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

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

  [X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
       OF 1934
       For the quarterly period ended March 31, 2008


  [_]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
       ACT OF 1934
       For the transition period          to
                                 --------    --------

                         Commission file number 33-00215



                       UNITED STATES ANTIMONY CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


           MONTANA                                              81-0305822
-------------------------------                             -------------------
(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                             Identification No.)


                   P.O. BOX 643, THOMPSON FALLS, MONTANA 59873
               ---------------------------------------------------
               (Address of principal executive offices) (Zip code)


       Registrant's telephone number, including area code: (406) 827-3523


Indicate by check mark 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
    -----            -----

Indicate by check mark whether the registrant is a shell company as defined by
Rule 12b-2 of the Exchange Act.
YES               No   X
    -----            -----

At May 15, 2008 the registrant had outstanding 42,801,524 shares of par value
$0.01 common stock.

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [_]    Accelerated filer [_]   Non-accelerated filer [_]
Smaller reporting company [X] (Do not check if a smaller reporting company)

================================================================================
<PAGE>
                       UNITED STATES ANTIMONY CORPORATION
                          QUARTERLY REPORT ON FORM 10-Q
                                 FOR THE PERIOD
                              ENDED MARCH 31, 2008


                                TABLE OF CONTENTS




                                                                            PAGE
                                                                            ----

PART I - FINANCIAL INFORMATION

Item 1: Financial Statements.................................................1-8

Item 2: Management's Discussion and Analysis of Results of Operations
        and Financial Condition ............................................8-10

Item 3: Quantitative and Qualitative Disclosure about Market Risk.............11

Item 4: Controls and Procedures...............................................11



PART II - OTHER INFORMATION

Item 1: Legal Proceedings.....................................................12

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds...........12

Item 3: Defaults upon Senior Securities.......................................12

Item 4: Submission of Matters to a Vote of Security Holders...................12

Item 5: Other Information.....................................................12

Item 6: Exhibits and Reports on Form 8-K......................................12


SIGNATURE.....................................................................13

CERTIFICATIONS.............................................................14-15



          [The balance of this page has been intentionally left blank.]
<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
<TABLE><CAPTION>
                                                                             (UNAUDITED)
                                                                               MARCH 31,     DECEMBER 31,
                                                                                 2008            2007
                                                                             ------------    ------------
<S>                                                                          <C>             <C>
                                     ASSETS
Current assets:
   Cash                                                                      $     23,624    $     81,747
   Accounts receivable, less allowance
     for doubtful accounts of $30,000                                             131,950         168,676
   Inventories                                                                    215,040         252,614
                                                                             ------------    ------------
       Total current assets                                                       370,614         503,037

Properties, plants and equipment, net                                           2,782,768       2,777,116
Restricted cash for reclamation bonds                                              65,736          65,736
                                                                             ------------    ------------
       Total assets                                                          $  3,219,118    $  3,345,889
                                                                             ============    ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Checks issued and payable                                                 $     54,580    $     69,484
   Accounts payable                                                               695,502         808,748
   Accrued payroll and payroll taxes                                              142,367         113,612
   Other accrued liabilities                                                      102,075          99,851
   Deferred revenue                                                               288,929         287,238
   Accrued interest payable                                                        27,231          25,231
   Payable to related parties                                                     255,352         254,085
   Convertible note payable to a related party                                    100,000         100,000
   Long-term debt, current                                                         78,384          91,890
                                                                             ------------    ------------
       Total current liabilities                                                1,744,420       1,850,139

   Deferred revenue, noncurrent                                                   640,000         640,000
   Long-term debt, noncurrent                                                      25,852          19,711
   Accrued reclamation and remediation costs, noncurrent                          107,500         107,500
                                                                             ------------    ------------
       Total liabilities                                                        2,517,772       2,617,350
                                                                             ------------    ------------

Commitments and contingencies (Note 3)

