PART I

ITEM 1.  BUSINESS

APD Antiquities, Inc. (“APD”) was incorporated under the laws of the State of Nevada on July 23, 1996.  

American Cordillera Mining Corporation or AMCOR, was incorporated on July 23, 1996 under the laws of the State of Nevada, under the name “APD International Corporation”, which was subsequently changed to APD Antiquities, Inc.  On December 27, 2004, APD and GCJ, Inc. entered into to an Acquisition Agreement and Plan of Merger, whereby APD acquired all the outstanding shares of common stock of GCJ from its sole stockholder in an exchange for $3,600. Pursuant to Rule 12g-3(g) of the General Rules and Regulations of the Securities and Exchange Commission, APD is the successor issuer to GCJ for reporting purposes under the Securities Exchange Act of 1934, as amended (the "Act"). The purpose of this transaction was for APD to succeed the registration status of GCJ under the Exchange Act pursuant to Rule 12g-3.  APD Antiquities, Inc. business purpose was acquiring, importing, marketing, and selling valuable antiquity and art items of Asian origin.  As we were unable to develop our Asian art and antiquities business into a financially viable business, our management and board of directors decided to change the our name to American Cordillera Mining Corporation and redirect our business and to acquire mineral properties, leases on mineral properties, and mining claims from Northern Adventures, Inc., a private Nevada corporation.  We maintain our corporate office in Spokane, Washington.  Our fiscal year end is currently November 30.

On May 7, 2011, we formed APD Metals, Inc., a wholly owned subsidiary corporation in the State of Nevada.  On May 7, 2012, the Articles of Incorporation of the subsidiary corporation were amended in the State of Nevada and the corporate name of APD Metals, Inc. was changed to AMCOR Exploration, Inc with the intent of evaluating the feasibility of acquiring mining properties, abandoned mines and entering into mineral lease agreements pertaining to mining properties located in the Western United States and evaluating the feasibility of diversifying into the mineral exploration business, which is now our current business strategy.

Partial implementation of our objective to obtain high-quality mineral exploration properties was initiated through the execution of an Option to Purchase Mineral Assets dated July 3, 2012 and the exercise of the option on December 28, 2012 and the execution of a Asset Purchase Agreement on December 28, 2012, by and among AMCOR, AMCOR Exploration, Inc., Northern Adventures, Inc. (“NAI”), and Northern Adventures, LLC (“NALLC”).  In consideration for the acquisition of certain mining assets, AMCOR exchanged debt owed by NALLC in the amount of $382,500 and accrued interest in the amount of $30,564 through November 30, 2012, and the issuance of 71,500,000 shares of AMCOR restricted common stock to NAI, (dividended to its shareholders based on their ownership).

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Pursuant to the execution of the Asset Purchase Agreement on December 28, 2012, we acquired certain mineral assets made up of the following nine projects which will be owned outright by our company or controlled pursuant to mineral lease agreements or options to acquire leases: 1) an agreement to explore and acquire the Bayhorse silver mine consisting of 3 patented and 21 unpatented claims located in Baker County, Oregon; 2) a lease agreement pertaining to 37 unpatented mining claims located on Quartz Creek, in Mineral County, Montana; 3) a lease agreement pertaining to 58 unpatented mining claims located Trout Creek, in Mineral County, Montana; 4) a lease agreement pertaining to 18 unpatented mining claims referred to as the Vienna prospect locate in Shoshone County, Idaho; 5) a lease agreement pertaining to the Monitor-Richmond and Copper Age mines consisting of a total of 20 unpatented mining claims located in Shoshone County, Idaho; 6) the option to acquire ten leases granted by the State of Washington covering 4,664 acres of state mineral leases and 27 unpatented mining claims known as the Toroda Creek Project in the Bodie Mining District in Okanogan County, Washington; 7) acquisition agreements pertaining to 15 unpatented mining claims located in Stevens County, Washington referred to as the Box Group; 8) acquisition agreements pertaining to 15 unpatented mining claims located in Stevens County, Washington referred to as the McKinley-McNally Property; and 9) directly owned all right, title, and claim to 26 unpatented claims commonly known as the North Moccasin Project or Plum Claims located in Fergus County, Montana.  We also seek to find, develop, produce and sell other precious metal and mine assets.  For a more detailed description of our current mining projects, see Item 2, Mining Properties below.

On December 28, 2012, AMCOR issued an aggregate of 10,541,567 shares of restricted common stock in exchange for the conversion of debt held by sixteen promissory note holders in the amount of $486,000 and accrued interest which was $41,078 as of November 30, 2012.

The closing of the Asset Purchase Agreement on December 28, 2012 involved, in part, the exchange of debt in the amount of $382,500 and accrued interest in the amount of $30,564 through November 30, 2012, which was applied as partial consideration for the purchase of the mining assets.  In addition, we issued 71,500,000 shares of our common stock to NAI, which are to be transferred to the shareholders of NAI as a dividend based on their shareholdings.  The issuance of the shares to the shareholders of NAI will be exempt from registration pursuant to Rule 505 of Regulation D under the Securities Act of 1933 and Section 4(2).  The shareholders of NAI were provided with copies of our Form 10-K filed on March 30, 2012, our Form 10-Q for the quarters ended September 30, 2012, June 30, 2012, March 31, 2012, a copy of our definitive Schedule 14A and a copy of our 8-K filed on February 11, 2013.  In addition they each signed investor representation letter indicating that they are sophisticated investors who have the experience and resources to assess the valuation of the transaction and undertaken that they cannot sell their shares without an applicable exemption from registration

The shareholders of NAI held in aggregate approximately 80.5% of the outstanding shares of common stock of AMCOR after the issuance of 10,541,568 shares to 17 promissory note holders who converted notes in the aggregate principal amount of $486,000 of loans and accrued interest in the amount of $41,078 into restricted common stock at $0.05 per share.  The pre-acquisition stockholders of AMCOR, who held 6,701,111 shares of common stock, experienced very substantial dilution as a result of the issuance of the shares by us to NAI, and became minority shareholders in AMCOR.

On December 12, 2012, the Articles of Incorporation in the State of Nevada were amended and the authorized shares were increased to 210,000,000, consisting of 200,000,000 common shares and 10,000,000 preferred shares.

On December 28, 2012, the Articles of Incorporation in the State of Nevada were amended and the name of the corporation was changed from APD Antiquities, Inc. to American Cordillera Mining Corporation.  Our new trading symbol for our shares on the OTC Bulletin Board has been changed to AUAG.

On December 28, 2012, after the closing of the Asset Purchase Agreement transaction with Northern Adventures, LLC and Northern Adventures, Inc. and based on an understanding between AMCOR and NALLC with regard to that transaction, our Board of Directors elected the following six persons who were nominees designated by NAI as members of the Board of Directors of AMCOR on December 28, 2012: Frank H. Blair, Dwight Weigelt CPA, Gerald Frankovich, Manuel Graiwer, Louis Cornacchia Sr. and David Boleneus.  The biographical information concerning these elected directors is included below in this report on Form 10-K under the Directors and Executive Officers section.

On December 28, 2012, the new Board of Directors appointed the following Executive Officers:  Frank H. Blair, President and Chief Executive Officer; Gerald Frankovich, Vice President; Dwight Weigelt, Chief Financial Officer, Secretary/Treasurer.  The biographical information concerning these board appointed Executive Officers are included in this report on Form 10-K under the Directors and Executive Officers section.

Several important corporate priorities set by AMCOR management are reflected in the acquisition of the mining assets from NAI comprising abandoned mines, exploration projects, and prospects.  There are certain priorities that may contribute to the strategic advantages to AMCOR’s operations, as well as advantages in efficiencies, economy, and cost savings.  These priorities are: (1) the properties be valuable for gold or silver for the purpose of leveraging future returns from the current prices of these metals; additional metal values also known to be present in several of these properties would represent added value; (2) emphasize work in select mining

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districts in order to leverage operational experiences, similar geology and knowledge bases peculiar within a district; (3) assemble operations within hauling distance to operating custom mills in view of establishing future toll milling agreements; and (4) operate in areas within reasonable commute distance to AMCOR’s base of operations.  The emphasis for locating of projects in known mining districts is important because other mining prospects within the same districts are also available from time to time for evaluation and/or acquisition.

Transfer Agent

Our transfer agent is Nevada Agency and Transfer Company, 50 West Liberty Street, Reno, Nevada 89501.

Current Business Operations

We are an exploration stage company whose focus is on acquiring and developing mineral properties in the states of Montana, Idaho, Washington and Oregon and more specifically, the North Moccasin Property, located in central Montana, Fergus County, in the Judith Mountain mining district, and the Bodie-Wauconda-Toroda Creek Mining District of Okanogan County, Washington.  Through our recent prior acquisitions from NAI, AMCOR owns all, right, title and interest in 63 unpatented mining claims which make up four properties; 2) has the option to acquire certain mineral leases from the state of Washington covering 4,664 acres and 27 unpatented mining claims in Okanogan County; and 3) all right, title and interest in five existing mineral leases of other mining claims. During 2014, the company did not keep 30 claims and now only owns 33 mining claims.

Option and Joint Venture Agreements

Transatlantic Mining Corp. (Formerly Archean Star) Agreement

On February 5, 2013, the Company entered into a definitive Option and Joint Venture Agreement with TMC (“TMC Option and Joint Venture Agreement”) pertaining to 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures, Inc.  On June 27, 2012, Northern Adventures, LLC originally entered into the Mining Lease with Northern Adventures, Inc., and AMCOR assumed the rights in that Mining Lease from Northern Adventures, Inc. pursuant to the Asset Purchase Agreement dated December 28, 2013.  The claims cover the Monitor-Richmond-Copper Age mines in Northern Idaho which were historic producers between 1900 and 1920.  As part of the transaction, AMCOR received 500,000 shares of TMC common stock upon signing of the agreement.  An additional 500,000 shares of TMC common stock was received on the second and an additional 500,000 was issued on March 18, 2015 for the third anniversaries of the agreement.  TMC has paid an up-front fee of $7,500 to AMCOR and assume the obligations of the underlying lease agreement.  Pursuant to the terms and conditions of the TMC Option and Joint Venture Agreement TMC can earn up to 80% ownership interest in the property lease by expending $2,100,000 over a three year period, with a minimum expenditure of $700,000 in year one of the agreement.  AMCOR’s interest shall be a Carried Interest until such time as a Bankable Feasibility Study has been produced or a decision to mine has been made.  

Pursuant to TMC Option and Joint Venture Agreement TMC is required to expend a minimum expenditure of $700,000 in year one of the agreement.  As of February 5, 2014, only $485,000 had been expended by TMC on the Monitor-Richmond property.  On March 12, 2015 the TMC Option and Joint Venture Agreement was amended.  The initial expenditure obligation of $700,000 for 2014 is deemed to be satisfied and TMC is now required to expend $700,000 as a work commitment between February 5, 2015 and February 5 2016.  To maintain the contract in good standing TMC is also required to expend $700,000 as a work commitment between February 5, 2016 to February 5, 2017.  As consideration for agreeing to the amendment to the Option and Joint Venture agreement, TMC will issue AMCOR an additional 750,000 shares of TMC common stock and pay $12,500 within twenty days after the effective date.  The Company has not been issued these shares and received a $12,485 payment on April 7, 2015, to fulfill the required payment.  

Our Option and Joint Venture Agreement partner, TMC, has filed an additional 85 Monitor claims and Northern Adventures, LLC, is the claimant on those.  AMCOR has interest in those claims through its Mining Lease with Northern Adventures, Inc.

Kinross Agreement.

On April 5, 2013 we exercised an option to acquire three mineral leases located in Okanogan County, Washington, pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. and Northern Adventures, Inc. (NAI) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to us on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  The original option was granted by HydroImaging, Inc (Hydro), a private company owned solely by David Boleneus, currently a member of our board of directors, to NAI on June 25, 2012.  Under the terms of the original option Hydro granted the right to acquire ten leases granted by the Department of Natural Resources for the State of Washington totaling 4,583.76 acres and 27 unpatented mining claims located in the Toroda Creek-Wauconda Mining district in Okanogan country in the State of Washington for the payment of an exercise price of $10,000.  

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An amendment to the Option to Purchase Mineral Leases on December 7, 2012 provided Hydro the authority to enter into a Mining Lease and Assignment agreement with Kinross Gold USA, Inc. (Kinross), as an alternative to transferring the ten leases and subject to Hydro executing an agreement with Kinross.  As an alternative to acquiring the ten leases and pursuant to the amendment, AMCOR was also granted an option to acquire all right, title and interest in any agreement reached between Kinross and Hydro.  On February 28, 2013, Hydro concluded a Mining Lease and Assignment agreement with Kinross transferring seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  The seven state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to the terms of the Kinross agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims.  The remaining three state mining leases totaling 1,649.2 acres will be transferred from Hydro to AMCOR, subject to approval from the Department of Natural Resources for the State of Washington.

Under the terms of the Mining Lease and Assignment agreement dated February 28, 2013, Kinross will pay AMCOR production royalties as follows:  a 1% net smelter return royalty on all minerals extracted from the area covered by the 7 leases and a 2.5% net smelter return royalty on all minerals extracted from the area covered by the 27 unpatented mining claims.  The amount of royalties to be paid (both production royalties and advance royalty payments) are capped at $3 million per lease.  Kinross will also pay advance royalty payments in the aggregate amount of $1 million as follows:  $15,000 payable within 7 days of February 28, 2013, the effective date, $15,000 payable within 15 days of the effective date, $40,000 payable on February 28, 2014, $50,000 payable on February 28, 2015, and thereafter the annual advance royalty payment is to increase by 5% per year up to a maximum annual payment of $100,000.  Kinross satisfied the initial two $15,000 payments as well as the first year payment of $40,000 and the second year payment of $50,000.  The obligation to pay the advance royalty payment shall cease once an aggregate of $1 million has been paid.  Advance minimum royalty payments shall be creditable against the production royalties.  The production royalty payments for minerals produced from the state leases shall be capped at $3,000,000 for each of the seven leases, including any advanced royalty payments to be offset.  Kinross also undertakes to make such payments and undertake such other actions necessary to maintain the seven state mining leases and the unpatented claims in effect and good standing.

Bayhorse Silver Inc. Agreement

On December 4, 2013, AMCOR signed an Option and Joint Venture Agreement dated December 4, 2013 with Bayhorse Silver Inc. ("BSI") (formerly Kent Exploration, Inc.) a Canadian mineral exploration company, whereby BSI can acquire an option to earn an 80% interest in the historic Bayhorse Silver Mine ("Bayhorse") in east-central Oregon State.  This Agreement superseded the Letter Agreement executed with BSI on November 4, 2013  This Option and Joint Venture Agreement covered 21 Bayhorse claims and those have been reduced down to 18.

Under the terms of the Agreement BSI made a payment of US$20,000 on December 5, 2013.  To earn the 80% interest, BSI is required to conduct a minimum of US$100,000 per year on exploration expenditures on the property on or before each of the first two anniversaries of the Agreement, US$300,000 on or before the third anniversary of the Agreement and expend US$500,000 on or before the fourth and fifth anniversaries respectively of the Agreement.  In addition, BSI issued 500,000 shares of its common stock to AMCOR on December 16, 2013, per the agreement, and on February 12, 2014, Bayhorse Silver Inc. issued 125,000 shares of its subsidiary, Silcom Systems Inc. (Silcom), restricted common stock to the Company for no consideration.  The issuance was dividend shares from their subsidiary, Silcom, given to shareholders of Bayhorse Silver Inc.  An additional 500,000 shares of BSI shall be issued to AMCOR on the third anniversary of the Agreement and 500,000 shares on the fifth anniversary of the Agreement.  BSI will assume all the obligations of the underlying lease agreement with Northern Adventures LLC.

AMCOR’s interest shall be a carried interest until such time as a Decision to Mine has been made.  A Decision to Mine is defined as a detailed report prepared by, or prepared under the supervision of, an Independent Qualified Person in accordance with the Canadian National Instrument 43-101 Standards of Disclosure for evaluating the feasibility of placing any part of a property into commercial production as an operating mine and shall include a reasonable assessment of the various categories of ore reserves and resources and their amenability to metallurgical treatment, a detailed description of the work, personnel, equipment and supplies required to bring such part of the Property into commercial production and the estimated cost thereof, a description of the mining and processing methods to be employed and a financial appraisal of the proposed operations.  At such time as a decision to mine has been made, of which there is no assurance, a joint venture shall automatically be formed between AMCOR and BSI, whereby AMCOR shall hold 20% of the joint venture interest and BSI shall hold 80% of the joint venture interest, in and to the Lease.  All expenditures from the date of the formation of the joint venture shall be apportioned between the parties as to their percentage of ownership interest.

