UNITED STATES SECURITIES AND
EXCHANGE COMMISSION Washington, D.C.
20549  Form 10-KSB  [ x ] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE FISCAL PERIOD ENDED MARCH 31, 2008 []TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
TRANSITION PERIOD FROM ____ TO ____ Commission File No. 000-50915  UTAH URANIUM
CORP. (Exact name of
registrant as specified in its charter) Nevada(State or other jurisdiction of
incorporation or organization) 90-0342342(I.R.S. Employer Identification Number) 11850 South
Highway 191, Unit B-9, Moab, UT  84532 (Address of principal executive offices) (435) 259-0460(Issuer's telephone number)  N/A (Former name or former address, if changed since last report) Securities registered under Section 12(b) of the Exchange Act: None Securities registered under Section 12(g) of the Exchange Act:
Common Shares Check whether the issuer is not required to file reports pursuant
to Section 13 or 15(d) of the Exchange Act:  [  ] 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. [ x ] Yes
[ ]
No Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrants knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ x ] Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).      [
 ]  Yes  [X]  No   The Issuer's revenues for its fiscal period ended March 31, 2008,
were $0.00. State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the price at which
the common equity was sold, or the average bid and asked price of such common
equity, as of a specified date within the past 60 days. (See definition of
affiliate in Rule 12b-2 of the Exchange Act.):  $5,019,040 State the number of shares outstanding of each of the issuer's
classes of equity stock, as of the latest practicable date. 38,779,200 common shares issued and outstanding as of July 14, 2008 DOCUMENTS INCORPORATED BY REFERENCE If the following documents are incorporated by reference, briefly
describe them and identify the part of the Form 10-KSB (e.g., Part I, Part II,
etc.) into which the document is incorporated: (1) any annual report to security
holders; (2) any proxy or information statement; and (3) any prospectus filed
pursuant to Rule 424(b) or (c) of the Securities Act of 1933 ("Securities Act").
The listed documents should be clearly described for identification purposes
(e.g., annual report to security holders for fiscal year ended December 24,
1990). Transitional Small Business
Disclosure Format (Check one): Yes [];
No [ x ]   FORWARD LOOKING
STATEMENTS  Statements made in this Form 10-KSB
that are not historical or current facts are forward-looking statements made
pursuant to the safe harbor provisions of Section 27A of the Securities Act of
1933 (the Act) and section 21E of the Securities Exchange Act of 1934.
 These statements often can be identified by the use of terms such as
may, will, except, believe, anticipate, estimate, approximate or
continue, or the negative thereof.  We intend that such forward-looking
statements be subject to the safe harbors for such statements.  We wish to
caution readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date made.  Any forward-looking
statements represent managements best judgments as to what may occur in the
future; however, forward-looking statements are subject to risks, uncertainties
and important factors beyond our control that could cause actual results and
events to differ materially from historical results of operations and events and
those presently anticipated or projected.  We disclaim any obligation
subsequently to revise any forward-looking statements to reflect events or
circumstances after the date of such statement or to reflect the occurrence of
anticipated or unanticipated events.  AVAILABLE
INFORMATION  Utah Uranium Corp. files annual,
quarterly, current reports, proxy statements and other information with the
Securities and Exchange Commission (the Commission).  You may read and
copy documents referred to in this Annual Report on Form 10-KSB that have been
filed with the Commission at the Commissions Public Reference Room, 450 Fifth
Street, N.W., Washington, D.C.  You may obtain information on the operation
of the Public Reference Room by calling the Commission at 1-800-SEC-0330.
 You can also obtain copies of our Commission filings by going to the
Commissions website at http://www.sec.gov.    PART I  Item 1.  Description of
Business  Business Development.  Utah Uranium Corp. was incorporated
under the laws of the State of Nevada on February 15, 2001, under the name
Parthenon Development Corporation..  On August 19, 2003, we filed an
amendment to our articles of incorporation changing our name to McNab Creek Gold
Corp., at which time management determined that our company would explore gold
and silver deposits in the vicinity of the Carlin Trend and Kennedy District.
 During early 2007, we again changed our business operations and focus to
the exploration for economic reserves of uranium in the United States,
concentrating in the States of Utah and Colorado.  On April 13, 2007, we
changed our name to Utah Uranium Corp.  After the effective date of our
registration statement filed with the Securities and Exchange Commission on
December 21, 2006,  we commenced trading on the Over-the-Counter Bulletin
Board under the symbol MCNB.  Subsequent to our name change, our symbol
was changed to UTUC.  Please note that throughout this Annual Report, and
unless otherwise noted, the words we, our, us, the Company, or Utah
Uranium, refer to Utah Uranium Corp.  Business of Issuer.  We are a natural resource exploration
and development company engaged in the exploration and development of properties
that may contain uranium minerals in the United States.  Recently, we also
acquired several potash claims in Alberta, Canada.  Our strategy is to
acquire properties that are thought to contain economic quantities of either
uranium or potash.  To date, we have acquired 7,120 acres of mineral claims
located in Colorado and Utah, which we intend to explore for economic deposits
of uranium.  We have also acquired interests in 201,216 hectares of mineral
agreements located in the Province of Alberta, which we intend to explore for
economic deposits of potash.  Certain of these claims are subject to
royalty interests outlined below.  Each of these properties has been the
subject of some historical exploration by other mining companies.  Their
historical results indicate that further exploration for uranium or potash is
warranted.  Our view that our properties are prospective for mineral
exploration is based on either prior exploration conducted by other companies or
management information and work product derived from various reports, maps,
exploratory drill logs, state organization reports, consultants, geological
study, and other exploratory information.  We also have access to historical
exploration data consisting chiefly of drill hole assay results, drill hole
logs, studies, publicly published works, our own created work product, and maps,
that help guide our property acquisition strategy.  We plan to use this
exploration data as the basis for formulating the exploration programs that we
plan to undertake on our properties.  Our principal mineral property is the
Ernestina Potash project, located in Alberta, and consisting of 201,216
hectares.  We plan to use our exploration data to target additional
exploration properties for acquisition.  Going forward in the 2009
financial year, we have plans to acquire further acres of mineral properties
consisting of claim blocks located in, but not limited to, the western Canada
and the United States, which include the states of Utah, Colorado, Arizona and
New Mexico, with our primary focus in Utah and Colorado.  Our ability to
complete these acquisitions will be subject to our obtaining sufficient
financing and our being able to conclude agreements with the property owners on
terms acceptable to us.  These potential property acquisitions have not yet
been specifically identified.  To better reflect the focus of the
Company on potash exploration, we plan to change the name of the Company to
"Universal Potash Corp.".  Steps have already been taken to reserve the
name in the relevant jurisdiction and management expects the name change to be
completed by the end of July, 2008.    Our
properties do not have any reserves.  We plan to conduct exploration
programs on these properties with the object of ascertaining whether any of our
properties contain economic concentrations of potash or uranium that are
prospective for mining.  As such, we are considered an exploration or
exploratory stage company.  Since we are an exploration stage company,
there is no assurance that a commercially viable mineral deposit exists on any
of our properties, and a great deal of further exploration will be required
before a final evaluation as to the economic and legal feasibility for our
future exploration is determined.  We have no known reserves of potash,
uranium or any other type of mineral.  Since inception, we have not
established any proven or probable reserves on our mineral properties.  Description of our Mineral
Properties  Whale
Property  The Company entered
into an Option Agreement with David A. Lacy and Michael B. Lacy on August 1,
2007  Number of claims:
 33 totaling approximately 660 acres  Legal Description:
 Stardust 1 through 22, Mint 1 and 2, Rainbow 1, Footprint 29 through 31,
Younglady 69 through 72 and Baggins 1 through 3, all located in San Juan County,
Utah, located in Township 31, Range 21, Sections 15, 21, 22, 23, 27 and 28,
Township 36, Range 17, Sections 22, and Township 37, Range 15, Sections 30.  Terms of purchase: 100%
interest Cash totaling $280,000 [$40,000 on execution, $40,000 on or before
October 1, 2007, $40,000 on or before February 1, 2008, $80,000 on or before
June 1, 2008, and $80,000 on or before June 1, 2009].  To date, we have
paid a total of $40,000 to the vendors.  The vendors have agreed to defer
all further cash payments indefinitely. A
total of 400,000 shares [100,000 on execution, 50,000 shares on or before
October 1, 2007, 50,000 shares on or before February 1, 2008, 100,000 shares on
or before June 1, 2008 and 100,000 shares on or before June 1, 2009].  To
date, we have issued a total of 300,000 shares to the vendors. Royalty  4.5% on Uranium, of which one-half may be purchased for
$3,000,000 prior to June 1, 2009.  Additional Terms 
None.  Description:  The Whale property
consists of 33 claims located in Lavender Canyon in southeastern Utah.
 Access is via decent quality dirt road, with some sections requiring minor
work in order to allow other than four wheel drive vehicles access.  About
half of the property group lies under a mid-level bench and the rest, under a
large mesa.  Plateau Resources drilled approximately 100  125 holes on the
bench in the 1970's, followed by construction of an adit estimated at 250 feet
in length.  It is estimated by the property vendors that the adit was
within 10  20 feet of the indicated ore when Plateau pulled out of the project.
 It is understood that the decision to withdraw from this property was a
corporate decision based upon occurrences away from these particular claims, and
more closely related to financial issues facing the parent company.
 Recognizing the importance of the ground cover provided by the Mesa
northeast of the bench containing the drill holes, the Company employed the
vendors to stake additional claims which were then included in the agreement on
this property.  The Company attempted to contact an individual who
reportedly held the drill data from Plateau Resources although it has been
reported back that the data was destroyed.  In the absence of the data, the
company is contemplating an initial work program that would entail removal of
old debris (if present) from the previous drill holes, and re-logging the drill
holes using down-hole probes.  Discussions have taken place with several
companies interested in joint venture developing this property, but to date, no
contracts have been entered into.    Hoopie Property  The Company entered
into an option agreement with Bob Shupe on June 29, 2007  Number of claims: 10
totaling approximately 200 acres  Legal Description: Hoopie claim numbers 1 through 10 Section 1, Township 45N, Range 20 West Western Colorado  Terms of purchase: 100%
interest Cash totaling $375,000 [$10,000 on execution, $10,000 by September
29, 2007, $45,000 by December 29, 2007, $80,000 by June 29, 2008, $100,000 by
June 29, 2009, $130,000 by June 29, 2010].  To date, $10,000 has been paid
to the vendor.  The vendor has agreed to defer the balance of the cash
payments indefinitely. A
total of 400,000 shares [50,000 by December 29, 2007, 100,000 by June 29, 2008,
100,000 by June 29, 2009, 150,000 by June 29, 2010].   To date,
150,000 shares have been issued to the vendor.  The
vendor retains a 4% net smelter royalty, 100% of which can be purchased by the
Company at a cost of $1,000,000.  Additional Terms 
None.  Description:  The
Hoopie property is located north of Slick Rock, Colorado, in the border area of
the Gypsum Valley, Colorado, and the La Sal mining district of Utah.
 Cumulatively, the historic production from the Gypsum Valley, Slick Rock
and La Sal mining camps exceeds 19.6 million lbs of Uranium
(U308) and in excess of 131 million pounds of Vanadium
(V205).  The Hoopie Mine produced Uranium and
Vanadium beginning in the early 1950s from the upper lens of the Morrison
formation.  Production was halted later that decade due to a severe thunder
storm filling the mine entrance with silt.  A small ore pile remains near
the portal, which indicated strong radiometric readings when tested with a
scintillometer (assays will be obtained at a later date). Additional work on the
property consisted of drilling in the early 1970's, for which log records are
not available.  The ore grades at the Hoopie mine are higher in Vanadium
than Uranium which is common throughout the history of production in the
surrounding area. The Company will also be focusing exploration efforts on the
lower lens of the Morrison formation, which carries additional potential to
produce Uranium and Vanadium ore. A 30-hole drill program varying in depths from
300 to 800 ft will be designed to verify the ore body and to explore the lower
lens of the Morrison formation.  Pinto
Property  The Company entered
into an option agreement with Christian F. Murer on June 1, 2007.  The
agreement was subsequently amended on May 16, 2008.  Number of claims:
 344 consisting of 6,800 acres  Legal Description: 344
Pinto Claims located in Wayne County, Utah More
specifically; the claims named Pinto 1 through 344 All
of Township 28S, Range 10E, Sections 1, 12, 13, 24, 25 The
Eastern quarters of Township 28S, Range 10E, Sections 11, 14, 23, 26, 35 The Western three-quarters of Township 28S, Range 11E, Sections 6,
7, 18, 19, 30 The
Western half of Township 28S, Range 11E, Sections 31 The
Western half of Township 27S, Range 11E, Sections 31    Terms of purchase: 100%
interest Cash totaling $900,000 [$150,000 on execution, $350,000 by June 1,
2009, $400,000 June 1, 2010].  To date, a total of $150,000 has been paid
to the vendor. A
total of 900,000 shares [200,000 within 45 days of executing agreement, 300,000
by June 1, 2009, and 400,000 June 1, 2010].  To date, a total of 200,000
shares have been issued to the vendor. Royalty  4% on Uranium, 2% on Vanadium  Additional Terms:  Purchaser must spend a minimum of $300,000
on exploration on
the property within 24 months of signing.  On October 25, 2007,
the Company announced the signing of a joint venture agreement with Consolidated
Abaddon Resources Inc. of Vancouver, British Columbia.  Under the terms of
the joint venture agreement, Abaddon will be responsible for payments to the
Company totaling $550,000, the issuance of a total of 520,000 shares over the
life of the joint venture Agreement, and completion of a minimum of $605,000 in
work on the property in a two-phase work program prior to June 1, 2009.  On
completion of certain milestones within the joint venture agreement, Abaddon
will be deemed to have earned up to a 60% interest in the property.  The
first phase of the work program will encompass the previously announced drill
plan on the Pinto (see UTUC NR, August 14, 2007), which will comprise the
drilling of up to 50 holes to test the Salt Wash sandstone member of the
Morrison formation.  The Company announced October 24, 2007, the
signing of a drilling contract with operations to commence within two weeks.  On November 14, 2007,
the Company announced the commencement of drilling operations on the property.
 A total of 12 holes were drilled, sampled and assayed.  While no
significant results were obtained in sampling for uranium, the drilling did
provide geological information enabling the Company to commence planning a
follow up drilling program.  With current market conditions being
quite soft for uranium exploration and development, an agreement was reached
with the vendor of the property to defer all payments and share issuances
required under the agreement for a 12 month term.  This amendment was dated
May 16, 2008.  Description:  The Property is
located in the Henry Mountain Basin of South Central Utah.  The property is
dissected by a good quality dirt road.  The Henry Mountain Basin is an
enclosed structural basin within the Colorado Plateau of southeastern Utah that
is entirely underlain by the extensive uranium bearing Salt Wash sandstone
member of the Morrison formation.  The basins first major discovery, based
on mining claims owned by Christian F. Murer, known as the Tony M mine, was made
in the 80s by Plateau Resources, a division of Michigan Light and Power, that
developed into a 12,920,000 pound U308indicated and
inferred resource (Stockwatch 2006-10-16 Intl Uranium News Release)
(reported).  Subsequently, the Bullfrog mine was discovered adjacent and
north of the Tony M mine by Exxon Oil Corporation, and consists of an additional
5,300,000 pound U308 inferred resource. The Tony M deposit
area includes full mine infrastructure.  Following the discovery of the
Tony M deposit in 1977, nearly 20 miles of mine workings were developed.
 These mines, collectively known as the Henry Mountains complex, are
currently owned by Denison Mines and are one of the largest known uranium
resources in the Colorado Plateau district.  Utah Uranium Corp UTUC has
acquired the Pinto claims from Christian (Ted) Murer, Exploration Geologist, who
conceptualized, discovered and currently holds a production royalty on the Tony
M mine. Mr. Murer assembled the Pinto uranium claims package by applying similar
methodology to a compiled data base elsewhere in the basin where similar
geologic settings such as the Tony M and Bullfrog mines are postulated. The
Morrison formation is approximately 250-300 ft. thick in this area. Drilling
depth to the top of the Salt Wash will vary in depth from 50 to 150 ft.
depending on dip and topography. The present plan is to further define the
north-south trend of ore accumulations within the various sands of the Salt Wash
based on known uranium deposition in the area.  Based on area
extrapolations, these mining claims could hold significant amounts of uranium
and vanadium.  Christian (Ted) Murer is working with the company to design
the drill program(s) to adequately test this property for economic deposits of
Uranium    Ray Marie
Property  The Company entered
into an Option Agreement with Bob Shupe and Gary Vancil on November 30, 2007  Number of claims: 6
claims consisting of 120 acres  Legal Description:
 6 Marcas claims located in Grant County, Utah.  More specifically,
Rae Marie 1 through 6, Township 24S, Range 26E, Section 33  Terms of purchase: 100%
interest Cash totaling $375,000 [$10,000 on execution, $10,000 on or before
February 29, 2008, $45,000 on or before May 30, 2008, $80,000 on or before
November 30, 2008, $100,000 on or before November 30, 2009, and $130,000 on or
before November 30, 2010].  The vendor has agreed to defer all cash
payments, including the initial payment, until such time as work commences on
the property. Shares totaling 400,000 shares [50,000 on or before May 30, 2008,
100,000 shares on or before May 30, 2007, 100,000 shares on or before May 30,
2008 and 150,000 shares on or before November 30, 2010]. Royalty  4% on Uranium  Additional Terms 
None.  Description:  The
Ray Marie property was owned and operated by Bill Wilson (Grand Junction, CO)
and in production through to 1978 when the Atlas Minerals mill ceased
operations. Uranium grades of the last shipment made at this time from the Ray
Marie were reported as 10lbs/ton (0.5%).    Production from the
property was from the upper lens of the Morrison formation from a coarser
grained sandstone, where there is a tendency to see higher vanadium grades.
 Historical vanadium to uranium ratios for the area were reported as being
approximately 8:1.  Production from other previous operations in the area
was also taken from the lower lens.  The Company believes the Ray Marie,
being within 100 miles of the Denison Mill now operating in Blanding, UT or
within 60 miles of a newly proposed mill, has excellent exploration potential to
delineate additional tons from both upper and lower lenses in an effort to
support additional operations.  Wild
Claims  The Company entered
into an Option Agreement with Christian F. Murer  on January 14, 2008.  Number of claims: 23
claims consisting of 460 acres  Legal Description:
 The Wild claims consist of a total of 23 claims, specifically called the
Wild 32, 34, 61, 63, 76, 78, 80, 82, 84, 97-100, 122-131, which are located in
Township 26 South, Ranges 9 and 10 East, in Emery County, Utah.  Terms of purchase: 100%
interest Cash totaling $275,000 [$75,000 on execution, $100,000 on or
before January 15, 2009, $100,000 on or before January 15, 2010].  To date,
$75,000 has been paid to the vendor. A
total of 600,000 shares [100,000 shares within 45 days of execution of the
agreement, 250,000 shares on or before January 15, 2009, 250,000 shares on or
before January 15, 2010].  To date, 100,000 common shares have been issued
to the vendor. Royalty  4% on uranium and 2% royalty on vanadium  Additional Terms  The
Company must expended $300,000 as work commitment on the property before January
14, 2010.    On January 15, 2008, the Company signed a joint venture agreement
on the Wild Claims with Consolidated Abaddon Resources Inc. of Vancouver,
British Columbia.  Under the terms of the joint venture agreement, Abaddon
will be responsible for payments to the Company totaling $195,000, the issuance
of a total of 300,000 shares over the life of the joint venture agreement, and
completion of a minimum of $600,000 in work on the property in a two-phase work
program prior to December 1, 2008.  On completion of certain milestones
within the joint venture agreement, Abaddon will be deemed to have earned up to
a 60% interest in the property.  The Company has been attempting to permit
a drilling program on the Wild Claims since January, 2008, but to date have not
received the necessary permits.  Description:  The
Wild claims consist of 23 mineral claims located within the Henry Mountain
