UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-QSB

x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30,
2002

OR

o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 000-28589

_________________________

ASP VENTURES CORP.



|FLORIDA
(State or other jurisdiction of
incorporation or organization)                                    | 98-0203918
(I.R.S. Employer Identification No.)
|--------------------------------------------------------------------------------------------------------- | -----------------------------------------------
|                                                                                                          |                                                
|#1818 - 1177 West Hastings Street, Vancouver,
BC, Canada V6E 2K3
(Address of principal executive offices)

(604) 602-1717
(Issuer's telephone number)
_________________________

Check whether the registrant: (1) filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.

Yes  XX 
    No

The number of outstanding shares of the
registrant's common stock, $0.001 par value (the only class of voting stock), as
of October 30, 2002 was 4,211,878.

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ASP VENTURES CORP.

FORM 10-QSB

For the quarterly period ended September 30, 2002

INDEX

|PART I  | FINANCIAL INFORMATION |                                                                                                             
|------- | --------------------- | ------------------------------------------------------------------------------------------------------------
|        |                       |                                                                                                             
|        | Item 1.               | Financial Statements                                                                                        
|        |                       |                                                                                                             
|        |                       | Balance Sheet as of September 30, 2002 (unaudited) 
and December 31, 2001                                   
|        |                       |                                                                                                             
|        |                       | Statements of Operations (unaudited) for the three and nine 
month periods ended September 30, 2002 and 2001
|        |                       |                                                                                                             
|        |                       | Statements of Cash Flows (unaudited) for the nine month
periods ended September 30, 2002 and 2001           
|        |                       |                                                                                                             
|        |                       | Notes to Financial Statements                                                                               
|        |                       |                                                                                                             
|        | Item 2.               | Plan of Operation                                                                                           
|        |                       |                                                                                                             
|PART II | OTHER INFORMATION     |                                                                                                             
|        |                       |                                                                                                             
|        | Item 2.               | Changes in Securities                                                                                       
|        |                       |                                                                                                             
|        | Item 6.               | Exhibits and Reports on Form 8-K                                                                            
|        |                       |                                                                                                             
|        | Signatures            | 10                                                                                                          

2

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PART I. - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

As used herein, the term "Company" refers to ASP
Ventures Corp., a Florida corporation and its predecessors, unless otherwise
indicated.  Unaudited interim financial statements including a balance sheet for
the Company as of the quarter ended September 30, 2002, statement of operations
and statement of cash flows for the interim period up to the date of such
balance sheet and the period since inception of the preceding year are attached
hereto as Pages 4 through 6 and are incorporated herein by this reference.

3

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|ASP VENTURES CORP.
(A Development Stage Company)
BALANCE SHEET
(Expressed in United States Dollars)
(Unaudited)
|---------------------------------------------------------------------------------------------------------------
|                                                                                                               
|                                                                                                               
|                                                                                                               
|ASSETS                                                                                                         
|                                                                                                               
|CURRENT                                                                                                        
|                                                                                                               
|                                                                                                               
|Total assets                                                                                                   
|                                                                                                               
|                                                                                                               
|LIABILITIES                                                                                                    
|                                                                                                               
|CURRENT                                                                                                        
|                                                                                                               
|                                                                                                               
|                                                                                                               
|                                                                                                               
|                                                                                                               
|STOCKHOLDERS' DEFICIENCY                                                                                       
|                                                                                                               
|Common stock (Note 4)                                                                                          
|                                                                                                               
|                                                                                                               
|Additional paid-in capital                                                                                     
|Deficit accumulated during the development
stage                                                               
|Total stockholders' deficiency                                                                                 
|                                                                                                               
|Total liabilities and stockholders'
deficiency                                                                 

The accompanying notes are an integral part of these financial
statements.

4

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|ASP VENTURES CORP.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Expressed in United States Dollars)
(Unaudited)
|-------------------------------------------------------------------------------------------------------------------------
|                                                                                                                         
|                                                                                                                         
|EXPENSES                                                                                                                 
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|LOSS BEFORE 
  OTHER ITEMS                                                                                               
|OTHER ITEMS                                                                                                              
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|                                                                                                                         
|LOSS FOR THE 
  PERIOD                                                                                                   
|                                                                                                                         
|Basic and diluted loss 
  per share                                                                                      
|Weighted average 
  number of common 
  shares outstanding                                                               

The accompanying notes are an integral part of
these financial statements.

5

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|ASP VENTURES CORP.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Expressed in United States Dollars)
(Unaudited)
|--------------------------------------------------------------------------------------------------------------------------
|                                                                                                                          
|                                                                                                                          
|CASH FLOWS FROM 
  OPERATING 
  ACTIVITIES                                                                                
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|Net cash used in operating 
  activities                                                                                  
|                                                                                                                          
|CASH FLOWS FROM 
  FINANCING 
  ACTIVITIES                                                                                
|                                                                                                                          
|                                                                                                                          
|Net cash provided by 
  financing activities                                                                              
|                                                                                                                          
|Change in cash during 
  the period                                                                                       
|Cash, beginning of 
 period                                                                                               
|Cash, end of period                                                                                                       
|Cash paid during the period for:                                                                                          
|                                                                                                                          
|                                                                                                                          

Supplemental disclosure with respect to cash flows (Note
5)

The accompanying notes are an integral part of these financial
statements.

6

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ASP VENTURES CORP.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)

The Company was incorporated under the laws of the State of
Florida on March 23, 1989, as Air Support Services, Corp and was dormant until
1998 at which time the Company began to seek viable business opportunities.  On
May 15, 1998, the Company changed its name to ASP Ventures Corp.

