| [X]            | Quarterly      Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934 |
|----------------|---------------------------------------------------------------------------------------------------|
|           |                                                                                              |
|           | For the quarterly period      ended:   March      31, 2007                              |
|           |                                                                                              |
| [  ] | Transition      Report pursuant to 13 or 15(d) of the Securities Exchange Act of      1934        |
|           |                                                                                              |
|           | For the transition period      _________ to __________                                       |
|           |                                                                                              |
|           | Commission File      Number:  000-31042                                                 |

| NEVADA                               | 33-0843633                  |
|--------------------------------------|-----------------------------|
| (State      of other jurisdiction of | (I.R.S.      Employer       |
| incorporation      or organization)  | Identification      Number) |

| #161      – 936 Peace Portal Drive      |            |
|-----------------------------------------------|-----------------|
| Blaine,      WA.                              | 98230           |
| (Address      of principal executive offices) | (Zip      Code) |

| Registrant's      Phone: | (702)      357-8722 |
|--------------------------|---------------------|

----

Table of Contents

|                                         | TABLE OF      CONTENTS                                           |   Page |
|----------------------------------------------|------------------------------------------------------------------|------------------|
| PART I - FINANCIAL      INFORMATION     |
| Item      1.                                 | Financial Statements                                             | 3           |
| Item      2.                                 | Plan of Operation                                                | 4           |
| Item      3.                                 | Controls and Procedures                                          | 8                |
|  PART II - OTHER      INFORMATION  |
| Item      1.                                 | Legal Proceedings                                                | 9           |
| Item      2.                                 | Unregistered Sales of Equity Securities and Use of      Proceeds | 9           |
| Item      3.                                 | Defaults Upon Senior    Securities                               | 10          |
| Item      4.                                 | Submission of Matters to a Vote of Security      Holders         | 10          |
| Item      5.                                 | Other Information                                                | 10          |
| Item      6.                                 | Exhibits                                                         | 12               |

----

Table of Contents

EM 1.  

| Our      unaudited consolidated financial statements included in this Form 10-QSB      are as follows: |       |
|--------------------------------------------------------------------------------------------------------|------------|
|                                                                                                   | Page  |
| Unaudited      Balance Sheets as of March 31, 2007                                                     | F-1        |
|                                                                                                   |       |
| Unaudited      Statements of Operations for March 31, 2007                                             | F-2        |
|                                                                                                   |       |
| Unaudited      Statements of Stockholders’ Equity for March 31, 2007                             | F-3        |
|                                                                                                   |       |
| Unaudited      Statements of Cash Flows for March 31, 2007                                             | F-4        |
|                                                                                                   |       |
| Unaudited      Notes to Financial Statements                                                           | F-5        |

----

Table of Contents

| U.S.      CANADIAN MINERALS, INC.                                                    |
|--------------------------------------------------------------------------------------|
| (A      Development Stage Company)                                                   |
| Balance      Sheets                                                                  |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| ASSETS                                                                               |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   | March      31, |   | December      31, |
|                                                                                 |   |   |   |   | 2007 |   | 2006 |
|                                                                                 |   |   |   |   | (Unaudited) |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| CURRENT      ASSETS                                                                  |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 | Cash |   |   |   | $ |              2,123 |   | $ |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | Total      Current Assets |   |   |              2,123 |   |   |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | TOTAL      ASSETS |   | $ |              2,123 |   | $ |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY      (DEFICIT)                                  |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| CURRENT      LIABILITIES                                                             |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 | Accounts      payable |   |   | $ |            10,515 |   | $ |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | Total      Current Liabilities |   |   |            10,515 |   |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS'      EQUITY (DEFICIT)                                                  |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 | Preferred      stock - Series A; $0.001 par value; |   |   |   |   |   |
|                                                                                 |    1,000,000      shares authorized; 527,450 shares |   |   |   |   |   |
|                                                                                 |    issued      and outstanding |   |   |                 226 |   |   |                 226 |
|                                                                                 | Common      stock - Series A; $0.001 par value; |   |   |   |   |   |
|                                                                                 |    200,000,000      shares authorized; 102,581,270 |   |   |   |   |   |
|                                                                                 |    shares      issued and outstanding |   |   |          102,581 |   |   |          102,581 |
|                                                                                 | Treasury      stock |   |   |   |              1,000 |   |   |              1,000 |
|                                                                                 | Additional      paid-in capital |   |   |     21,753,944 |   |   |     21,753,944 |
|                                                                                 | Accumulated      deficit |   |   |   |   (21,866,143) |   |   |    (21,849,980) |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | Total      Stockholders' Equity (Deficit) |   |            (8,392) |   |   |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | TOTAL      LIABILITIES AND STOCKHOLDERS' |   |   |   |   |   |
|                                                                                 |   |   EQUITY      (DEFICIT) |   | $ |              2,123 |   | $ |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these financial      statements. |

