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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 |
[X] | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| FOR THE QUARTERLY PERIOD ENDED July 31, 2007 |
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| OR |
|
[ ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| For the transition period from to |
|
Commission File Number 333-134943 |
SNOWDON RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
NEVADA | N/A |
(State of other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
789 West Pender Street, Suite 1010 Vancouver, British Columbia Canada V6C 1H2 (Address of principal executive offices) |
(604) 606-7979 (Registrant's telephone number, including area code) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 [ ]
The registrant is a Shell corporation. YES [ ] NO [X]
As of September 14, 2007, the Company has 10,000,000 shares of common stock outstanding.
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PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements |
|
SNOWDON RESOURCES CORPORATION |
(An Exploration Stage Company) |
|
INTERIM BALANCE SHEETS |
(Unaudited) |
(Stated in U.S. Dollars) |
|
| | July 31 2007 | | | April 30 2007 | |
|
ASSETS | | | | | | |
|
Current | | | | | | |
Cash | $ | - | | $ | 213 | |
|
|
LIABILITIES | | | | | | |
|
Current | | | | | | |
Bank overdraft | $ | 9,692 | | $ | - | |
Accounts payable and accrued liabilities | | - | | | 10,000 | |
Due to related parties (Note 2) | | 36,470 | | | 33,233 | |
| | 46,162 | | | 43,233 | |
|
STOCKHOLDERS’ DEFICIENCY | | | | | | |
|
Capital Stock(Note 4) | | | | | | |
Authorized: | | | | | | |
100,000,000 common shares with a par value of $0.00001 per share | | | | | | |
100,000,000 preferred shares with a par value of $0.00001 per share | | | | | | |
(none issued) | | | | | | |
|
Issued and outstanding: | | | | | | |
10,000,000 common shares at January 31, 2007 and April 30, 2006 | | 100 | | | 100 | |
|
Deficit Accumulated During The Exploration Stage | | (46,262 | ) | | (43,120 | ) |
| | (46,162 | ) | | (43,020 | ) |
|
| $ | - | | $ | 213 | |
The accompanying notes are an integral part of these financial statements.
F-1
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SNOWDON RESOURCES CORPORATION |
(An Exploration Stage Company) |
|
INTERIM STATEMENTS OF OPERATIONS |
(Unaudited) |
(Stated in U.S. Dollars) |
|
| | | | | | Cumulative | |
| | | | | | Period From | |
| | Three Months | | Three Months | | Inception | |
| | ended July | | ended July 31, | | (March 1, 2006) | |
| | 31, 2007 | | 2006 | | To July 31, 2007 | |
|
Revenue | $ | - | $ | - | $ | - | |
|
Expenses | | | | | | | |
Professional fees | | 2,826 | | 5,942 | | 32,684 | |
Mineral claim payment | | - | | - | | 10,000 | |
Office and sundry | | 316 | | 2,352 | | 3,578 | |
| | 3,142 | | 8,294 | | 46,262 | |
|
Net Loss For The Period | $ | (3,142 | ) $ | (8,294 | ) $ | (46,262 | ) |
|
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Basic And Diluted Loss Per Common Share | $ | 0.00 | $ | 0.00 | | | |
|
|
Weighted Average Number Of Common Shares | | | | | | |
Outstanding | | 10,000,000 | | 10,000,000 | | | |
The accompanying notes are an integral part of these financial statements.
F-2
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SNOWDON RESOURCES CORPORATION |
(An Exploration Stage Company) |
|
INTERIM STATEMENTS OF CASH FLOWS |
(Unaudited) |
(Stated in U.S. Dollars) |
|
| | | | | | | | | | Cumulative | |
| | | | | | | | | | Period From | |
| | Three Months | | | | Three Months | | | | Inception March | |
| | ended July | | | | ended July 31, | | | | 1, 2006, To July | |
| | 31, 2007 | | | | 2006 | | | | 31, 2007 | |
Cash Used In Operating Activities | | | | | | | | | | | |
Net loss for the period | $ | (3,142 | ) | $ | | (8,294 | ) | $ | | (46,262 | ) |
Change in non-cash operating working capital | | | | | | | | | | | |
item: | | | | | | | | | | | |
Accounts payable and accrued liabilities | | (10,000 | ) | | | 685 | | | | - | |
| | (13,142 | ) | | | (7,609 | ) | | | (46,262 | ) |
Cash Flows From Financing Activities | | | | | | | | | | | |
Bank overdraft | | 9,692 | | | | - | | | | 9,692 | |
Issue of share capital | | - | | | | - | | | | 100 | |
Advances from related parties | | 3,237 | | | | 7,000 | | | | 36,470 | |
| | 12,929 | | | | 7,000 | | | | 46,262 | |
|
Increase (Decrease) In Cash | | (213 | ) | | | (609 | ) | | | - | |
|
Cash, Beginning Of Period | | 213 | | | | 1,131 | | | | - | |
|
Cash, End Of Period | $ | - $ | | 522 | $ | - | |
|
Supplemental Disclosure of Cash Flow Information | | | | | | | | | | | |
Cash Activities: | | | | | | | | | | | |
Interest paid | $ | - | | $ | | - | | $ | | - | |
Income taxes paid | $ | - | | $ | | - | | $ | | - | |
The accompany notes are an integral part of these financial statements.
