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

| [  ] | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
|----------------|-----------------------------------------------------------------|

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| Nevada                                                        |   | 26-4205169                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or Other Jurisdiction ofIncorporation or Organization) |   | (I.R.S. EmployerIdentification No.) |

|                                                     |   |                              |
|----------------------------------------------------------|--------|-----------------------------------|
| 4695 MacArthur Court, Suite 1430, Newport Beach, CA92660 |   | 949-475-9086                      |
| (Address of Principal Executive Offices)                 |   | (Issuer’s Telephone Number) |

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

----

|                          |         |   |
|-------------------------------|--------------|--------|
| Balance Sheets                |    | 3      |
|                          |         |
| Statements of Operations      |    | 4      |
|                          |         |
| Statements of Cash Flows      |    | 5      |
|                          |         |
| Notes to Financial Statements |    | 6      |

----

| Gold Bag, Inc.                |
|-------------------------------|
| (A Development Stage Company) |
| Consolidated Balance Sheets   |

|                                                                                                                                                                                             |   | November 30, 2010 |      |   | February 28, 2010 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-----------|--------|-------------------|--------|
| ASSETS                                                                                                                                                                                           |   |              |      |   |              |   |
| Current assets                                                                                                                                                                                   |   |              |      |   |              |   |
|   Cash                                                                                                                                                                                 |   | $                 | 769,374   |   |              | $      | 5,619 |   |
|   Note receivable                                                                                                                                                                      |   |              | 60,000    |   |              |   | - |   |
|   Accrued interest receivable                                                                                                                                                          |   |              | 197       |   |              |   | - |   |
|   Prepaid legal fees                                                                                                                                                                   |   |              | 3,000     |   |              |   | - |   |
|                                                                                                                                                                                             |   |              |      |   |              |   |   |   |
|   Total current assets                                                                                                                                                                 |   |              | 832,571   |   |              |   | 5,619 |   |
|                                                                                                                                                                                             |   |              |      |   |              |   |   |   |
| TOTAL ASSETS                                                                                                                                                                                     |   | $                 | 832,571   |   |              | $      | 5,619 |   |
|                                                                                                                                                                                             |   |              |      |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                                                            |   |              |      |   |              |   |   |   |
| Current liabilities                                                                                                                                                                              |   |              |      |   |              |   |   |   |
|   Accounts payable and accrued liabilities                                                                                                                                             |   | $                 | 72,000    |   |              | $      | 8,596 |   |
|   Advances from Officer                                                                                                                                                                |   |              | 18,044    |   |              |   | 0 |   |
|                                                                                                                                                                                             |   |              |      |   |              |   |   |   |
|   Total current liabilities                                                                                                                                                            |   |              | 90,044    |   |              |   | 8,596 |   |
|                                                                                                                                                                                             |   |              |      |   |              |   |   |   |
| Total liabilities                                                                                                                                                                                |   |              | 90,044    |   |              |   | 8,596 |   |
|                                                                                                                                                                                             |   |              |      |   |              |   |   |   |
| Stockholders' Equity (Deficit)                                                                                                                                                                   |   |              |      |   |              |   |   |   |
|   Preferred stock, $0.00001 par value, 100,000,000 shares authorized and none issued and outstanding as of November 30, 2010 and February 28, 2010                                     |   |              | -         |   |              |   | - |   |
|   Common stock, $0.00001 par value, authorized 250,000,000 shares, 40,390,010 and 61,340,010 shares issued and outstanding as of November 30, 2010 and February 28, 2010, respectively |   |              | 404       |   |              |   | 613 |   |
|   Additional paid-in capital                                                                                                                                                           |   |              | 1,273,997 |   |              |   | 250,787 |   |
|   Donated capital                                                                                                                                                                      |   |              | 17,559    |   |              |   | 17,559 |   |
|   Deficit accumulated during the development stage                                                                                                                                     |   |              | (549,433  | )      |              |   | (271,936 | ) |
|                                                                                                                                                                                             |   |              |      |   |              |   |   |   |
| Total stockholders' equity (deficit)                                                                                                                                                             |   |              | 742,527   |   |              |   | (2,977 | ) |
|                                                                                                                                                                                             |   |              |      |   |              |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                                             |   | $                 | 832,571   |   |              | $      | 5,619 |   |

