NOTE 1: NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS
American Mining Corporation (the "Company"),
was incorporated in the State of Nevada, on September 15, 2004, under the name of Thrust Energy Corp. The Company was originally
engaged in the exploration, exploitation, development and production of oil and gas projects within North America, but was unable
to operate profitably.
In May 2011, the Company changed its name to
American Mining Corporation, suspending its oil and gas operations and changing its business to toll milling and refining, mineral
exploration and mine development. The Company's principal offices are in Reno, Nevada.
These financial statements have been prepared
in conformity with generally accepted accounting principles in the United States of America with the on-going assumption that we
will be able to realize our assets and discharge its liabilities in the normal course of business. As shown in the accompanying
financial statements, we have incurred operating losses since inception and further losses are anticipated in the development of
our business. As of August 31, 2012, we have limited financial resources and require additional financing to fund our operations.
These factors raise substantial doubt about our ability to continue as a going concern. Our ability to achieve and maintain profitability
and positive cash flow is dependent upon our ability to locate profitable mineral properties, generate revenue from our planned
business operations, and control exploration cost. These financial statements do not include any adjustments to the amounts and
classifications of assets and liabilities that might be necessary should we be unable to continue as a going concern. Management
plans to fund its future operation by obtaining additional financing and commencing commercial production. However, there is no
assurance that we will be able to obtain additional financing from investors or private lenders.