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| SNOWDON RESOURCES CORPORATION | | | |
(An Exploration Stage Company) |
|
STATEMENT OF STOCKHOLDERS’ DEFICIENCY |
(Unaudited) |
(Stated in U.S. Dollars) |
|
PERIOD FROM INCEPTION, MARCH 1, 2006, TO JULY 31, 2007 |
|
| | | | | | DEFICIT | | | |
| | NUMBER | | | ACCUMULATED | | | |
| | OF | | | | DURING THE | | | |
| | COMMON PAR | EXPLORATION | | | |
| | SHARES VALUE | | STAGE | | TOTAL | |
|
| Beginning balance, March 1, 2006 | - | $ | - | | $ | - | | - | |
| March 22, 2006 – Shares issued for cash at | | | | | | | | |
| $0.00001 | 10,000,000 | | 100 | | | - | | 100 | |
| Net loss for the period | - | | - | | | (30,300) | | (30,300 | ) |
|
| Balance, April 30, 2006 | 10,000,000 | | 100 | | | (30,300) | | (30,200 | ) |
|
| Net loss for the year | - | | - | | | (12,820) | | (12,820 | ) |
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| Balance, April 30, 2007 | 10,000,000 | | 100 | | | (43,120) | | (43,020 | ) |
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| Net loss for the period | - | | - | | | (3,142) | | (3,142 | ) |
|
| Balance, July 31, 2007 | 10,000,000 | $ | 100 | $ | (46,262) | $ | (46,162 | ) |
The accompany notes are an integral part of these financial statements.
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SNOWDON RESOURCES CORPORATION (An Exploration Stage Company) |
NOTES TO INTERIM FINANCIAL STATEMENTS
July 31, 2007
(Unaudited)
(Stated in U.S. Dollars)
1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Organization
Snowdon Resources Corporation (“the Company”) was incorporated in the State of Nevada, U.S.A., on March 1, 2006.
Exploration Stage Activities
The Company has been in the exploration stage since its formation and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining claims. Upon location of a commercial minable reserve, the Company expects to actively prepare the site for extraction and enter a development stage.
Basis of presentation
The accompanying financial statements have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. It is suggested that these financial statements be read in conjunction with the April 30, 2007 audited financial statements and notes thereto.