Syncline of East Central Utah.  The Henry Mountain Syncline is an enclosed
structural basin within the Colorado Plateau of southeastern Utah that is
entirely underlain by the massive uranium bearing Salt Wash sandstone member of
the Morrison formation. The hydraulic migration of oxygenated water containing
liberated uranium tends to flow down-dip within the formation into the trapped,
oxygen free static water creating a zone of major ore concentration known as a
roll-front environment.  The first discovery, known as the Tony M mine, was
made in the 1980s by Plateau Resources, a division of Michigan Light and Power
and consists of 10,898,000 pounds U308.
 Subsequently, the Bullfrog mine was discovered adjacent and north of the
Tony M mine by Imperial Oil Corporation, and consists of an additional
12,924,000 pounds U308.  These mines are currently
owned by Denison Mines and are collectively known as the Henry Mountains
complex, one of the largest known uranium resources in the Colorado Plateau
district.  The Company acquired the Wild claims from Christian (Ted) Murer
P.Geo, the prospector geologist who conceptualized, discovered and currently
holds a production royalty on the Tony M mine. Mr. Murer assembled the Wild
claims, as well as the previously purchased Pinto claims, using the same data
and methodology.  The Company is in the process of planning and permitting
a drill program on the Wild claims.  Historically, there were a number of
drill holes made on the Wild property by Continental Oil Company in 1969.
 As part of their activities, down-hole logging was performed on these
holes, revealing radioactive mineralization in 11 holes.  It is the
intention of the Company to drill in the vicinity of those previous holes in
order to properly assess the uranium/vanadium content.  Ernestina Potash
Prospect  The Company entered
into an Option Agreement with Shaun Spelliscy on April 25, 2008  Number of claims: 25
mineral agreements consisting of 474,400 acres  Legal
Description:  The Ernestina Lake property consists of applications number
080112001-80112007, 080113401-080113402, 0980109301-0980109306, 0980109306,
080102101-080102105, 080115001-070115004, for a total of 192,000 hectares
(474,400 acres), located in east-central Alberta, south of Cold Lake,
Alberta  Terms of purchase: 100%
interest Cash totaling $300,000 [$50,000 on execution, $50,000 on or before
June 25, 2008, $75,000 on or before December 25, 2008, $75,000 on or before
April 25, 2009, and $50,000 on or before August 25, 2009], and shares totaling
300,000 [100,000 on execution, 50,000 on or before June 25, 2008, 50,000 on or
before December 25, 2008, 50,000 on or before April 25, 2009, and 50,000 on or
before August 25, 2009].  To date, $100,000 cash and 150,000 shares have
been paid to the vendor.  Royalty  3%, 80% of which may be purchased for
$2,500,000.  Additional Terms 
None.  On June 26, 2008, the
Company announced the signing of a letter of intent to option out the Ernestina
Lake Potash property with Mountain Capital Inc.  Terms of the agreement are
as follows:  $50,000 cash (on signing  non refundable  which has been
paid);  $125,000 Cash and 500,000 shares on TSX Venture Exchange Approval;
 $500,000 work commitment within 12 months including preparation of a
NI43-101 report;  $75,000 Cash and equivalent value to $30,000 in shares
prior to December 25, 2008;   $125,000 cash and equivalent value to $30,000 in shares prior to
April 25, 2009;  $125,000 Cash and equivalent value to $30,000 in shares
prior to August 25, 2009;  Milestone 1:  $1,000,000 (in addition to
above) work commitment within 24 months of granting of exploration permits;
 Milestone 2:  After Milestone 1, Mountain Capital will be deemed to
have earned a 50% interest subject to a 3.0% NSR of which 80% of the NSR can be
purchased for $2,500,000.  Completion of Milestone 2 will increase Mountain
Capitals interest to 60% subject to NSR.  Description:  The
Ernestina Lake Potash property, located in the Province of Alberta, Canada,
consists of 192,000 contiguous hectares (474,400 acres) of potash claims
adjoining the Saskatchewan provincial border.  According to an overview of
work conducted by Royal American Petroleums Ltd. in 1966 filed with the Alberta
Geological Survey in Mineral Assessment Report (19660009):  The geological
strata and basinal effects in the Vermilion area are closely related to the
potash-rich areas of Esterhazy, Saskatoon and Unity.  A detailed study of
this portion of Alberta showed the presence of a substantial quantity of
carnallite and possible sylvite in the Vermillion area in the East Central
Plains of Alberta.  Literature made available from the Alberta Conservation
Board, corroborates this potash occurrence in Alberta.  The potash minerals
are found in the Prairie Evaporite section of the Middle Devonian Elk Point
Basin.  The carnallite and the pinkish potash mineral lie on top of a thick
400 foot section of common salt (halite).  A thickness of twelve feet of
carnallite was reported to be present and the pinkish and greyish mineral, in
all probability sylvite, occurs through the first 80 feet of the Prairie
Evaporite.  Potash occurs over the upper 150 feet at Esterhazy and in the
Saskatoon area.  The potash minerals are of the same composition and
depositional sequence and depth as the potash at Unity, Saskatchewan, the
location of Canadas first potash mine.  A possible potash bed occurs at
2600 feet in the Prairie Evaporite which could be an extension of the Unity
deposit.  The lower deposits are separate but occur at 3500 feet similar to
the Saskatoon deposits.  Dropped
Properties  Hat Property Property was overstaked and the Company did not feel we had a strong
legally enforceable  position to fight this through the courts. Henry Mountains
Property  On further evaluation, the Company decided not to pursue this
property for geological reasons. Family
Butte  On further evaluation, the Company decided not to pursue this
due to high ongoing carrying costs, proximity to Wilderness Study Area ground,
making it difficult to develop, the distance to the Blanding millsite (200
miles) and ongoing problems related to securing a group of claims that dissected
the Family Butte claim package.  Item 2.  Description of
Property  Office Premises  We have a lease on our principal
office space located at 11850 South Highway 191, Unit B-9, Moab, Utah, USA, at a
cost of $2,000 per month.  The lease is being carried on a month to month
basis.  For information on our mining
properties and claims, please see Item 1.  Description of Business
above.  Item 3.  Legal
Proceedings  Management is not aware of any legal
proceedings contemplated by any governmental authority or any other party
involving us or our properties.  As of the date of this Annual Report, no
director, officer or affiliate is (i) a party adverse to us in any legal
proceeding, or (ii) has an adverse interest to us in any legal proceedings.
 Management is not aware of any other legal proceedings pending or that
have been threatened against us or our properties.  Item 4.  Submission of
Matters to a Vote of Security Holders.    Subsequent
to the fiscal year 2008, certain matters were submitted to our shareholders for
approval as follows:  On May 5, 2008, the Board of
Directors authorized and approved, subject to shareholder approval, the change
of our name from Utah Uranium Corp. to Universal Potash Corp., which the
Board of Directors deemed to be in our best interests and those of our
shareholders.  The Board further authorized the preparation and circulation
of an Information Statement to be filed under section 14(c) of the Securities
Exchange Act (the Information Statement).  PART II  Item 5.  Market for Common
Equity and Related Stockholder Matters and Small Business Issuer Purchases of
Equity Securities.  Market information.  Our common stock is traded on the
NASD OTC Bulletin Board under the symbol UTUC.  The following table sets
for the periods indicated the high and low trades per share of our common stock.
 Quotations commenced on the OTC Bulletin Board on December 21, 2006.
 These over-the-counter market quotations reflect inter-dealer prices
without retail mark-up, mark-down or commission and may not necessarily
represent actual transactions:  Quarter Ended
High
LowMarch 31, 2008
$0.48
$0.41June 30, 2008
$0.33
$0.29  Holders:We have
approximately 75 registered shareholders of record as of July 10, 2008.  Share Purchase Warrants:At July 10, 2008, the Company had the 920,000 warrants outstanding as
follows:  Number of
Shares Under Warrant
Price Per
Share
Expiry
Date400,000
$0.25
December 15, 2008520,000
$0.80
October 11,
2009  Share Purchase Options:At March 31, 2008, there were no share purchase options outstanding.  We have not authorized any securities
for issuance under equity compensation plans.  Dividends: We have not
declared any cash dividends, nor do we intend to do so.  We are not subject
to any legal restrictions respecting the payments of dividends, except that they
may not be paid to render us insolvent.  Dividend policy will be based on
our cash resources and needs and it is anticipated that all available cash will
be needed for our operations in the foreseeable future.  Recent Sales of Unregistered
Securities. · On April 24,
2007, the Company issued 100,000 shares to Dennis Ekker under the Purchase
Agreement dated March 15, 2007, regarding a 50% interest in the Family Butte
property. · On April 24,
2007, the Company issued 150,000 shares to Jeff Adams under the Purchase
Agreement dated March 15, 2007, regarding at 50% interest in the Family Butte
property.  On April 1, 2008, the directors of the Company determined not to
proceed with the Purchase Agreement, and 100,000 of the shares issued to Mr.
Adams were returned to the Company's treasury.   · On June 1, 2007,
the Company issued 400,000 shares to Jeff Adams under the Purchase Agreement
dated April 10, 2007, regarding the Henry Mountains property.
 Subsequently, the Company determined not to proceed with such purchase and
the 400,000 shares were returned to the Company's treasury on July 19, 2007. · On June 11, 2007,
the Company issued 50,000 shares to Bob Shupe as compensation for Mr. Shupe
agreeing to act as consultant of the Company. · On June 11, 2007,
the Company issued 100,000 shares to Michael Sandidge as compensation for Mr.
Sandidge agreeing to act as a director of the Company. · On June 20, 2007,
the Company issued 100,000 shares to Tibor G. Rozgonyi pursuant to the terms of
the Technical Advisory Agreement entered into with Mr. Rozgonyi and dated May
15, 2007. · On June 28, 2007,
the Company issued 200,000 shares to Christian F. Murer under the Purchase
Agreement dated June 1, 2007, regarding the Pinto property. · On July 27, 2007,
the Company issued 50,000 shares to Hans Von Michaelis in payment of a finder's
fee for his efforts in introducing the Company to Christian F. Murer, the vendor
of the Pinto property. · On September 12,
2007, the Company issued 50,000 shares to each of Michael B. Lacy and David A.
Lacy (100,000 shares in total) under the Purchase Agreement dated June 1,
2007, regarding the Whale property. · On September 12,
2007, the Company issued 100,000 shares to Donald O. Miller as compensation for
Mr. Miller agreeing to act as a director of the Company.  · On October 27,
2007, the Company sold to 10 subscribers a total of 520,000 shares of common
stock at a price of $0.50 per share carrying a warrant that allows the
subscribers to purchase 520,000 additional shares of the Company's common shares
at a price of $0.80 until October 11, 2009, under the provisions of section 4(2)
of the Securities Act of 1933and Rule 506 of Regulation D. · On November 5,
2007, the Company issued 25,000 shares each to David A. Lacy and Michael B. Lacy
(50,000 shares in total) under the Purchase Agreement dated June 1, 2007, of the
Whale property. · On December 31,
2007, the Company issued 25,000 shares to each of Gary Vancil and Bob Shupe
(50,000 shares in total) under the Purchase Agreement dated June 1, 2007,
regarding the Hat property. · On December 31,
2007, the Company issued 50,000 shares to Bob Shupe under the Purchase Agreement
dated June 29, 2007, regarding the Hoopie claims. · On January 28,
2008, the Company issued 100,000 shares to Christian F. Murer under the Purchase
Agreement dated January 14, 2008, regarding the Wild claims. · On February 19,
2008, the Company issued 25,000 shares each to David A. Lacy and Michael B. Lacy
(50,000 shares in total) under the Purchase Agreement dated June 1, 2007, of the
Whale property. Sales
of unregistered securities after March 31, 2008:   · On June 23, 2008,
the Company issued 100,000 shares to Shaun Spelliscy under the Option Agreement
dated April 25, 2008 (as amended) on the Ernestina Potash project. · On June 27, 2008,
the Company issued 50,000 shares to Shaun Spelliscy under the Option Agreement
dated April 25, 2008 (as amended) on the Ernestina Potash project. · On July 8, 2008,
the company issued 100,000 shares to Bob Shupe under the Purchase Agreement
dated June 29, 2007,  regarding the Hoopie claims. · On July 8, 2008,
the Company issued 50,000 shares each to David A. Lacy and Michael B. Lacy
(100,000 shares in total) under the Purchase Agreement dated June 1, 2007, of
the Whale property.  The common shares of
the Company are all of the same class, are voting and entitle stockholders to
receive dividends. Upon liquidation or wind-up, stockholders are entitled to
participate equally with respect to any distribution of net assets or any
dividends which may be declared.  Transfer Agent:The Company continues to retain the services of Computershare Inc.,
350 Indiana Street, Suite 800, Golden, Colorado, 80401, to act as transfer agent
and registrar.  Item 6.  Plan of
Operation  Business Overview  The business of our Company is the
acquisition, exploration and exploitation of mineral properties having the
potential to host economically viable uranium or potash deposits.  Its
geographic area of interest is the state of Utah and the Four Corners area,
where the states of Utah, Nevada, Colorado and New Mexico intersect, and the
Province of Alberta, Canada.  The business model being followed is that of
Project Generator, whereby the Company researches, negotiates and secures rights
to prospective mineral properties, then options those agreements out to third
party companies.  Therefore, the Company would maintain interests in a
variety of properties, while third party companies finance the development of
those assets.  As of July 11, 2007, the Company has
acquired interests in six mineral properties, three of which are subject to
joint venture agreements.  Cash Requirements  We are a start-up exploration company
and must raise cash to implement our business plan.  The company is in the
process of acquiring and evaluating mineral properties, therefore our cash
requirements over the next twelve months depend to a certain degree on
acquisition opportunities as well as discoveries on our properties.  The
payment requirements for properties that have been acquired, or are being
acquired after March 31, 2008, for the next twelve months is $560,000, of which
$100,000 has been paid and $135,000 is due from joint venture partners.  To
continue operations and commence exploration on our current properties,
management estimates that the Company will require approximately $1,000,000.  The Company has announced a private
placement tor raise up to $450,000 and anticipates closing this financing within
the next month.  In addition, the Company continues to discuss potential
institutional investments.  Purchase of Significant
Equipment  We do not intend to make any
significant equipment purchases over the next twelve months, other than
spectrometers and office furnishings and computers.    Employees  Currently our only employees are our
directors and officers.  We do not expect any material changes in the
number of employees over the next twelve months.  We do and will continue
to outsource contract employment as needed.  Item 7.  Financial
Statements  Following are the audited financial
statements of the Company and the Report of the Independent Auditor for the
period ended March 31, 2008.            UTAH
URANIUM CORP. (An
exploration stage company)  Financial Statements   March
31, 2008                      Index  Report of Independent Registered Public Accounting
Firm  Balance Sheets  Statements of Operations  Statements of Cash Flows  Statement of Stockholders' Equity  Notes to the Financial Statements    [f10ksbmarch3108final001.jpg]  REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM   To the Stockholders and Board of Directors of Utah
Uranium Corp. (An exploration stage company)  We have audited the accompanying balance
sheets of Utah Uranium Corp. (an exploration stage company) as of March 31, 2008
and 2007 and the statements of operations, stockholders equity and cash flows
for the years then ended and for the period from February 15, 2001 (date of
inception) to March 31, 2008. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on
these financial statements based on our audits. The Companys financial
statements as at March 31, 2005 were audited by other auditors whose report
dated June 26, 2005, included an explanatory paragraph regarding the Companys
ability to continue as a going concern.  The financial statements for the
period from February 15, 2001 (date of inception) to March 31, 2005 reflect a
total net loss of $124,879 of the related cumulative totals.  The other
auditors reports have been furnished to us, and our opinion, insofar as it
relates to amounts included for such prior periods, is based solely on the
reports of such other auditors.  We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States).
 Those standards require that we plan and perform an audit to obtain
reasonable assurance whether the financial statements are free of material
misstatement.  The Company is not required to have, nor were we engaged to
perform, an audit of its internal controls over financial reporting. Our audit
included consideration of internal controls over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Companys internal controls over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a reasonable
basis for our opinion.  In our opinion, based on our audits and the
report of other auditors, these financial statements present fairly, in all
material respects, the financial position of Utah Uranium Corp. at March 31,
2008 and 2007 and the results of its operations and its cash flows for the years
then ended and for the period from February 15, 2001 (date of inception) to
March 31, 2008 in accordance with accounting principles generally accepted in
the United States of America.  The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern.
 As discussed in Note 1 to the financial statements, the Company has not
generated revenues since inception, has incurred losses in developing its
business, and further losses are anticipated.  The Company requires
additional funds to meet its obligations and the costs of its operations.
 These factors raise substantial doubt about the Companys ability to
continue as a going concern.  Managements plans in this regard are
described in Note 1.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.   /s/DMCL  DALE MATHESON
CARR-HILTON LABONTE LLP CHARTERED ACCOUNTANTS Vancouver, Canada July 11, 2008     [f10ksbmarch3108final002.jpg]    UTAH URANIUM CORP.(An exploration stage
company)BALANCE SHEETSMarch 31,
March 31,2008
2007ASSETSCurrent AssetsCash
$
        113,270
$
           28,303Prepaids
5,322
1,623Marketable securities - Note 3
18,000
-Total Current Assets
136,592
29,926Equipment - Note 4
-
48Mineral properties - Note 5
638,500
-Total Assets
$
        775,092
$
           29,974LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)Current LiabilitiesAccounts payable and accrued
liabilities
$
        156,272
$
           59,234Exploration advances - Notes 5(d) and
(h)
84,865
-Promissory notes - Note 6
319,957
-Due to related parties - Note 7
75,108
13,029Total Liabilities
636,202
72,263Stockholders' Equity (Deficit)Common stock - Note 8Authorized : 100,000,000
common shares, $0.0001 par valueIssued and outstanding:
38,529,200 common shares (2007: 36,759,200)
3,853
3,676Additional paid-in capital
1,795,628
349,371Accumulated other comprehensive
loss
(7,000)
-Deficit accumulated during the
exploration stage
(1,653,591)
(395,336)Total Stockholders' Equity (Deficit)
138,890
(42,289)Total Liabilities and Stockholders' Equity
(Deficit)
$
        775,092
$
           29,974Going Concern Contingency  - Note
1Commitments and Subsequent Events - Notes 5, 6,
7 and 13The accompanying notes are an integral
part of these financial statements      UTAH URANIUM CORP.(An exploration stage
company)STATEMENTS OF OPERATIONSFebruary 15,2001 (date ofYear Ended
Year Ended
inception) toMarch 31,
March 31,
March 31,2008
2007
2008ExpensesAmortization
$
                48
$
           151
$
              257Compensation expenses
-
-
48,960Consulting fees - Note 7
442,421
75,980
518,401General and administrative
277,853
42,060
459,231Impairment
of mineral properties - Note 5
345,100
-
345,100Interest
expense - Note 6
53,334
-
53,334Mineral
properties costs - Note 5
115,499
36,731
192,308Rent - Note 9
24,000
6,000
36,000Net loss
$   (1,258,255)
$    (160,922)
$
  (1,653,591)Net loss per share attributable to
commonstockholders:Basic and diluted
$
         (0.03)
$
        (0.01)Weighted average number ofcommon shares outstanding:Basic and diluted
37,780,129
36,294,542The accompanying notes are an integral
part of these financial statements     UTAH URANIUM CORP.(An exploration stage
company)STATEMENTS OF CASH FLOWSFebruary 15,2001 (date ofYear Ended
Year Ended
inception) toMarch 31,
March 31,
March 31,2008
2007
2008Operating ActivitiesNet loss
$   (1,258,255)
$    (160,922)
$
  (1,653,591)Non-cash items:- Accrued interest on
promissory notes
53,334
-
53,334- Amortization
48
151
432- Compensation
expense
-
-
48,960- Donated service
6,000
6,000
18,000- Shares issued for
services
248,500
10,001
270,751- Shares issued for mineral
properties
325,100
-
325,100Changes in non-cash working capital
items:- Prepaids
(3,699)
(1,623)
(5,324)- Accounts payable and
accrued liabilities
97,038
15,659
150,105- Due to related
parties
12,099
-
29,673Net cash used in operating activities
(519,835)
(130,734)
(762,560)Investing ActivitiesAcquisition of equipment
-
-
(432)Mineral properties
(285,000)
-
(285,000)Proceeds from mineral property
option
175,000
-
175,000Exploration advances
84,865
-
84,865Net cash flows used in investing
activities
(25,135)
-
(25,567)Financing activitiesAdvances from related parties
49,980
-
49,980Proceeds from the issuance of common
stock
190,000
150,000
431,460Proceeds from the issuance of
promissory notes
389,957
-
419,957Net cash flows provided by financing
activities
629,937
150,000
901,397Increase in cash
84,967
19,266
113,270Cash, beginning
28,303
9,037
-Cash, ending
$
          113,270
$
         28,303
$
           113,270Supplemental cash flow information (Note
11)The accompanying notes are an integral
part of these financial statements