Stockholders' equity:
   Preferred stock $0.01 par value, 10,000,000 shares authorized:
       Series A:  no shares issued and outstanding                                     --              --
       Series B: 750,000 shares issued and outstanding
          (liquidation preference $847,500 at December 31, 2007)                    7,500           7,500
       Series C: 177,904 shares issued and outstanding
          (liquidation preference $97,847 at December 31, 2007)                     1,779           1,779
       Series D: 1,751,005 shares issued and outstanding
          (liquidation preference and cumulative dividends of
          $4,549,838 at December 31, 2007)                                         17,509          17,509
   Common stock, $0.01 par vaue, 50,000,000 shares authorized;
     42,801,524 and 42,519,243 shares issued and outstanding, respectively        428,015         425,192
   Additional paid-in capital                                                  21,354,426      21,243,249
   Accumulated deficit                                                        (21,107,883)    (20,966,690)
                                                                             ------------    ------------
       Total stockholders' equity                                                 701,346         728,539
                                                                             ------------    ------------
       Total liabilities and stockholders' equity                            $  3,219,118    $  3,345,889
                                                                             ============    ============
</TABLE>
    THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

                                        1
<PAGE>
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE><CAPTION>
                                                                              FOR THE THREE MONTHS ENDED
                                                                            MARCH 31, 2008  MARCH 31, 2007
                                                                             ------------    ------------
<S>                                                                          <C>             <C>
ANTIMONY DIVISION
   Revenues                                                                  $  1,113,742    $  1,094,057
                                                                             ------------    ------------
   Cost of sales:
      Production costs                                                            824,728         757,966
      Depreciation                                                                  3,486           5,125
      Freight and delivery                                                         65,785          64,019
      General and administrative                                                   21,532           3,793
      Direct sales expense                                                         11,250           9,870
                                                                             ------------    ------------
        Total cost of sales                                                       926,781         840,773
                                                                             ------------    ------------
           Gross profit - antimony                                                186,961         253,284
                                                                             ------------    ------------

ZEOLITE DIVISION
   Revenues                                                                       313,652         255,708
                                                                             ------------    ------------
   Cost of sales:
      Production costs                                                            266,323         298,372
      Depreciation                                                                 46,199          29,270
      Freight and delivery                                                         19,223          15,982
      General and administrative                                                   37,424          25,293
      Royalties                                                                    40,122          30,136
      Direct sales expense                                                         20,300          10,465
                                                                             ------------    ------------
        Total cost of sales                                                       429,591         409,518
                                                                             ------------    ------------
           Gross profit (loss) - zeolite                                         (115,939)       (153,810)
                                                                             ------------    ------------

   Total revenues - combined                                                    1,427,394       1,349,765
   Total cost of sales - combined                                               1,356,372       1,250,291
                                                                             ------------    ------------
           Gross profit - combined                                                 71,022          99,474
                                                                             ------------    ------------

   Other operating (income) expenses:
      Corporate general and administrative                                        127,678          96,267
      Exploration expense                                                          83,756          79,629
      Gain on sale of properties, plants and equipment                            (41,268)        (59,048)
                                                                             ------------    ------------
        Other operating (income) expenses                                         170,166         116,848
                                                                             ------------    ------------
        Income (loss) from operations                                             (99,144)        (17,374)
                                                                             ------------    ------------

   Other expenses:
      Interest expense, net                                                         7,846           5,203
      Factoring expense                                                            34,203          22,211
                                                                             ------------    ------------
        Other expenses                                                             42,049          27,414
                                                                             ------------    ------------

   Net loss                                                                  $   (141,193)   $    (44,788)
                                                                             ============    ============

   Net loss per share of common stock - basic and diluted                    $     (0.003)            NIL
                                                                             ============    ============

   Basic and diluted weighted average shares outstanding                       42,645,817      40,213,987
                                                                             ============    ============
</TABLE>
    THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