Business Strategy

We plan to focus our future business on evolving into a growth-orientated, newly reorganized, early stage, and independent mineral and precious metal exploration company engaged in the acquisition, exploration, exploitation and development of mineral and precious metal properties; focusing our activities in the western United States.  At this point, we are considered an exploration or exploratory stage company because we are involved in the examination, investigation and acquisition of land that we believe may contain valuable minerals, for the purpose of discovering the presence of possible commercial minerals and their extent.  The primary focus of our exploration activities will be for gold and silver.

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During the next twelve months we plan to engage in more possible joint ventures and attempt to seek financing opportunities to commence a growth plan that will include the acquisition of additional mineral exploration properties as well as the possibility of selling additional equity in the form of common stock.  See Obligations Under Material Contracts section in Item 2 below for descriptions of joint venture and sub-leasing arrangements we have entered into.

To accelerate the development program we will attempt to engage in other joint venture programs that will take responsibility, both financially and in labor, of the capital costs of early exploration.  This economic strategy may allow us to utilize our own financial assets toward the exploration on our own properties and mineral leases.

The expenditures to be made by us on our exploration program may not result in the discovery of commercially exploitable reserves of valuable minerals.  Exploration for minerals is a speculative venture involving substantial risk.  The probability of a mineral property ever having commercially exploitable reserves is extremely remote, and in all probability our mineral claims may not contain any reserves.  If we are unable to find reserves of valuable minerals on any of our nine projects or if we cannot remove the minerals because we either do not have the capital to do so, or because it is not economically feasible to do so, then we will cease operations relating to our properties and we will attempt to seek out and acquire alternate mining properties.  In the event that we cease operations relating to our properties, any funds received by us upon sale of the mining properties on which operations ceased will be used to pay our working capital expenses.

Because we are an exploration stage company, there is no assurance that commercially viable mineral deposits exist on any of the nine projects that are owned or leased by us.  A substantial amount of additional exploration will be required before a final evaluation is made as to the economic viability of our mineral properties.  To date, we have no known reserves of any type of mineral on any of our nine projects and as of this date, we have not discovered economically viable mineral deposits on any of our nine projects and there is no assurance that we will discover such commercially viable deposits.

If we decide to stop further exploration on any of our nine projects, we may seek to acquire other natural resource exploration oriented properties.  Any such acquisition(s) will involve due diligence costs in addition to the acquisition costs.  As a public company, we will also have an ongoing obligation to maintain our periodic filings with the appropriate regulatory authorities, which will involve legal and accounting costs.  In the event that our available capital is insufficient to acquire an alternative resource property and sustain minimum operations, we will need to secure additional funding or else we will be compelled to discontinue our business.

If commercially marketable quantities of valuable mineral deposits exist on one or more of our properties and sufficient funds are available, we will evaluate the technical and financial risks of mineral extraction, including an evaluation of the economically recoverable portion of the deposits, market rates for the minerals, engineering concerns, infrastructure costs, finance and equity requirements, safety concerns, regulatory requirements, environmental concerns and an analysis of the deposit from initial excavation all the way through to reclamation.  After we conduct this analysis and determine that a given mineral deposit is worth recovering, of which there is no assurance, we will begin the development process.  Development will require us to obtain a processing plant and other necessary equipment including equipment to extract, transport and store the minerals.

Since our exploration stage inception on March 30, 2013, through November 30, 2014, we have had nominal revenue.  From March 30, 2012, through November 30, 2014, we had an accumulated deficit of $272,784.  We do not anticipate earning revenues until such time, if ever, as we enter into commercial production of one of our mining properties.  For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.  Our ability to continue as a going concern is dependent upon our ability to successfully accomplish our plan of operations described herein, secure additional outside capital and eventually attain profitable operations.  We anticipate that any additional funding that we require will be in the form of equity financing from the sale of our restricted common stock.

Our material financial obligations for the future will include our public reporting expenses, transfer agent fees, bank fees, lease payments due on mineral properties and other recurring fees, combined with any additional operating expense related to our new business.

Our future financial results will depend primarily on: (i) the ability to discover commercial quantities of precious or base metal on properties which we own or lease: (ii) the ability to continue to source and screen potential projects; (iii) the market price for precious metals; and (iv) the ability to fully implement our exploration and development programs on our nine projects, which is dependent on the availability of capital resources.  There can be no assurance that we will be successful in any of these respects or that the prices of metals will be at a level allowing for profitable production, in the event we are able to define a commercial ore body, of which there is no assurance.

Reserves

We are unable to accurately estimate reserves until substantial additional exploration and development work has been completed, which will be subject to securing additional capital, of which there is no assurance.

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Production

We currently have no production and do not anticipate production of any precious or base metals in the near future.

Exploration Data

We have not conducted any drilling to test mineralization on any of our mining properties since changing our business.

Industry Background

The exploration for and development of gold mineral deposits requires significant capital investment.  Few properties are ultimately developed into producing mines. Some of the factors involved in determining whether a mineral exploration project will be successful include, without limitation:

The combination of these and other factors lead to a speculative endeavor, and very high risk.  Even with the formation of new theories and new methods of analysis, unless the minerals are simply lying exposed on the surface of the ground, exploration will continue to be a “hit or miss” process.

Governmental Regulations

The AMCOR property lessees and any future exploration, development and possible production are subject to various rules, regulations and limitations impacting precious metals exploration, mine development and metals production industry as whole.  These rules, regulations and limitations can indirectly impact our company in a number of ways.

Regulations of the Mineral and Metal Industry

Exploration for precious metals, base metals and commercial minerals, if and when developed, are subject to extensive rules and regulations promulgated by federal, state and local authorities and agencies.  For example, in most states, the Bureau of Land Management and the U.S. Forest Service require permits for exploration drilling, development of a mining property and operation of a commercial mine, submission of several reports concerning operations of a commercial mine and other requirements relating to the production of precious and base metals.  The regulatory burden on the mining industry will most likely increase the cost of doing business and may affect our potential for profitability.  Although we believe that we can stay in compliance with all applicable laws and regulations, because such rules and regulations are frequently amended or reinterpreted, we are unable to predict the future cost or impact of complying with such laws.  Significant expenditures may be required to comply with governmental laws and regulations and may have a material adverse effect on our financial condition and results of operations.

Environmental Matters

Our operations and properties are subject to extensive and changing federal, state and local laws and regulations relating to environmental protection, including the generation, storage, handling, emission, transportation and discharge of materials into the environment, and relating to safety and health.  The recent trend in environmental legislation and regulation generally is toward stricter standards, and this trend will likely continue.  These laws and regulations may:

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The permits required for our operations may be subject to revocation, modification and renewal by issuing authorities. Governmental authorities have the power to enforce their regulations, and violations are subject to fines or injunctions, or both.  In the opinion of management, we are in substantial compliance with current applicable environmental laws and regulations, and have no material commitments for capital expenditures to comply with existing environmental requirements.  Nevertheless, changes in existing environmental laws and regulations or in interpretations thereof could have a significant impact on AMCOR.

The Comprehensive Environmental, Response, Compensation, and Liability Act (“CERCLA”) and comparable state statutes impose strict, joint and several liabilities on owners and operators of sites and on persons who disposed of or arranged for the disposal of “hazardous substances” found at such sites. It is not uncommon for the neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by the hazardous substances released into the environment.  The Federal Resource Conservation and Recovery Act (“RCRA”) and comparable state statutes govern the disposal of “solid waste” and “hazardous waste” and authorize the imposition of substantial fines and penalties for noncompliance.  CERCLA currently includes certain minerals and toxic chemicals used to extract precious or base metals from rock that fall within the definition of a “hazardous substance”.  State laws affecting our operations may impose clean-up liability related to mining minerals and the use of toxic chemicals.  In addition, although RCRA classifies certain mineral as “non-hazardous,” such exploration and production wastes could be reclassified as hazardous wastes thereby making such wastes subject to more stringent handling and disposal requirements.

The Endangered Species Act (“ESA”) seeks to ensure that activities do not jeopardize endangered or threatened animal, fish and plant species, nor destroy or modify the critical habitat of such species. Under ESA, exploration and production operations, as well as actions by federal agencies, may not significantly impair or jeopardize the species or its habitat. ESA provides for criminal penalties for willful violations of the Act. Other statutes that provide protection to animal and plant species and that may apply to our operations include, but are not necessarily limited to, the Fish and Wildlife Coordination Act, the Fishery Conservation and Management Act, the Migratory Bird Treaty Act and the National Historic Preservation Act. Although we believe that our proposed exploration programs and future operations, if any, will be in substantial compliance with such statutes, any change in these statutes or any reclassification of a species as endangered could subject us to significant expenses to modify our operations or could force us to discontinue certain operations altogether.

Competition

The mineral exploration and mining industry is intensely competitive, and we compete with thousands of other metals exploration and production companies, including huge multinational corporations with vast resources.  Almost all of these companies have substantially greater resources than we have.  The operations of other companies may be able to pay more for exploratory prospects and productive or partially developed mineral properties.  They may also have more resources to define, evaluate, bid for and purchase a greater number of properties and prospects than our financial or human resources permit.

Our larger or integrated competitors have the resources to be better able to absorb the burden of existing, and any changes to federal, state, and local laws and regulations more easily than we can, which would adversely affect our competitive position.  Our ability to discover commercial ore bodies and acquire additional properties in the future will be dependent upon our ability and resources to evaluate and select suitable properties and to consummate transactions in this highly competitive environment.  In addition, we may be at a disadvantage in negotiating for mineral leases and bidding for exploratory prospects, because we have fewer financial and human resources than other companies in our industry.  Should a larger and better financed company decide to directly compete with us, and be successful in its efforts, our business in general or specific projects could be adversely affected.

Marketing and Customers

The market for precious and base metals that we may produce in the future depends on factors beyond our control, including the extent of global production, the proximity and capacity of smelters and refineries, demand for specific metals, the potential toxic elements contained in the ore (i.e. mercury or arsenic) and the effects of state and federal regulation on all aspects of the mining and extraction industry.

Employees

We currently do not have any employees.  Some of our newly appointed executives, subject to securing additional operating capital, of which there is no assurances, may enter into employment agreements in the future.  We anticipate that we will initially have no full time employees.  Frank H. Blair, President and CEO, and Dwight Weigelt, the CFO plan to initially be part-time consultants and paid an hourly fee for services rendered to us, but no employment agreement or compensation arrangement is currently in place.  We will employ a number of outside consultants on an as needed basis.  In the event we are successful at raising addition capital by the sale of equity, debt or pursuant to a possible joint venture and exploration activities increase, we may hire additional technical, operational or administrative personnel as appropriate.  We are using and will continue to use the services of independent consultants and contractors to perform various professional services.  We believe that this use of third-party service providers may enhance our ability to contain general and administrative expenses.

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Intangible Assets

AMCOR’s intangible assets are composed of various mining claims and mineral leases with third party entities, some of whom are related and others are independent.  See Obligations Under Material Contracts section below for details on the leases and mining claims held by AMCOR.

ITEM 1A.  RISK FACTORS

The securities described herein involve a high degree of risk. Interested persons should carefully consider, among others, the risk factors described below.  As used in the Risk Factors, the term the “Company” when used in this “Risk Factors” section may refer to AMCOR or AMCOR Exploration, Inc. on a combined asset basis, based on the context of the language presented.  If any of the following risks actually occurs, our business, financial condition or results of operations could suffer.  In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.  You should carefully consider the various risks involved in investing in our shares, which include, among others, the following factors:

RISK FACTORS RELATED TO OUR NEW BUSINESS:

The leases on the mining properties that we have acquired with the closing of the Asset Purchase Agreement require us to make annual minimum advance royalty payments and to spend minimum annual amounts to work the properties.

Under the terms of four leases to mining properties we acquired from NAI on December 28, 2012 we are required to make minimum annual advance royalty payments in the amount of $10,000 per lease or an aggregate of $40,000 by the end of June 2013 and, in addition, we are required to expend resources in the aggregate amount of $100,000 by the end of June 2013 on three of the relevant mining properties.  Two of these $10,000 payments have been made by our Joint Venture partners TMC and Kinross.  The other two payment due dates have been extended to December 31, 2015.  One of the three work requirements has been satisfied and the other two have been deferred, allowed to be accomplished at the earliest possible time, weather permitting.  The minimum annual advance royalty payments and the work requirement expenditures increase during the next five years under each of the four leases.  If we fail to make such payments or expenditures, the lessors may, under certain circumstances, terminate our leases.

We may be unable to obtain additional capital that we will require to implement our business plan, which could restrict our ability to grow.

We expect that our current capital and our other existing resources will not be sufficient and will only provide a limited amount of working capital and may not be sufficient to fund our continuing operations, our proposed exploration work and our planned growth.  We will require additional capital to continue to operate our business beyond the initial phase of development and to further expand our exploration and development programs to additional properties.  Financing may not be available in amounts or on terms acceptable to us, if at all.  Any failure by us to raise additional funds on terms favorable to us, or at all, could have a material adverse effect on our business, financial condition and results of operations.

We may seek to sell additional equity or debt securities or obtain additional credit facilities.  Any additional capital raised through the sale of equity may dilute the ownership percentage of our stockholders.  This could also result in a decrease in the fair market value of our equity securities because our assets would be owned by a larger pool of outstanding equity.  The terms of securities we issued in future capital transactions may be more favorable to our new investors, and may include preferences, superior voting rights and the issuance of other derivative securities, and issuance of incentive awards under equity employee incentive plans, which may have a further dilutive effect.  The incurrence of indebtedness would result in increased debt service obligations and could require us to agree to operating and financing covenants that would restrict our operations.  We may pursue sources of additional capital through various financing transactions or arrangements, including joint venturing of projects, debt financing, equity financing or other means.  We may not be successful in locating suitable financing transactions in the time period required or at all, and we may not obtain the capital we require by other means.  If we do not succeed in raising additional capital, our resources may not be sufficient to fund our planned operations going forward. Our ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties, including:

·

investors’ perception of, and demand for, securities of a U.S.-based mineral exploration company involved in the mining sector;

·

conditions of the U.S. and other capital markets in which we may seek to raise funds;

·

our future results of operations, financial condition, exploration results and cash flows; and

·

economic, political and other conditions in North America.

There is no assurance that we will be able to raise sufficient funding from the sale of our restricted common stock.  The risky nature of this enterprise and lack of tangible assets places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated.  We do not have any arrangements in

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place for any future equity financing.  If we are unable to secure additional funding, we will cease or suspend operations.  We have no plans, arrangements or contingencies in place in the event that we cease operations.

Future mine and/or claim acquisitions and future exploration, development, production and marketing activities, as well as our administrative requirements (such as salaries, insurance expenses and general overhead expenses, as well as legal compliance costs and accounting expenses) may require a substantial amount of additional capital and cash flow.  We may incur substantial costs in pursuing future capital financing, including investment banking fees, legal fees, accounting fees, securities law compliance fees, printing and distribution expenses and other costs.  We may also be required to recognize non-cash expenses in connection with certain securities we may issue, such as convertible notes, which may adversely impact our financial condition.

Further, if gold and silver gas prices on the commodities markets decline, our revenues from the anticipated operations will decrease and such decreased revenues may increase our requirements for capital.  If the amount of capital we are able to raise from financing activities, together with our revenues from operations, is not sufficient to satisfy our capital needs (even to the extent that we reduce our operations), we may be required to cease our operations.

No current production from our leased properties.

None of the properties we currently own, lease or control have any blocked out reserves.  The term ore reserves is the calculated tonnage and grade of mineralization that be ascertain within specified accuracy limits of the valuable metal or mineral content of known deposits which may be extracted and processed at a profit under current economic conditions with present technology.  The existence of mineralization can be classified as possible, probable and proven according to the level of confidence that can be placed in the data.

Strategic relationships upon which we may rely are subject to change, which may diminish our ability to conduct our operations.

Our ability to successfully acquire additional mining properties or abandoned mines with other third party companies or property owners will depend on developing and maintaining close working relationships with existing owners of groups of mining claims that are deemed to be exploration targets and abandoned mines that need to be re-evaluated under the new metals prices.  Our ability to select and evaluate suitable properties of interest and to consummate transactions in a highly competitive environment will be critical to our long range success.  These facts are subject to change and may impair our ability to grow and make prudent acquisitions in the future.

To continue to develop our business, we will endeavor to use the business relationships of our new management to identify, screen and enter into strategic relationships, which may take the form of leasing of other mining claims, joint ventures with other private parties and contractual arrangements with other operating exploration companies.  We may not be able to establish these strategic relationships, or if established, we may not be able to maintain them.  Even if we are able to engage in joint ventures and enter into strategic investment relationships with existing operators, they may not be pursuant to terms and conditions that are favorable to us.  In addition, the dynamics of our relationships with strategic partners may require us to incur expenses or undertake activities we would not otherwise be inclined to in order to fulfill our obligations to these partners or maintain our relationships.  If our strategic relationships are not established or maintained, our business prospects may be limited, which could diminish our ability to conduct our operations.

