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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-QSB



|[ x ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ending MARCH 31, 2004
|----- | --------------------------------------------------------------------------------------------------------------------------------------
|      | OR                                                                                                                                    
|[   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                              

Commission file number 000-25515

MAVERICK MINERALS CORPORATION



|NEVADA                                                         |  | 88-0410480                          
|-------------------------------------------------------------- |  | ------------------------------------
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

2501 Lansdowne Avenue
Saskatoon, Saskatchewan, Canada   S7J 1H3(Address of principal executive offices)

(306) 343-5799Registrant's telephone number including area code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes [ x ]   No [   ]



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PART I. FINANCIAL INFORMATION

Item 1 - Financial Statements



|MOEN AND COMPANYCHARTERED ACCOUNTANTS                  
|-------------------------------------------------------
|Member:                                                
|Canadian Institute of Chartered Accountants            
|Institute of Chartered Accountants of British Columbia 
|Institute of Management Accountants (USA) (From 1965)  
|                                                       
|Registered with:                                       
|Public Company Accounting Oversight Board (USA) (PCAOB)
|Canadian Public Accountability Board (CPAB)            
|Canada  - British Columbia Public Practice Licence     

INDEPENDENT ACCOUNTANTS' REVIEW REPORT

To the Directors of
Maverick Minerals Corporation.  (A Nevada Corporation)
(An Exploration Stage Company)

We have reviewed the accompanying Consolidated Balance Sheets of Maverick Minerals Corporation (An Exploration Stage Company) as of March 31, 2004 and March 31, 2003, and the related Consolidated Statements of Income, Retained Earnings (Deficit), Cash Flows and Shareholders' Equity for the three month periods then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.  All information included in these financial statements is the representation of the management of Maverick Minerals Corporation.

A review consists principally of inquiries of company personnel and analytical procedures applied to financial data.  It is substantially less in scope than an examination in accordance with US generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole.  Accordingly, we do not express such an opinion.

On the basis of our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with U.S. generally accepted accounting principles.



|                                    | /s/ Moen and Company 
|----------------------------------- | ---------------------
|                                    |                      
|                                    | Chartered Accountants
|Vancouver, British Columbia, Canada |                      
|June 15, 2004                       |                      





F-1

"Independent Accountants and Auditors"



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|MAVERICK MINERALS CORPORATION               
|--------------------------------------------
|(A Nevada Corporation)                      
|(An Exploration Stage Company)              
|Consolidated Balance Sheet                  
|March 31, 2004                              
|(Expressed in U.S. Dollars)                 
|(With Comparative Figures at March 31, 2003)
|(Unaudited)                                 
|                                            
|Current Assets                              
|                                            
|                                            
|                                            
|                                            
|Fixed Assets, at cost (Note 2(e))           
|                                            
|                                            
|                                            
|                                            
|LIABILITIES AND STOCKHOLDERS' EQUITY        
|Current Liabilities                         
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Stockholders' Equity                        
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Total Liabilities and Stockholders' Equity  
|Approved on Behalf of the Board             
|"Robert J. Kinloch", Director               

See Accompanying Notes and Independent Accountants' Review Report
F-2

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|MAVERICK MINERALS CORPORATION                 
|----------------------------------------------
|(A Nevada Corporation)                        
|(An Exploration Stage Company)                
|Consolidated Statement of Income              
|(Expressed in U.S. Dollars)                   
|(Unaudited)                                   
|                                              
|                                              
|                                              
|                                              
|                                              
|Revenue                                       
|                                              
|                                              
|                                              
|Cost of Good Sold                             
|Gross Margin                                  
|General and Administration Expenses           
|                                              
|                                              
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|                                              
|                                              
|                                              
|Total administration expenses                 
|Profit (Loss) for the period                  
|Income taxes                                  
|                                              
|Net Profit (Loss) for the Period              
|Net Profit (Loss) Per Common Share (Note 2(d))
|                                              
|                                              
|Average Number of Common Shares Outstanding   
|                                              
|                                              



See Accompanying Notes and Independent Accountants' Review Report.F-3

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|MAVERICK MINERALS CORPORATION   
|--------------------------------
|(A Nevada Corporation)          
|(An Exploration Stage Company)  
|Consolidated Statement of Income
|(Expressed in U.S. Dollars)     
|(Unaudited)                     
|                                
|                                
|                                
|                                
|                                
|                                
|                                
|Balance, beginning of period    
|                                
|Net Profit(Loss) for the Period 
|                                
|Retained Earnings (Deficit)     





















