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

FORM 10-KSB

(Mark One)

[X] Annual Report Under Section 13 or 15(d) Of The Securities
  Exchange Act Of 1934 
  For the fiscal year ended April 30, 2007

[   ] Transition Report Under Section 13 or 15(d) Of
  The Securities Exchange Act Of 1934 
  For the transition period from __________ to __________

COMMISSION FILE NUMBER**000-52391**

CENTRUS VENTURES INC.(Name of small business issuer in its charter)

|NEVADA                                                               | 20-4178322                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)
|                                                                     |                                     
|810 Peace Portal Drive, Suite 200                                    |                                     
|Blaine, Washington                                                   | 98230                               
|(Address of principal executive offices)                             | (Zip Code)                          
|                                                                     |                                     
|(360) 318-3788                                                       |                                     
|Issuer's telephone number                                            |                                     

Securities registered under Section 12(b) of the Exchange Act:
NONE.

Securities registered under Section 12(g) of the Exchange Act:
Common Stock, $0.001 Par Value Per Share.

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

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
[   ]

State issuers revenues for its most recent fiscal year:
  NIL

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: $145,690 as at April
  30, 2007 based on a price of $0.03 per share, being the last sales price at
  which the registrants shares of common stock were sold.

State the number of shares outstanding of each of the issuers
  classes of common equity, as of the latest practicable date: 37,468,926 as
  at July 18, 2007

Transitional Small Business Disclosure Format (Check one): Yes
[   ] **No [X]**

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TABLE OF CONTENTS

|           |                                                                                                                                                    | PAGE
|---------- | -------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|           |                                                                                                                                                    |     
|PART I     |                                                                                                                                                    | 3   
|           |                                                                                                                                                    |     
|Item 1.    | Description of Business.                                                                                                                           | 3   
|Item 2.    | Description of Property.                                                                                                                           | 6   
|Item 3.    | Legal Proceedings.                                                                                                                                 | 9   
|Item 4.    | Submission of Matters to a Vote of Security Holders.                                                                                               | 9   
|           |                                                                                                                                                    |     
|PART II    |                                                                                                                                                    | 10  
|           |                                                                                                                                                    |     
|Item 5.    | Market For Common Equity And Related Stockholder Matters
      And Small Business Issuer Purchases Of Equity Securities.                           | 10  
|Item 6.    | Managements Discussion and Analysis or Plan of Operation.                                                                                         | 11  
|Item 7.    | Financial Statements.                                                                                                                              | 19  
|Item 8.    | Changes in and Disagreements with Accountants on Accounting
      and Financial Disclosure.                                                        | 20  
|Item 8A.   | Controls and Procedures.                                                                                                                           | 20  
|Item 8B.   | Other Information.                                                                                                                                 | 20  
|           |                                                                                                                                                    |     
|PART III   |                                                                                                                                                    | 21  
|           |                                                                                                                                                    |     
|Item 9.    | Directors, Executive Officers, Promoters, Control Persons
      And Corporate Governance; Compliance With Section 16(A) Of The Exchange
      Act. | 21  
|Item 10.   | Executive Compensation.                                                                                                                            | 23  
|Item 11.   | Security Ownership Of Certain Beneficial Owners And Management
      And Related Stockholder Matters.                                              | 24  
|Item 12.   | Certain Relationships And Related Transactions, And Director
      Independence.                                                                   | 25  
|Item 13.   | Exhibits.                                                                                                                                          | 26  
|Item 14.   | Principal Accountant Fees And Services.                                                                                                            | 26  
|           |                                                                                                                                                    |     
|SIGNATURES | 27                                                                                                                                                

2

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PART I

Certain statements contained in this Annual Report on Form
10-KSB constitute "forward-looking statements". These statements, identified by
words such as plan, "anticipate", "believe", "estimate", "should," "expect"
and similar expressions include our expectations and objectives regarding our
future financial position, operating results and business strategy. These
statements reflect the current views of management with respect to future events
and are subject to risks, uncertainties and other factors that may cause our
actual results, performance or achievements, or industry results, to be
materially different from those described in the forward-looking statements.
Such risks and uncertainties include those set forth under the caption
"Management's Discussion and Analysis or Plan of Operation" and elsewhere in
this Annual Report. We advise you to carefully review the reports and documents
we file from time to time with the Securities and Exchange Commission (the
SEC), including our annual reports on Form 10-KSB, our quarterly reports on
Form 10-QSB and our current reports on Form 8-K.

As used in this annual report, the terms "we", "us", "our",
Centrus, and the Company mean Centrus Ventures Inc., unless otherwise
indicated. All dollar amounts in this Annual Report are expressed in U.S.
dollars, unless otherwise indicated.

ITEM
1.               
DESCRIPTION OF BUSINESS.

We were incorporated on December 14, 2005 under the laws of the
State of Nevada. Our principal offices are located at Suite 200, 810 Peace
Portal Drive, Blaine, WA 98230. Our telephone number is (360) 318-3788.

We are an exploration stage company engaged in the acquisition
and exploration of mineral properties. We acquired a 100% undivided interest in
a mineral claim known as the Royal Blue Claim comprised of a mineral claim block
totaling 20 acres located on the Yellow Pine Mining District, Clark County,
Nevada. We acquired title to our Royal Blue Claim pursuant to a purchase
agreement dated January 20, 2006 with Multimetal Mining Corp. We have not earned
any revenues to date. We do not anticipate earning revenues until such time as
we enter into commercial production of our mineral properties. We are presently
in the exploration stage of our business and we can provide no assurance that we
will discover proven reserves on our properties, or if such deposits are
discovered, that we will enter into further substantial exploration
programs.

Our plan of operation, is to complete our proposed merger with
Royal Mines Inc. discussed below, and continue our exploration work on our Royal
Blue Claim in order to ascertain whether it possesses proven reserves of gold,
silver, and copper. We will not be able to determine whether or not our mineral
claim contains proven reserves, until appropriate exploratory work is done and
an economic evaluation based on that work concludes economic viability. If the
results of our exploration program do not reveal viable commercial
mineralization, we may decide to abandon our claim and acquire new claims for
exploration. The acquisition of additional claims will be dependent upon our
possessing sufficient capital resources at the time to purchase such claims. If
no funding is available, we may be forced to abandon our operations. We have not
entered into any discussions, understandings, arrangements or other agreements,
preliminary or otherwise, for acquiring any additional mineral claims and/or
funding arrangements for the purpose of acquiring additional mineral claims. We
can provide no assurance to investors that our mineral claim contains a mineral
deposit until appropriate exploratory work is done and an evaluation based on
that work concludes that further work programs are justified.

RECENT CORPORATE DEVELOPMENTS

The Company experienced the following significant developments
since the commencement of its fiscal year ended April 30, 2007:

|1. | The Company is presently negotiating a potential merger
      between Royal Mines Acquisition Corp., our wholly owned subsidiary formed
      for the purpose of completing the proposed merger, and Royal Mines Inc.
      (RMI), a private Nevada corporation engaged in mineral property
      exploration and development in Nevada and Arizona. The parties anticipate
      that the terms of the proposed merger would include: (i) existing
      stockholders of RMI receiving in exchange for their shares of RMI,
      approximately 31,700,000 shares of the merged entity; and (ii) the
      Companys principal stockholder, Kevin B. Epp, agreeing to submit for
      cancellation by the Company 23,500,000 shares of the Companys common
      stock held by him. As a result of the proposed transactions upon
      completion of the proposed merger,
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|   | the Company would have approximately 45,700,000 shares
        of common stock issued and outstanding. The Company has instructed its
        legal counsel to prepare a formal agreement for the merger. There is no
        assurance that a formal agreement will be executed or that the merger
        will be completed as planned or at all.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|2. | On June 11, 2007, the Companys board approved a private
      placement offering of up to 1,000,000 shares of its common stock at a
      price of $1.00 per share to U.S. residents who are accredited investors
      as such term is defined in Regulation D of the Securities Act of 1933 (the
      US Offering). The US Offering was subsequently increased to a maximum of
      5,000,000 shares of the Companys common stock on July 24, 2007. In
      connection with the US Offering, the Company intends to pay a commission
      of 10% to licensed brokers or investment dealers or other qualified
      finders (the US Brokers) and issue to the US Brokers, warrants entitling
      them to purchase up to 10% of the number of shares placed by them at a
      price of $1.25 per share for a period of two years from closing of the US
      Offering (the Broker Warrants). Pursuant to the terms of the proposed US
      Offering, the Company will grant piggyback registration rights in respect
      of the shares issued to subscribers of the US Offering and the shares to
      be issued upon exercise of the Brokers Warrants, such registration rights
      to be subject to any restrictions that may be required by any underwriter
      of any offering in respect of which such registration rights may apply.
      The proceeds of the U.S. Offering and the concurrent Non- US Offering,
      described below, are intended to be used to fund the Companys proposed
      merger with RMI and for general corporate purposes. There is no assurance
      that the U.S. Offering will be completed as planned or at all. The above
      disclosure is neither an offer to purchase nor a solicitation of an offer
      to sell any securities of the Company in the United States.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|3. | Also on June 11, 2007, the Companys board approved a
      concurrent private placement offering of up to 5,000,000 shares of the
      Companys common stock to persons who are not U.S. Persons as such term
      is defined in Regulation S of the Securities Act of 1933 (the Non-US
      Offering). In connection with the Non-US Offering, the Company intends to
      pay a commission of 10% to licensed brokers or investment dealers or other
      qualified finders (the Non-US Brokers) and issue to the Non-US Brokers,
      warrants entitling them to purchase up to 10% of the number of shares
      placed by them at a price of $1.25 per share for a period of two years
      from closing of the Non-US Offering (the Non-US Broker Warrants).
      Pursuant to the terms of the proposed Non-US Offering, the Company will
      grant piggyback registration rights in respect of the shares issued to
      subscribers of the Non-US Offering and the shares to be issued upon
      exercise of the Non-US Brokers Warrants, such registration rights to be
      subject to any restrictions that may be required by any underwriter of any
      offering in respect of which such registration rights may apply. There is
      no assurance that the Non-U.S. Offering will be completed as planned or at
      all. The above disclosure is neither an offer to purchase nor a
      solicitation of an offer to sell any securities of the Company in the
      United States.                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4. | Effective June 8, 2007, the Company amended its Articles
      of Incorporation in accordance with Article 78.207 of Chapter 78 of the
      Nevada Revised Statutes by splitting its issued and authorized capital on
      a 3-for-1 basis. Accordingly, the Companys authorized capital of common
      stock has been increased from 100,000,000 shares to 300,000,000 shares of
      common stock, $0.001 par value per share, and the Companys issued and
      outstanding shares were increased on a 3-for-1 basis such that each
      shareholder now holds three shares for each one share previously held. As
      a result of the stock split, the Company now has 37,468,926 shares of
      common stock outstanding. As a result of the 3-for-1 stock split, the
      Companys trading symbol has been changed to CTUV effective June 8,
      2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|5. | The Companys shares of common stock commenced trading on
      the Over-The-Counter Bulletin Board on March 29, 2007 under the symbol
      CVNE.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

COMPETITION

We are an exploration stage company. We compete with other
mineral resource exploration and development companies for financing and for the
acquisition of new mineral properties. Many of the mineral resource exploration
and development companies with whom we compete have greater financial and
technical resources than we do. Accordingly, these competitors may be able to
spend greater amounts on acquisitions of mineral properties of merit, on
exploration of their mineral properties and on development of their mineral
properties. In addition, they may be able to afford greater geological expertise
in the targeting and exploration of mineral properties. This competition could
result in competitors having mineral properties of greater quality and interest
to prospective investors who may finance additional exploration and development.
This

4

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competition could adversely impact our ability to finance
further exploration and to achieve the financing necessary for us to develop our
mineral properties.

We will also compete with other junior mineral exploration
companies for financing from a limited number of investors that are prepared to
make investments in junior mineral exploration companies. The presence of
competing junior mineral exploration companies may impact our ability to raise
additional capital in order to fund our exploration programs if investors are of
the view that investments in competitors are more attractive based on the merit
of the mineral properties under investigation and the price of the investment
offered to investors. We will also compete with other junior and senior mineral
companies for available resources, including, but not limited to, professional
geologists, camp staff, helicopter or float planes, mineral exploration supplies
and drill rigs.

COMPLIANCE WITH GOVERNMENT REGULATION

Our activities are subject to extensive federal, state, and
local regulations in the United States. These statutes regulate the mining of
and exploration for mineral properties, and also the possible effects of such
activities upon the environment. Future legislation and regulations could cause
additional expense, capital expenditures, restrictions and delays in the
development of the Royal Blue Claim, the extent of which cannot be predicted.
Our Royal Blue Claim is comprised of an unpatented mining claim located on
federal land managed by the U.S. Bureau of Land Management. Mining activities on
the Royal Blue Claim must be carried out in accordance with a permit issued by
the Bureau of Land Management.

Other regulatory requirements monitor the following:

| | (a) | Explosives and explosives handling.                                   
| | --- | ----------------------------------------------------------------------
| | (b) | Use and occupancy of site structures associated with
      mining.    
| | (c) | Hazardous materials and waste disposal.                               
| | (d) | State Historic site preservation.                                     
| | (e) | Archaeological and paleontological finds associated with
      mining.