We have no previous operating history in the exploration and mining industry, which may raise substantial doubt as to our ability to successfully develop profitable business operations.

We have no operating history in the exploration and mining industry.  We are presently in the exploration stage of our business and have not commenced planned principal operations.  We can provide no assurance that we will discover commercially exploitable levels of mineral resources on any of our nine projects, or if such deposits are discovered, that we will enter into further substantial exploration programs.

Our business operations must be considered in light of the risks, expenses and difficulties frequently encountered in establishing a business in the mineral exploration and mining industry.  We have not generated any substantial revenues to date.  The five leased properties we now own are not currently in production and subject to completing some additional exploration and development work to ascertain if they contain commercial zones of mineralization.  We have been primarily focused on fund raising activities for the express purpose of acquiring certain mineral rights and leases.  There is nothing at this time on which to base an assumption that our business operations will prove to be successful in the long-term.  Our future operating results will depend on many factors, including, but not limited to:

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To achieve profitable operations in the future, we are primarily dependent upon the management to define ore bodies, mine and mill commercial grade ore from the properties controlled by us.  Our management needs to successfully execute on the factors stated above, along with continuing to develop strategies and make acquisitions of abandon mines that had historically significant production or mining claims that are deemed to be good exploration targets to potentially enhance our revenue after the mines are reevaluated or additional exploration has been completed in the geographic areas of interest.  Despite our best efforts, our management and various outside consultants may not be successful in their exploration or development efforts or obtain required regulatory approvals on the property where we are entitled to mine and extract precious metals.

We will be highly dependent on our new Officers and Directors.

Frank H. Blair is our Chief Executive Officer and President, Gerald Frankovich is our Vice President, and Dwight Weigelt is our Chief Financial Officer, Secretary, and Treasurer.  These three individuals are the key officers and directors of our company, the loss of any of the three, upon whose knowledge, leadership and technical expertise we shall be relying on in the future, would harm our ability to execute our new business plan.

Our success will depend heavily upon the future contributions of the above three individuals, whose knowledge, leadership and technical expertise would be difficult to replace and impact our ability to retain and attract new or replacement technical and professional personal.  If we were to lose their services, our ability to execute our new business plan would be harmed and we may be forced to cease operations until such time as we could hire a suitable replacement for them.

We have limited operating history upon which to evaluate our potential for future success.

The likelihood of our success must be considered in light of the risks and uncertainties frequently encountered by early stage companies like ours in an evolving market, such as unforeseen capital requirements, failure of market acceptance, failure to establish business relationships, and competitive disadvantages as against larger and more established companies. If we are unsuccessful in addressing these risks and uncertainties, our business will be materially harmed.

Our post-reorganization management team does not have extensive experience in public company matters, which could impair our ability to comply with legal and regulatory requirements.

Our new management team has had very limited public company management experience or responsibilities, which could impair our ability to comply with legal and regulatory requirements such as the Sarbanes-Oxley Act of 2002 and applicable federal securities laws, including filing required reports and other information required on a timely basis.  It may be expensive to implement and effect programs and policies in an effective and timely manner that adequately respond to increased legal, regulatory compliance and reporting requirements imposed by such laws and regulations, and we may not have the resources to do so.  Our failure to comply with such laws and regulations could lead to the imposition of fines and penalties and further result in the deterioration of our business.

Our lack of diversification will increase the risk of an investment in AMCOR, and our financial condition and results of operations may deteriorate if we fail to diversify.

Our new business will initially be in the mineral exploration industry and focus on nine projects leased or owned by us. Larger companies have the ability to manage their risk by diversification.  However, we will lack diversification, in terms of both the nature and geographic scope of our business.  As a result, we will likely be impacted more acutely by factors affecting our industry or the regions in which we operate than we would if our business were more diversified, enhancing our risk profile.  If we cannot diversify or expand our operations, our financial condition and results of operations could deteriorate.  Initially, we are solely dependent on the expertise of our management to conduct comprehensive exploration and evaluate the economic viability of our leased properties.

Certain of our existing stockholders have substantial influence over our company, and their interests may not be aligned with the interests of our other stockholders.

Mr. Frank H. Blair, our President and Chief Executive Officer, beneficially owns approximately 3,500,000 shares of our stock which represents approximately 4% of our outstanding voting securities.  As a result, Mr. Blair has influence over our business, including decisions regarding mergers, consolidations, the sale of all or substantially all of our assets, election of directors and other significant corporate actions.  This concentration of ownership may also have the effect of discouraging, delaying or preventing a future change

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of control, which could deprive our stockholders of an opportunity to receive a premium for their shares as part of a sale of our company and might reduce the price of our shares.

The lingering effects of the global financial crisis may significantly impact our business and financial condition for the foreseeable future.

The lingering effects of the credit crisis and related periodic turmoil in the global financial system may adversely impact our business and our financial condition, and we may face challenges if conditions in the financial markets do not improve. Our ability to access the capital markets may be restricted at a time when we would like, or need, to raise financing, which could have an impact on our flexibility to react to changing economic and business conditions. The economic situation could have an impact on the properties leased and controlled by us in that it may be impossible to secure additional capital to finance development of the properties. If capital is available to finance growth, it may not be on terms and conditions that are favorable to us and this may impact the shareholders of us in a negative way as it relates to dilution.

Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern.

We have an exploration stage accumulated deficit of $272,784 as of November 30, 2014, we have incurred a net loss of $51,607 for the year ended November 30, 2014 and $150,207 for the transition period ended November 30, 2013.  Net cash used in operating activities of approximately $56,853 from for the year ended November 30, 2014 and $95,913 for the transition period ended November 30, 2013.  We have had no significant source of revenue.  The future of our company is dependent upon future profitable operations from the production of gold, silver and copper and the development of our mineral properties.  Our management will need to seek additional financing in the future.  These conditions raise substantial doubt about our company’s ability to continue as a going concern.  Although there are no assurances that our plans will be realized, our management believes that we will be able to continue operations in the future.

Competition in obtaining rights to explore and develop gold and silver properties and abandoned mines in the future may impair our business.

The mining industry, property acquisition and exploration for commercial minerals and precious metals is highly competitive.  Other mining companies may seek to acquire mineral leases and other properties in our area of interest.  This competition is increasingly intense as prices of gold and silver on the commodities markets have increased in recent years.  Additionally, other companies engaged in our line of business may compete with us from time to time in obtaining capital from investors.  Competitors include larger companies which, in particular, may have access to greater resources, may be more successful in the recruitment and retention of qualified employees and may conduct their own mining and milling operations, which may give them a competitive advantage.  In addition, actual or potential competitors may be strengthened through the acquisition of additional assets and interests.  If we are unable to compete effectively or adequately respond to competitive pressures, this inability may materially adversely affect our results of operation and financial condition.

We may not be able to effectively manage our growth, which may harm our profitability.

Our strategy, which envisions expanding our business, is based in part on anticipated future income, of which there is no assurance.  If we fail to effectively manage our growth, our financial results could be adversely affected. Growth may place a strain on our management systems and resources.  We must continue to refine and expand our business capabilities, our systems and processes and our access to financing sources.  As we grow, we must continue to hire, train, supervise and manage new employees.  We cannot assure that we will be able to:

If we are unable to manage our growth, our operations and our financial results could be adversely affected by inefficiency, which could diminish our profitability.

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RISKS RELATED SPECIFICALLY TO PRECIOUS METALS EXPLORATION AND THE MINING INDUSTRY

The imprecision of mineral deposit estimates may prove any resource calculations that we make to be unreliable.

Mineral deposit estimates and related databases are expressions of judgment based on knowledge, mining experience, geophysical surveys and analysis of drilling results and industry practices.  Valid estimates made at a given time may significantly change when new information becomes available.  By their nature, mineral deposit estimates are imprecise and depend upon statistical inferences, which may ultimately prove unreliable.  Mineral deposit estimates included here, if any, have not been adjusted in consideration of these risks and, therefore, no assurances can be given that any mineral deposit estimate will ultimately be reclassified as reserves.  If our exploration program locates a mineral deposit, there can be no assurances that any of such deposits will ever be classified as reserves.

We are sensitive to fluctuations in the price of gold and silver, which is beyond our control. The price of gold and silver is volatile and price changes are beyond our control.

The price of precious metals can fluctuate dramatically in a short period of time.  The prices of gold and silver have been and will continue to be affected by numerous factors beyond our control.  Factors that affect the price of gold and silver include the demand from consumers for products that use gold and silver, economic conditions, demand by industries that use gold and silver in the production of products, over supply from secondary sources and costs of production.  Price volatility and downward price pressure, which can lead to lower prices, could have a material adverse effect the economic viability of our exploration targets.

The volatility of metals prices in general may adversely affect our exploration efforts.

If the prices of gold and silver decline, it may not be economically feasible for us to initiate any limited production or continue exploration on any of our leased or owned properties or to interest a joint venture partner in developing commercial production on one or more of our properties.  We may make substantial expenditures for exploration or additional development of the property, which cannot be recovered if production becomes uneconomical.  Gold and silver prices historically have fluctuated widely, based on numerous factors including, but not limited to:

1. industrial and jewelry demand;

2. market supply from new production and release of existing bullion stocks;

3. central bank lending, sales and purchases of gold;

4. forward sales of gold and silver by producers and speculators;

5. production and cost levels in major gold-producing regions;

6. rapid short-term changes in supply and demand because of speculative or hedging activities; and

7. macroeconomic factors, including confidence in the global monetary system; inflation expectations; interest rates and global or regional political or economic events.

Mineral exploration and prospecting is highly competitive and speculative business and we may not be successful in seeking available opportunities.

The process of mineral exploration and prospecting is a highly competitive and speculative business.  Individuals are not subject to onerous accreditation and licensing requirements prior to beginning mineral exploration and prospecting activities, and, as such AMCOR, in seeking available opportunities, will compete with numerous individuals and companies, including established, multi-national companies that have substantially more experience and resources than our company.  The exact number of active competitors at any one time is heavily dependent on current economic conditions; however, statistics provided by the AEBC (The Association for Mineral Exploration, British Columbia), state that approximately 1,000 mining companies operate in North America.  Each one of these companies can be considered to be in competition with our company for mineral resources in North America.  The Government of Canada at: http://mmsd1.mms.nrcan.gc.ca/mmsd/exploration/default.asp, reports that in 2006, $140.6 billion was spent in mineral exploration activities in British Columbia alone.

Because we may not have the financial and managerial resources to compete with other companies, we may not be successful in our efforts to acquire projects of value, which, ultimately, become productive.  However, while we compete with other exploration companies for the rights to explore other claims, there is no competition for the exploration or removal of mineral from our claims by other companies, as we have no agreements or obligations that limit our right to explore or remove minerals from our claims.

Compliance with environmental considerations and permitting could have a material adverse effect on the costs or the viability of our projects.  The historical trend toward stricter environmental regulation may continue, and, as such, represents an unknown factor in our planning processes.

All mining is regulated by the government agencies at the Federal, State and County levels of government in the United States.  Compliance with such regulation has a material effect on the economics of our operations and the timing of project development.  Our

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primary regulatory costs will be related to filing fees pertaining to the maintenance of 33 mining claims owned by us and the 154 claims we have leased from third parties, which were staked on Federal ground and securing all the necessary federal and state permits and licenses to explore and develop the mineral resources that may exist on the various properties leased by us.  In the event a commercial ore would be discovered and defined on one or more properties we have under lease or the location of unpatented mining claims by us, obtaining new or expanded licenses and permits from government agencies before the commencement of larger scale mining program would be very expensive and time consuming.  A comprehensive environmental impact study would be required to be undertaken on our property in order to obtain governmental approval to commence and conduct large scale mining on our property.

The possibility of more stringent regulations exists in the areas of worker health and safety, the dispositions of wastes, the decommissioning and reclamation of mining and milling sites and other environmental matters, each of which could have an adverse material effect on the costs or the viability of a particular project.  Compliance with environmental considerations and permitting could have a material adverse effect on the costs or the viability of our projects.

We face substantial governmental regulation.

Because we have commenced small scale mining operations, we are subject to inspection and regulation by the Mine Safety and Health Administration of the United States Department of Labor ("MSHA") under the provisions of the Mine Safety and Health Act of 1977.  The Occupational Safety and Health Administration ("OSHA") also has jurisdiction over safety and health standards not covered by MSHA.

Current Environmental Laws and Regulations could cause us to incur high costs and significant delays to our business plans.

We must comply with environmental standards, laws and regulations that may result in greater or lesser costs and delays depending on the nature of the regulated activity and how stringently the regulations are implemented by the regulatory authority.  The costs and delays associated with compliance with such laws and regulations could stop us from proceeding with the exploration of the areas around the properties currently under lease to our company.  Laws and regulations involving the protection and remediation of the environment and the governmental policies for implementation of such laws and regulations are constantly changing and are generally becoming more restrictive.  We expect to make in the future significant expenditures to comply with such laws and regulations.  These requirements include regulations under many state and U.S. federal laws and regulations, including the:

•

Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA" or "Superfund") which regulates and establishes liability for the release of hazardous substances;

•

the U.S. Endangered Species Act;

•

the Clean Water Act;

•

the Clean Air Act;

•

the U.S. Resource Conservative and Recovery Act ("RCRA");

•

the Migratory Bird Treaty Act;

•

the Safe Drinking Water Act;

•

the Emergency Planning and Community Right-to-Know Act;

•

the Federal Land Policy and Management Act;

•

the National Environmental Policy Act; and

•

the National Historic Preservation Act.

The United States Environmental Protection Agency continues the development of a solid waste regulatory program specific to mining operations such as ours, where the mineral extraction and beneficiation wastes are not regulated as hazardous wastes.

Some of our properties are located in a historic mining district with past production and are deemed to be abandoned mines.  We are exposed to liability, or assertions of liability that would require expenditure of legal defense costs, under joint and several liability statutes for cleanups of historical wastes that have not yet been completed.

Environmental Regulations.

Environmental laws and regulations may also have an indirect impact on us, such as increased costs for electricity due to acid rain provisions of the United States Clean Air Act Amendments of 1990. Charges by refiners to which we may sell any metallic concentrates and products have substantially increased over the past several years because of requirements that refiners meet revised environmental quality standards.  We have no control over the refiner's operations or their compliance with environmental laws and regulations.

We could be subject to Environmental Liability.

We are subject to potential risks and liabilities associated with pollution of the environment and the disposal of waste rock and materials that could occur as a result of our mineral exploration and production.  To the extent that we are subject to environmental

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liabilities, the payment of such liabilities or the costs that we may incur to remedy environmental pollution would reduce funds otherwise available to us and could have a material adverse effect on our financial condition or results of operations.  If we are unable to fully remedy an environmental problem, we might be required to suspend operations or enter into interim compliance measures pending completion of the required remedy.  The potential exposure may be significant and could have a material adverse effect on us.  We have not purchased insurance for environmental risks (including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from exploration and production) because it is not generally available at a reasonable price.

We will have to obtain Environmental Permits which could prove costly to our business and profitability.

All of our exploration activities are subject to regulation under one or more of the various State and Federal environmental laws and regulations in the U.S. Many of the regulations require us to obtain permits for our activities.  We must update and review our permits from time to time, and are subject to environmental impact analyses and public review processes prior to approval of the additional activities.  It is possible that future changes in applicable laws, regulations and permits or changes in their enforcement or regulatory interpretation could have a significant impact on some portion of our business, causing those activities to be economically re-evaluated at that time.

Those risks include, but are not limited to, the risk that regulatory authorities may increase bonding requirements beyond our financial capabilities.  The posting of bonding in accordance with regulatory determinations is a condition to the right to operate under all material operating permits, and therefore increases in bonding requirements could prevent our operations from continuing even if we were in full compliance with all substantive environmental laws.

Mining and exploration activities are subject to extensive regulation by federal and state governments.  Future changes in governments, regulations and policies, could adversely affect our results of operations for a particular period and our long-term business prospects.

Mining and exploration activities are subject to extensive regulation by many government agencies on all levels.  Such regulation relates to production, development, exploration, exports, taxes and royalties, labor standards, occupational health, waste disposal, protection and remediation of the environment, mine and mill reclamation, mine and mill safety, toxic substances and other matters.  Compliance with such laws and regulations has increased the costs of exploring, drilling, developing, constructing, operating mines and other facilities.  Furthermore, future changes in governments, regulations and policies, could adversely affect our results of operations in a particular period and its long-term business prospects.