See Accompanying Notes and Independent Accountants' Review Report.F-4

-5-

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|MAVERICK MINERALS CORPORATION            
|-----------------------------------------
|(A Nevada Corporation)                   
|(An Exploration Stage Company)           
|Consolidated Statement of Cash Flows     
|(Expressed in U.S. Dollars)              
|(Unaudited)                              
|                                         
|                                         
|                                         
|                                         
|                                         
|Cash Provided by (Used for)              
|Operating Activities                     
|                                         
|                                         
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|                                         
|Investing Activities                     
|                                         
|Financing Activities                     
|                                         
|                                         
|                                         
|                                         
|                                         
|                                         
|Increase  in Cash During the Period      
|Cash (Overdraft), Beginning of the Period
|Cash, End of Period                      



See Accompanying Notes and Independent Accountants' Review Report.F-5



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|MAVERICK MINERALS CORPORATION                                             
|--------------------------------------------------------------------------
|(A Nevada Corporation)                                                    
|(An Exploration Stage Company)                                            
|Consolidated Statement of Stockholders' Equity                            
|For the Period From Date of Inception on August 27, 1998 to March 31, 2004
|(Expressed in U.S. Dollars)                                               
|(Unaudited)                                                               
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|Oct. 5, 98 Shares subscribed by                                           
|Director for cash                                                         
|Oct. 5, 98 Shares subscribed                                              
|by Director for finder's fee                                              
|Dec. 7, 98 Share subscribed                                               
|by private placement for cash                                             
|Deferred compensation                                                     
|Deferred compensation                                                     
|amortization                                                              
|Net loss for the period                                                   
|Balance, December 31, 1988                                                
|Feb. 2, 99 Shares subscribed by                                           
|Dircetor for consulting services                                          
|Feb. 3, 99 Shares subscribed by                                           
|private placement for cash                                                
|Jun. 15, 99 Shares subscribed by                                          
|stock option exercised                                                    
|Deferred compensation Dec 3, 99                                           
|Shares subscribed by private                                              
|placement for cash                                                        
|Deferred compensation                                                     
|amortization                                                              
|Net loss for year ended                                                   
|December 31, 1999                                                         
|Balance, December 31,1999                                                 
|January 2000 shares for assets of                                         
|Mr. Tube Steak Canada Inc.                                                
|Mar 8, 2000 shares issued for                                             
|consulting fees                                                           
|Cancellation of shares issued for                                         
|consulting fees                                                           
|Sep 30, 00 Shares subscribed by                                           
|stock option exercised                                                    
|Deferred compensation                                                     
|amortization                                                              
|Shares returned to treasury on                                            
|cancellation of deal with Mr. Tube                                        
|Steak Canada Inc.                                                         
|Cumulative Currency Translation                                           
|Adjustment                                                                
|Net loss for year ended                                                   
|December 31, 2000                                                         
|Balance, December 31, 2000, and                                           
|balance carried forward                                                   



See Accompanying Notes and Independent Accountants' Review Report.F-6



-7-

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|MAVERICK MINERALS CORPORATION                                             
|--------------------------------------------------------------------------
|(A Nevada Corporation)                                                    
|(An Exploration Stage Company)                                            
|Consolidated Statement of Stockholders' Equity                            
|For the Period From Date of Inception on August 27, 1998 to March 31, 2004
|(Expressed in U.S. Dollars)                                               
|(Unaudited)                                                               
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|Balance, December 31, 2000,                                               
|Brought forward                                                           
|Deferred compensation amortization                                        
|August 31, 2001 reduction for                                             
|reorganization shares issued                                              
|Shares issued for notes payable -                                         
|Rod Mancini                                                               
|Shares issued for consulting                                              
|fees CPM Group                                                            
|Shares issued for purchase AMT                                            
|Canada Inc., acquired by wholly                                           
|owned subsidiary                                                          
|Shares subscribed                                                         
|Shares issued for legal fees -                                            
|Fogler Rubinoff LLP                                                       
|Shares issued for Steven Duff -                                           
|travel expenses at $0.07 per share                                        
|Net loss for year ended                                                   
|December 31, 2001                                                         
|Cumulative currency translation                                           
|adjustment                                                                
|Balance, December 31, 2001                                                
|Shares issued for debt - Cardinal                                         
|Shares issued for  consulting - Getty                                     
|Shares issued for cash                                                    
|Deferred compensation amortization                                        
|Net loss for year ended                                                   
|December 31, 2002                                                         
|Balance, December 31, 2002                                                
|Shares issued for bonus                                                   
|Shares for services                                                       
|Deferred compensation amortization                                        
|Net loss for three month period                                           
|ended March 30, 2003                                                      
|Balance, March 31, 2003                                                   
|Reverse split 1:5 on May 13, 2003                                         
|Shares issued May 14, 2003, advance                                       
|for reverse takeover to be completed                                      
|in July 2003                                                              
|Shares issued  July 8, 2003                                               
|management fees                                                           
|Deferred compensation amortization                                        
|Cumulative currency translation                                           
|adjustment                                                                
|Net loss for year ended                                                   
|December 31, 2003                                                         
|Balance, December 31, 2003                                                
|Deferred compensation amortization                                        
|Net loss for three month                                                  
|period ended March 30, 2004                                               
|                                                                          







