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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>
    <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>SECURITIES
      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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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>Form
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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>Current
      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">&#160;</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>February
                3, 2006</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">&#160;</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>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">&#160;</div>
    <div>&#160;</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>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></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">jurisdiction
                of incorporation)</font></div>
            </td>
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="15%">
              <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>333-95549</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">(Commission</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">File
                Number)</font></div>
            </td>
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            <td valign="top" width="21%">
              <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>65-0974212</strong></font></div>
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                Employer</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">Identification
                No.)</font></div>
            </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 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>
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            <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>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>
              <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">(Address
                of principal executive offices) (zip code)</font></div>
            </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 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">[_]
      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">[_]
      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">[_]
      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">[_]
      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>
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        </div>
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    </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"><strong>Item
      2.04.</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>Triggering
      Event That Accelerates or Increases a Direct Financial
      Obligation</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
      May 9,
      2005, Galaxy Minerals, Inc., a Florida corporation (referred to as &#8220;We&#8221; or
&#8220;Galaxy Minerals&#8221;), entered into a Securities Purchase Agreement (the
&#8220;Agreement&#8221;) with GCA Strategic Investment Fund Limited (&#8220;GCA Fund&#8221;), pursuant
      to which GCA Fund agreed to purchase Convertible Secured Promissory Notes (the
      &#8220;Notes&#8221;) from us, in an amount up to a total of $6,000,000. Under the Agreement,
      GCA Fund agreed to purchase the Notes at our request until a total of $6,000,000
      in Notes had been purchased, assuming we were in compliance with all terms
      of
      the Agreement. </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">Upon
      the
      execution of the Agreement, on May 9, 2005, at our request, GCA purchased Notes
      totaling $2,200,000 at a 15% discount. Under the terms of the Agreement and
      the
      Notes, we only receive 85% of our requested amount in cash with the remaining
      15% being paid as a finder&#8217;s fee. Therefore, on May 9, 2005, we received
      $1,870,000 from GCA Fund in exchange for a Note totaling $2,200,000. GCA Fund
      had also given us written confirmation of their intention to purchase an
      additional $300,000 Note as soon as we were able to increase our authorized
      common stock. We cannot request that GCA Fund purchase additional Notes unless
      we are current in our public company reporting obligations and a registration
      statement covering the securities underlying the convertible promissory notes
      has been declared effective by the Securities and Exchange Commission. On May
      9,
      2005, with our initial $2,200,000 Note, we also issued GCA Fund a Common Stock
      Purchase Warrant to purchase 9,705,882 shares of our common stock (the
&#8220;Warrants&#8221;). </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">Pursuant
      to the terms of a Registration Rights Agreement dated May 9, 2005, we agreed
      to
      file a registration statement with the Securities and Exchange Commission within
      45 days (June 23, 2005) from the date of the Agreement covering the resale
      of
      any common stock acquired by (or potentially acquirable by) GCA Fund upon the
      conversion of the Notes, or exercise of the Warrants, with a goal of having
      the
      registration statement declared effective on a date no longer than ninety days
      from the date of the Agreement (August 8, 2005).</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
      July
      5, 2005, we filed a Registration Statement on Form SB-2 to register an
      indeterminate number of shares of our common stock issuable upon conversion
      of
      the Notes and exercise of the warrants held by GCA Fund. On July 29, 2005 and
      August 2, 2005, we received the first set of comments to our Registration
      Statement from the Securities and Exchange Commission and we are in the process
      of responding to those comments. Our response to those comments was delayed
      due
      to the situation with our independents auditors, which was discussed in a
      previously filed Current Report on Form 8-K.</font></div>
    <div>&#160;</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
      February 3, 2006, GCA Fund sent us a Default and Demand Letter alleging that
      we
      are in default under the Agreement and the outstanding Notes due to the fact
      we
      did not have a Registration Statement, registering the shares of our common
      stock underlying the Convertible Notes and the Warrants, declared effective
      by
      August 8, 2005, and by terminating our agreement with Searchlight Exploration,
      LLC, regarding the Bonanza property, a topic that was the subject of a
      previously filed Current Report on Form 8-K. GCA is demanding $2,661,266.07
      as
      full payment under the Note, plus $2,933.33 for each day after February 3,
      2006,
      for liquidated damages. GCA Fund has stated they will file a lawsuit seeking
      these amounts if payment in full of the alleged amounts owing is not received
      by
      GCA Fund by February 13, 2006. We are in discussions with GCA to attempt to
      settle this matter prior to the filing of a lawsuit. If a lawsuit is filed
      regarding this matter we intend to vigorously defend against the
      allegations.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -17.1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBITS</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">None.</font></div><br>
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      <div id="FTR">
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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>
    <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">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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
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            <td align="left" valign="top" width="40%">
              <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">Galaxy
                Minerals, Inc.,</font></div>
            </td>
          </tr>
          <tr>
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                Florida corporation</font></div>
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                February 8, 2006</font></div>
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                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></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": "06589303"}, "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):
February
                3, 2006
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:
[_]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[_]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[_]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))
[_]
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))
Item
      2.04.