The State of Nevada adopted the Mined Land Reclamation Act (the
Nevada Act) in 1989 that established design, operation, monitoring and closure
requirements for all mining facilities. The Nevada Act has increased the cost of
designing, operating, monitoring and closing new mining facilities and could
affect the cost of operating, monitoring and closing existing mining facilities.
The State of Nevada has also adopted reclamation regulations. The Nevada Act
also requires reclamation plans and permits for exploration projects that will
result in more than five acres of surface disturbance.

In the context of environmental permitting, we must comply with
known standards, existing laws and regulations that may entail greater or lesser
costs and delays, depending on the nature of the activity to be permitted and
how stringently the regulations are implemented by the permitting authority. We
are not presently aware of any specific material environmental constraints
affecting our property that would preclude the economic development or operation
of any specific property.

If our property merits additional exploration or extraction
work, it is reasonable to expect that compliance with environmental regulations
will increase our costs. Such compliance may include feasibility studies on the
surface impact of our proposed operations, costs associated with minimizing
surface impact, water treatment and protection, reclamation activities,
including rehabilitation of various sites, on-going efforts at alleviating the
mining impact on wildlife and permits or bonds as may be required to ensure our
compliance with applicable regulations. It is possible that the costs and delays
associated with such compliance could become so prohibitive that we may decide
to not proceed with exploration, development, or mining operations on our
mineral property.

EMPLOYEES

We have no employees as of the date of this Annual Report other
than our sole executive officer and director. We conduct our business largely
through agreements with consultants and arms-length third parties.

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RESEARCH AND DEVELOPMENT EXPENDITURES

Other than our expenditures on our mineral exploration program
of $8,000 since our inception, we have not incurred any research or development
expenditures.

SUBSIDIARIES

Royal Mines Acquisition Corp. (RMAC), a private Nevada
corporation, is our wholly owned subsidiary. RMAC was incorporated on June 13,
2007. We have no other subsidiaries.

PATENTS AND TRADEMARKS

We do not own any patents or trademarks.

ITEM
2.               
DESCRIPTION OF PROPERTY.

We rent office space at Suite 200, 810 Peace Portal Drive,
Blaine, WA 98230, consisting of approximately 144 square feet, at a cost of $225
per month. This rental is on a month-to-month basis without a formal
contract.

Acquisition Of Royal Blue Claim

We entered into a purchase agreement dated January 20, 2006
with Multi Metal Mining Corp. pursuant to which we acquired a 100% interest in
the Royal Blue Claim for $5,000. The Royal BlueClaim property is
comprised of a mineral claim with a total area of approximately 20 acres,
located on the Yellow Pine Mining District, Clark County, Nevada; see Figure 1
below.

The Royal BlueClaim is recorded with the Bureau of Land
Management in the State of Nevada under the following name and record numbers:

Name of Mineral Claim
    BLM Number
    Expiry DateROYAL BLUE
    92314 92315
    September 1, 2007


In accordance with Nevada mining regulations, the Royal Blue
Claim is in good standing to September 1, 2007. To keep the claim in good
standing for additional years, proof of labor on the claim has to be filed each
year with the Clark County recorders office in Las Vegas prior to its expiry
date.

In addition to Nevada State regulations, Federal regulations
require a yearly maintenance fee to keep the claim in good standing. In
accordance with Federal regulations, the Royal Blue Claim is in good standing to
September 1, 2007. A yearly maintenance fee of $130 is required to be paid to
the Bureau of Land Management prior to the expiry date to keep the claim in good
standing for an additional year. If we fail to pay the required amount of fee of
this exploration work, then our mineral claim will lapse on September 1, 2007
and we will lose all interest that we have in the mineral claim.

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Figure 1 Location of Claim



Location, Climate, Infrastructure and Access

The Royal Blue Claim is located within Section 14, Range 58E,
Township 25S in the Yellow Pine Mining District of Clark County, Nevada. Access
from Las Vegas is southward via Interstate Highway 15 for approximately 28 miles
to Jean then to a junction with a secondary road leading southwestward for four
miles to the Royal Blue Claim.

The Royal Blue Claim is situated along the western margins of
Porter Wash which is at an elevation of 3,760 feet within 1,000 feet of the
eastern border of the Royal Blue Claim. The Royal Blue Claim covers the lower
southeasterly facing slopes of Table Mountain with topography of moderate slopes
to the northwest and with elevations ranging from 3,850 feet at the southwest
corner to 4,080 feet at the northwest corner. The area is typically desert
climate with relatively high temperatures and low precipitation. Vegetation
consists mainly of desert shrubs and cactus. Sources of water would be available
from valley wells. Our mineral claim presently does not have any mineral
reserves.

7

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Geology

The sedimentary rocks in the district range in age from Upper
Cambrian to Recent. Only two varieties of intrusive rocks are known in the
district. The most abundant is granite porphyry which forms three large
sill-like masses. The sills generally lie near major thrust faults and are
thought to have been emplaced along breccia zones at the base of the upper plate
of the thrust fault. Locally, small dikes of basaltic composition and uncertain
age have been encountered in some of the mine workings. The region reveals a
strong record of folding, thrust faulting and normal faulting. Folding began in
the early Jurassic, resulting in broad flexures in the more massive units and
tight folds in the thinly bedded rocks. The thrust faults in the district are
part of a belt of thrust faulted rocks, the Foreland Fold and Thrust Belt that
stretches from southern Canada to southern California.

History of Exploration

The history of the area dates back to 1856 following
investigation of lead ore in the area. The first ore was smelted in 1857 and a
mill was built north of Goodsprings in 1898. Goodsprings is located within five
miles north of the Royal Blue Claim. The completion of the San Pedro, Los
Angeles and Salt Lake railroad in 1905 and recognition of oxidized zinc minerals
in the ore in 1906 stimulated development of the mines and the region has been
subject to intermittent activity up to 1964, particularly during the World War I
and II years. The Yellow Pine District has been mined primarily for
lead-zinc-silver; however, an estimated 91,000 ounces of gold has also been
recovered from the area. The area has been mainly dormant since 1964.

Mineralization

The lead-zinc deposits in the area of the claim are often
distant from intrusives and occur as veins or replacements of brecciated rocks
along fault zones, either thrust faults or normal faults. Unlike the gold
deposits, the productive lead-zinc deposits are restricted to the Monte Cristo
Formation. Mineralogy of gold-copper deposits consists of native gold, pyrite,
limonite, cinnabar, malachite, azurite and chrysocolla. Lead-zinc deposits are
comprised of hydrozincite, calamine, smithsonite, cerussite, anglesite, galena
and iron oxides. The unusual mineralogy of the district is due to the great
depth of surface oxidation, exceeding 200 meters.

Current State of Exploration of Royal Blue Claim

Our geological consultant, Mr. Sookochoff, recommended a three
phase exploration program, at an approximate cost of $42,500, to be undertaken
on the Royal Blue Claim to assess its potential to host copper, silver, and gold
mineralization. The three phase program consists of the following:

Phase
      Exploration Program
      Cost
      StatusPhase I
    Trenching and Sampling over known
      mineralized zones.
    $5,000
    Completed in June, 2006Phase II
    VLF-EM and soil geochemical
      surveys, sampling and geological mapping of the veins within anomalous
      zones.
    $7,500
    To be completed in mid to late
      2007Phase III
    Test diamond drilling of the
      prime targets.
    $30,000
    To be completed in 2007 based on
      the results of Phase IITotal Estimated Cost
    $42,500


The phased program of exploration activities is intended to
generate and prioritize targets to test by trenching or drilling. The initial
exploration activities on the Royal Blue Claim (grid establishment, geological
mapping, soil sampling, and staking of additional claims) do not involve ground
disturbance and as a result do not require a work permit. Any follow-up
trenching and/or drilling will require permits and applications which are
expected to be submitted well in advance of the planned work. We have only
recently commenced exploration of the Royal Blue Claim and this exploration is
currently in the preliminary stages. Our planned exploration program is
exploratory in nature and no mineral reserves may ever be found.

8

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Phase I Exploration Results

The Phase I exploratory program was completed in June, 2006.
Phase I consisted of trenching and sampling over known mineral zones. Pursuant
to the Phase I report, two trenches, Trench A and Trench B, were blasted on
a mineralized zone that was observed adjacent to and southeast of the Houghton
portal and dump. The trenches are 100 feet apart and placed almost east-west to
intersect the indicated mineral zone perpendicularly to its trend. The
measurement of Trench A is 25 feet long, 2 feet wide and 1.5 feet deep.

The Phase I report confirmed that the mineralization and the
  sampling results from the trenches of the mineral zone indicated the presence
  of significant zinc mineralization hosted by limestone as indicated from previous
  reports on the Houghton Mine. The report recommended that Phase II of our exploration
  program be commenced with localized VLF-EM surveys, soil sampling, and geological
  mapping, which would be required to define the structural trend to the extensions
  of the known mineral zones.

Phase II Exploration

Phase II of our exploration program is anticipated to be completed
  in mid to late 2007. A decision on proceeding beyond the planned Phase II exploration
  will be made by assessing whether the results of Phase II are sufficiently positive.
  The decision whether or not to proceed will be based on the recommendations
  of our geological consultant. As of the date of this Annual Report, we have
  expended $8,000 in connection with the preparation of the geological report
  and the exploration of our mineral claim.

ITEM
3.               
LEGAL PROCEEDINGS.

None.

ITEM
4.               
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

9

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PART II

|ITEM 5. | MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
      MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY
      SECURITIES.
|------- | ------------------------------------------------------------------------------------------------------------------------------

Market Information

Our shares of common stock commenced trading on the OTC
Bulletin Board under the symbol CVNE on March 29, 2007. As a result of a
three-for-one forward split of our issued and outstanding common stock, the
symbol under which our shares traded on the OTC Bulletin Board changed from
CVNE to CTUV effective June 8, 2007. The high and the low bid prices for our
shares since March 29, 2007 as reported by the OTC Bulletin Board were:

Quarter Ended
      High
      LowApril 30, 2007
    $0
    $0July 31, 2007(1)
    $2.40
    $0


Notes:

| | (1) | Includes only the high and low bid prices for the period
      from May 1, 2007 to June 29, 2007 as reported by the OTC Bulletin
      Board.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------

The quotations reflect inter-dealer prices, without retail
mark-up, markdown or commission and may not represent actual transactions.

Penny Stock Rules

The SEC has adopted rules that regulate broker-dealer practices
in connection with transactions in penny stocks. Penny stocks are generally
equity securities with a price of less than $5.00, other than securities
registered on certain national securities exchanges or quoted on the Nasdaq
system, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or system. The penny
stock rules require a broker-dealer, prior to a transaction in a penny stock not
otherwise exempt from those rules, to deliver a standardized risk disclosure
document prepared by the SEC, which: (a) contains a description of the nature
and level of risk in the market for penny stocks in both public offerings and
secondary trading; (b) contains a description of the broker's or dealer's duties
to the customer and of the rights and remedies available to the customer with
respect to a violation of such duties or other requirements of securities laws;
(c) contains a brief, clear, narrative description of a dealer market, including
bid and ask prices for penny stocks and significance of the spread between the
bid and ask price; (d) contains a toll-free telephone number for inquiries on
disciplinary actions; (e) defines significant terms in the disclosure document
or in the conduct of trading in penny stocks; and (f) contains such other
information and in such form as the SEC shall require by rule or regulation. The
broker-dealer also must, prior to effecting any transaction in a penny stock,
provide the customer with: (a) bid and offer quotations for the penny stock; (b)
the compensation of the broker-dealer and its salesperson in the transaction;
(c) the number of shares to which such bid and ask prices apply, or other
comparable information relating to the depth and liquidity of the market for
such stock; and (d) monthly account statements showing the market value of each
penny stock held in the customer's account. In addition, the penny stock rules
require that, prior to a transaction in a penny stock that is not otherwise
exempt from those rules, the broker-dealer must: (a) make a special written
determination that the penny stock is a suitable investment for the purchaser
and (b) receive from the purchaser his or her written acknowledgement of receipt
of the determination and a written agreement to the transaction.

These disclosure requirements may have the effect of reducing
the trading activity in the secondary market for our stock and therefore
stockholders may have difficulty selling those securities.

Holders of Our Common Stock

As of the date of this Annual Report, we had eleven (11)
registered shareholders and 37,468,926 shares of our common stock issued and
outstanding.

10

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Unregistered Sales Of Equity Securities And Use Of
Proceeds.

Other than as disclosed on the Companys Quarterly Reports on
Form 10-QSB or Current Reports on Form 8-K , during the period covered by this
Annual Report, the Company has not sold any equity securities that were not
registered under the Securities Act during the fiscal year ended April 30, 2007.