UTAH URANIUM CORP.(An
exploration stage company)STATEMENT OF STOCKHOLDERS' EQUITYCommon Stock
Par Value
Additional Paid In Capital
Common Stock Subscribed
Deficit Accumulated During the Exploration
stage
Accumulated Other Comprehensive Loss
Stockholders' Equity (Deficit)Issuance of
common stock for services rendered at $0.00005 per share, February 16,
2001
45,000,000
$
                4,500
$
              (2,250)
$
                       -
$
                        -
$
                       -
$
                2,250Loss for the
period
-
-
-
-
-
-
-Balance, March
31, 2002
45,000,000
4,500
(2,250)
-
-
-
2,250Loss for the
year
-
-
-
-
(2,936)
-
(2,936)Balance, March
31, 2003
45,000,000
4,500
(2,250)
-
(2,936)
-
(686)Cancellation of
common stock
(45,000,000)
(4,500)
4,500
-
-
-
-Common stock
issued for cash- at
$0.005 from September 2003 to March 2004
8,404,000
840
41,180
-
-
-
42,020- at
$0.005 from September 2003 to March 2004
10,880,000
1,088
53,312
-
-
-
54,400Loss
for the year
-
-
-
-
(78,562)
-
(78,562)Balance, March
31, 2004
19,284,000
1,928
96,742
-
(81,498)
-
17,172Loss for the
year
-
-
-
-
(43,381)
-
(43,381)Balance, March
31, 2005
19,284,000
1,928
96,742
-
(124,879)
-
(26,209)Issuance of
common stock for debt settlement - at $0.005 on December 30, 2005
7,675,200
768
37,608
-
-
-
38,376Common stock
issued for cash-
at $0.005 from November 5, 2005 to  December 31, 2005
8,800,000
880
43,120
-
-
-
44,000Donated
services
-
-
6,000
-
-
-
6,000Loss for the
year
-
-
-
-
(109,535)
-
(109,535)Balance, March
31, 2006
35,759,200
$
                3,576
$
             183,470
$
                       -
(234,414)
$
                       -
(47,368)The
accompanying notes are an integral part of these financial
statements      UTAH URANIUM CORP.(An
exploration stage company)STATEMENT OF STOCKHOLDERS' EQUITYCommon Stock
Par Value
Additional Paid In Capital
Common Stock Subscribed
Deficit Accumulated During the Exploration
stage
Accumulated Other Comprehensive Loss
Stockholders' Equity (Deficit)Balance, March
31, 2006
35,759,200
$     3,576
$
         183,470
$
                       -
$     (234,414)
$
                       -
$
              (47,368)Issuance of
common stock for consulting services - at $0.10 on May 10, 2006
100,000
10
9,991
-
-
-
10,001Common stock
issued for cash  - at $0.10 on August 2, 2006
500,000
50
49,950
-
-
-
50,000Common stock
issued for cash  - at $0.25 on December 15, 2006
400,000
40
99,960
-
-
-
100,000Donated
services
-
-
6,000
-
-
-
6,000Loss for the
year
-
-
-
-
(160,922)
-
(160,922)Balance, March
31, 2007
36,759,200
3,676
349,371
-
(395,336)
-
(42,289)Common stock
subscribed
-
-
-
50,000
-
-
50,000Common stock
issued for the Family Butte Property  - at $1.09 on April 24,
2007
100,000
10
108,990
-
-
-
109,000Common stock
issued for the Family Butte Property  - at $1.09 on April 24,
2007
150,000
15
163,485
-
-
-
163,500Common stock
issued for the Hat Property  - at $1.052 on June 11, 2007
50,000
5
52,595
-
-
-
52,600Common stock
issued to a director  - at $1.00 on June 11, 2007
100,000
10
99,990
-
-
-
100,000Common stock
issued for Technical Consultant  - at $1.00 on June 20, 2007
100,000
10
99,990
-
-
-
100,000Common stock
issued for the Pinto Property  - at $1.12 on June 28, 2007
200,000
20
223,980
-
-
-
224,000Common stock
subscribed
-
-
-
130,000
-
-
130,000Common stock
issued for the Pinto Property (Finders' Fee) - at $1.25 on July 28,
2007
50,000
5
62,495
-
-
-
62,500Common stock
issued to Director  - at $0.485 on September 12, 2007
100,000
10
48,490
-
-
-
48,500Common stock
issued for the Whale Property  - at $0.485 on September 12,
2007
100,000
10
48,490
-
-
-
48,500Common stock
subscribed
-
-
-
(180,000)
-
-
(180,000)Common stock
issued under private placement  - at $0.50 on October 25, 2007
520,000
52
259,948
-
-
-
260,000Common stock
issued for Whale Property  - at $1.11 on November 5, 2007
50,000
5
55,495
-
-
-
55,500Sub-total
38,279,200
$
   3,828
$
      1,573,319
$
                     -
$     (395,336)
$
                     -
$
            1,181,811The
accompanying notes are an integral part of these financial
statements    UTAH URANIUM CORP.(An
exploration stage company)STATEMENT OF STOCKHOLDERS' EQUITYCommon Stock
Par Value
Additional Paid In Capital
Common Stock Subscribed
Deficit Accumulated During the Exploration
stage
Accumulated Other Comprehensive Loss
Stockholders' Equity (Deficit)Balance carried
forward
38,279,200
$
   3,828
$
    1,573,319
$
                        -
$
       (395,336)
$
                       -
$
        1,181,811Common stock
issued for the Ray Marie Property  - at $0..90 on December 31,
2007
50,000
5
44,995
-
-
-
45,000Common stock
issued for the Hoopie Property  - at $0..90 on December 31,
2007
50,000
5
44,995
-
-
-
45,000Common stock
issued for Wild Claims  - at $0.43 on January 25, 2008
100,000
10
42,990
-
-
-
43,000Common stock
issued for Whale Property  - at $0.60 on February 12, 2008
50,000
5
29,995
-
-
-
30,000Discount on
notes payable
-
-
53,334
-
-
-
53,334Donated
services
-
-
6,000
-

