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**UNITED STATESSECURITIES AND EXCHANGE COMMISSION** Washington, D.C. 20549

_________________________

FORM 10-QSB

_________________________

(Mark One) x  QUARTERLY REPORT UNDER SECTION
  13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended  **OCTOBER
  31, 2004**

 ̈ TRANSITION
  REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _____ to _______
  Commission file number:**0-50459**

INVISION CAPITAL, INC.
  (Exact name of small business issuer in its charter)

|**Nevada**                                             |  | **98-0396733**                      
|------------------------------------------------------ |  | ------------------------------------
|(State or other jurisdiction of incorporation
      or |  | (I.R.S. Employer Identification No.)
|organization)                                          |  |                                     
|                                                       |  |                                     
|**356 Taylor Way**                                     |  |                                     
|**West Vancouver, British Columbia**                   |  | **V7X 1L7**                         
|(Address of principal executive offices)               |  | (Zip Code)                          
|                                                       |  |                                     
|Issuer’s telephone number:                             |  | **(604)  657-2443**                 

Check whether the issuer (1) filed all reports required to
  be filed by Section 13 or 15(d) of the 
  Exchange Act during the past 12 months (or for such shorter period that the
  registrant was 
  required to file such reports), and (2) has been subject to such filing requirements
  for the past 90 days. 
  Yes x      No
   ̈

(APPLICABLE ONLY TO CORPORATE ISSUERS)

State the number of shares outstanding of each of the Issuer's
  classes of common stock, as of the 
  latest practicable date. 10,398,400 common shares, $0.001 par value, issued
  and outstanding as of
  December 31, 2004

Transitional Small Business Format. Yes  ̈ 
      No x

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

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INVISION CAPITAL, INC.
  (An Exploration Stage Company) 
  Condensed Balance Sheet 
  (Unaudited)
  (Presented in U.S. Dollars)October 31, 2004

|Assets                                         |  
|---------------------------------------------- | -
|Current assets:                                |  
|Cash                                           | $
|                                               |  
|Liabilities and Shareholders’ Equity           |  
|Current liabilities:                           |  
|Accounts payable and
      accrued liabilities | $
|Total
      current liabilities                |  
|                                               |  
|Shareholders’ equity:                          |  
|Common stock                                   |  
|Additional paid-in capital                     |  
|Accumulated deficit                            |  
|Cumulative translation
      adjustment        |  
|Total
      shareholders’ equity               |  
|                                               | $

See accompanying notes to condensed financial statements

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INVISION CAPITAL, INC.
  (An Exploration Stage Company)Condensed Statements of Operations
  (Unaudited)
  (Presented in U.S. Dollars)

|                                                             |   |                    |   |   |             |   |   | January 24, |  
|------------------------------------------------------------ | - | ------------------ | - | - | ----------- | - | - | ----------- | -
|                                                             |   |                    |   |   |             |   |   | 2003        |  
|                                                             |   |                    |   |   |             |   |   | (Inception) |  
|                                                             |   | Three Months Ended |   |   | Through     |  
|                                                             |   | October 31,        |   |   | October 31, |  
|                                                             |   | 2004               |   |   | 2003        |   |   | 2004        |  
|Expenses:                                                    |   |                    |   |   |             |   |   |             |  
|Contributed rent (Note
      2)                              | $ | 300                |   | $ | 300         |   | $ | 2,100       |  
|Contributed administrative
      support (Note 2)            |   | —                  |   |   | 100         |   |   | 300         |  
|Unproven mineral interest
      acquisition costs            |   | —                  |   |   | —           |   |   | 7,420       |  
|Unproven mineral interest
      acquisition costs            |   | —                  |   |   | —           |   |   | 18,787      |  
|Professional fees                                            |   | 1,520              |   |   | 6,975       |   |   | 25,902      |  
|Office                                                       |   | 1,118              |   |   | 1,667       |   |   | 12,458      |  
|Other                                                        |   | 35                 |   |   | 54          |   |   | 1,466       |  
|Total
      expenses                                         |   | 2,973              |   |   | 9,096       |   |   | 68,433      |  
|                                                             |   |                    |   |   |             |   |   |             |  
|Loss
      from operations                                   |   | (2,973             | ) |   | (9,096      | ) |   | (68,433     | )
|                                                             |   |                    |   |   |             |   |   |             |  
|Income tax provision (Note 4)                                |   | —                  |   |   | —           |   |   | —           |  
|                                                             |   |                    |   |   |             |   |   |             |  
|Net
      loss                                               | $ | (2,973             | ) | $ | (9,096      | ) | $ | (68,433     | )
|                                                             |   |                    |   |   |             |   |   |             |  
|Basic and diluted loss per share                             | $ | (0.00              | ) | $ | (0.00       | ) |   |             |  
|                                                             |   |                    |   |   |             |   |   |             |  
|Basic and diluted weighted average common shares outstanding |   | 10,398,400         |   |   | 10,397,740  |   |   |             |  

