measured at fair value on a recurring basis using Level 1 of the fair value hierarchy to measure the fair value.

 

 

 

 

**Fair Value Measurement Using Level 1 Inputs**

 

 

**Original cost**

 

**Impairment – Other Than Temporary**

 

**Accumulated Foreign Currency Transaction Gain (Loss)**

 

**Other Comprehensive Income (Loss) -**

**Change in Unrealized Loss**

 

**Fair Value**

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2012

 

 

-

 

 

 

 

(-

)

 

 

 

-

 

 

 

(-

)

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases, issuances and settlements

 

 

60,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gains or losses (realized/unrealized) included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss: Impairment – other than temporary 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss: Gain (loss) on foreign currency rate change 

 

 

 

 

 

 

 

 

 

 

 

 

(-

)

 

 

-

 

 

 

 

(-

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss): Changes in unrealized loss

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

(20,000

)

 

 

 

(20,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, November 30, 2013

 

$

60,0000

 

 

 

$

(-

)

 

 

$

-

 

 

$

(20,000

)

 

 

$

40,000

 

 

The change in the currency exchange rate of the Canadian dollar versus the United States (“US”) dollar from February 23, 2013, the date of acquisition of the Marketable securities, through November 30, 2013 was immaterial. The Canadian dollar’s exchange rate at November 30, 2013 was approximately the same as the value of the US dollar.

**Note 5 – Mineral Rights Acquisition**

Pursuant to the Asset Purchase Agreement consummated on December 28, 2012, the Company acquired certain mineral properties and interests made up of the following nine projects which will be owned outright or controlled by the Company pursuant to mineral lease agreements or options to acquire leases: 1) an agreement to explore and acquire the Bayhorse silver mine consisting of 3 patented and 10 unpatented claims located in Baker County, Oregon; 2) a lease agreement pertaining to 37 unpatented mining claims located on Quartz Creek, in Mineral County, Montana; 3) a lease agreement pertaining to 58 unpatented mining claims located Trout Creek, in 

- 60 -

Mineral County, Montana; 4) a lease agreement pertaining to 18 unpatented mining claims referred to as the Vienna prospect locate in Shoshone County, Idaho; 5) a lease agreement pertaining to the Monitor-Richmond and Copper Age mines consisting of a total of 105 unpatented mining claims (20 original claims and Transatlantic Mining Corp. [formerly Archean Star], our joint venture partner for this lease, has paid for an additional 85 claims that are in our area of influence covered by the agreements) located in Shoshone County, Idaho; 6) ten state leases were acquired by the company and seven of the ten leases were assign to Kinross Gold USA, Inc. (“Kinross”) pursuant to an agreement between the Company and Kinross and three leases have been retained by the company and are currently in good standing.; 7) acquisition agreements pertaining to 15 unpatented mining claims located in Stevens County, Washington referred to as the Box Group; 8) acquisition agreements pertaining to 15 unpatented mining claims located in Stevens County, Washington referred to as the McKinley-McNally Property; and 9) directly owned all right, title, and claim to 26 unpatented claims commonly known as the North Moccasin Project or Plum Claims located in Fergus County, Montana.

In consideration for the acquisition of all of the mining assets of NAI, AMCOR (i) exchanged debt owed by NAI in the amount of $382,500 and accrued interest in the amount of $30,564 through November 30, 2012, and (ii) issued 71,500,000 shares of AMCOR restricted common stock, valued at par value $0.001 or $71,500, to NAI, which was subsequently transferred to NAI shareholders, or total consideration of $484,564 in aggregate.

On April 9, 2013 the Company paid $10,000 to acquire additional rights from Hydro Imaging, Inc.

The key terms and conditions of the five mineral properties leases are as follows:

**Bayhorse Mine:**

The date of the Company’s mining lease with Bayhorse Silver Mine LLC is June 26, 2012. The term of the lease on the three patented and ten unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, mined, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start-up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of ten thousand ($10,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  The Company is required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  In July 2013, the first anniversary royalty payment was deferred until December 31, 2013, or payable within ten business days after AMCOR secures funding in excess of $500,000.  It was subsequently extended to December 31, 2014.  There are also work requirements for each year and the lease calls for a variable net smelter royalty in the future. The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.

**Vienna Mine:**

The date of the Company’s mining lease with Martin Clemets is June 26, 2012. The term of the lease on 18 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start-up of ore production are expected to commence within one year. The initial consideration for the lease was a cash payment of five thousand ($5,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  The Company is required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  In July 2013, the first anniversary royalty payment was deferred until December 31, 2013, or payable within ten business days after AMCOR secures funding in excess of $500,000.  It was subsequently extended to December 31, 2014.  There are also work requirements for each year and the lease calls for a variable net smelter royalty in the future. The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.

**Monitor-Richmond-Copper Age Mines:**

On June 27, 2012, Northern Adventures, Inc. originally entered into the Mining Lease with Northern Adventures, Inc., and AMCOR assumed the rights in that Mining Lease from Northern Adventures, Inc. pursuant to the Asset Purchase Agreement dated December 28, 2012.  The term of the lease on 20 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start-up of ore production are expected to commence within one year. The initial consideration for the lease was a cash payment of five thousand ($5,000) dollars. Annual minimum advanced royalties will be due the Lessor on the following basis. The Company is required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.

- 61 -

**Option and Joint Venture Agreement with Transatlantic Mining Corp. (formerly Archean Star Resources, Inc.)**

On February 5, 2013, the Company entered into a definitive Option and Joint Venture Agreement with TMC (“TMC Option and Joint Venture Agreement”) pertaining to 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures, Inc.  As part of the transaction, AMCOR will receive 500,000 shares of TMC common stock upon signing of the agreement and an additional 500,000 shares of TMC common stock on the second and third anniversaries of the agreement, subject to TMC going forward with the agreement after year one.  TMC will assume the obligations of the underlying lease agreement and pay an up-front fee of $7,500 to AMCOR.  Pursuant to the terms and conditions of the TMC Option and Joint Venture Agreement TMC can earn up to 80% ownership interest in the property lease by expending $2,100,000 over a three year period, with a minimum expenditure of $700,000 in year one of the agreement.  AMCOR’s interest shall be a Carried Interest until such time as a Bankable Feasibility Study has been produced or a decision to mine has been made.

On February 23, 2013, the Company received 500,000 shares of TMC common stock, which was valued at CAD60,000 based on CAD0.12 per share (CAD1 approximates $1) and recorded as return of investment in mineral rights.  On February 8, 2013 the Company received an up-front fee of $7,500, which was recorded as return of investment in mineral rights.

The year one payment of annual advance minimum royalty of $10,000 and work requirements have been satisfied by Transatlantic Mining Corp, the Company’s joint venture partner on the project.

Pursuant to TMC Option and Joint Venture Agreement TMC is required to expend a minimum expenditure of $700,000 in year one of the agreement.  As of February 5, 2014, only $485,000 had been expended by TMC on the Monitor-Richmond property. The Company has given TMC a six month extension of time to meet the minimum year one $700,000 work requirement.

On March 12, 2014, the Company received an additional 500,000 shares of TMC common stock pursuant to TMC Option and Joint Venture Agreement TMC, which was valued at CAD65,000 based on CAD0.13 per share (CAD1 approximates $1) on the date of issuance and recorded as return of investment in mineral rights.

**Quartz Creek:**

The date of the Company’s mining lease with Northern Adventures, Inc. is June 26, 2012. The term of the lease on 37 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start-up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of twenty five thousand ($25,000) dollars. Annual minimum advanced royalties will be due the Lessor on the following basis.  The Company is required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  In July 2013, the first anniversary royalty payment was deferred until December 31, 2013, or payable within ten business days after AMCOR secures funding in excess of $500,000.  It was subsequently extended to December 31, 2014.  There are also work requirements for each year and the lease calls for a variable net smelter royalty in the future.  The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.

**Trout Creek:**

The date of the Company’s mining lease with Northern Adventures LLC is June 26, 2012. The term of the lease on 58 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start-up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of twenty five thousand ($25,000) dollars. Annual minimum advanced royalties will be due the Lessor on the following basis.  The Company is required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  In July 2013, the first anniversary royalty payment was deferred until December 31, 2013, or payable within ten business days after AMCOR secures funding in excess of $500,000.  It was subsequently extended to December 31, 2014.  There are also work requirements for each year and the lease calls for a variable net smelter royalty in the future. The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.

**Washington State Mineral Prospecting Leases—Bodie Project Toroda Creek-Wauconda Mining District**

The terms and conditions for annual prospecting leases granted from the State of Washington require the expenditure of $3.00 per acre on prospecting or exploration on an annual basis during the term of the lease.  The work conducted must be performed in such a 

- 62 -

manner as to contribute directly to the evaluation of the economic mineral potential of the leased property.  As an alternative there is the option to make cash payment to the State in the amount of $3.00 per acre in lieu of the performance of prospecting work for up to, but not more than three (3) years during the term of the prospecting lease.  In addition to the requirement to expend $3.00 per acre on prospecting and exploration on an annual basis, there is a requirement to pay the State of Washington an annual rental fee of $2.00 per acre for the first three years of the mineral prospecting lease and $3.00 per year for each subsequent year.