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred a net loss of $46,262 for the period from March 1, 2006 (inception) to July 31, 2007, and has no sales. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its mineral claims. The outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
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SNOWDON RESOURCES CORPORATION (An Exploration Stage Company) |
NOTES TO INTERIM FINANCIAL STATEMENTS
July 31, 2007
(Unaudited)
(Stated in U.S. Dollars)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates. The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below:
a) | Exploration Stage Enterprise |
|
| The Company’s financial statements are prepared using the accrual method of accounting and according to the provisions of Statement of Financial Accounting Standards No. 7 (“SFAS 7”), “Accounting and Reporting for Development Stage Enterprises,” as it devotes substantially all of its efforts to acquiring and exploring mineral properties. Until such properties are acquired and developed, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage. |
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b) | Cash |
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| Cash consists of cash on deposit with high quality major financial institutions, and to date the Company has not experienced losses on any of its balances. The carrying amounts approximated fair market value due to the liquidity of these deposits. |
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c) | Mineral Property Acquisition Payments |
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| The Company expenses all costs incurred on mineral properties to which it has secured exploration rights prior to the establishment of proven and probable reserves. If and when proven and probable reserves are determined for a property and a feasibility study prepared with respect to the property, then subsequent exploration and development costs of the property will be capitalized. |
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| The Company regularly performs evaluations of any investment in mineral properties to assess the recoverability and/or the residual value of its investments in these assets. All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying amount of an asset may not be recoverable. |
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SNOWDON RESOURCES CORPORATION (An Exploration Stage Company) |
NOTES TO INTERIM FINANCIAL STATEMENTS
July 31, 2007
(Unaudited)
(Stated in U.S. Dollars)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d) | Exploration Expenditures |
|
| The Company follows a policy of expensing exploration expenditures until a production decision in respect of the project and the Company is reasonably assured that it will receive regulatory approval to permit mining operations, which may include the receipt of a legally binding project approval certificate. |
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| Management periodically reviews the carrying value of its investments in mineral leases and claims with internal and external mining related professionals. A decision to abandon, reduce or expand a specific project is based upon many factors including general and specific assessments of mineral deposits, anticipated future mineral prices, anticipated future costs of exploring, developing and operating a production mine, the expiration term and ongoing expenses of maintaining mineral properties and the general likelihood that the Company will continue exploration on such project. The Company does not set a pre-determined holding period for properties with unproven deposits; however, properties which have not demonstrated suitable metal concentrations at the conclusion of each phase of an exploration program are re-evaluated to determine if future exploration is warranted, whether there has been any impairment in value and that th eir carrying values are appropriate. |
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| If an area of interest is abandoned or it is determined that its carrying value cannot be supported by future production or sale, the related costs are charged against operations in the year of abandonment or re-determination of value. The amounts recorded as mineral leases and claims represent costs to date and do not necessarily reflect present or future values. |
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| The Company’s exploration activities and proposed mine development are subject to various laws and regulations governing the protection of the environment. These laws are continually changing, generally becoming more restrictive. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. |
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| The accumulated costs of properties that are developed to the stage of commercial production will be amortized to operations through unit-of-production depletion. |
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SNOWDON RESOURCES CORPORATION (An Exploration Stage Company) |
NOTES TO INTERIM FINANCIAL STATEMENTS
July 31, 2007
(Unaudited)
(Stated in U.S. Dollars)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
e) | Use of Estimates and Assumptions |
|
| The preparation of financial statements in conformity with United States generally accepted accounting principles 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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f) | Financial Instruments |
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| The carrying values of cash and accounts payable and accrued liabilities approximate their fair value because of the short maturity of these instruments. The Company’s operations are in Canada and virtually all of its assets and liabilities are giving rise to significant exposure to market risks from changes in foreign currency rates. The Company’s financial risk is the risk that arises from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. |
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g) | Basic and Diluted Net Income (Loss) Per Share |
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| The Company computes net income (loss) per share in accordance with Statement of Financial Accounting Standards No. 128. (“SFAS 128”) "Earnings per Share", which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As the Company generated net losses in the year presented, the basic and diluted loss per share are the same as any exercise of options or warrants would be anti-dilutive. |
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SNOWDON RESOURCES CORPORATION (An Exploration Stage Company) |
NOTES TO INTERIM FINANCIAL STATEMENTS
July 31, 2007
(Unaudited)
(Stated in U.S. Dollars)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
h) | Foreign Currency Translation |
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| The Company’s functional currency is the U.S. dollar. Transactions in Canadian dollars are translated into U.S. dollars as follows: |
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| i. | monetary items at the rate prevailing at the balance sheet date; |
| ii. | non-monetary items at the historical exchange rate; |
| iii. | revenue and expense at the average rate in effect during the applicable accounting period. |
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| Gains and losses on translation are recorded in the statement of operations. |
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i) | Stock Based Compensation |
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| On May 1, 2006, the Company adopted SFAS No. 123 (revised 2004) – Share-Based Payment (“SFAS No. 123(R)”), which addresses the accounting for stock-based payment transactions in which an enterprise receives employee services in exchange for (a) equity instruments fo the enterprise, or (b) liabilities that are based on the fair value of the enterprise’s equity instruments or that may be settled by the issuance of such equity instruments. |
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| In January 2005, the SEC issued Staff Accounting Bulletin (SAB) No. 107, which provides supplemental implementation guidance for SFAS No. 123(R). SFAS No. 123 (R) eliminates the ability to account for stock-based compensation transactions using the intrinsic value method under Accounting Principles Board (APB) Opinion No. 25 – Accounting for Stock Issued to Employees, and instead requires that such transactions be accounted for using a fair-value-based method. |
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| The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards under SFAS No. 123(R), consistent with that used for pro-forma disclosures under SFAS No. 123 – Accounting for Stock-Based Compensation. |
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| To July 31, 2007, the Company has not granted any stock options. |
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SNOWDON RESOURCES CORPORATION (An Exploration Stage Company) |
NOTES TO INTERIM FINANCIAL STATEMENTS
July 31, 2007
(Unaudited)
(Stated in U.S. Dollars)
3. DUE TO RELATED PARTIES
The amounts due to related parties are unsecured and interest free with no specific terms of repayment. All related party transactions occurred in the normal course of business and are recorded at their exchange amount, which is the amount of consideration paid or received as established and agreed to between the related parties. The exchange amount was negotiated, established and agreed to by the related parties as if they were dealing at arm’s length.