See accompanying notes to condensed financial statements

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INVISION CAPITAL, INC.
  (An Exploration Stage Company)Condensed Statements of Cash Flows 
  (Unaudited)
  (Presented in U.S. Dollars)

|                                                      |   |                    |   |   |             |   |   | January 24, |  
|----------------------------------------------------- | - | ------------------ | - | - | ----------- | - | - | ----------- | -
|                                                      |   |                    |   |   |             |   |   | 2003        |  
|                                                      |   |                    |   |   |             |   |   | (Inception) |  
|                                                      |   | Three Months Ended |   |   | Through     |  
|                                                      |   | October 31,        |   |   | October 31, |  
|                                                      |   | 2004               |   |   | 2003        |   |   | 2004        |  
|                                                      |   |                    |   |   |             |   |   |             |  
|Net
      cash used in                                |   |                    |   |   |             |   |   |             |  
|operating activities                                  | $ | (1,626             | ) | $ | (8,494      | ) | $ | (60,686     | )
|                                                      |   |                    |   |   |             |   |   |             |  
|Cash flows from financing activities:                 |   |                    |   |   |             |   |   |             |  
|Capital contribution
      by an officer              |   | —                  |   |   | —           |   |   | 99          |  
|Proceeds from the sale
      of common stock (Note 2) |   | —                  |   |   | —           |   |   | 69,761      |  
|Net
      cash provided by                            |   |                    |   |   |             |   |   |             |  
|financing activities                                  |   | —                  |   |   | —           |   |   | 69,860      |  
|                                                      |   |                    |   |   |             |   |   |             |  
|Effect of exchange rate changes on cash               |   | —                  |   |   | 364         |   |   | (128        | )
|                                                      |   |                    |   |   |             |   |   |             |  
|Net
      change in cash                              |   | (1,626             | ) |   | (8,130      | ) |   | 9,046       |  
|                                                      |   |                    |   |   |             |   |   |             |  
|Cash, beginning of period                             |   | 10,672             |   |   | 51,850      |   |   | —           |  
|                                                      |   |                    |   |   |             |   |   |             |  
|Cash, end of period                                   | $ | 9,046              |   | $ | 43,720      |   | $ | 9,046       |  
|                                                      |   |                    |   |   |             |   |   |             |  
|Supplemental disclosure of cash flow information:     |   |                    |   |   |             |   |   |             |  
|Income taxes                                          | $ | —                  |   | $ | —           |   | $ | —           |  
|Interest                                              | $ | —                  |   | $ | —           |   | $ | —           |  

See accompanying notes to condensed financial statements

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INVISION CAPITAL, INC.
  (An Exploration Stage Company)Notes to Condensed Financial Statements
  (Unaudited)

NOTE 1: BASIS OF PRESENTATION

The condensed financial statements presented herein have been
  prepared by the Company in accordance with the accounting policies in its audited
  financial statements for the year ended July 31, 2004 as filed in its Form 10-KSB
  and should be read in conjunction with the notes thereto. The Company is in
  the exploration stage in accordance with Industry Guide 7. On July 7, 2003,
  the Company entered into an Option to Purchase and Royalty Agreement to acquire
  an unproven mineral claim located in the Thunder Bay Mining Division, Ontario,
  Canada (see Note 3).

In the opinion of management, all adjustments (consisting
  only of normal recurring adjustments) which are necessary to provide a fair
  presentation of operating results for the interim period presented have been
  made. The results of operations for the periods presented are not necessarily
  indicative of the results to be expected for the year.

Interim financial data presented herein are unaudited.

The Company’s functional currency is the Canadian dollar;
  however, the accompanying financial statements and footnotes refer to United
  States (“U.S.”) dollars unless Canadian dollars are specifically
  designated with “CDN”.

NOTE 2: RELATED PARTY TRANSACTIONS

An officer contributed office space to the Company for all
  periods presented. The office space was valued at $100 per month based on
  the market rate in the local area and is included in the accompanying financial
  statements as contributed rent expense with a corresponding credit to additional
  paid-in capital.

Officers have contributed administrative services to the Company
  since inception. The time and effort has been recorded in the accompanying financial
  statements based on the prevailing rates for such services, which equals $50
  per hour based on the level of services performed. The services are reported
  as contributed administrative services with a corresponding credit to additional
  paid-in capital.

In January 2003, the Company sold 4,000,000 shares of its
  restricted common stock to an officer for $4,000 ($.001/share).

NOTE 3: OPTION ON UNPROVEN MINERAL INTERESTS

On July 7, 2003, the Company entered into an Option to Purchase
  and Royalty Agreement to acquire an unproven mineral claim located in the Thunder
  Bay Mining Division, Ontario, Canada. Under the terms of the Option Agreement,
  the Company is required to:

| | A. | Make cash payments and exploration expenditures as follows:
| | -- | -----------------------------------------------------------