                                        2
<PAGE>
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE><CAPTION>
                                                                              FOR THE THREE MONTHS ENDED
                                                                            MARCH 31, 2008  MARCH 31, 2007
                                                                             ------------    ------------
<S>                                                                          <C>             <C>
Cash Flows From Operating Activities:
   Net loss                                                                  $   (141,193)   $    (44,788)
   Adjustments to reconcile net loss to net cash used by
   operating activities:
      Depreciation expense                                                         49,685          34,395
      Deferred financing costs as interest expense                                     --           1,875
      Gain on sale of properties, plants and equipment                            (41,268)        (59,048)
      Change in:
           Accounts receivable                                                     36,726         (79,266)
           Inventories                                                             37,574         114,439
           Restricted cash for reclamation bonds                                       --           3,764
           Accounts payable                                                      (119,221)       (137,942)
           Accrued payroll and payroll taxes                                       28,755          35,854
           Other accrued liabilities                                                2,224           2,106
           Deferred revenue                                                         1,691            (728)
           Accrued interest payable                                                 2,000          (3,359)
           Payable to related parties                                               1,267         (33,330)
                                                                             ------------    ------------
               Net cash used by operating activities                             (141,760)       (166,028)
                                                                             ------------    ------------

Cash Flows From Investing Activities:
   Purchase of properties, plants and equipment                                   (49,363)       (314,111)
   Proceeds from sale of properties, plants and equipment                          41,268          59,048
                                                                             ------------    ------------
               Net cash used by investing activities                               (8,095)       (255,063)
                                                                             ------------    ------------

Cash Flows From Financing Activities:
   Proceeds from sale of common stock and warrants, net of commissions            114,001         294,000
   Principal payments of long-term debt                                            (7,365)        (79,777)
   Change in checks issued and payable                                            (14,904)          7,105
                                                                             ------------    ------------
               Net cash provided by financing activities                           91,732         221,328
                                                                             ------------    ------------

NET DECREASE IN CASH AND CASH EQUIVALENTS                                         (58,123)       (199,763)

Cash and cash equivalents at beginning of period                                   81,747         218,365
                                                                             ------------    ------------
Cash and cash equivalents at end of period                                   $     23,624    $     18,602
                                                                             ============    ============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
   Non-cash investing and financing activities:
      Properties, plants & equipment acquired with accounts payable          $      5,978    $     38,685
                                                                             ============    ============
</TABLE>

    THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

                                        3
<PAGE>
PART I - FINANCIAL INFORMATION, CONTINUED:

    UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


    1.   BASIS OF PRESENTATION:

    The unaudited consolidated financial statements have been prepared by the
    Company in accordance with accounting principles generally accepted in the
    United States of America for interim financial information, as well as the
    instructions to Form 10-Q. Accordingly, they do not include all of the
    information and footnotes required by accounting principles generally
    accepted in the United States of America for complete financial statements.
    In the opinion of the Company's management, all adjustments (consisting of
    only normal recurring accruals) considered necessary for a fair presentation
    of the interim financial statements have been included. Operating results
    for the three month period ended March 31, 2008 are not necessarily
    indicative of the results that may be expected for the full year ending
    December 31, 2008. Certain consolidated financial statement amounts for the
    three month period ended March 31, 2007 have been reclassified to conform to
    the 2008 presentation. These reclassifications had no effect on the net loss
    or accumulated deficit as previously reported.

    For further information refer to the financial statements and footnotes
    thereto in the Company's Annual Report on Form 10-KSB for the year ended
    December 31, 2007.

    The financial statements have been prepared on a going concern basis, which
    assumes realization of assets and liquidation of liabilities in the normal
    course of business. At March 31, 2008, the Company had negative working
    capital of approximately $1,370,000, an accumulated deficit of approximately
    $21.1 million, and total stockholders' equity of approximately $700,000. In
    addition, the Company has minimal available authorized shares available to
    sell in order to raise additional funds (see Note 5). These factors, among
    others, indicate that there is substantial doubt that the Company will be
    able to meet its obligations and continue in existence as a going concern.
    The financial statements do not include any adjustments that may be
    necessary should the Company be unable to continue as a going concern.