The development of mines and related facilities is contingent upon governmental approvals, which are complex and time consuming to obtain and which, depending upon the location of the project, involve various governmental agencies.  The duration and success of such approvals are subject to many variables outside our control.

Potential Legislation.

Changes to the current laws and regulations governing the operations and activities of mining companies, including changes in permitting, environmental, title, health and safety, labor and tax laws, are actively considered from time to time.  We cannot predict such changes, and such changes could have a material adverse impact on our business. Expenses associated with the compliance with such new laws or regulations could be material.  Further, increased expenses could prevent or delay exploration projects and could, therefore, affect future levels of mineral production.

Exploration for precious metals is risky and may not be commercially successful, and the advanced exploration technologies to be used by consultants to be retained by us cannot eliminate exploration risk.

Our initial future success will depend on the data and results of our proposed exploration and the results of exploratory drilling and geophysical surveys.  Precious metals exploration involves a high degree of risk.  These risks are more acute in the early stages of exploration.

Expenditures on exploration and development may not result in establishment of ore reserves of commercially viable quantities of gold and silver ore.  It is difficult to project the costs of implementing exploratory and development work due to the inherent uncertainties of drilling in search of certain geological structures, the costs associated with encountering various drilling conditions, changes in drilling plans and locations as a result of prior drilling and structural unconformities that may be encountered in the mine.

Our business will suffer if we cannot obtain or maintain necessary licenses.

The surface exploration on the leased properties will require licenses, permits, bonds and in some cases renewals of licenses and permits from various governmental authorities.  Our ability to obtain, sustain or renew such licenses and permits on acceptable terms is subject to change in regulations and policies and to the discretion of the applicable governments, among other factors.  Our inability to obtain or our loss of or denial of extension of, any of these licenses or permits could hamper our ability to conduct exploration.

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RISKS RELATING TO THE OWNERSHIP OF AMERICAN CORDILLERA MINING CORPORATION COMMON STOCK

Risks Relating to Low Priced Stocks.

Although our Common Stock is approved for trading on the OTC Bulletin Board, there has been no trading activity in the stock.  Accordingly, there is no history on which to estimate the future trading price range of the Common Stock.  If the Common Stock trades below $5.00 per share, trading in the Common Stock will be subject to the requirements of certain rules promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which require additional disclosure by broker-dealers in connection with any trades involving a stock defined as a penny stock (generally, any non-FINRA equity security that has a market price share of less than $5.00 per share, subject to certain exceptions).  Such rules require the delivery, prior to any penny stock transaction, of a disclosure schedule explaining the penny stock market and the risks associated therewith and impose various sales practice requirements on broker-dealers who sell penny stocks to persons other than established customers and accredited investors (generally defined as an investor with a net worth in excess of $1,000,000 or annual income exceeding $200,000 individually or $300,000 together with a spouse).  For these types of transactions, the broker-dealer must make a special suitability determination for the purchaser and have received the purchaser’s written consent to the transaction prior to the sale.  The broker-dealer also must disclose the commissions payable to the broker-dealer, current bid and offer quotations for the penny stock and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over the market.  Such information must be provided to the customer orally or in writing before or with the written confirmation of trade sent to the customer.  Monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.  The additional burdens imposed upon broker-dealers by such requirements could discourage broker-dealers from effecting transactions in the Common Stock which could severely limit the market liquidity of the Common Stock and the ability of holders of the Common Stock to sell it.

When and if a trading market for our stock develops, the market price of our common stock is likely to be volatile, leading to the possibility of its value being depressed at a time when shareholders may want to sell your holdings.

The market price of our common stock can become volatile.  Numerous factors, many of which are beyond our control, may cause the market price of our common stock to fluctuate significantly.  These factors include:

•

our earnings releases, actual or anticipated changes in our earnings, fluctuations in our operating results or our failure to meet the expectations of financial market analysts and investors;

•

changes in financial estimates by us or by any securities analysts who might cover our stock;

•

speculation about our business in the press or the investment community;

•

significant developments relating to our relationships with our consultants and out-sourced contracting companies which will be utilized for most of exploration services;

•

stock market price and volume fluctuations of other publicly traded companies and, in particular, those that are in the mining industry;

•

customer demand for our products;

•

investor perceptions of the mining industry in general and our Company in particular;

•

the operating and stock performance of comparable companies;

•

general economic conditions and trends;

•

announcements by us or our competitors of new products, significant acquisitions, strategic partnerships or divestitures;

•

changes in accounting standards, policies, guidance, interpretation or principles;

•

loss of external funding sources;

•

sales of our common stock, including sales by our directors, officers or significant stockholders; and

•

additions or departures of key personnel.

Securities class action litigation is often instituted against companies following periods of volatility in their stock price.  Should this type of litigation be instituted against us, it could result in substantial costs to us and divert our management’s attention and resources.

Moreover, securities markets may from time to time experience significant price and volume fluctuations for reasons unrelated to the operating performance of particular companies.  These market fluctuations may adversely affect the price of our common stock and other interests in our company at a time when you want to sell your interest in us.

Rule 144 limitation on selling shares.

The shares issued to investors in AMCOR can be sold pursuant to Rule 144 promulgated under the Securities Act after six months.  AMCOR cease being a shell and the event was disclosed in the filing of a current report n Form 8-K on January 3, 2013.  In general, under Rule 144 as currently in effect, a person (or persons whose shares are aggregated) who has beneficially owned restricted securities shares for at least six months, including persons who may be deemed “affiliates” of AMCOR, as that term is defined under

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the Securities Act, would be entitled to sell within any three month period a number of shares that does not exceed the greater of 1% of the then outstanding shares or the average weekly trading volume of shares during the four calendar weeks preceding such sale.  Sales under Rule 144 are also subject to certain manner-of-sale provisions, notice requirements and the availability of current public information about AMCOR.  A person who has not been an affiliate of AMCOR at any time during the three months preceding a sale, and who has beneficially owned his shares for at least six months, would be entitled under Rule 144 to sell such shares without regard to any volume limitations under Rule 144.

American Cordillera Mining Corporation was a shell company prior to filing its current  report on Form 8-K on January 3, 2013 disclosing that it had ceased to be a shell company and therefore a majority of its shareholders may not currently utilize Rule 144 to sell their shares. Rule 144 is not available for sales of shares of companies that are or have been “shell companies” except under certain conditions.  AMCOR completed an asset acquisition and has removed its status as a shell company by filing the current report on Form 8-K.  Shareholders are able to utilize Rule 144 one year after the filing of the Form 8-K on January 3, 2013, assuming it files the documents it is required to file as a reporting company.  Investors in AMCOR whose shares have been registered in an effective and current registration statement will be able to sell their shares pursuant to said registration statement.  They will not be able to rely on Rule 144 to sell their shares during the one year period after the filing of this Form 8-K changing our shell status if the registration statement’s effectiveness is not maintained on a temporary or permanent basis.

Limitation on Liability of Directors and Officers.

Our Articles of Incorporation includes provisions to eliminate, to the fullest extent permitted by Nevada General Corporation Law as in effect from time to time, the personal liability of directors of AMCOR for monetary damages arising from a breach of their fiduciary duties as directors. The Articles of Incorporation also includes provisions to the effect that AMCOR shall, to the maximum extent permitted from time to time under the law of the State of Nevada, indemnify any director or officer. In addition, AMCOR’s bylaws require us to indemnify, to the fullest extent permitted by law, any director, officer, employee or agent of AMCOR for acts which such person reasonably believes are not in violation of AMCOR’s corporate purposes as set forth in the Articles of Incorporation.

Potential Issuance of Additional Common and Preferred Stock.

AMCOR is authorized to issue up to 200,000,000 shares of Common Stock.  To the extent of such authorization, our Board of Directors has the ability, without seeking stockholder approval, to issue additional shares of Common Stock in the future for such consideration as the Board of Directors may consider sufficient.  The issuance of additional Common Stock in the future will reduce the proportionate ownership and voting power of the Common Stock offered hereby.  AMCOR is also authorized to issue up to 10,000,000 shares of preferred stock, the rights and preferences of which may be designated in series by the Board of Directors.  To the extent of such authorization, such designations may be made without stockholder approval.  The designation and issuance of series of preferred stock in the future would create additional securities which would have dividend and liquidation preferences over the Common Stock offered hereby.  In addition, the ability to issue any future class or series of preferred stock could impede a non-negotiated change in control and thereby prevent stockholders from obtaining a premium for their Common Stock.  See “Description of Securities.”

No Assurance of a Liquid Public Market for Securities.

Although AMCOR’s shares of Common Stock are currently eligible for quotation on the OTC Bulletin Board and the Pink Sheets, there has been no significant market in such stock.  There has been no long term established public trading market for the Common Stock, and there can be no assurance that a regular and established market will be developed and maintained for our stock.  There can also be no assurance as to the depth or liquidity of any market for the Common Stock or the prices at which shareholders may be able to sell the shares.

Currently Not Effective for Trading on the DTCC System.

The Depository Trust and Clearing Corporation, through its subsidiary DTC, provides electronic clearing, transfer, settlement and information services for Pink Sheet and over-the-counter stocks.  As of this date, our application has been approved for electronic trading using the DTC system but not effected.

Volatility of Stock Prices.

In the event that a public market for our Common Stock is created, market prices for the Common Stock will be influenced by many factors and will be subject to significant fluctuations in response to variations in operating results of AMCOR and other factors such as investor perceptions of AMCOR, supply and demand, interest rates, general economic conditions and those specific to the industry, developments with regard to our activities, future financial condition and management.

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The market price of our common stock is, and is likely to continue to be highly volatile and subject to wide fluctuations.

The market price of our common stock is likely to continue to be highly volatile and could be subject to wide fluctuations in response to a number of factors, some of which are beyond our control, including:

These and other factors are largely beyond our control, and the impact of these risks, singly or in the aggregate, may result in material adverse changes to the market price of our common stock and/or our results of operations and financial condition.

Our operating results may fluctuate significantly, and these fluctuations may cause the price of our common stock to decline.

Our exploration results will likely vary in the future primarily as a result of the information to be developed on our leased properties.  Our operating expenses, expenses that we incur regarding investments in exploration and development programs with other partners, the prices of gold and silver in the commodities markets and other factors.  If our results of operations do not meet the expectations of current or potential investors, the price of our common stock may decline.

Certain provisions of our Articles of Incorporation may make it more difficult for a third party to effect a change-of-control.

Our Articles of Incorporation authorize our Board of Directors to issue up to 10,000,000 shares of preferred stock.  The preferred stock may be issued in one or more series, the terms of which may be determined at the time of issuance by our Board of Directors without further action by the stockholders.  These terms may include voting rights including the right to vote as a series on particular matters, preferences as to dividends and liquidation, conversion rights, redemption rights and sinking fund provisions.  The issuance of any preferred stock could diminish the rights of holders of our common stock, and therefore could reduce the value of such common stock. In addition, specific rights granted to future holders of preferred stock could be used to restrict our ability to merge with, or sell assets to, a third party.  The ability of our Board of Directors to issue preferred stock could make it more difficult, delay, discourage, prevent or make it more costly to acquire or effect a change-in-control, which in turn could prevent our stockholders from recognizing a gain in the event that a favorable offer is extended and could materially and negatively affect the market price of our common stock.

We do not expect to pay dividends in the foreseeable future.

We do not intend to declare dividends for the foreseeable future, as we anticipate that we will reinvest any future earnings in the development and growth of our business.  Therefore, investors will not receive any funds unless they sell their common stock, and

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stockholders may be unable to sell their shares on favorable terms or at all.  Investors cannot be assured of a positive return on investment or that they will not lose the entire amount of their investment in our common stock.

ITEM 2. PROPERTIES

The address of our principal office is: 1314 S. Grand Boulevard, Suite 2 - 250, Spokane, WA 99202.  An unaffiliated party is providing approximately 1,250 square feet of office space on a month-to-month basis at the rate of $300 per month.  The subleased space is currently fully utilized by our operation.

Management believes that this space is currently suitable for our needs for an additional twelve (12) months.

Our officers own the computer equipment that we utilize.

Mineral Properties

AMCOR intends to conduct exploration for gold, silver and base metal deposits and mineral targets in; 1) the Coeur d’Alene Mining District of northern Idaho; 2) in the Quartz Creek Mining District of western Montana; 3) in the Connor Creek Mining District of eastern Oregon; 4) in the Kootenai ARC district in Idaho; 5) the Judith-Moccasin Mining District in central Montana; and 6) the Toroda Creek -Wauconda and Republic Mining Districts in northern Washington. Our strategy is to explore for gold, silver and base metal deposits primarily in the Coeur d’ Alene Mining District, a world class mining district and other known districts, by forming joint ventures with other companies who will potentially earn their interest in the property by contributing cash.  Revival of operations in old districts can be easily justified on the basis of increases in prices of metals in the last decade.

Table – Characteristics of and operational or knowledge advantages listed for our projects

SU-surface UG-underground

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Table 1A

Monitor - Richmond – Copper Age Mines

AMCOR holds a leasehold interest in this property pursuant to a lease with NALLC dated June 27, 2012.  We have an Option and Joint Venture Agreement with Transatlantic Mining Corp as of February 5, 2013.  See Obligations Under Material Contracts section in Item 2 below.

History and Previous Exploration/Development Efforts

The Monitor-Richmond-Copper Age Mines are adjacent properties and are all past producers of copper with minor amounts of gold and silver.  These 20 unpatented lode mining claims cover nearly 400 acres and are located along the eastern edge of the Coeur

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d’Alene Mining District which has produced over 1.1 billion ounces of silver, 8.5 million tons of zinc and substantial amounts of lead, copper and gold. (Brian G. White, Mining Engineering July-Dec. Vol. 50, August 1998) The Monitor was discovered in 1891 and mined until a fire in 1910 destroyed the above ground facilities of all three mines.  The Monitor claims lay dormant until 1940 when they were purchased by Day Mines in a tax sale. Hecla Mining Company acquired Day Mines in the 1980’s and traded the patented claims for federal land around their Lucky Friday Mine.  The claim patents were then vacated and the area reverted to public domain. Subsequently Northern Adventures LLC located the 20 unpatented mining claims and leased them to NAI, who subsequently assigned its lease interest to AMCOR.

Our Option and Joint Venture partner, TMC, has filed an additional 85 Monitor claims and Northern Adventures, LLC, is the claimant on those.  AMCOR has interest in those claims through its Mining Lease with Northern Adventures, Inc.

Geology

The Monitor-Richmond-Copper Age Mines have been developed within a complex system of mineralized veins and intrusives within the favorable Precambrian Belt Super group Wallace and St. Regis Formations.  This development includes a 700 foot shaft and 5 drifts running east and west along the vein at 100 feet intervals. Over 700 feet of drifting was accomplished on four levels where the vein ranged from 10 feet to 15 feet.  The crosscut to the vein on the 700 level did not intersect the hanging wall of the vein and this indicates a potentially greater vein width than reported in the upper levels.  This widening of the vein is typical of the other vein systems in the Coeur d’Alene district.

Ore mined and milled from the various levels between 1881 and 1910 produced 1,500 tons of concentrate containing 15% copper and 0.247 oz/ton gold and sold to the Tacoma Smelter. Recent geochemical analysis surveys on the Monitor Mine property found elevated levels of cobalt and nickel.  The Monitor vein has only been preliminarily tested by the early mining efforts. The vein outcrop can be traced for approximately 2,000 feet on the surface. Drifts at 100 foot intervals to 400 feet level of the 700 foot shaft produced ore from only 110 feet to 300 feet along the drifts. In 1920’s a 5,000 foot crosscut was driven to intersect the Monitor vein at the 1700 foot level. Based upon the ore produced prior to 1910, the areas mined to produce that ore, doubling at depth at the 1920 crosscut elevation and when compared to the geological features of other mines in the Coeur d’Alene District there exists a possibility of commercial mineralization.  The Monitor vein is along the Placer Creek Fault, a regional structure that contains the Coeur, Galena and Caladay mines.  These mines are currently operating approximately four miles west of the Monitor along the same regional structure.

Bayhorse Mine

AMCOR holds a leasehold interest in this property pursuant to a lease with Bayhorse Silver Mine, LLC dated June 26, 2102.  AMCOR, as of December 4, 2013, has an Option and Joint Venture Agreement on the property with Bayhorse Silver Inc.  See Obligations Under Material Contracts section below.

History and Previous Exploration/Development Efforts

The Bayhorse Silver Mine composed of 21 unpatented and three patented claims operated from 1920-1925.  We have an Option and Join Venture Agreement with Bayhorse Silver Inc. on this property and the claims have been reduced from 21 to 18.  Underground development consisted of a 500 foot drift that was driven on a mineralized structure.  The drift followed the vein up approximately 80 feet and a large stope was excavated. In 1983, Cash Industries ran a drift on the same level as the stope, 485 feet in to the excavated area. Sunshine Mining Company and Homestake Mining Company conducted exploration on the property until from 1980-1984.  The property has been dormant since 1984.