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| |  |  | Cash     |           | Exploration  |        |           
| |  |  | -------- | --------- | ------------ | ------ | ----------
| |  |  | Payments |           | Expenditures |        | Due Date  
| |  |  | CDN  $   | 10,000.00 |              | CDN  $ | -         
| |  |  | CDN  $   | -         |              | CDN  $ | 35,000.00 
| |  |  | CDN  $   | -         |              | CDN  $ | 75,000.00 
| |  |  | CDN  $   | -         |              | CDN  $ | 100,000.00
| |  |  | CDN  $   | 50,000.00 |              | CDN  $ | -         

| | * | During June 2004, the optionor reduced the amount
        of exploration costs to be incurred through June 30, 2004 from CDN$35,000
        to CDN$25,370. The Company paid CDN$25,370 (US$18,787) in
        accordance with the revised terms of the agreement.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|

| | B. | Make advance royalty payments of CDN$50,000
        per year, commencing January 1, 2008, until termination of the Agreement.
| | -- | -----------------------------------------------------------------------------------------------------------------------------
|
| | C. | Issue 250,000 shares of its common stock to the
        optionor upon commencement of commercial production.                 

In addition to the above terms, the optionor will retain a
  four percent net smelter royalty in the mineral claims.

NOTE 4: INCOME TAXES

The Company records its income taxes in accordance with SFAS
  No. 109, “Accounting for Income Taxes”. The Company incurred net
  operating losses during the periods shown on the condensed financial statements
  resulting in a deferred tax asset, which was fully allowed for; therefore, the
  net benefit and expense result in $-0- income taxes.

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Item 2. Management’s Discussion and Analysis or Plan of Operation.

Cautionary Statement Regarding Forward-Looking Statements

This annual report contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. Some discussions in this report may
contain forward-looking statements that involve risk and uncertainty. A number of important factors could cause our actual results to differ materially from those expressed in any forward-looking statements made by us in this report. Forward-looking
statements are often identified by words like: “believe”, “expect”, “estimate”, “anticipate”, “intend”, “project” and similar expressions or words which, by their nature, refer
to future events.

In some cases, you can also identify forward-looking statements by terminology such as “may”, “will”, “should”, “plans”, “predicts”, “potential” or “continue” or the
negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors", that may cause our or
our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity or achievements. Except as required by applicable law, including the securities laws of the
United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. All references to “CA $” refer to Canadian Dollars and all references
to "common shares" refer to the common shares in our capital stock.

As used in this annual report, the terms "we", "us", "our", and "Invision" mean Invision Capital, Inc., unless otherwise indicated.

Invision is an exploration stage company. There is no assurance that commercially viable mineral deposits exist on the claims that we have under option. Further exploration will be required before a final evaluation as to the economic and legal
feasibility of the claims is determined.

Glossary of Exploration Terms

The following terms, when used in this report, have the respective meanings specified below:

|Diamond  drill | A type of rotary drill in
        which the cutting is done by abrasion rather than  percussion. The
        cutting bit is set with diamonds and attached to the end of the 
        long hollow rods through which water is pumped to the cutting face. The
        drill  cuts a core of rock, which is recovered in long cylindrical
        sections.
|-------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               |                                                                                                                                                                                                                                                                                                                                                           
|Exploration    | The prospecting, trenching,
        mapping, sampling, geochemistry, geophysics,  diamond drilling and
        other work involved in searching for mineral bodies.                                                                                                                                                                                       
|               |                                                                                                                                                                                                                                                                                                                                                           
|Mineral        | A naturally occurring inorganic
        element or compound having an orderly internal  structure, characteristic
        chemical composition, crystal form & physical properties.                                                                                                                                                                       
|               |                                                                                                                                                                                                                                                                                                                                                           
|Mineralization | Rock containing an undetermined
        amount of minerals or metals.                                                                                                                                                                                                                                                                                     

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Foreign Currency and Exchange Rates

Dollar costs of Invision’s property acquisition and planned exploration
  costs are in Canadian Dollars. For purposes of consistency and to express United
  States Dollars throughout this report, Canadian Dollars have been converted
  into United States currency at the rate of US $1.00 being approximately
  equal to CA $1.25 or CA $1.00 being approximately equal to US $0.80
  which is the approximate average exchange rate during recent months and which
  is consistent with the incorporated financial statements.

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THE FOLLOWING ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY FOR THE PERIOD ENDING OCTOBER 31, 2004 SHOULD BE READ IN CONJUNCTION WITH THE COMPANY’S CONSOLIDATED FINANCIAL STATEMENTS, INCLUDING THE NOTES
THERETO CONTAINED ELSEWHERE IN THIS FORM 10-QSB.

Overview

Invision Capital, Inc. was incorporated in the State of Nevada on January 24, 2003 and established a fiscal year end of July 31. Our statutory registered agent's office is located at 251 Jeanell Drive, No. 3, Carson City, Nevada and our business
office is located at 356 Taylor Way, West Vancouver, British Columbia, Canada. Our telephone number is (604) 657-2443. There have been no material reclassifications, mergers, consolidations or purchases or sales of any significant amount of assets
not in the ordinary course of business since the date of incorporation. We are a start-up, exploration stage company engaged in the search for gold and related minerals. There is no assurance that a commercially viable mineral deposit, a reserve,
exists in our claims or can be shown to exist until sufficient and appropriate exploration is done and a comprehensive evaluation of such work concludes economic and legal feasibility.