Dividends

We have not declared any dividends on our common stock since
our inception. There are no dividend restrictions that limit our ability to pay
dividends on our common stock in our Articles of Incorporation or bylaws.
Chapter 78 of the Nevada Revised Statutes (the NRS), does provide certain
limitations on our ability to declare dividends. Section 78.288 of Chapter 78 of
the NRS prohibits us from declaring dividends where, after giving effect to the
distribution of the dividend:

|(a) | we would not be able to pay our debts as they become due
      in the usual course of business; or                                                                                                                                                                                                                                                                                                                                                        
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(b) | except as may be allowed by our Articles of
      Incorporation, our total assets would be less than the sum of our total
      liabilities plus the amount that would be needed, if we were to be
      dissolved at the time of the distribution, to satisfy the preferential
      rights upon dissolution of stockholders who may have preferential rights
      and whose preferential rights are superior to those receiving the
      distribution.

We have not declared any dividends and we do not plan to
declare any dividends in the foreseeable future.

Purchases of Equity Securities By the Small Business Issuer
and Affiliated Purchasers

No purchases of equity securities were made by us during our
fiscal year ended April 30, 2007.

ITEM
6.               
MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

PLAN OF OPERATION

Our plan of operation is to complete our proposed merger with
Royal Mines Inc. discussed above under the heading Recent Developments and to
continue our exploration work on our Royal Blue Claim in order to ascertain
whether it possesses proven reserves of gold, silver, and copper. Phase I of our
exploration program was completed in June, 2006. The Phase I exploratory program
consisted of trenching and sampling over known mineralized zones. Based on the
results of Phase I of our exploration program, our geological consultant
recommended that Phase II be commenced. The second phase consisting of VLF-EM
and soil geochemical surveys, sampling and geological mapping of the veins
within anomalous zones, which will define the structural trend to the extensions
of the known mineral zones, is expected to complete in mid to late 2007. As at
April 30, 2007, we have expended $8,000 in connection with the preparation of
the geological report and the exploration of our mineral claim.

Cash Requirements

We anticipate that we will incur over the next twelve months
the following expenses:

Category
      Planned Expenditures Over The Next 12 Months (US$)Legal and Accounting Fees
    $20,000Office Expenses
    $4,000Mineral Property Exploration Expenses
    $10,000TOTAL
    $34,000


Our total expenditures over the next twelve months are
anticipated to be $34,000. Our cash on hand as at April 30, 2007 is $8,335.
Accordingly, we do not have sufficient cash on hand to pay the estimated
expenses over the next twelve months. We will also require additional financing
in the event we complete our proposed

11

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merger with Royal Mines Inc. or if we proceed with any
additional exploration work beyond Phase II of our exploration program. A
decision on proceeding beyond the planned Phase II exploration will be made by
assessing whether the results of Phase II are sufficiently positive. The
decision whether or not to proceed will be based on the recommendations of our
geological consultant. The decision of the consultant whether or not to
recommend proceeding will be based on a number of factors, including his
subjective judgment and will depend primarily on the results of the immediately
preceding stage.

During this exploration stage, our president will be devoting
approximately 60% of his time to our business. We do not foresee this limited
involvement as negatively impacting our company over the next twelve months as
all exploratory work has been and will continue to be performed by outside
consultants. Additionally, we will not have a need to hire any employees over
the next twelve months, nor do we plan to make any purchases of equipment over
the next twelve months due to reliance upon outside consultants to provide all
tools needed for the exploratory work being conducted.

RESULTS OF OPERATIONS

|Summary of Year End Results |                      |                        |                      
|--------------------------- | -------------------- | ---------------------- | ---------------------
|                            |                      |                        |                      
|                            |                      | Period from Inception  |                      
|                            | Year Ended April 30, | (December 14, 2005) to | Percentage           
|                            | 2007                 | April 30, 2006         | Increase / (Decrease)
|Revenue                     | $-                   | $-                     | n/a                  
|Expenses                    | (117,544)            | (26,618)               | 341.6%               
|Net Loss                    | $(117,544)           | $(26,618)              | 341.6%               

Revenue

We have not earned any revenues to date. We do not anticipate
earning revenues until such time as we enter into commercial production of the
Royal Blue Claim or other mineral properties we may acquire from time to time.
We are presently in the exploration stage of our business and we can provide no
assurance that we will discover commercially exploitable levels of mineral
resources on our properties, or if such deposits are discovered, that we will
enter into further substantial exploration programs.

Expenses

The major components of our operating expenses are outlined in
the table below:

|                                   |                      | Period
      from      | Cumulative Period      
|---------------------------------- | -------------------- | ---------------------- | -----------------------
|                                   | Year Ended April 30, | Inception to April 30, | from Inception to April
|                                   | 2007                 | 2006                   | 30,
      2007         
|Amortization expense               | $334                 | $--                    | $334                   
|Incorporation costs                | --                   | 1,575                  | 1,575                  
|Management fees                    | 33,600               | 8,400                  | 42,000                 
|Mineral property acquisition       | --                   | 5,000                  | 5,000                  
|Mineral property exploration costs | 1,000                | 7,000                  | 8,000                  
|Office and sundry                  | 5,143                | 1,537                  | 6,680                  
|Professional fees                  | 67,583               | 2,351                  | 69,934                 
|Transfer and regulatory fees       | 4,830                | --                     | 4,830                  
|Travel and promotion               | 5,054                | 755                    | 5,809                  
|Total                              | $117,544             | $26,618                | $144,162               

12

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We anticipate our operating expenses will increase as we
undertake our exploration program for our Royal Blue Claim and as a result of
our ongoing reporting requirements under the Exchange Act. We also anticipate
increased operating expenses in the event we complete our proposed merger with
Royal Mines Inc.

LIQUIDITY AND CAPITAL RESOURCES

|Working Capital           |                         |                         |                      
|------------------------- | ----------------------- | ----------------------- | ---------------------
|                          |                         |                         | Percentage           
|                          | At
      April 30, 2007 | At
      April 30, 2006 | Increase / (Decrease)
|Current Assets            | $11,135                 | $99,897                 | (88.9%)              
|Current Liabilities       | (29,083)                | (425)                   | 6743.1%              
|Working Capital (Deficit) | $(17,948)               | $99,472                 | (118.0%)             

|Cash Flows                                    |                      |                       
|--------------------------------------------- | -------------------- | ----------------------
|                                              |                      | Period from           
|                                              | Year Ended April 30, | Inception to April 30,
|                                              | 2007                 | 2006                  
|Net Cash Used In Operating
      Activities   | $(91,352)            | $(26,193)             
|Net Cash From (Used In) Investing Activities  | (2,310)              | --                    
|Net Cash From Financing
      Activities      | 2,100                | 126,090               
|Net Increase (Decrease) In Cash During Period | $(91,562)            | $99,897               

The decreases in our working capital surplus at April 30, 2007
from April 30, 2006, are primarily a result of: (i) expenses associated with
preparing and filing our Registration Statement on Form SB-2 and the amendments
thereto; and (ii) the commencement of our exploration program for our Royal Blue
Claim.

Since our inception, we have used equity financings to raise
money for our operations and for our property acquisitions. We have not attained
profitable operations and are dependent upon obtaining financing to pursue our
plan of operation. See Future Financing, below.

Future Financing

Our plan of operation calls for significant expenses in
connection with the exploration and drilling of the Royal Blue Claim which will
require us to obtain additional financing. Our total expenditures over the next
twelve months are anticipated to be $34,000. Our cash on hand as at April 30,
2007 is $8,335. Accordingly, we do not have sufficient cash on hand to pay our
anticipated expenses for the next twelve months. We will also require additional
financing in order to proceed with any additional work beyond Phase II of our
exploration program or if we complete our proposed merger with Royal Mines
Inc.

The Companys board has approved a private placement offering
of up to 5,000,000 shares of the Companys common stock at a price of $1.00 per
share to U.S. residents who are accredited investors as such term is defined
in Regulation D of the Securities Act of 1933 and a concurrent private placement
of 5,000,000 shares on the same terms to persons who are not U.S. persons as
such term is defined under Regulation S of the Securities Act of 1933 (together
the Private Placements). In connection with the Private Placements the Company
intends to pay a commission of 10% to licensed brokers or investment dealers or
other qualified finders (the Brokers) and issue to the Brokers, warrants
entitling them to purchase up to 10% of the number of shares placed by them at a
price of $1.25 per share for a period of two years from closing of the Private
Placements (the Broker Warrants). Pursuant to the terms of the proposed
Private Placements, the Company will grant piggyback registration rights in
respect of the shares issued to subscribers of the Private Placements and the
shares to be issued upon exercise of the Brokers Warrants, such registration
rights to be subject to any restrictions that may be required by any underwriter
of any offering in respect of which such registration rights may apply. The
proceeds of the Private Placements are intended to be used to fund the

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Companys proposed merger with Royal Mines Inc. and for general
corporate purposes. There is no assurance that the Private Placements will be
completed as planned or at all.

Obtaining additional financing is subject to a number of
factors, including the market prices for the mineral property and gold. These
factors may make the timing, amount, terms or conditions of additional financing
unavailable to us. Since our inception, we have used our common stock to raise
money for our operations and for our property acquisitions. We have not attained
profitable operations and are dependent upon obtaining financing to pursue our
plan of operation. For these reasons, our independent auditors believe there
exists a substantial doubt about our ability to continue as a going concern.

OFF-BALANCE SHEET ARRANGEMENTS

None.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with
generally accepted accounting principles requires our management to make
estimates and assumptions that affect the reported amount 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. Actual results could differ from those estimates.
Our management routinely makes judgments and estimates about the effects of
matters that are inherently uncertain.

We have identified certain accounting policies, described
below, that are most important to the portrayal of our current financial
condition and results of operations. Our significant accounting policies are
disclosed in Note 1 to the audited financial statements included in this annual
report.

Mineral Property Interests

We are an exploration stage mining company and have not yet
realized any revenue from our operations. We are primarily engaged in the
acquisition, exploration and development of mining properties. Exploration costs
are expensed as incurred regardless of the stage of development or existence of
reserves. Costs of acquisition are capitalized subject to impairment testing, in
accordance with Financial Accounting Standards 144 (FAS 144), Accounting for
the Impairment or Disposal of Long-Lived Assets, when facts and circumstances
indicate impairment may exist.

We regularly perform evaluations of any investment in mineral
properties to assess the recoverability and/or the residual value of its
investments in these assets. All long-lived assets are reviewed for impairment
whenever events or circumstances change which indicate the carrying amount of an
asset may not be recoverable.

Management periodically reviews the carrying value of its
investments in mineral leases and claims with internal and external mining
related professionals. A decision to abandon, reduce or expand a specific
project is based upon many factors including general and specific assessments of
mineral deposits, anticipated future mineral prices, anticipated future costs of
exploring, developing and operating a production mine, the expiration term and
ongoing expenses of maintaining mineral properties and the general likelihood
that Centrus will continue exploration on such project. Centrus does not set a
pre-determined holding period for properties with unproven deposits, however,
properties which have not demonstrated suitable metal concentrations at the
conclusion of each phase of an exploration program are re-evaluated to determine
if future exploration is warranted, whether there has been any impairment in
value and that their carrying values are appropriate.

If an area of interest is abandoned or it is determined that
its carrying value cannot be supported by future production or sale, the related
costs are charged against operations in the year of abandonment or determination
of value. The amounts recorded as mineral leases and claims represent costs to
date and do not necessarily reflect present or future values. Our exploration
activities and proposed mine development are subject to various laws and
regulations governing the protection of the environment. These laws are
continually changing, generally becoming more restrictive. We have made, and
expect to make in the future, expenditures to comply with such laws and
regulations. The accumulated costs of properties that are

14

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developed on the stage of commercial production will be
amortized to operations through unit-of-production depletion.

RISKS AND UNCERTAINTIES

If we do not obtain additional financing, our business will
fail.

We will need to obtain additional financing in order to complete
  our full business plan. As at April 30, 2007, we had cash of $8,335. We currently
  do not have any income. Our plan of operation calls for significant expenses
  in connection with the exploration of our mineral claim. We have completed Phase
  I of our recommended geological work program and have sufficient cash on hand
  to complete Phase II of our proposed exploration program. However, we will need
  additional financing to proceed past Phase II of our exploration program. We
  may also require additional financing if the costs of the exploration of our
  mineral claim are greater than anticipated. We currently do not have any arrangements
  for financing and we may not be able to obtain financing when required. Obtaining
  additional financing would be subject to a number of factors, including positive
  results from Phases II and III of our exploration program, and any unanticipated
  problems relating to our mineral exploration including environmental assessments
  and additional costs and expenses that may exceed our current estimates. These
  factors may make the timing, amount, terms or conditions of additional financing
  unavailable to us in which case our business will fail.

Because we do not have any revenues, we expect to incur
operating losses for the foreseeable future.

We have never earned revenues and we have never been
profitable. Prior to completing exploration on the mineral property, we
anticipate that we will incur increased operating expenses without realizing any
revenues. We therefore expect to incur significant losses into the foreseeable
future. If we are unable to generate financing to continue the exploration of
our mineral claim, we will fail and investors will lose their entire investment.

Because of the unique difficulties and uncertainties
inherent in mineral exploration ventures, we face a high risk of business
failure.