    2.   LOSS PER COMMON SHARE:

    The Company accounts for its loss per common share according to the
    Statement of Financial Accounting Standards No. 128 "Earnings Per Share"
    ("SFAS No. 128"). Under the provisions of SFAS No. 128, primary and fully
    diluted earnings per share are replaced with basic and diluted earnings per
    share. Basic earnings per share is arrived at by dividing net loss available
    to common stockholders by the weighted average number of common shares
    outstanding, and does not include the impact of any potentially dilutive
    common stock equivalents. Common stock equivalents, including warrants to
    purchase the Company's common stock (approximately 7,126,127 shares at March
    31, 2008) and common stock issuable upon the conversion of a convertible
    note payable, including accrued interest (approximately 700,000 shares at
    March 31, 2008) are excluded from the calculations when their effect is
    antidilutive.

    3.   COMMITMENTS AND CONTINGENCIES:

    The Company's management believes that USAC is currently in substantial
    compliance with environmental regulatory requirements and that its accrued
    environmental reclamation and remediation costs are representative of
    management's estimate of costs required to fulfill its reclamation and
    remediation obligations. Such costs are accrued at the time the expenditure
    becomes probable and the costs can reasonably be estimated. The Company
    recognizes, however, that in some cases future environmental expenditures
    cannot be reliably determined due to the uncertainty of specific remediation
    methods, conflicts between regulating agencies relating to remediation
    methods and environmental law interpretations, and changes in environmental
    laws and regulations. Any changes to the Company's reclamation plans as a
    result of these factors could have an adverse effect on the Company's
    operations. The range of possible losses in excess of the amounts accrued
    cannot be reasonably estimated at this time.

    In March of 2007, the Company sustained an industrial accident at the BRZ
    mine. Based upon preliminary discussions with federal safety regulators, the
    Company has recorded an estimated penalty of $100,140 as of March 31, 2008;
    the actual amount could differ from this estimate.

                                        4
<PAGE>
PART I - FINANCIAL INFORMATION, CONTINUED:

    UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED), CONTINUED:


    4.   BUSINESS SEGMENTS

    The Company has two operating segments, antimony and zeolite. Management
    reviews and evaluates the operating segments exclusive of interest and
    factoring expenses. Therefore, interest expense is not allocated to the
    segments. Selected information with respect to segments is as follows:

                                                     FOR THE THREE
                                                     MONTHS ENDED
                                                       AND AS OF
                                                    MARCH 31, 2008
                                                   ----------------
          Capital expenditures:
             Antimony
                United States                      $             --
                Mexico                                        7,559
                                                   ----------------
                Subtotal Antimony                             7,559
             Zeolite                                         47,778
                                                   ----------------
                                                   $         55,337
                                                   ================

          Properties, plants and equipment, net:
             Antimony
                United States                      $        113,726
                Mexico                                      958,040
                                                   ----------------
                Subtotal Antimony                         1,071,766
             Zeolite                                      1,711,002
                                                   ----------------
                                                   $      2,782,768
                                                   ================

          Inventory:
             Antimony
                United States                      $        175,752
                Mexico                                           --
                                                   ----------------
                Subtotal Antimony                           175,752
             Zeolite                                         39,288
                                                   ----------------
                                                   $        215,040
                                                   ================

          Total Assets:
             Antimony
                United States                      $        437,211
                Mexico                                      958,040
                                                   ----------------
                Subtotal Antimony                         1,395,251
             Zeolite                                      1,798,143
             Corporate                                       25,724
                                                   ----------------
                                                   $      3,219,118
                                                   ================

                                        5
<PAGE>
PART I - FINANCIAL INFORMATION, CONTINUED:

    UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED), CONTINUED:


    5.   COMMON STOCK

    The Company's Articles of Incorporation authorize 50,000,000 shares of $0.01
    par value common stock available for issuance with such rights and
    preferences, including liquidation, dividend, conversion and voting rights,
    as the Board of Directors may determine. At March 31, 2008, the number of
    common shares outstanding and reserved is as follows:


         Common shares issued and outstanding                        42,801,524

         Allocated shares for:
           Warrants to purchase common stock                          7,126,127
           Conversion of note payable, including accrued interest       700,000
           United States Antimony Corporation 2000 stock plan           500,000
                                                                   ------------
                                                                      8,326,127

         Total outstanding and reserved                              51,127,651
         Authorized shares                                           50,000,000
                                                                   ------------
         Number of shares overallocated                              (1,127,651)
                                                                   ============

    In addition, the Company has shares of Series D stock of 1,751,005 and
    warrants for purchase of 111,185 shares of Series D stock that is
    convertible on a one to one basis for shares of common stock. However, such
    conversion is subject to the availability of authorized but unissued shares
    of common stock.

    In order to ensure that the number of shares outstanding does not exceed the
    amount authorized, the Company has no plans on selling additional shares of
    common stock in the near future, will not authorize any grants under the
    stock plan, and the president of the Company will not convert the note
    payable due him. The Company plans to pursue increasing its authorized
    shares during the second quarter of 2008. In the meantime, the Company is
    not able to raise funds by selling shares of its common stock (see going
    concern discussion in Note 1).

    6.   ADOPTION OF NEW ACCOUNTING PRINCIPLES

    Effective January 1, 2008, we adopted the provisions of SFAS No. 157, "Fair
    Value Measurements", for our financial assets and financial liabilities
    without a material effect on our results of operations and financial
    position. The effective date of SFAS No. 157 for non-financial assets and
    non-financial liabilities has been deferred by FSP 157-2 to fiscal years
    beginning after November 15, 2008, and we do not anticipate the impact of
    adopting SFAS 157 for non-financial and non-financial liabilities to have a
    material impact on our results of operations and financial position.

    SFAS No. 157 expands disclosure requirements to include the following
    information for each major category of assets and liabilities that are
    measured at fair value on a recurring basis:

    The fair value measurement;
    a.   The level within the fair value hierarchy in which the fair value
         measurements in their entirety fall, segregating fair value
         measurements using quoted prices in active markets for identical assets
         or liabilities (Level 1), significant other observable inputs (Level
         2), and significant unobservable inputs (Level 3);

                                        6
<PAGE>
PART I - FINANCIAL INFORMATION, CONTINUED:

    UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED), CONTINUED:

    b.   For fair value measurements using significant unobservable inputs
         (Level 3), a reconciliation of the beginning and ending balances,
         separately presenting changes during the period attributable to the
         following:
         1)  Total gains or losses for the period (realized and unrealized),
             segregating those gains or losses included in earnings (or changes
             in net assets), and a description of where those gains or losses
             included in earnings (or changes in net assets) are reported in the
             statement of income (or activities);
         2)  The amount of these gains or losses attributable to the change in
             unrealized gains or losses relating to those assets and liabilities
             still held at the reporting period date and a description of where
             those unrealized gains or losses are reported;
         3)  Purchases, sales, issuances, and settlements (net); and
         4)  Transfers in and/or out of Level 3.

    At March 31, 2008, the company has no assets or liabilities that are
    measured at fair value on a recurring basis.

    We also adopted the provisions of SFAS No. 159, "The Fair Value Option for
    Financial Liabilities", effective January 1, 2008. SFAS No. 159 permits
    entities to choose to measure many financial assets and financial
    liabilities at fair value. The adoption of SFAS No. 159 has not had a
    material effect on our financial position or results of operations as of and
    for the three months ended March 31, 2008.