----

|                                          |   |   | Accumulated     |   |   |   |                      |   |   |   |                       |   |   |   |       |   |
|-----------------------------------------------|--------|--------|-----------------|--------|--------|--------|---------------------------|--------|--------|--------|----------------------------|--------|--------|--------|------------|--------|
|                                          |   |   | from            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |
|                                          |   |   | 23-Dec-05       |   |   |   |                      |   |   |   |                       |   |
|                                          |   |   | (date of        |   |   |   |                      |   |   |   |                       |   |
|                                          |   |   | inception)      |   |   |   | For the nine months ended |   |   |   | For the three months ended |   |
|                                          |   |   | to November 30, |   |   |   | November 30,              |   |   |   | November  30,    |   |
|                                          |   |   | 2010            |   |   |   | 2010                      |   |   |   | 2009                       |   |   |   | 2010       |   |   |   | 2009 |   |
| Revenue                                       |   | $      | 0               |   |   | $      | 0                         |   |   | $      | 0                          |   |   | $      | 0          |   |   | $ | 0 |   |
|                                          |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
| Expenses                                      |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
|   Prospecting expenses              |   |   | 50,000          |   |   |   | 50,000                    |   |   |   | -                          |   |   |   | 50,000     |   |   |   | - |   |
|   Donated services and rent         |   |   | 17,559          |   |   |   | -                         |   |   |   | 2,359                      |   |   |   | -          |   |   |   | - |   |
|   General and administrative        |   |   | 53,933          |   |   |   | 30,115                    |   |   |   | 14,148                     |   |   |   | 29,832     |   |   |   | 581 |   |
|   Management fees                   |   |   | 145,381         |   |   |   | 58,500                    |   |   |   | 63,000                     |   |   |   | 49,500     |   |   |   | 21,000 |   |
|   Professional fees                 |   |   | 282,763         |   |   |   | 139,079                   |   |   |   | 36,780                     |   |   |   | 45,500     |   |   |   | 3,217 |   |
|                                          |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
| Total expenses                                |   |   | 549,636         |   |   |   | 277,694                   |   |   |   | 116,287                    |   |   |   | 174,832    |   |   |   | 24,798 |   |
|                                          |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
| Operating loss                                |   |   | (549,636        | )      |   |   | (277,694                  | )      |   |   | (116,287                   | )      |   |   | (174,832   | )      |   |   | (24,798 | ) |
|                                          |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
| Interest income                               |   |   | 203             |   |   |   | 197                       |   |   |   | 6                          |   |   |   | 197        |   |   |   | - |   |
|                                          |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
| Loss before taxes                             |   |   | (549,433        | )      |   |   | (277,497                  | )      |   |   | (116,281                   | )      |   |   | (174,635   | )      |   |   | (24,798 | ) |
|                                          |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
| Provision for income taxes                    |   |   | -               |   |   |   | -                         |   |   |   | -                          |   |   |   | -          |   |   |   | - |   |
|                                          |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
| Net loss for period                           |   | $      | (549,433        | )      |   | $      | (277,497                  | )      |   |   | (116,281                   | )      |   | $      | (174,635   | )      |   |   | (24,798 | ) |
|                                          |   |   |            |   |   |   |                      |   |   |   |                       |   |   |   |       |   |   |   |   |   |
| Basic and diluted net loss per share          |   |   |            |   |   | $      | (0.00                     | )      |   | $      | (0.00                      | )      |   | $      | (0.00      | )      |   | $ | (0.00 | ) |
| Weighted average number of shares outstanding |   |   |            |   |   |   | 56,337,233                |   |   |   | 69,640,000                 |   |   |   | 51,209,455 |   |   |   | 69,640,000 |   |

