================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

[ X ]  Quarterly Report pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934

       For the three month period ended October 31, 2004.

[  ]   Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act
       of 1934

         For the transition period                    to
                                   ------------------    -----------------------

                  Commission File Number       333-110363
                                         ---------------------



                             TAMARACK VENTURES, INC.
        -----------------------------------------------------------------
        (Exact name of small Business Issuer as specified in its charter)


             Nevada                                        41-2052984
---------------------------------------        ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)


21 Falcon Avenue, Box 1135
Manitouwadge, Ontario, Canada                               P0T 2C0
---------------------------------------        ---------------------------------
(Address of principal executive offices)              (Postal or Zip Code)


Issuer's telephone number, including area code: 807-826-2922


                                      None
--------------------------------------------------------------------------------
   (Former name, former address and former fiscal year, if changed since last
                                    report)


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

State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest  practicable date:  6,320,000 Shares of $0.001 par value
common stock outstanding as of December 14, 2004.

<page>

Tamarack Ventures, Inc.
(An Exploration Stage Company)
Balance Sheets
(Expressed in US dollars)

<table>
<caption>
                                                                                       October 31,       July 31,
                                                                                          2004             2004
                                                                                            $                $
                                                                                       (Unaudited)       (Audited)

                                                                                   <c>                <c>
ASSETS

Current Assets

Cash                                                                                         180                 -
----------------------------------------------------------------------------------------------------------------------
Total Assets                                                                                 180                 -
======================================================================================================================

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities

Accounts payable                                                                           3,850               729
Accrued liabilities                                                                        1,850             3,750
Due to related parties (Note 3)                                                           13,634            10,616
----------------------------------------------------------------------------------------------------------------------
Total Liabilities                                                                         19,334            15,095
----------------------------------------------------------------------------------------------------------------------


Contingencies (Note 1)

Stockholders' Deficit

Common Stock, 75,000,000 shares authorized, $0.001 par value
6,320,000 shares issued and outstanding                                                    6,320             6,320

Additional Paid in Capital                                                                30,930            30,930

Donated Capital  (Note 3)                                                                 52,500            47,500

Deficit Accumulated During the Exploration Stage                                        (108,904)          (99,845)
----------------------------------------------------------------------------------------------------------------------
Total Stockholders' Deficit                                                              (19,154)          (15,095)
----------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Deficit                                                  180                 -
======================================================================================================================
</table>



    (The accompanying notes are an integral part of the financial statements)

<page>

Tamarack Ventures, Inc.
(An Exploration Stage Company)
Statements of Operations
(Expressed in US dollars)
(Unaudited)

<table>
<caption>
                                                        Accumulated from June      For the           For the
                                                               27, 2002          three months      three months
                                                         (Date of Inception)        ended             ended
                                                            to October 31,        October 31        October 31
                                                                 2004                2004              2003
                                                                  $                   $                 $

                                                            <c>                  <c>               <c>
Revenue                                                              -                        -                  -
--------------------------------------------------------------------------------------------------------------------


Expenses

Management fees (Note 3(c))                                     28,000                    3,000              3,000
Mineral property exploration (Note 4)                           29,971                    1,383                234
Office and general                                                                          726                560
Professional fees (Note 3(b))                                   28,080                    2,450              1,750
Rent (Note 3(c))                                                14,000                    1,500              1,500
--------------------------------------------------------------------------------------------------------------------

                                                               108,904                    9,059              7,044
--------------------------------------------------------------------------------------------------------------------

Net Loss For the Period                                       (108,904)                  (9,059)            (7,044)
====================================================================================================================

Net Loss Per Share - Basic and Diluted                                                   (0.00)             (0.00)
====================================================================================================================

Weighted Average Shares Outstanding                                                   6,320,000          6,320,000
====================================================================================================================
</table>



    (The accompanying notes are an integral part of the financial statements)

<page>

Tamarack Ventures, Inc.
(An Exploration Stage Company)
Statements of Cash Flows
(Expressed in US dollars)
(Unaudited)

<table>
<caption>
                                                            Accumulated From        For the            For the
                                                              June 27, 2002       Three Months      Three Months
                                                           (Date of Inception)       Ended              Ended
                                                             to October 31,       October 31,        October 31,
                                                                  2004                2004              2003
                                                                    $                  $                  $

                                                          <c>                   <c>                <c>
Cash Flows Used In Operating Activities