4. MINERAL CLAIM INTEREST
During the fiscal period ended April 30, 2006, the Company acquired a 100% interest in five mineral claims located in Gila Country, Arizona, USA. The consideration for the acquisition was a cash payment of $10,000, which represented reimbursement of the cost paid by the vendor for the mineral claim.
In order to keep the claims in good standing, a claim maintenance fee in the amount of $125 per claim must be paid to the Bureau of Land Management each year on or before September 1st.
5. CAPITAL STOCK
On March 22, 2006, the Company issued 10,000,000 common shares at $0.00001 per share to two founding shareholders.
The Company has no stock option plan, warrants or other dilutive securities.
6. COMMITMENTS AND CONTRACTUAL OBLIGATIONS
The Company has no significant commitments or contractual obligations with any parties respecting executive compensation, consulting arrangements or other matters.
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ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
This section of this report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.
We are a start-up, exploration stage corporation and have not yet generated or realized any revenues from our business operations.
Our auditors have issued a going concern opinion. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. Accordingly, we must raise cash from sources other than the sale of minerals found on the property. Our only other source for cash at this time is investments by others in our public offering. We must raise cash to implement our project and stay in business. The minimum amount of the offering will allow us to operate for at least one year. Our success or failure will be determined by what we find under the ground. The more money we raise, the more core samples we can take. The more core samples we take, the more thorough our exploration will be. Since we do not know what we will find under the ground, we cannot tell you if we will be successful even if we raise the maximum amount of our public offering. We will not begin exploration of the property until we raise money from our public offering. We believe we will need to raise the minimum amount in our public offering of $500,000 in order to remove uncertainties surrounding our ability to continue as a going concern.
To meet our need for cash we are attempting to raise money from our public offering. We will be able to stay in business for one year if we raise at least $500,000. Whatever money we do raise will be applied to the items set forth in the Use of Proceeds section of our prospectus. If we find mineralized material and it is economically feasible to remove the mineralized material, we will attempt to raise additional money through a subsequent private placement, public offering or through loans. If we do not raise all of the money we need from our public offering to complete our exploration of the property, we will have to find alternative sources, like a second public offering, a private placement of securities, or loans from our officers or others.
Our officers and directors are unwilling to make any commitment to loan us any money at this time. At the present time, we have not made any arrangements to raise additional cash, other than through our public offering. If we need additional cash and can't raise it we will either have to suspend operations until we do raise the cash, or cease operations entirely. If we raise the minimum amount of money from our public offering, it will last a year. Other than as described in this paragraph, we have no other financing plans.
We will be conducting research in the form of exploration of the property. Our exploration program is explained in as much detail as possible in the business section of our prospectus. We are not going to buy or sell any plant or significant equipment during the next twelve months. We will not buy any equipment until we have located a body of ore and have determined it is economical to extract the ore from the land.
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We do not intend to interest other companies in the property if we find mineralized materials. We intend to try to develop the reserves ourselves.
If we are unable to complete any phase of exploration because we don’t have enough money, we will cease operations until we raise more money. If we can’t or don’t raise more money, we will cease operations. If we cease operations, we don’t know what we will do and we don’t have any plans to do anything.
We do not intend to hire additional employees at this time. All of the work on the property will be conduct by unaffiliated independent contractors that we will hire. The independent contractors will be responsible for surveying, geology, engineering, exploration, and excavation. The geologists will evaluate the information derived from the exploration and excavation and the engineers will advise us on the economic feasibility of removing the mineralized material.