Since the start of the development stage on May 15, 1998, the
Company has incurred cumulative losses of $1,008,494, a working capital
deficiency of $381,212 and a deficiency in stockholders' equity of $381,212.
The Company cannot meet its obligations as they become due without additional
funds being invested.  These financial statements have been prepared in
accordance with generally accepted accounting principles in the United States of
America applicable to a going concern which assumes that the Company will
realize its assets and discharge its liabilities in the normal course of
business.

The Company's ability to meet its obligations and maintain
its operations is contingent upon several factors, including the acquisition of
a business which would lead to profitable operations, successful completion of
additional financing arrangements, the continuing support of its creditors
and/or the completion of a business combination with a company which would
assist in obtaining the necessary financing.  Management of the Company plans to
complete a business combination and raise funds through an equity offering to
address the going concern uncertainty.

In the opinion of management, the accompanying financial
statements contain all adjustments necessary (consisting of normal recurring
accruals) to present fairly the financial information contained therein.  These
statements do not include all disclosures required by generally accepted
accounting principles in the United States of America and should be read in
conjunction with the audited financial statements of the Company for the year
ended December 31, 2001.  The results of operations for the three and nine month
periods ended September 30, 2002 are not necessarily indicative of the results
to be expected for the year ending December 31, 2002.

|                 |   | September 30,
2002 |   | December 31,
2001
|---------------- | - | ------------------ | - | -----------------
|                 |   |                    |   |                  
|Principal amount | $ | 148,103            | $ | 115,843          
|Accrued interest |   | 15,921             |   | 9,168            
|                 | $ | 164,024            | $ | 125,011          

From the period May 2000 through May 2002,
$141,843 has been advanced to the Company and bears interest at a rate of 6% per
annum.  The notes are unsecured and due on demand.  The Company also received
$10,000 CDN ($6,260 USD) from a company related by way of a common director.
This note bears interest at a rate of 10%, is unsecured and due on
demand.

3.     Related party
transactions

During the nine month period ended September 30, 2002, the
Company paid or accrued $4,276 (2001 - $8,703) in management fees to the
director.

Included in accounts payable and other accrued
liabilities at September 30, 2002 is $11,636 (December 31, 2001 - $65,808) due
to companies controlled by the director.

7

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Included in notes payable is an advance that bears interest
at 10% per annum.  This note is due to a company that has a director in common
with the Company.  Including principal and accrued interest this obligation
amounts to $7,279 at September 30, 2002.

These transactions were in the normal course of operations
and were measured at the exchange value which represented the amount of
consideration established and agreed to by the related parties.

4.     Capital
stock

On April 10, 2002, the Company issued 1,061,878 shares of
common stock in the amount of $159,282 to settle accounts payable totaling
$153,608.  A loss of $5,674 has been recognized during the second quarter on
this debt settlement.

5.     Supplemental
disclosure with respect to cash flows

During the nine month period ended September 30, 2002, the
Company entered into the following significant non-cash transactions:

a)     The Company issued 1,061,878
shares of common stock in the amount of $159,282 to settle accounts payable
totaling $153,608 resulting in a loss on debt settlement of $5,674.

b)     The Company reclassified
accounts payable of $22,596 into notes payable.

There were no significant non-cash transactions for the
nine-month period ended September 30, 2001.

6.     Segmented
information

The Company's operations are conducted in one business
segment in Canada.

8

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ITEM 2.    
 PLAN OF OPERATION

The Company's plan of operation for the coming
Year is to identify and acquire a favorable business opportunity.  The Company
does not plan to limit its options to any particular industry, but will evaluate
each opportunity on its merits.  The Company anticipates that its owners,
affiliates, and consultants will provide it with sufficient capital to continue
operations until the end of the current fiscal year, but there can be no
assurance that this expectation will be fully realized.

The Company does not expect to generate any meaningful
revenue or incur operating expenses unless and until it acquires an interest in
an operating company.

PART II

ITEM 2.     RECENT SALES OF
UNREGISTERED SECURITIES

None

ITEM 6.     EXHIBITS AND REPORTS
ON FORM 8-K

(a)     Exhibits  Exhibits
required to be attached by Item 601 of Regulation S-B are listed in the Index to
Exhibits on page 11 of this Form 10-QSB, and are incorporated herein by this
reference.

(b)     Reports on Form 8-K.
No reports on Form 8-K were filed during the period covered by this
Form 10-QSB.

9

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act
of 1934 as amended, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized, this October 28,
2002

| | ASP VENTURES CORP.                                         
| | -----------------------------------------------------------
| |                                                            
| |                                                            
| |                                                            
| | /s/ Ross Wilmot                                            
| | Ross Wilmot
President, Chief Financial Officer and Director

CERTIFICATE
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)

In connection with the quarterly report of the
Company on Form 10-QSB for the fiscal quarter ended September 30, 2002, as filed
with the Securities and Exchange Commission on the date hereof ("Form 10-QSB"),
I, Ross Wilmot, the Chief Financial Officer of the Company, certify, pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. §1350, that:

(1)     This Form 10-QSB fully
complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

(2)     The information contained in
this Form 10-QSB fairly presents, in all material respects, the financial
condition and results of operations of the Company.

Dated: October 30, 2002.

/s/ Ross Wilmot

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10

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INDEX TO EXHIBITS

|EXHIBIT NO. |  |  | PAGE NO. |  |  | DESCRIPTION                                     
|----------- |  |  | -------- |  |  | ------------------------------------------------
|3(i)        |  |  | *        |  |  | Articles of Incorporation of the Company        
|3(ii)       |  |  | *        |  |  | Amended Articles of Incorporation of the Company
|3(iii)      |  |  | *        |  |  | Bylaws of the Company                           

* Incorporated by reference to the Form 10-SB filed with the
Securities and Exchange Commission on December 21, 1999.

11