v2.4.0.6

Statements of Operations and Comprehensive Loss (Unaudited) (USD $)	3 Months Ended		6 Months Ended		65 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
EXPENSES
Consulting	$ 85,979	$ 39,968	$ 149,806	$ 78,801	$ 996,189
Exploration	71,312	86,469	131,771	155,297	1,084,797
Professional fees	48,888	32,097	64,450	39,774	204,264
Depreciation expense		9,188		18,374	18,374
Interest and bank charges	41,123	(3,200)	47,856	4,841	248,352
Incorporation tax					11,197
TOTAL OPERATING EXPENSES	247,302	164,522	393,883	297,087	2,563,173
LOSS FROM OPERATIONS	(247,302)	(164,522)	(393,883)	(297,087)	(2,563,173)
Impairment of equipment					(78,807)
Impairment of exploration properties					(459,698)
NET LOSS AND COMPREHENSIVE LOSS	$ (247,302)	$ (164,522)	$ (393,883)	$ (297,087)	$ (3,101,678)
LOSS PER WEIGHTED NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED	$ 0.00	$ 0.00	$ 0.00	$ 0.00
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED	163,821,574	158,343,294	161,355,642	158,343,294

The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.

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The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.

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The adjustment to expense previously capitalized costs of drilling exploratory wells when proved reserves are not found or when the entity obtains information that raises substantial doubt about the economic or operational viability of the project.

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The capitalized costs incurred during the period (excluded from amortization) in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. Exploration costs also include costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, the maintenance of land and lease records, dry hole contributions and bottom hole contributions, costs of drilling and equipping exploratory wells and costs of drilling exploratory-type stratigraphic test wells.

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Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.

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Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).

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Strategic Mining Corp 10-Q/A