On July 07, 2003, Invision optioned a mineral property containing one (1) mining claim located in the Thunder Bay Mining Division of the province of Ontario, Canada called the Muriel Lake Property by entering into an Option To Purchase And Royalty
Agreement dated July 07, 2003 with Richard T. Heard and Nicholas G. Carter, the beneficial owners of the claim (the “option agreement”), both arms-length British Columbia, Canada residents, to acquire the claim through the carrying out
of a three phase exploration program, making annual option payments commencing no later than January 01, 2007 and paying the vendors a royalty from production.

Under the terms of the option agreement, Messrs. Heard and Carter granted to Invision the sole and exclusive right and option to acquire 100 percent of the right, title and interest of Heard and Carter in the Muriel Lake property, subject to the
vendors receiving annual payments, a royalty interest and common shares of Invision, in accordance with the terms of the option agreement, as follows:

- Invision must pay Messrs. Heard and Carter $7,420 ($10,000 in Canadian funds) on the effective date of the agreement (paid);
- Invision must incur exploration expenditures on the property of a minimum of $18,700 on or before June 30, 2004; (completed and paid);
- Invision must incur exploration expenditures on the property of a minimum of $60,000 on or before June 30, 2005;

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- Invision must incur exploration expenditures on the property of a minimum of $80,000 on or before June 30, 2006;
- Invision must pay to the vendors $40,000 on or before January 01, 2007 as a prepayment of the net smelter royalty;
- Upon exercise of the option, Invision is required to pay to the vendors, commencing January 1, 2008, the sum of $40,000 per annum as an advance against the net smelter royalty for as long as Invision, or its assigns, holds any interest in the
property; and
- Upon the commencement of commercial production from the property, Invision or its successor under this agreement agrees to pay to the Vendors, two hundred fifty thousand (250,000) shares in the capital of Invision or any successor corporation.

Regarding each of the above cash or share payments to the vendors, we must complete the phase contemplated and must decide and provide written notice to the vendors that we intend to proceed to the next phase before making the indicated payment.

Under the option agreement, the vendors, Messrs. Heard and Carter, retain a 4% net smelter royalty for all minerals mined from the claim. Net smelter returns (NSR) refers to the net proceeds received by Invision from any smelter or other purchaser
from the sale of any ores, concentrates or minerals produced from the claim without encumbrances. The above noted payments are advances against that royalty. In the event that Invision sells or transfers its interest to a third party, that party
will assume the obligations under the NSR provision of the agreement.

The name, tenure number, date of recording and expiration date of the claim is as follows:

|Claim Name  | Claim No.  | Recorded Holder           | Expiry Date | Area Hectares | Area Acres
|----------- | ---------- | ------------------------- | ----------- | ------------- | ----------
|Muriel Lake | TB 1187566 | N.C. Carter &  R.T. Heard | July 4 2006 | 16            | 40        
|            |            | TOTAL (Hectares / Acres)  | 16          | 40           

To date we have spent $18,787 on research and development activities and $7,420 on property acquisition costs. As part of the acquisition cost Mr. Nicholas C. Carter, Ph.D., P.Eng., provided a Prospecting Report on the Muriel Lake Property
dated May 23, 2003. In early June, 2004 a crew went to the claim to commence phase I of the planned three phase exploration program. The crew completed their work in late June, 2004 with samples being sent to a laboratory for geochemical analysis.
On July 20, 2004, Nicholas G. Carter, Ph.D., P.Eng., presented his report on the phase I exploration program recommending additional claims be staked to the east, west and north of the existing claim block and updated all the work done on the claim
to date.

Mr. Carter is a registered Professional Geologist in good standing in the Association of Professional Engineers and Geoscientists of British Columbia, Canada. He is a graduate of the University of New Brunswick with a Bachelor of Science Degree
(1960), a Master of Science degree in geology in 1962 from Michigan Technological Institute and a Ph.D. degree in geology from the University of British Columbia in 1974. He has practiced his profession as a consulting exploration geologist for the
past forty (40) years.

Messr’s Heard and Carter hold the mining rights to the claim which thereby gives them or their agent, the right to mine and recover all of the minerals contained within the surface boundaries of the lease continued vertically downward. In the
event Heard and Carter were to grant another deed which is subsequently registered prior to our deed, the third party would obtain good title and we would have nothing.

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Heard and Carter have granted an option to Invision to allow Invision to explore, mine and recover any minerals on the claim. As with the preceding, if Heard and Carter were to grant an option to another party, that party would be able to enter the
claim, carry out certain work commitments and earn right and title to the claim; we would have little recourse as we would be harmed, would not own any claim and would have to cease operations. However, in either event, Heard and Carter would be
liable to us for monetary damages for breach of the option agreement. The extent of that liability would be for our out of pocket costs for expenditures on the claim, if any, in addition to any lost opportunity costs if the claim proved to be of
value in the future.