Investors should be aware of the difficulties normally
encountered by new mineral exploration companies and the high rate of failure of
such enterprises. The likelihood of success must be considered in light of the
problems, expenses, difficulties, complications and delays encountered in
connection with the exploration of the mineral properties that we plan to
undertake. These potential problems include, but are not limited to,
unanticipated problems relating to exploration, and additional costs and
expenses that may exceed current estimates. Our Royal Blue Claim does not
contain a known body of commercial ore and, therefore, anyprogram
conducted on the Royal Blue Claim is an exploratory search of ore. There is no
certainty that any expenditures made in the exploration of the Royal Blue Claim
will result in discoveries of commercial quantities of ore. Most exploration
projects do not result in the discovery of commercially mineable deposits of
ore. Problems such as unusual or unexpected formations and other conditions are
involved in mineral exploration and often result in unsuccessful exploration
efforts. If the results of Phase II of our exploration program do not reveal
viable commercial mineralization, we may decide to abandon our claim and acquire
new claims for new exploration. The acquisition of additional claims will be
dependent upon our possessing capital resources at the time in order to purchase
such claims. If no funding is available, we may be forced to abandon our
operations.

We have no known mineral reserves and if we cannot find any,
we will have to cease operations.

We have no mineral reserves. If we do not find a mineral
reserve containing gold, copper or silver, or if we cannot explore the mineral
reserve, either because we do not have the money to do it or because it will not
be economically feasible to do it, we will have to cease operations and
investors will lose their investment. Mineral exploration, particularly for
gold, is highly speculative. It involves many risks and is often non-productive.
Even if we are able to find mineral reserves on our property our production
capability is subject to further risks including:

| | (i) | Costs of bringing the property into production including
      exploration work, preparation of
| | --- | -----------------------------------------------------------------------------------------------

15

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| |       | production feasibility studies, and construction of
      production facilities, all of which we have not budgeted for;
| | ----- | -----------------------------------------------------------------------------------------------------------------------
| | (ii)  | Availability and costs of financing;                                                                                   
| | (iii) | Ongoing costs of production; and                                                                                       
| | (iv)  | Environmental compliance regulations and
    restraints.                                                               

The marketability of any minerals acquired or discovered may be
affected by numerous factors which are beyond our control and which cannot be
accurately predicted, such as market fluctuations, the lack of milling
facilities and processing equipment near the Royal Blue Claim, and such other
factors as government regulations, including regulations relating to allowable
production, importing and exporting of minerals, and environmental protection.
Given the above noted risks, the chances of finding reserves on our mineral
properties are remote and funds expended on exploration will likely be lost.

We face significant competition in the mineral exploration
industry.

We compete with other mining and exploration companies
possessing greater financial resources and technical facilities than we do in
connection with the acquisition of mineral exploration claims and leases on gold
and other precious metal prospects and in connection with the recruitment and
retention of qualified personnel. There is significant competition for the
limited number of gold or silver acquisition opportunities and, as a result, we
may be unable to acquire an interest in attractive gold and silver mineral
exploration properties on terms we consider acceptable on a continuing basis.

Because of the inherent dangers involved in mineral
exploration, there is a risk that we may incur liability or damages as we
conduct our business.

The search for valuable minerals involves numerous hazards. As
a result, we may become subject to liability for such hazards, including
pollution, cave-ins and other hazards against which we cannot insure or against
which we may elect not to insure. At the present time we have no coverage to
insure against these hazards. The payment of such liabilities may result in our
inability to complete our planned exploration program and/or obtain additional
financing to fund our exploration program.

As we undertake exploration of our mineral claim, we will be
subject to compliance with government regulation that may increase the
anticipated cost of our exploration program.

There are several governmental regulations that materially
restrict mineral exploration. We are subject to the laws of the State of Nevada
as we carry out our exploration program. We may be required to obtain work
permits, post bonds and perform remediation work for any physical disturbance to
the land in order to comply with these laws. If we enter the production phase,
the cost of complying with permit and regulatory environment laws will be
greater because the impact on the project area is greater. Permits and
regulations will control all aspects of the production program if the project
continues to that stage. Examples of regulatory requirements include:

| | (i)   | Water discharge will have to meet drinking water
      standards;                                                                               
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii)  | Dust generation will have to be minimal or otherwise
      re-mediated;                                                                         
| | (iii) | Dumping of material on the surface will have to be
      re-contoured and re-vegetated with natural vegetation;                                 
| | (iv)  | An assessment of all material to be left on the surface
      will need to be environmentally benign;                                           
| | (v)   | Ground water will have to be monitored for any potential
      contaminants;                                                                    
| | (vi)  | The socio-economic impact of the project will have to be
      evaluated and if deemed negative, will have to be re-mediated;
  and             
| | (vii) | There will have to be an impact report of the work on the
      local fauna and flora including a study of potentially endangered
      species.

Our annual cost of compliance with the Bureau of Land
Management in the State of Nevada is presently approximately $130 per year.
There is a risk that new regulations could increase our costs of doing business
and prevent us from carrying out our exploration program. We will also have to
sustain the cost of reclamation and environmental remediation for all
exploration work undertaken. Both reclamation and environmental remediation
refer to putting disturbed ground back as close to its original state as
possible. Other potential pollution or damage must be cleaned-up and renewed
along standard guidelines outlined in

16

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the usual permits. Reclamation is the process of bringing the
land back to its natural state after completion of exploration activities.
Environmental remediation refers to the physical activity of taking steps to
remediate, or remedy, any environmental damage caused. The amount of these costs
is not known at this time as we do not know the extent of the exploration
program that will be undertaken beyond completion of the recommended work
program. If remediation costs exceed our cash reserves we may be unable to
complete our exploration program and have to abandon our operations.

Because our sole executive officer does not have formal
training specific to the technicalities of mineral exploration, there is a
higher risk that our business will fail.

Kevin B. Epp, our sole executive officer and director, does not
have any formal training as a geologist or in the technical aspects of
management of a mineral exploration company. With no direct training or
experience in these areas, our management may not be fully aware of the specific
requirements related to working within this industry. Our management's decisions
and choices may not take into account standard engineering or managerial
approaches mineral exploration companies commonly use. Consequently, our
operations, earnings, and ultimate financial success could suffer irreparable
harm due to management's lack of experience in this industry.

Because the prices of metals fluctuate, if the price of
metals for which we are exploring decreases below a specified level, it may no
longer be profitable to explore for those metals and we will cease operations.

Prices of metals are determined by such factors as expectations
for inflation; the strength of the United States dollar; global and regional
supply and demand; and political and economic conditions and production costs in
metals producing regions of the world.

The aggregate effect of these factors on metal prices is
impossible for us to predict. In addition, the prices of metals such as copper,
silver or gold are sometimes subject to rapid short-term and/or prolonged
changes because of speculative activities. The current demand for and supply of
these metals affect the metal prices, but not necessarily in the same manner as
current supply and demand affect the prices of other commodities. The supply of
these metals primarily consists of new production from mining. If the prices of
the metals are, for a substantial period, below our foreseeable cost of
production, we could cease operations and investors could lose their entire
investment.

Because our sole executive officer, Kevin B. Epp, owns 68.1%
of our outstanding common stock, investors may find that corporate decisions
controlled by Mr. Epp are inconsistent with the best interests of other
stockholders.

Kevin B. Epp, our sole executive officer and sole director,
controls 68.1% of issued and outstanding shares of our common stock.
Accordingly, in accordance with our Articles of Incorporation and Bylaws, Mr.
Epp is able to control who is elected to our board of directors and thus could
act, or could have the power to act, as our management. Since Mr. Epp is not
simply a passive investor but is also our sole executive officer, his interests
as an executive may, at times, be adverse to those of passive investors. Where
those conflicts exist, our shareholders will be dependent upon Mr. Epp
exercising, in a manner fair to all of our shareholders, his fiduciary duties as
an officer or as a member of our board of directors. Also, Mr. Epp due to his
stock ownership position in Centrus will have: (i) the ability to control the
outcome of most corporate actions requiring stockholder approval, including
amendments to our Articles of Incorporation; (ii) the ability to control
corporate combinations or similar transactions that might benefit minority
stockholders which may be rejected by Mr. Epp to their detriment; (iii) control
over transactions between him and Centrus; and (iv) control over the
compensation of executive officers.

Because we have only one executive officer and director,
Kevin B. Epp, investors may find that due to lack of segregation of corporate
duties with respect to decisions made respecting executive compensation and
compliance with ongoing corporate governance requirements.

The Sarbanes-Oxley Act, as well as rules subsequently
implemented by the SEC have imposed a variety of new requirements on public
companies, including requiring changes in corporate governance practices. Our
management will need to devote a substantial amount of time to these new
compliance initiatives. The Sarbanes-Oxley Act requires, among other things,
that we maintain effective internal controls for financial

17

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reporting and disclosure controls and procedures. In
particular, commencing in fiscal 2007, we must perform system and process
evaluation and testing of our internal controls over financial reporting to
allow management and our independent registered public accounting firm to report
on the effectiveness of our internal controls over financial reporting, as
required by Section 404 of the Sarbanes-Oxley Act. Our testing, or the
subsequent testing by our independent registered public accounting firm, may
reveal deficiencies in our internal controls over financial reporting that are
deemed to be material weaknesses. We currently do not have an internal audit
group, and we will need to hire additional accounting and financial staff with
appropriate public company experience and technical accounting knowledge.
Moreover, because we have only one director and executive officer and the lack
of segregation of corporate duties, there may be insufficient oversight of
corporate decisions made by our sole executive officer respecting executive
compensation and oversight of accounting functions.

Moreover, if we are not able to comply with the requirements of
Section 404 in a timely manner, or if we or our independent registered public
accounting firm identifies deficiencies in our internal controls over financial
reporting that are deemed to be material weaknesses, the market price of our
stock could decline and we could be subject to sanctions or investigations by
the SEC or other regulatory authorities, which would require additional
financial and management resources. Additionally, if these requirements divert
our management's attention from other business concerns, they could have a
material adverse effect on our business, financial condition and results of
operations.

We may conduct further offerings in the future in which case
your shareholdings will be diluted.

We completed an offering of 3,989,642 shares of our common
stock (11,968,926 post 3 for 1 forward stock split) at a price of $0.03 per
share to investors on April 30, 2006. Since our inception, we have relied on
such equity sales of our common stock to fund our operations. We may conduct
further equity offerings in the future to finance our current projects or to
finance subsequent projects that we decide to undertake. If common stock is
issued in return for additional funds, the price per share could be lower than
that paid by our current stockholders. We anticipate continuing to rely on
equity sales of our common stock in order to fund our business operations. If we
issue additional stock, investors percentage interest in us will be lower. This
condition is often referred to as "dilution. The result of such dilution could
reduce the value of their stock.

Because our stock is a penny stock, stockholders will be
more limited in their ability to sell their stock.

Our common stock is considered to be a penny stock since it
does not qualify for one of the exemptions from the definition of penny stock
under Section 3a51-1 of the Securities Exchange Act of 1934 (the Exchange
Act). Our common stock is a penny stock because it meets one or more of the
following conditions (i) the stock trades at a price less than $5.00 per share;
(ii) it is not traded on a recognized national exchange; (iii) it is not
quoted on the Nasdaq Stock Market, or even if so, has a price less than $5.00
per share; or (iv) is issued by a company that has been in business less than
three years with net tangible assets less than $5 million.

The principal result or effect of being designated a penny
stock is that securities broker-dealers participating in sales of our common
stock will be subject to the penny stock regulations set forth in Rules 15-2
through 15g-9 promulgated under the Exchange Act. For example, Rule 15g-2
requires broker-dealers dealing in penny stocks to provide potential investors
with a document disclosing the risks of penny stocks and to obtain a manually
signed and dated written receipt of the document at least two business days
before effecting any transaction in a penny stock for the investor's account.
Moreover, Rule 15g-9 requires broker-dealers in penny stocks to approve the
account of any investor for transactions in such stocks before selling any penny
stock to that investor. This procedure requires the broker-dealer to (i) obtain
from the investor information concerning his or her financial situation,
investment experience and investment objectives; (ii) reasonably determine,
based on that information, that transactions in penny stocks are suitable for
the investor and that the investor has sufficient knowledge and experience as to
be reasonably capable of evaluating the risks of penny stock transactions; (iii)
provide the investor with a written statement setting forth the basis on which
the broker-dealer made the determination in (ii) above; and (iv) receive a
signed and dated copy of such statement from the investor, confirming that it
accurately reflects the investor's financial situation, investment experience
and investment objectives. Compliance with these requirements may make it more
difficult and time consuming for holders of our common stock to resell their
shares to third parties or to otherwise dispose of them in the market or
otherwise.