-
6,000Unrealized loss
on marketable securities
-
-
-
-
-
(7,000)
(7,000)Loss for the
year
-
-
-
-
(1,258,255)
-
(1,258,255)Balance,
March 31, 2008
38,529,200
$     3,853
$       1,795,628
$
                        -
$    (1,653,591)
$
             (7,000)
$
           138,890  The
accompanying notes are an integral part of these financial statements


UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  1. Nature and Continuance of Operations  The Company was formed on February 15, 2001
under the laws of the State of Nevada, USA. The Company is an exploration stage
company, as defined by Statement of Financial Accounting Standard ("SFAS") No. 7
"Accounting and Reporting for Development Stage Enterprises". The Company's
principal business is the acquisition and exploration of mineral properties. The
Company has not yet determined whether the properties contain mineral reserves
that are economically recoverable.  The financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the
discharge of liabilities in the normal course of business for the foreseeable
future.  During the year ended March 31, 2008, the
Company incurred a loss of $1,258,255 (2007: $160,922) and at March 31, 2008 had
an accumulated deficit of $1,653,591 (2007: $395,336) and a working capital
deficiency of $499,610 (2007: $42,337). The ability of the Company to continue
its operations is uncertain and dependant upon achieving a profitable level of
operations and to obtain necessary financing to fund ongoing operations.
 The outcome of these matters cannot be predicted at this time.  These financial statements do not give
effect to any adjustments which would be necessary should the Company be unable
to continue as a going concern and therefore be required to realize its assets
and discharge its liabilities in other than the normal course of business and at
amounts different from those reflected in the accompanying financial
statements.  The Company has not generated any operating
revenues to date. The Company does not have adequate funds to cover overhead
expenses for the next year and is in the process of raising additional financing
to fund exploration activities on its recently acquired mineral properties.  2. Significant Accounting
Policies  (a)    Basis of
Presentation  The financial statements of the Company
have been prepared in accordance with accounting principles generally accepted
in the United States of America (US GAAP) and are expressed in U.S. dollars.
The Companys fiscal year-end is March 31.  (b)    Accounting
Estimates  The preparation of financial statements in
conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Significant areas requiring the use of management estimates relate to the fair
values assigned to marketable securities, the expected tax rates for deferred
income taxes, carrying value of mineral properties, fair value of stock based
transactions and determining the fair values of financial instruments. Actual
results could differ from those estimates and assumptions.  (c)    Foreign Currency
Translation  The Company considers the US dollar as its
functional currency.  At the transaction date, non-monetary assets and
liabilities are translated into US dollar equivalents by the use of the exchange
rate in effect at that date.  At period end, monetary assets and
liabilities are re-measured by using the exchange rate in effect at that date.
 Revenues and expenses are translated at the average rate for the period.
The resulting foreign exchange gains and losses are included in operations.   UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  2. Significant Accounting Policies
(cont'd...)  (d)  Other
Comprehensive Income  SFAS No. 130 Reporting Comprehensive
Income, establishes standards for the reporting and display of comprehensive
income and its components in the financial statements. During the years ended
March 31, 2008 and 2007, the only component affecting comprehensive income was
the unrealised loss from marketable securities.  (e)    Marketable
Securities  Marketable securities are classified as
available-for-sale, stated at market value as determined by the most recently
traded price at the balance sheet date with the change in fair value (unrealized
gains or losses) during the period excluded from earnings and recorded net of
tax as a component of other comprehensive income. Realized gains and losses are
recognized in earnings.  (f)  Equipment  Equipment consists of computer equipment,
which is recorded at cost and is depreciated using the declining balance method
at a rate of 30% per annum.  (g)   Mineral
Properties and Mineral Property Acquisition and Exploration Costs  The Company is primarily engaged in the
acquisition, exploration and development of mineral properties. Mineral property
acquisition costs are capitalized in accordance with EITF 04-2 when management
has determined that probable future benefits consisting of a contribution to
future cash inflows have been identified and adequate financial resources are
available or are expected to be available as required to meet the terms of
property acquisition and budgeted exploration and development expenditures.
Mineral property acquisition costs are expensed as incurred if the criteria for
capitalization is not met. Mineral property exploration costs are expensed as
incurred. When it has been determined that a mineral property can be
economically developed as a result of establishing proven and probable reserves,
the costs incurred to develop such property are capitalized. During the year
ended March 31, 2008, the Company capitalized a total of $638,500 (2007: $Nil)
mineral property acquisition costs, and expensed a total of $460,599 (2007:
$36,731) in mineral property acquisition and exploration costs. To date the
Company has not established any proven or probable reserves on its mineral
properties.  (h)    Long-Lived Assets
Impairment  The carrying values of long-lived assets
with fixed or determinable lives are reviewed for impairment whenever events or
changes in circumstances indicate the recoverable value may be less than the
carrying amount. Recoverable value determinations are based on management's
estimates of undiscounted future net cash flows expected to be recovered from
specific assets or groups of assets through use or future disposition.
Impairment charges are recorded in the period in which determination of
impairment is made by management. Assets with indefinite or indeterminable lives
are not amortized and are reviewed for impairment on a reporting basis using
fair value determinations through management's estimate of recoverable value.  (i)    Asset
Retirement Obligations  The Company recognizes a liability for
future retirement obligations associated with the Company's mineral properties.
 The estimated fair value of the assets retirement obligation is recorded
as a liability and is capitalized  as part of the cost of the related asset
 and amortized over  its productive  life.  The
 liability     UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  2. Significant Accounting Policies
(cont'd...)  (i)    Asset
Retirement Obligations (contd)  accretes until the Company settles the
obligation.  As of March 31, 2008 and 2007, management has determined that
the Company had no asset retirement obligations.  (j)    Basic and Diluted
Loss per Share  The Company computes loss per share in
accordance with SFAS No. 128, "Earnings per Share" which requires presentation
of both basic and diluted earnings per share on the face of the statement of
operations. Basic loss per share is computed by dividing net loss available to
common shareholders by the weighted average number of outstanding common shares
during the period. Diluted loss per share gives effect to all potentially
dilutive common shares outstanding during the period including stock options and
warrants, using the treasury method, and preferred stock, using the if-converted
method. Dilutive loss per share excludes all potential common shares if their
effect is anti-dilutive. As the Company has no potential dilutive securities,
basic loss per share is equal to diluted loss per share.  (k)    Financial
Instruments  Fair value estimates of financial
instruments are made at a specific point in time, based on relevant information
about financial markets and specific financial instruments.  As these
estimates are subjective in nature, involving uncertainties and matters of
significant judgment, they cannot be determined with precision.  Changes in
assumptions can significantly affect estimated fair values.  The respective carrying value of certain
financial instruments approximated their fair value. These financial instruments
include cash, marketable securities, accounts payable and accrued liabilities,
due from joint venture partner, promissory notes and due to related parties.
Fair values are estimated to approximate carrying values for these financial
instruments, since they are short-term in nature.  Management is of the
opinion that the Company is not exposed to significant interest or credit risks
arising from these financial instruments.  The Company is operating outside
of the United States and has exposure to foreign currency risk due to the
fluctuation of the currency in which the Company operates and the US dollar. The
Company does not use any hedging instruments to limit its exposure to foreign
currency risks.  (l)    Income Taxes  The Company uses the asset and liability
method of accounting for income taxes pursuant to SFAS No. 109 "Accounting for
Income Taxes".  Under this method, deferred income tax assets and
liabilities are recognized for the future tax consequences attributable to
temporary differences between the financial statements carrying amounts of
assets and liabilities and their respective tax bases.  Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which those temporary differences are expected to
be recovered or settled.  The Company adopted the provisions of
Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting
for Uncertainty in Income Taxes (FIN 48), on April 1, 2007. Previously, the
Company had accounted for tax contingencies in accordance with SFAS No.5,
Accounting for Contingencies. As required by Interpretation 48, which clarifies
SFAS No. 109, Accounting for Income Taxes, the Company recognizes the financial
statement benefit of a tax position only after determining that the relevant tax
authority would more likely than not sustain the position following an audit.
For tax positions meeting this standard, the amount recognized in the financial
statements is the largest benefit that has a greater than 50 percent likelihood
of being realized upon ultimate settlement with the relevant tax authority. At
the adoption date, the Company applied Interpretation 48 to all tax positions
for which the statute of limitations remained open. The adoption of FIN 48 did
not have a material impact on the financial statements during the year ended
March 31, 2008.   UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  2. Significant Accounting Policies
(cont'd...)  (m)    Stock-based
Compensation  The Company has adopted SFAS No. 123(R),
"Share-Based Payment", which requires the compensation cost related to
share-based payments, such as stock options and employee stock purchase plans,
be recognized in the financial statements based on the grant-date fair value of
the award. As at March 31, 2008, the Company has not adopted a stock option plan
and has not granted any stock options. Accordingly, no stock-based compensation
has been recorded to date.  (n)    Risk Management:  Environmental risk:  The Company is engaged in mineral
exploration and development and is accordingly exposed to environmental risks
associated with mineral exploration activity. The Company is currently in the
initial exploration stages on its property interests and has not determined
whether significant site reclamation costs will be required. The Company would
only record liabilities for site reclamation when reasonably determinable and
when such costs can be reliably quantified.  (o)    Recent
Accounting Pronouncements  In February 2007, the FASB issued SFAS No.
159, "The Fair Value Option for Financial Assets and Financial Liabilities". The
Statement permits entities to choose to measure many financial assets and
financial liabilities at fair value. Unrealized gains and losses on items for
which the fair value option has been elected are reported in earnings. SFAS No.
159 is effective for fiscal years beginning after November 15, 2007. The Company
is currently assessing the impact of SFAS No. 159 on its financial position and
results of operations.  In December 2007, the FASB issued SFAS
No. 160, Non-controlling Interests in Consolidated Financial Statements.
This Statement amends ARB 51 to establish accounting and reporting standards for
the non-controlling (minority) interest in a subsidiary and for the
deconsolidation of a subsidiary. It clarifies that a non-controlling interest in
a subsidiary is an ownership interest in the consolidated entity that should be
reported as equity in the consolidated financial statements. The Company has not
yet determined the impact, if any, that SFAS No. 160 will have on its
financial statements. SFAS No. 160 is effective for the Companys fiscal
year beginning April 1, 2010.  In December 2007, the FASB issued SFAS No.
141 (Revised) Business Combinations. SFAS 141 (Revised) establishes principles
and requirements for how the acquirer of a business recognizes and measures in
its financial statements the identifiable assets acquired, the liabilities
assumed, and any non-controlling interest in the acquiree. The statement also
provides guidance for recognizing and measuring the goodwill acquired in the
business combination and determines what information to disclose to enable users
of the financial statements to evaluate the nature and financial effects of the
business combination. The guidance will become effective for the fiscal year
beginning after December 15, 2008.  Management is in the process of
evaluating the impact SFAS 141 (Revised) will have on the Companys financial
statements upon adoption.  On December 21, 2007, the Securities and
Exchange Commission issued Staff Accounting Bulletin No. 110, (SAB 110). SAB
110 provides guidance to issuers on the method allowed in developing estimates
of expected term of plain vanilla share options in accordance with SFAS No.
123(R), Share-Based Payment. The staff will continue to accept, under certain
circumstances, the use of a simplified method beyond December 31, 2007 which
amends question 6 of Section D.2 as included in SAB 107, Valuation of
Share-     UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  2. Significant Accounting Policies
(cont'd...)  (o)    Recent Accounting
Pronouncements  Based Payment Arrangements for Public
Companies, which stated that the simplified method could not be used beyond
December 31, 2007. SAB 110 is effective April 1, 2008. The Company is currently
evaluating the potential impact, if any, that the adoption of SAB 110 will have
on its financial statements.  In March 2008, the FASB issued SFAS No.
161, Disclosures about Derivative Instruments and Hedging Activities ("SFAS
161"). SFAS 161 is intended to improve financial reporting about derivative
instruments and hedging activities by requiring enhanced disclosures to enable
investors to better understand their effects on an entity's financial position,
financial performance, and cash flows. SFAS 161 achieves these improvements by
requiring disclosure of the fair values of derivative instruments and their
gains and losses in a tabular format. It also provides more information about an
entity's liquidity by requiring disclosure of derivative features that are
credit risk-related. Finally, it requires cross-referencing within footnotes to
enable financial statement users to locate important information about
derivative instruments. SFAS 161 will be effective for financial statements
issued for fiscal years and interim periods beginning after November 15, 2008,
will be adopted by the Company beginning in the third quarter of 2009. The
Company does not expect there to be any significant impact of adopting SFAS 161
on its financial position, cash flows and results of operations.  3. Marketable Securities  During the year ended March 31, 2008 the
Company received 100,000 common shares of Consolidated Abaddon Resources Inc.
(Abaddon), a company listed on the TSX Venture Exchange (TSX-V) (Note 5
(d)).  The marketable securities had a cost base of $25,000 and an
associated unrealized loss of $7,000, recorded in other comprehensive loss at
March 31, 2008.  4. Equipment                     UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  5. Mineral Properties  The following summarizes
expenditures on the Companys mineral property interests for the year ended
March 31, 2008: Family Butte
Henry Mountain
Hat
Pinto
Hoopie
Whale
Ray Marie
Wild Acquisition
Other
TotalBalance
Sheets:March 31,
2007
$
              -
$
          -
$
          -
$
            -
$
          -
$
            -
$
          -
$
               -
$         -
$
             -Acquisition
272,500
-
72,600
411,500
65,000
174,000
45,000
118,000
-
1,158,600Option
payments received
-
-
-
(100,000)
-
-
-
(75,000)