Net loss for the period                                       (108,904)                  (9,059)           (7,044)

Adjustments to reconcile net loss to cash:
Donated services and rent                                       52,500                    5,000             4,500
Common shares issued for mineral property                       12,750                        -                 -

Change in operating assets and liabilities:
Increase in accounts payable                                     3,850                    3,121                 -
Increase (decrease) in accrued liabilities                       1,850                   (1,900)              250
Increase (decrease) in due to related parties                   13,634                    3,018               (72)
--------------------------------------------------------------------------------------------------------------------

Net Cash Used in Operating Activities                          (24,320)                     180            (2,366)
--------------------------------------------------------------------------------------------------------------------

Cash Flows From Financing Activities
    Proceeds from issuance of common stock                      24,500                        -                 -
--------------------------------------------------------------------------------------------------------------------

Net Cash Flows Provided By Financing Activities                 24,500                        -                 -
--------------------------------------------------------------------------------------------------------------------

Increase (decrease) in Cash                                        180                      180            (2,366)

Cash - Beginning of Period                                           -                        -            10,014
--------------------------------------------------------------------------------------------------------------------

Cash - End of Period                                               180                      180             7,648
====================================================================================================================

Supplemental Disclosures
Interest paid                                                             -                 -                 -
Income taxes paid                                                         -                 -                 -
====================================================================================================================
</table>



    (The accompanying notes are an integral part of the financial statements)

<page>

1.   Exploration Stage Company

     The Company was  incorporated  in the State of Nevada on June 27, 2002. The
     Company  has  acquired a 100%  interest in one  mineral  claim,  and has an
     option to acquire a 100%  interest  in an  additional  two  mineral  claims
     located in the Sault Ste. Marie Mining Division, Ontario, Canada.

     The Company is an  Exploration  Stage  Company,  as defined by Statement of
     Financial  Accounting  Standard  ("SFAS") No.7 "Accounting and Reporting by
     Development Stage  Enterprises".  The Company's  principal  business is the
     exploration of mineral resources.  The Company has not presently determined
     whether its  properties  contain  mineral  reserves  that are  economically
     recoverable.

     These  financial  statements  have been prepared on a going concern  basis,
     which implies the Company will continue to realize its assets and discharge
     its  liabilities  in the normal  course of business.  The Company has never
     generated  revenues since inception and has never paid any dividends and is
     unlikely  to  pay  dividends  or  generate  earnings  in the  immediate  or
     foreseeable  future.  The continuation of the Company as a going concern is
     dependent upon the continued  financial support from its shareholders,  the
     ability of the Company to obtain  necessary  equity  financing  to continue
     operations  and  to  determine  the  existence,  discovery  and  successful
     exploitation   of  economically   recoverable   reserves  in  its  resource
     properties,  confirmation  of the  Company's  interests  in the  underlying
     properties,  and the attainment of profitable operations. As at October 31,
     2004,  the Company has a working  capital  deficiency  of $19,154,  and has
     accumulated losses of $108,904 since inception.  These financial statements
     do not include any adjustments to the  recoverability and classification of
     recorded  asset amounts and  classification  of  liabilities  that might be
     necessary  should the  Company be unable to  continue  as a going  concern.
     These factors raise  substantial  doubt regarding the Company's  ability to
     continue as a going concern.

     The Company's SB-2 Registration  Statement  ("SB-2") was declared effective
     on May 14, 2004 by the United States Securities and Exchange  Commission to
     register   3,170,000   shares  of  common  stock  for  resale  by  existing
     shareholders of the Company.  The Company did not receive any proceeds from
     the resale of shares of common stock by the selling stockholders.

2.   Summary of Significant Accounting Policies

     a)    Basis of Presentation

         These   financial   statements  and  related  notes  are  presented  in
         accordance with accounting  principles generally accepted in the United
         States, and are expressed in US dollars.  The Company's fiscal year-end
         is July 31.

     b)     Use of Estimates

         The  preparation  of  financial  statements  in  conformity  with  U.S.
         generally accepted  accounting  principles  requires management to make
         estimates and  assumptions  that affect the reported  amounts of assets
         and liabilities and disclosure of contingent  assets and liabilities at
         the  date of the  financial  statements  and the  reported  amounts  of
         revenues and expenses during the reporting period. Actual results could
         differ from those estimates.