18

---

ITEM
7.               
FINANCIAL STATEMENTS.

|**Index to Financial Statements:**                                           | Page                                                                                                                                                                                                                           
|---------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                             |                                                                                                                                                                                                                                
|Audited financial statements as of April 30, 2007
      and 2006, including: |                                                                                                                                                                                                                                
|                                                                             |                                                                                                                                                                                                                                
|1.                                                                           | Report of Independent Registered
      Public Accounting Firm;                                                                                                                                                                 
|                                                                             |                                                                                                                                                                                                                                
|2.                                                                           | Balance Sheets as at April
      30, 2007 and 2006;                                                                                                                                                                            
|                                                                             |                                                                                                                                                                                                                                
|3.                                                                           | Statements of Operations
      for the year ended April 30, 2007, the period from inception on December
      14, 2005 to April 30, 2006 and the cumulative period from inception on December
      14, 2005 to April 30, 2007;
|                                                                             |                                                                                                                                                                                                                                
|4.                                                                           | Statements of Cash Flows
      for the year ended April 30, 2007, the period from inception on December
      14, 2005 to April 30, 2006 and the period from inception on December 14,
      2005 to April 30, 2007;           
|                                                                             |                                                                                                                                                                                                                                
|5.                                                                           | Statements of Changes in
      Stockholders Equity (Deficiency) for the period from inception on
      December 14, 2005 through April 30, 2007; and                                                                          
|                                                                             |                                                                                                                                                                                                                                
|6.                                                                           | Notes to Financial Statements.                                                                                                                                                                                                 

19

---



CENTRUS VENTURES INC.(An Exploration Stage Company)

FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)



F-1

---

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of 
  Centrus Ventures Inc.(An Exploration Stage Company)

We have audited the accompanying balance sheet of Centrus Ventures
  Inc. (an Exploration Stage Company) (the Company) (an Exploration
  Stage Company) as of April 30, 2007 and 2006, the related statements of operations,
  stockholders equity (deficiency) and cash flows for the years then ended
  and for the period from inception on December 14, 2005 to April 30, 2007. These
  consolidated financial statements are the responsibility of the Companys
  management. Our responsibility is to express an opinion on these consolidated
  financial statements based on our audits.

We conducted our audits in accordance with Standards of the Public
  Company Accounting Oversight Board (United States). Those standards require
  that we plan and perform the audit to obtain reasonable assurance about whether
  the financial statements are free of material misstatement. An audit 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 audit provides
  a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
  fairly, in all material respects, the financial position of Centrus Ventures
  Inc. (an Exploration Stage Company) as at April 30, 2007 and 2006 and the results
  of its operations and its cash flows for the years then ended and for the period
  from inception on December 14, 2005 to April 30, 2007, in conformity with accounting
  principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been
  prepared assuming the Company will continue as a going concern. As discussed
  in Note 1 to the financial statements, the Company has suffered recurring losses
  and net cash outflows from operations since inception. These factors raise substantial
  doubt about the Companys ability to continue as a going concern. Managements
  plans in regard to these matters are also described in Note 1. The financial
  statements do not include any adjustments that might result from the outcome
  of this uncertainty.

*/s/ TELFORD SADOVNICK, P.L.L.C*.

TELFORD SADOVNICK, P.L.L.C.

CERTIFIED PUBLIC ACCOUNTANTS

Bellingham, Washington 
  July 24, 2007

F-2

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

BALANCE SHEETS(Stated in U.S. Dollars)

|                                                                 |   | APRIL
      30 |  
|---------------------------------------------------------------- | - | -------------- | -
|                                                                 |   | 2007           |  
|ASSETS                                                           |   |                |  
|Current                                                          |   |                |  
|Cash                                                             | $ | 8,335          |  
|Prepaid expenses                                                 |   | 2,800          |  
|                                                                 |   | 11,135         |  
|Computer Equipment(Note 4)                                       |   | 1,976          |  
|                                                                 | $ | 13,111         |  
|LIABILITIES                                                      |   |                |  
|Current                                                          |   |                |  
|Accounts payable and accrued
      liabilities                   | $ | 29,083         |  
|Commitments And Contractual Obligations(Note 9)                  |   |                |  
|STOCKHOLDERS EQUITY (DEFICIENCY)                                |   |                |  
|Share Capital                                                    |   |                |  
|Authorized:                                                      |   |                |  
|300,000,000 common voting stock with a par value of              |   |                |  
|$0.001 per share                                                 |   |                |  
|100,000,000 preferred stock with a par value of $0.001
      per |   |                |  
|share                                                            |   |                |  
|Issued and
      outstanding:                                    |   |                |  
|37,468,926 common shares as at April 30, 2007 and                |   |                |  
|2006                                                             |   | 12,490         |  
|Additional paid-in capital                                       |   | 115,700        |  
|Share subscriptions
      receivable                             |   | -              |  
|Deficit Accumulated During The Exploration Stage                 |   | (144,162       | )
|                                                                 |   | (15,972        | )
|                                                                 | $ | 13,111         |  

The accompanying notes are an integral part of these financial
  statements.

F-3

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

STATEMENTS OF OPERATIONS(Stated in U.S. Dollars)

|                                         |   |            |   |   |             |   |   | CUMULATIVE  |  
|---------------------------------------- | - | ---------- | - | - | ----------- | - | - | ----------- | -
|                                         |   |            |   |   | PERIOD FROM |   |   | PERIOD FROM |  
|                                         |   |            |   |   | INCEPTION   |   |   | INCEPTION   |  
|                                         |   |            |   |   | DECEMBER 14 |   |   | DECEMBER 14 |  
|                                         |   | YEAR ENDED |   |   | 2005 TO     |   |   | 2005 TO     |  
|                                         |   | APRIL 30   |   |   | APRIL 30    |   |   | APRIL 30    |  
|                                         |   | 2007       |   |   | 2006        |   |   | 2007        |  
|                                         |   |            |   |   |             |   |   |             |  
|Revenue                                  | $ | -          |   | $ | -           |   | $ | -           |  
|                                         |   |            |   |   |             |   |   |             |  
|Expenses                                 |   |            |   |   |             |   |   |             |  
|Depreciation expense                     |   | 334        |   |   | -           |   |   | 334         |  
|Incorporation
      costs                |   | -          |   |   | 1,575       |   |   | 1,575       |  
|Management fees                          |   | 33,600     |   |   | 8,400       |   |   | 42,000      |  
|Mineral property
      acquisition       |   | -          |   |   | 5,000       |   |   | 5,000       |  
|Mineral property exploration
      costs |   | 1,000      |   |   | 7,000       |   |   | 8,000       |  
|Office and
      sundry                  |   | 5,143      |   |   | 1,537       |   |   | 6,680       |  
|Professional fees                        |   | 67,583     |   |   | 2,351       |   |   | 69,934      |  
|Transfer
      and regulatory fees       |   | 4,830      |   |   | -           |   |   | 4,830       |  
|Travel and promotion                     |   | 5,054      |   |   | 755         |   |   | 5,809       |  
|                                         |   | 117,544    |   |   | 26,618      |   |   | 144,162     |  
|                                         |   |            |   |   |             |   |   |             |  
|Net Loss For The Period                  | $ | (117,544   | ) | $ | (26,618     | ) | $ | (144,162    | )
|                                         |   |            |   |   |             |   |   |             |  
|                                         |   |            |   |   |             |   |   |             |  
|Basic And Diluted Loss Per Common        |   |            |   |   |             |   |   |             |  
|Share                                    | $ | (0.00      | ) | $ | (0.00       | ) |   |             |  
|                                         |   |            |   |   |             |   |   |             |  
|                                         |   |            |   |   |             |   |   |             |  
|Weighted Average Number Of Common        |   |            |   |   |             |   |   |             |  
|Shares
      Outstanding                 |   | 37,468,926 |   |   | 20,412,819  |   |   |             |  

The accompanying notes are an integral part of these financial
  statements.

F-4

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

STATEMENTS OF CASH FLOWS(Stated in U.S. Dollars)

|                                            |   |            |   |   | PERIOD      |   |   | CUMULATIVE  |  
|------------------------------------------- | - | ---------- | - | - | ----------- | - | - | ----------- | -
|                                            |   |            |   |   | FROM        |   |   | PERIOD FROM |  
|                                            |   |            |   |   | INCEPTION   |   |   | INCEPTION   |  
|                                            |   |            |   |   | DECEMBER 14 |   |   | DECEMBER 14 |  
|                                            |   | YEAR ENDED |   |   | 2005 TO     |   |   | 2005 TO     |  
|                                            |   | APRIL 30   |   |   | APRIL 30    |   |   | APRIL 30    |  
|                                            |   | 2007       |   |   | 2006        |   |   | 2007        |  
|                                            |   |            |   |   |             |   |   |             |  
|Cash (Used In) Operating Activities         |   |            |   |   |             |   |   |             |  
|Net loss for the period                     | $ | (117,544   | ) | $ | (26,618     | ) | $ | (144,162    | )
|Item not
      involving cash:              |   |            |   |   |             |   |   |             |  
|Depreciation expense                        |   | 334        |   |   | -           |   |   | 334         |  
|                                            |   | (117,210   | ) |   | (26,618     | ) |   | (143,828    | )
|Changes in non-cash operating
      working |   |            |   |   |             |   |   |             |  
|capital items:                              |   |            |   |   |             |   |   |             |  
|Accounts payable and accrued liabilities    |   | 28,658     |   |   | 425         |   |   | 29,083      |  
|Prepaid expenses                            |   | (2,800     | ) |   | -           |   |   | (2,800      | )
|                                            |   | (91,352    | ) |   | (26,193     | ) |   | (117,545    | )
|                                            |   |            |   |   |             |   |   |             |  
|Cash Flows From Investing Activity          |   |            |   |   |             |   |   |             |  
|Purchase
      of computer equipment        |   | (2,310     | ) |   | -           |   |   | (2,310      | )
|                                            |   |            |   |   |             |   |   |             |  
|Cash Flows From Financing Activity          |   |            |   |   |             |   |   |             |  
|Issue of common stock                       |   | 2,100      |   |   | 126,090     |   |   | 128,190     |  
|                                            |   |            |   |   |             |   |   |             |  
|Increase (Decrease) In Cash                 |   | (91,562    | ) |   | 99,897      |   |   | 8,335       |  
|                                            |   |            |   |   |             |   |   |             |  
|Cash, Beginning Of Period                   |   | 99,897     |   |   | -           |   |   | -           |  
|                                            |   |            |   |   |             |   |   |             |  
|Cash, End Of Period                         | $ | 8,335      |   | $ | 99,897      |   | $ | 8,335       |  
|                                            |   |            |   |   |             |   |   |             |  
|                                            |   |            |   |   |             |   |   |             |  
|Supplemental Disclosure Of Cash Flow        |   |            |   |   |             |   |   |             |  
|Information                                 |   |            |   |   |             |   |   |             |  
|Cash paid
      during the period for:      |   |            |   |   |             |   |   |             |  
|Interest                                    | $ | -          |   | $ | -           |   | $ | -           |  
|Income taxes                                | $ | -          |   | $ | -           |   | $ | -           |  

The accompanying notes are an integral part of these financial
  statements.

F-5

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

STATEMENT OF STOCKHOLDERS EQUITY (DEFICIENCY)

PERIOD FROM DECEMBER 14, 2005 (INCEPTION) TO APRIL
  30, 2007(Stated in U.S. Dollars)

DEFICITCOMMON
        STOCK
      
      
      
      
      
      ACCUMULATEDADDITIONAL
      
      
      SHARE
      
      
      DURING THEPAID-IN
      
      
      SUBSCRIPTIONS
      
      
      EXPLORATIONSHARES
      
      
      AMOUNT
      
      
      CAPITAL
      
      
      RECEIVABLE
      
      
      STAGE
      
      
      TOTALJanuary 11, 2006 Stock issued for cashat $0.001
      
      8,500,000
      
      $
      8,500
      
      $
      -
      
      $
      -
      
      $
      -
      
      $
      8,500April 30, 2006  Stockissued for cash at$0.03
      
      3,989,642
      
      
      3,990
      
      
      115,700
      
      
      -
      
      
      -
      
      
      119,690Share subscriptionsreceivable
      
      -
      
      
      -
      
      
      -
      
      
      (2,100
      )
      
      -
      
      
      (2,100
      )Stock split adjustment
      
      24,979,284Net loss for the period
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      (26,618
      )
      
      (26,618
      )Balance, April 30,2006
      
      37,468,926
      
      
      12,490
      
      
      115,700
      
      
      (2,100
      )
      
      (26,618
      )
      
      99,472Share subscriptionsreceived
      
      -
      
      
      -
      
      
      -
      
      
      2,100
      
      
      -
      
      
      2,100-
      
      
      -
      
      
      -
      
      
      -
      
      
      -Net loss for the year
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      (117,544
      )
      
      (117,544
      )Balance, April 30,2007
      
      37,468,926
      
      $
      12,490
      
      $
      115,700
      
      $
      -
      
      $
      (144,162
      )
      $
      (15,972
      )


The accompanying notes are an integral part of these financial
  statements.