Under Ontario law, if the ownership of the claim were passed to us and the deed of ownership were recorded in our name, we would have to pay a minimum of $1,000 and file other documents since we are a foreign company in Canada. We would also
need to form an Ontario company that contains a board of directors, a majority of which would have to be Ontario residents and obtain audited financial statements for that company. We have decided that if gold is discovered on the claim and it
appears it might be economical to remove the gold, we will record the deed of ownership, pay the additional tax and file as a foreign company or establish a corporate subsidiary in Ontario. The decision to record or not record is solely within our
province.

The claim is unencumbered and there are no competitive conditions which affect the claim. Further, there is no insurance covering the claim and we believe that no insurance is necessary since the claim is unimproved and contains no buildings or
improvements.

Invision is an exploration stage company. There is no assurance that a commercially viable mineral deposit exists on the claim that we have optioned. Further exploration will be required before a final evaluation as to the economic and legal
feasibility of the claim is determined.

Only one of the directors or officers has professional or technical accreditation in the exploration, development or operations of metal mines, that being Mr. David Duval. During the past year, Mr. Frank Rigney has spent approximately 15% of his
time (approximately 9 hours per week) on the affairs of Invision. Those ratios and hours are expected to continue at that same level into the foreseeable future. Mr. Duval joined the Board of Directors on January 28, 2004. He is an independent
consultant to the mining industry, has been employed as a technical advisor to the United Nations, mine planner, production supervisor, technical service representative and was responsible for the development of a 500 ton-per-day copper mine in
Quebec. It is expected that he will spend approximately 2% (1 to 11⁄2 hours per week) of his time on the affairs of Invision for the foreseeable future.

Employees

Initially, we are using the services of subcontractors for manual labour and exploration work on our property and Mr. N.C. Carter, P. Eng. to manage the exploration program as outlined in his report. Mr. Carter is not a consultant to Invision;
rather he is the author of the report on the claim.

We intend to hire geologists, engineers and excavation subcontractors on an as needed basis. We have not entered into negotiations or contracts with any of them other than the fact that we plan to retain Mr. Heard to supervise and carry out the
Phase II work program during June, 2005 as he was responsible for the phase I program in 2004.

At present, we have no employees, other than Messrs. Rigney and Duval, our officers and directors. Messrs. Rigney and Duval do not have employment agreements with us. We presently

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do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we may adopt such plans in the future. There are presently no personal benefits available to any employees.

Offices

Our offices are located at 356 Taylor Way, West Vancouver, B.C. Canada. Currently, these facilities are provided to us by Frank J. Rigney, one of our directors and our President, without charge, but such arrangement may be cancelled at anytime
without notice. As our business activities continue, we anticipate that we will be required to pay a pro rata share of the rent incurred for the facilities that we occupy. Specific direct expenses incurred such as telephone and secretarial services
will be charged back to Invision at cost on a periodic basis.

Risks

At present we do not know whether or not the claim contains commercially exploitable reserves of gold or any other valuable mineral. Additionally, the proposed expenditures to be made by us in the exploration of the claim may not result in the
discovery of commercial quantities of ore. Problems such as unusual or unexpected formations and other conditions involved in mineral exploration often result in unsuccessful exploration efforts. In such a case, we would be unable to complete our
business plan.

We currently have sufficient financial resources to complete the first phase of our proposed exploration plan. However, in order to complete all phases of our proposed program we will need to raise additional funding. Even if the first phase of our
exploration program is successful there is no guarantee that we will be able to raise any additional capital in order to finance the second or third phases. Should we be unable to raise additional funding to complete the second and third phases of
our exploration plan, we would have to cease business operations.

Finally, even if our exploration program is successful we may not be able to obtain commercial production. If our program is successful and commercial quantities of ore are discovered we will require significant amounts of additional funds to place
the claim into commercial production. Should we be unable to raise additional funds to put the claim into production we would be unable to see the claim evolve into an operating mine and we would have to cease operations.

Results of Operations

Invision was incorporated on January 24, 2003. Comparative periods for the three month periods ended October 31, 2003 and October 31, 2004 are presented in the following discussion.

COMMON SHARES: Since inception, we have used our common stock to raise money for our optioned acquisition, for corporate expenses and to repay outstanding indebtedness. Net cash provided by financing activities from inception on January 24, 2003 to
October 31, 2004 was $69,860 as a result of proceeds received from sales of our common stock. No shares were issued in the most recent quarter.

REVENUE: Invision did not generate any revenues from operations for the quarter ended October 31, 2004 nor for the period January 24, 2003 (inception) through October 31, 2004.

EXPENSES: During the quarter ended October 31, 2004, Invision incurred operating expenses of $2,973 for the quarter (as compared to $9,096 in the same period last year) and $68,433 since

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inception. The lower expenses in the most recent quarter relate mainly to the quiet period following receipt of the engineering report on the Corporation’s optioned claim and the less expensive review period as well as the effort to secure
funds for the next phase of the exploration program. As a result, operating costs have decreased significantly and will likely remain low, consisting mainly of administrative costs, until the last quarter of the fiscal year. The costs can be further
subdivided into the following categories:

RESEARCH AND DEVELOPMENT: Invision has not incurred any expenses for research and development during the quarters ended October 31, 2004 or October 31, 2003 and none have been incurred since inception on January 24, 2003.

