| [X]            | Quarterly      Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934 |
|----------------|---------------------------------------------------------------------------------------------------|
|           |                                                                                              |
|           | For the quarterly period      ended:   March      31, 2008                              |
|           |                                                                                              |
| [  ] | 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                                     | 7                |
|  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                             | 9           |
| Item      4.                                 | Submission of Matters to a Vote of      Security Holders         | 10          |
| Item      5.                                 | Other      Information                                           | 10          |
| Item      6.                                 | Exhibits                                                         | 10               |

----

Table of Contents

ITEM 1. 

| Our      unaudited consolidated financial statements included in this Form 10-QSB      are as follows: |       |
|--------------------------------------------------------------------------------------------------------|------------|
|                                                                                                   | Page  |
| Unaudited      Balance Sheets as of March 31, 2008                                                     | F-1        |
|                                                                                                   |       |
| Unaudited      Statements of Operations for March 31, 2008                                             | F-2        |
|                                                                                                   |       |
| Unaudited      Statements of Stockholders’ Equity for March 31, 2008                             | F-3        |
|                                                                                                   |       |
| Unaudited      Statements of Cash Flows for March 31, 2008                                             | F-6        |
|                                                                                                   |       |
| Unaudited      Notes to Financial Statements                                                           | F-7        |

----

Table of Contents

| U.S.      CANADIAN MINERALS, INC.                                                         |   |
|-------------------------------------------------------------------------------------------|--------|
| (A      Development Stage Company)                                                        |   |
| Balance      Sheets                                                                       |   |
|                                                                                      |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |
| ASSETS                                                                                    |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |
|                                                                                      |   | March      31, |   |   | December      31, |   |
|                                                                                      |   | 2008 |   |   | 2007 |   |
|                                                                                      |   | (unaudited) |   |   |   |   |
| CURRENT      ASSETS                                                                       |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |
| Cash                                                                                      |   | $ | 2,575 |   |   | $ | 4,707 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| Total      Current Assets                                                                 |   |   | 2,575 |   |   |   | 4,707 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| TOTAL      ASSETS                                                                         |   | $ | 2,575 |   |   | $ | 4,707 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY      (DEFICIT)                                       |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| CURRENT      LIABILITIES                                                                  |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| Due      to related parties                                                               |   | $ | 125,621 |   |   | $ | 22,138 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| Total      Current Liabilities                                                            |   |   | 125,621 |   |   |   | 22,138 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| STOCKHOLDERS'      EQUITY (DEFICIT)                                                       |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| Preferred      stock - Series A; $0.001 par value;                                        |   |   |   |   |   |   |   |   |
|    1,000,000      shares authorized; 134,333 and  129,849 shares |   |   |   |   |   |   |   |   |
|    issued      and outstanding,respectively                                |   |   | 134 |   |   |   | 130 |   |
| Common      stock - Series A; $0.001 par value;                                           |   |   |   |   |   |   |   |   |
|    200,000,000      shares authorized; 4,546,879 and 2,995,279             |   |   |   |   |   |   |   |   |
|    shares      issued and outstanding,respectively                         |   |   | 4,547 |   |   |   | 2,995 |   |
| Treasury      stock                                                                       |   |   | 1,000 |   |   |   | 1,000 |   |
| Additional      paid-in capital                                                           |   |   | 22,046,342 |   |   |   | 22,047,878 |   |
| Accumulated      deficit                                                                  |   |   | (22,175,069 | ) |   |   | (22,069,434 | ) |
|                                                                                      |   |   |   |   |   |   |   |   |
| Total      Stockholders' Equity (Deficit)                                                 |   |   | (123,046 | ) |   |   | (17,431 | ) |
|                                                                                      |   |   |   |   |   |   |   |   |
| TOTAL      LIABILITIES AND STOCKHOLDERS'                                                  |   |   |   |   |   |   |   |   |
|   EQUITY      (DEFICIT)                                                         |   | $ | 2,575 |   |   | $ | 4,707 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these financial      statements.      |