See Accompanying Notes and Independent Accountants' Review Report.

-8-

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 1.   BUSINESS OPERATIONS AND CONTINUANCE OF OPERATIONS (See Going Concern Note 14)

(a)     The Company date of incorporation and inception was on August 27, 1998 under the Company Act of the State of Nevada, U.S.A. to pursue opportunities in the business of franchising fast food distributor systems.  On May 23, 2001, the Company changed its direction to the energy and mineral resource fields, as an exploration stage company.

(b)     The Company adopted a Directors' Resolution, dated February 15, 2002, to amend the original activities of the company and to change its name to Maverick Minerals Corporation.

(c)     The Company is considered to be an exploration stage enterprise, as its principal operations have not yet produced significant revenue.

(d)     UCO ENERGY CORPORATION - Acquisition by Maverick Minerals Corporation

On April 21, 2003, Maverick Mineral signed a definitive share purchase agreement to purchase the outstanding equity of UCO Energy Corporation, a Nevada Corporation.

To facilitate the transaction Maverick Minerals Corporation consolidated its share capital at a ratio of one new common share for every five old common shares.

Post-consolidation Maverick Minerals Corporation issued 37,580,400 shares in completion of the transaction.  This number would represent 90% of issued and outstanding common shares of Maverick Minerals Corporation and would vest control of Maverick Minerals Corporation in the hands of the shareholders of UCO Energy Corp., as a reverse take-over.

As previously disclosed, AMT Canada Inc., a Maverick Minerals Corporation subsidiary, has been divested of its mining assets in Yukon, Canada.  Maverick Minerals Corporation has subsequently disposed of its shares of Gretna Capital Corporation and consequently those of AMT Canada Inc. as well.

The terms of the agreement between "Maverick" and "UCO" include the advancing of a loan of $300,000 to Maverick by a third party to allow Maverick to meet its outstanding debt obligations.

On July 7, 2003, Maverick Minerals closed its previously announced purchase of all outstanding shares of UCO Energy Corporation and is accounted for as a reverse takeover 37,580,400 common shares of Maverick Minerals Corporation that were issued at a price of $0.02 per share for a total of $751,608 pursuant to the purchase to be accounted for as a reverse takeover and were held in escrow pending closing, have been released to the shareholders of UCO Energy Corporation.

On March 3, 2004, Illinois Resources, Inc. advised that the Company is in default in the performance of the Coal Recovery and Reclamation Agreement (the "Agreement") dated October 2, 2002 between Illinois Resources, Inc. (IRI") and UCO Energy, Inc. ("UCO Inc.") UCO Energy Corporation is a wholly owned subsidiary of Maverick and is an assignee of UCO Energy Inc.

On March 22, 2004, due to the default in the performance of the terms and conditions of the Coal Recovery and Reclamation Agreement with IRI and failure to cure the defaults as demanded, IRI have elected to re-enter and repossess the property and to exclude the Company.

F-8

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)     Administration Costs

Administration costs are written off to operations when incurred.

(b)     Translation of Foreign Currency

The functional currency and the reporting currency is the United States Dollar.

Monetary assets and liabilities are translated at the current rate of exchange.

The weighted average exchange rate for the period is used to translate revenue, expenses, and gains or losses from the functional currency to the reporting currency.