CONTRIBUTED EXPENSES: $300 in contributed expenses (for contributed rent and administrative costs) were incurred for the quarter (as compared to $400 for the same period last year). For the period January 24, 2003 (inception) through October
31, 2004, $2,400 has been recorded for contributed expenses. All contributed expenses are reported as contributed costs with a corresponding credit to additional paid-in capital.

UNPROVEN MINERAL ACQUISITION COSTS: During the quarter ended October 31, 2004 $18,787 was incurred in the completion of phase I of the planned three-phase exploration program and, for the same period last year $7,420 was incurred in
acquiring our optioned claim. For the period January 24, 2003 (inception) through October 31, 2004, a total of $26,207 has been recorded for unproven mineral acquisition and exploration costs.

PROFESSIONAL FEES: Invision incurred $1,520 in professional fees for the quarter as compared to $6,975 for the same period last year. Since inception, we have incurred $25,902 in professional fees which have been mainly incurred for
legal and accounting matters.

COMPENSATION: No compensation costs were incurred during the quarter ended October 31, 2004 nor during the quarter ended October 31, 2003 and none have been incurred since inception on January 24, 2003.

OFFICE EXPENSES: $1,118 was expended on general office expenses for the current quarter as compared to $1,667 during the corresponding quarter in the preceding year. For the period January 24, 2003 (inception) through October 31, 2004 a
total of $12,458 has been spent on office and related expenses.

OTHER COSTS: $35 in other costs were incurred in the quarter as compared to $54 last year over the same period. For the period January 24, 2003 (inception) through October 31, 2004, Invision has spent a total of $1,466 on other or
miscellaneous expenses.

NET CASH USED IN OPERATING ACTIVITIES: For the three months ended October 31, 2004, $1,626 in net cash has been used as compared to $8,494 for the three months ended October 31, 2003. We have used in operating activities a total net cash of
$60,686 from inception on January 24, 2003 to October 31, 2004.

INTEREST INCOME / EXPENSES: Invision has neither received nor paid interest since its inception on January 24, 2003.

INCOME TAX PROVISION: As a result of operating losses, there has been no provision for the payment of income taxes to date in 2003 - 2004 or from the date of inception.

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EXPLORATION PROGRAM: Near the end of July, 2004, the Progress Report on the
  Muriel Lake Property as authored by N.C. Carter, Ph.D., P.Eng., was concluded
  and received by the Board of Directors. In the report, Mr. Carter concluded
  that:

It is worthy of note that sulphide mineralization on
  the mining claim occurs along contacts between mafic metavolcanic rocks and
  felsic units. Based on the observed distribution of felsic and mafic metavolcanic
  rocks, a prospective and underexplored horizon is present in the central part
  of the claim area and may extend for a considerable distance both east and west
  of the current claim. Evidence for this are three known areas of sulphide mineralization
  east and west of the claim plus a similar, parallel belt of similar geology
  featuring two sulphide zones several hundred metres north of the current claim
  area.

The Muriel Lake mining claim and surrounding area is
  considered to be prospective for volcanogenic massive sulphide mineralization.
  Additional detailed geological mapping is required to gain a better understanding
  of the structural settings of the sulphide mineralization and surface geophysical
  surveys are also warranted. In this regard, an examination of previous survey
  grids suggests that it could be rehabilitated for future surveys but the current
  crossline spacing is too broad for detailed work and additional lines would
  have to be established at 100 metres intervals.

In view of the known extension of favourable geology
  well beyond the boundaries of the current claim, plus the presence of several
  sulphide zones east, west and north of the claim, it would be in order to acquire
  more ground prior to the initiation of further work in the Muriel Lake area.
  The staking of an additional 40 to 50 mining claim units extending east, west
  and north of the current claim is recommended.

Therefore, the Board of Directors is of the opinion that additional claims should be staked – indeterminate as to whether they would be owned by Messrs Heard and Carter and optioned to Invision or whether they should be acquired by Invision on
its own behalf – and that phase II of the exploration program should be carried out in 2006. Since it will require significant expenditures to accomplish both tasks, the Board is currently seeking both advice and additional funding to carry
out both tasks.

During the quarter, Invision did not sell any shares of its common stock. As of the date of this report Invision has 10,397,740 common shares issued and outstanding.

Invision continues to carefully control its expenses and overall costs as it moves forward with the development of its business plan. The first phase of the exploration program on our optioned claim was completed during the fourth quarter of the
last fiscal year and a report on the work accomplished was received in July, 2004. Invision does not have any employees and engages personnel through outside consulting contracts or agreements or other such arrangements, including for legal,
accounting and technical consultants.

Plan of Operation

For the balance of the current fiscal year we will concentrate our efforts on the review of the results of the phase I exploration program based on the report and recommendations of N. C. Carter and the shift of activities to prepare for proceeding
with phase II in the summer of 2005 at an estimated cost of $120,000 including property acquisition costs (staking of additional claims), based on the recommendations of Mr. Carter’s Report, which costs are a reflection of local costs for
the type of work program planned. We will proceed to phase II only if we are also successful

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in being able to secure the capital funding required to complete phase II. If phase II is not successful, we will terminate the option on the claim. Following industry trends and demands, we are also considering the acquisition of other properties
to conduct exploration works for gold. In either situation, a new public offering might be needed to be completed.