----

Table of Contents

| U.S.      CANADIAN MINERALS, INC.                                                    |   |
|--------------------------------------------------------------------------------------|--------|
| Statements      of Operations                                                        |   |
| (Unaudited)                                                                          |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   | From      Inception |   |
|                                                                                 |   |   |   |   |   |   |   | on      January 1, |   |
|                                                                                 |   | For      the Three Months Ended |   |   | 2004      Through |   |
|                                                                                 |   | March      31, |   |   | March      31, |   |
|                                                                                 |   | 2007 |   |   | 2006 |   |   | 2007 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| REVENUES                                                                             |   | $ | 9,378 |   |   | $ | - |   |   | $ | 117,389 |   |
| COST      OF REVENUES                                                                |   |   | - |   |   |   | - |   |   |   | - |   |
| GROSS      MARGIN                                                                    |   |   | 9,378 |   |   |   | - |   |   |   | 117,389 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING      EXPENSES                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| General      and administrative                                                      |   |   | 18,032 |   |   |   | 45,907 |   |   |   | 6,287,406 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Operating Expenses                                                        |   |   | 18,032 |   |   |   | 45,907 |   |   |   | 6,287,406 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME      (LOSS) FROM OPERATIONS                                                   |   |   | (8,654 | ) |   |   | (45,907 | ) |   |   | (6,170,017 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      (INCOME) AND EXPENSE                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense                                                                |   |   | (7,509 | ) |   |   | (7,509 | ) |   |   | (222,424 | ) |
| Gain      on sale of assets                                                          |   |   | - |   |   |   | - |   |   |   | 41,889 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Other Income (Expense)                                                    |   |   | (7,509 | ) |   |   | (7,509 | ) |   |   | (180,535 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS      FROM CONTINUING OPERATIONS                                                 |   |   | (16,163 | ) |   |   | (53,416 | ) |   |   | (6,350,552 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain      (loss) on discontinued operations                                          |   |   | - |   |   |   | - |   |   |   | (499,096 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      LOSS                                                                        |   | $ | (16,163 | ) |   | $ | (53,416 | ) |   | $ | (6,849,648 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC      LOSS PER SHARE                                                            |   | $ | (0.00 | ) |   | $ | (0.00 | ) |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED      AVERAGE NUMBER                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   OF      SHARES OUTSTANDING                                               |   |   | 102,581,270 |   |   |   | 102,581,270 |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are a integral part of these financials      statements. |