**Agreement with Kinross Gold USA, Inc.**

On April 5, 2013 AMCOR exercised an option to acquire three mineral leases located in Okanogan County, Washington, pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. (“Hydro”) and Northern Adventures, Inc. (“NAI”) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to the Company on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  The Company also acquired Hydro Imaging’s rights in a Mineral Lease and Assignment agreement with Kinross Gold USA, Inc. (“Kinross Agreement”).  The original option was granted by Hydro, a private company owned solely by David Boleneus, currently a member of the Company’s board of directors, to NAI on June 25, 2012.  Under the terms and conditions of the original option Hydro was granted the right to acquire ten leases granted by the Department of Natural Resources for the State of Washington totaling 4,583.76 acres and 27 unpatented mining claims located in the Toroda Creek-Wauconda Mining district in Okanogan country in the State of Washington for the payment of an exercise price of $10,000.

On February 28, 2013, Hydro concluded the Mining Lease and Assignment agreement with Kinross Gold USA, Inc. (“Kinross”) concerning seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  The seven state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to the terms and conditions of the Kinross Agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims to maintain the seven state mining leases and the unpatented claims in effect and good standing.  The remaining three state mining leases totaling 1,649.2 acres were transferred from Hydro to AMCOR and the transfer was approved from the Department of Natural Resources for the State of Washington.

Pursuant to the terms and conditions of the Mining Lease and Assignment agreement Kinross will pay AMCOR production royalties as follows: a 1% net smelter return royalty on all minerals extracted from the area covered by the 7 leases and a 2.5% net smelter return royalty on all minerals extracted from the area covered by the 27 unpatented mining claims.  Kinross will also pay advance royalty payments in the aggregate amount of $1 million as follows:  $15,000 payable within 7 days of February 28, 2013, the effective date, $15,000 payable within 15 days of the effective date, $40,000 payable on February 28, 2014, $50,000 payable on February 28, 2015, and thereafter the annual advance royalty payment is to increase by 5% per year up to a maximum annual payment of $100,000.  The obligation to pay the advance royalty payment shall cease once an aggregate of $1 million has been paid.  Advance minimum royalty payments shall be credited against the production royalties.  The production royalty payments for minerals produced from the state leases shall be capped at $3,000,000 for each of the seven leases, including any advanced royalty payments to be offset.

On April 5, 2013 Kinross Gold USA, Inc. paid the Company $30,000 year one annual advance minimum royalty payment which was recorded as royalty revenue upon receipt of the payment of cash.

On March 3, 2014 Kinross Gold USA, Inc. paid the Company $40,000 year one annual advance minimum royalty payment which was recorded as royalty revenue upon receipt of the payment of cash.

**Royalty Obligations and Work Requirement with Mining Leases of Bayhorse, Vienna, Quartz Creek, and Trout Creek:**

The four leases including the Bayhorse, Vienna, Quartz Creek, and Trout Creek required first anniversary payments by the Company of $10,000 each but no payments have been made and the first anniversary royalty payment was deferred until December 31, 2014 or payable within ten business days after the Company secures funding in excess of $500,000.

The first year's work requirement for each lease has also been deferred, allowed to be accomplished at the earliest possible time, weather permitting.

**Impairment Testing of Mineral Rights and DD&A Expenses**

*(i)*

*Impairment Testing*

The Company completed its annual impairment testing of mining properties and determined that there was no impairment as the fair value of mining properties, substantially exceeded their carrying values at November 30, 2013.

*(ii)*

*Depreciation, Depletion and Amortization Expenses*

- 63 -

No depreciation, depletion and amortization was recorded for the reporting period ended November 30, 2013 or December 31, 2012 as the Company has not yet commenced operations.

**Customer Concentration**

One customer accounted for all of the Company’s royalty revenue. A reduction in sales from or loss of such customer would have a material adverse effect on the Company’s results of operations and financial condition.

**Note 6 – Related Party Transactions**

*Related Parties*

Related parties with whom the Company had transactions are:

**Related Parties**

** **

**Relationship**

 

 

 

Frank H. Blair

 

President, CEO and director

 

 

 

Dwight Weigelt

 

CFO, Treasurer, Secretary, Director

 

 

 

Gerry Frankovich

 

V.P. and director

 

 

 

David Boleneus

 

Director

 

 

 

Louis G. Cornacchia

 

Director

 

 

 

Manuel Graiwer

 

Director

*Convertible Note Payable – Related Party*

From time to time, certain officers and directors provided working capital to the Company in the form of convertible notes payable. 

Convertible note payable – related party consisted of the following:

 

 

November 30, 2013

 

 

December 31, 2012

 

On June 28, 2013, the Company issued a convertible note to Manuel Graiwer, a director of the Company, in the principal amount of $20,000 with interest at 6% per annum, convertible to common stock at $0.05 per share, maturing on September 26, 2013, subsequently extended to December 31, 2014. $7,500 of this convertible note was repaid on December 1, 2013.

 

$

20,000

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Convertible note payable – related party.

 

$

20,000

 

 

$

-

 

 

 

 

 

 

 

 

**Note 7 – Convertible Notes Payable**

Convertible notes payable consisted of the following:

 

 

November 30, 2013

 

 

December 31, 2012

 

On December 31, 2012, the Company issued a convertible promissory note in the principal amount of $10,000 with interest at 8% per annum, convertible to common stock at $0.05 per share, maturing on January 31, 2013, subsequently extended to December 31, 2014. $2,500 of this convertible note was repaid on February 12, 2013.

 

$

7,500

 

 

$

10,000

 

 

 

 

 

 

 

 

 

 

On March 8, 2013, the Company issued a convertible note in the principal amount of $5,000 with interest at 5% per annum, convertible to common stock at $0.05 per share, maturing on June 30, 2013, subsequently extended to December 31, 2014.

 

 

5,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On March 21, 2013, the Company issued a convertible note in the principal amount of $3,000 with interest at 5% per annum, convertible to common stock at $0.05 per share, maturing on June 30, 2013, subsequently extended to December 31, 2014.

 

 

3,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Convertible notes payable 

 

$

15,500

 

 

$

10,000

 

 

 

 

 

 

 

 

- 64 -

**Note 8 - Notes Payable**

Notes payable consisted of the following:

 

 

November 30, 2013

 

 

December 31, 2012

 

Four non-interest bearing notes totaling $4,500.  On April 4, 2013, the notes were fully repaid to the note holders.

 

$

-

 

 

$

4,500

 

 

 

 

 

 

 

 

 

 

On October 11, 2013, the Company issued a promissory note to a non-affiliated entity in the principal amount of $1,000 with interest at 5% per annum maturing on October 11, 2014.

 

 

1,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On October 15, 2013, the Company issued a promissory note to a non-affiliated individual in the principal amount of $1,500 with interest at 5% per annum maturing on October 15, 2014.

 

 

1,500

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

$

2,500

 

 

$

4,500

 

 

 

 

 

 

 

 

**Note 9 – Stockholders’ Equity**

*Shares Authorized*

*Shares Authorized upon Incorporation*

Upon incorporation on March 30, 2004 the total authorized capital stock of the corporation was:

Seventy Million (70,000,000) shares of Class A Common Stock with a Par Value of $0.001 all of which shall be entitled to voting power.

Two million (2,000,000) authorized Series A Preferred Shares with a par value of $0.001 and such other terms as determined by the Board of Directors of the corporation prior to their issuance.  Each Series A Preferred Share shall have voting rights and shall carry a voting weight equal to ten (10) Common Shares.  Each Series A Preferred Share may be converted into ten (10) Common Shares upon approval by the Board of Directors of the corporation.

Two million (2,000,000) authorized Series B Preferred Shares with a par value of $0.001 per share and such other terms as may be determined prior to their issuance by the Board of Directors.  Each Series B Preferred Share shall have voting rights and shall carry a voting weight equal to two (2) Common Shares.  Each Series B Preferred Share may be converted into two (2) Common Shares upon approval by the Board of Directors.

One million (1,000,000) authorized Series C Preferred Shares with a par value of $0.001 per share and such other terms as may be determined by the Board of Directors prior to their issuance.  No Series C Preferred Share shall have voting rights.

*Shares Authorized per Articles of Merger*

On December 27, 2004, APD Antiquities, Inc. ("APD") and GCJ, Inc. entered into to an Acquisition Agreement and Plan of Merger whereby GCJ, Inc. merged with and into APD with APD as the surviving entity. Pursuant to the Articles of Merger the total number of shares of all classes of stock which the Company is authorized to issue is Seventy-Five Million (75,000,000) shares of which Five Million (5,000,000) shares shall be Preferred Stock, par value $0.001 per share, and Seventy Million (70,000,000) shares shall be Common Stock, par value $0.001 per share.