     c)     Basic and Diluted Net Income (Loss) Per Share

         The Company  computes net income  (loss) per share in  accordance  with
         SFAS No. 128, "Earnings per Share". SFAS No. 128 requires  presentation
         of both basic and diluted  earnings  per share (EPS) on the face of the
         income  statement.  Basic EPS is computed by dividing net income (loss)
         available to common  shareholders  (numerator) by the weighted  average
         number of shares outstanding  (denominator) during the period.  Diluted
         EPS gives effect to all dilutive  potential  common shares  outstanding
         during the  period  using the  treasury  stock  method and  convertible
         preferred stock using the  if-converted  method.  In computing  Diluted
         EPS, the average stock price for the period is used in determining  the
         number of shares  assumed to be  purchased  from the  exercise of stock
         options or warrants. Diluted EPS excludes all dilutive potential shares
         if their effect is anti dilutive.

     d)    Exploration and Development Costs

         The Company has been in the  exploration  stage since its  formation in
         June  2002  and  has  not  realized  any  revenues   from  its  planned
         operations. It is primarily engaged in the acquisition, exploration and
         development of mining  properties.  Acquisition and  exploration  costs
         related to mineral  properties  are expensed as  incurred.  When it has
         been determined that a mineral  property can be economically  developed
         as a result of  establishing  proven and probable  reserves,  the costs
         incurred to develop such property, are capitalized.  Such costs will be
         amortized using the units-of-production  method over the estimated life
         of the probable reserve.

<page>

     e)     Cash and Cash Equivalents
         The Company  considers all highly liquid  instruments  with maturity of
         three months or less at the time of issuance to be cash equivalents.

     f)     Comprehensive Loss
         SFAS No. 130, "Reporting  Comprehensive  Income," establishes standards
         for the reporting and display of comprehensive  loss and its components
         in the financial statements. As at October 31, 2004, the Company has no
         items that  represent  a  comprehensive  loss and,  therefore,  has not
         included a schedule of comprehensive loss in the financial statements.

     g)    Financial Instruments
         The fair  values of cash and  equivalents,  accounts  payable,  accrued
         liabilities  and  amounts  due to a  related  party  approximate  their
         carrying  values due to the immediate or  short-term  maturity of these
         financial instruments.

     h)    Income Taxes

         Potential  benefits  of income  tax losses  are not  recognized  in the
         accounts  until  realization  is more likely than not.  The Company has
         adopted SFAS No. 109 "Accounting for Income Taxes" as of its inception.
         Pursuant  to SFAS No. 109 the  Company is required to compute tax asset
         benefits for net operating losses carried forward. Potential benefit of
         net  operating  losses  have not  been  recognized  in these  financial
         statements because the Company cannot be assured it is more likely than
         not it will utilize the net operating  losses carried forward in future
         years.

     i)     Foreign Currency Translation

         The Company's  functional  and reporting  currency is the United States
         dollar.  Foreign  currency  transactions  are  primarily  undertaken in
         Canadian  dollars and are  translated  into United States dollars using
         exchange  rates at the date of the  transaction.  Monetary  assets  and
         liabilities  denominated  in foreign  currencies are remeasured at each
         balance sheet date at the exchange rate prevailing at the balance sheet
         date.  Foreign  currency  exchange  gains and  losses  are  charged  to
         operations.  The  Company  has not,  to the  date of  these  financials
         statements, entered into derivative instruments to offset the impact of
         foreign currency fluctuations.

     j)      Recent Accounting Pronouncements
         In December 2003, the United States Securities and Exchange  Commission
         issued Staff Accounting  Bulletin No. 104, "Revenue  Recognition" ("SAB
         104"),  which  supersedes  SAB 101,  "Revenue  Recognition in Financial
         Statements".  The primary  purpose of SAB 104 is to rescind  accounting
         guidance  contained  in SAB 101  related to  multiple  element  revenue
         arrangements,  which was superseded as a result of the issuance of EITF
         00-21,    "Accounting   for   Revenue    Arrangements   with   Multiple
         Deliverables".  While the wording of SAB 104 has changed to reflect the
         issuance of EITF 00-21, the revenue  recognition  principles of SAB 101
         remain  largely  unchanged  by the issuance of SAB 104. The adoption of
         SAB 104 did not  have a  material  impact  on the  Company's  financial
         statements.

     k)     Interim Financial Statements

         These interim unaudited financial  statements have been prepared on the
         same basis as the annual  financial  statements  and in the  opinion of
         management,   reflect  all  adjustments,   which  include  only  normal
         recurring  adjustments,  necessary  to  present  fairly  the  Company's
         financial  position,  results  of  operations  and cash  flows  for the
         periods  shown.  The  results of  operations  for such  periods are not
         necessarily  indicative of the results  expected for a full year or for
         any future period.