(175,000)Impairment
(272,500)
-
(72,600)
-
-
-
-
-
-
(345,100)March 31,
2008
$
              -
$
          -
$
          -
$ 311,500
$ 65,000
$ 174,000
$  45,000
$       43,000
$         -
$  638,500Statements of
Operations:Impairment
$    272,500
$
          -
$ 72,600
$
            -
$
          -
$
            -
$
          -
$
               -
$         -
$  345,100Claim
maintenance fees
13,395
-
2,250
39,997
-
4,664
-
-
-
60,306Consulting
fees
5,421
-
1,229
8,078
613
2,727
-
-
-
18,068Investigation
25,161
-
-
-
-
6,730
-
-
650
32,541Supplies
124
-
-
336
-
-
-
-
-
460Travel
expenses
2,461
-
-
1,663
-
-
-
-
-
4,124Sub-total
46,562
-
3,479
50,074
613
14,121
-
-
650
115,499March 31,
2008
$    319,062
$
          -
$ 76,079
$   50,074
$      613
$   14,121
$
          -
$
               -
$    650
$  460,599March 31,
2007
$      33,029
$
          -
$
          -
$
            -
$
          -
$
            -
$
          -
$
               -
$ 3,342
$    36,371  (a) On March 15, 2007 the Company entered into an option agreement to
acquire a 100% interest in certain mining claims (the Family Butte Property)
located in Utah for a total purchase price of $418,000, payable in stages, and
the issuance of 500,000 common shares, issuable in stages. During the year ended March 31, 2008, the Company paid $46,562
(2007: $33,029) and issued 250,000 shares of common stock at a fair value of
$272,500 towards the acquisition of the Family Butte Property. During the year ended
March 31, 2008, the Company performed additional investigation on the merits of
the claims and decided not to pursue the Family Butte Property. As a result,
$319,062 of mineral property acquisition and exploration costs were charged to
the statements of operations.   (b) On April 10, 2007, the Company entered into an option agreement to
acquire a 50% interest in certain mining claims (the Henry Mountain Property)
located in Utah, for a total purchase price of $50,000, payable in stages, and
the issuance of a total of 600,000 common shares, issuable in stages. During the year ended
March 31, 2008, the Company performed additional investigation on the merits of
the claims and decided not to pursue the Henry Mountain Property. As at March
31, 2008 and 2007, the Company had not expended any funds on the Henry Mountain
Property.   UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  5. Mineral Properties
(cont'd...)  (c) On June 1, 2007, the Company entered into an option agreement (the
"Hat Claims Agreement") to acquire a 100% interest in certain mining claims (the
Hat Property) located in Colorado 100% of the interest in these claims for a
total purchase price of $375,000, payable in stages, and the issuance of 400,000
common shares, issuable in stages. During the year ended March 31, 2008, the Company paid $20,000
(2007: $Nil) and issued 50,000 shares of common stock at a fair value of
$52,600, totaling $72,600 in acquisition costs. During the year ended
March 31, 2008, the Company performed additional investigation on the merits of
the claims and decided not to pursue the Hat Property. As a result, $76,079 of
mineral property acquisition and exploration costs were charged to the
statements of operations.  (d) On June 1, 2007, the Company entered into an option agreement (the
"Pinto Claims Agreement") to acquire a 100% interest in certain mining claims
(the Pinto Claims) located in Utah. The Company can acquire 100% of the
interest in these claims in exchange for cash and shares of common stock as
follows: - $150,000 cash to be
paid upon execution of the Pinto Claims Agreement (paid), - $50,000 cash to be paid
by June 1, 2008 (outstanding, and subsequently amended to June 1,
2009), - $400,000 cash to be
paid by June 1, 2009, - 200,000 shares of
common stock to be issued within 45 days of the date of the Pinto Claims
Agreement (issued) at a fair value of $224,000, - 300,000 shares of
common stock to be issued by June 1, 2008 (outstanding, and subsequently amended
to June 1, 2009); and - 400,000 shares of
common stock to be issued by June 1, 2009.  The Company paid a finders fee of 50,000 common shares at a fair
value of $62,500 which has been capitalized to acquisition costs and expended
$25,074 in mineral property exploration costs. The Company is obligated to
expend $300,000 as work commitment on the claims by June 1, 2009. The Pinto Claims are subject to a royalty payable of 4% on uranium
and 2% on vanadium. The Company has the right to purchase 2% of the uranium
royalty for $3,000,000. On November 1, 2007 the
Company entered into a Joint Venture Agreement (the Pinto JV Agreement) with
Abaddon in regards to the Pinto Claims. Under the terms of the Pinto JV
Agreement, Abaddon can earn its 60% interest in the Pinto Claims in exchange for
a one-time payment to the Company of $100,000 (received) on January 3, 2008 (the
Approval Date) (the date upon which Abaddon received approval from the TSX-V
for the Pinto JV Agreement), the assumption of 60% of the Companys $400,000
remaining cash obligation and the issuance of shares of common stocks of Abaddon
as follows:  - 100,000 common shares
to be issued on the Approval Date (issued) (Note 3); - 180,000 common shares
to be issued before June 1, 2008 (outstanding as of the audit report date);
and - 240,000 common shares
to be issued before June 1, 2009,  Abaddon is also
responsible to complete a work commitment of exploration expenditures on the
Pinto Claims of $305,000 before December 31, 2007 and an additional $300,000
before June 1, 2008. Abaddons work commitments have not been fulfilled. The
Company is currently in negotiations with Abaddon to settle the outstanding
commitments under the Pinto JV Agreement.     UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  5. Mineral
Properties (cont'd...) (d) (cont'd...)  As at March 31, 2008,
an amount of $13,104 is receivable from Abaddon regarding work commitment
expenditures. This balance has been recorded in exploration advances.  Subsequent to March 31,
2008, the Pinto Claims Agreement was amended (Note 13).  (e) On June 29, 2007, the Company entered into an option agreement
(the Hoopie Mine Agreement) to acquire a 100% interest in certain mining
claims (the Hoopie Mine Property) located in Colorado, in exchange for cash
and the issuance of shares of common stock as follows: - $10,000 cash to be paid upon execution of the Hoopie Mine
Agreement (paid); - $10,000 cash to be paid
90 days after the execution of the Hoopie Mine Agreement (paid); - $45,000 cash to be paid
180 days after the execution of the Hoopie Mine Agreement (outstanding); - $80,000 cash to be paid by June 29, 2008; - $100,000 cash to be paid by June 29, 2009; - $130,000 cash to be paid by June 29, 2010; - 50,000 common shares to
be issued 180 days after the execution of the Hoopie Mine Agreement (issued) at
a fair value of $45,000; - 100,000 common shares to be issued by June 29, 2008; - 100,000 common shares to be issued by June 29, 2009; and - 150,000 common shares to be issued by June 29, 2010.  During the year ended
March 31, 2008, the Company expended $613 (2007: $Nil) on mineral property
exploration costs in relation to the Hoopie Mine Property.  The Company is
currently in negotiations to settle the outstanding commitments under the Hoopie
Mine Agreement.  (f) On August 1, 2007, the Company entered into an option agreement
(the Whale Property Agreement) to acquire a 100% interest in certain mining
claims (the Whale Property) located in Utah, in exchange for cash and the
issuance of shares of common stock as follows: - $40,000 cash to be paid upon execution of the Agreement
(paid); - $40,000 cash to be paid by October 1, 2007 (outstanding); - $40,000 cash to be paid by February 1, 2008 (outstanding); - $80,000 cash to be paid by June 1, 2008 (outstanding as of audit
report date); - $80,000 cash to be paid by June 1, 2009; - 100,000 common shares
to be issued upon Execution of the Agreement (issued) at a fair value of
$48,500; - 50,000 common shares to
be issued by October 1, 2007 (issued) at a fair value of $55,500; - 50,000 common shares to be issued by February 1, 2008 (issued) at
a fair value of $30,000; - 100,000 common shares
to be issued by June 1, 2008 (subsequently issued) at a fair value of $43,000;
and - 100,000 common shares to be issued by June 1, 2009.         UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  5. Mineral
Properties (cont'd...) (f) (cont'd...) During the year ended
March 31, 2008, the Company expended $14,121 (2007: $Nil) on mineral property
exploration costs in relation to the Whale Property.  The Company is
currently in negotiations to settle the outstanding commitments under the Whale
Property Agreement.  (g) On November 30, 2007,
the Company entered into a Letter of Understanding (LOU) for the option to
acquire a 100% interest in certain mineral claims (the Ray Marie Property),
located in Colorado, in exchange for cash and share of common stock as
follows:  -
$10,000 cash to be paid upon execution of the LOU (outstanding) -
$10,000 cash to be paid 90 days after execution of the LOU (outstanding) -
$45,000 cash to be paid 180 days after execution of the LOU (outstanding as of
audit report date) -
$80,000 cash to be paid upon the first anniversary of the LOU -
$100,000 cash to be paid upon the second anniversary of the LOU -
$130,000 cash to be paid upon the third anniversary of the LOU -
50,000 shares of common stock to be issued 180 days after execution of the LOU
(issued)at fair value of $45,000 -
100,000 shares of common stock to be issued upon the first anniversary of the
LOU -
100,000 shares of common stock to be issued upon the second anniversary of the
LOU -
150,000 shares of common stock to be issued upon the third anniversary of the
LOU  The Company is
currently in negotiations to settle the commitments under the Ray Marie property
agreement.  (h) On January 14, 2008,
the Company entered into an option agreement (the Wild Claims Agreement) to
acquire a 100% interest in certain mining claims (the Wild Claims) located in
Utah, in exchange for cash and shares of common stock as follows:  - $75,000 cash to be paid upon execution of the Agreement
(paid); - $100,000 cash to be paid by January 15, 2009; - $100,000 cash to be paid by January 15, 2010; - 100,000 shares of common stock to be issued within 45 days of the
date of the Agreement (issued) at a fair value of
$43,000; - 250,000 shares of common stock to be issued by January 15, 2009;
and - 250,000 shares of common stock to be issued by January 15,
2010.  The Company has also to
expend $300,000 as work commitment on the Wild Claims within the next 24 months.
 The Company is also required to pay royalties between 2% to 4% on the
production and sale of certain minerals found on the Wild Claims. Beginning June
1, 2010, the Company must pay a yearly minimum royalty of $300,000.  On January 15, 2008 the
Company entered into a Joint Venture Agreement (the Wild Claims JV Agreement)
with Abaddon in regards to the Wild Claims. Under the terms of the Wild Claims
JV Agreement, Abaddon can earn a 60% interest in the Wild Claims in exchange for
a one-time payment to the Company of $75,000 (received) upon the date that
Abaddon receives approval from the TSX-V (February 6, 2008) for the Wild Claims
 JV  Agreement,  the  assumption  of  60%  of
 the  Companys   UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  5. Mineral
Properties (cont'd...) (h)   (contd)  $200,000 remaining cash
obligation and 60% of the annual fees to the Bureau of Land Management and the
issuance of shares of common stock of Abaddon as follows:  - 150,000 common shares to be issued before January 15, 2009;
and - 150,000 common shares to be issued before January 15, 2010.  Abaddon is also
responsible to complete a work commitment of exploration expenditures on the
Wild Claims as follows:  - $300,000 to commence
prior to June 1, 2008; and - An additional $300,000
on or before December 31, 2008.  As at March 31, 2008,
the Company received an advance of $97,969 from Abaddon to carry out the work
commitments. This balance has been recorded in exploration advances.  Subsequent to March 31,
2008, Abaddon has not fulfilled its work commitment and the Company is in
negotiations with Abaddon to settle the outstanding commitments under the Wild
Claims JV Agreement.  6. Promissory Notes  During the year ended March 31, 2008, the
Company issued eight promissory notes for total proceeds of $389,957.
 During the year ended March 31, 2008 $70,000 of these promissory notes
were converted to equity by issuing 140,000 shares of common stock at $0.50 per
share (see Note 8 (a)). As at March 31, 2008, five of these promissory notes
remain outstanding. These promissory notes are unsecured, non-interest bearing
and have no specific terms for repayment.  As these notes are non-interest bearing,
management has determined the fair value to be $226,624 based on interest rate
of 20%, and an expected repayment period of two years. Therefore a discount of
$53,334 on the funds received from the promissory notes has been recorded as
additional paid-in capital and is being charged as interest expense. The
carrying value of the notes at March 31, 2008 is $319,957.  7. Related Party Transactions  During the year ended March 31, 2008, the
Company entered into the following transactions with related parties:  (a)
 Incurred consulting fees of $27,922 (2007: $15,500) to officers of the
Company and $67,064 ($60,000 CDN) (2007: $5,000) to the President of the
Company. During the year ended March 31, 2007, the Company entered into a
consulting agreement with the President, whereby the Company is obligated to pay
$5,000 CDN per month to the President, for a term of two years.  (b) Issued 200,000 (2007:
Nil) shares of common stock to a director (Note 8 (d)) which has been recorded
at a fair value of $148,500 (2007: $Nil) and is recorded in consulting fees.  (c) Received an advance of
$49,980 (2007: $Nil) from a shareholder of the Company. The amount owing is
unsecured, non-interest bearing and has no specific terms of repayment.  (d) As at March 31, 2008
$25,128 (2007: $13,029) was owing to parties related to the Company. The amount
owing is unsecured, non-interest bearing and has no specific terms for
repayment.   UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  8. Common Stock  During the year ended March 31, 2008, the
Company entered into the following stock related transactions:  (a) The Company completed a
private placement for total proceeds of $260,000 (including $70,000 promissory
notes converted to 140,000 common shares (Note 6) by issuing 520,000 share units
at $0.50 per unit. Each share unit comprised of one common share and one share
purchase warrant, exercisable until October 11, 2009 at a price of $0.80 per
share.  (b) Issued 250,000 shares
of common stock with a fair value of $1.09 per share for payment towards the
Family Butte Property Agreement (Note 5(a)). The fair value of these shares,
$272,500 has been recorded as acquisition costs for the Family Butte Property.  (c) Issued 50,000 shares of common stock with a fair value of $1.05
per share for payment towards the Hat Claims Agreement (Note 5(c)). The fair
value of these shares, $52,600 has been recorded as acquisition costs for the
Hat Property. (d) Issued 200,000 shares
of common stock with a fair value of $1.00 per share (100,000 shares) and $0.485
per share (100,000 shares) to a director of the Company as compensation (Note
7). The fair value of these shares, $148,500 has been recorded in consulting
fees.  (e) Issued 100,000 shares of common stock with a fair value of $1.00
per share to a technical advisor to the Company as compensation. The fair value
of these shares, $100,000, has been allocated to consulting fees. (f) Issued 200,000 shares
of common stock with a fair value of $1.12 per share for payment towards the
Pinto Claims Agreement (Note 5(d)). The fair value of these shares, $224,000 has
been recorded as acquisition costs for the Pinto Property.  (g) Issued 50,000 shares of common stock with a fair value of $1.25
per share as a finders fee towards the Pinto Claims Agreement (Note 5(d)). The
fair value of these shares, $62,500 has been recorded as acquisition costs for
the Pinto Property. (h) Issued 100,000 shares
of common stock with a fair value of $0.485 per share for payment towards the
Whale Property Agreement (Note 5(f)). The fair value of these shares, $48,500
has been allocated as acquisition costs for the Whale Property.  (i) Issued 50,000 common
shares with a fair value of $0.90 per share for payment towards the Hoopie Mine
Agreement (Note 5(e)).  The fair value of these shares, $45,000 has been
allocated as acquisition costs for the Hoopie Mine Property.  (j) Issued 50,000 common
shares with a fair value of $ 1.11 per share for payment towards the Whale
Property Agreement (Note 5 (f)). The fair value of these shares, $55,500 has
been allocated as acquisition costs for the Whale Property.  (k) Issued 50,000 common
shares with a fair value of $0.90 per share for payment towards the LOU for the
Ray Marie and Marcas claims Agreement (Note 5(g)).  The faire value of
these shares, $45,000 has been allocated as acquisition costs for the Ray Marie
Property.  (l) Issued 100,000 common
shares with a fair value of $0.43 per share for payment towards the Wild Claims
Agreement (Note 5(h)). The fair value of these shares, $43,000 has been
allocated as acquisition costs for the Wild Claims.    UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  8. Common Stock (cont'd...)  (m) Issued 50,000 common
shares with a fair value of $0.60 per share for payment towards the Whale
Property Agreement (Note 5 (f)). The fair value of these shares, $30,000 has
been allocated as acquisition costs for the Whale Property.  During the year ended March 31, 2007, the
Company entered into the following stock related transactions:  (a)   The Company completed a forward split of its
common shares on a 20:1 basis as of April 30, 2006.   All share and
per share information in these financial statements have been retroactively
restated for all periods presented.  (b)   The Company retained Wannigan Capital Corp.
("Wannigan") to provide consulting services. The Company issued to Wannigan
100,000 with a fair value of $0.10 per share (post forward split) of its $0.0001
par value common shares as compensation.  (c)   On August 2, 2006, the Company issued 500,000
shares of common stock at a price of $0.10 per share for proceeds of $50,000.  (d)   The Company completed a private placement on
December 15, 2006, issuing 400,000 share units at a price of $0.25 per unit to
ten investors for proceeds of $100,000. Each share unit comprised of one common
share and one share purchase warrant, exercisable until December 15, 2008 at a
price of $0.25 per share.  Additional Paid In Capital  The excess of proceeds received for shares
of common stock over their par value of $0.0001, less share issue costs, is
credited to additional paid-in capital  Warrants  Warrant transactions are summarized
as follows:  Number
of Shares
Weighted
Average
Exercise
PriceBalance at March 31, 2006
-
$
                 -Warrants
granted
400,000
0.25Balance at March 31, 2007
400,000
0.25Warrants
granted
520,000
0.80Balance at March 31, 2008
920,000
$
0.56
  The following warrants were
outstanding at March 31, 2008:  Number