F-6

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|1. | NATURE OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Organization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Centrus Ventures Inc. (the Company) was
        incorporated in the State of Nevada, U.S.A., on December 14, 2005. The
        Companys principal executive offices are in Blaine, Washington,
        U.S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Exploration Stage Activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Company has been in the exploration stage since
        its formation and has not yet realized any revenues from its planned operations.
        The Company was formed for the purpose of acquiring exploration and development
        stage natural resource properties. The Company has not commenced business
        operations. The Company is an exploration stage company as defined in
        the Securities and Exchange Commission (S.E.C.) Industry Guide
        No. 7.                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Forward Stock Split                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Subsequent to the year ended April 30, 2007, the Company
        completed a forward stock split on a three-new for one-old basis. The
        Company also increased their number of authorized common shares from 100,000,000
        to 300,000,000. All amounts within these financial statements have been
        adjusted to reflect these changes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The accompanying financial statements have been prepared
        assuming the Company will continue as a going concern.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | As shown in the accompanying financial statements, the
        Company has incurred a net loss of $144,162 for the period from December
        14, 2005 (inception) to April 30, 2007, and has no sales. The future of
        the Company is dependent upon its ability to obtain financing and upon
        future profitable operations from the development of its natural resource
        properties. Management has plans to seek additional capital through a
        private placement and public offering of its common stock. The financial
        statements do not include any adjustments relating to the recoverability
        and classification of recorded assets, or the amounts of and classification
        of liabilities that might be necessary in the event the Company cannot
        continue in existence.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The financial statements of the Company have been prepared
        in accordance with generally accepted accounting principles in the United
        States. Because a precise determination of many assets and liabilities
        is dependent upon future events, the preparation of financial statements
        for a period necessarily involves the use of estimates which have been
        made using careful judgement.                                                                                                                                                                                                                                                                                                                                                                                                         

F-7

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The financial statements have, in managements
        opinion, been properly prepared within reasonable limits of materiality
        and within the framework of the significant accounting policies summarized
        below:                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Organization and Start-up Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Costs of start-up activities, including organizational
        costs, are expensed as incurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Use of Estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The preparation of financial statements, in conformity
        with generally accepted accounting principles, requires management to
        make estimates and assumptions that affect the amounts reported in the
        financial statements and accompanying disclosures. Actual results may
        differ from the estimates.                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Cash consists of cash on deposit with high quality
        major financial institutions, and to date has not experienced losses on
        any of its balances. The carrying amounts approximated fair market value
        due to the liquidity of these deposits. For purposes of the balance sheets
        and statements of cash flows, the Company considers all highly liquid
        debt instruments purchased with maturity of three months or less to be
        cash equivalents. At April 30, 2007 and 2006, the Company had no cash
        equivalents.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Computer Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Computer equipment is recorded at cost and is being
        amortized using the declining balance method at 30% per year.                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Income taxes are recognized in accordance with Statement
        of Financial Accounting Standards No. 109 (SFAS 109), Accounting
        for Income Taxes, whereby deferred income tax liabilities or assets
        at the end of each period are determined using the tax rate expected to
        be in effect when the taxes are actually paid or recovered. A valuation
        allowance is recognized on deferred tax assets when it is more likely
        than not that some or all of these deferred tax assets will not be realized.                  

F-8

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Mineral Property Interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The Company is an exploration stage mining company
        and has not yet realized any revenue from its operations. It is primarily
        engaged in the acquisition, exploration and development of mining properties.
        Exploration costs are expensed as incurred regardless of the stage of
        development or existence of reserves. Costs of acquisition are capitalized
        subject to impairment testing, in accordance with Financial Accounting
        Standards 144 (FAS 144), Accounting for the Impairment
        or Disposal of Long-Lived Assets, when facts and circumstances indicate
        impairment may exist.                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The Company regularly performs evaluations of any
        investment in mineral properties to assess the recoverability and/or the
        residual value of its investments in these assets. All long-lived assets
        are reviewed for impairment whenever events or circumstances change which
        indicate the carrying amount of an asset may not be recoverable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Management periodically reviews the carrying value
        of its investments in mineral leases and claims with internal and external
        mining related professionals. A decision to abandon, reduce or expand
        a specific project is based upon many factors including general and specific
        assessments of mineral deposits, anticipated future mineral prices, anticipated
        future costs of exploring, developing and operating a production mine,
        the expiration term and ongoing expenses of maintaining mineral properties
        and the general likelihood that the Company will continue exploration
        on such project. The Company does not set a pre- determined holding period
        for properties with unproven deposits, however, properties which have
        not demonstrated suitable metal concentrations at the conclusion of each
        phase of an exploration program are re-evaluated to determine if future
        exploration is warranted, whether there has been any impairment in value
        and that their carrying values are appropriate.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | If an area of interest is abandoned or it is determined
        that its carrying value cannot be supported by future production or sale,
        the related costs are charged against operations in the year of abandonment
        or determination of value. The amounts recorded as mineral leases and
        claims represent costs to date and do not necessarily reflect present
        or future values.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The Companys exploration activities and proposed
        mine development are subject to various laws and regulations governing
        the protection of the environment. These laws are continually changing,
        generally becoming more restrictive. The Company has made, and expects
        to make in the future, expenditures to comply with such laws and regulations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The accumulated costs of properties that are developed
        on the stage of commercial production will be amortized to operations
        through unit-of-production depletion.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

F-9

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Exploration Stage Enterprise                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Companys financial statements are prepared
        using the accrual method of accounting and according to the provisions
        of Statement of Financial Accounting Standards No. 7 (SFAS 7),
        Accounting and Reporting for Development Stage Enterprises,
        as it devotes substantially all of its efforts to acquiring and exploring
        mineral properties. Until such properties are acquired and developed,
        the Company will continue to prepare its financial statements and related
        disclosures in accordance with entities in the exploration stage.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Financial Instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Companys financial instruments consist of
        cash and accounts payable and accrued liabilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Unless otherwise noted, it is managements opinion
        that this Company is not exposed to significant interest or credit risks
        arising from these financial instruments. The fair value of these financial
        instruments approximates their carrying values, unless otherwise noted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Stock-Based Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | On December 1, 2005, the Company adopted the fair
        value recognition provisions of Financial Accounting Standards Board (FASB)
        Statement No. 123(R), Share-Based Payment,(SFAS 123R).
        The Company adopted SFAS 123R using the modified- prospective-transition
        method. Under this method, compensation cost to be recognized in the current
        year includes: a) compensation cost for all share-based payments granted
        prior to, but not yet vested as of the Companys previous year end,
        based on the grant-date fair value estimated in accordance with the original
        provisions of SFAS 123, and b) compensation cost for all share-based payments
        granted subsequent to the Companys previous year end, based on the
        grant-date fair value estimated in accordance with the provisions of SFAS
        123R. In addition, deferred stock compensation related to non-vested options
        is required to be eliminated against additional paid-in capital upon adoption
        of SFAS 123R. The results for the prior periods do not require restatement
        as the Company has not granted any stock options from inception to April
        30, 2007. The Companys results of operations for the year ended
        April 30, 2007 were no different than if the Company had not adopted SFAS
        123R because (i) there were no previously granted stock options, and (ii)
        no stock options were granted during the year ended April 30, 2007. As
        a result, no pro forma disclosure of the impact of adopting SFAS 123R
        has been provided for the year ended April 30, 2007.

F-10

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Stock-Based Compensation (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The Company accounts for equity instruments
        issued in exchange for the receipt of goods or services from other than
        employees in accordance with SFAS No. 123 and the conclusions reached
        by the Emerging Issues Task Force (EITF) in Issue No. 96-18.
        Costs are measured at the estimated fair market value of the consideration
        received or the estimated fair value of the equity instruments issued,
        whichever is more reliably measurable. The value of equity instruments
        issued for consideration other than employee services is determined on
        the earliest of a performance commitment or completion of performance
        by the provider of goods or services as defined by EITF 96-18.                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Basic and Diluted Loss Per Share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | In accordance with Statement of Financial
        Accounting Standards No. 128 (SFAS 128), Earnings Per
        Share, the basic loss per common share is computed by dividing net
        loss available to common stockholders by the weighted average number of
        common shares outstanding. Diluted loss per common share is computed similar
        to basic loss per common share except that the denominator is increased
        to include the number of additional common shares that would have been
        outstanding if the potential common shares had been issued and if the
        additional common shares were dilutive. At April 30, 2007 and 2006, the
        Company has no common stock equivalents that were anti-dilutive and excluded
        in the earnings per share computation.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Foreign Currency Translation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The Companys functional currency is
        the U.S. dollar. Transactions in foreign currency are translated into
        U.S. dollars as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Translation adjustments resulting from this
        process are recorded in Stockholders Equity (Deficiency) as a component
        of Accumulated Other Comprehensive Income (Loss).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Gains and losses arising on translation or
        settlement of foreign currency denominated transactions or balances are
        recorded in the Statement of Operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

F-11

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Revenue Recognition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The Company recognizes revenue in accordance with
        the criteria outlined in Securities Exchange Commission Staff Accounting
        Bulletin No. 104 (SAP 104), Revenue Recognition.
        Revenues will be recognized once they are earned; specifically when: (a)
        services are provided or products are delivered to customers, (b) clear
        proof that an arrangement exists, (c) amounts are fixed or can be determined,
        and (d) the Companys ability to collect is reasonably assured.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Asset Impairment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Long-lived assets are tested for recoverability whenever
        events or changes in circumstances indicate the carrying amount may not
        be recoverable, pursuant to guidance established in Statement of Financial
        Accounting Standards No. 144 (SFAS 144), Accounting
        for the Impairment or Disposal of Long-lived Assets. The Company
        determines impairment by comparing the undiscounted future cash flows
        estimated to be generated by its assets to their respective carrying amounts.
        If impairment is deemed to exist, the assets will be written down to fair
        value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Asset Retirement Obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The Company has adopted Statement of Financial Accounting
        Standards No. 143 (SFAS 143), Accounting for Asset Retirement
        Obligations, which requires that an asset retirement obligation
        (ARO) associated with the retirement of a tangible long-lived
        asset be recognized as a liability in the period in which it is incurred
        and becomes determinable, with an offsetting increase in the carrying
        amount of the associated asset. The cost of the tangible asset, including
        the initially recognized ARO, is depleted, such that the cost of the ARO
        is recognized over the useful life of the asset. The ARO is recorded at
        fair value, and accretion expense is recognized over time as the discounted
        liability is accreted to its expected settlement value. The fair value
        of the ARO is measured using expected future cash flow, discounted at
        the Companys credit-adjusted risk-free interest rate. To date, no
        significant asset retirement obligation exists due to the early stage
        of exploration. Accordingly, no liability has been recorded.

F-12

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | Environmental Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | Environmental expenditures that relate to current
        operations are charged to operations or capitalized as appropriate. Expenditures
        that relate to an existing condition caused by past operations, and which
        do not contribute to current or future revenue generation, are charged
        to operations. Liabilities are recorded when environmental assessments
        and/or remedial efforts are probable, and the cost can be reasonably estimated.
        Generally, the timing of these accruals coincides with the earlier of
        completion of a feasibility study or the Companys commitments to
        plan of action based on the then known facts.                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|3. | RECENT ACCOUNTING PRONOUNCEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | The following Recent Accounting Pronouncements are
        disclosed as they may be applicable to the Companys operations and
        have an impact on the Companys financial statements:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | In September 2006, FASB issued SFAS No. 157, Fair
        Value Measures. This Statement defines fair value, establishes a
        framework for measuring fair value in generally accepted accounting principles
        (GAAP), expands disclosures about fair value measurements, and applies
        under other accounting pronouncements that require or permit fair value
        measurements. SFAS No. 157 does not require any new fair value measurements.
        However, the FASB anticipates that for some entities, the application
        of SFAS No. 157 will change current practice. SFAS No. 157 is effective
        for financial statements issued for fiscal years beginning after November
        15, 2007, which for the Company would be the fiscal year beginning May
        1, 2008. The Company is currently evaluating the impact of adopting SFAS
        No. 157 but does not expect that it will have a significant effect on
        its financial position or results of operations.                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | In September 2006, the Securities and Exchange Commission
        (SEC) issued Staff Accounting Bulletin (SAB) No.
        108, Considering the Effects of Prior Year Misstatements when Quantifying
        Misstatements in Current Year Financial Statements. SAB No. 108
        addresses how the effects of prior year uncorrected misstatements should
        be considered when quantifying misstatements in current year financial
        statements. SAB No. 108 requires companies to quantify misstatements using
        a balance sheet and income statement approach and to evaluate whether
        either approach results in quantifying an error that is material in light
        of relevant quantitative and qualitative factors. SAB No. 108 is effective
        for interim periods ending after November 15, 2006. The Company is currently
        evaluating the impact of adopting SAB No. 108 but does not expect that
        it will have a significant effect on its financial position or results
        of operations.