*Amendment to the Articles of Incorporation*

On October 14, 2011, upon approval by written consent, in lieu of a special meeting, the Board of Directors of the Company approved the corporate name change, the increase in the number of authorized shares and the reverse split of the issued common stock pursuant to a Written Consent of Directors.   Subsequently, on October 17, 2011, upon approval by written consent, in lieu of a special meeting, of the majority stockholders the Company is authorized to file a certificate of amendment to its Articles of Incorporation to (1) change the name of the Company from APD Antiquities, Inc. to American Cordillera Mining Corporation; (2) increase the number of authorized shares of par value $0.001 stock from Seventy Five Million (75,000,000) shares up to Two Hundred Ten Million (210,000,000) shares, composed of an increase in authorized shares of par value $0.001 common stock from Seventy Million (70,000,000) up to Two Hundred Million (200,000,000), and an increase the number of authorized shares of par value $0.001 

- 65 -

preferred stock from Five Million (5,000,000) up to Ten Million (10,000,000) shares; and (3) undertake a 20-for-1 reverse split of its issued and outstanding common stock.

On December 12, 2012, the Company filed the Certificate of Amendment to the Articles of Incorporation with the Secretary of the State of the State of Nevada to effectuate the name change, effective on December 12, 2012.

On December 17, 2012, the Company filed the Certificate of Amendment to the Articles of Incorporation with the Secretary of the State of the State of Nevada to effectuate the increase of the number of authorized shares, effective on December 28, 2012.

The Company has not filed the Certificate of Amendment to the Articles of Incorporation with the Secretary of the State of the State of Nevada to effectuate a 20-for-1 reverse split of its issued and outstanding common stock as of the date when the financial statements were issued.

*Common Stock*

*Sale of Common Stock or Equity Units*

Immediately prior to the consummation of the Assets Purchase Agreement on December 28, 2012, the Company had 6,701,111 shares of common stock issued and outstanding.

On December 28, 2012, as part of the consummation of the Asset Purchase Agreement all of the convertible note holders of the Company converted all of their then outstanding convertible notes payable in the principal amount of $486,000 and related accrued interest in the amount of $41,078 to the shares of common stock of the Company at $0.05 per share, or 9,720,000 and 821,568 shares. 

Upon consummation of the Asset Purchase Agreement on December 28, 2012, the Company issued 71,500,000 shares of its common stock to Northern Adventures, Inc. pursuant to the Asset Purchase Agreement which involved, in part, the exchange of debt in the principal amount of $382,500 and accrued interest in the amount of $30,564, which was applies as partial consideration for the acquisition of mining assets.

On February 11, 2013, the Company entered into a definitive agreement relating to the private placement of $25,000 of its securities through the sale of 500,000 shares of its common stock at $0.05 per share to an investor.

On February 18, 2013, the Company entered into a definitive agreement relating to the private placement of $5,000 of its securities through the sale of 100,000 shares of its common stock at $0.05 per share to an investor.

On May 1, 2013, the Company entered into a definitive agreement relating to the private placement of $7,000 of its securities through the sale of 140,000 shares of its common stock at $0.05 per share to an investor.

On August 21, 2013, the Company entered into a definitive agreement relating to the private placement of $5,000 of its securities through the sale of 100,000 shares of its common stock at $0.05 per share to an investor.

On August 30, 2013, the Company entered into a definitive agreement relating to the private placement of $12,000 of its securities through the sale of 200,000 shares of its common stock at $0.06 per share to an investor.

On September 30, 2013, the Company entered into a definitive agreement relating to the private placement of $6,000 of its securities through the sale of 100,000 shares of its common stock at $0.06 per share to an investor.

*Stock Option Plan*

*2001 Stock Option Plan as Amended*

*Adoption of 2001 Stock Option Plan*

Before the Merger, on January 15, 2001, the Board of Directors of the Company adopted the 2001 Non-Qualified Stock Option and Stock Appreciation Rights Plan, whereby the Board of Directors authorized 1,000,000 shares of the Company’s common stock, par value $0.001, to be reserved for issuance (“2001 Stock Option Plan”). The purpose of the 2001 Stock Option Plan is to advance the interests of the Company by providing an incentive to attract, retain and motivate highly qualified and competent persons who are important to us and upon whose efforts and judgment the success of the Company is largely dependent. Grants to be made under the 2001 Stock Option Plan are limited to the Company’s employees, including employees of the Company’s subsidiaries, the Company’s directors and consultants to the Company. The recipients of any grant under the 2001 Stock Option Plan, and the amount and terms of a specific grant, are determined by the Board of Directors of the Company.  Should any option granted or stock awarded under the 

- 66 -

2001 Stock Option Plan expire or become un-exercisable for any reason without having been exercised in full or fail to vest, the shares subject to the portion of the option not so exercised or lapsed will become available for subsequent stock or option grants.

*2012 Amendment to the 2001 Stock Option Plan*

On November 30, 2012, the Company’s Board of Directors authorized to increase the number of its common stock, $0.001 par value, available for issuance pursuant to the Corporation's 2001 Stock Option Plan from one million (1,000,000) shares to five million (5,000,000) shares among other material terms, subject to stockholder approval at the Annual Meeting.  At the 2012 Annual Meeting of Stockholders (the “2012 Annual Meeting”) of the Company held on December 31, 2012, the majority stockholders of the Company approved the amendment of the Company’s 2001 Stock Options Plan (the “Amended 2001 Stock Option Plan”).

*Summary of the Company’s Amended 2001 Stock Incentive Plan Activities*

The Board of Directors of the Company did not grant any stock option or stock appreciation right under its amended 2001 Stock Incentive Plan as of the date when the financial statements were issued.

**Note 10 – Income Tax Provision**

*Deferred Tax Assets*

At November 30, 2013, the Company had net operating loss (“NOL”) carry–forwards for Federal income tax purposes of $221,177 that may be offset against future taxable income through 2033.  No tax benefit has been reported with respect to these net operating loss carry-forwards because the Company believes that the realization of the Company’s net deferred tax assets of approximately $75,200 was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by a full valuation allowance.

Deferred tax assets consist primarily of the tax effect of NOL carry-forwards.  The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its possibility of realization.  The valuation allowance increased approximately $51,070 and $24,130 for the reporting period ended November 30, 2013 and December 31, 2012, respectively.

Components of deferred tax assets in the consolidated balance sheets are as follows:

 

 

November 30,

2013

 

 

December 31, 2012

 

Net deferred tax assets – non-current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected income tax benefit from NOL carry-forwards

 

$

75,200

 

 

$

24,130

 

 

 

 

 

 

 

 

 

 

Less valuation allowance

 

 

(75,200

)

 

 

(24,130

)

 

 

 

 

 

 

 

Deferred tax assets, net of valuation allowance

 

$

-

 

 

$

-

 

*Income Tax Provision in the Consolidated Statements of Operations*

A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income tax provision is as follows:

 

 

For the Reporting Period ended November 30, 2013

 

 

For the Reporting Period ended December 31, 2012

 

 

 

 

 

 

 

 

 

 

Federal statutory income tax rate

 

 

34.0

%

 

 

34.0

%

 

 

 

 

 

 

 

 

 

Change in valuation allowance on net operating loss carry-forwards

 

 

(34.0

)

 

 

(34.0

)

 

 

 

 

 

 

 

 

 

Effective income tax rate

 

 

0.0

%

 

 

0.0

%

- 67 -

*Tax Returns Remaining subject to IRS Audits*

The Company has not yet filed its corporation income tax return for the reporting period ended November 30, 2013 or December 31, 2012. The Company's corporation income tax returns for the reporting period ended November 30, 2013 or December 31, 2012 will remain subject to audit under the statute of limitations by the Internal Revenue Service for a period of three (3) years from the date they are filed.

**Note 11 – Adjustments to Previously Issued Consolidated Financial Statements**

Subsequent to the original issuance of the Company’s consolidated financial statements as of December 31, 2012 and for the year then ended as included in its Annual Report on Form 10-K filed with the SEC on April 16, 2013 and in connection with the audit of the Company’s consolidated financial statements as of November 30, 2013 and for the transition period then ended, the Company’s management determined that the consummation of the Asset Purchase Agreement dated December 28, 2012 should have been treated as a reverse acquisition.  As a result, the Board of Directors of the Company, in consultation with management and Li and Company, PC, its independent registered public accounting firm, concluded that its previously issued consolidated financial statements as of December 31, 2012 and for the year then ended, should no longer be relied upon.  Accordingly, the Company has restated its previously issued consolidated financial statements for the period.  Details of the misstatements are set out below:
*Misstatements for the period from March 30, 2012 (inception) through December 31, 2012:*

 

 

Misstatements

Dr. (Cr.)