The gain or loss on translation is reported as a separate component of stockholders' equity and is not recognized in net income.  Gains or losses on remeasurement are recognized in current net income.

Gains or losses from foreign currency transactions are recognized in current net income.

Fixed assets are measured at historical exchange rates that existed at the time of the transaction.

Depreciation is measured at historical exchange rates that existed at the time the underlying fixed asset was acquired.

Capital accounts are translated at their historical exchange rates when the capital stock is issued.

The effect of exchange rate changes on cash balances is reported in the statement of cash flows as a separate part of the reconciliation of change in cash and cash equivalents during the year.

An analysis of the changes in the cumulative currency translation adjustment account, as disclosed as part of stockholders' equity, is as follows:



|                                                           |   | 2004    |   | 2003   
|---------------------------------------------------------- | - | ------- | - | -------
|Beginning balance, December 31, 2003 and December 31, 2002 | $ | (8,429) | $ | (9,302)
|Changes during the Period                                  |   | --      |   | --     
|                                                           |   |         |   |        
|Ending balance, March 31, 2004 and March 31, 2003          | $ | (8,429) | $ | (9,302)

(c)     Basis of Presentation

These financial statements are prepared in accordance with United States of America Generally Accepted Accounting Principles (GAAP).







F-9

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)

(d)     Net Loss Per Share

Net loss per common share is computed by dividing the net loss by the weighted average number of shares outstanding during the period.

Computation of basic and diluted weighted average of shares outstanding for the period ended March 31, 2004 is as follows:



|                                                        | Three Months Ended March 31, 
|------------------------------------------------------- | -----------------------------
|                                                        | 2004                         
|Basic weighted average shares                           | 43,256,526                   
|Effect of dilutive securities - Stock option (Note 10): |                              
|                                                        | Qualified plan               
|                                                        | Non-qualified plan           
|                                                        | Options granted and exercised
|Dilutive potential common shares                        | 3,335,000                    
|                                                        | 46,591,526                   
|Net Profit (Loss) per share - Basic                     | ($0.00)                      
|Net Profit (Loss) per share - Diluted                   | ($0.00)                      

(e)     Fixed Assets / Depreciation

(i)   The company depreciates its fixed assets at 20% per annum on a straight-line basis.



|                         |   | March 31
|------------------------ | - | --------
|                         |   | 2004    
|Equipment and plant      | $ | 24,662  
|Accumulated depreciation |   | (24,662)
|                         | $ | 0       

(ii)   Fixed assets that were recorded previously under UCO Energy Corporation were removed from these financial statements as at March 31, 2004 because these fixed assets have been seized by a third party due to a default of an Agreement. (See Note 2(d)) This seizure action could cause lease terminations, noncancelable lease costs and disposal of or removal of these fixed assets from operations.















F-10

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)

(f)     Mining Properties and Exploration Costs

Exploration costs and costs of acquiring mineral properties are charged to operations in the year in which they are incurred, except where these costs relate to specific properties for which economically recoverable resources are estimated to exist, in which case they are capitalized.  Mining properties are, upon commencement of production, amortized over the estimated life of the orebody to which they relate or are written off if the property is abandoned or if there is considered to be a permanent impairment in value.

Investments in mining properties over which the company has significant influence but not joint control are accounted for using the equity method.

Site Restoration and Post Closure Costs
Expenditures related to ongoing environmental and reclamation activities are expensed, as incurred, unless previously accrued.  Provisions for future site restoration and reclamation and other post closure costs in respect of operating facilities are charged to operations over the estimated life of the operating facility, commencing when a reasonably definitive estimate of the cost can be made.

(g)     Environment Remedial Liability

SOP 96-1 provides accounting guidance for environmental remedial liabilities.  The Company does not own any properties that are subject to environmental remedial liabilities.  The wholly owned subsidiary, Gretna Capital Corporation, has a wholly owned subsidiary, AMT Canada Inc., that had mineral resource properties in the Yukon Territory, Canada, that had no mineral resource operational activity during the period from date of acquisition of the subsidiary, on November 6, 2001, to the date of divestiture on February 14, 2003, and, accordingly, management is not aware of any known environmental remedial liabilities as at March 31, 2004.