Triggering
      Event That Accelerates or Increases a Direct Financial
      Obligation
On
      May 9,
      2005, Galaxy Minerals, Inc., a Florida corporation (referred to as "We" or
"Galaxy Minerals"), entered into a Securities Purchase Agreement (the
"Agreement") with GCA Strategic Investment Fund Limited ("GCA Fund"), pursuant
      to which GCA Fund agreed to purchase Convertible Secured Promissory Notes (the
      "Notes") from us, in an amount up to a total of $6,000,000. Under the Agreement,
      GCA Fund agreed to purchase the Notes at our request until a total of $6,000,000
      in Notes had been purchased, assuming we were in compliance with all terms
      of
      the Agreement.
Upon
      the
      execution of the Agreement, on May 9, 2005, at our request, GCA purchased Notes
      totaling $2,200,000 at a 15% discount. Under the terms of the Agreement and
      the
      Notes, we only receive 85% of our requested amount in cash with the remaining
      15% being paid as a finder's fee. Therefore, on May 9, 2005, we received
      $1,870,000 from GCA Fund in exchange for a Note totaling $2,200,000. GCA Fund
      had also given us written confirmation of their intention to purchase an
      additional $300,000 Note as soon as we were able to increase our authorized
      common stock. We cannot request that GCA Fund purchase additional Notes unless
      we are current in our public company reporting obligations and a registration
      statement covering the securities underlying the convertible promissory notes
      has been declared effective by the Securities and Exchange Commission. On May
      9,
      2005, with our initial $2,200,000 Note, we also issued GCA Fund a Common Stock
      Purchase Warrant to purchase 9,705,882 shares of our common stock (the
"Warrants").
Pursuant
      to the terms of a Registration Rights Agreement dated May 9, 2005, we agreed
      to
      file a registration statement with the Securities and Exchange Commission within
      45 days (June 23, 2005) from the date of the Agreement covering the resale
      of
      any common stock acquired by (or potentially acquirable by) GCA Fund upon the
      conversion of the Notes, or exercise of the Warrants, with a goal of having
      the
      registration statement declared effective on a date no longer than ninety days
      from the date of the Agreement (August 8, 2005).
On
      July
      5, 2005, we filed a Registration Statement on Form SB-2 to register an
      indeterminate number of shares of our common stock issuable upon conversion
      of
      the Notes and exercise of the warrants held by GCA Fund. On July 29, 2005 and
      August 2, 2005, we received the first set of comments to our Registration
      Statement from the Securities and Exchange Commission and we are in the process
      of responding to those comments. Our response to those comments was delayed
      due
      to the situation with our independents auditors, which was discussed in a
      previously filed Current Report on Form 8-K.
On
      February 3, 2006, GCA Fund sent us a Default and Demand Letter alleging that
      we
      are in default under the Agreement and the outstanding Notes due to the fact
      we
      did not have a Registration Statement, registering the shares of our common
      stock underlying the Convertible Notes and the Warrants, declared effective
      by
      August 8, 2005, and by terminating our agreement with Searchlight Exploration,
      LLC, regarding the Bonanza property, a topic that was the subject of a
      previously filed Current Report on Form 8-K. GCA is demanding $2,661,266.07
      as
      full payment under the Note, plus $2,933.33 for each day after February 3,
      2006,
      for liquidated damages. GCA Fund has stated they will file a lawsuit seeking
      these amounts if payment in full of the alleged amounts owing is not received
      by
      GCA Fund by February 13, 2006. We are in discussions with GCA to attempt to
      settle this matter prior to the filing of a lawsuit. If a lawsuit is filed
      regarding this matter we intend to vigorously defend against the
      allegations.
EXHIBITS
None.
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:
                February 8, 2006
/s/
                Matthew J. Symonds
By:
                Matthew J. Symonds
Its:
                President