Invision believes it can satisfy its administrative cash requirements through the fiscal year end of July 31, 2005, from the private placements of $69,860 received in early 2003. As of October 31, 2004, we had $3,699 in working capital.
Therefore, it will be necessary to secure additional funding to complete phase II of the planned exploration program and to stake additional acreage.

Upon a decision, in joint discussions with Messrs Heard and Carter, as to the staking of additional claims and resolution of the issue as to what name or names the added claims would be registered in and how Invision will participate in the
ownership and funding, we would then proceed to Phase II which will be directed towards a continuation of the exploration and prospecting program and will include an indeterminate amount of diamond drilling. A diamond drill is a drilling machine
with a rotating, hollow, diamond studded bit that cuts a circular core which can be recovered in lengths to provide a continuous sample of the column of rock penetrated. The core is then split in half, crushed and analyzed for the various minerals
it may contain. It is anticipated that some additional geological mapping, prospecting and some geochemical sampling will take place as the drilling progresses.

Geochemistry is the study of the relative and absolute occurrences of various elements and their atomic species in the earth’s crust. It can be defined very broadly to include all the parts of the study of geology that involve chemical changes
or may be focussed on the distribution of the elements. We are interested in determining what the broad chemical makeup of the earth looks like and what changes have taken place over geologic time. The second phase may take up to four months to
complete and will have an estimated cost of $60,000, based on the requirements of the option agreement and which is a reflection of local costs for the specified type of work.

We plan to raise the additional capital required to meet the balance of our estimated funding requirements for the next twelve months, primarily through the private placement of our securities. We do not anticipate that we will be able to satisfy
any of these funding requirements internally until we significantly increase our revenues.

Due to the uncertainty of our ability to meet our current operating and capital expenses, in their report on the annual financial statements for the year ended July 31, 2004, our independent auditors included an explanatory paragraph regarding
concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

There is substantial doubt about our ability to continue as a going concern as the continuation of our business is dependent upon obtaining further financing. The issuance of additional equity securities by us could result in a significant dilution
in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further funds required for our continued operations. We are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that
additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are

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not able to obtain the additional financing on a timely basis, we will not be able to meet our other obligations as they become due.

We do not expect any changes or more hiring of employees since contracts are given to consultants and sub-contractor specialists in specific fields of expertise for the exploration works.

On November 03, 2003 Invision filed a Form 10-SB registration statement with the Securities and Exchange Commission. As a result, Invision became a reporting issuer under the Securities Exchange Act of 1934 on January 02, 2004 and is now subject to
the reporting requirements of the Exchange Act. We received final comments from the SEC on approximately April 22, 2004.

Liquidity and Capital Resources

As of end of the first quarter on October 31, 2004, we have yet to generate any revenues from our business operations.

Since inception, we have used our common stock to raise money for our optioned acquisition, for corporate expenses and to repay outstanding indebtedness. Net cash provided by financing activities from inception on January 24, 2003 to October 31,
2004 was $69,860 as a result of proceeds received from sales of our common stock.

We issued 4,000,000 shares of common stock through a Section 4(2) offering in January 2003 for cash consideration of $4,000.

We issued 6,000,000 shares of common stock through a Regulation S offering in March, 2003 for cash consideration of $6,000.

We issued 397,740 shares of common stock through a Regulation S offering in May and June, 2003 for cash consideration of $59,860.

As of October 31, 2004, our total assets which consist entirely of cash and prepaid expenses amounted to $9,046, and our total liabilities were $5,347. Working capital stood at $3,699.

For the quarter ended October 31, 2004, the net loss was $2,973 ($0.0003 per share) versus a loss of $9,096 ($0.0009 per share) in the same quarter last year. The loss per share was based on a weighted average of 10,398,400 common
shares outstanding in the current quarter and 10,397,740 shares outstanding in the same quarter last year. For the period from inception on January 24, 2003 through October 31, 2004, the cumulative net loss was $68,433.

For the balance of the current fiscal year we will concentrate our efforts on the review of the results of the phase I exploration program based on the report and recommendations of N. C. Carter and the shift of activities to prepare for proceeding
with phase II in the summer of 2005 at an estimated cost of $120,000 including property acquisition costs (staking of additional claims), based on the recommendations of Mr. Carter’s Report, which costs are a reflection of local costs for
the type of work program planned. We will proceed to phase II only if we are also successful in being able to secure the capital funding required to complete phase II. If phase II is not successful, we will terminate the option on the claim.
Following industry trends and demands, we are also considering the acquisition of other properties to conduct exploration works for gold. In either situation, a new public offering might be needed to be completed.