Production records show dry ore shipments to both the Bunker Hill Smelter and the Tacoma Smelter.  Tacoma reported a total of 203 tons of ore received between June 1920-April 1924, with average returns of 33.8 oz/ton silver (Ag) and 1.02% copper (Cu).  The Bunker Hill Smelter handled the bulk of ore shipped from the Bayhorse Mine from 1920-1925; 4,692 and 1,595 tons of ore were shipped to Bunker Hill, with 138,710.97 ounces of silver recovered, showing an average of 29.56 oz/ton.  Ore shipment records from 1984 showed 5,088 tons of ore shipped, but no average grades were recorded.

Geology

The Bayhorse Silver Mine is situated on a mineralized portion of a heavily faulted series of volcanic rocks.  The lithologies range from coarse grain andesite to fine grain rhyolite with various intrusives.  The mineralized zone occurs in both the highly silicified portion of the andesitic member and in small fractures in the hard, flinty rhyolite.  The ore body is generally tabular to trough-like in shape and is transversed by veinlets and stringers of an arsenic rich variety of tetrahedrite, tennantite.  There is silver, lead and zinc associated with and combined with copper, arsenic, and vanadium rich minerals, rather than the more common association with galena and sphalerite.  The body of mineralization is bounded by fine grained fault gouge on all four sides, as well as the top and bottom, indicating that the ore exists as a structurally bound segment of an original body of rock.  It has not been determined if the ore existed pre faulting and is present in the continuation of the lithologic units, however, the degree of impermeability of the fault gouge is such that it would seem to preclude secondary, post movement mineralization.

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The distribution of mineralization on the Bayhorse Silver Mine is controlled by three main faults, along with numerous secondary planes of movement.  Earlier reports indicated that the northern extent of the mineralized zone terminates against a thick, gouge zone extending to a maximum of 5 feet.

Proposed Future Exploration – Phase I

Phase I is a recommended program that would consist of implementing an orientation survey, for soil and rock geochemistry and geophysics.  To determine viable methodology of operations, geologic mapping and sample geochemistry under the recommended exploration plan would be carried out over the entire property utilizing early stage core drilling.  This proposed work is designed to accurately assess the property to determine if there exists the possibility of a massive sulfide deposit and to determine if further work as outlined in Phase II is necessary and determine which techniques of data acquisition are appropriate for the Bayhorse Property.  An attempt will be undertaken to reopen the underground working for purposes of examination, mapping and sampling.

Orientation survey over surface of known mineralized zone and outcrops – Phase II

The proposed orientation survey would establish a working grid system, which will allow for accurate data acquisition, as well as provide the initial geochemical and geophysical data to determine which methodology is applicable; a) mapping; b) geochemical surveys; c) geophysical evaluation; d) detailed geologic mapping on surface and open underground rock units and structure including additional rock geochemistry testing; f) Soil geochemical testing of property; g) grid soil sample and assay1000 soil samples total distance of 26 line miles.  Predicated on these results, the decision will be made with regard to a comprehensive diamond drilling program.

Golden Plum Claims - North Moccasin Property

AMCOR owns these mining properties directly, with no leasehold obligations.

History and Previous Exploration/Development Efforts

The Golden Plum property is located in the North Moccasin Mountains, Fergus County, Montana, near Lewistown.  The property consists of six unpatented claims.

1893 to 1943

The Central Montana Alkaline Province received a fair amount of gold exploration in the 1890s, with the first discovery in the North Moccasins about 1893.  Little production from the prospects in the mountain range was completed till the early 1900s, when vat leaching cyanide was introduced into the milling circuits.  The mining and milling was restricted to the east flank of the mountain in the Kendall Mining District.  Total production from the district between 1893 and 1922 reportedly reached 450,000 ounces of gold and 46,500 ounces of silver.  There was only intermittent production till 1943 yet the Kendall District was overwhelmingly the largest producer in all of Fergus County.  These values are attributed to mining along the strike and down dip eastward along the Madison Limestone and syenite porphyry contact.  This zone of economic contact mineralization included the Kendall, Barnes King, Muleshoe and Horseshoe mines that are located along a strike length of 9,000 feet.

1960 to 1993

A list of companies that evaluated the perimeter of the North Moccasin gold mines along the intrusive and limestone contact includes:

-Duval Corporation – 1968;

-Golden Cycle – 1971;

-GeoSurveys – 1972 – 1976;

-Coastal Mining Company – 1976 – 1977;

-Gold Fields – 1979 – 1982; and

-Canyon Resources and Kendall Mining began a JV mining program on the old Judith Gold property in 1987 and continued till 1997.

Mine production came from the gold deposits in the karst sinkhole system of the Kendall-type gold deposits that contained Tertiary hydrothermal brecciation introduced along pre-existing fracture zones.  The introduction of the Merrill-Crowe processing plant technology greatly improved the recovery of the micron size gold.  It should be noted here that no native gold was found within the deposits mined.

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The Tertiary gold mineralization in the sub-alkalic to alkalic intrusive complex exposed in the core area of the North Moccasin Mountains uplift resulted in an estimated $3.5 million dollars (2012 dollars) being expended on gold exploration between 1979 to 1993.  This period of activity was completed by:

-Rexcon Incorporated 1979 -1980;

-H&R Properties 1981 – 1982 (Hecla/Rexcon JV);

-Chevron 1983;

-Utah International 1984 -1985;

-Cominco American Resources 1987 – 1989; and

-CR Kendall/Cominco American Joint Venture 1989 – 1993   

All of the exploration in the uplifted mountain core was oriented toward establishing bulk minable gold deposits. Primary targets were a number of crosscutting volcanic vents identified within the intrusive core. AMCOR’s interest in the North Moccasins in 2012 is due to the increased price of gold and silver, combined with the availability of historical technical and scientific data avail to us.

In 1981, the property was drilled on a Joint Venture basis between H & R Properties and Hecla Mining Company (Rexcon Joint Venture).  The drilling program consisted of 15,000 ft and assaying was done every five feet.  The diamond drilling program resulted in the discovery of several strong gold-mineralized zones; 1) 40 ft of 0.174 oz/ton Au; 2) 80 ft of 0.077 oz/ton Au; and 3) 5 feet of 0.95 oz/ton Au. The speculative open pit potential resulting from this initial drilling totaled 1.8 million tons of 0.1 to 0.2 oz/ton Au. The underground potential confined only to vent-filled clastics is estimated at .4 million tons of 0.1 to 0.3 oz/ton Au. At a depth of 2,000’ drilling indicated another potential of 1.0 million tons of 0.1 to 0.5 oz/ton Au.  In addition to the mineral zones defined in this early program, there exists an open pit potential of another several million tons in the area referred to as Gold Ridge. In addition to the gold mineralization described above, drilling encountered 340 ft. of 0.005 oz/ton Au and a 100 ft. zone of 0.019 oz/ton Au. There exits the potential for a large stratabound vent-filled deposition at the Plum Gold property. Previous drilling by H & R Properties and Hecla Mining Company also defined a potential molybdenum reserve estimated up to 5.0 million tons of 0.1 to 0.5% Mo at a depth of 500 ft under Heller Ridge.

Geology

The North Moccasin Mountains is another isolated, laccolith-type mountain range within the Central Montana Alkalic Province. A substantial felsic laccolithic intrusion produced a domed structure approximately 6 miles in diameter and over 7,000 feet in altitude. Erosion of the uplifted, thick sequence of Cambrian to Tertiary sedimentary and volcanic rocks formed the current altitudes within the 3-½ mile diameter core of that range from 4,600 feet to 5,800 feet and reflects the erosion of approximately 1,700 feet from the exposed dome of the laccolith core. The base of the laccolith is not exposed; however, the incidence of a Cambrian Flathead quartzite that suggests a complex basal geometry.

Over several years of state-of-the-art gold-silver exploration in the igneous core of the North Moccasins Mountains has identified at least five separate areas of interest that have received specific exploration attention. Syenite to quartz latite porphyries comprise the major rock types within the intrusive core, which is also cut by several breccia pipes, tuff-filled vents, brittle zones or crackle breccia zones and major, north, northwest, and northeast trending structures. A number of radial faults and ring structures cut the flanking areas outside the sedimentary-intrusive contact on the dome. All of the rock types and superimposed structure are intimately related to the late Tertiary gold mineralization. Many dikes, sills and plugs intrude the core and the bounding sedimentary rock units.

Proposed Future Exploration – Phase I

Due to much better understanding of the structural influence on the host rocks of the gold mineralization indicates that there is a possibility of developing a large, high grade vein system deeper in the igneous core of the Golden Plum property. It is strongly recommended that deep probe geophysical methods be used to evaluate the subsurface. There are newly developed geophysical instruments that combine the use of induced polarization to investigate sulfide mineral content and passive magnetotelluric sounding to map geologic units by their resistivity contrasts. This deep-probe IP is capable of imaging to +/- 5,500 ft depth during the day and followed by use of magnetotelluric work accomplished at night.

Completion of 4 or 5, two-mile long lines on a 9 square mile grids would cover all of the most interesting structurally controlled surface gold mineralization on the property.

Additional surface exploration should be considered during the recommended subsurface program. Prior to implementation of the deep probe survey the traverse lines must be established by AMCOR. This will entail clearing and establishing 5 to 7, 10,000 foot lines with location stakes every 100 feet. From 9 miles to 13 miles of deep probe traverse lines would be established. Our objective, subject to securing additional capital, of which there is no assurance would be use the lines to further define the geology and collect additional rock and soil samples in areas not previously explored in the North Moccasin intrusive core. The established and surveyed traverse lines will also make sighting of future drill holes accessible considering use of the existing road network.  

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Vienna Property

AMCOR holds this mining property subject to leases with Martin Clemets dated June 26, 2012.  See Obligations Under Material Contracts section below.

History and Previous Exploration/Development Efforts

The Vienna Mine consists of 18 unpatented claims covering nearly 360 acres and is located along the projection of the Coeur d’Alene Mining District (aka “Silver Belt”). Present exploration development and mining within the Silver Belt is edging eastward from the original discoveries at the Sunshine Mine past the Coeur, Galena and Caladay a projection of about 10 miles to the Vienna Mine.

Prior to the formation of the Vienna International Company in 1906 and their development until 1916 there is very little information available.  Only minor production has been reported.  A 1927 report mentions concentrates with 70% lead and 35 ounces of silver per ton had been milled.

Vienna International completed a total 1,565 feet of development in 3 tunnels. Tunnel No.3 level contained a 90 foot raise, 125 foot shaft and 30 feet of drifting from the shaft bottom. Historical reports indicate that his may have been to locations where the ore that was milled and concentrates were derived from.  Three prospective vein systems have been defined within the Vienna Mine Claims.

Geology

Vienna Vein

The mineralized outcrop of the Vienna vein can be traced for 600 feet on the surface.  Projections of this N80 W trending, vertical to 85 N dip can be inferred to give a strike length of an estimated 1,500 feet.  The width of the vein increases from 6 feet at the surface to 15 feet in width at 300 foot level.  The vein is characterized by oxidized sulfides in a siderite gangue and also contains tetrahedrite, galena, pyrite and arsenopyrite. Tetrahedrite is the dominant silver mineral in the Coeur d’Alene Mining District.  Historical reports indicate that gold assays were found from the surface down to the 300 foot level. Tunnel No.1 values of 0.30 oz/ton Au, Tunnel No.2 0.20 oz/ton Au to 0.85 oz/ton Au with a high of 2.25 oz/ton Au and confirmed by dump samples of 0.68 oz/ton Au and 0.30 oz/ton Ag.  Other sampling in Tunnel No.2 found values range from 0.14 to 0.19 oz/ton Au with a high of 1.20 oz/ton Au.  Tunnel No.3 has been closed since 1926, but gold values in the 0.60 oz/ton Au range have been reported.  An old report mentions an un-oxidized sample assayed 7.20 oz/ton Ag in the raise between tunnels 3 and 2.  Silver values are low in the oxidized portion of the veins and this is typical elsewhere in the Silver Belt mines.

Cross Vein

As the name implies the Cross Vein cuts N80 W trending toward Vienna Vein at N60 E and is exposed in tunnels 2 and 3.  The vein ranges in width from 1.5 feet to 2 feet and is comprised of siderite with narrow stringers of tetrahedrite.  A Cross Vein sample contained 0.025 oz/ton Au, 0.15 oz/ton Ag and 0.35 % Cu.

International Vein

Exposure of the International Vein is located on the International Claim north of Tunnel No.2.  A shaft and short tunnel here indicate some development.  A recent bulk sample from the old discovery cut contained 0.26 oz/ton Au, and 0.41 oz/ton Ag.

Other Vein Systems

Three other vein systems are inferred on the claim block.  All three occurrences have been explored by short adits. Continued surface exploration mapping and sampling could reveal additional and important vein structures.

Proposed Future Exploration – Phase I

Phase I is a recommended program that would consist of implementing an orientation survey, for soil and rock geochemistry and geophysics, for the express purpose of defining the known veins out along the strike of the veins and to attempt to ascertain if these mineralized structure continue to depth. To determine viable methodology of operations, geologic mapping and sample geochemistry under the recommended exploration plan would be carried out over the entire property utilizing early stage core drilling to define one or more veins. This proposed work is designed to accurately assess the property to determine if further work outlined in Phase II is necessary, and determine which techniques of data acquisition are appropriate for the Vienna property.

Orientation survey over surface of known mineralized zone and outcrops – Phase II

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The proposed orientation survey would establish a working grid system, which will allow for accurate data acquisition, as well as provide the initial Geochemical and Geophysical data to determine which methodology is applicable; a) mapping; b) geochemical surveys; c) geophysical evaluation; d) detailed geologic mapping on surface and open underground rock units and structure including additional rock geochemistry testing; f) Soil geochemical testing of property; g) grid soil sample and assay 500 soil samples total distance of 10 line miles;

Quartz Creek and Trout Creek

AMCOR holds a leasehold interest in these properties pursuant to leases with NALLC dated June 26, 2012, covering a total of 72 claims.  See Obligations Under Material Contracts section below.

History and Previous Exploration/Development Efforts

The district, known primarily for its placer deposits, encompasses Cedar, Quartz and Trout Creeks, rising near the crest of the northward extension of the Bitterroot Mountain range.  The creeks flow northeastward to enter the Clark Fork River above Superior (Sahinen 1935).

The placers were first claimed in 1869 by French Canadian Louis A. Barrette, and have seen continuous production since then.  By 1935 the district had yielded at least $2,000,000 in gold and perhaps as much as $10,000,000.  Annual output between 1869 and 1935 ranges from $1,000 to $50,000, with recovery primarily through sluicing and hydraulicking.  A connected-bucket dredge was reported to have operated in 1912, and some shaft, drift and limited lode mining has been done.  The gold was transported from Superior, a station on the Northern Pacific and the Chicago, Milwaukee and St. Paul Railroads (Rowe 1911; Sahinen 1935).

The gold recovered from the placers was considered to be exceptionally rich, ranging from $19.75 to $20.45 with a standard price of $20.67 per ounce. In 1875 it was reported that the various drifts were yielding as high as $300 to a set of timber, and that about $50,000 in gold was recovered each year from 1871 to 1873.  The fineness was reported as ranging from .950 to .982 (Sahinen 1935; Lyden 1948).  Each of the creeks has several notable tributaries for which some information is available.

Oregon Gulch and Snowshoe Gulch have both been significant producers along Cedar Creek. In 1875, one company on Snowshoe Gulch grossed $9,200 in 10 weeks with nine men. The net profit for the owners was $4,600, with an additional two to three thousand dollars stolen from the sluices. Windfall Creek, a tributary of Trout Creek, is considered to be the largest producer of placer gold in the district. The "Miller Ground" claim on Windfall Creek was reported to have yielded gold valued at $150,000 by 1919. Tucker Gulch is an important tributary of Quartz Creek, although production along Quartz Creek probably did not exceed $100,000 (Lyden 1948).

The initial rush on Cedar Creek, especially on Oregon Gulch was so great that a hundred miners staked out 200 claims within six months of the initial discoveries in 1869. Mining camps arose and were abandoned quickly as the focus of placering shifted around the district. The population of the district rose upwards of 10,000 by some estimates. In 1870, Forest City, on Cedar Creek itself, reached a population of 7,000 and was a wholesale commercial center for many towns in the area including Missoula. The success of the district prompted publication for three years of "The Missoula and Cedar Creek Pioneer" newspaper. The paper was then moved to Missoula and its name changed to the Missoulian (Smith 1899; Rowe 1911b; Lyden 1948; Wolle 1963).

