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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
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      8-K</strong></font></div>
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      Report Pursuant to Section 13 or 15(d) of</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
      Securities Exchange Act of 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
                of Report (Date of earliest event reported):</font></div>
            </td>
            <td valign="top" width="6%">&#160;</td>
            <td valign="top" width="22%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>November
                15, 2005</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Galaxy
      Minerals, Inc.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>&#160;</div>
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      <table cellpadding="0" cellspacing="0" width="100%">

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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Florida</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or other </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">jurisdiction
                of incorporation)</font></div>
            </td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="15%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                Number)</font></div>
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            <td valign="top" width="21%">
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                Employer </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font></div>
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            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="15%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="21%">&#160;</td>
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            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="15%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>500
                Park Avenue, Suite 203</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Lake
                Villa, Illinois 60046</strong></font></div>
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                of principal executive offices) (zip code)</font></div>
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            <td valign="top" width="21%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="15%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="21%">&#160;</td>
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          <tr>
            <td valign="top" width="21%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="15%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="21%">&#160;</td>
          </tr>
          <tr>
            <td colspan="5" valign="top" width="74%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(847)
                265-7600</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
                telephone number, including area code)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="21%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="15%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="21%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="21%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="15%">&#160;</td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="21%">&#160;</td>
          </tr>
          <tr>
            <td colspan="5" valign="top" width="74%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
                name or former address, if changed since last
                report.)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
      Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
      Soliciting material
      pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
      Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
      Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
      into a Material Definitive Agreement </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      November 15, 2005, we bought the mineral rights to approximately 400 claims
      covering approximately 64,000 acres located on Sitkinak Island off the coast
      of
      Alaska. We purchased these mineral rights by way of a quitclaim deed from Shelly
      Conrad for a total of $20,000. We had been working with Ms. Conrad for almost
      a
      year while she procured the mineral rights and filed the proper paperwork with
      the U.S. Department of the Interior/Bureau of Land Management located in the
      state of Alaska. Ms. Conrad is not a related-party of Galaxy Minerals or our
      management.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sitkinak
      Island is a small island, one of the Trinity Islands, located approximately
      40
      miles off the Southern tip of Kodiak Island. In early 2005, Mr. Symonds, our
      Chief Executive Officer, flew to Sitkinak Island with a mining engineer and
      collected approximately 400 pounds of black sand and black sand concentrates.
      Based on assays conducted by ALS Chemex, the results of these tests were
      positive for the presence of iron, manganese, vanadium, and zircon. Some samples
      also tested positive for gold and palladium. Because the claims on Sitkinak
      Island are alluvial deposits there was no drilling conducted and no core samples
      taken. To date, we have spent approximately $60,000 to $70,000, including the
      purchase price, in the acquisition of, and testing at, the claims where we
      have
      mineral rights at Sitkinak Island. Our current plans are to continue testing
      the
      soils at the different locations on the island where we have mineral rights
      and
      then develop an exploration plan going forward.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sitkinak
      Island is accessible by boat, plane or helicopter. From Kodiak Island the trip
      by plane is approximately 45 minutes, by helicopter approximately 1 hour to
      1.5
      hours, and by boat approximately 3 to 4 hours.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.02</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Termination
      of a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      14, 2005, we entered into a joint venture agreement with Searchlight
      Exploration, LLC, an Arizona limited liability company (&#8220;Searchlight&#8221;), which
      owns the mining and mineral rights to mines known as the Bonanza Project. The
      Bonanza Project is an alluvial deposit and consists of approximately 5,000
      acres
      of land located in Mohave County, Arizona. Under the agreement we had the right
      to any minerals mined from this property. Pursuant to the joint venture
      agreement, we had the right to take samples and explore at this property and
      obligated to put at least $100,000 of work into the exploration and sampling
      at
      this property within the first year from the date of the agreement. Under the
      agreement we paid $5,000 up front, agreed to pay $10,000 per calendar quarter,
      and issued 250,000 shares of our common stock, restricted in accordance with
      Rule 144, for the rights granted to us under this agreement. Under the terms
      of
      the agreement we also issued Serpent Mining Limited 50,000,000 shares of our
      common stock, restricted in accordance with Rule 144, as a finder&#8217;s fee for
      locating the Bonanza Project. We issued these shares on May 20, 2005.
      Searchlight and Serpent are not related-parties of Galaxy Minerals or our
      management.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 23, 2006, we elected to give up our rights at the Bonanza property
      with
      the consent of Searchlight. We decided to give up these mineral rights in order
      to concentrate our efforts on in-ground mineral deposits in this part of the
      country. With our investment in a pilot plant and other mining equipment at
      the
      Yellow Jacket property our focus was on exploring for in-ground mineral
      deposits. Since the Bonanza property is an alluvial deposit it would require
      the
      potential investment of millions of dollars to purchase the additional equipment
      necessary for exploring, developing and producing any minerals discovered from
      an alluvial deposit. In total we spent approximately $25,000 in cash, and the
      above-listed stock issuances, to acquire and hold our rights in this
      property.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
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                Minerals, Inc.,</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                Florida corporation</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                January 30, 2006</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                Matthew J. Symonds</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></u></div>
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                Matthew J. Symonds</font></div>
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{"company-data": {"conformed-name": "GALAXY MINERALS INC", "cik": "0001102217", "assigned-sic": "1000", "irs-number": "650974212", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51154", "film-number": "06563075"}, "business-address": {"street1": "500 PARK AVE", "street2": "#203", "city": "LAKE VILLA", "state": "IL", "zip": "60046", "phone": "8472657600"}, "mail-address": {"street1": "500 PARK AVE", "street2": "#203", "city": "LAKE VILLA", "state": "IL", "zip": "60046"}, "former-company": [{"former-conformed-name": "GOLDEN SAND ECO-PROTECTION INC", "date-changed": "20030916"}, {"former-conformed-name": "HEAVENEXPRESS COM INC", "date-changed": "19991230"}]}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
Form
      8-K
Current
      Report Pursuant to Section 13 or 15(d) of
The
      Securities Exchange Act of 1934
Date
                of Report (Date of earliest event reported):
November
                15, 2005
Galaxy
      Minerals, Inc.
