| [X]            | Quarterly      Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934 |
|----------------|---------------------------------------------------------------------------------------------------|
|           |                                                                                              |
|           | For      the quarterly period ended June 30,      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      or other jurisdiction of incorporation or organization) | (IRS      Employer Identification No.) |

| 161-936 Peace Portal      Drive, Blaine Washington 98230 |
|----------------------------------------------------------|
| (Address      of principal executive offices)            |

| 702-357-8722                                                                                       |
|----------------------------------------------------------------------------------------------------|
| (Registrant’s      telephone number, including area code)                                    |
|  _______________________________________________________________                              |
| (Former      name, former address and former fiscal year, if changed since last      report)  |

| Large      accelerated filer [   ] | Accelerated      filer [   ] |
|---------------------------------------------------|---------------------------------------------|
| Non-accelerated      filer [   ]   | Smaller      reporting company [ X ]        |

----

Table of Contents

|                                                  | TABLE OF CONTENTS                                                                                     |   Page |
|-------------------------------------------------------|-------------------------------------------------------------------------------------------------------|------------------|
|  PART I – FINANCIAL      INFORMATION  |
| Item      1.                                          | Financial Statements                                                                                  | 3           |
| Item      2.                                          | Management’s Discussion and Analysis of Financial Condition and      Results of Operations | 4           |
| Item      3.                                          | Quantitative and Qualitative Disclosures About Market      Risk                                       | 7           |
| Item      4T.                                         | Controls and Procedures                                                                               | 7           |
|  PART II – OTHER      INFORMATION     |
| Item      1.                                          | Legal Proceedings                                                                                     | 8           |
| Item      1A.                                         | Risk Factors                                                                                          | 8           |
| Item      2.                                          | Unregistered Sales of Equity Securities and Use of      Proceeds                                      | 8           |
| Item      3.                                          | Defaults Upon Senior Securities                                                                       | 8           |
| Item      4.                                          | Submission of Matters to a Vote of Security      Holders                                              | 9           |
| Item      5.                                          | Other Information                                                                                     | 9           |
| Item      6.                                          | Exhibits                                                                                              | 9           |

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Table of Contents

Item1.  

| Our      unaudited consolidated financial statements included in this Form 10-Q are      as follows:  |
|------------------------------------------------------------------------------------------------------------|
|  F-1                                                                                                  |  Unaudited Condensed Balance      Sheet as of June 30, 2008; |
|  F-2                                                                                                  |  Unaudited      Condensed Statements of Operations for the three months and six months      ended June 30, 2008 and 2007 and from inception on February 4, 1999 to      June 30, 2008; |
|  F-3                                                                                                  |  Unaudited      Condensed Statements of Cash Flows for the six months ended June 30, 2008      and 2007 and from inception on February 4, 1999 to June 30,      2008; |
|  F-4                                                                                                  |  Unaudited Condensed Statement of Changes in      Stockholders' Equity from inception on February 4, 1999 to June 30,      2008; |
|  F-6                                                                                                  |  Notes      to Unaudited Condensed Financial  Statements; |