 

 

Impact to Statement of Operations

 

 

 

 

 

 

 

 

 

 

(i) To reverse journal entry to record 71,500,000 common shares issued to the shareholders of NAI to acquire all of NAI’s mining properties on December 28, 2012 valued at $0.05 per share or $3,575,000 on the date of issuance.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

$

71,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

3,503,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mineral rights

 

 

(3,575,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(ii) To reverse journal entry to record the impairment of mineral rights of $3,503,500.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment of mineral rights 

 

$

(3,503,500

)

 

 

3,503,500

 

 

 

 

 

 

 

 

 

 

Mineral rights

 

 

3,503,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(iii) To record 71,500,000 common shares issued to the shareholders of NAI to acquire all of NAI’s mining properties on December 28, 2012 valued at $71,500, NAI shareholders’ historical cost basis on the date of issuance.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

$

(71,500

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mineral rights

 

 

71,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(iv) To reclassify AMCOR accumulated deficit to Additional paid-in capital.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated deficit

 

$

(326,698

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

326,698

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current year earnings and losses

 

$

(67,103

)

 

 

67,103

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

67,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,570,603

 

 

 

 

 

 

 

 

- 68 -

**The following tables present the impact of the above mentioned adjustments to the financial information**

**Balance sheet information:**

The restated consolidated balance sheet is set out as follows:

**American Cordillera Mining Corporation**

**(An Exploration Stage Company)**

**Consolidated Balance Sheets**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**December 31, 2012**

 

 

**December 31, 2012**

 

 

**December 31, 2012**

 

 

 

 

 

 

**(As previously reported)**

 

 

**(Adjustments)**

 

 

**(Restated)**

 ASSETS 

 

 

 

 

 

 

 

 

 

 

 

 

 

 CURRENT ASSETS 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash 

 

 

$

10,051 

 

 

$

- 

 

 

$

10,051 

 

 

 Prepaid expenses 

 

 

 

4,382 

 

 

 

- 

 

 

 

4,382 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total current assets 

 

 

 

14,433 

 

 

 

- 

 

 

 

14,433 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Mineral rights 

 

 

 

484,564 

 

 

 

- 

 

 

 

484,564 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 TOTAL ASSETS 

 

 

$

498,997 

 

 

$

- 

 

 

$

498,997 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 LIABILITIES AND STOCKHOLDERS' EQUITY 

 

 

 

 

 

 

 

 

 

 

 

 CURRENT LIABILITIES 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Accounts payable  

 

 

$

30,225 

 

 

$

- 

 

 

$

30,225 

 

 

 Convertible notes payable  

 

 

 

10,000 

 

 

 

- 

 

 

 

10,000 

 

 

 Notes payable 

 

 

 

4,500 

 

 

 

- 

 

 

 

4,500 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total current liabilities 

 

 

 

44,725 

 

 

 

- 

 

 

 

44,725 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total liabilities 

 

 

 

44,725 

 

 

 

- 

 

 

 

44,725 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 COMMITMENTS AND CONTINGENCIES 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 STOCKHOLDERS' EQUITY 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Preferred stock par value $0.001: 10,000,000 

 shares authorized; 

 

 

 

 

 

 

 

 

 

 

 

 

 

 None issued or outstanding 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Common stock par value $0.001: 200,000,000 

 shares authorized;  89,882,679 and  88,742,679 

 shares issued and outstanding, respectively 

 

88,743 

 

 (i)(iii) 

 

- 

 

 

 

88,743 

 

 

 Additional paid-in capital 

 

 

 

4,333,799 

 

 (ii)(iv) 

 

(3,897,300)

 

 

 

436,499 

 

 

 Deficit accumulated during the exploration stage 

 

(3,968,270)

 

 (ii)(iv) 

 

3,897,300 

 

 

 

(70,970)

 

 

 Accumulated other comprehensive income 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Change in unrealized income of marketable securities 

 

- 

 

 

 

- 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total Stockholders' Equity 

 

 

 

454,272 

 

 

 

- 

 

 

 

454,272 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 TOTAL LIABILITIES AND  STOCKHOLDERS' 

 EQUITY 

$

498,997 

 

 

$

- 

 

 

$

498,997 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 69 -

**Statements of operations information:**

The restated consolidated statement of operations is set out as follows:

**American Cordillera Mining Corporation**

**(An Exploration Stage Company)**

**Consolidated Statements of Operations and Comprehensive Income (Loss)**

 

 

 

 

 

 

 

 

 

 

 

**For the Period from**

 

 

**For the Period from**

 

 

**For the Period from**

 

 

 

 

 

 

 

 

 

 

**March 30, 2012**

 

 

**March 30, 2012**

 

 

**March 30, 2012**

 

 

 

 

 

 

 

 

 

 

**(exploration) through**

 

 

**(exploration) through**

 

 

**(exploration) through**

 

 

 

 

 

 

 

 

 

 

**December 31, 2012**

 

 

**December 31, 2012**

 

 

**December 31, 2012**

 

 

 

 

 

 

 

 

 

 

**(As previously reported)**

 

 

**(Adjustments)**

 

 

**(Restated)**

 Revenue earned during the exploration stage 

 

 

 

 

 

 

 

 

 

 

 

 Revenue from sale of metal bearing concentrate 

$ 

- 

 

 

$ 

- 

 

 

$

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Revenue earned during the exploration stage 

 

- 

 

 

 

- 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cost of revenue 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cost of revenue 

 

 

 

 

 

 

 

 

31,259 

 

(iv) 

 

17,886 

 

 

 

49,145 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total cost of revenue 

 

 

31,259 

 

 

 

17,886 

 

 

 

49,145 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Gross Margin 

 

 

 

 

 

 

 

 

(31,259)

 

 

 

(17,886)

 

 

 

(49,145)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Operating expenses 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Professional fees 

 

 

 

 

 

 

 

 

97,383 

 

(iv) 

 

(95,124)

 

 

 

2,259 

 

 General and administrative 

 

- 

 

(iv) 

 

8 

 

 

 

8 

 

 Impairment of mineral rights 

 

3,503,500 

 

 (ii) 

 

(3,503,500)

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total operating expenses 

 

3,600,883 

 

 

 

(3,598,616)

 

 

 

2,267 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Loss from operations 

 

 

 

 

 

 

 

 

(3,632,142)

 

 

 

3,580,730 

 

 

 

(51,412)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Other (income) expenses 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Interest expense 

 

 

 

 

 

 

 

 

(22,647)

 

(iv) 

 

42,205 

 

 

 

19,558 

 

 Interest income 

 

 

 

 

 

 

 

 

32,078 

 

(iv) 

 

(32,078)

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Other (income) expenses, net 

 

9,431 

 

 

 

10,127 

 

 

 

19,558 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Loss before income tax provision 

 

(3,641,573)

 

 

 

3,570,603 

 

 

 

(70,970)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Income tax provision 

 

 

 

 

 

 

 

 

- 

 

 

 

- 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net loss 

 

 

 

 

 

 

 

 

(3,641,573)

 

 

 

3,570,603 

 

 

 

(70,970)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Other comprehensive income 

 

 

 

 

 

 

 

 

 

 

 

 Unrealized gains from marketable securities 

 

- 

 

 

 

- 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comprehensive loss 

 

 

 

 

 

 

 

$ 

(3,641,573)

 

 

$ 

3,570,603 

 

 

$ 

(70,970)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net loss per common share 

 

 

 

 

 

 

 

 

 

 

 

 - Basic and diluted 

 

 

 

 

 

 

 

$ 

(0.52)

 

 

$ 

0.05 

 

 

$

(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Weighted average common shares outstanding 

 

 

 

 

 

 

 

 

 

 

 

 - Basic and diluted 

 

 

 

 

 

 

 

 

6,946,721 

 

 

 

71,573,042 

 

 

 

71,573,042 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 70 -

**Note 12 - Subsequent Events**

The company's management has evaluated the company's financial information for possible material subsequent events through the date when the financial statements were issued.  The Management of the Company determined that there were certain reportable subsequent events to be disclosed as follows:

*Entry into notes payable*

On December 5, 2013, the Company issued a promissory note to Manuel Graiwer, a director of the Company, in the principal amount of $20,000 with interest at 6% per annum maturing on January 14, 2014, which was subsequently extended to December 31, 2014.

On December 10, 2013, the Company issued a promissory note to an unrelated third party entity in the principal amount of $300 with interest at 5% per annum maturing on December 31, 2014.