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If phase II is not successful we will terminate the Option on the claim and cease exploration. If phase II is successful we would then proceed to phase III in 2006 at an estimated cost of $80,000 also based on the recommendations of Mr.
Carter’s report, which costs are again a reflection of local costs for the type of work program planned. We will proceed to phase III only if we are also successful in being able to secure the capital funding required to complete that phase.
Similarly, if phase III is not successful, we will terminate the Option on the claim.

If we decide to proceed to phase III we will try to raise additional funds from a public offering, a private placement, loans or the establishment of a joint venture whereby a third party would pay the costs associated with the phase III and we
would retain a carried interest. At the present time, we have not made any plans to raise additional money and there is no assurance that we would be able to raise additional money in the future. If we need additional money and can't raise it, we
will have to suspend or cease business operations.

Inflation / Currency Fluctuations

Inflation has not been a factor during the recent quarter ended October 31, 2004. Inflation is moderately higher than it was during 2003 but the actual rate of inflation is not material and is not considered a factor in our contemplated capital
expenditure program.

Item 3. Controls and Procedures

The registrant's certifying officers are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and the Company’s Chief Executive Officer and
Chief Financial Officer have:

| | a) | designed such disclosure controls and procedures to ensure that material
      information relating to the registrant, including its consolidated subsidiaries,
      is made known to us by others within those entities, particularly during
      the period in which this quarterly report is being prepared;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) | evaluated the effectiveness of the our disclosure controls and procedures
      as of the filing date of this quarterly report (the "Evaluation Date");
      and                                                                                                                                                
| | c) | presented in this quarterly report our conclusions about the effectiveness
      of the disclosure controls and procedures based on our evaluation as of
      the Evaluation Date;                                                                                                                              

There have been no significant changes in the our internal controls or in
  other factors that could significantly affect these controls subsequent to the
  date of their evaluation, including any corrective actions with regard to significant
  deficiencies and material weaknesses.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

The Corporation is and has not been party to any legal proceedings in the preceeding quarter.

Item 2. Changes in Securities

Invision had 10,398,400 shares of common stock issued and outstanding as of October 31, 2004. Of these shares, 4,000,000 shares are held by an affiliate of Invision and none of those shares can

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be resold in compliance with the limitations of Rule 144 as adopted by the Securities Act of 1933, as amended (the “Securities Act”).

In general, under Rule 144, a person who has beneficially owned shares privately acquired directly or indirectly from us or from one of our affiliates, for at least one year, or who is an affiliate, is entitled to sell, within any three-month
period, a number of shares that do not exceed the greater of 1% of the then outstanding shares or the average weekly trading volume in our shares during the four calendar weeks immediately preceding such sale. Sales under Rule 144 are also subject
to certain manner of sale provisions, notice requirements and the availability of current public information about us. A person who is not deemed to have been an affiliate at any time during the 90 days preceding the sale, and who has beneficially
owned restricted shares for at least two years, is entitled to sell all such shares under Rule 144 without regard to the volume limitations, current public information requirements, manner of sale provisions or notice requirements.

The issuances discussed under this section are exempted from registration under Rule 504 or Regulation S or Section 4 (2) of the Securities Act, as provided. All purchasers of Invision’s securities acquired the shares for investment purposes
only and all stock certificates reflect the appropriate legends. No underwriters were involved in connection with the sale of securities referred to in this report.

Item 3. Defaults Upon Senior Securities

The have been no defaults upon Invision’s senior or other securities in the preceeding quarter.

Item 4. Submission of Matters to a Vote of Security Holders

No matter has been submitted to a vote of security holders during the preceeding quarter.

Item 5. Other Information

Use of Proceeds

Net cash provided by financing activities from inception on January 24, 2003 to October 31, 2004 was $69,860 as a result of proceeds received from sales of our common stock. During the period January 24, 2003 to October 31, 2004, the following
table indicates how the use of those proceeds have been spent to date:

|Unproven Mineral Interest Acquisition Costs     | $26,207
|----------------------------------------------- | -------
|Professional Fees                               | 25,902 
|Office Expenses                                 | 12,458 
|Other Costs                                     | 1,466  
|Total Use of Proceeds
      to October 31, 2004 | $66,033

Common Stock

During the three-month period ended October 31, 2004 no shares of common stock were issued. As of October 31, 2004, there were 10,398,400 shares issued and outstanding and as of December 31, 2004 there were 10,398,400 shares outstanding.

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Options

No options were granted during the three-month period ending October 31, 2004

Item 6. Exhibits and Reports on Form 8-K

The following reports on Form 8-K were filed during the quarter ended October 31, 2004: NIL

Exhibits

|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 Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section
      906 of the Sarbanes-Oxley Act of 2002.
|     |                                                                                                                                                               
|32.2 | Certification of Chief Financial
      Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section
      906 of the Sarbanes-Oxley Act of 2002.
|    

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Invision Capital, Inc. 
  (Registrant)

Date: January 07, 2005

BY: /s/  “Frank J. Rigney

Frank J. Rigney 
  President, Chief Executive Officer, Principal Executive Officer, 
  Treasurer, Chief Financial Officer, Principal Financial Officer Director

BY: /s/ “David K. Duval”

David K. Duval 
  Director

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