----

Table of Contents

| U.S.      CANADIAN MINERALS, INC.                                                    |   |
|--------------------------------------------------------------------------------------|--------|
| (A      Development Stage Company)                                                   |   |
| Balance      Sheets                                                                  |   |
|                                                                                 |   |   |   |   |   |   |
| ASSETS                                                                               |   |   |   |   |   |   |
|                                                                                 |   | June      30, |   |   | December      31, |   |
|                                                                                 |   | 2008 |   |   | 2007 |   |
|                                                                                 |   | (unaudited) |   |   |   |   |
| CURRENT      ASSETS                                                                  |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |
| Cash                                                                                 |   | $ | 2,662 |   |   | $ | 4,707 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
| Total      Current Assets                                                            |   |   | 2,662 |   |   |   | 4,707 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |
| TOTAL      ASSETS                                                                    |   | $ | 2,662 |   |   | $ | 4,707 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |
| LIABILITIES AND      STOCKHOLDERS' EQUITY (DEFICIT)                                  |   |   |   |   |   |   |   |   |
| CURRENT      LIABILITIES                                                             |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |
| Accounts      payable and accrued expenses                                           |   | $ | 508,396 |   |   | $ | - |   |
| Due      to related parties                                                          |   |   | 22,662 |   |   |   | 22,138 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
| Total      Current Liabilities                                                       |   |   | 531,058 |   |   |   | 22,138 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
| LONG      TERM LIABILITIES                                                           |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |
| Due      to related parties - long term                                              |   |   | - |   |   |   | - |   |
|                                                                                 |   |   |   |   |   |   |   |   |
| Total      Liabilities                                                               |   |   | 531,058 |   |   |   | 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                                                      |   |   | 22,612,282 |   |   |   | 22,613,818 |   |
| Accumulated      deficit                                                             |   |   | (23,146,360 | ) |   |   | (22,635,375 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
| Total      Stockholders' Equity (Deficit)                                            |   |   | (528,396 | ) |   |   | (17,431 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
| TOTAL      LIABILITIES AND STOCKHOLDERS'                                             |   |   |   |   |   |   |   |   |
| EQUITY      (DEFICIT)                                                                |   | $ | 2,662 |   |   | $ | 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                                                        |                            |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   | From      Inception |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   | on      January 1, |   |
|                                                                                 | For      the Three Months Ended |   |   | For      the Six Months Ended |   |   | 2004      Through |   |
|                                                                                 | June      30,                   |   |   | June      30, |   |   | June      30, |   |
|                                                                                 | 2008                            |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |   | 2007 |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| REVENUES                                                                             |                            | $ | - |   |   | $ | 16,146 |   |   | $ | 3,000 |   |   | $ | 25,524 |   |   | $ | 133,524 |   |
| COST      OF REVENUES                                                                |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| GROSS      MARGIN                                                                    |                            |   | - |   |   |   | 16,146 |   |   |   | 3,000 |   |   |   | 25,524 |   |   |   | 133,524 |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING      EXPENSES                                                              |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General      and administrative                                                      |                            |   | 403,579 |   |   |   | 11,558 |   |   |   | 511,801 |   |   |   | 29,590 |   |   |   | 7,128,271 |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Operating Expenses                                                        |                            |   | 403,579 |   |   |   | 11,558 |   |   |   | 511,801 |   |   |   | 29,590 |   |   |   | 7,128,271 |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME      (LOSS) FROM OPERATIONS                                                   |                            |   | (403,579 | ) |   |   | 4,588 |   |   |   | (508,801 | ) |   |   | (4,066 | ) |   |   | (6,994,747 | ) |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      INCOME AND (EXPENSE)                                                      |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense                                                                |                            |   | (1,771 | ) |   |   | (7,509 | ) |   |   | (2,184 | ) |   |   | (15,018 | ) |   |   | (244,951 | ) |
| Gain      on sale of assets                                                          |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 41,889 |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Other Income (Expense)                                                    |                            |   | (1,771 | ) |   |   | (7,509 | ) |   |   | (2,184 | ) |   |   | (15,018 | ) |   |   | (203,062 | ) |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS      FROM CONTINUING OPERATIONS                                                 |                            |   | (405,350 | ) |   |   | (2,921 | ) |   |   | (510,985 | ) |   |   | (19,084 | ) |   |   | (7,197,809 | ) |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GAIN      (LOSS) FROM DISCONTINUED OPERATIONS                                        |                            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (226,830 | ) |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      LOSS                                                                        |                            | $ | (405,350 | ) |   | $ | (2,921 | ) |   | $ | (510,985 | ) |   | $ | (19,084 | ) |   | $ | (7,424,639 | ) |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC      LOSS PER SHARE                                                            |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing      Operations                                                           |                            | $ | (0.09 | ) |   | $ | (0.00 | ) |   | $ | (0.13 | ) |   | $ | (0.00 | ) |   |   |   |   |
| Discontinued      Operations                                                         |                            | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED      AVERAGE NUMBER                                                         |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   OF      SHARES OUTSTANDING                                               |                            |   | 4,546,879 |   |   |   | 2,051,625 |   |   |   | 4,029,679 |   |   |   | 2,051,625 |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are a integral part of these financials      statements. |