(h)     Stock-Based Compensation

The Company accounts for its stock-based compensation arrangements under the intrinsic value recognition and measurement principles of Accounting Principles Board ("APB") Opinion NO. 25, "Accounting for Stock Issued to Employees," and the FASB Interpretation No.44, "Accounting for Certain Transactions Involving Stock Compensation (an Interpretation of APB Opinion No. 25)."  Since the exercise price for all options granted under those plans was equal to the market value of the underlying common stock on the date of grant, no compensation cost is recognized in the accompanying consolidated statement of operations.











F-11

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)

(i)     Segment Reporting

SFAS No.131, "Disclosures about Segments of an Enterprise and Related Information," establishes standards for a public company to report financial and descriptive information about its reportable operating segments in annual and interim financial reports.  Operating segments are components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance.  Two or more operating segments may be aggregated into a single operating segment provided aggregation is consistent with objective an basic principles of SFAS No.131, if the segments have similar economic characteristics, and the segments are considered similar under criteria provided by SFAS No.131. SFAS No.131 also establishes standards and related disclosures about the way the operating segments were determined, products and services, geographic areas and major customers, differences between the measurements used in reporting segment information and those used in the Company's general-purpose financial statements, and changes in the measurement of segment amounts from period to period.

(j)     Goodwill

Under the provisions of SFAS No. 142, the Company performs the review for impairment at the reporting unit level, which the Company has determined to write off the goodwill.  Impairment testing of goodwill consists of a two-step process.  The first step involves a comparison of the fair value of a reporting unit with its carrying amount.  If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the fair value and carrying value of the goodwill of that reporting unit.  If the carrying value of the goodwill of a reporting unit exceeds the fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess.  Additional impairment tests are performed between the annual reviews if events or changes in circumstances make it more likely than not that the fair value of a reporting unit is below its carrying amount.

(k)     Long-Lived Asset Impairments, Assets Held for Sale and Discontinued Operations

The Company evaluates whether long-lived assets, excluding goodwill, have been impaired when circumstances indicate the carrying value of those asset may not be recoverable.  For such long-lived assets, an impairment exists when its carrying value exceeds the sum of estimates of the undiscounted cash flows expected to result from the use and eventual disposition of the asset.  When alternative courses of action to recover the carrying amount of a long-lived asset are under consideration, a probability-weighted approach is used for developing estimates of future undiscounted cash flows.  If the carrying value of the long-lived asset is not recoverable based on these estimated future cash flows, the impairment loss is measured as the excess of the asset's carrying value over its fair value, such that the asset's carrying value is adjusted to its estimated fair value.

Management assesses the fair value of long-lived assets using commonly accepted techniques, and may use more than one source.  Sources to determine fair value include, but are not limited to, recent third party comparable sales, internally developed discounted cash flow analysis and analysis from outside advisors.  Significant changes in market conditions resulting from events such as changes in commodity prices or the condition of an asset, or a change in management's intent to utilize the asset would generally require management to re-assess the cash flows related to the long-lived assets.



F-12

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)

The Company uses the criteria in SFAS No. 144, "Accounting for the Impairment or Disposal of Long-lived Assets", to determine when an asset is classified as held for sale.  Upon classification as held for sale, the long-lived asset is measured at the lower of its carrying amount or fair value less cost to sell, depreciation is ceased and the asset is separately presented on the consolidated balance sheet.

If an asset held for sale or sold has clearly distinguishable operations and cash flows, and the Company will not have significant continuing involvement in the operations after the disposal and cash flows of the assets sold have been eliminated from the Company's ongoing operations, then the related results of operations for the current and prior periods, including any related impairments, are reflected as Discontinued Operations in the consolidated statements of income.  If an asset held for sale does not have clearly distinguishable operations and cash flows, impairments and gains or losses on sales are recorded as (losses) gains on sales of other assets, net in the consolidated statements of operations.  Impairments for all other long-lived assets, other than goodwill, are recorded as impairment and other related charges in the consolidated statements of income.

(l)     Recent Accounting Pronouncements

In June 2002, the FASB issued SFAS No. 146 which addresses accounting for restructuring and similar costs.  SFAS No. 146 supersedes previous accounting guidance.  The Company has adopted the provisions of SFAS No.146 for restructuring activities initiated after December 31, 2002.  SFAS No. 146 requires that the liability for costs associated with an exit or disposal activity be recognized when the liability is incurred.  Under EITF Issue No. 94-3, a liability for an exit cost was recognized on the date of the Company's commitment to an exit plan.  SFAS No. 146 also establishes that the liability should initially be measured and recorded at fair value.  Accordingly, SFAS No.146 will affect the timing of recognizing future restructuring costs as well as the amounts recognized as liabilities.