----

Table of Contents

| U.S.      CANADIAN MINERALS, INC.                                                    |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |
|--------------------------------------------------------------------------------------|---------------------------------------------------------------------------|--------|-------------------|---------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------|----------|-------------|---------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------|--------|---------|---------------------------------------------------------------------------|--------|---------|
|  (A      Development Stage Company)                                             |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |
| Statements      of Stockholders' Equity (Deficit)                                    |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |
| (unaudited)                                                                          |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   | Additional |                                                                                                          |   |    |                                                                      |   |    |   |   |   |
|                                                                                 | Preferred      Stock                                                      |   | Common      Stock |                                                                      | Paid-In |                                                                                                                      | Treasury | Accumulated |                                                                      |   |
|                                                                                 | Shares                                                                    | Amount |              | Shares                                                                    |    | Amount                                                                                                                    |     | Capital     |                                                                      | Stock  |       | Deficit                                                                                                       |   | Total   |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Balance      at January 1, 2004                                                      |   477,500                                                       |   |  $           |         477                       |    |       1,335,448                                                                             |     |  $     |      1,336                                       |   |  $    |    13,808,025                                                                                  |   |  $ |             - |   |  $ |   (15,016,484) |   |  $ |  (1,206,646) |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of preferred shares                                                    |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |
|    for      services                                                  |   114,000                                                       |   |              |         114                       |    |                     - |     |        |             - |   |       |           57,342                                            |   |    |             - |   |    |                   - |   |   |        57,456 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of common shares                                                       |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |
|    for      services                                                  |             - |   |              |             - |    |       2,838,811                                                                             |     |        |      2,839                                       |   |       |      1,581,658                                                                       |   |    |             - |   |    |                   - |   |   |   1,584,497 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of common shares for                                                   |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |
|    conversion      of preferred shares                                |  (254,050)                                                           |   |              |        (254)                           |    |      12,985,000                                                                                  |     |        |     12,985                                            |   |       |           (5,182)                                           |   |    |             - |   |    |                   - |   |   |          7,549 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Cancellation      of shares                                                          |  (140,000)                                                           |   |              |        (140)                           |    |           (94,500)                                                      |     |        |          (95)                |   |       |               235                       |   |    |             - |   |    |                   - |   |   |                 - |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of preferred stock                                                     |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |
|    for      acquisition of mineral rights                             |   330,000                                                       |   |              |         330                       |    |                     - |     |        |             - |   |       |        (156,746)                                                           |   |    |             - |   |    |                   - |   |   |     (156,416) |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Fractional      shares issued                                                        |             - |   |              |             - |    |                555                             |     |        |             - |   |       |            1,038                                       |   |    |             - |   |    |                   - |   |   |          1,038 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of common stock for cash                                               |             - |   |              |             - |    |       9,277,508                                                                             |     |        |      9,277                                       |   |       |      3,274,424                                                                       |   |    |             - |   |    |                   - |   |   |   3,283,701 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of common shares                                                       |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |
|    for      acquisition of mineral rights                             |             - |   |              |             - |    |      42,062,460                                                                                  |     |        |     42,063                                            |   |       |      3,099,724                                                                       |   |    |      1,000                                       |   |    |                   - |   |   |   3,142,787 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Netloss      for the year ended                                                      |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |
|   through      December 31, 2004                                           |             - |   |              |             - |    |                     - |     |        |             - |   |       |                   - |   |    |             - |   |    |    (5,226,338) |   |   |  (5,226,338) |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Balance,      December 31, 2004                                                      |   527,450                                                       |   |              |         527                       |    |      68,405,282                                                                                  |     |        |     68,405                                            |   |       |    21,660,518                                                                                  |   |    |      1,000                                       |   |    |   (20,242,822) |   |   |   1,487,628 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Fractional      shares issued                                                        |             - |   |              |             - |    |            53,920                                                  |     |        |           53            |   |       |                (53)                |   |    |             - |   |    |                   - |   |   |                 - |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of common shares for                                                   |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |
|    conversion      of preferred shares                                |  (301,700)                                                           |   |              |        (301)                           |    |      30,470,000                                                                                  |     |        |     30,470                                            |   |       |          (30,169)                                                |   |    |             - |   |    |                   - |   |   |                 - |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Recission      of common stock                                                       |             - |   |              |             - |    |         (850,000)                                                                 |     |        |        (850)                           |   |       |        (878,650)                                                           |   |    |             - |   |    |                   - |   |   |     (879,500) |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of common stock                                                        |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |
|    for      services                                                  |             - |   |              |             - |    |            50,000                                                  |     |        |           50            |   |       |           40,450                                            |   |    |             - |   |    |                   - |   |   |        40,500 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of common stock for cash                                               |             - |   |              |             - |    |       4,312,534                                                                             |     |        |      4,313                                       |   |       |         916,988                                                       |   |    |             - |   |    |                   - |   |   |      921,301 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Issuance      of common shares                                                       |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |
|    for      acquisition of mineral rights                             |             - |   |              |             - |    |          139,534                                                             |     |        |         140                       |   |       |           44,860                                            |   |    |             - |   |    |                   - |   |   |        45,000 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Net      loss for the year                                                           |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
|   ended      December 31, 2005                                             |             - |   |              |             - |    |                     - |     |        |             - |   |       |                   - |   |    |             - |   |    |       (990,715) |   |   |     (990,715) |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Balance,      December 31, 2005                                                      |   225,750                                                       |   |              |         226                       |    |    102,581,270                                                                                             |     |        |   102,581                                                       |   |       |    21,753,944                                                                                  |   |    |      1,000                                       |   |    |   (21,233,537) |   |   |      624,214 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Net      loss for the year                                                           |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
|   ended      December 31, 2006                                             |             - |   |              |             - |    |                     - |     |        |             - |   |       |                   - |   |    |             - |   |    |       (616,443) |   |   |     (616,443) |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Balance,      December 31, 2006                                                      |   225,750                                                       |   |              |         226                       |    |    102,581,270                                                                                             |     |        |   102,581                                                       |   |       |    21,753,944                                                                                  |   |    |      1,000                                       |   |    |   (21,849,980) |   |   |          7,771 |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Net      loss for the three months                                                   |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |
|   ended      March 31, 2007                                                |             - |   |              |             - |    |                     - |     |        |             - |   |       |                   - |   |    |             - |   |    |         (16,163) |   |   |       (16,163) |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| Balance,      March 31, 2007                                                         |   225,750                                                       |   |  $           |         226                       |    |    102,581,270                                                                                             |     |  $     |   102,581                                                       |   |  $    |    21,753,944                                                                                  |   |  $ |      1,000                                       |   |  $ |   (21,866,143) |   |  $ |         (8,392) |
|                                                                                 |                                                                      |   |              |                                                                      |    |                                                                                                                      |     |        |                                                                      |   |       |                                                                                                          |   |    |                                                                      |   |    |   |   |   |   |
| The      accompanying notes are an integral part of these financial      statements. |