*Entry into an Option and Joint Venture Agreement with Bayhorse Silver Inc.*

On December 4, 2013, AMCOR signed an Option and Joint Venture Agreement (the "BSI Option and Joint Venture Agreement") with Bayhorse Silver Inc. (formerly Kent Exploration, Inc.) (“BSI”), a Canadian mineral exploration company, whereby BSI can acquire an Option (the "Option") to earn an 80% interest in the Bayhorse Silver Mine ("Bayhorse") in east-central Oregon State.  The terms of the Agreement called for a payment of $20,000 from BSI to the Company upon execution of the Agreement.  To earn the 80% interest BSI is required to conduct a minimum of $100,000 per year on exploration expenditures on the property on, or before, each of the first two anniversaries of the Agreement, $300,000 on or before the third anniversary of the Agreement and expend $500,000 on or before the fourth and fifth anniversaries of the Agreement. As part of the transaction, AMCOR will receive 500,000 shares of BSI common stock upon signing of the agreement and an additional 500,000 shares of BSI common stock on the third and fifth anniversaries of the agreement, subject to BSI going forward with the agreement after year one.  BSI assumes all of the obligations of the underlying lease agreement with Northern Adventures, Inc.

On December 16, 2013, the Company received 500,000 shares of BSI common stock, which was valued at CAD50,000 based on CAD0.10 per share on the date of issuance (CAD1 approximates $1) and recorded as return of investment in mineral rights.

On December 24, 2013 and December 27, 2013 BSI paid the Company $10,000 each or $20,000 in aggregate, which was recorded as return of investment in mineral rights.

On February 12, 2014, Bayhorse Silver Inc. issued 125,000 shares of its subsidiary, Silcom Systems Inc.’s (Silcom), restricted common stock to the Company for no consideration.  The issuance was dividend shares from BSI’s subsidiary, Silcom, given to shareholders of Bayhorse Silver Inc.  There is no market for the shares currently and the Company valued these share as $0.

- 71 -

**ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

(1)

Previous Independent Registered Public Accounting Firm

(i)

On December 5, 2013, AMCOR dismissed its independent registered public accounting firm, MartinelliMick PLLC (“MartinelliMick”).

(ii)

The reports of MartinelliMick on the consolidated financial statements of the Company as of December 31, 2012 and 2011 and for the years then ended did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles other than an explanatory paragraph as to a going concern.

(iii)

The decision to change independent registered public accounting firm was recommended and approved by the Board of Directors of the Company.

(iv)

During the Company’s two most recent years ended December 31, 2012 and 2011 and any subsequent interim periods through December 5, 2013, the date of dismissal, (a) there were no disagreements with MartinelliMick on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of MartinelliMick, would have caused it to make reference thereto in its reports on the financial statements for such years and (b) there were no “reportable events” as described in Item 304(a)(1)(v) of Regulation S-K.

(v)

On December 9, 2013 the Company provided MartinelliMick with a copy of this Current Report and has requested that it furnish the Company with a letter addressed to the U.S. Securities & Exchange Commission stating whether it agrees with the above statements.  A copy of such letter is attached as Exhibit 16.1 to this Current Report on Form 8-K.

(2)
New Independent Registered Public Accounting Firm

On December 5, 2013, concurrent with the dismissal of MartinelliMick, the Board of Directors of the Company engaged Li and Company, PC (“LICO”) as its new independent registered public accounting firm to audit and review the Company’s consolidated financial statements effective immediately.  During the two (2) most recent years ended December 31, 2012 and 2011, and any subsequent period through the date hereof prior to the engagement of LICO, neither the Company, nor someone on its behalf, has consulted LICO regarding:

(i)

either: the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, and either a written report was provided to the Company or oral advice was provided that the new independent registered public accounting firm concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or

(ii)

any matter that was either the subject of a disagreement as defined in paragraph 304(a)(1)(iv) of Regulation S-K or a reportable event as described in paragraph 304(a)(1)(v) of Regulation S-K.

**ITEM 9A.  CONTROLS AND PROCEDURES.**

**Evaluation of Disclosure Controls and Procedures.**

An evaluation was performed under the supervision and with the participation of our management, including the Chief Executive Officer (CEO) and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended).  Based on that evaluation, our management, including the CEO, concluded that as of November 30, 2013, our disclosure controls and procedures were not effective to ensure the information required to be disclosed by an issuer in the reports we file or submit under the Securities Exchange Act of 1934, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms relating to us, and was accumulated and communicated to our management, including our CEO, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.  There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.  Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.  

**Management’s Report on Internal Control Over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, a company’s chief executive and chief financial officers and effected by a company’s 

- 72 -

board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that: 

 

·

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

 

·

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

 

·

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

All internal control systems, no matter how well designed, have inherent limitations and can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.  Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Our management, with the participation of our Chief Executive Officer and principal financial officer, assessed the effectiveness of our internal control over financial reporting as of November 30, 2013.  A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
We identified a material weakness in our internal control over financial reporting as of November 30, 2013, because fundamental elements of an effective control environment were missing or inadequate, including a documented ethics or values statement, a code of conduct, and independent oversight and monitoring of financial reporting, financial reporting processes and procedures, and internal control procedures. At present, the Board of Directors is comprised entirely of individuals performing management functions.  Because only three of our six Directors are independent, no Audit Committee has been established to which the Board could delegate its oversight responsibilities.  Accordingly, our management has determined that this control deficiency constitutes a material weakness. 
Additionally, due to the size of the Company, it was not possible to ensure adequate segregation of duties between incompatible functions, and management has not established or implemented monitoring procedures to mitigate this risk.  Due to a lack of personnel, it was not possible to ensure that both routine and non-routine financial information was adequately analyzed and reviewed on a timely basis to detect misstatements.

Based on this assessment and the material weakness described above, management has concluded that as of November 30, 2013, our internal control over financial reporting was not effective.

This annual report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only management’s report in this annual report.

Management intends, as capital resources allow, to take the following steps to remediate the material weaknesses we identified as follows:

 

·

To the extent management is able to attract competent, independent Directors, the Board will delegate its oversight responsibilities to an Audit Committee of independent Directors.

 

·

We will adopt a code of conduct and ethics.

 

·

We will increase the oversight and review procedures of the board of directors with regard to financial reporting, financial reporting processes and procedures and internal control procedures.

 

·

We will segregate incompatible functions using existing personnel where possible or, given sufficient capital resources, we will contract additional personnel to perform those functions.

**Changes in Internal Controls Over Financial Reporting**

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) identified in connection with the evaluation of our internal control performed during our last fiscal quarter that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 

**ITEM 9B. OTHER INFORMATION.**

None.

- 73 -

**PART III**

**ITEM 10.**  **DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE**

**A.****Directors, Executive Officers, Promoters and Control Persons**

The following table sets forth directors and Executive Officers of AMCOR as of November 30, 2014.  Directors are elected for a period of one year and thereafter serve until the next annual meeting at which their successors are duly elected by the stockholders.  Officers and other employees serve at the will of the Board of Directors and hold office until their death, resignation or removal from office.

**Name**

**Age**

**Position**

**Date First Elected**

**or Appointed**

Frank H. Blair, CPG

75

President, CEO and Director 

December 28, 2012

Dwight Weigelt, CPA

60

Chief Financial Officer, Secretary, Treasurer and Director 

December 28, 2012

Gerald J. Frankovich

68

Vice President And Director

December 28, 2012

David E. Boleneus, GIS, MBA, MS

64

Independent Director 

December 28, 2012

Louis G. Cornacchia

80

Independent Director 

December 28, 2012

Manuel F. Graiwer, Esq.

71

Independent Director 

December 28, 2012

***Family Relationships***

There are no family relationships among our directors or officers

***Business Experience***

The following is a summary of the education and business experience of each director and executive officer during at least the past five years, indicating each person’s business experience, principal occupation during the period, and the name and principal business of the organization by which they were employed.

**Frank H. Blair, CPG - 75, President, CEO and Director**

Mr. Blair received a Bachelor of Science degree in 1958 from Oregon State University. Mr. Blair is a Certified Professional Geologist, CPG, Number: 03517, and certified by the state of Idaho, Number: 414. He is a member of the American Institute of Professional Geologists and a Honorary Life Member of Northwest Mining Association & Society of Mining Engineers. From 1964 to 1974, he was managing geologist for Freeport Exploration Company and evaluated mineral deposits in the Northwest and oil and gas projects for Freeport Oil Company in the states of Colorado and Wyoming. From 1974 through 1994, Mr. Blair offered a wide variety of geological services and operated at F.H. Blair & Associates. During this period Mr. Blair had contracts with; 1) The Anschutz Corporation, which was a combination of oil, gas and mineral exploration; 2) Placer Dome, Inc.; 3) Puget Sound Energy; 4) Earth Resources, Inc.; 4) Pegasus Exploration, Inc.; 5) Agnico-Eagle (USA); 6) Bunker Hill Corp; 7) Gulf Resources, Inc.; 8) Fremont Mining Co.; 9) Canadian Superior; and 10) numerous small to mid-sized mineral and oil exploration companies.  From 1995 to 1997 Mr. Blair managed a 500 square mile concession for Minerea Yamana, Inc, based in Asuncion, Paraguay. From 1997 to present, Mr. Blair has owned and operated Blair Exploration Associates (BLEXAS) based in Spokane, Washington. BLEXAS specializes in resource management, and formulating and implementing exploration projects in North and South America.  The primary targets of the exploration program are base metals and precious metals, which resulted in the discovery of the first lode gold deposit discovered in Paraguay.