----

|                                     |   | Common Stock |        |   | AdditionalPaid in |   |   | Donated |   |   | Retained  |   |   |     |   |
|------------------------------------------|--------|--------------|-------------|--------|-------------------|--------|--------|---------|--------|--------|-----------|--------|--------|----------|--------|
|                                     |   | Shares       |        |   | Amount            |   |   | Capital |   |   | Capital   |   |   | Earnings |   |   | Total |   |
| Balance at December 23, 2005 (inception) |   |         | -           |   |              | $      | 0      |    |   | $      | 0         |   |   | $        | 0      |   |   | $ | 0 |   |   | $ | 0 |   |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | 800    |   |   |   | - |   |   |   | 800 |   |
| Shares issued in private placement       |   |         | 50,000,000  |   |              |   | 500    |    |   |   | 4,500     |   |   |     |   |   |   |   |   |   |   |   | 5,000 |   |
| Net loss                                 |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | -      |   |   |   | (17,235 | ) |   |   | (17,235 | ) |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2006             |   |         | 50,000,000  |   |              |   | 500    |    |   |   | 4,500     |   |   |     | 800    |   |   |   | (17,235 | ) |   |   | (11,435 | ) |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | 4,800  |   |   |   | - |   |   |   | 4,800 |   |
| Shares issued in private placement       |   |         | 19,640,000  |   |              |   | 196    |    |   |   | 196,204   |   |   |     |   |   |   |   |   |   |   |   | 196,400 |   |
| Net loss                                 |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | -      |   |   |   | (34,943 | ) |   |   | (34,943 | ) |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2007             |   |         | 69,640,000  |   |              |   | 696    |    |   |   | 200,704   |   |   |     | 5,600  |   |   |   | (52,178 | ) |   |   | 154,822 |   |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | 4,800  |   |   |   | - |   |   |   | 4,800 |   |
| Net loss                                 |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | -      |   |   |   | (24,965 | ) |   |   | (24,965 | ) |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2008             |   |         | 69,640,000  |   |              |   | 696    |    |   |   | 200,704   |   |   |     | 10,400 |   |   |   | (77,143 | ) |   |   | 134,657 |   |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | 4,800  |   |   |   | - |   |   |   | 4,800 |   |
| Net loss                                 |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | -      |   |   |   | (65,492 | ) |   |   | (65,492 | ) |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2009             |   |         | 69,640,000  |   |              |   | 696    |    |   |   | 200,704   |   |   |     | 15,200 |   |   |   | (142,635 | ) |   |   | 73,965 |   |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | 2,359  |   |   |   | - |   |   |   | 2,359 |   |
| Contributed capital                      |   |         | -           |   |              |   | 0      |    |   |   | 50,000    |   |   |     |   |   |   |   |   |   |   |   | 50,000 |   |
| Shares cancelled without consideration   |   |         | (8,299,990  | )      |              |   | (83    | )       |   |   | 83        |   |   |     |   |   |   |   |   |   |   |   | - |   |
| Net loss                                 |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | -      |   |   |   | (129,301 | ) |   |   | (129,301 | ) |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2010             |   |         | 61,340,010  |   |              |   | 613    |    |   |   | 250,787   |   |   |     | 17,559 |   |   |   | (271,936 | ) |   | $ | (2,977 | ) |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Shares issued for services               |   |         | 500,000     |   |              |   | 6      |    |   |   | 112,994   |   |   |     | -      |   |   |   | - |   |   |   | 113,000 |   |
| Shares issued in private placement       |   |         | 4,550,000   |   |              |   | 45     |    |   |   | 909,955   |   |   |     | -      |   |   |   | - |   |   |   | 910,000 |   |
| Shares cancelled without consideration   |   |         | (26,000,000 | )      |              |   | (260   | )       |   |   | 261       |   |   |     | -      |   |   |   | - |   |   |   | 1 |   |
| Net loss                                 |   |         | -           |   |              |   | -      |    |   |   | -         |   |   |     | -      |   |   |   | (277,497 | ) |   |   | (277,497 | ) |
|                                     |   |         |        |   |              |   |   |    |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at November 30, 2010             |   |         | 40,390,010  |   |              | $      | 404    |    |   | $      | 1,273,997 |   |   | $        | 17,559 |   |   | $ | (549,433 | ) |   | $ | 742,527 |   |

----

|                                                                       |   | Accumulated from23-Dec-05(Date of Inception)to November 30, |      |   | For the nine monthsendedNovember 30, |   |
|----------------------------------------------------------------------------|--------|-------------------------------------------------------------|-----------|--------|--------------------------------------|--------|
|                                                                       |   | 2010                                                        |      |   | 2010                                 |   |   | 2009 |   |
| Cash flow from operating activities                                        |   |                                                        |      |   |                                 |   |   |   |   |
|   Net loss                                                       |   | $                                                           | (549,433  | )      |                                 | $      | (277,497 | ) |   | $ | (116,281 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
|   Donated services and rent                                      |   |                                                        | 17,559    |   |                                 |   | - |   |   |   | 2,358 |   |
|   Expenses paid with common stock                                |   |                                                        | 113,000   |   |                                 |   | 113,000 |   |   |   |   |   |
| Change in operating assets and liabilities                                 |   |                                                        |      |   |                                 |   |   |   |   |   | - |   |
|   Increase in prepaid expenses                                   |   |                                                        | (3,000    | )      |                                 |   | (3,000 | ) |   |   |   |   |
|   Increase in accrued interest receivable                        |   |                                                        | (197      | )      |                                 |   | (197 | ) |   |   |   |   |
|   Accounts payable and accrued liabilities                       |   |                                                        | 72,000    |   |                                 |   | 63,405 |   |   |   | (25,340 | ) |
| Net cash used in operating activities                                      |   |                                                        | (350,071  | )      |                                 |   | (104,289 | ) |   |   | (139,263 | ) |
|                                                                       |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
| Cash flow from investing activities                                        |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
|   Issuance of note receivable                                    |   |                                                        | (60,000   | )      |                                 |   | (60,000 | ) |   |   | - |   |
| Net cash used by investing activities                                      |   |                                                        | (60,000   | )      |                                 |   | (60,000 | ) |   |   | - |   |
|                                                                       |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
| Cash flow from financing activities                                        |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
|   Proceeds from issuance of common stock                         |   |                                                        | 1,111,401 |   |                                 |   | 910,000 |   |   |   | - |   |
|   Capital contributed by officer                                 |   |                                                        | 50,000    |   |                                 |   | - |   |   |   | 50,000 |   |
|   Proceeds from stockholder and officer loans                    |   |                                                        | 48,044    |   |                                 |   | 18,044 |   |   |   | 10,000 |   |
|   Repayments of stockholder and officer loans                    |   |                                                        | (30,000   | )      |                                 |   | - |   |   |   | - |   |
| Net cash provided by financing activities                                  |   |                                                        | 1,179,445 |   |                                 |   | 928,044 |   |   |   | 60,000 |   |
|                                                                       |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
| Net cash increase (decrease)                                               |   |                                                        | 769,374   |   |                                 |   | 763,755 |   |   |   | (79,263 | ) |
|                                                                       |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
| Cash at beginning of period                                                |   |                                                        | -         |   |                                 |   | 5,619 |   |   |   | 114,331 |   |
|                                                                       |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
| Cash at end of period                                                      |   | $                                                           | 769,374   |   |                                 | $      | 769,374 |   |   | $ | 35,068 |   |
|                                                                       |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
| Supplemental information                                                   |   |                                                        |      |   |                                 |   |   |   |   |   |   |   |
|   Cash paid for taxes                                            |   | $                                                           | -         |   |                                 | $      | - |   |   | $ | - |   |
|   Cash paid for interest expense                                 |   | $                                                           | -         |   |                                 | $      | - |   |   | $ | - |   |