Exercise Price

Expiry Date400,000
520,000

$0.25
$0.80

December 15, 2008
October 11,
2009 The weighted average remaining life of the
warrants is 1.24 years at March 31, 2008 and the weighted average exercise price
is $0.56.   UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  9. Donated Capital  Effective April 1, 2005, the Company
recognizes donated services from officers of the Company for office rent, valued
at $500 per month totalling $6,000 for the year ending March 31, 2008 (2007:
$6,000).  10.   Segmented
Information The Company's
business is operating in one segment, being the acquisition and exploration of
mineral properties, and in one geographical area, the USA. 11. Supplemental Cash
Flow Information  February 15,2001(Date ofInception)Year ended March 31,
March 31,2008
2007
2008Cash paid for:Income
taxes
$
                 -
$
               -
$
               -Interest
$
                 -
$
               -
$
               -Non-cash transactions:Issued 250,000 shares at a fair value of $272,500 as payment
for the Family Butte Property - Note 5(a)
$
      272,500
$
               -
$
      272,500Issued 50,000 shares at a fair value of $52,600 as payment
for the Hat Property - Note 5(c)
52,600
-
52,600Issued 250,000 shares at a fair value of $286,500 as payment
for the Pinto Property - Note 5(d)
286,500
-
286,500Issued 50,000 shares at a fair value of $45,000 as payment
for the Hoopie Property - Note 5(e)
45,000
-
45,000Issued 200,000 shares at a fair value of $134,000 as payment
for the Whale Property - Note 5(f)
134,000
-
134,000Issued 50,000 shares at a fair value of $45,000 as payment
for the Ray Marie Property - Note 5(g)
45,000
-
45,000Issued 100,000 shares at a fair value of $43,000 as payment
for the Wild Acquisition - Note 5(h)
43,000
-
43,000Issued 140,000 shares at a fair value of $70,000 for
settlement of a promissory note - Note 6
70,000
-
70,000Issued 7,675,200 shares at a fair value of $38,376 for
settlement of debt
-
38,376
38,376Issued 100,000 shares at a fair value of $10,000 as
compensation for consulting services
-
10,000
10,000Issued 200,000 shares at a fair value of $148,500 as
compensation for a director  Note 7(b)
148,500
-
148,500Received 100,000 of common shares of Abaddon with a fair
value of $25,000 as a mineral property option payment  Notes 3 and 5
(d)
(25,000)
-
(25,000)Issued 100,000 shares with a fair value of $100,000 to a
technical consultant
100,000
-
100,000      UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008   12.  Income Taxes  The Company is subject to United States
federal and state income taxes at an approximate rate of 34%. The reconciliation
of the provision for income taxes at the United States federal statutory rate
compared to the Companys income tax expense as reported is as follows:  2008