**Dwight Weigelt, CPA - 60, Secretary, Treasurer, CFO and Director**

Mr. Weigelt received his Bachelor of Business Administration in Public Accounting in 1975 from Gonzaga University. From 1986 to 1997, he was the President of Convergent Systems, Inc., a company that specialized in marketing and consulting for MAS 90/MAS 200 Accounting software. Convergent Systems, Inc. was part of the MAS 90/MAS 200 Software Beta Test Team for over ten years. From 1997 to 2000 Mr. Weigelt was the Manager of the Information Systems Group at LeMaster & Daniel PLLC, which was the 40th ranked CPA firm in the U.S. For a period of five years, from mid 2000 through 2005, Mr. Weigelt was the Senior Business Information Systems Analyst at World Wide Packets, Inc.  In this capacity, he managed the MAS 200 accounting system; designed and implemented an integrated cross- function program and seamless system to support management, sales, operations, product production, finance and customer service.  From 2006 to the present, he has been an independent software consultant and utilized his skills to develop specialized software for the insurance industry.

- 74 -

**Gerald J. Frankovich - 68, Vice President and Director**

Mr. Frankovich received a Bachelor of Science in Geology from Washington State University in 1968 and a Bachelor of Arts in Finance from Eastern Washington University. From 1988 to 1992 Mr. Frankovich was mine engineer and general mine manager for Firstmiss Gold Inc. As a mine engineer and general mine foreman, he was responsible for developing the mineral model and updating the model to include new drill assay and geologic data, and mine planning, where he utilized the Medsystem for these functions and the economic pit design. As the mine manager he supervised a three million ton per month mine operation. From 1992 to 2002 he was employed in many different capacities by Kennecott Utah Copper, Inc. Mr. Frankovich held the following positions over the ten year period: Foreman, Barney’s Canyon Mine where he supervised a 600 ton per hour crushing plant and heap leach stacking, 1000 ton per day sulfide mill, 4000 gallon per minute process pumping for five heap leach pads and carbon strip plant; 2) Mine Foreman, Barney’s Canyon Mine where he supervised pit operations consisting of three 992 Cat loaders, twelve 777 Cat trucks, support equipment, and a crew of 18 people; 3) he was truck shovel foreman at the Bingham Canyon Mine and supervised pit operations consisting of ten shovels including P&H 30, 43, and 56 yard capacity and 55 trucks included CAT 789 and 793’s; 4) he was the mine operations superintendent for Kennecott’s Rawhide Mine where he supervised engineers, geologists and mine supervisors for a 50,000 ton per day operation with eight 95 ton trucks and three 992 loaders. Responsible for the mineral model, mine planning, pit design, ore control, surveying and all production reporting for mine operations. From 2002 to 2004 Mr. Frankovich was employed by Unimin Corporation as a plant and Quarry superintendent in Ione, CA. In this capacity he was responsible for producing 500,000 tons per year of glass-quality sand production and managed a staff of 30 people. Equipment utilized consisted of draglines, trucks and loader operations, pumping of slurry to plant, wet flotation process, drying, and magnetic separation are some of the processes utilized. Mine dewatering was utilized with multiple 200 hp pumps. From 2004 to present he has engaged in a series of consulting contracts with the following companies, Remediation Risk Management, a subsidiary of Triton Construction, Placerville Industries, Inc., Cemex Cement Corporation and Mitsubishi Cement company.

**David E. Boleneus, GIS, MBA, MS - 64, Independent Director**

Mr. Boleneus received his Bachelor of Science in Geology and Certificate in Geographical Information Systems (GIS) from Eastern Washington University. He earned a Master of Science degree in Geology from Louisiana State University. He also earned his Masters of Business Administration from the University of Phoenix in Denver, Colorado. He is proficient in geohydrology, geophysics, Spanish, and computer (GIS) mapping. Mr. Boleneus' professional experience includes working as a Petroleum geologist in Denver, Colorado, at Sohio Petroleum Co. (Standard Oil Company of Ohio) from 1980 to 1985. From 1985 to 1996, he was a mining engineer in Denver, Colorado, with the U.S. Bureau of Mines. From 1997 to early 2007, Mr. Boleneus served as a Research Scientist at the U.S. Geological Survey.  From early 2007 to the present, Mr. Boleneus has been a consultant for InfoMine, Inc., based in Spokane, Washington concerning mining and milling cost engineering, and economic analysis of mining operations. At the beginning of 2007 through the present, he has been the owner of HydroImaging, Inc. based in Spokane, Washington, which consults on electrical geophysics, mine cost engineering.  Mr. Boleneus has authored over 100 professional reports including: in-house reports, staff reports, technical presentations, and industry publications.

**Louis G. Cornacchia - 80, Independent Director**

Mr. Cornacchia received a Bachelor of Electrical Engineering from Manhattan College in 1955 and has taken special courses at Iona College in Computer Language and Business Law Courses at Manhattanville College. From 1955 -1958, Mr. Cornacchia was employed by Hazeltine Electronics Corp. as Engineer, Designing Signal Processor and Radar Display Module for The SAGE System, Primary Early Warning System or DEW LINE, the TPS-1-GROUND BASED SEARCH RADAR SYSTEM and AWACS (A6E) RF/Power Systems. From 1958 - 1961, Mr. Cornacchia was employed by Loral Systems Design Team developing the AN/ALQ58 Reconnaissance System and developed (two man team) the precursor YIG TUNER - [ALR-20] Crystal Scanner covering the full 200 megahertz - 12 gigahz Frequency Range Surveillance System for interception of Enemy Navigational Fire Control and Homing Devices for purposes of Identification and Signal Jamming for a specific bomber. From 1961 to 1963, Mr. Cornacchia was hired as Chief Engineer by Victory Electronic to Develop the Image Intensifier or Night Vision Scopes (Using Star Light) for the Fort Dix Army Command including development of a short circuit proof magnetic amplifier for a tank turret driver. From 1963 – 1969, Mr. Cornacchia was employed At Norden Systems, Developed heads Up display, TF Radar System, Lou developed unique, more aggressive programs incorporating Built-In Test Equipment (BITE) to detect on-coming circuit failures of the F111D-E Avionics to increase reliability and was responsible for presentation of same to Air Force procurement Officer General Esposito which required the modification of Automatic Test Equipment Mil Specifications to accommodate this innovation. 1970 to Present, Mr. Cornacchia formed and owns SCINETX LLC, a company specializing in Mobile Cellular and PCS FCD EMF Compliance analysis, Intermodulation studies, RF/EMF Site studies and Site propagation analysis. A partial listing of companies SCINETX has contracted with and employed state of the art engineers, technicians and programmers, are as follows: Port Authority NY/NJ (Designed Emergency Communications Network for Newark & LaGuardia Airports), Airborne Instruments Laboratories, United Technologies, Northrop Grumman, Verizon Wireless, AT&T Wireless, Sirius Satellite Radio, Loral Electronics Systems, Cingular ITT, New York Telephone Co., Sprint / Nextel, Fairchild Camera Division, Shore Media Inc., T-Mobile, Syracuse Scientific Corp, Fox News, Martin Marietta and Allied Signal - Bendix

- 75 -

**Manuel F. Graiwer, Esq. - 70, Independent Director**

Mr. Graiwer is a managing director of Graiwer & Kaplan, a professional law corporation in Los Angeles, California.  Mr. Graiwer received his B.Sc. degree from the University of California in Los Angeles and J.D. degree from the University of California Davis School of law. In 1975, Mr. Graiwer was admitted to the Supreme Court of the USA.  He was former Pro Tempore Judge for the Workers Compensation Appeals Board and an Arbitrator, American Arbitration Association. Mr. Graiwer is a member of the California Bar Association, California Trial Lawyers and California Applicant Attorney Association. Since 1994, Mr. Graiwer has led a private venture capital group focusing on small cap biopharmaceutical and resources companies.  From 2007 to 2010 he served as a director of Cordex, Inc., a public traded pharmaceutical company based in Philadelphia, PA

**Involvement in Certain Legal Proceedings**

Our directors, executive officers and control persons have not been involved in any of the following events during the past ten years:

1.

any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

 

 

2.

any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

 

 

3.

being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or

 

 

4.

being found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

**B.  Section 16(a) Beneficial Ownership Reporting Compliance**

Section 16(a) of the Securities Exchange Act of 1934 requires our directors and executive officers, and persons who own more than ten percent of our common stock, to file with the Securities and Exchange Commission initial reports of ownership and reports of changes of ownership of our common stock. Officers, directors and greater than ten percent stockholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file.  We have no knowledge that, as of the date of this filing, our directors, executive officers, and persons who own more than ten percent of our common stock, have not timely filed an initial Form 3 or a Form 4, other than the following:  Louis Cornacchia filed the Form 3 more than 10 days after his appointment as a director; Gerald Frankovich filed the Form 3 more than 10 days after his appointment as Vice President and a director.

