Patriot Gold Corp (PGOL)

[srm4u]

History

We were incorporated in the State of Nevada on November 30, 1998. We were originally organized to engage in the business of breeding, raising
and marketing ostriches, ostrich meat and ostrich by-products to the wholesale and retail markets. We operated from November 30, 1998 through
approximately May 31, 2000 when we ceased all operations due to lack of capital.
On or about May 1, 2001, the directors determined that it was in the best interest of our stockholders to become active again and we began seeking
potential operating businesses and business opportunities with the intent to acquire or merge with such businesses. In June, 2003, we filed
Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada changing the name of our Company to Patriot
Gold Corp. and moving the Company into its current business of natural resource exploration and mining. On June 17, 2003, we adopted a new
trading symbol- PGOL- to reflect the name change. The Company has been in the resource exploration and mining business since June, 2003.
On April 16, 2010, we caused the incorporation of our wholly owned subsidiary, Provex Resources Inc., (“Provex”) under the laws of Nevada.
On April 16, 2010 the Company entered into an Assignment Agreement, with Provex to assign the exclusive option to an undivided right, title and
interest in the Bruner and Vernal properties and the Bruner Expansion property, to Provex. Pursuant to the Assignment Agreements, Provex
assumed the rights, and agreed to perform all of the duties and obligations, of the Company arising under the Bruner and Vernal Property Option
Agreement and the Bruner Property Expansion Option Agreement. Provex’s only assets are the aforementioned agreements and it does not have
any liabilities.
On May 28, 2010, Provex Resources, Inc. entered into an exclusive right and option agreement with Canamex Silver Corp. (“Canamex”) whereby
Canamax may earn up to 75% in the Bruner and the Bruner Property Expansion. Canamex must spend an aggregate total of US $6 million on
exploration and related expenditures over the next seven years whereupon the Company will grant the right and option to earn a vested seventy percent
(70%) and an additional five percent (5%) upon delivery of a bankable feasibility study
On February 28, 2011, the Company entered into an Exploration and Option Agreement with Idaho State Gold Company, LLC, (“ISGC”)
whereby the Company will grant the option and right to earn a vested seventy percent (70%) interest in the property and the right and option to
form a joint venture for the management and ownership of the property called the Moss Mine Property, Mohave County, Arizona.
In March, 2011, ISGC transferred its rights to the Exploration and Option Agreement dated February 28, 2011, to Northern Vertex Capital Inc.
(“Northern Vertex”) pursuant to an Exploration and Option to Enter Joint Venture Agreement whereby Northern Vertex must spend an aggregate
total of US$8 million on exploration and related expenditures over the next five years and subsequent to exercise of the earn-in, Northern Vertex
and Patriot Gold will form a 70/30 joint venture.
By May 31, 2012, the Company had incurred approximately $82,158 on exploration of the property. As of May 31, 2012, the Company had
incurred an additional $45,455 in exploration expenditures. The total amount of exploration expenditures made on the Moss Property is $282,777.

Business Operations
We are a natural resource exploration and mining company with an objective of acquiring, exploring, and if warranted and feasible, developing
natural resource properties. Our primary focus in the natural resource sector is gold. We are an exploration stage company.
Though we have the expertise on our board of directors to take a resource property that hosts a viable ore deposit into mining production, the
costs and time frame for doing so are considerable, and the subsequent return on investment for our shareholders would be very long term.
Therefore, we anticipate selling or partnering any ore bodies that we may discover to a major mining company. Many major mining companies
obtain their ore reserves through the purchase of ore bodies found by junior exploration companies. Although these major mining companies do
some exploration work themselves, many of them rely on the junior resource exploration companies to provide them with future deposits for
them to mine. By selling or partnering a deposit found by us to these major mining companies, it would provide an immediate return to our
shareholders without the long time frame and cost of putting a mine into operation ourselves, and it would also provide future capital for the
Company to continue operations.
The search for valuable natural resources as a business is extremely risky. We can provide investors with no assurance that the properties we
have either optioned or purchased in Nevada and Arizona contain commercially exploitable reserves. Exploration for natural reserves is a
speculative venture involving substantial risk. Few properties that are explored are ultimately developed into producing commercially feasible
reserves. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and often result in
unsuccessful exploration efforts. In such a case, we would be unable to complete our business plan and any money spent on exploration would be lost.
Natural resource exploration and development requires significant capital and our assets and resources are limited. Therefore, we anticipate
participating in the natural resource industry through the selling or partnering of our properties, the purchase of small interests in producing
properties, the purchase of properties where feasibility studies already exist or by the optioning of natural resource exploration and development
projects. To date we have several properties under option, and are in the early stages of exploring these properties. There has been no indication
as yet that any commercially viable mineral deposits exist on these properties, and there is no assurance that a commercially viable mineral
deposit exists on any of our properties. Further exploration will be required before a final evaluation as to the economic and legal feasibility is
determined.

http://www.patriotgoldcorp.com/filings/form10ka053112.pdf
http://www.patriotgoldcorp.com/projects.php
http://www.northernvertex.com/s/Home.asp
http://www.canamex.us/