The gold is recovered from stream and bench gravels located along the three creeks and their tributaries. The gold originates from veins associated with igneous dykes crosscutting the northward extension of the Bitterroots. Chalcopyrite is the principal ore material, and also carries copper and silver in small amounts (Sahinen 1935).  The Quartz Creek Property and the adjacent Trout Creek properties comprise a total of 95 unpatented mining claims (1,900 acres), and are located within the favorable Wallace Formation of the Belt Super Group rocks. The area is a highly productive placer district with reported totals of approximately 879,000 oz of gold. The Quartz Creek and Trout Creek Properties collective encompass the potential lode source for the placer workings. Outcrop sampling has returned grades of .05 to as high as 1.0 oz/ton gold. The mineralization is defined as occurring within fractures and in veinlets within the fractured Wallace rocks. The property is located within a historically productive gold district. The aim of this project is to attempt to locate, define and exploit the lode source responsible for the prolific placer deposits.

Geology

Two distinct exploration targets have been identified as; the brecciated siltites of the Wallace Formation, and Mesozoic to Tertiary aged gabbroic to dioritic dikes and sills. Gold in the Wallace Formation is shear/fault zone hosted and is present as associated with quartz and hematite with small pyrite occurrences. The presence of extensive placer workings adjacent to the brecciated Wallace rocks is suggestive of a lode source of significant size and potential. The intrusive hosted quartz-gold veins are considered to be a smaller tonnage potential of medium to high grade.

The Quartz Creek Property entails the potential lode source for a historic placer gold district that has produced approximately 879,000 oz of Gold. The combination of geology, placers, and soil geochemistry indicate the presence of gold mineralized structures sampling and field work has indicated gold grades hosted within the highly favorable brecciated siltite of the Middle Wallace Formation, which

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warrant continued exploration and development.  The deposit, as outlined by previous investigators, indicates samples of 0.04 across 1000-foot widths.  Potential exists for low gold deposits along a 3-mile area as outlined and evaluated by the Montana State Bureau of Mines and Geology.  Three major placers lead to the lode discovery, with one alone producing 879,000 ounces gold as reported to US Mint.  Ground positions are being increased with bulk tonnage testing anticipated by our company in 2013.

Proposed Future Exploration

Two geologists from the Montana Bureau of Mines and Geology conducted extensive field work over a six year period and identified six zones of gold mineralization warranting exploration advancement.  These six identified zones will be further evaluated by us by structural mapping, trenching and bulk sampling.  At such time as the work conducted by the Montana Bureau of Mines has been confirmed, we plan to engage in a drilling program to evaluate these six zones at depth.

Bodie Project and Toroda Creek Property

AMCOR holds a leasehold interest to three of the ten Washington State mineral prospecting leases covering this property and the remaining seven mining leases were assigned to Kinross Gold USA, Inc. and 27 unpatented mining claims have been leased to Kinross Gold USA, Inc.  AMCOR hold the leasehold interest pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. and Northern Adventures, Inc. (NAI) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to us on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  See Obligations Under Material Contracts section below.

History and Previous Exploration/Development Efforts of the Toroda Creek-Wauconda Mining District

The Bodie Mining Company owned 27 unpatented claims covering nearly 540 acres located in what is now called the Toroda Creek-Wauconda Mining District in Okanogan County Washington and was organized in 1902 to expand development of the original location. Under the leadership of C.M. Fassett of Spokane, a ten-stamp mill was erected that used mercury amalgamation and straight-leach cyanidation (Chamberlain, 1936). Early production mined near-surface zones of high-grade ore containing as much as 20 ounces per ton (opt) gold. Initial milling practice yielded marginal recoveries, leading to several turnovers in management and ownership. The first period of mining ended in 1916, prior to the start of World War I. During this period, the mine changed hands four times: Bodie Mining Co. (1902–1907), Bodie Mining and Transportation Co. (1907–1909), Duluth-TorodaMining Co. (1910–1912), and Toroda Development Co. (1915–1916).

Moore (1934) reported that approximately 15,000 tons were mined during this 14-year period, with a value of about $130,000 with gold held at $20.67 per ounce.  Two companies, Cary Mining and Development Co. and Blue Stem Mining Co., leased or purchased the property between 1916 and 1922, but no production is reported in these years. Chamberlain (1936) stated that the mine was shut down until 1934, at which time Northern Gold Corp. began operations when the price of gold increased to $35 per ounce.  Northern Gold rebuilt the mill in 1935, increased throughput to 70 tons per day (tpd), and added a trial flotation circuit that was suspended after only six months use.  Recoveries were not completely successful until 1938 when cyanidation and a revised flotation circuit were added.  Northern Gold ceased mining and milling operations in 1941 after the War Production Board issued Government Order L-208 closing industries considered nonessential during World War II, but remained active on the property until 1945.  The company mined approximately 50,000 tons, valued at $280,000, until shut down. As many as 40 miners and mill men had been employed during Northern Gold’s stewardship, working three shifts per day (Moen, 1980).

A number of companies engaged in mineral exploration and sampling in the district when price of gold escalated in the late 1970s and early 1980s: Vieco Resources, Ltd., Vancouver, B.C. (1974); Malabar Mines, Ltd. (1980); Noranda Exploration, Inc., and Western Land and Resources, Inc. (1982); Freeport Exploration Co., Inc. (1984); and Crown Resource Corp. (1984, 1987).

Geology

The Bodie and Toroda Creek properties lie within the Klondike Mountain volcaniclastic unit of Tertiary age within the Toroda Creek graben, a major north trending feature lying parallel and to the west of the Republic graben structure which contains the Knob Hill and several other historically productive gold mines. Several volcanic units of intrusive, extrusive flow and volcaniclastic rock types fill both grabens. The middle member of the Klondike Mountain formation appears to be the best host for gold mineralization. Lithologies vary from light and dark andesite flows, volcanic breccia and conglomerate to argillite and tuffaceouss units associated with hematite.

The Bodie vein structure intrudes a wide zone of hydrothermally altered and silicified, multi-lithic breccia and vein which forms an impressive backbone of a ridge over 7000 feet long, aligned in a north-south direction. This topographic ridge reflects the silica flooded breccia and spine of the Bodie mineralized structure. Gold mineralization in the Bodie district is similar in age as the epithermal (50-200 °C ) hot springs type gold deposits found in the Republic Mining District and the Knob Hill mine. Although the brecciated rocks contain widespread gold mineralization, historical mining operations have concentrated on a persistent vein up to 22 feet wide.  The Bodie vein contains a series of thin porcelain-like quartz stringers or veinlets separated by narrow bands of highly altered andesite and dacite. Moen (1980) reported that the precious metal mineralization in the district occurs as “dust-sized particles”.

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The only readily identifiable sulfide mineral is finely disseminated pyrite that is pervasive, both in the vein and the breccia. Propylite, sericite, and kaolinite are important alteration products; there is also widespread silica flooding. We do not own or control the patented claims where the original Bodie mine is located, our holdings are to the South and North and extend for several thousand feet along the strike of the zone on which the Bodie mine sits. We believe that this existing gold mineralization is extensive and due to certain geological features, there may not be surface expressions of gold mineralization in several areas of interest. Our primary interest is to explore the extensions of the Bodie vein and areas of extensive brecciation, alteration and quartz flood which are present on our leases and claims.

The Box Group and McKinley-McNally Properties

The 15 unpatented mining claims located in Stevens County, Washington referred to as the Box Group were reduced to no claims in 2014.  The 15 unpatented mining claims located in Stevens County, Washington referred to as the McKinley-McNally Property, were reduced to no claims in 2014.

Obligations Under Material Contracts

We currently have five mineral properties leased from third parties and an option to acquire mineral prospecting and leases from the State of Washington, plus 33 unpatented mining claims.  Below is a summary of the financial obligations, terms and conditions of each of the five leases.

Bayhorse Mine

The date of our mining lease with Bayhorse Silver Mine, LLC is June 26, 2012.  The term of the lease on the three patented and 21 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, mined, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of ten thousand ($10,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2015, or payable within ten business days after AMCOR secures funding in excess of $500,000.  In July 2014, the second anniversary royalty payment was deferred until December 31, 2014, then it was further deferred on December 30, 2014 until December 31, 2015, or payable within ten business days after AMCOR secures funding in excess of $500,000.  

There is a work requirement of ten thousand ($10,000) during the first year of the lease for the benefit of the property and during the second and subsequent years the amount increases to fifty thousand ($50,000) dollars per year.  The first year's work requirement was deferred until it could to be accomplished at the earliest possible time, weather permitting.  Our joint venture partner, Bayhorse Silver Inc. (“BSI”) (formerly Kent Exploration, Inc.), has satisfied the first year work requirement.  The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

On December 4, 2013, AMCOR signed an Option and Joint Venture Agreement with BSI, a Canadian mineral exploration company, whereby BSI can acquire an option to earn an 80% interest in the Bayhorse Silver Mine ("Bayhorse") in east-central Oregon State.  The terms of the Agreement called for a payment of US$20,000 from BSI to AMCOR subsequent to the execution of the agreement and that payment was received on December 5, 2013.  To earn the 80% interest the BSI is required to conduct a minimum of US$100,000 per year on exploration expenditures on the property on, or before, each of the first two anniversaries of the Agreement, US$300,000 on or before the third anniversary of the Agreement and expend US$500,000 on or before the fourth and fifth anniversaries of the Agreement.  In addition, BSI issued 500,000 shares of its restricted common stock to AMCOR, per the agreement, on December 16, 2013.  An additional 500,000 restricted shares of BSI shall be issued to AMCOR on the third anniversary of the

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Agreement and 500,000 restricted shares on the fifth anniversary of the Agreement.  BSI will assume the obligations of the underlying lease agreement with Northern Adventures, Inc.

On December 24, 2013 and December 27, 2013 BSI paid the Company two payments of $10,000 each, or $20,000 in aggregate, which were recorded as return of investment in mineral rights.

On February 12, 2014, Bayhorse Silver Inc. issued 125,000 shares of its subsidiary, Silcom Systems Inc. (Silcom), restricted common stock to the Company for no consideration.  The issuance was dividend shares from their subsidiary, Silcom, given to shareholders of Bayhorse Silver Inc.  There is no market for the shares currently.

Six additional mining claims were filed by BSI in Mineral Country, Idaho, and come under the area of influence provision of the BSI Option and Joint Venture Agreement.  BSI paid the costs to locate and will maintain these claims.  The claims on this property have been reduced from 21 to 18.

Vienna Mine

The date of our mining lease with Martin Clemets is June 26, 2012.  The term of the lease on 18 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of five thousand ($5,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis. We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2015, or payable within ten business days after AMCOR secures funding in excess of $500,000.  In July 2014, the second anniversary royalty payment was deferred until December 31, 2014, then further to December 31, 2015, or payable within ten business days after AMCOR secures funding in excess of $500,000.  

There is a work requirement of twenty thousand ($20,000) during the first year of the lease for the benefit of the property and during the second and third year the amount increases to fifty thousand ($50,000) dollars per year and seventy five thousand ($75,000) each year thereafter. The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”). The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.  The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.

Monitor-Richmond-Copper Age Mines

The date of our mining lease with Northern Adventures LLC is June 27, 2012.  The term of the lease on 20 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of five thousand ($5,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The year one payment has been satisfied by Transatlantic Mining Corp. ("TMC") (formerly Archean Star Resources Inc.), our joint venture partner on the project.  There are also work requirements for each year and the lease calls for a variable net smelter royalty in the future.  On February 5, 2013, the Company entered into a definitive Option and Joint Venture Agreement with TMC pertaining to these 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures.

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There is a work requirement of fifty thousand ($50,000) during the first year of the lease for the benefit of the property and during the second and third year the amount is also fifty thousand ($50,000) dollars per year and one hundred thousand ($100,000) each year thereafter.  The first year work requirement has been met by our joint venture partner TMC.  The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

As a consequence of entering an agreement dated October 21, 2012 the lease with NALLC was amended and the above royal schedule modified and agreed to by all parties as outlined below:

Transatlantic Mining Corp. (formerly Archean Star) Agreement

On February 5, 2013, we entered into a definitive Option and Joint Venture Agreement with Transatlantic Mining Corp. ("TMC") pertaining to 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures, LLC.  On June 27, 2012, Northern Adventures, LLC originally entered into the Mining Lease with Northern Adventures, Inc., and AMCOR assumed the rights in that Mining Lease from Northern Adventures, Inc. pursuant to the Asset Purchase Agreement dated December 28, 2013.  As part of the transaction, AMCOR received 500,000 shares of TMC common stock and was to receive an additional 500,000 shares of TMC common stock on the second and third anniversaries of the agreement, subject to TMC going forward with the agreement after year one.  (See Note 6)  TMC will assume the obligations of the underlying lease agreement and paid an up-front fee of $7,500 to AMCOR in addition to $5,000 already received by AMCOR indirectly from TMC.  Under the terms of the agreement TMC can earn up to 80% ownership interest in the property lease by expending $2,100,000 over a three year period, with a minimum expenditure of $700,000 in year one of the agreement.  AMCOR’s interest shall be a Carried Interest until such time as a Bankable Feasibility Study has been produced or a Decision to Mine has been made.  A Carried Interest means that AMCOR is not required to contribute any capital or pay any costs related to exploration or development of the property until such time as the joint venture is formed.  A Bankable Feasibility Study is an independently audited document that analyses all technical and financial risks before the construction of mine including: capital costs, grades, permits, taxation, cash flow, strip ratio, politics, water, power, labor, revenues, royalties, metallurgy, milling and transport.

On February 8, 2013 TMC paid the Company an up-front fee of $7,500, which was recorded as a return of investment in mineral rights.  On February 23, 2013, TMC issued the Company 500,000 shares of TMC common stock (Stock Symbol: TCO.V), which was valued at CAD60,000 based on CAD0.12 per share (CAD1 approximates $1) and recorded as a return of investment in mineral rights.  TMC agreed to issue an additional 500,000 shares of its restricted common stock to the Company on, or before, February 5, 2014, per the joint venture option agreement's second year requirements related to the Monitor mine.  On March 12, 2014, TMC issued the Company an additional 500,000 shares of TMC common stock pursuant to the Option and Joint Venture Agreement.  The Company valued these marketable securities at CAD65,000 based on CAD0.13 per share on the date of issuance (CAD1 approximates $1) credited the same amount to the mineral rights as, a return of investment in mineral rights, upon receipt of the same on March 12, 2014, then marked to market on a quarterly basis and recorded the change in fair value of the marketable securities as unrealized gain (loss) of the marketable securities in other comprehensive income (loss).  As of February 5, 2015, another 500,000 TMC shares was due AMCOR.  These shares were issued to AMCOR on March 18, 2015.

The year one payment of annual advance minimum royalty of $10,000 and work requirements have been satisfied by Transatlantic Mining Corp, the Company’s joint venture partner on the project.

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The year two payment of annual advance minimum royalty of $20,000 was satisfied by Transatlantic Mining Corp. in March, the Company’s joint venture partner on the project.

Pursuant to TMC Option and Joint Venture Agreement TMC is required to expend a minimum expenditure of $700,000 in year one of the agreement.  As of February 5, 2014, only $485,000 had been expended by TMC on the Monitor-Richmond property.  The Company has deferred until December 31, 2015 the year three advanced minimum royalty payment from TMC, or payable within ten business days after AMCOR secures funding in excess of $500,000.  The Option and Joint Venture Agreement was renegotiated on March 12, 2015, whereby: 1) the minimum year one $700,000 work requirement was deemed satisfied, 2) TMC is obligated to expend a minimum of $700,000 on the property between February 5, 2015 and February 5, 2016, and 3) TMC is obligated to expend a minimum of $700,000 on the property between February 5, 2016 and February 5, 2017.  As consideration for executing the amendment to the Option and Joint Venture agreement, TMC will issue AMCOR an additional 750,000 shares of TMC common stock and pay $12,500 within twenty days after the effective date.  The Company has not been issued these shares and received a $12,485 payment on April 7, 2015, to fulfill the required payment.