**Audit Committee and Financial Expert**

We do not have an Audit Committee; our directors perform some of the same functions of an Audit Committee, such as: recommending a firm of independent certified public accountants to audit the annual financial statements; reviewing the independent auditors independence, the financial statements and their audit report; and reviewing management’s administration of the system of internal accounting controls.  We do not currently have a written audit committee charter.

We have no financial expert.  We believe the cost related to retaining a financial expert at this time is prohibitive. Further, because of our start-up operations and financial experience of our officers, we believe the services of a financial expert are not warranted.

**Code of Ethics**

Our board of directors has not adopted a code of ethics due to the fact that we presently only have one director and we are in the development stage of our operations. We anticipate that we will adopt a code of ethics when we increase either the number of our directors and officers or the number of our employees.

**ITEM 11.  EXECUTIVE COMPENSATION**

**A.**  **Summary Compensation Table**

The following summary compensation table sets forth information concerning the annual and long-term compensation  for the eleven months ended November 30, 2013 and the fiscal year ended December 31, 2012, of those persons who were (i) the chief executive officer and (ii) the principal financial officer and any executive officer whose annual base salary and bonus compensation was in excess of $100,000.  No executive officer received compensation in excess of $100,000.

- 76 -

SUMMARY COMPENSATION TABLE

NAME AND

 

 

 

 

 

 

 

OTHER ANNUAL

 

PRINCIPAL POSITION

 

YEAR

 

SALARY

 

BONUS

 

COMPENSATION

 

Frank Blair

Chief Executive Officer

President

 

 

2012

 

$

-0-

 

 

-0-

 

$

-0-

 

 

 

 

2011

 

$

-0-

 

 

-0-

 

$

-0-

 

Dwight Weigelt,

Chief Financial Officer,

Treasurer, Secretary

 

 

2012

 

$

-0-

 

 

-0-

 

$

-0-

 

 

 

 

2011

 

$

-0-

 

 

-0-

 

$

-0-

 

Cindy Swank President, Treasurer, Chief Executive Officer

Chief Financial Officer

 

 

2011

 

$

-0-

 

 

-0-

 

$

-0-*

 

*Our named executive officer did not receive a salary but was to be compensated for sales generated on behalf of our company.  A nine percent (9%) commission was to be equally divided amongst the officers/directors for each sale made.  $0 was paid in commissions during the year ended December 31, 2012.

**B.  Narrative Disclosure to Summary Compensation Table**

During the eleven months ended November 30, 2013, no director received any compensation for attending meetings of the Board of Directors.  Directors are reimbursed, however, for reasonable expenses incurred on behalf of our company.

**C.**  **Outstanding Equity Awards at Fiscal Year End**

No director had been granted any equity compensation, including option grants, as of November 30, 2013.

**D.  Potential Payments Upon Termination or Change in Control**

 

None.

**E.**  **Compensation of Directors**

No compensation was paid to directors for their director services during the eleven months ended November 30, 2013.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The following table presents information, to the best of our knowledge, about the beneficial ownership of our common stock on March 28, 2014, held by our directors and executive officers and by those persons known to beneficially own more than 5% of our capital stock.  The percentage of beneficial ownership for the following table is based on 89,882,679 shares of common stock outstanding as of March 28, 2014.

Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and does not necessarily indicate beneficial ownership for any other purpose.  Under these rules, beneficial ownership includes those shares of common stock over which the stockholder has sole or shared voting or investment power.  It also includes (unless footnoted) shares of common stock that the stockholder has a right to acquire within 60 days after March 28, 2014, through the exercise of any option, warrant or other right.  The percentage ownership of the outstanding common stock, however, is based on the assumption, expressly required by the rules of the Securities and Exchange Commission, that only the person or entity whose ownership is being reported has converted options or warrants into shares of our common stock. 

- 77 -

**Title of Class**

**Name and Address of Beneficial Owner of Shares (1)**

**Position**

**Amount of Shares Held by Owner**

**Percent of Class (2)**

Common

$0.001 par value

Frank H. Blair (3,6)

President, CEO, Director

3,500,000

3.9%

Common

$0.001 par value

Dwight Weigelt (3,7)

CFO, Treasurer, Secretary, Director

450,000

0.5%

Common

$0.001 par value

Gerry Frankovich (3,8)

V.P, Director

450,000

0.5%

Common

$0.001 par value

David Boleneus (3,9)

Independent Director

3,500,000

3.9%

Common

$0.001 par value

Louis G. Cornacchia (3,10)

Independent Director

1,593,178

1.8%

Common

$0.001 par value

Manuel Graiwer (3,11) 

Independent Director

6,304,740

7.0%

Common

$0.001 par value

Jerod Edington (12)

2910 E. 57th Ave.

Ste 5 PMB 335

Spokane, WA 99223

None

6,770,000

7.5%

Common

$0.001 par value

Martin Clemets (13)

441 W. 14th Ave.

Spokane, WA 99204

None

8,300,000

9.2%

Common

$0.001 par value

Floyd Short (14)

24785 E. Doyle Rd.

Cataldo, ID 83810

None

5,250,000

5.8%

All officers and directors as a group

 

 

16,001,922

17.8%

(1)

As used in this table, “beneficial ownership” means the sole or shared power to vote, or to direct the voting of, a security, or the sole or shared investment power with respect to a security (i.e., the power to dispose of, or to direct the disposition of, a security). The address of each person is care of AMCOR.

 

 

(2)

Figures are rounded to the nearest tenth of a percent.

 

 

(3)

The address of each person is care of AMCOR.

 

 

(4)

Includes 202,004 shares held directly

 

 

(5)

Includes 2,000 shares held directly

 

 

(6)

Includes 3,500,000 shares held directly

 

 

(7)

Includes 450,000 shares held directly

 

 

(8)

Includes 450,000 shares held directly

 

 

(9)

Includes 3,500,000 shares held directly

 

 

(10)

Includes 1,500,000 held by SCINETX LLC of which Mr. Cornacchia has voting power and 93,178 shares held directly

 

 

(11)

Includes 6,304,740 shares held directly

 

 

(12)

Includes 6,670,000 shares owned by IWJ Consulting Group, LLC, of which Jerod Edington has voting power

 

 

(13)

Includes 8,300,000 shares held directly

 

 

(14)

Includes 5,750,000 shares held directly

(a) Changes in Control 

There are no arrangements known to us, the operation of which may at a subsequent date result in a change of control of the Registrant. 

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

- 78 -

None.

**Director Independence**

Our Board of Directors has determined that three out of six directors are currently “independent directors” as that term is defined in Rule 4200(a)(15) of the Marketplace Rules of the National Association of Securities Dealers.  We are not presently required to have a majority of independent directors.  If we ever become a listed issuer whose securities are listed on a national securities exchange or on an automated inter-dealer quotation system of a national securities association, which has independent director requirements, we intend to comply with all applicable requirements relating to director independence.

**Equity Compensation Plan Information**

The following table sets forth information about the common stock available for issuance under compensatory plans and arrangements as of November 30, 2014.

 

 

(a)

 

(b)

 

(c)

 

Plan Category

 

Number of securities to be issued upon exercise of outstanding options, warrants and rights.

 

Weighted-average exercise price of outstanding options, warrants, and rights

 

Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)

 

Equity compensation plan approved by security holders (1)

 

 

0

 

$

0

 

 

5,000,000

 

Equity compensation plans not approved by security holders

 

 

0

 

$

0

 

 

 

 

Total

 

 

0

 

$

0

 

 

5,000,000

 

 

(1)

 

The Board of Directors approved the 2001 Non-Qualified Stock Option and Stock Appreciation Rights Plan on January 15, 2001 and then on November 30, 2012, authorized an increase in the total common stock, $.001 par value, available for issuance pursuant to the Corporation's 2001 Non-Qualified Stock Option and Stock Appreciation Rights Plan from one million (1,000,000) shares to five million (5,000,000) shares. This increase was subjected to a vote of the shareholder. The total number of options that can be granted under the plan will not exceed 5,000,000 shares.  Non-qualified stock options will be granted by the Board of Directors with an option price not less than the fair market value of the shares of common stock to which the non-qualified stock option relates on the date of grant. In no event may the option price with respect to an incentive stock option granted under the stock option plan be less than the fair market value of such common stock.