In November, 2002, the EITF reached a consensus on Issue No. 00-21 "Revenue Arrangements with Multiple Deliverables" ("EITF 00-21").  This issue addresses certain aspects of accounting for arrangement whereby a vendor performs multiple revenue-generating activities.  This issue addresses how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting and how the related revenue should be measured and allocated to the separate units of accounting.  This issue is effective for revenue arrangements entered into for fiscal periods beginning after June 15, 2003.  However, the Company plans on adopting EITF 00-21 on May 1, 2003.  There is no effect on the Company of EITF 00-21 on the Company's results of operations, financial position or liquidity as the Company currently has no multiple deliverable revenue arrangements.

In May 2003, the EITF reached consensus in EITF issued No. 01-08 to clarify the requirements of identifying whether an arrangement should be accounted for as a lease at its inception.  The guidance in the consensus is designed to broaden the scope of arrangements accounted for as leases.  EITF Issue No. 01-08 requires both parties to an arrangement to determine "Accounting for Leases."





F-13

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 3.     RELATED PARTY TRANSACTIONS

On January 8, 2002 and pursuant to the employment agreement disclosed in Note 6, Robert Kinloch, President and Chief Executive Officer of the Company voluntarily reduced his compensation per year due in 2002 from $150,000 to $50,000.  On May 5, 2003, the Company entered into a new management agreement with its Chief Executive, Robert Kinloch, in anticipation of new responsibilities relating to the purchase of UCO Energy Corp.  The agreement is for a term of one year with a salary of $75,000.  Management fees of $18,750 are expensed in these financial statements for the period ended March 31, 2004.  The total amount of management fees unpaid disclosed in current liabilities as at March 31, 2004 is $37,793.

Robert Kinloch was granted qualified stock options to purchase 1,000,000 common shares of the Company's stock at $0.10 per share, on January 8, 2002, representing a price per share based upon 120% of the closing stock price on the date of the grant.  This exercised price was repriced from $0.10 per share to $0.02 per share.  A special grant of 500,000 options was provided to Robert Kinloch in the new agreement.  All options raised anti dilutive protection and were exercised in the second quarter.

The company has a loan payable to UCO Energy Inc. of $460,353.  This amount is unsecured, bears no interest, with no specific terms of repayment.

Note 4.     INCOME TAXES

The Company has losses that total $4,256,898 for income tax purposes that may be carried forward to be applied against future taxable income.  The benefit of a potential reduction in future income taxes has not been recorded as an asset at March 31, 2004 as it is reduced to nil by a valuation allowance, due to uncertainty of the application of losses.

Note 5.     EMPLOYMENT AGREEMENT

On May 5, 2003, the Company entered into a new management agreement with its Chief Executive Robert Kinloch in anticipation of new responsibilities relating to the purchase of UCO Energy Corp.  The agreement is for a term of one year with a salary of $75,000.













F-14

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 6.   COMPENSATION/DEFERRED COMPENSATION

Shares have been issued that give rise to compensation expense.  This compensation is amortized over a five year period.  Details of compensation expense and deferred compensation are as follows:



|                                                             |                                                            |              |            | Deferred     
|------------------------------------------------------------ | ---------------------------------------------------------- | ------------ | ---------- | -------------
|                                                             |                                                            |              |            | Compensation 
|                                                             |                                                            |              |            | Expense      
|                                                             |                                                            |              | Deferred   | Quarter Ended
|                                                             |                                                            |              | Portion    | March 31,    
|                                                             | Total                                                      | Compensation | 12/31/2003 | 2004         
|                                                             |                                                            |              |            |              
|a)                                                           | 2,000,000 common shares issued as a finder's fee to Robert |              |            |              
|Kinloch, a director and officer of the Company at a price of |                                                            |              |            |              
|$0.05 per share                                              | $                                                          | 100,000      | $          | B            
|b)                                                           | 5,000,000 common shares subscribe by James Oste, a         |              |            |              
|director and officer of the Company at a cash price of $0.01 |                                                            |              |            |              
|per share for a total of $50,000 giving rise to compensation |                                                            |              |            |              
|at $0.04 per share, or $200,000                              |                                                            | 200,000      |            | --           
|c)                                                           | 250,000 common shares issued for consulting services to    |              |            |              
|David Glass at a price of $0.05 per share                    |                                                            | 2,500        |            | 43           
|d)                                                           | 3,000,000 common shares exercised on stock options         |              | 117,000    |              
|e)                                                           | 3,000,000 common shares exercised on stock options at a    |              |            |              
|cash price of $0.001 per share giving rise to compensation   |                                                            |              |            |              
|of $0.059 per share of $177,000                              |                                                            | 177,000      |            | 139,386      
|                                                             | $                                                          | 596,500      | $          | 204,568      
|Deferred Compensation Expensed to March 31, 2004             |                                                            |              | $          | 391,932      
|                                                             |                                                            |              | $          | 596,500      