----

Table of Contents

| U.S.      CANADIAN MINERALS, INC.                                                    |   |
|--------------------------------------------------------------------------------------|--------|
| (A      Development Stage Company)                                                   |   |
| Statements      of Operations                                                        |   |
| (unaudited)                                                                          |   |
|                                                                                 |   |   |   |   |   |   |   | From      Inception |   |
|                                                                                 |   |   |   |   |   |   |   | on      January 1, |   |
|                                                                                 |   | For      the Three Months Ended |   |   | 2004      Through |   |
|                                                                                 |   | March      31, |   |   | March      31, |   |
|                                                                                 |   | 2008 |   |   | 2007 |   |   | 2007 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| REVENUES                                                                             |   | $ | 3,000 |   |   | $ | 9,378 |   |   | $ | 136,524 |   |
| COST      OF REVENUES                                                                |   |   | - |   |   |   | - |   |   |   | - |   |
| GROSS      MARGIN                                                                    |   |   | 3,000 |   |   |   | 9,378 |   |   |   | 136,524 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING      EXPENSES                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| General      and administrative                                                      |   |   | 108,222 |   |   |   | 18,032 |   |   |   | 6,670,552 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Operating Expenses                                                        |   |   | 108,222 |   |   |   | 18,032 |   |   |   | 6,670,552 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME      (LOSS) FROM OPERATIONS                                                   |   |   | (105,222 | ) |   |   | (8,654 | ) |   |   | (6,534,028 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      INCOME AND (EXPENSE)                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense                                                                |   |   | (413 | ) |   |   | (7,509 | ) |   |   | (245,364 | ) |
| Gain      on sale of assets                                                          |   |   | - |   |   |   | - |   |   |   | 41,889 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Other Income (Expense)                                                    |   |   | (413 | ) |   |   | (7,509 | ) |   |   | (203,475 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS      FROM CONTINUING OPERATIONS                                                 |   |   | (105,635 | ) |   |   | (16,163 | ) |   |   | (6,737,503 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| GAIN      (LOSS) FROM DISCONTINUED OPERATIONS                                        |   |   | - |   |   |   | - |   |   |   | (226,830 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      LOSS                                                                        |   | $ | (105,635 | ) |   | $ | (16,163 | ) |   | $ | (6,964,333 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC      LOSS PER SHARE                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing      Operations                                                           |   | $ | (0.03 | ) |   | $ | (0.01 | ) |   |   |   |   |
| Discontinued      Operations                                                         |   | $ | 0.00 |   |   | $ | 0.00 |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED      AVERAGE NUMBER                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   OF      SHARES OUTSTANDING                                               |   |   | 3,771,079 |   |   |   | 2,190,912 |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| 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)                                    |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   | Additional |   |   |   |   |   |   |
|                                                                                 | Preferred      Stock |   | Common      Stock | Paid-In | Treasury | Accumulated |   |   |
|                                                                                 | Shares |   | Amount |   | Shares | Amount | Capital | Stock | Deficit | Total |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      January 1, 2006                                                        |    225,750 |   |  $ |    226 |   |   101,753,270 |  $ |   101,753 |  $ |   21,753,944 |  $ |   1,000 |  $ |   (21,232,709) |  $ |       624,214 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock for cash                                               |                - |   |   |         - |   |          500,000 |   |          500 |   |          19,500 |   |           - |   |                     - |   |         20,000 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock for cash                                               |                - |   |   |         - |   |          320,000 |   |          320 |   |          14,680 |   |           - |   |                     - |   |         15,000 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares for                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    conversion      of preferred shares                                |   (121,515) |   |   |   (121) |   |       1,215,150 |   |       1,215 |   |          (1,094) |   |           - |   |                     - |   |                   - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |                - |   |   |         - |   |       2,000,000 |   |       2,000 |   |          98,000 |   |           - |   |                     - |   |       100,000 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock for cash                                               |                - |   |   |         - |   |       1,666,667 |   |       1,667 |   |          58,333 |   |           - |   |                     - |   |         60,000 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of preferred stock                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |      40,000 |   |   |      40 |   |                      - |   |               - |   |                    - |   |           - |   |                     - |   |                40 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of preferred stock                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |      40,000 |   |   |      40 |   |                      - |   |               - |   |                    - |   |           - |   |                     - |   |                40 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss for the year                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ended      December 31, 2006                                             |                - |   |   |         - |   |                      - |   |               - |   |                    - |   |           - |   |        (811,523) |   |      (811,523) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      December 31, 2006                                                      |    184,235 |   |  $ |    185 |   |   107,455,087 |  $ |   107,455 |  $ |   21,943,363 |  $ |   1,000 |  $ |   (22,044,232) |  $ |           7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these financial      statements. |