F-13

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|3. | RECENT ACCOUNTING PRONOUNCEMENTS(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | In June 2006, FASB issued Interpretation No. 48, Accounting
        for Uncertainty in Income Taxes- an Interpretation of FASB Statement No.
        109. This Interpretation clarifies the accounting for uncertainty
        in income taxes recognized in an enterprises financial statements
        in accordance with FASB No. 109, Accounting for Income Taxes.
        This Interpretation prescribes a recognition threshold and measurement
        attribute for the financial statement recognition and measurement of a
        tax position taken or expected to be taken in a tax return. This Interpretation
        also provides guidance on derecognition, classification, interest and
        penalties, accounting in interim periods, disclosure and transition. This
        Interpretation is effective for fiscal years beginning after December
        15, 2006. The Company has determined that the adoption of Statement No.
        158 does not have any material impact on the Companys results of
        operations or financial position.                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | In February 2006, FASB issued SFAS No. 155, Accounting
        for Certain Hybrid Financial Instruments-an amendment of FASB Statements
        No. 133 and 140, to simplify and make more consistent the accounting
        for certain financial instruments. SFAS No. 155 amends SFAS No. 133, Accounting
        for Derivative Instruments and Hedging Activities, to permit fair
        value remeasurement for any hybrid financial instrument with an embedded
        derivative that otherwise would require bifurcation, provided that the
        whole instrument is accounted for on a fair value basis. SFAS No. 155
        amends SFAS No. 140, Accounting for the Impairment or Disposal of
        Long-Lived Assets, to allow a qualifying special-purpose entity
        to hold a derivative financial instrument that pertains to a beneficial
        interest other than another derivative financial instrument. SFAS No.
        155 applies to all financial instruments acquired or issued after the
        beginning of an entity's first fiscal year that begins after September
        15, 2006, with earlier application allowed. The adoption of this statement
        is not expected to have a significant effect on the Companys future
        reported financial position or results of operations.                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | In December 2004, FASB issued SFAS No. 153, Exchanges
        of Non-monetary Assets - An Amendment of APB Opinion No. 29 (SFAS
        153). The guidance in APB Opinion No. 29, Accounting for Non-monetary
        Transactions, is based on the principle that exchanges of non-monetary
        assets should be measured based on the fair value of the assets exchanged.
        The guidance in that Opinion, however, included certain exceptions to
        that principle. SFAS 153 amends Opinion No. 29 to eliminate the exception
        for non-monetary exchanges of similar productive assets and replaces it
        with a general exception for exchanges of non-monetary assets that do
        not have commercial substance. A non- monetary exchange has commercial
        substance if the future cash flows of the entity are expected to change
        significantly as a result of the exchange. The provisions of SFAS 153
        are effective for non-monetary asset exchanges occurring in fiscal periods
        beginning after June 1, 2006. Early application is permitted and companies
        must apply the standard prospectively. The Company has determined that
        the adoption of this standard is not expected to have any material impact
        on the Companys results of operations or financial position.

F-14

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|3. | RECENT ACCOUNTING PRONOUNCEMENTS(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | In February 2007, the FASB issued No. 159, The
        Fair Value Option for Financial Assets and Financial Liabilities
        (SFAS No. 159). SFAS No. 159 permits Companies to choose to measure certain
        financial instruments and certain other items at fair value. The standard
        requires that unrealized gains and losses on items for which the fair
        value option has been elected be reported in earnings. SFAS No. 159 is
        effective for the Company beginning in the first quarter of fiscal year
        2008, although earlier adoption is permitted. The Company is currently
        evaluating the impact that SFAS No. 159 will have on its financial statements.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|4. | COMPUTER EQUIPMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

2007
      
      
      
      
      
      2006ACCUMULATED
      
      
      NET BOOK
      
      
      NET BOOKRATE
      
      
      COST
      
      
      DEPRECIATION
      
      
      VALUE
      
      
      VALUEComputer software
      
      3 yrs.
      
      
      30%
      
      $
      1,986
      
      $
      298
      
      $
      1,688
      
      $
      -Printer
      
      3 yrs.
      
      
      30%
      
      
      324
      
      
      36
      
      
      288
      
      
      -$
      2,310
      
      $
      334
      
      $
      1,976
      
      $
      -


|5. | MINERAL PROPERTY                                                                                                                                                                                                                                                                                                                                        
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                         
|   | On January 20, 2006, the Company entered into a purchase
        agreement to acquire an undivided 100% interest in a mineral claim (known
        as the Royal Blue Mineral Claim) located in the Yellow Pine
        Mining Division, Clark County, State of Nevada. The consideration was
        $5,000 cash (paid) on execution of the agreement.
|   |                                                                                                                                                                                                                                                                                                                                                         
|6. | COMMON STOCK                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                         
|   | On January 11, 2006, pursuant to a private placement
        the Company sold 8,500,000 (25,500,000 after the stock split) shares of
        its common stock at $0.001 per share for cash.                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                         
|   | On April 30, 2006, pursuant to a private placement the
        Company sold 3,989,642 (11,968,926 after the stock split) shares of its
        common stock at $0.03 per share for cash.                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                         
|   | The Company has no stock option plan, warrants or other
        dilutive securities.                                                                                                                                                                                                                                                                    

F-15

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|7. | RELATED PARTY TRANSACTIONS                                                                                                                                                                                                                                           
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                      
|   | During the year ended April 30, 2007, the
        Company paid management fees in the amount of $36,400 (2006 - $8,400)
        to a director of the Company. Of this amount, $2,800 was prepaid for services
        performed subsequent to the Companys year end.
|   |                                                                                                                                                                                                                                                                      
|8. | INCOME TAX                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                      
|   | a)                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                      

| |                                             |   | 2007    |   |   | 2006   |  
| | ------------------------------------------- | - | ------- | - | - | ------ | -
| |                                             |   |         |   |   |        |  
| | Computed expected (benefit of) income taxes | $ | (40,000 | ) | $ | (9,000 | )
| | Increase in valuation allowance             |   | 40,000  |   |   | 9,000  |  
| |                                             |   |         |   |   |        |  
| | Income tax provision                        | $ | -       |   | $ | -      |  

| | b) | Significant components of the Companys deferred
        income tax assets are as follows:
| | -- | ------------------------------------------------------------------------------------------

| |                              |   | 2007    |   |   | 2006   |  
| | ---------------------------- | - | ------- | - | - | ------ | -
| |                              |   |         |   |   |        |  
| | Operating loss carry forward | $ | 131,162 |   | $ | 14,618 |  
| | Mineral property expense     |   | 4,000   |   |   | 5,000  |  
| | Exploration expense          |   | 6,500   |   |   | 7,000  |  
| |                              |   | 141,662 |   |   | 26,618 |  
| |                              |   |         |   |   |        |  
| | Statutory tax rate           |   | 34%     |   |   | 34%    |  
| |                              |   |         |   |   |        |  
| | Deferred income tax assets   |   | 48,000  |   |   | 9,000  |  
| | Valuation allowance          |   | (48,000 | ) |   | (9,000 | )
| |                              |   |         |   |   |        |  
| | Income tax provision         | $ | -       |   | $ | -      |  

F-16

---

CENTRUS VENTURES INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2007 AND 2006(Stated in U.S. Dollars)

|8. | INCOME TAX(Continued)
|-- | ---------------------
|   |                      
|   | c)                   

| |                                               |   | INCOME TAX OPERATING | 
| | --------------------------------------------- | - | -------------------- | 
| |                                               |   | LOSS CARRY FORWARD   | 
| |                                               |   |                      | 
| |                                               |   | AMOUNT               | 
| |                                               |   |                      | 
| | 2006                                          | $ | 14,618               | 
| | 2007                                          |   | 116,544              | 
| |                                               |   |                      | 
| | Total income tax operating loss carry forward | $ | 131,162              | 

|9. | COMMITMENTS AND CONTRACTUAL OBLIGATIONS                                                                                                                                                                                                     
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                             
|   | The Company has a contractual obligation to pay a management
        fee to a director of the Company on a month-to-month basis at the rate
        of $2,800 per month.                                                                    
|   |                                                                                                                                                                                                                                             
|   | The Company has no significant commitments or contractual
        obligations with any parties respecting executive compensation, consulting
        arrangements or other matters. Rental of premises is on a month-to-month
        basis.

|10. | SUBSEQUENT EVENT                                                                                                                                                              
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                               
|    | Subsequent to the year ended April 30, 2007, the Company
        incorporated a wholly-owned subsidiary, Royal Mines Acquisition Corp.,
        in the state of Nevada, U.S.A.

F-17

---

ITEM
8.               
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE.

None.

ITEM
8A.             CONTROLS
AND PROCEDURES.

Under the supervision and with the participation of our
management, including the Chief Executive Officer and Chief Financial Officer,
we have evaluated the effectiveness of our disclosure controls and procedures as
required by Exchange Act Rule 13a-15(b) as of the end of the period covered by
this report. Based on that evaluation, the Chief Executive Officer and Chief
Financial Officer has concluded that these disclosure controls and procedures
are effective.

There were no changes in our internal control over financial
reporting during the quarter ended April 30, 2007 that have materially affected,
or are reasonably likely to materially affect, our internal control over
financial reporting.

ITEM
8B.             OTHER
INFORMATION.

None.

20

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PART III

|ITEM 9. | DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL
      PERSONS AND CORPORATE GOVERNANCE; COMPLIANCE WITH SECTION 16(A) OF
      THE EXCHANGE ACT.
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------

DIRECTORS AND OFFICERS

The following table sets forth the name, age and positions of
our sole executive officer and director as of the filing of this Annual Report:

|Name         | Age | Office(s)
      Held                                                                                 
|------------ | --- | -----------------------------------------------------------------------------------------------------
|Kevin B. Epp | 32  | Chief Executive Officer, Chief
      Financial Officer, President, Secretary, Treasurer, and Director

Set forth below is a brief description of the background and
business experience of our sole executive officer and sole director:

Kevin B. Eppis our President, Secretary, Treasurer,
Chief Executive Officer and Chief Financial Officer and our sole director. Since
May, 2001, Mr. Epphas been in charge of scouting and recruiting future
prospects, as well as contract negotiations for Titan Sports Management, a
professional sports agency. Mr. Epp attended the University of Alaska Fairbanks
on a scholarship, where he graduated in 1998 with his degree in Business
Administration, with an emphasis in Management and International Business. While
playing professional ice hockey in San Diego from September, 1998 to December,
2000, Mr. Epp also attended the University of San Diego taking graduate courses
in negotiations.

Mr. Epp provides his services on a part-time basis as required
  for the business of Centrus. Mr. Epp presently commits approximately 60%of his business time to the business of Centrus. We pay to Mr. Epp a management
  fee of $2,800 per month in connection with management services provided by Mr.
  Epp to us since February, 2006. The payments are made pursuant to a verbal agreement
  with Mr. Epp for an indefinite term and we may terminate the payments at any
  time.

Mr. Epp does not have formal training as a geologist or in the
technical or managerial aspects of management of a mineral exploration company.
His prior managerial and consulting positions have not been in the mineral
exploration industry. Accordingly, we will have to rely on the technical
services of others to advise us on the managerial aspects specifically
associated with a mineral exploration company. We do not have any employees who
have professional training or experience in the mining industry. We rely on our
independent geological consultant, Laurence Sookochoff, P.Eng. to make
recommendations to us on work programs on our property, to hire appropriately
skilled persons on a contract basis to complete work programs and to supervise,
review, and report on such programs to us.

We pay our sole executive officer and director a fee of $2,800
per month for management services provided to Centrus commencing February, 2006.
We do not pay to our director any compensation for serving as a director on our
board of directors.

Significant Employees

We have no significant employees other than our sole officer
and director. We conduct our business through agreements with consultants and
arms-length third parties.

Key Consultants

Laurence Sookochoff, P.Eng. is our consulting geologist. Mr.
Sookochoff is a consulting professional engineer in the Geological Section of
the Association of Professional Engineers and Geoscientists of the Province of
British Columbia, Canada. Mr. Sookochoff attended the University of British
Columbia and holds

21

---

a Bachelor of Science degree in geology. Mr. Sookochoff has
been licensed as a professional engineer by the Professional Engineers
Association of British Columbia for the past 29 years.

We have a verbal agreement with Mr. Sookochoff to provide us
with consulting services on request, in accordance with standard industry
practices. Pursuant to the terms of the agreement, Mr. Sookochoff agreed to
provide us with geological consulting services in accordance with the geological
exploration program prepared by Mr. Sookochoff. The length of time Mr.
Sookochoff will perform consulting services for Centrus is based on whether we
continue to proceed with each phase of the exploration program. Mr. Sookochoff
is not involved in the day to day operations of Centrus. He is our geological
consultant who was hired to perform our planned geological exploration program.
Any decisions made by our management with respect to proceeding with each of the
phases outlined in our exploration program are based on Mr. Sookochoff
recommendations following the completion of each phase of the exploration
program.

Term of Office

Our directors are appointed for a one-year term to hold office
until the next annual general meeting of our stockholders or until removed from
office in accordance with our Bylaws. Our officers are appointed by our board of
directors and hold office until removed by the board.

Committees of the Board Of Directors

Our audit committee presently consists of our sole director. We
do not have a compensation committee, nominating committee, an executive
committee of our board of directors, stock plan committee or any other
committees.

Our sole director performs the functions of a nominating
committee and oversees the process by which individuals may be nominated to our
board of directors. The current size of our board of directors does not
facilitate the establishment of a separate committee. We hope to establish a
separate nominating committee consisting of independent directors, if the number
of our directors is expanded.

Audit Committee Financial Expert

We have no audit committee financial expert serving on our
audit committee. We believe the cost related to retaining a financial expert at
this time is prohibitive. Further, because of our stage of development, we
believe the services of a financial expert are not warranted.

CODE OF ETHICS

On July 24, 2007, we adopted a Code of Ethics applicable to our
officers and directors which is a "code of ethics" as defined by applicable
rules of the SEC. Our Code of Ethics is attached as an exhibit to this Annual
Report on Form 10-KSB. If we make any amendments to our Code of Ethics other
than technical, administrative, or other non-substantive amendments, or grant
any waivers, including implicit waivers, from a provision of our Code of Ethics
to our Chief Executive Officer, Chief Financial Officer, or certain other
finance executives, we will disclose the nature of the amendment or waiver, its
effective date and to whom it applies in a current report on Form 8-K filed with
the SEC.