Note 7.   PENSION AND EMPLOYMENT LIABILITIES

The Company does not have any liabilities as at March 31, 2004 for pension, post-employment benefits or postretirement benefits.  The Company does not have a pension plan.

Note 8.   FINANCIAL INSTRUMENTS

The Company's financial instruments consist of cash, accounts receivable, and current liabilities.  It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.  The fair value of these financial statements approximates their carrying values.  The Company does not have any off-balance sheet debt.

F-15

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 9.   NOTE PAYABLE AND ACCRUED INTEREST

The company has a promissory note payable of $141,300 to Art Brokerage as at March 31, 2004.  This amount is unsecured, bears no interest, with no specific terms of repayment, and disclosed as a current liability.

The company has a promissory note payable of $20,000 to Loan from Edward A Lawson as at March 31, 2004.  Interest of $356 has been accrued to March 31, 2004.

Note 10.   STOCK OPTION PLANS

(a)     On January 4. 2002, the company adopted a new qualified option plan in order to be in a position to attract top personnel to further its strategic plan.  2,000,000 common shares will be set aside under the plan.  On January 8, 2002, Robert Kinloch, President and Chief Executive Officer was granted qualified stock options, applicable to this plan, to purchase 1,000,000 at $0.10 per share, representing 120% of the closing stock price at date of grant.  This exercised price was repriced from $0.10 per share to $0.02 per share.  A special grant of 500,000 options was provided to Robert Kinloch in the new agreement.  All options raised anti dilutive protection and were exercised in the second quarter.

(b)     On September 12, 2002 the Company registered a non-qualifying stock option plan on Form S-8.  The plan became effective on the date of filing and covers 3,000,000 common shares.  Share options for 665,000 shares have been granted.  All 665,000 options were exercised and the shares were issued by way of a bonus in the quarter ended March 31, 2003

Note 11.   LOANS PAYABLE

Maverick Minerals arranged a loan of $311,400 from Pride of Aspen Associates LLC, as required by the share purchase agreement executed between Maverick Minerals and UCO Energy Corporation.  The Company also arranged a loan of $80,468 from Denmark Investments Inc.  The balances of the loans payable as at March 31, 2004, are as follows:



|Loan from Pride of Aspen Associates LLC | $ | 311,400
|--------------------------------------- | - | -------
|Loan from Denmark Investments Inc.      |   | 80,468 
|                                        |   | 391,868

These amount are unsecured, bears no interest, with no specific terms of repayment and are disclosed as current liabilities.

F-16

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|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(A Nevada Corporation)                    
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2004                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 12.   Segment Reporting

Segmented information of the Company's identifiable assets and operating activities, is as follows:



| | March 31, 2004          | Canada |           | U.S. |   | Total  
| | ----------------------- | ------ | --------- | ---- | - | -------
| | Current assets          | $      | 0         |      | $ | 112,242
| | Net fixed assets        |        | 0         |      |   | 0      
| | Total Assets            |        | 0         |      |   | 112,242
| |                         |        |           |      |   |        
| | Revenue                 | $      | 0         |      | $ | 0      
| | Cost of good sold       |        | 0         |      |   | 0      
| | Administration costs    |        | 774,525   |      |   | 0      
| | Net (loss) for the year | $      | (774,525) |      | $ | 0      
| |                         |        |           |      |   |        
| | March 31, 2003          | Canada |           | U.S. |   | Total  
| | Current assets          | $      | 0         |      | $ | 0      
| | Net fixed assets        |        | 0         |      |   | 4,073  
| | Total Assets            | $      | 0         |      | $ | 4,073  
| |                         |        |           |      |   |        
| | Revenue                 | $      | 0         |      | $ | 0      
| | Costs of goods sold     |        | 0         |      |   | 0      
| | Administration costs    |        | 45,837    |      |   | 0      
| | Net (loss) for the year | $      | (45,837)  |      | $ | 0      