----

Table of Contents

| U.S.      CANADIAN MINERALS, INC.                                                    |
|--------------------------------------------------------------------------------------|
|  (A      Development Stage Company)                                             |
| Statements      of Stockholders' Equity (Deficit)                                    |
|                                                                                 |   |   |   |   |   |   |   |   | Additional |   |   |   |   |   |   |
|                                                                                 | Preferred      Stock |   | Common      Stock | Paid-In | Treasury | Accumulated |   |   |
|                                                                                 | Shares |   | Amount |   | Shares | Amount | Capital | Stock | Deficit | Total |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      December 31, 2006                                                      |    184,235 |   |  $ |    185 |   |     107,455,087 |  $ |    107,455 |  $ |   21,943,363 |  $ |   1,000 |  $ |   (22,044,232) |  $ |           7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation      of common shares                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    issued      for services                                           |                - |   |   |         - |   |          (628,000) |   |          (628) |   |               628 |   |           - |   |                     - |   |                   - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of preferred stock                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |        9,333 |   |   |        9 |   |                       - |   |                - |   |                    - |   |           - |   |                     - |   |                  9 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |                - |   |   |         - |   |            339,167 |   |           339 |   |                    - |   |           - |   |                     - |   |              339 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of preferred stock                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |      16,666 |   |   |      17 |   |                       - |   |                - |   |                    - |   |           - |   |                     - |   |                17 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Recission      of common stock                                                       |                - |   |   |         - |   |     (39,000,500) |   |     (39,001) |   |          39,001 |   |           - |   |                     - |   |                   - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock bonus                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      recission of Nevada                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    mineral      stock                                                 |                - |   |   |         - |   |         3,900,400 |   |        3,900 |   |                    - |   |           - |   |                     - |   |           3,900 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |                - |   |   |         - |   |         1,000,000 |   |        1,000 |   |                    - |   |           - |   |                     - |   |           1,000 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares for                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    conversion      of preferred shares                                |     (79,885) |   |   |     (80) |   |              83,500 |   |             84 |   |                 (4) |   |           - |   |                     - |   |                   - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |                - |   |   |         - |   |         2,655,172 |   |        2,655 |   |                    - |   |           - |   |                     - |   |           2,655 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |                - |   |   |         - |   |       34,482,758 |   |      34,483 |   |                    - |   |           - |   |                     - |   |         34,483 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |                - |   |   |         - |   |       34,482,758 |   |      34,483 |   |                    - |   |           - |   |                     - |   |         34,483 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reverse      stock split (50 to 1)                                                   |                - |   |   |         - |   |   (141,825,063) |   |   (141,825) |   |          64,940 |   |           - |   |                     - |   |        (76,885) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares for                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    conversion      of preferred shares                                |          (500) |   |   |       (1) |   |              50,000 |   |             50 |   |               (50) |   |           - |   |                     - |   |                 (1) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss for the year                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ended      December 31, 2007                                             |                - |   |   |         - |   |                       - |   |                - |   |                    - |   |           - |   |          (25,202) |   |        (25,202) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      December 31, 2007                                                      |    129,849 |   |  $ |    130 |   |         2,995,279 |  $ |        2,995 |  $ |   22,047,878 |  $ |   1,000 |  $ |   (22,069,434) |  $ |        (17,431) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 Stockholders' Equity (Deficit)                                    |
| (unaudited)                                                                          |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   | Additional |   |   |   |   |   |   |
