The following discussion should be read in conjunction with our audited financial statements and the related notes that appear elsewhere in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this Annual Report.

Our financial statements are stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

Our Current Business

We are an exploration stage company engaged in the exploration of mineral properties.

Liquidity & Capital Resources

As an exploration stage Company, we have had no revenues for the period from inception (May 28, 2007), through July 31, 2010. We expect to incur substantial costs while we continue to undertake exploration work on our properties, in addition to meeting our ongoing corporate obligations and debt servicing. As of July 31, 2010, we have $179,791 ($138 - 2009) in cash, which is insufficient to meet our current liabilities which total $376,003 at July 31, 2010 ($9,205 - 2009), nor does it meet our anticipated additional operating and property related costs noted below.

Accordingly, we will require additional funds to implement our exploration and development programs, and to meet our other pending obligations. These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. There is still no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on his investment in our common stock. Further, we may continue to be unprofitable in the forthcoming fiscal year and beyond. We need to raise additional funds in the near future in order to proceed with our exploration program.

In fiscal year 2010/2011 we anticipate that based on meeting our known obligations for general operations and for maintaining our two agreements current, we will be required to expend the following cash amounts:

                                                                          Amount
General operating costs                                                  $  25,000
Professional Fees                                                           50,000
Consulting Fees                                                             60,000
Property Acquisition Costs - Lida Valley                                    75,000
Property Acquisition Costs - Uravan                                        100,000
Exploration / Maintenance Costs - Lida Valley (1)                           15,000
Exploration / Maintenance Costs - Uravan (2)                                90,500
$200,000 and $50,000 Promissory notes due December 31, 2010 and March
15, 2011, respectively, plus 10% interest.                                 280,000
Total                                                                    $ 695,500

(1) The Company was required to expend $100,000 in exploration work on the Property prior to December 15, 2010, of which approximately $85,000 has been completed as at July 31, 2010. Note that a further $150,000 is required to be expended prior to December 15, 2011, $350,000 prior to December 15, 2012, and $400,000 prior to December 15, 2013.

(2) The Company was required to expend $100,000 in exploration work on the Property prior to December 15, 2010, of which approximately $9,500 has been completed as at July 31, 2010. Note that a further $150,000 is required to be expended prior to December 15, 20111, $350,000 prior to December 15, 2012, and $400,000 prior to December 15, 2013.

If we are to acquire additional properties, or undertake additional operational activities, we would be required to raise additional capital. There can be no assurance that we will be successful in raising the capital required to fund our planned expenditures or other additional activities.

Results of Operations

Our revenues since inception (March 28, 2007) to date have been $nil. For the fiscal year ended July 31, 2010, our loss from operations increased substantially to $383,203, from $20,196 in the prior year.

This increase was due almost entirely to the acquisition and development of the Company's two mineral properties in the current fiscal year, and the associated legal, accounting and administration costs associated with the acquisition, and additional administration costs which ensued from bringing on additional consultants to manage the Company's operations. In particular, as a result of the above, exploration costs were $106,691 ($nil - 2009), consulting fees were $206,058 ($nil - 2009), accounting and audit fees were $16,900 ($9,500 - 2009), and legal fees were $20,014 ($3,024 - 2009).

We have suffered recurring losses from operations. The continuation of our Company is dependent upon our Company attaining and maintaining profitable operations and raising additional capital as needed. In this regard, we have successfully raised additional capital through equity offerings and loan transactions in the past, and presently believe we will be able to do so in the future, though we can offer no assurance of this outcome as no specific arrangements are in place.

Going Concern

In their audit report relating to our financial statements for the period ended July 31, 2010 and 2009, our independent accountants indicated that there are a number of factors that raise substantial doubt about our ability to continue as a going concern. Such factors identified in the report are our lack of revenue resulting in a net loss position and insufficient funds to meet our business objectives. All of these factors continue to exist and raise doubt about our status as a going concern.

We anticipate that additional funding will be required in the form of equity financing from the sale of our common stock. At this time, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through a loan from our directors to meet our obligations over the next twelve months. We do not have any arrangements in place for any future debt or equity financing.

Critical Accounting Policies and Estimates

The preparation of our financial statements requires 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 revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments which are based on historical experience and on various other factors that are believed to be reasonable under the circumstances. The results of their evaluation form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions and circumstances. Our significant accounting policies are more fully discussed in the Notes to our Financial Statements.