----

----

| Resource Estimate Date       |   | Indicated Reserves           |   | Payment Obligation |
|------------------------------|--------|------------------------------|--------|--------------------|
| 18 months after Closing Date |   | 475,000 oz Au (equivalent)   |   | $1,250,000         |
| 24 months after Closing Date |   | 750,000 oz Au (equivalent)   |   | $1,250,000         |
| 36 months after Closing Date |   | 1,025,000 oz Au (equivalent) |   | $1,250,000         |
| 48 months after Closing Date |   | 1,300,000 oz Au (equivalent) |   | $1,250,000         |

----

----

----

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|       |         |              |         |                                                                                                                                      |
|------------|--------------|-------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo. |    | Date              |    | Description                                                                                                                               |
| 3.1        |    | n/a               |    | Articles of Incorporation(1)                                                                                                              |
| 3.2        |    | n/a               |    | Bylaws(1)                                                                                                                                 |
| 10.1       |    | September 2, 2009 |    | Amendment to Stock Purchase Agreement between Noel Noel, Ltd. and Lance Ayers. (2)                                                        |
| 10.2       |    | September 2, 2009 |    | Secured Promissory Note for $10,000 from Lance Ayers to Noel Noel, Ltd.(2)                                                                |
| 10.3       |    | September 2, 2009 |    | Security Agreement between Noel Noel, Ltd. and Lance Ayers. (2)                                                                           |
| 10.4       |         | October 1, 2010   |         | Option Agreement between Gold Bag, Inc. and Victoria Gold Corp. (3)                                                                       |
| 10.5       |         | November 10, 2010 |         | Agreement between Focus Gold Mexico Corporation, Gold Bag, Inc. and Fairfields Gold S.A. de C.V. (4)                                      |
| 10.6       |         | December 13, 2010 |         | Amending Agreement between Focus Gold Mexico Corporation, Gold Bag, Inc. and Fairfields Gold S.A. de C.V.*                                |
| 31.1       |    | January 18, 2011  |    | Certification of Chief Executive Officer and Principal Financial Officer of Periodic Report pursuant to Rule 13a-14a and Rule 14d-14(a).* |
| 32.1       |    | January 18, 2011  |    | Certification of Chief Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350.*                             |

----

| (1) | Filed as an exhibit to Form SB-2 filed with the SEC on June 2, 2006. |
|-----|---------------------------------------------------------------------------|

| (2) | Filed as an exhibit to Current Report on Form 8-K filed with the SEC on September 16, 2009. |
|-----|--------------------------------------------------------------------------------------------------|

| (3) | Filed as an exhibit to Current Report on Form 8-K filed with the SEC on October 27, 2010. |
|-----|-------------------------------------------------------------------------------------------|

| (4) | Filed as an exhibit to Current Report on Form 8-K filed with the SEC on November 19, 2010 |
|-----|-------------------------------------------------------------------------------------------|

| * | Filed herewith. |
|---|-----------------|

----

|                    | Gold Bag, Inc. |
|-------------------------|----------------|
|                    |           |   |
| Dated: January 19, 2011 | By:            | /s/ Grant R. White |
|                    |           | Grant R. White |
|                    |           | President |
|                    |           |   |

----