2007Net loss before income taxes
$
   1,258,255

$
    160,922Statutory tax rate
34%

34%Income tax recovery
427,807

54,713Non-deductible items
57,403Deductible items
(23,825)

-Unrecognized non-capital losses
(461,385)

(54,713)Income tax provision
$
               

$
                 The significant components of deferred
income tax assets and liabilities at March 31, 2008 and 2007 are as follows:  2008

2007Net operating loss carryforwards
$
 1,749,000

$
 392,000Statutory tax rate
32%

30%Deferred tax asset
559,680

117,600Deferred tax liability
(21,000)

-Valuation allowance
(538,680)

(117,600)Net deferred tax asset
$
               

$
                 The amount taken into income as deferred
income tax assets must reflect that portion of the income tax loss carry
forwards that is more likely-than-not to be realized from future operations.
 The Company has chosen to provide a full valuation allowance against all
available income tax loss carry forwards.  Management has considered the likelihood
and significance of possible penalties associated with its current and intended
filing positions and has determined, based on their assessment, that such
penalties, if any, would not be expected to be material.  No provision for income taxes has been
provided in these financial statements due to the net loss for the years ended
March 31, 2008 and 2007.  At March 31, 2008, the Company has net operating
loss carryforwards, which expire commencing in 2026, totaling approximately
$1,749,000.  The potential tax benefit of these losses may be limited due
to certain change in ownership provisions under Section 382 of the Internal
Revenue Code (IRS) and similar state provisions.  IRS Section 382 places a limitation (the
Section 382 Limitation) on the amount of taxable income which can be offset by
net operating loss carryforwards after a change in control (generally greater
than a 50% change in ownership) of a loss corporation. Generally, after a
control change, a loss corporation cannot deduct operating loss carryforwards in
excess of the Section 382 Limitation. Due to these change in ownership
provisions, utilization of the net operating loss and tax credit carryforwards
may be subject to an annual limitation regarding their utilization against
taxable income in future periods. The Company has not concluded its analysis of
Section 382 through March 31, 2008, but believes that the provisions will not
limit the availability of losses to offset future income.      UTAH URANIUM CORP. (An exploration stage company)  NOTES TO THE FINANCIAL STATEMENTS March 31, 2008  13. Subsequent
Events  Subsequent to March 31, 2008, the Company
entered into the following transactions:  (a) The Company entered
into an option agreement to acquire a 100% interest in the Metallic and
Industrial Mineral Agreements (M&IM Agreement) located in the province of
Alberta, Canada, in exchange for cash and the issuance of shares of common stock
as follows:  - $50,000 cash to be paid
within 10 days of execution of the agreement (paid); - $50,000 cash to be paid
by August 25, 2008; - $75,000 cash to be paid
by December 25, 2008; - $75,000 cash to be paid
by April 25, 2009; - $50,000 cash to be paid
by August 25, 2009; - 100,000 common shares
within 10 days of execution of the agreement (issued); - 50,000 common shares to
be issued by August 25, 2008 (issued); - 50,000 common shares to
be issued by December 25, 2008; - 50,000 common shares to
be issued by April 25, 2009; and - 50,000 common shares to
be issued by August 25, 2009.  The Company also signed
a Letter of Intent (LOI) with a third party, Mountain Capital Inc., (the
Optionee) to enter into an Option Agreement, where the Optionee can earn a 50%
interest in the Mineral Agreements filed with the Alberta Ministry of Mining
known as the Ernestina Lake property, in exchange for cash and common stock of
the Optionee as follows:  - $50,000 cash upon
signing of the LOI (paid); - $125,000 cash and
500,000 common shares upon TSX-V approval; - $75,000 cash and
equivalent value of $30,000 in shares prior to December 25, 2008; - $125,000 cash and
equivalent value of $30,000 in shares prior to April 25, 2009; - $125,000 cash and
equivalent value of $30,000 in shares prior to August 25, 2009; - $500,000 work
commitment within 12 months including preparation of a NI43-101 report; and - Additional $1,000,000
work commitment within 24 months of granting of Exploration Permits  (b) The Pinto Claims Agreement (Note 5(d)) was amended whereby the
Companys outstanding obligations include: - $350,000 cash to be
paid by June 1, 2009, - $400,000 cash to be
paid by June 1, 2010, - 300,000 shares of
common stock to be issued by June 1, 2009; and - 400,000 shares of
common stock to be issued by June 1, 2010.  All other terms and
conditions related to the Pinto Claims Agreement remain intact.       Item 8.  Changes in and
Disagreement with Accounts on Accounting and Financial Disclosure.  Our Independent Auditors are Dale
Matheson Carr-Hilton Labonte LLP, Chartered Accountants, 1140 West Pender
Street, Suite 1500, Vancouver, British Columbia, V6E 4G1, Canada.  During
the period from inception to March 31, 2008, there have been no disagreements of
any kind with the Company's Independent Auditors.   Item 8A. Controls and
Procedures   The management of the Company is
responsible for establishing and maintaining adequate internal control over
financial reporting, as required by Sarbanes-Oxley (SOX) Section 404 A. The
Company's internal control over financial reporting is a process designed under
the supervision of the Company's Chief Executive Officer and Chief Financial
Officer to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of the Company's financial statements for external
purposes in accordance with U.S. generally accepted accounting principles.  As of March 31, 2008, management
assessed the effectiveness of the Company's internal control over financial
reporting based on the criteria for effective internal control over financial
reporting established in Internal Control--Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission ("COSO") and
SEC guidance on conducting such assessments. Based on that evaluation, they
concluded that, during the period covered by this report, such internal controls
and procedures were not effective to detect the inappropriate application of US
GAAP rules as more fully described below. This was due to deficiencies that
existed in the design or operation of our internal control over financial
reporting that adversely affected our internal controls and that may be
considered to be material weaknesses.  The matters involving internal
controls and procedures that the Company's management considered to be material
weaknesses under the standards of the Public Company Accounting Oversight Board
were: (1) inadequate segregation of duties consistent with control objectives;
(2) insufficient written policies and procedures for accounting and financial
reporting with respect to the requirements and application of US GAAP and SEC
disclosure requirements; and (3) ineffective controls over period end financial
disclosure and reporting processes. The aforementioned material weaknesses were
identified by the Company's Chief Financial Officer in connection with the audit
of our financial statements as of March 31, 2008 and communicated the matters to
our management.  Management believes that the material
weaknesses set forth in items (1), (2) and (3) above did not have an effect on
the Company's financial results.  We are committed to improving our
financial organization. As part of this commitment, we will i) create a position
to segregate duties consistent with control objectives and will increase our
personnel resources and technical accounting expertise within the accounting
function when funds are available to the Company ii) preparing and implement
sufficient written policies and checklists which will set forth procedures for
accounting and financial reporting with respect to the requirements and
application of US GAAP and SEC disclosure requirements.  Management believes that preparing
and implementing sufficient written policies and checklists will remedy the
following material weaknesses (i) insufficient written policies and procedures
for accounting and financial reporting with respect to the requirements and
application of US GAAP and SEC disclosure requirements; and (ii) ineffective
controls over period end financial close and reporting processes. Further,
management believes that the hiring of additional personnel who have the
technical expertise and knowledge will result proper segregation of duties and
provide more checks and balances within the department. Additional personnel
will also provide the cross training needed to support the Company if personnel
turn over issues within the department occur.      We will continue to monitor and
evaluate the effectiveness of our internal controls and procedures and our
internal controls over financial reporting on an ongoing basis and are committed
to taking further action and implementing additional enhancements or
improvements, as necessary and as funds allow. This annual report does not
include an attestation report of the Company's registered accounting firm
regarding internal control over financial reporting.  Management's report is not subject to
attestation by the Company's registered public accounting firm pursuant to
temporary rules of the Securities and Exchange Commission.  Item 8B. Other Information  During the year ended March 31, 2008,
there was no information required to be reported on Form 8K which was no
previously reported.  PART III  Item 9.  Directors, Executive
Officers, Promoters, Control Persons and Corporate Governance; Compliance with
Section 16(a) of the Exchange Act  All of our directors hold office
until the next annual general meeting of our shareholders or until their
successors are elected and qualified.  Our officers are appointed by our
board of directors and hold office until their earlier death, retirement,
resignation or removal.  Our directors and executive officers and their
respective ages as of the date of this Annual Report are as follows:  Position Held