<page>

3.   Related Party Balances/Transactions

a)       The President of the Company paid for certain expenses on behalf of the
         Company  during the three month period ended October 31, 2004 amounting
         to $852 (2003 - $560),  of which the Company  reimbursed  him $834. The
         President also advanced  $3,000 to the Company  during the  three-month
         period ended October 31, 2004.  The amount owing at October 31, 2004 to
         the  President  of  $5,144  (July  31,  2004 -  $2,126)  is  unsecured,
         non-interest bearing and has no terms of repayment.

b)       A former  director  of the Company  paid for  expenses on behalf of the
         Company amounting to $500 and advanced $7,990 to the Company during the
         prior year ended July 31, 2004. The amount owing at October 31, 2004 of
         $8,490 (July 31, 2004 - $8,490) is unsecured,  non-interest bearing and
         has no terms of repayment.  Also, this former director provided donated
         professional services for the three-month period ended October 31, 2004
         totalling $500 (2003 - $NIL). This amount was charged to operations and
         recorded as donated capital.

c)       The President provides  management  services and office premises to the
         Company.  The  services  are  valued at $1,000 per month and the office
         premises are valued at $500 per month.  During the  three-month  period
         ended October 31, 2004 the President donated services of $3,000 (2003 -
         $3,000) and donated rent of $1,500 (2003 - $1,500).  These amounts were
         charged to operations and recorded as donated capital.


4.   Mineral Properties

a)       The Company  entered into a mineral  property  option  agreement  dated
         December  1, 2002 with Raven  Resources  Inc.  whereby  the Company was
         granted  an option to acquire a 100%  interest  in two  mineral  claims
         located in the Sault Ste. Marie Mining Division,  Ontario,  Canada.  In
         order to acquire a 100%  interest in these  claims,  the  Company  must
         issue 250,000 shares of common stock  (issued),  pay $35,000 in various
         stages to December 1, 2005 ($2,500 paid), and incur at least $50,000 in
         exploration  costs by December 1, 2005.  If the Company  exercises  the
         option,  the claims will be subject to a 2% net smelter returns royalty
         and a 2% gross overriding  royalty on diamond  production.  Advance net
         smelter returns royalty  payments of $10,000 are due on December 1 each
         year commencing December 1, 2005.

b)       The Company  entered  into an  agreement  dated April 28, 2003 with Mr.
         Gilles  Gionet to acquire a 100% interest in a mineral claim located in
         the Sault Ste. Marie Mining Division,  Ontario,  Canada.  This claim is
         subject to a 1% net smelter returns  royalty and a 1% gross  overriding
         royalty on diamond  production.  Under the terms of the agreement,  the
         Company paid $1,000 and issued  250,000  shares of common stock to earn
         their interest.


<page>

Forward-Looking Statements

This Form 10-QSB includes -"  forward-looking  statements" within the meaning of
the "safe-harbor"  provisions of the Private Securities Litigation Reform Act of
1995.  Such statements are based on management's  current  expectations  and are
subject to a number of factors and uncertainties that could cause actual results
to differ materially from those described in the forward-looking statements.

All statements  other than  historical  facts  included in this Form,  including
without  limitation,   statements  under  "Plan  of  Operation",  regarding  the
Company's  financial  position,  business strategy,  and plans and objectives of
management  of the  Company  for  the  future  operations,  are  forward-looking
statements.

Although  the  Company  believes  that  the   expectations   reflected  in  such
forward-looking  statements are  reasonable,  it can give no assurance that such
expectations will prove to have been correct. Important factors that could cause
actual results to differ materially from the Company's expectations include, but
are  not  limited  to,  market  conditions,   competition  and  the  ability  to
successfully complete financing.

Item 2. Plan of Operation

Plan of Operation

We do not intend to conduct any further  exploration on the Percy Lake property.
We may  consider  bringing  in a joint  venture  partner to provide  funding for
additional  exploration on the property.  However,  we cannot provide  investors
with any assurance  that we will be able to locate a joint  venture  partner who
will assist us in funding the exploration of the Percy Lake property.

Management  intends to review other potential  resource and non-resource  assets
for acquisition.

