Exhibit C
Balance Sheet
May 31, 2008
ASSETS
Current assets
| Cash | 25,180 |
| Certificate of Deposit | 2,000,000,000 |
| Office Supplies | 575 |
| Office furniture | 4,500 |
| Office equipment | 12,650 |
| Total current assets | 2,000,042,905 |
Other assets
| Ore Processing Mill-California | 26,000,000 |
| Mining reserves-California - 10% of Proven Reserves | 2,000,000,000 |
| Water Rights - California Mining Property | 8,000,000,000 |
| Total other assets | 10,026,000,000 |
| Total assets | 12,026,042,905 |
LIABILITIES
Long term liabilities
| Total Liabilities | 0.00 |
STOCKHOLDERS EQUITY
Paid in capital
|
Common stock 500,000,000 shares authorized @$0.001 par value, 132,056,278 shares issued and Outstanding |
132,056 |
| Net Worth | 12,025,910,849 |
| Net Book Value per Share | 91.07 |
Notes to financial Statements
May 31, 2008
NOTE 1: On April 25, 2007 the company closed the purchase of the California Mill and mining properties. The geology report indicates over $20 billion in precious metal reserves and "hundreds of thousands of acre feet of water".
NOTE 2: On December 8, 2000, National Gold, Inc. was reinstated in the state of Utah, and is current as of the date hereof.
NOTE 3: On May 22, 2008, National Gold, Inc. pledged $2 billion in its gold reserves to the UXI Bank in Karachi, Pakistan in exchange for a Certificate of Deposit in like amount. This is in preparation for National Gold's subsidiary company, Constitutional Concepts Foundation, a 501(c)3 tax exempt foundation, to go forward with its commitment to Pakistan to bring its technology to Pakistan in order to clean up the water, establish sewer lines, build modern schools and hospitals, and provide employment by opening Wildewoode Lumber Plants to clean up the environment. National Gold plans to repeat this action in many countries around the world. We are committed to the concept that our Creator has placed many of the the treasures and much of the knowledge of the world in our hands for the sole purpose of helping our fellow man improve his/her lifestyle.
NOTE 4: On June 1, 2008, National Gold, Inc. decided it did not need the huge debt incurred with the Honduras and Idaho mining properties and therefore cancelled the purchase contracts. The sellers were instructed to retain what they had been given as liquidated damages.
The foregoing financial statements were authorized by the board of directors and prepared without an independent audit