COMPLIANCE WITH SECTION 16(a) OF THE SECURITIES EXCHANGE ACT

Section 16(a) of the Exchange Act requires our executive
officers and directors, and persons who beneficially own more than 10% of our
equity securities (collectively, the Reporting Persons), to file reports of
ownership and changes in ownership with the SEC. Reporting Persons are required
by SEC regulation to furnish us with copies of all forms they file pursuant to
Section 16(a). Based on our review of the copies of such forms received by us,
other than as described below, no other reports were required for those persons.
We believe that, during the year ended April 30, 2007, all Reporting Persons
complied with all Section 16(a) filing requirements applicable to them.

22

---

ITEM
10.               
EXECUTIVE COMPENSATION.

Summary Compensation Table

The following table summarizes all compensation recorded by us
in the most recent fiscal year ended April 30, 2007 for our principal executive
officer, each of our other two most highly compensated executive officers
serving as such whose annual compensation exceeded $100,000, and up to two
additional individuals for whom disclosure would have been made in this table
but for the fact that the individual was not serving as an executive officer of
our company at the end of our fiscal year. Such officers are referred to herein
as our Named Executive Officers.

Name &
      Principal Position
      Year
    Salary
      ($)
    Bonus
      ($)
    Stock
      Awards
    Option
      Awards
    Non-Equity
      Incentive Plan Compen- sation
    Non-
      qualified Deferred Compen-
      sation Earnings
    All Other
      Compen- sation ($)
    Total
      ($)Kevin B. Epp President, Secretary and Treasurer
      2007
    -
    -
    -
    -
    -
    -
    $33,600
    $33,600


Notes:

|(1) | Since February, 2006, we have paid Kevin Epp, our sole
      director and officer a management fee of $2,800 per month pursuant to a
      verbal agreement. The agreement is on a month-to-month basis with no
      formal contract.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OUTSTANDING AWARDS AT FISCAL YEAR-END

Since our inception on December 14, 2005, we have not granted
any stock options or stock appreciation rights to any of our executive officers.
We do not have any long-term incentive plans, pension plans, or similar
compensatory plans for our directors or executive officers.

DIRECTOR COMPENSATION

Since February, 2006, we have paid Kevin Epp, our sole director
and officer a management fee of $2,800 per month pursuant to a verbal agreement.
The agreement is on a month-to-month basis with no formal contract. We have no
other arrangements for the compensation of any of our directors.

The following table summarizes the compensation paid to our
sole director for the fiscal year ended April 31, 2007.

|Name         | Fees       | Stock  | Option | Non-Equity     | Nonqualified | All Other    | Total  
|------------ | ---------- | ------ | ------ | -------------- | ------------ | ------------ | -------
|             | Earned or  | Awards | Awards | Incentive Plan | Deferred     | Compensation | ($)    
|             | Paid in    | ($)(1) | ($)(1) | Compensation   | Compensation | ($)          |        
|             | Cash       |        |        | ($)            | Earnings     |              |        
|             | ($)        |        |        |                | ($)          |              |        
|Kevin B. Epp | $33,600(2) | -      | -      | -              | -            | -            | $33,600

Notes:

|(1) | The dollar value of stock awards and options awards are
      calculated in accordance with Statement of Financial Accounts (SFAS)
      123R, Share Based Payments.                                                                
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Since February, 2006, we have paid Kevin Epp, our sole
      director and officer a management fee of $2,800 per month pursuant to a
      verbal agreement. The agreement is on a month-to-month basis with no
      formal contract.

23

---

EMPLOYMENT CONTRACTS

We have no employment contracts, termination of employment or
change-in-control arrangements with any of our executive officers or
directors.

ITEM
11.               
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS.

EQUITY COMPENSATION PLANS

We have no equity compensation plans (including individual
compensation arrangements) under which our equity securities are authorized for
issuance.

Equity Compensation Plan Information

|                           |                         |                      | Number of Securities   
|-------------------------- | ----------------------- | -------------------- | -----------------------
|                           |                         |                      | Remaining Available for
|                           |                         |                      | Future Issuance Under  
|                           | Number of Securities to | Weighted-Average     | Equity Compensation    
|                           | be Issued Upon Exercise | Exercise Price of    | Plans (Excluding       
|                           | of Outstanding Options, | Outstanding Options, | Securities Reflected in
|Plan Category              | Warrants and Rights     | Warrants and Rights  | column (a))            
|                           | (a)                     | (b)                  | (c)                    
|                           |                         |                      |                        
|Equity Compensation        | Not Applicable          | Not Applicable       | Not Applicable         
|Plans Approved By Security |                         |                      |                        
|Holders                    |                         |                      |                        
|                           |                         |                      |                        
|Equity Compensation Plans  | Not Applicable          | Not Applicable       | Not Applicable         
|Not Approved By Security   |                         |                      |                        
|Holders                    |                         |                      |                        

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

The following table sets forth certain information concerning
the number of shares of our common stock owned beneficially as of July 18, 2007
by: (i) each person (including any group) known to us to own more than five
percent (5%) of any class of our voting securities, (ii) each of our directors,
(iii) named executive officers, and (iv) officers and directors as a group.
Unless otherwise indicated, the shareholders listed possess sole voting and
investment power with respect to the shares shown.

|                                                      |                                   | Amount and Nature |                
|----------------------------------------------------- | --------------------------------- | ----------------- | ---------------
|                                                      | Name and Address                  | of Beneficial     | Percentage of  
|Title of Class                                        | of Beneficial Owner               | Ownership         | Common Stock(1)
|                                                      |                                   |                   |                
|Security Ownership of Management                      |                                   |                  
|Common Stock                                          | Kevin B. Epp                      | 25,500,000        | 68.1%          
|                                                      | CEO and CFO, President,           | Direct            |                
|                                                      | Secretary, Treasurer              |                   |                
|                                                      | Director                          |                   |                
|                                                      | Suite 200, 810 Peace Portal Drive |                   |                
|                                                      | Blaine, WA 98230                  |                   |                
|Common Stock                                          | All Officers and Directors        | 25,500,000        | 68.1%          
|                                                      | as a Group (1 person)             |                   |                
|                                                      |                                   |                   |                
|Security Ownership of Certain Beneficial
      Owners |                                   |                  
|Common Stock                                          | Kevin B. Epp                      | 25,500,000        | 68.1%          
|                                                      | CEO and CFO, President,           | Direct            |                
|                                                      | Secretary, Treasurer              |                   |                

24

---

|               |                                   | Amount and Nature |                
|-------------- | --------------------------------- | ----------------- | ---------------
|               | Name and Address                  | of Beneficial     | Percentage of  
|Title of Class | of Beneficial Owner               | Ownership         | Common Stock(1)
|               | Director                          |                   |                
|               | Suite 200, 810 Peace Portal Drive |                   |                
|               | Blaine, WA 98230                  |                   |                

Notes:

| | (1) | Applicable percentage of ownership is based on 37,468,926
      shares of common stock issued and outstanding as of April 30, 2007,
      together with securities exercisable or convertible into shares of common
      stock within 60 days of April 30, 2007 for each stockholder. Beneficial
      ownership is determined in accordance with the rules of the SEC and
      generally includes voting or investment power with respect to securities.
      Shares of common stock subject to securities exercisable or convertible
      into shares of common stock that are currently exercisable or exercisable
      within 60 days of April 30, 2007 are deemed to be beneficially owned by
      the person holding such options for the purpose of computing the
      percentage of ownership of such person, but are not treated as outstanding
      for the purpose of computing the percentage ownership of any other
      person.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

ITEM
12.               
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

None of the following persons has any direct or indirect
material interest in any transaction to which we were or are a party since the
commencement of the fiscal year ended April 30, 2007, or in any proposed
transaction to which we propose to be a party:

|(A) | any director or officer;                                                                                                                                
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                         
|(B) | any person who beneficially owns, directly or indirectly,
      shares carrying more than 5% of the voting rights attached to our common
      stock; or
|    |                                                                                                                                                         
|(C) | any immediate relative or spouse of any of the foregoing
      persons.                                                                                 

We issued 8,500,000 (25,500,000 post-3:1 split) shares of
common stock to our sole executive officer and sole director, Kevin B. Epp, at a
price of $0.001 per share. This issuance was made to Mr. Epp, who is a
sophisticated individual and is in a position of access to relevant and material
information regarding our operations. The shares were issued pursuant to Section
4(2) of the Securities Act and are restricted shares as defined in the
Securities Act.

Since February, 2006, we have paid to Mr. Epp a management fee
of $2,800 per month pursuant to a verbal agreement. The agreement is on a
month-to-month basis with no formal contract.

DIRECTOR INDEPENDENCE

Our common stock is quoted on the OTC Bulletin Board
inter-dealer quotation system, which does not have director independence
requirements. Under NASDAQ Rule 4200(a)(15), a director is not considered to be
independent if he or she is also an executive officer or employee of the
corporation. Our sole director is Kevin B. Epp. Accordingly, we do not have any
independent directors.

As a result of our limited operating history and minimal
resources, we believe that we will have difficulty in attracting independent
directors. In addition, we would likely be required to obtain director and
officer insurance coverage in order to attract and retain independent directors.
Our management believes that the costs associated with maintaining such
insurance is prohibitive at this time.

25

---

ITEM
13.               
EXHIBITS.

|Exhibit |                                                                                                                                                                     
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibits                                                                                                                                             
|        |                                                                                                                                                                     
|3.1     | Articles of
        Incorporation.(1)                                                                                                                               
|        |                                                                                                                                                                     
|3.2     | Certificate of
        Change Pursuant to NRS 78.209 increasing the authorized capital of common
        stock to 300,000,000 shares, par value $0.001 per share.(2)
|        |                                                                                                                                                                     
|3.3     | Bylaws.(1)                                                                                                                                                          
|        |                                                                                                                                                                     
|4.1     | Form of Share
        Certificate.(1)                                                                                                                               
|        |                                                                                                                                                                     
|10.1    | Purchase Agreement
        dated January 20, 2006 between Multi Metal Mining Corp and Centrus Ventures
        Inc.(1)                                              
|        |                                                                                                                                                                     
|14.1    | Code
        of Ethics.                                                                                                                                             
|        |                                                                                                                                                                     
|21.1    | List of Subsidiaries                                                                                                                                                
|        |                                                                                                                                                                     
|31.1    | Certification
        of Chief Executive Officer and Chief Financial Officer as adopted pursuant
        to Section 302 of the Sarbanes-Oxley Act of 2002.          
|        |                                                                                                                                                                     
|32.1    | Certification
        of Chief Executive Officer and Chief Financial Officer as adopted pursuant
        to Section 906 of the Sarbanes-Oxley Act of 2002.          

Notes:

|(1) | Filed with the SEC as an exhibit to our Registration
      Statement on Form SB-2 originally filed on August 17, 2006, as
    amended.
|--- | --------------------------------------------------------------------------------------------------------------------------------------
|(2) | Filed with the SEC as an exhibit to our Current Report on
      Form 8-K filed June 12, 2007.                                         

ITEM
14.               
PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The aggregate fees billed for the two most recently completed
  fiscal years ended April 30, 2007 and 2006 for professional services rendered
  by the principal accountant for the audit of our annual financial statements
  and review of the financial statements included our Quarterly Reports on Form
  10-QSB and services that are normally provided by the accountant in connection
  with statutory and regulatory filings or engagements for these fiscal periods
  were as follows:

|                   | Year Ended April 30, 2007 | Year Ended April 30, 2006
|------------------ | ------------------------- | -------------------------
|Audit Fees         | $ 13,665                  | $ -                      
|Audit Related Fees | -                         | -                        
|Tax Fees           | -                         | -                        
|All Other Fees     | -                         | -                        
|Total              | $ 13,665                  | $ -                      

Policy on Pre-Approval by Audit Committee of Services
Performed by Independent Auditors

The policy of our Audit Committee is to pre-approve all audit
and permissible non-audit services to be performed by our independent auditors
during the fiscal year. Before we engage an independent public accountant to
render audit or non-audit services, the engagement is approved by our audit
committee or the engagement to render services is entered into pursuant to
pre-approval policies and procedures established by the audit committee.

26

---

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.

|      |               |     | CENTRUS VENTURES INC.                                 
|----- | ------------- | --- | ------------------------------------------------------
|      |               |     |                                                       
|      |               |     |                                                       
|Date: | July 27, 2007 | By: | /s/ Kevin B. Epp                                      
|      |               |     | KEVIN B. EPP                                          
|      |               |     | Chief Executive Officer, Chief
      Financial Officer
|      |               |     | President, Secretary and
      Treasurer              
|      |               |     | (Principal Executive Officer                          
|      |               |     | and Principal Accounting Officer)                     





In accordance with the Exchange Act, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.



|Date: | July 27, 2007 | By: | /s/ Kevin B. Epp                                      
|----- | ------------- | --- | ------------------------------------------------------
|      |               |     | KEVIN B. EPP                                          
|      |               |     | Chief Executive Officer, Chief
      Financial Officer
|      |               |     | President, Secretary and
      Treasurer              
|      |               |     | Director                                              

---