|                                                                                 | Preferred      Stock |   | Common      Stock | Paid-In | Treasury | Accumulated |   |   |
|                                                                                 | Shares |   | Amount |   | Shares | Amount | Capital | Stock | Deficit | Total |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      December 31, 2007                                                      |    129,849 |   |  $ |    130 |   |         2,995,279 |  $ |        2,995 |  $ |   22,047,878 |  $ |   1,000 |  $ |   (22,069,434) |  $ |        (17,431) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares for                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    conversion      of preferred shares                                |     (15,516) |   |   |     (16) |   |         1,551,600 |   |        1,552 |   |          (1,536) |   |           - |   |                     - |   |                   - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of preferred stock                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |      20,000 |   |   |      20 |   |                       - |   |                - |   |                    - |   |           - |   |                     - |   |                20 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss for the three months                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ended      March 31, 2008                                                |                - |   |   |         - |   |                       - |   |                - |   |                    - |   |           - |   |        (105,635) |   |      (105,635) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      March 31, 2008                                                         |    134,333 |   |  $ |    134 |   |         4,546,879 |  $ |        4,547 |  $ |   22,046,342 |  $ |   1,000 |  $ |   (22,175,069) |  $ |      (123,046) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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, |   |
|                                                                                 |   | 2008 |   |   | 2007 |   |   | 2008 |   |
| OPERATING      ACTIVITIES                                                            |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                        |   | $ | (105,635 | ) |   | $ | (16,163 | ) |   | $ | (6,681,437 | ) |
| Discontinued      operations                                                         |   |   | - |   |   |   | - |   |   |   | (1,149,801 | ) |
| Adjustments      to reconcile net loss to                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|   net      cash used by operating activities:                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation      expense                                                            |   |   | - |   |   |   | - |   |   |   | 14,976 |   |
| Stock  issued      for services                                            |   |   | - |   |   |   | - |   |   |   | 1,000,632 |   |
| Stock      based compensation                                                        |   |   | - |   |   |   | - |   |   |   | 531,781 |   |
| Changes      in operating assets and liabilities                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| (Increase)      decrease in deposits                                                 |   |   | - |   |   |   | - |   |   |   | (5,227 | ) |
| Increase      (decrease) in due to related parties                                   |   |   | 103,503 |   |   |   | - |   |   |   | 103,503 |   |
| Increase      (decrease) in accounts payable                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   and      accrued expenses                                                |   |   | - |   |   |   | 10,515 |   |   |   | 386,900 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Used in Operating Activities                                           |   |   | (2,132 | ) |   |   | (5,648 | ) |   |   | (5,798,673 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 in Investing Activities                                           |   |   | - |   |   |   | - |   |   |   | (2,961,691 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| FINANCING      ACTIVITIES                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds      from loans                                                             |   |   | - |   |   |   | - |   |   |   | 2,242,247 |   |
| Repayment      of loans                                                              |   |   | - |   |   |   | - |   |   |   | (140,936 | ) |
| Recission      of common stock                                                       |   |   | - |   |   |   | - |   |   |   | (879,500 | ) |
| Proceeds      from common stock and preferred stock                                  |   |   | - |   |   |   | - |   |   |   | 7,541,128 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Provided by                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|    Financing      Activities                                          |   |   | - |   |   |   | - |   |   |   | 8,762,939 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      DECREASE IN CASH                                                            |   |   | (2,132 | ) |   |   | (5,648 | ) |   |   | 2,575 |   |
| CASH      AT BEGINNING OF PERIOD                                                     |   |   | 4,707 |   |   |   | 7,771 |   |   |   | - |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      AT END OF PERIOD                                                           |   | $ | 2,575 |   |   | $ | 2,123 |   |   | $ | 2,575 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| 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.

ITEM 3.

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ITEM 4. 

ITEM 5. 

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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