Date First Elected orName
With the Company
Age
AppointedPeter Dickie
President and Director
44
March 8, 2007Christopher R. Verrico
Director
50
February 11, 2005Michael H. Sandidge
Director
51
May 15, 2007Donald O. Miller
Director
57
June 20, 2007  PETER DICKIE.  Mr. Peter Dickie
has been the President and a director of our Company since March 8, 2007.
 Mr. Dickie has over 10 years experience working with public companies and
in the securities industry.  A graduate of both the University of Victoria
and the University of British Columbia, Mr. Dickie has a broad range of
management level experience.  For the past seven years, Mr. Dickie has
managed his own consulting business and has a variety of senior management
experience with private and public companies.  CHRISTOPHER R. VERRICO.  Mr.
Christopher Verrico has been a director of our Company since February 11, 2005.
 Mr. Verrico has been a director and officer of Lateegra Gold Corp. (listed
on the TSX Venture Exchange) since October, 2006, and a director of Raytec
Metals Corp. (listed on the TSX Venture Exchange) since November, 2006.  He
worked as a construction superintendent for JJM Construction Ltd. from July,
2003, to October, 2004 and a consultant and promoter for Candente Resources
Corp. from April, 2000 to May, 2003.  Mr. Verrico has extensive mineral
resource public company knowledge.  MICHAEL H. SANDIDGE.  Mr.
Michael Sandidge has been a director of our Company since May 15, 2007.
 Mr. Sandidge earned his Bachelor of Science in geology from the University
of Washington in 1985, and his Masters of Science in geology from the University
if Texas (El Paso) in 1993.  Mr. Sandidge has been a director of West Hawk
Development Corp. (listed on the TSX Venture Exchange) since February, 2005 and
was a self-employed geologist from November, 1994, to February, 2005.  He
has authored or co-authored more than 15 scientific articles relating to
structural geology, metallogenesis, and     tectonics. He has affiliations with
the Society of Economic Geologists, Society of Geology Applied to Mineral
Deposits, and is a Washington State Professional Geologist (#2245) and a
qualified person under NI 43-101 (Canadian National Instrument Qualified
Person).  DONALD O. MILLER.  Mr. Donald
Miller has been a director of our Company since June 20, 2007.  Mr. Miller
has 35 years in the mining industry in senior management positions working for
seven mining and natural resource companies in 14 countries on 5 continents. He
has extensive experience in startups and rapid growth companies in uranium
(Anaconda Mining); gold and silver (Newmont Mining, Getchell Gold, Apollo Gold);
zinc and lead (Apollo Gold); coal (ARCO Coal, Cyprus Coal); copper (Anaconda
Mining, Cyprus Copper); moly (Anaconda Mining, Cyprus Minerals); talc (Cyprus
Talc); lithium (Cyprus Minerals); and oil & gas (ARCO).  He has
consulted in organizational design and management development for 20 companies
in North and South America, specializing in mergers and acquisitions and labor
relations matters.  Mr. Miller completed his undergraduate work in Business
(B.S. degree) at the University of Arizona, attended the Penn State University
Executive Management program and received an MBA with finance emphasis from the
University of Phoenix.  Significant Employees  On May 15, 2007, our Company
appointed Dr. Tibor G. Rozgonyi to its Technical Advisory Board.
 Dr. Rozgonyi currently sits as Head Professor of the Mining
Engineering Department at the Colorado School of Mines and from 1990 to 1995 he
served as Dean of Engineering at the University of Wollongong, Australia. In
recognition of his professional accomplishments, Dr. Rozgonyi was elected to the
Australian Academy of Technological Sciences & Engineering.  Family Relationships  There are no family relationships
among our directors and officers.  Involvement in Legal
Proceedings  None of our directors, executive
officers or control persons have been involved in any of the following events
during the past five years: (i) any bankruptcy petition filed by or against any
business or which such person was a general partner or executive officer either
at the time of the bankruptcy or within two years prior to that time; (ii) any
conviction in a criminal proceeding or being subject to a pending criminal
proceeding (excluding traffic violations and other minor offences); (iii) being
subject to any order, judgment, or decree, not subsequently reversed, suspended
or vacated, of any court of competent jurisdiction, permanently or temporarily
enjoining, barring, suspending or otherwise limiting his involvement in any type
of business, securities or banking activities; or (iv) being found by a court of
competent jurisdiction (in a civil action), the Commission or the Commodity
Futures Trading Commission to have violated a federal or state securities or
commodities law, and the judgment has not been reversed, suspended, or
vacated.  Board and Committee Meetings  The Board of Directors of the Company
held informal meetings during the year ended March 31, 2008.  All
proceedings of the Board of Directors were conducted by resolutions consented to
in writing by all the directors and filed with the minutes of the proceedings of
the directors.  Such resolutions consented to in writing by the directors
entitled to vote on that resolution at a meeting of the directors are, according
to the Nevada General Corporate Law and the By-laws of the Company, as valid and
effective as if they had been passed at a meeting of the directors duly called
and held.  For the year ended March 31, 2008,
our only standing committee of the Board of Directors was our audit committee.      Audit Committee  Currently our audit committee
consists of our Peter Dickie and Christopher Verrico.  We currently do not
have nominating, compensation committees or committees performing similar
functions. There has not been any defined policy or procedure requirements for
shareholders to submit recommendations or nomination for directors.  During fiscal 2008, there were
informal meetings held by this Committee. The business of the audit committee
was conducted by resolutions consented to in writing by all the members and
filed with the minutes of the proceedings of the audit committee.  Audit Committee Financial Expert  Our board of directors has determined
that it does not have a member of its audit committee that qualifies as an
"audit committee financial expert" as defined in Item 401(e) of Regulation S-B,
and is "independent" as the term is used in Item 7(d)(3)(iv) of Schedule 14A
under the Securities Exchange Act of 1934, as amended.  We believe that the members of our
audit committee are collectively capable of analyzing and evaluating our
financial statements and understanding internal controls and procedures for
financial reporting.  In addition, we believe that retaining an independent
director who would qualify as an "audit committee financial expert" would be
overly costly and burdensome and is not warranted in our circumstances given the
early stages of our development and the fact that we have not generated any
material revenues to date.  Section 16(a) Beneficial Ownership
Compliance  Section 16(a) of the Securities
Exchange Act requires our executive officers and directors, and persons who own
more than 10% of our common stock, to file reports regarding ownership of, and
transactions in, our securities with the Securities and Exchange Commission and
to provide us with copies of those filings.  Based solely on our review of
the copies of such forms received by us, or written representations from certain
reporting persons, we believe that during fiscal year ended March 31, 2008, all
filing requirements applicable to its officers, directors and greater than 10%
percent beneficial owners were complied with.  Code of Ethics  Effective June 1, 2005, our company's
board of directors adopted a Code of Business Conduct and Ethics that applies
to, among other persons, our company's President and Secretary (being our
principal executive officer, principal financial officer and principal
accounting officer), as well as persons performing similar functions.  As
adopted, our Code of Business Conduct and Ethics sets forth written standards
that are designed to deter wrongdoing and to promote:   1.
honest
and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional
relationships;2.
full,
fair, accurate, timely, and understandable disclosure in reports and
documents that we file with, or submit to, the Securities and Exchange
Commission and in other public communications made by us;3.
compliance
with applicable governmental laws, rules and regulations;4.
the
prompt internal reporting of violations of the Code of Business Conduct
and Ethics to an appropriate person or persons identified in the Code of
Business Conduct and Ethics; and      5.
accountability
for adherence to the Code of Business Conduct and
Ethics.  Our Code of Business Conduct and
Ethics requires, among other things, that all of our company's Senior Officers
commit to timely, accurate and consistent disclosure of information; that they
maintain confidential information; and that they act with honesty and integrity.  In addition, our Code of Business
Conduct and Ethics emphasizes that all employees, and particularly Senior
Officers, have a responsibility for maintaining financial integrity within our
company, consistent with generally accepted accounting principles, and federal
and state securities laws. Any Senior Officer who becomes aware of any incidents
involving financial or accounting manipulation or other irregularities, whether
by witnessing the incident or being told of it, must report it to our company.
Any failure to report such inappropriate or irregular conduct of others is to be
treated as a severe disciplinary matter. It is against our company policy to
retaliate against any individual who reports in good faith the violation or
potential violation of our company's Code of Business Conduct and Ethics by
another.  Our Code of Business Conduct and
Ethics is filed with the Securities and Exchange Commission as Exhibit 14.1 to
our annual report. We will provide a copy of the Code of Business Conduct and
Ethics to any person without charge, upon request. Requests can be sent to: Utah
Uranium Corp., 11850 South Highway 191, Unit B-9, Moab, Utah  84532.  Item 10. Executive Compensation  The following table sets forth the
compensation paid to our President and Chief Executive Officer during the fiscal
year ended March 31, 2008.  Mr. Townsend resigned as officer and director
on March 8, 2007, and Mr. Peter Dickie was appointed President and director in
his place.  No officer, director or employee earned in excess of $100,000
during the fiscal year.  SUMMARY COMPENSATION TABLELong Term CompensationAnnual Compensation
Awards
Payouts(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)Name and Principle Position
Year
Salary ($)
Bonus ($)
Other Annual Comp- ensation ($)
Restricted Stock Award(s) ($)
Securities Underlying Option/SARs (#)
LTIP Payouts ($)
All Other Comp- ensation ($)Kenneth
G. Townsend,
Former
President, CEO, CFO, Secretary and Director
2005
$0.00
$0.00
$0.00
$0.00
0
$0.00
$0.002006
$0.00
$0.00
$0.00
$0.00
0
$0.00
$0.002007
$0.00
$0.00
$0.00
$0.00
0
$0.00
$0.00Peter
Dickie, President, CEO and Director
2006
$0.00
$0.00
$0.00
$0.00
0
$0.00
$0.002007
$0.00
$0.00
$5,000
$0.00
0
$0.00
$0.002008
$0.00
$0.00
$67,064
$0.00
0
$0.00
$0.00  Long-Term Incentive Plans  There are no arrangements or plans in
which we provide pension, retirement or similar benefits for directors or
executive officers, except that our directors and executive officers may receive
stock options at the discretion of our Board of Directors.  We do not have
any material bonus or profit sharing plans pursuant to which cash or non- cash
compensation is or may be paid to our directors or executive officers, except
that stock options may be granted at the discretion of our board of
directors.  We have no plans or arrangements in
respect of remuneration received or that may be received by our executive
officers to compensate such officers in the event of termination of employment
(as a result of     resignation, retirement, change of
control) or a change of responsibilities following a change of control, where
the value of such compensation exceeds $60,000 per executive officer.  Compensation Of Directors  We reimburse our directors for
expenses incurred in connection with attending board meetings. We did not pay
director's fees or other cash compensation for services rendered as a director
in the year ended March 31, 2008.  We have no formal plan for
compensating our directors for their service in their capacity as directors,
although such directors are expected in the future to receive stock options to
purchase common shares as awarded by our board of directors or (as to future
stock options) a compensation committee which may be established. Directors are
entitled to reimbursement for reasonable travel and other out-of-pocket expenses
incurred in connection with attendance at meetings of our board of directors.
Our board of directors may award special remuneration to any director
undertaking any special services on our behalf other than services ordinarily
required of a director. No director received and/or accrued any compensation for
their services as a director, including committee participation and/or special
assignments.  Employment Contracts  During the period ended March 31,
2007, we paid total consulting fees of $65,979 for consulting services to our
Company.  During the period ended March 31,
2008, we paid total consulting fees of $193,921 for consulting services to our
Company.  On December 1, 2006, the Company
entered into a one year Consulting Agreement with Mr. Christopher Turley,
our former CFO, to provide assistance in its day-to-day operations, for a fee of
CDN$1,000 per week.  Specifically, he assisted in interaction with the
Companys auditors, transfer agent and regulatory authorities.   Mr.
Turley's contact was terminated on November 30, 2007.  On March 8, 2007, the Company entered
into a two year Senior Management Consulting Agreement with Mr. Peter Dickie,
the President, to provide senior management to the Company for a fee of
CDN$5,000 per month in the first year and CDN$10,000 per month in the second
year.  Specifically, he performs the duties of the President, provides
administration of the day-to-day affairs, liaisons with the Company auditors,
accountants, and lawyers, develops financial plans, negotiates future
acquisitions and business ventures and negotiates financings on behalf of the
Company.  There are no other arrangements or
plans in which we provide pension, retirement or similar benefits for directors
or executive officers. Our directors and executive officers may receive stock
options at the discretion of our board of directors in the future. We do not
have any material bonus or profit sharing plans pursuant to which cash or
non-cash compensation is or may be paid to our directors or executive officers,
except that stock options may be granted at the discretion of our board of
directors.  We have no plans or arrangements in
respect of remuneration received or that may be received by our executive
officers to compensate such officers in the event of termination of employment
(as a result of resignation, retirement, change of control) or a change of
responsibilities following a change of control, where the value of such
compensation exceeds $60,000 per executive officer.  Item 11.  Security Ownership
of Certain Beneficial Owners and Management and Related Stockholder
Matters  The following table sets forth, as of
July 11, 2008, certain information with respect to the beneficial ownership of
our common stock by each stockholder known by us to be the beneficial owner of
more than 5% of our common stock and by each of our current directors and
executive officers. Each person has     sole voting and investment power with
respect to the shares of common stock, except as otherwise indicated.
 Beneficial ownership consists of a direct interest in the shares of common
stock, except as otherwise indicated.  Name and
Address of Beneficial Owner and Position with Company
Position with
Company
Amount
Beneficially Owned
Percentage of
Beneficial OwnershipPeter Dickie
2256 Spruce Street
Vancouver, BC  V6H
2P3
President and Director
1,090,000
2.83%Christopher Verrico
6785 West Boulevard
Vancouver, BC, V6P 5R8
Director
6,000,000
15.57%Donald O. Miller
17 Club Vista Drive
Henderson, NV 89052
Director
100,000
0.26%Michael Sandidge
2741 Easy Street
Wenatchee, WA
 98801
Director
100,000
0.26%Kenneth Townsend
2028 West 53rd
Street
Vancouver, BC
V6P 1H2
Former President, CEO,
Secretary and Director
8,945,200
23.22%Spectre Investments Inc.
1128  789 West Pender St
Vancouver, BC, V6C 1H2
N/A
3,240,000
8.41%  Item 12.  Certain
Relationships and Related Transactions; Director Independence  None of our directors, officers or
principal stockholders, nor any associate or affiliate of the foregoing have any
interest, direct or indirect in any transaction or any proposed transaction or
in any proposed transactions, which has materially affected or will materially
affect us during the fiscal years ended March 31, 2008 and 2007. Director
Independence None of the
members of the Board of Directors are considered to be independent.  We
will appoint additional independent directors to our board and committees in the
future. We do not have any independent board members in our audit committee who
are considered to be financial experts. Item 13.  Exhibits and
Reports on Form 8-K  ExhibitNumber
Description(3)
(i) Articles of
Incorporation; and (ii) Bylaws3.1
Articles of Incorporation
(incorporated by reference from our Form 10-SB filed on August 25, 2004)3.2
Bylaws (incorporated by
reference from our Form 10-SB filed on August 25, 2004)(14)
Code of Ethics      14.1*
Code
of Business Conduct and Ethics(31)
Rule 13a-14(a)/15d-14(a)
Certifications31.1*
Section 302 Certification under
Sarbanes-Oxley Act of 2002 of Kenneth G. Townsend(32)
Section 1350
Certifications32.1*
Section
906 Certification under Sarbanes-Oxley Act of 2002  Item 14. Principal Accountant Fees
and Services. 1. Audit
Fees: Aggregate fees billed for each of the last two (2) fiscal years for
professional services rendered by the principal accountant for the audit of the
annual financial statements and review of financial statements included on Form
10-QSB: 2008: $20,000 2007: $16,000 2. Audit-Related
Fees: Aggregate fees billed in each of the last two (2) fiscal years for
assurance and related services by the principal accountant that are reasonably
related to the performance of the audit or review of the financial statements
and are not reported previously. 2008: $16,000 2007: $
 7,000 3. Tax
Fees: Aggregate fees billed in each of the last two (2) fiscal years for
professional services rendered by the principal accountant for tax compliance,
tax advice, and tax planning. 2008: $0 2007: $5,500 4. All
Other Fees: Aggregate fees billed in each of the last two (2) fiscal years for
products and services provided by the principal accountant, other than the
services previously reported. 2008: $0 2007: $0 5. Audit
Committee Pre-Approval Procedures. Our audit committee does not pre-approve any
matters as all issues must come before the audit committee for approval.       SIGNATURES  In accordance with Section 13 or
15(d) of the Exchange Act, the registrant caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.  UTAH URANIUM CORP.      /s/ Peter E.
Dickie Peter E. Dickie, President &
Director  Dated: July 15,
2008    In accordance with the Exchange Act,
this report has been signed below by the following persons on behalf of the
registrant in the capacities and on the dates indicated.       /s/ Christopher R.
Verrico Christopher R. Verrico, Director  Dated:   July 15,
2008