Milestones
| The following are our milestones: |
Phase 1
1. | A crew of four men will establish a survey grid over the claim group. This survey will consist of a baseline running east-west for a distance of 4,500 feet with cross-lines be marked by wooden pickets every 100 feet. The north-south cross-lines will be run 600 feet north and 600 feet south and marked with pickets every 50 feet. The cost is $35,200. The time involved is 22 days. |
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2. | A Geologist will map the rock structures of the property using the above-mentioned grid for survey controls. If the geological mapping indicates that the area is favorable for uranium deposition stage, then 3, 4 and 5 will be undertaken. The cost is $5,000. The time involved is 10 days. |
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3. | A three man crew will take soil samples using the grid for control and these samples will be analyzed for uranium at a laboratory. The cost is $10,000. The time involved is 5 days. |
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4. | A radiometric survey will be carried out over the grid to determine if radioactivity is indicated at surface. These results will be plotted for correlation with the other surveys. The cost is $5,000. The time involved is 5 days. |
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5. | A magnetometer survey will be carried out over the grid area in an effort to outline any change in magnetism in the underlying rocks. The cost is $5,000. The time involved is 5 days. |
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6. | A radon gas survey will be carried out to measure any radioactive gas that may be coming up from the underlying sediments, which would indicate uranium at depth. The cost is $14,250. The time involved is 5 days. |
|
Phase 2
1. | If the Phase 1 is successful, a Phase 2 reverse circulation drilling program will be initiated. This program will consist of 28 vertical holes drilled to a depth of 300 feet using the grid for control. The cost is $146,200. The time involved is 14 days. |
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2. | The holes will be surveyed for radon gas as well as probed with a scintillometer to measure for radiation. The cost is $5,000. The time involved is 10 days. |
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3. | Upon completion of phase 1 & 2 the results will be plotted and the uranium potential of the claim group will be studied before any further work is carried out. The cost is $5,000. The time involved is 10 days. |
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| All funds for the foregoing activities will be obtained from this public offering. |
Limited Operating History; Need for Additional Capital
There is no historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.
To become profitable and competitive, we must research before we begin exploration of our property. This is before we start production of any minerals we may find. We are seeking equity financing to provide for the capital required to implement our research and exploration phases.
We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.
Results of Operations
From Inception on March 1, 2006 to July 31, 2007 |
We acquired one property containing five claims. We have staked the property and will begin our exploration plan upon completion of our public offering.
Since inception we have used loans from Woodburn Holdings Ltd. a corporation controlled by Robert Baker, our secretary, and from West Peak Ventures Canada Limited, a corporation controlled by Tim Brock, one of our shareholders. The funds were used to stake the property, to incorporate us, and for legal and accounting expenses. Net cash provided since inception on March 1, 2006 to July 31, 2007 was $36,470 in the form of loans from Woodburn Holdings, Ltd. and West Peak Ventures of Canada Limited for legal and accounting expenses. The advances are not evidenced by any written documentation and do not accrue interest. The advances will be repaid when we have funds to do so.
Liquidity and Capital Resources
As of the date of this report, we have yet to generate any revenues from our business operations. Our loss from inception to July 31, 2007 is $46,262. As of July 31, 2007, our total assets were $nil and our total liabilities were $46,162.
We issued 10,000,000 shares of common stock pursuant to the exemption from registration contained in section 4(2) of the Securities Act of 1933. This was accounted for as a purchase of shares of common stock.
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ITEM 3. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures - Our Principal Executive Officer and Principal Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures, that our disclosure controls and procedures were effective.
PART II - OTHER INFORMATION
ITEM 2. USE OF PROCEEDS.
On June 14, 2007, the SEC declared our Form SB-2 registration statement effective (SEC File no. 333-134943) allowing us to sell 5,000,000 shares minimum, 10,000,000 shares maximum at an offering price of $0.10 per share. There is not an underwriter involved in our public offering. As of the date of this report, we have not sold any shares.
ITEM 6. EXHIBITS.
| The following documents are included herein: |
Exhibit No. Document Description |
31.1 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(a) and Rule 15d-15(a), promulgated under the Securities Exchange Act of 1934, as amended. |
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32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer). |
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In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 14thday of September, 2007.
SNOWDON RESOURCES CORPORATION
BY: ELDEN SCHORN
Elden Schorn, President, Principal Executive
Officer, Treasurer, Principal Financial Officer,
Principal Accounting Officer, and a member
of the Board of Directors
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The following documents are included herein:
Exhibit No. Document Description
31.1 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(a) and Rule 15d-15(a), promulgated under the Securities Exchange Act of 1934, as amended. |
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32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer). |
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