We anticipate  spending the following over the next 12 months on  administrative
fees:

   *         $5,000 on legal fees
   *         $7,000 on accounting and audit fees
   *         $1,500 on EDGAR filing fees
   *         $1,000 on Transfer Agent fees
   *         $10,000 on general administration costs

Total  expenditures  over  the  next 12  months  are  therefore  expected  to be
approximately $24,500.

Results Of Operations For Period Ending October 31, 2004

We did not earn any revenues  during the  three-month  period ending October 31,
2004. We incurred operating expenses in the amount of $9,059 for the three-month
period  ended  October  31,  2004,  as  compared  to a loss  of  $7,044  for the
comparative  period in 2003.  The  slight  increase  in net loss in the  current
fiscal year is primarily a result of an increase in mineral property exploration
expenses  that we  incurred  on the  Percy  Lake  property  and an  increase  in
professional  fees relating to compliance  with our  obligations  as a reporting
company.

Our operating expenses in the first three months of the current fiscal year were
comprised of the $3,000 in donated management fees, $2,450 in professional fees,
$1,500 in donated rent, $1,383 in mineral property exploration expenses and $726
in general and office expenses.  We have not attained profitable  operations and
are dependent upon obtaining financing to pursue exploration activities.

At  October  31,  2004,  we had cash on hand of $180 and  accounts  payable  and
liabilities  of $19,334  consisting  of  accounts  payable  of  $3,850,  accrued
liabilities of $1,850 and $13,634 due to related parties.

<page>

Item 3 Controls and Procedures

Evalution of Disclosure Controls

We  evaluated  the  effectiveness  of our  disclosure  controls  and  procedures
subsequent to the end of our fiscal year end July 31, 2004.  This evaluation was
conducted  with  the  participation  of our  chief  executive  officer  and  our
principal accounting officer.

Disclosure  controls  are  controls  and other  procedures  that are designed to
ensure that  information that we are required to disclose in the reports we file
pursuant  to  the  Securities  Exchange  Act of  1934  is  recorded,  processed,
summarized and reported.

Limitations on the Effective of Controls

Our  management  does not expect that our  disclosure  controls or our  internal
controls over  financial  reporting  will prevent all error and fraud. A control
system, no matter how well conceived and operated,  can provide only reasonable,
but no absolute,  assurance  that the  objectives  of a control  system are met.
Further, any control system reflects limitations on resources,  and the benefits
of a control system must be considered  relative to its costs. These limitations
also include the realities that judgments in  decision-making  can be faulty and
that  breakdowns  can occur  because of simple  error or mistake.  Additionally,
controls  can be  circumvented  by the  individual  acts  of  some  persons,  by
collusion of two or more people or by management override of a control. A design
of a control  system is also  based upon  certain  assumptions  about  potential
future conditions;  over time, controls may become inadequate because of changes
in conditions,  or the degree of compliance  with the policies or procedures may
deteriorate.  Because of the inherent  limitations in a  cost-effective  control
system, misstatements due to error or fraud may occur and may not be detected.

Conclusions

Based upon their  evaluation of our controls,  the chief  executive  officer and
principal  accounting  officer have concluded  that,  subject to the limitations
noted  above,  the  disclosure  controls  are  effective  providing   reasonable
assurance that material  information  relating to us is made known to management
on a timely basis during the period when our reports are being  prepared.  There
were no  changes in our  internal  controls  that  occurred  during the  quarter
covered by this report that have materially  affected,  or are reasonably likely
to materially affect our internal controls.

PART II- OTHER INFORMATION

Item 1. Legal Proceedings

The Company is not a party to any pending  legal  proceeding.  Management is not
aware of any threatened litigation, claims or assessments.

Item 2. Changes in Securities

None.

Item 3. Defaults Upon Senior Securities

None.

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

None.

Item 5. Other Information

None.

<page>

Item 6. Exhibits and Report on Form 8-K

 31.1     Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
          to Section 302 of the Sarbanes-Oxley Act of 2002
 31.2     Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
          to Section 302 of the Sarbanes-Oxley Act of 2002
 32.1     Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002
 32.2     Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002

During the period,  we filed a current report on Form 8-K dated October 22, 2004
disclosing Greg Yanke's resignation as our director and officer.

SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

Tamarack Ventures, Inc.


/s/ Robert Reukl
------------------------------
Robert Reukl, President

Dated: December 15, 2004