Quartz Creek

The date of our mining lease with Northern Adventures, LLC is June 26, 2012. The term of the lease on 37 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of twenty five thousand ($25,000) dollars. Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2015, or payable within ten business days after AMCOR secures funding in excess of $500,000.  In July 2014, the second anniversary royalty payment was deferred until December 31, 2014, and further until December 31, 2015,

There is a work requirement of twenty thousand ($20,000) during the first, second and third year of the lease for the benefit of the property and this amount increases to one hundred thousand ($100,000) dollars per year each year thereafter.  The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.  The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

Trout Creek

The date of our mining lease with Northern Adventures LLC is June 26, 2012.  The term of the lease on 58 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, minded, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of twenty five thousand ($25,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2015, or payable within ten business days after AMCOR secures funding in excess of $500,000.  In July 2014, the second anniversary royalty payment was deferred until December 31, 2014, and further until December 31, 2015,

There is a work requirement of fifty thousand ($50,000) during the first, second and third year of the lease for the benefit of the property and this amount increases to one hundred thousand ($100,000) dollars per year each year thereafter.  The first year's work requirement has been deferred, allowed to be accomplished at the earliest possible time, weather permitting.  The lease calls for a

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sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

Washington State Mineral Prospecting Leases—Bodie Project Toroda Creek-Wauconda Mining District-Kinross Gold USA, Inc

The terms and conditions for annual prospecting leases granted from the State of Washington require the expenditure of $3.00 per acre on prospecting or exploration on an annual basis during the term of the lease.  The work conducted must be performed in such a manner as to contribute directly to the evaluation of the economic mineral potential of the leased property.  As an alternative there is the option to make cash payment to the State in the amount of $3.00 per acre in lieu of the performance of prospecting work for up to, but not more than three (3) years during the term of the prospecting lease.  In addition to the requirement to expend $3.00 per acre on prospecting and exploration on an annual basis, there is a requirement to pay the State of Washington an annual rental fee of $2.00 per acre for the first three years of the mineral prospecting lease and $3.00 per year for each subsequent year.  Pursuant to the assignment of the Washington State prospecting permit and leases to Kinross, all annual rental fees payable to the state of Washington and work requirements were assumed and have been paid by Kinross, as detailed below.

Kinross Mining Lease and Assignment

On April 5, 2013 we exercised an option to acquire three mineral leases located in Okanogan County, Washington, pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. and Northern Adventures, Inc. (NAI) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to us on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  The original option was granted by HydroImaging, Inc (Hydro), a private company owned solely by David Boleneus, currently a member of our board of directors, to NAI on June 25, 2012.  Under the terms of the original option Hydro granted the right to acquire ten leases granted by the Department of Natural Resources for the State of Washington totaling 4,583.76 acres and 27 unpatented mining claims located in the Toroda Creek-Wauconda Mining district in Okanogan country in the State of Washington for the payment of an exercise price of $10,000.

An amendment to the Option to Purchase Mineral Leases on December 7, 2012 provided Hydro the authority to enter into an Mining Lease and Assignment agreement with Kinross Gold USA, Inc. (Kinross), as an alternative to transferring the ten leases and subject to Hydro executing an agreement with Kinross.  As an alternative to acquiring the ten leases and pursuant to the amendment, AMCOR was also granted an option to acquire all right, title and interest in any agreement reached between Kinross and Hydro.  On February 28, 2013, Hydro concluded a Mining Lease and Assignment agreement with Kinross transferring seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  The seven state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to the terms of the Kinross agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims.  The remaining three state mining leases totaling 1,649.2 acres will be transferred from Hydro to AMCOR, subject to approval from the Department of Natural Resources for the State of Washington.

Under the terms of the Mining Lease and Assignment agreement Kinross will pay AMCOR production royalties as follows:  a 1% net smelter return royalty on all minerals extracted from the area covered by the 7 leases and a 2.5% net smelter return royalty on all minerals extracted from the area covered by the 27 unpatented mining claims.  The amount of royalties to be paid (both production royalties and advance royalty payments) are capped at $3 million per lease.  Kinross will also pay advance royalty payments in the aggregate amount of $1 million as follows:  $15,000 payable within 7 days of February 28, 2013, the effective date, $15,000 payable within 15 days of the effective date, $40,000 payable on February 28, 2014, $50,000 payable on February 28, 2015, and thereafter the annual advance royalty payment is to increase by 5% per year up to a maximum annual payment of $100,000.  Kinross satisfied the initial two $15,000 payments as well as the first year payment of $40,000.  The obligation to pay the advance royalty payment shall cease once an aggregate of $1 million has been paid.  Advance minimum royalty payments shall be creditable against the production royalties.  The production royalty payments for Minerals produced from the state leases shall be capped at $3,000,000 for each of the seven leases, including any advanced royalty payments to be offset.  Kinross also undertakes to make such payments and undertake such other actions necessary to maintain the seven state mining leases and the unpatented claims in effect and good standing.

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On April 5, 2013 Kinross Gold USA, Inc. paid the Company $30,000 year one annual advance minimum royalty payment which was recorded as royalty revenue upon receipt of the payment of cash.

On March 3, 2014 Kinross Gold USA, Inc. paid the Company $40,000 year two annual advance minimum royalty payment, $10,000 of which was recorded as royalty revenue upon receipt of the payment of cash.

On March 2, 2015 Kinross Gold USA, Inc. paid the Company $50,000 year three annual advance minimum royalty payment which was recorded as royalty revenue upon receipt of the payment of cash.

ITEM 3. LEGAL PROCEEDINGS

We are not involved in any legal proceedings and there are no material pending legal proceedings of which we are aware.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5.  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Although AMCOR’s shares of Common Stock are currently eligible for quotation on the OTC Bulletin Board and the Pink Sheets there is no public market for our common stock.  Our common stock, par value $0.001, has never been traded on the OTC bulletin board, any national exchange or other formal public exchange quotation medium.  There is no trading market for our common stock at present and there has been no trading market to date.

As of November 30, 2013 there were approximately 107 holders of record of our common stock before calculating individual participants in security position listings pursuant to Rule 17Ad-8 under the Securities Exchange Act of 1934.  Our transfer agent is Nevada Agency and Transfer Company, 50 West Liberty Street, Suite 880, Reno, Nevada 89501.

Since our company’s inception in July of 1996, we have never paid cash dividends to the holders of the common stock.  We presently intend to retain future earnings, if any, to finance the expansion of our business and we do not anticipate that any cash dividends will be paid in the foreseeable future.  Our future dividend policy will depend on our earnings, capital requirements, expansion plans, financial condition and other relevant factors.

Recent Sales of Unregistered Securities; Use of Proceeds From Unregistered Securities

Between February 11, 2013 and August 21, 2013, we issued an aggregate of 840,000 shares of common stock at $0.05 per share for gross proceeds of $37,000 to four investors.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

On August 30, 2013 and September 20, 2013, we issued an aggregate of 300,000 shares of common stock at $0.06 per share for gross proceeds of $18,000 to two investors.  In that private placement we relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.  We believed that Section 4(2) was available because the offer and sale involved a sophisticated investor with full disclosure and did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.  Proceeds were used for normal business activity.

ITEM 6.  SELECTED FINANCIAL DATA

Not applicable.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion and analysis of our financial condition and results of operations are based on our financial statements that have been prepared under accounting principles generally accepted in the United States of America.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our 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 revenue and expenses during the reporting period.  Actual results could materially differ from those estimates.  We have disclosed all significant accounting policies in Note 2 to the financial statements included in this Form 10-K.

Corporate Background

American Cordillera Mining Corporation or AMCOR, was incorporated on July 23, 1996, under the laws of the State of Nevada for the purpose of acquiring, importing, marketing, and selling valuable antiquity and art items of Asian origin.

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Since we changed business directions into a mining company, our exploration stage inception on March 30, 2012 to November 30, 2014, we have generated minimal revenue from our mining exploration business during out exploration stage, while incurring a net loss of approximately $272,784.  Because we were unable to develop our Asian art and antiquities business into a financially viable business, the Board of Directors decided to redirect our business and to acquire mineral properties, leases on mineral properties and mining claims from Northern Adventures, Inc., a private Nevada corporation.

On December 28, 2012, AMCOR, AMCOR Exploration, Inc. a wholly owned subsidiary of American Cordillera Mining Corporation, Northern Adventures, LLC, and Northern Adventures, Inc. entered into an Asset Purchase Agreement to assign all right, title, and interest of specific NAI owned assets to AMCOR Exploration, with NAI shareholders, on a post acquisition basis, will hold a controlling 80.5% interest in American Cordillera Mining Corporation  The Asset Purchase Agreement was executed on December 28, 2012 by issuing restricted common stock as consideration to Northern Adventures, Inc. and the exchange of certain promissory notes from Northern Adventures LLC detailed in the Asset Purchase Agreement.  Under the terms of the Asset Purchase Agreement, AMCOR exchanged loans receivable due from NALLC in the amount of $382,500, including additional accrued interest of $30,564, and issued NAI 71,500,000 shares of restricted common stock as a total consideration for the assets acquired.  With the issuance of the 71,500,000 shares to NAI for transferring to its shareholders as a dividend, they own the controlling interest in AMCOR.

The Asset Purchase Agreement related to the acquisition of:  1) all right, title and interest in five existing mineral leases consisting of 154 unpatented claims and 3 patented claims; 2) ownership of 83 unpatented mining claims; and 3) the transfer of all right, title and interest to an Option to Purchase Mineral Leases agreement relating to ten mineral leases granted by the State of Washington covering 4,664 acres of land and 27 unpatented mining claims.  On December 6, 2012, the Option to Purchase Mineral Leases was amended between all the parties to the option agreement, Hydro Imaging, Inc., NAI and AMCOR.  The amended option agreement speaks to the possibility of a large company entering into an agreement with HydroImaging, Inc., the owner of the prospecting rights and future leases; and the claims, in which case AMCOR would still exercise the existing option pursuant to the same terms and conditions, the only material difference being that it would then acquire all right, title and interest in the agreement between HydroImaging and the unrelated third party company, as compared to acquiring the prospecting rights and future leases directly.  HydroImaging, Inc. is owned by David Boleneus, one of our directors.

At December 28, 2012 a total of $41,078 of interest had accrued on convertible promissory notes payable unrelated to NALLC with an aggregate principal amount of $486,000.  All of these convertible promissory notes and the accrued interest on each note were converted to shares of restricted common stock at $.05 per share, as of December 28, 2012.

Plan of Operations

AMCOR intends to conduct exploration for gold, silver and base metal deposits and mineral targets in; 1) the Coeur d’Alene Mining District of northern Idaho; 2) in the Quartz Creek Mining District of western Montana; 3) in the Connor Creek Mining District of eastern Oregon; 4) in the Kootenai ARC district in Idaho; 5) the Judith-Moccasin Mining District in central Montana; and 6) the Toroda Creek, Wauconda and Republic Mining Districts in northern Washington.  Our strategy is to explore for gold, silver and base metal deposits primarily in the Coeur d’Alene Mining District, a world class mining district and other known districts, by forming joint ventures with other companies who will potentially earn their interest in the property by contributing cash.  Revival of operations in old districts can be easily justified on the basis of increases in prices of metals in the last decade.

Several important corporate priorities set by AMCOR management are expressed by the choice of these abandoned mines, exploration projects, and prospects.  There are certain priorities that may contribute to the strategic advantages to AMCOR’s operations, as well as advantages in efficiencies, economy, and cost savings.  These priorities are: (1) the properties be valuable for gold or silver for the purpose of leveraging future returns from the current prices of these metals; additional metal values also known to be present in several of these properties would represent added value; (2) emphasize work in select mining districts in order to leverage operational experiences, similar geology and knowledge bases peculiar within a district; (3) assemble operations within hauling distance to operating custom mills in view of establishing future toll milling agreements; and (4) operate in areas within reasonable commute distance to AMCOR’s base of operations.  The emphasis for locating of projects in known mining districts is important because other mining prospects within the same districts are also available from time to time for evaluation and/or acquisition.

We plan to structure our operations in such a way as to keep our capital expenditures and administrative expenses to a minimum.  Overhead and staff will be kept to a minimum and the majority of operational duties will be outsourced to consultants and independent contractors.  We currently have no employees, but we expect to eventually hire three to five employees, commensurate with the development of our business and the availability of additional capital from the future sale of common stock, of which there is no assurance.  We believe that most operational responsibilities can be handled by the officers and directors, and through the working partnership of other consultants.  Two of our officers may draw salaries in the future, Frank H. Blair, our President and CEO, and Dwight Weigelt, CPA, our Secretary, Treasurer and Chief Financial Officer.  Our other officers and directors may be retained on an as needed basis and will be paid an hourly rate of to be determined by the Board and reimbursed any out of pocket expenses.

We anticipate that any additional funding that we require will be in the form of equity financing from the sale of our restricted Common Stock. However, there is no assurance that we will be able to raise sufficient funding from the sale of our restricted Common

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Stock.  The risky nature of this enterprise and lack of tangible assets places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated.  We do not have any arrangements in place for any future equity financing. If we are unable to secure additional funding, we will cease or suspend operations.  We have no plans, arrangements or contingencies in place in the event that we cease operations.

We will focus our future business on evolving into a growth-orientated, newly reorganized, early stage, and independent mineral and precious metal exploration company engaged in the acquisition, exploration, exploitation and development of mineral and precious metal properties; focusing our activities in the western United States.  Through the recent acquisitions from NAI, AMCOR owns all, right, title and interest in 33 unpatented mining claims which make up four properties; 2) has the option to acquire certain mineral leases from the state of Washington covering 4,664 acres and 27 unpatented mining claims in Okanogan County; and 3) all right, title and interest in five existing mineral leases.

Our material financial obligations for the future will include our public reporting expenses, transfer agent fees, bank fees, lease payments due on mineral properties and other recurring fees, combined with any additional operating expense related to our new business.

During the next twelve months we plan to engage in additional joint ventures and attempt to seek financing opportunities to commence a growth plan that will include the acquisition of additional mineral exploration properties as well as the possibility of selling additional equity in the form of common stock.

To accelerate the development program we will attempt to engage in other joint venture programs that will take responsibility, both financially and in labor, of the capital costs of early exploration.  This economic strategy may allow us to utilize our own financial assets toward the exploration on our own properties and mineral leases.  

Our future financial results will depend primarily on: (i) the ability to discover commercial quantities of precious or base metal on properties which we own or lease: (ii) the ability to continue to source and screen potential projects; (iii) the market price for precious metals; and (iv) the ability to fully implement our exploration and development programs on our nine projects, which is dependent on the availability of capital resources.  There can be no assurance that we will be successful in any of these respects or that the prices of metals will be at a level allowing for profitable production, in the event we are able to define a commercial ore body, of which there is no assurance.

Bayhorse Mine

The date of our mining lease with Bayhorse Silver Mine LLC is June 26, 2012.  The term of the lease on the 3 patented and 21 unpatented claims that make up the property is for 25 years, with an option to renew the lease for two additional successive terms of fifteen (15) years each, so long as there are ores or minerals being developed, mined, processed or marketed on a continuing basis or when exploration activities have advanced far enough that the construction activities related to the start up of ore production are expected to commence within one year.  The initial consideration for the lease was a cash payment of ten thousand ($10,000) dollars.  Annual minimum advanced royalties will be due the Lessor on the following basis.  We are required to pay an annual advance minimum royalty of $10,000 on the first anniversary of this lease, $20,000 on the second anniversary, $30,000 on the third anniversary, $40,000 on the fourth anniversary, $50,000 on the fifth anniversary, and $50,000 on each anniversary thereafter.  The first anniversary royalty payment was deferred until December 31, 2015, or payable within ten business days after AMCOR secures funding in excess of $500,000.  In July 2014, the second anniversary royalty payment was deferred until December 31, 2014, then it was further deferred on December 30, 2014 until December 31, 2015, or payable within ten business days after AMCOR secures funding in excess of $500,000.  

There is a work requirement of ten thousand ($10,000) during the first year of the lease for the benefit of the property and during the second and subsequent years the amount increases to fifty thousand ($50,000) dollars per year.  The first year's work requirement was deferred until it could to be accomplished at the earliest possible time, weather permitting.  Our joint venture partner, Bayhorse Silver Inc. (“BSI”) (formerly Kent Exploration, Inc.), has satisfied the first year work requirement.  The lease calls for a sliding scale royalty payment to the property owner based on the Net Smelter Return (“NSR”).  The below is a schedule of the royalty payments due in the event the property is placed into production at some future date, of which there is no assurance.

On December 4, 2013, AMCOR signed an Option and Joint Venture Agreement with BSI, a Canadian mineral exploration company, whereby BSI can acquire an option to earn an 80% interest in the Bayhorse Silver Mine ("Bayhorse") in east-central Oregon State.  The terms of the Agreement called for a payment of US$20,000 from BSI to AMCOR subsequent to the execution of the agreement and that payment was received on December 5, 2013.  To earn the 80% interest the BSI is required to conduct a minimum of US$100,000 per year on exploration expenditures on the property on, or before, each of the first two anniversaries of the Agreement, US$300,000 on or before the third anniversary of the Agreement and expend US$500,000 on or before the fourth and fifth anniversaries of the Agreement.  In addition, BSI issued 500,000 shares of its restricted common stock to AMCOR, per the agreement, on December 16, 2013.  An additional 500,000 restricted shares of BSI shall be issued to AMCOR on the third anniversary of the

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Agreement and 500,000 restricted shares on the fifth anniversary of the Agreement.  BSI will assume the obligations of the underlying lease agreement with Northern Adventures, Inc.