(Exact
      name of registrant as specified in its charter)
Florida
(State
                or other
jurisdiction
                of incorporation)
333-95549
(Commission
File
                Number)
65-0974212
(I.R.S.
                Employer
Identification
                No.)
500
                Park Avenue, Suite 203
Lake
                Villa, Illinois 60046
(Address
                of principal executive offices) (zip code)
(847)
                265-7600
(Registrant's
                telephone number, including area code)
(Former
                name or former address, if changed since last
                report.)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
o
Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
      pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
o
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Item
      1.01
Entry
      into a Material Definitive Agreement
On
      November 15, 2005, we bought the mineral rights to approximately 400 claims
      covering approximately 64,000 acres located on Sitkinak Island off the coast
      of
      Alaska. We purchased these mineral rights by way of a quitclaim deed from Shelly
      Conrad for a total of $20,000. We had been working with Ms. Conrad for almost
      a
      year while she procured the mineral rights and filed the proper paperwork with
      the U.S. Department of the Interior/Bureau of Land Management located in the
      state of Alaska. Ms. Conrad is not a related-party of Galaxy Minerals or our
      management.
Sitkinak
      Island is a small island, one of the Trinity Islands, located approximately
      40
      miles off the Southern tip of Kodiak Island. In early 2005, Mr. Symonds, our
      Chief Executive Officer, flew to Sitkinak Island with a mining engineer and
      collected approximately 400 pounds of black sand and black sand concentrates.
      Based on assays conducted by ALS Chemex, the results of these tests were
      positive for the presence of iron, manganese, vanadium, and zircon. Some samples
      also tested positive for gold and palladium. Because the claims on Sitkinak
      Island are alluvial deposits there was no drilling conducted and no core samples
      taken. To date, we have spent approximately $60,000 to $70,000, including the
      purchase price, in the acquisition of, and testing at, the claims where we
      have
      mineral rights at Sitkinak Island. Our current plans are to continue testing
      the
      soils at the different locations on the island where we have mineral rights
      and
      then develop an exploration plan going forward.
Sitkinak
      Island is accessible by boat, plane or helicopter. From Kodiak Island the trip
      by plane is approximately 45 minutes, by helicopter approximately 1 hour to
      1.5
      hours, and by boat approximately 3 to 4 hours.
Item
      1.02
Termination
      of a Material Definitive Agreement.
On
      March
      14, 2005, we entered into a joint venture agreement with Searchlight
      Exploration, LLC, an Arizona limited liability company ("Searchlight"), which
      owns the mining and mineral rights to mines known as the Bonanza Project. The
      Bonanza Project is an alluvial deposit and consists of approximately 5,000
      acres
      of land located in Mohave County, Arizona. Under the agreement we had the right
      to any minerals mined from this property. Pursuant to the joint venture
      agreement, we had the right to take samples and explore at this property and
      obligated to put at least $100,000 of work into the exploration and sampling
      at
      this property within the first year from the date of the agreement. Under the
      agreement we paid $5,000 up front, agreed to pay $10,000 per calendar quarter,
      and issued 250,000 shares of our common stock, restricted in accordance with
      Rule 144, for the rights granted to us under this agreement. Under the terms
      of
      the agreement we also issued Serpent Mining Limited 50,000,000 shares of our
      common stock, restricted in accordance with Rule 144, as a finder's fee for
      locating the Bonanza Project. We issued these shares on May 20, 2005.
      Searchlight and Serpent are not related-parties of Galaxy Minerals or our
      management.
On
      January 23, 2006, we elected to give up our rights at the Bonanza property
      with
      the consent of Searchlight. We decided to give up these mineral rights in order
      to concentrate our efforts on in-ground mineral deposits in this part of the
      country. With our investment in a pilot plant and other mining equipment at
      the
      Yellow Jacket property our focus was on exploring for in-ground mineral
      deposits. Since the Bonanza property is an alluvial deposit it would require
      the
      potential investment of millions of dollars to purchase the additional equipment
      necessary for exploring, developing and producing any minerals discovered from
      an alluvial deposit. In total we spent approximately $25,000 in cash, and the
      above-listed stock issuances, to acquire and hold our rights in this
      property.
2
EXHIBITS
None.
3
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
Galaxy
                Minerals, Inc.,
a
                Florida corporation
Dated:
                January 30, 2006
/s/
                Matthew J. Symonds
By:
                Matthew J. Symonds
Its:
                President
4