Each option granted under the stock option plan will be assigned a time period for exercising not to exceed ten years after the date of the grant.  Certain other restrictions will apply in connection with this plan when some awards may be exercised.  This plan is intended to encourage directors, officers, employees and consultants to acquire ownership of common stock.  The opportunity so provided is intended to foster in participants a strong incentive to put forth maximum effort for our continued success and growth, to aid in retaining individuals who put forth such effort, and to assist in attracting the best available individuals to AMCOR in the future.

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

The following audit services were performed and the following fees have been paid:

*Audit Fees.* Aggregate fees billed for professional services rendered by MartinelliMick PLLC in connection with its audit of our financial statements as of and for the eleven months ended November 30, 2013 or the year ended December 31, 2012, its reviews of our unaudited condensed consolidated interim financial statements, and for SEC consultations and filings was $28,858 and $46,800, respectively.

*Audit-Related Fees.* MartinelliMick PLLC was not paid additional fees for the eleven months ended November 30, 2013 or the fiscal year ended December 31, 2012 for assurance and related services reasonably related to the performance of the audit or review of our financial statements.  Li & Company, PC was not paid additional fees for the eleven months ended November 30, 2013 or the period from March 30, 2012 (inception) to December 31, 2012 for assurance and related services reasonably related to the performance of the audit or review of our financial statements.

*Tax Fees* - MartinelliMick PLLC charged zero fees for the eleven months ended November 30, 2013 or the fiscal year 2012 for professional services rendered for tax compliance.  We did not incur any fees and expenses from MartinelliMick PLLC for the fiscal year 2012 for professional services rendered for tax compliance, tax advice and tax planning.

- 79 -

*All Other Fees* - We did not incur any other fees and expenses from MartinelliMick PLLC for the eleven months ended November 30, 2013 or fiscal year 2012 annual audits.

Our pre-approval policies and procedures for the board, acting in lieu of a separately designated, independent audit committee, described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were that the audit committee pre-approve all accounting related activities prior to the performance of any services by any accountant or auditor.

The percentage of hours expended on the principal accountant’s engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full time, permanent employees was 0%.

- 80 -

**PART IV**

**ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

(a) 1 & 2.  Financial Statements See Item 8 in Part II of this report. 

All other financial statement schedules are omitted because the information required to be set forth therein is not applicable or because that information is in the financial statements or notes thereto. 

(a) 3.

 

**Exhibits**

 

 

 

2.1

 

Acquisition Agreement and Plan of Merger between APD Antiquities, Inc. and GCJ, Inc. dated December 27, 2004 (Incorporated by reference to the corresponding exhibit to the Form 8-K previously filed by APD Antiquities, Inc.) on December 30, 2004 (File No. 000-50738) (the “December 30, 2004 Form 8-K”)

 

 

 

2.2

 

Articles of Merger (Nevada) dated December 29, 2004 (File No. 000-50738) (Incorporated by reference to exhibit 2.1 to the December 30, 2004 Form 8-K)

 

 

 

3.1

 

Articles of Incorporation*

 

 

 

3.2

 

By-Laws*

 

 

 

10.1

 

2001 stock Option Plan (Incorporated by reference to Exhibit 10.1 to the December 31, 2008 Annual Report on Form 10-K) (File No. 000-50738)

 

 

 

10.2

 

Form of Promissory note from Northern Adventures, LLC dated April 4, 2011, April, 12, 2011, May 3, 2011, August 24, 2011, September 8, 2011, September 21, 2011, October 10, 2011, November 3, 2011, November 15, 2011, January 5, 2012, January 21, 2012, May 15, 2012,May 18, 2012 and June 18, 2012 (incorporated hereto by reference to Form 10-Q, Exhibit 10.2 filed with the Securities and Exchange commission on May 21, 2012, file number 000-50738)

 

 

 

10.3

 

Form of Notice of Intent to Convert Debt to Shares of Restricted Common Stock (incorporated hereto by reference to Form 10-Q, Exhibit 10.3 filed with the Securities and Exchange commission on May 21, 2012, file number 000-50738)

 

 

 

10.4

 

Letter of Intent between APD Antiquities, Inc. and Northern Adventures, LLC dated April 8, 2011 (incorporated hereto by reference to Form 10-Q, Exhibit 10.4 filed with the Securities and Exchange commission on May 21, 2012, file number 000-50738)

 

 

 

10.5

 

Form of Amended Letter of Intent between APD Antiquities, Inc. and Northern Adventures, LLC dated August 5, 2011 (incorporated hereto by reference to Form 10-Q, Exhibit 10.5 filed with the Securities and Exchange commission on May 21, 2012, file number 000-50738)

 

 

 

10.6

 

Form of Amended Letter of Intent between APD Antiquities, Inc. and Northern Adventures, LLC dated December 30, 2011 (incorporated hereto by reference to Form 10-Q, Exhibit 10.6 filed with the Securities and Exchange commission on May 21, 2012, file number 000-50738)

 

 

 

10.7

 

Form of Amended Letter of Intent between APD Antiquities, Inc. and Northern Adventures, LLC dated March 30, 2012 (incorporated hereto by reference to Form 10-Q, Exhibit 10.7 filed with the Securities and Exchange commission on May 21, 2012, file number 000-50738)

 

 

 

10.8

 

Form of Amended Letter of Intent between APD Antiquities, Inc. and Northern Adventures, LLC dated June 30, 2012 (incorporated hereto by reference to Form 10-Q, Exhibit 10.7 filed with the Securities and Exchange commission on May 21, 2012, file number 000-50738)

 

 

 

10.9

 

Form of 2012 Convertible Promissory Note (incorporated hereto by reference to Form 10-Q, Exhibit 10.8 filed with the Securities and Exchange commission on May 21, 2012, file number 000-50738)
 

 

 

- 81 -

10.10

 

Option to Purchase Assets Agreement between APD Antiquities, Inc., AMCOR Exploration, Inc. (a wholly owned subsidiary) and Northern Adventures, LLC and Northern Adventures, Inc. effective July 3, 2012. (incorporated hereto by reference to Form 8-K, Exhibit 10.1 filed with the Securities and Exchange commission on July 5, 2012, file number 000-50738)

 

 

 

10.11

 

Asset Purchase Agreement with NALLC entered into on December 28, 2012**

 

 

 

10.12

 

Toroda Creek/Bodie Option to Purchase Leases and Interest in Mining Claims**

 

 

 

10.13

 

Toroda Creek/Bodie Option Amendment**

 

 

 

10.14

 

Box Canyon Quit Claim Deed**

 

 

 

10.15

 

McKinley-McNalley Quit Claim Deed**

 

 

 

10.16

 

North Moccasin Quit Claim Deed**

 

 

 

10.17

 

Bayhorse Silver Option to Lease Claims**

 

 

 

10.18

 

Quartz Creek Mining Lease**

 

 

 

10.19

 

Trout Creek Mining Lease**

 

 

 

10.20

 

Vienna Mining Lease**

 

 

 

10.21

 

Monitor-Richmond-Copper Age Lease**

 

 

 

10.22

 

Monitor-Richmond-Copper Age Lease Amendment**

 

 

 

10.23

 

Option and Joint Venture Agreement between AMCOR and Transatlantic Mining Corp. (formerly Archean Star Resources, Inc.) dated February 5, 2013 (incorporated hereto by reference to Form 8-K, Exhibit 10.1 filed with the Securities and Exchange commission on February 11, 2013, file number 000-50738)

 

 

 

10.24

 

Notice of Intent to Exercise Option  Agreement between AMCOR and HydroImaging, Inc dated April 5, 2013. (incorporated hereto by reference to Form 8-K, Exhibit 10.1 filed with the Securities and Exchange commission on April 11, 2013, file number 000-50738)

 

 

 

10.25

 

Mining Lease and Assignment agreement between Kinross Gold USA, Inc. and Hydro Imaging, Inc. dated February 28, 2013. (incorporated hereto by reference to Form 8-K, Exhibit 10.2 filed with the Securities and Exchange commission on April 11, 2013, file number 000-50738)

 

 

 

31.1

 

Section 302 Certification

 

 

 

31.2

 

Section 302 Certifications

 

 

 

32.1

 

Section 1350 Certifications

 

 

 

32.2

 

Section 1350 Certifications

* Incorporated by reference to the Registrant's Registration Statement on Form 10SB filed with the Securities and Exchange commission on May 3, 2004 File No. 000-50738

** Incorporated by reference to the Form 8-K filed with the Securities and Exchange commission on January 3, 2013, File No. 000-50738

- 82 -

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: March 28, 2014

AMERICAN CORDILLERA MINING CORPORATION

By: 

   /s/ Frank Blair

 

        Frank Blair

        *Frank Blair, President,*

*        CEO*

In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

/s/ Frank Blair

Frank Blair

President, CEO, Director

Dated: March 28, 2014

/s/ Dwight Weigelt

Dwight Weigelt

CFO, Secretary, Treasurer, Director

Dated: March 28, 2014

- 83 - |
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