On February 12, 2014, Bayhorse Silver Inc. issued 125,000 shares of its subsidiary, Silcom Systems Inc. (Silcom), restricted common stock to the Company for no consideration.  The issuance was dividend shares from their subsidiary, Silcom, given to shareholders of Bayhorse Silver Inc.  There is no market for the shares currently.

Six additional mining claims were filed by BSI in Mineral Country, Idaho, and come under the area of influence provision of the BSI Option and Joint Venture Agreement.  BSI paid the costs to locate and will maintain these claims.  The claims on this property have been reduced from 21 to 18.

Transatlantic Mining Corp. (formerly Archean Star) Agreement

On February 5, 2013, we entered into a definitive Option and Joint Venture Agreement with Transatlantic Mining Corp. ("TMC") pertaining to 20 unpatented claims leased by AMCOR pursuant to a Mining Lease with Northern Adventures, LLC.  On June 27, 2012, Northern Adventures, LLC originally entered into the Mining Lease with Northern Adventures, Inc., and AMCOR assumed the rights in that Mining Lease from Northern Adventures, Inc. pursuant to the Asset Purchase Agreement dated December 28, 2013.  As part of the transaction, AMCOR received 500,000 shares of TMC common stock and was to receive an additional 500,000 shares of TMC common stock on the second and third anniversaries of the agreement, subject to TMC going forward with the agreement after year one.  (See Note 6)  TMC will assume the obligations of the underlying lease agreement and paid an up-front fee of $7,500 to AMCOR in addition to $5,000 already received by AMCOR indirectly from TMC.  Under the terms of the agreement TMC can earn up to 80% ownership interest in the property lease by expending $2,100,000 over a three year period, with a minimum expenditure of $700,000 in year one of the agreement.  AMCOR’s interest shall be a Carried Interest until such time as a Bankable Feasibility Study has been produced or a Decision to Mine has been made.  A Carried Interest means that AMCOR is not required to contribute any capital or pay any costs related to exploration or development of the property until such time as the joint venture is formed.  A Bankable Feasibility Study is an independently audited document that analyses all technical and financial risks before the construction of mine including: capital costs, grades, permits, taxation, cash flow, strip ratio, politics, water, power, labor, revenues, royalties, metallurgy, milling and transport.  As of November 30, 2013, TMC has expended approximately $485,000 on the project.  TMC agreed to issue an additional 500,000 shares of its restricted common stock to AMCOR on, or before, February 5, 2014, per the joint venture option agreement's second year requirements related to the Monitor mine.  On March 12, 2014, TMC issued the Company an additional 500,000 shares of TMC common stock pursuant to the Option and Joint Venture Agreement.  The Company valued these marketable securities at CAD65,000 based on CAD0.13 per share on the date of issuance (CAD1 approximates $1) credited the same amount to the mineral rights as, a return of investment in mineral rights, upon receipt of the same on March 12, 2014, then marked to market on a quarterly basis and recorded the change in fair value of the securities as unrealized gain (loss) of the marketable securities in other comprehensive income (loss).  As of February 5, 2015, another 500,000 TMC shares was due AMCOR.  These shares were issued to AMCOR on March 18, 2015.

As of September 30, 2014, TMC completed a multi-phase surface exploration program which consisted of mapping, rock chip and soil sampling, and location of an additional 85 unpatented mining claims owned by Northern Adventures LLC, but the costs related to the acquisition of these additional mining claims was paid for by TMC, but deemed to be part of the agreement pursuant to the standard area of influence.  The initial surface work was undertaken to delineate the mineralized structures and veins that were known to exist on the Richmond and Monitor properties.  Initial work was completed related to opening the Adair adit, which was a haulage way that was driven in the 1920’s.  Access was gained back to a point approximately 3,200 feet from the portal.  Additional work will be required to be completed to gain complete access to the balance of the haulage way, which estimated from historical maps to continue for another 2,000 feet or more.  Applications have been made to the United States Forest Service to receive permits to undertake a rehabilitation of the Adair portal and to drill up to 12 surface diamond drill holes.

Pursuant to TMC Option and Joint Venture Agreement TMC is required to expend a minimum expenditure of $700,000 in year one of the agreement.  As of November 30, 2014, only $593,274 had been expended by TMC on the Monitor-Richmond property.  The Company has deferred until December 31, 2015 the year three advanced minimum royalty payment from TMC, or payable within ten business days after AMCOR secures funding in excess of $500,000.  The Option and Joint Venture Agreement was renegotiated on March 15, 2015, whereby: 1) the minimum year one $700,000 work requirement was deemed satisfied, 2) TMC is obligated to expend a minimum of $700,000 on the property between February 5, 2015 and February 5, 2016, and 3) TMC is obligated to expend a minimum of $700,000 on the property between February 5, 2016 and February 5, 2017.  As a consideration for agreeing to the amendment to the Option and Joint Venture agreement, TMC will issue AMCOR an additional 750,000 shares of TMC common stock and pay $12,500 within twenty days after the effective date.  The Company has not been issued these shares and received a $12,485 payment on April 7, 2015, to fulfill the required payment.

Our Option and Joint Venture partner, TMC, has filed an additional 85 Monitor claims and Northern Adventures, LLC, is the claimant on those.  AMCOR has interest in those claims through its Mining Lease with Northern Adventures, Inc.

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Kinross Agreement

On April 5, 2013 we exercised an option to acquire three mineral leases located in Okanogan County, Washington, pursuant to an Option to Purchase Mineral Leases between Hydro Imaging, Inc. and Northern Adventures, Inc. (NAI) entered into on June 25, 2012 and amended on December 7, 2012, which option was transferred to us on December 28, 2012 by NAI pursuant to an Asset Purchase Agreement.  The original option was granted by HydroImaging, Inc (Hydro), a private company owned solely by David Boleneus, currently a member of our board of directors, to NAI on June 25, 2012.  Under the terms of the original option Hydro granted the right to acquire ten leases granted by the Department of Natural Resources for the State of Washington totaling 4,583.76 acres and 27 unpatented mining claims located in the Toroda Creek-Wauconda Mining district in Okanogan country in the State of Washington for the payment of an exercise price of $10,000.

An amendment to the Option to Purchase Mineral Leases on December 7, 2012 provided Hydro the authority to enter into a Mining Lease and Assignment agreement with Kinross Gold USA, Inc. (Kinross), as an alternative to transferring the ten leases and subject to Hydro executing an agreement with Kinross.  As an alternative to acquiring the ten leases and pursuant to the amendment, AMCOR was also granted an option to acquire all right, title and interest in any agreement reached between Kinross and Hydro.  On February 28, 2013, Hydro concluded a Mining Lease and Assignment agreement with Kinross transferring seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  The seven state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to the terms of the Kinross agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims.  The remaining three state mining leases totaling 1,649.2 acres will be transferred from Hydro to AMCOR, subject to approval from the Department of Natural Resources for the State of Washington.

Under the terms of the Mining Lease and Assignment agreement Kinross will pay AMCOR production royalties as follows:  a 1% net smelter return royalty on all minerals extracted from the area covered by the 7 leases and a 2.5% net smelter return royalty on all minerals extracted from the area covered by the 27 unpatented mining claims.  The amount of royalties to be paid (both production royalties and advance royalty payments) are capped at $3 million per lease.  Kinross will also pay advance royalty payments in the aggregate amount of $1 million as follows:  $15,000 payable within 7 days of February 28, 2013, the effective date, $15,000 payable within 15 days of the effective date, $40,000 payable on February 28, 2014, $50,000 payable on February 28, 2015, and thereafter the annual advance royalty payment is to increase by 5% per year up to a maximum annual payment of $100,000.  Kinross satisfied the initial two $15,000 payments as well as the first year payment of $40,000.  The obligation to pay the advance royalty payment shall cease once an aggregate of $1 million has been paid.  Advance minimum royalty payments shall be creditable against the production royalties.  The production royalty payments for Minerals produced from the state leases shall be capped at $3,000,000 for each of the seven leases, including any advanced royalty payments to be offset.  Kinross also undertakes to make such payments and undertake such other actions necessary to maintain the seven state mining leases and the unpatented claims in effect and good standing.

On February 28, 2013, Hydro concluded the Mining Lease and Assignment agreement with Kinross concerning seven of the ten mineral leases totaling 2,934.56 acres and a lease on 27 unpatented mining claims located in Okanogan County, Washington.  Seven of the state leases were transferred from Hydro to Kinross and approved by the State of Washington on March 27, 2013.  Pursuant to the terms of the Kinross agreement, Kinross will assume all of the underlying obligations, annual rental expenses, and work requirements related to the seven leases and 27 unpatented mining claims.

Results of Operations

Results of operations for the transition period ended November 30, 2013, compared to the period from March 30, 2012 to December 31, 2012 are as follows:

Revenue

We generated no revenue from sale of metal bearing concentrate for the transition period ended November 30, 2014 or for the period from March 30, 212 (inception) through November 30, 2014.

We earned $10,000 in royalty revenue for the year ended November 30, 2014, and $30,000 in royalty revenue for the transition period ended November 30, 2013.  The cost of revenue was $33,945 for the year ended November 30, 2014 in comparison with $38,485 for the transition period ended November 30, 2013.

Operating Expenses

For the year ended November 30, 2014, we incurred $49,697 in professional fees and $4,528 in general and administrative expenses and the impairment of mineral rights of $348,564 in comparison with the transition period ended November 30, 2014, where we incurred $134,049 in professional fees and $6,374 in general and administrative expenses.  The decrease in professional fees and general and administrative expenses was attributable to the cost associated with SEC reporting.  We expect operating expenses for our 2015 fiscal year to remain comparable in comparison with that for our 2014 fiscal year.

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Liquidity and Capital Resources

With respect to long term liquidity (periods in excess of one year), we are unable to reasonably project or otherwise make assumptions concerning future cash flows or amounts of funds that may be available to us.  With additional funding to carry on and support operations, management anticipates that our operating expenses would increase in the long-term as a result of an increase in sales and marketing activities, as well as general and administrative costs. Long-term liquidity is directly dependent upon either the future success of our business or our ability to identify and acquire a favorable business opportunity through merger or acquisition.  Without reasonable funding in the near future, we would attempt to enter into one or more business transactions that could involve a merger or sale of our company and/or the sale of some or all of its assets to protect our shareholders’ interest and investments.  No binding merger or acquisition agreements have been entered into at this time.

Net cash used in operating activities for the year ended November 30, 2014 was $86,853 which includes net loss of $430,172, offset by an increase of impairment of $348,564, an increase in prepaid expenses of $2,700 and a decrease in accounts payable of $5,984 and an increase in accrued expense of $3,439.

Net cash provided by investing activities for the year ended November 30, 2014 was $50,000 which includes cash provided by return of investment in mineral rights of $50,000.

Net cash provided by financing activities for the year ended November 30, 2014 was $36,800 which includes cash proceeds from notes payable and convertible notes payable of $44,300 offset by cash used in repayments of convertible notes payable of $7,500.

Our recent cash burn rate in our operations over the year ended November 30, 2014, has been approximately $7,200 per month.  We expect that that cash burn rate to remain constant over the next quarter.  Given this recent rate of use of cash in our operations, we do not have sufficient capital to carry on operations past April 2015.  Our long term capital requirements and the adequacy of our available funds will depend on many factors, including the reporting company costs, public relations fees, and operating expenses, among others.  If we are unable to raise additional capital to repay loans, generate sufficient revenue, or receive further loans on an as needed basis, we will have to curtail or cease our operations.

We believe that we could experience negative operating cash flow for the foreseeable future.  At November 30, 2014, we had outstanding liabilities of $152,391 of which $74,800 was due to convertible and non-convertible notes payable.  If our outstanding non-convertible loans are not repaid before December 31, 2015 and our convertible debt is not converted to equity before December 31, 2015, and we cannot repay this debt on the maturity date, we will be required to ask for extensions from the lenders or engage in another equity offering to provide capital to repay the debt.  If the lenders do not convert their debt to equity and we cannot raise further capital through and equity offering, there is a high probability that the company would become insolvent and could potentially go out of business.

Our existing cash position is not sufficient to support our operations.  Accordingly, we continue to examine a range of possible funding sources, including additional strategic alliances, additional equity or debt private placements, the sale of existing assets, as well as the possibility of entering into one or more business transactions that could involve a merger or sale of our company and/or the sale of some or all of its assets.  We do not currently have any contractual restrictions on our ability to incur debt.  Any such indebtedness could contain covenants that would restrict our operations.  There can be no assurance that additional financing will be available on terms favorable to us, or at all.  If equity or convertible debt securities are issued, the percentage ownership of our stockholders will be reduced, stockholders may experience additional dilution and such securities may have rights, preferences or privileges senior to those of our common stock.  This effect is attributed to the fact that while additional shares of common stock are issued from our treasury, our earnings at that particular moment remain consistent and, therefore, the earnings per share decreases.  If we are unsuccessful in these efforts, we will be required to curtail our ongoing operations.  If we were unable to sufficiently curtail our costs in such a situation, we might be forced to seek protection of the courts through reorganization, bankruptcy or insolvency proceeding, or cease operations completely.

Going Concern

Our independent auditors have included an explanatory paragraph in their report on the audits of our consolidated financial statements for the year ended November 30, 2014, which express substantial doubt about our ability to continue as a going concern.  As discussed

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in Note 3 to the consolidated financial statements included in this 10-K, we have suffered recurring losses from operations since inception and have an accumulated deficit that raises substantial doubt about the Company’s ability to continue as a going concern.

Critical Accounting Policies and Estimates

Please see Note 2 of the financial statements.

Subsequent Events

Royalty Obligations and Work Requirement with Mining Leases of Bayhorse, Vienna, Quartz Creek, and Trout Creek:

The four leases including the Bayhorse, Vienna, Quartz Creek, and Trout Creek required first anniversary payments by the Company of $10,000 each and second anniversary payment by the Company of $20,000 each, but no payments have been made except for the Bayhorse payment that was assumed by BSI.  The first anniversary royalty payment was deferred until December 31, 2015 or payable within ten business days after the Company secures funding in excess of $500,000.  The second anniversary royalty payments due on the Vienna, Quartz Creek, and Trout Creek were deferred until December 31, 2015 or payable within ten business days after the Company secures funding in excess of $500,000.  The second anniversary payment for the Bayhorse property was assumed by and paid by BSI.  The first and second year work requirement for the Vienna, Quartz Creek, and Trout Creek leases have also been deferred, allowed to be accomplished at the earliest possible time, weather permitting.  The first and second year work requirement for the Bayhorse lease has been fulfilled by BSI.

Pursuant to the TMC Option and Joint Venture Agreement, TMC is required to expend a minimum expenditure of $700,000 in year one of the agreement.  As of November 30, 2014, only $593,274 had been expended by TMC on the Monitor-Richmond property.  The Company has deferred until December 31, 2015 the year three advanced minimum royalty payment from TMC, or payable within ten business days after AMCOR secures funding in excess of $500,000.  The Option and Joint Venture Agreement was renegotiated on March 12, 2015, whereby: 1) the minimum year one $700,000 work requirement was deemed satisfied, 2) TMC is obligated to expend a minimum of $700,000 on the property between February 5, 2015 and February 5, 2016, and 3) TMC is obligated to expend a minimum of $700,000 on the property between February 5, 2016 and February 5, 2017.  As of February 5, 2015. another 500,000 TMC shares was due AMCOR.  These shares have been delivered to AMCOR.  As consideration for the amendment to the Option and Joint Venture agreement, TMC will issue AMCOR an additional 750,000 shares of TMC common stock and pay $12,500 within twenty days after the effective date.  The Company has not been issued these shares and received a $12,485 payment on April 7, 2015, to fulfill the required payment.

Kinross Gold USA, Inc. paid $50,000 to the Company on March 2, 2015, to keep its lease on the Company’s Washington State Mineral Prospecting Leases current for an additional year pursuant the assignment of interest agreement.

ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 8.  FINANCIAL STATEMENTS

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders

American Cordillera Mining Corporation

We have audited the accompanying consolidated balance sheets of American Cordillera Mining Corporation (the “Company”) as of November 30, 2014 and 2013, and the related consolidated statements of operations, stockholders’ equity and cash flows for the years then ended.  These consolidated financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.  Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of November 30, 2014 and 2013, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 3 to the consolidated financial statements, the Company had an accumulated deficit at November 30, 2014, a net loss and net cash used in operating activities for the period then ended.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.  Management’s plans in regards to these matters are also described in Note 3.  The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/Li and Company, PC

Li and Company, PC

Skillman, New Jersey

April 8, 2015

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