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Table of Contents

| U.S.      CANADIAN MINERALS, INC.                                                    |   |
|--------------------------------------------------------------------------------------|--------|
| (A      Development Stage Company)                                                   |   |
| Statements      of Cash Flows                                                        |   |
|                                                                                 |   |   |   |   |   |   |   | From      Inception |   |
|                                                                                 |   |   |   |   |   |   |   | on      January 1, |   |
|                                                                                 |   | For      the Six Months Ended |   |   | 2004      Through |   |
|                                                                                 |   | June      30, |   |   | June      30, |   |
|                                                                                 |   | 2008 |   |   | 2007 |   |   | 2008 |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES                                            |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                        |   | $ | (510,985 | ) |   | $ | (19,084 | ) |   | $ | (7,652,728 | ) |
| Discontinued      operations                                                         |   |   | - |   |   |   | - |   |   |   | (1,149,801 | ) |
| Adjustments      to reconcile net loss to                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|   net      cash used by operating activities:                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock      issued for services                                                       |   |   | 20 |   |   |   | - |   |   |   | 20 |   |
| Depreciation      expense                                                            |   |   | - |   |   |   | - |   |   |   | 14,976 |   |
| Changes      in operating assets and liabilities                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| (Increase)      decrease in deposits                                                 |   |   | - |   |   |   | - |   |   |   | (5,227 | ) |
| Increase      (decrease) in accounts payable                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   and      accrued expenses                                                |   |   | 508,396 |   |   |   | 15,218 |   |   |   | 895,296 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Used by                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|    Operating      Activities                                          |   |   | (2,569 | ) |   |   | (3,866 | ) |   |   | (7,897,464 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                             |   |   | 524 |   |   |   | - |   |   |   | 2,242,771 |   |
| Repayment      of loans                                                              |   |   | - |   |   |   | - |   |   |   | (140,936 | ) |
| Recission      of common stock                                                       |   |   | - |   |   |   | - |   |   |   | (879,500 | ) |
| Reverse      stock split                                                             |   |   | - |   |   |   | - |   |   |   | (76,859 | ) |
| Stock      based compensation                                                        |   |   | - |   |   |   | - |   |   |   | 856,609 |   |
| Stock  issued      for services                                            |   |   | - |   |   |   | - |   |   |   | 1,318,604 |   |
| Proceeds      from common stock and preferred stock                                  |   |   | - |   |   |   | - |   |   |   | 7,541,128 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Provided by                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|    Financing      Activities                                          |   |   | 524 |   |   |   | - |   |   |   | 10,861,817 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      DECREASE IN CASH                                                            |   |   | (2,045 | ) |   |   | (3,866 | ) |   |   | 2,662 |   |
| CASH      AT BEGINNING OF PERIOD                                                     |   |   | 4,707 |   |   |   | 7,771 |   |   |   | - |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      AT END OF PERIOD                                                           |   | $ | 2,662 |   |   | $ | 3,905 |   |   | $ | 2,662 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| 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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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 shares                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   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 prefered stock                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |       40,000 |   |   |          40 |   |   |   |   |   |   |   |   |   |   |   |                   40 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of prefered stock                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |       40,000 |   |   |          40 |   |   |   |   |   |   |   |   |   |   |   |                   40 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss for the year                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ended      December 31, 2006                                             |                - |   |   |             - |   |                       - |   |                - |   |                     - |   |                 - |   |          (19,084) |   |           (19,084) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      December 31, 2006                                                      |     184,235 |   |   |        185 |   |     2,149,102 |   |    107,455 |   |    21,943,363 |   |          1,000 |   |   (21,251,793) |   |          800,210 |
|  with      retroactive treatment of 50 to 1                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        split                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation      of common shares                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   issued      for services                                                 |                - |   |   |             - |   |          (628,000) |   |          (628) |   |                628 |   |                 - |   |                     - |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of prefered stock                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |         9,333 |   |   |            9 |   |   |   |   |   |   |   |   |   |   |   |                     9 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |   |   |   |   |   |            339,167 |   |           339 |   |             9,836 |   |   |   |   |   |            10,175 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of prefered stock                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |       16,666 |   |   |          17 |   |   |   |   |   |   |   |   |   |   |   |                   17 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Recission      of common stock                                                       |   |   |   |   |   |     (39,000,500) |   |     (39,001) |   |           39,001 |   |   |   |   |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| bonus      for recession of Nevada minerals stock                                    |   |         3,900,400 |   |        3,900 |   |         210,622 |   |   |   |   |   |          214,522 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |   |   |   |   |   |         1,000,000 |   |        1,000 |   |           59,000 |   |   |   |   |   |            60,000 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 |   |           10,620 |   |   |   |   |   |            13,275 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   stock      based compensation                                            |   |   |   |   |   |       34,482,758 |   |      34,483 |   |         137,931 |   |   |   |   |   |          172,414 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of commons stock                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   stock      based compensation                                            |   |   |   |   |   |       34,482,758 |   |      34,483 |   |         137,931 |   |   |   |   |   |          172,414 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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) |   |   |   |   |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss for the year                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ended      December 31, 2007                                             |                - |   |   |             - |   |                       - |   |                - |   |                     - |   |                 - |   |        (510,985) |   |         (510,985) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      December 31, 2007                                                      |     129,849 |   |  $ |        131 |   |         2,995,279 |  $ |        2,995 |  $ |    22,613,818 |  $ |          1,000 |  $ |   (21,762,778) |  $ |          855,166 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 |  $ |      22,613,818 |  $ |      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 six months                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ended      June 30, 2008                  |             - |   |   |             - |   |                  - |   |             - |   |                     - |   |             - |   |         (510,985) |   |  (510,985) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      June 30, 2008                           |   134,333 |   |  $ |         134 |   |     4,546,879 |  $ |      4,547 |  $ |      22,612,282 |  $ |      1,000 |  $ |    (22,580,419) |  $ |  (528,396) |

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Item 2.   

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Item 3.

Item 4T .

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Item 1.

Item 1A. 

Item 2.  

Item 3.  

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Item 4.  

Item 5.  

Item 6. 

| ExhibitNumber | Description      of Exhibit                                                                                                                                                         |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          | Certification of Chief Executive Officer pursuant to 18      U.S.C. Section 1350, as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002                              |
| 31.2          | Certification of Chief Financial Officer pursuant to 18      U.S.C. Section 1350, as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002                              |
| 32.1          | Certification of Chief Executive Officer and Chief      Financial Officer 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Date:  | August      14, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   By: /s/  Adam      Jenn                                                                                             Adam      JennTitle:    President,      Chief Executive Officer and Director   |
| Date:  | August      14, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   By:      /s/ Van der Bok      Busboom                                                                          Van      der Bok BusboomTitle:    Chief      Financial Officer and Director                                                                                                                  |

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