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| U.S.      CANADIAN MINERALS, INC.                                                    |   |
|--------------------------------------------------------------------------------------|--------|
| (A      Development Stage Company)                                                   |   |
| Statements      of Cash Flows                                                        |   |
| (unaudited)                                                                          |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   | From      Inception |   |
|                                                                                 |   |   |   |   |   |   |   | on      January 1, |   |
|                                                                                 |   | For      the Three Months Ended |   |   | 2004      Through |   |
|                                                                                 |   | March      31, |   |   | March      31, |   |
|                                                                                 |   | 2007 |   |   | 2006 |   |   | 2007 |   |
| CASH      FLOWS FROM   OPERATING ACTIVITIES                           |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                        |   | $ | (16,163 | ) |   | $ | (53,416 | ) |   | $ | (6,849,659 | ) |
| Discontinued      operations                                                         |   |   | - |   |   |   | - |   |   |   | (116,663 | ) |
| Adjustments      to reconcile net loss to                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|   net      cash used by operating activities:                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation      expense                                                            |   |   | - |   |   |   | 238 |   |   |   | 14,976 |   |
| Stock  issued      for services                                            |   |   | - |   |   |   | - |   |   |   | 1,000,632 |   |
| Stock      based compensation                                                        |   |   | - |   |   |   | - |   |   |   | 531,781 |   |
| Changes      in operating assets and liabilities                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| (Increase)      decrease in deposits                                                 |   |   | - |   |   |   | (1,200 | ) |   |   | (5,227 | ) |
| Increase      (decrease) in accounts payable                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   and      accrued expenses                                                |   |   | 10,515 |   |   |   | 51,499 |   |   |   | 397,415 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Used by                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|    Operating      Activities                                          |   |   | (5,648 | ) |   |   | (2,879 | ) |   |   | (5,026,745 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to property and equipment                                             |   |   | - |   |   |   | - |   |   |   | (1,785,299 | ) |
| Loans      made                                                                      |   |   | - |   |   |   | - |   |   |   | (915,239 | ) |
| Proceeds      from mineral properties                                                |   |   | - |   |   |   | - |   |   |   | 551,227 |   |
| Proceeds      from investments                                                       |   |   | - |   |   |   | - |   |   |   | 704,783 |   |
| Additions      to investments                                                        |   |   | - |   |   |   | - |   |   |   | (1,517,163 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Used by Investing Activities                                           |   |   | - |   |   |   | - |   |   |   | (2,961,691 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds      from loans                                                             |   |   | - |   |   |   | - |   |   |   | 1,664,947 |   |
| Repayment      of loans                                                              |   |   | - |   |   |   | - |   |   |   | (140,936 | ) |
| Recission      of common stock                                                       |   |   | - |   |   |   | - |   |   |   | (879,500 | ) |
| Proceeds      from common stock and preferred stock                                  |   |   | - |   |   |   | - |   |   |   | 7,346,048 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Provided by                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|    Financing      Activities                                          |   |   | - |   |   |   | - |   |   |   | 7,990,559 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      DECREASE IN CASH                                                            |   |   | (5,648 | ) |   |   | (2,879 | ) |   |   | 2,123 |   |
| CASH      AT BEGINNING OF PERIOD                                                     |   |   | 7,771 |   |   |   | 6,825 |   |   |   | - |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      AT END OF PERIOD                                                           |   | $ | 2,123 |   |   | $ | 3,946 |   |   | $ | 2,123 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| SUPPLIMENTAL      DISCLOSURES OF                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      FLOW INFORMATION                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      PAID FOR:                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                                                                             |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Income      Taxes                                                                    |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NON      CASH FINANCING ACTIVITIES                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock      issued for mineral properties                                             |   | $ | - |   |   | $ | - |   |   | $ | 45,000 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these financial      statements. |

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ITEM 2.   

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Item 3.   

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ITEM 1. 

ITEM 2.   

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ITEM 3.  

ITEM 4. 

ITEM 5.   

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ITEM 6.  

| ExhibitNumber |  Description                                                                                                                                                                                |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          | Certification of Chief      Executive Officer pursuant to Securities Exchange Act Rule      13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002  |
| 31.2          | Certification of Chief      Financial Officer pursuant to Securities Exchange Act Rule      13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002  |
| 32.1          | Certification of Chief      Executive Officer and Chief Financial      pursuant to 18 U.S.C. Section 1350,      as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2002   |

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|   | U.S. Canadian      Minerals, Inc.                                                                                                                                                                                          |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Registrant                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                       |
|   | By: /s/Adam      Jenn                                 |
|   | Adam      JennChief      Executive Officer and Director                                                                                                                                                                    |

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