Note 13.   Going Concern

These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America applicable to a going concern which assume that the Company will realize its assets and discharge its liabilities in the normal course of business.  The Company has incurred losses since inception of $4,256,898 to March 31, 2004 and has a working capital deficiency of $1,508,196 at March 31, 2003.  The Company is in default in the performance of the Coal Recovery and Reclamation Agreement (the "Agreement") dated October 2, 2002 with Illinois Resources, Inc. (See Note 2(d)).  As a result, Illinois Resources Inc. has elected to re-enter and repossess the property and to seize the assets of the Company.  Accordingly, fixed assets have been written off as at March 31, 2004.  These factors create doubt as to the ability of the Company to continue as a going concern.  Realization values may be substantially different from the carrying values as shown in these financial statements should the Company be unable to continue as a going concern.





F-17

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ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.

The Company is a start-up, exploration stage corporation and did not generate revenues from operations this quarter.

It is unlikely that the Company can continue as an on-going business for the next twelve months unless it obtains additional capital to pay its bills. This is because the Company has generated limited revenues.

To meet its need for additional cash the Company is attempting to raise money from third parties. At the present time, the Company has not made any arrangements to raise additional cash. If we need additional cash and cannot raise it we will either have to suspend operations until we do raise the cash, or cease operations entirely. Other than as described in this paragraph, we have no other financing plans.

As of March 31, 2004, the Company owned no properties and accordingly had no exploration plans. The Company needs to raise additional capital, acquire an interest in a mining property and begin exploration. There is no assurance that the Company will ever have the money to do so.

If the Company cannot raise money, it will have to cease or suspend operations. If it ceases operations, it does not know what it will do and its does not have any plans to do anything else.

The Company does not intend to hire additional employees at this time.

Limited operating history; need for additional capital

There is no historical financial information about the Company upon which to base an evaluation of its future performance. Our past performance indicates failure. The Company is an exploration stage corporation and has generated limited revenues from past operations. The company presently generates no revenue from operations. The Company cannot guarantee it will be successful in its business operations.

To become profitable and competitive, the Company must acquire a property, explore the property, find mineralized material, define an ore body and develop the property. In the mining business, the possibility of accomplishing that goal is minuscule.

To accomplish the foregoing object, the Company must raise money. The Company has no assurance that future financing will be available or if available it will be on acceptable terms. If financing is not available on satisfactory terms, the Company may be unable to continue its operations.

Other than as described herein, we have no other financing plans.







-19-

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Quarter Ending March 31, 2004 compared to Quarter Ending March 31, 2003

During the three months ending March 31, 2004 we generated no sales compared with no sales for the three months ending March 31, 2003.  Our total general and administrative expenses were $60,995.00 for the three months ending March 31, 2004 compared to $45,837.00 for the period ending March 31, 2003

ITEM 3.   CONTROLS AND PROCEDURES

At September 30, 2003, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in the Company's periodic SEC filings. There have been no significant changes in the Company's internal controls or in other factors that could significantly affect the Company's controls subsequent to the date of that evaluation, and no corrective actions with regard to significant deficiencies and material weaknesses.

PART II - OTHER INFORMATION

ITEM 2.   CHANGES IN SECURITIES

During the quarter, 1,000,000 shares of common stock were issued to Rob Kinloch in consideration of services rendered to the Company.  The shares were issued pursuant to the exemption from registration contained in Reg. S of the Securities Act of 1933 as amended.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K



|(a) | Exhibits | Item Description                                                                                                                                                                               
|--- | -------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |          |                                                                                                                                                                                                
|    | 31.1     | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15 and Rule 15d-15(a), promulgated under the Securities and Exchange Act of 1934, as amended.
|    |          |                                                                                                                                                                                                
|    | 32.1     | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer Chief Financial Officer).                      

(b)   Reports on Form 8-K

None





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SIGNATURES

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

Dated this 17th day of June, 2004.



| | MAVERICK MINERALS CORPORATION
(formerly known as Pacific Cart Services Ltd.)(Registrant)
| | ----------------------------------------------------------------------------------------
| |                                                                                         
| | BY:                                                                                     
| |                                                                                         





























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