    7.   NEW ACCOUNTING PRONOUNCEMENTS

    In December 2007, the FASB revised SFAS No. 141 "Business Combinations". The
    revised standard is effective for transactions where the acquisition date is
    on or after the beginning of the first annual reporting period beginning on
    or after December 15, 2008. SFAS No. 141(R) will change the accounting for
    the assets acquired and liabilities assumed in a business combination, as
    follows:

    o    Acquisition costs will be generally expensed as incurred;
    o    Noncontrolling interests (formally known as "minority interests") will
         be valued at fair value at the acquisition date;
    o    Acquired contingent liabilities will be recorded at fair value at the
         acquisition date and subsequently measured at either the higher of such
         amount or the amount determined under existing guidance for
         non-acquired contingencies;
    o    In-process research and development will be recorded at fair value as
         an indefinite-lived intangible asset at the acquisition date;
    o    Restructuring costs associated with a business combination will be
         generally expensed subsequent to the acquisition date; and
    o    Changes in deferred tax asset valuation allowances and income tax
         uncertainties after the acquisition date generally will affect income
         tax expense.

    The adoption of SFAS No. 141(R) does not currently have a material effect on
    our consolidated financial statements. However, any future business
    acquisitions occurring on or after the beginning of the first annual
    reporting period beginning on or after December 15, 2008 will be accounted
    for in accordance with this statement.

                                        7
<PAGE>
PART I - FINANCIAL INFORMATION, CONTINUED:

    UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED), CONTINUED:

    In December 2007, FASB issued SFAS No. 160 "Non Controlling Interests in
    consolidated financial statements - an amendment of ARB No. 51," which is
    effective for fiscal years and interim periods within those years beginning
    on or after December 15, 2008. SFAS No. 160 amends ARB 51 to establish
    accounting and reporting standards for the non controlling ownership
    interest in a subsidiary and for the deconsolidation of a subsidiary. The
    Company is currently evaluating the potential impact of this statement on
    our consolidated financial statements.


    ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
             FINANCIAL CONDITION

    GENERAL

    This report contains both historical and prospective statements concerning
    the Company and its operations. Prospective statements (known as
    "forward-looking statements") may or may not prove true with the passage of
    time because of future risks and uncertainties. The Company cannot predict
    what factors might cause actual results to differ materially from those
    indicated by prospective statements.

    RESULTS OF OPERATIONS

    FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2008 COMPARED TO THE THREE MONTH
    PERIOD ENDED MARCH 31, 2007.

    The Company's operations resulted in a net loss of $141,193 for the
    three-month period ended March 31, 2008, compared with a net loss of $44,788
    for the same period ended March 31, 2007. The increase in the loss for the
    first quarter of 2008 compared to the similar period of 2007 is primarily
    due to an increase in the production costs of antimony, in addition to
    increased corporate general and administrative professional fees, decreased
    losses from the Zeolite Division and increases in exploration costs.

    ANTIMONY DIVISION:

    Total revenues from antimony product sales for the first quarter of 2008
    were $1,113,742 compared with $1,094,057 for the comparable quarter of 2007,
    an increase of $19,685. During the three-month period ended March 31, 2008,
    74% of the Company's revenues from antimony product sales were from sales to
    one customer. Sales of antimony products during the first quarter of 2008
    consisted of 442,010 pounds at an average sale price of $2.52 per pound.
    During the first quarter of 2007, sales of antimony products consisted of
    470,892 pounds at an average sale price of $2.32 per pound.

    The cost of antimony production was $824,728, or $1.87 per pound sold during
    the first quarter of 2008 compared to $757,966 or $1.67 per pound sold
    during the first quarter of 2007. The increase in price per pound was
    primarily due to increased costs of raw materials.

    Antimony depreciation for the first quarter of 2008 was $3,486 which was
    comparable to $5,125 for the first quarter of 2007.

    Antimony freight and delivery expense for the first quarter of 2008 was
    $65,785 compared to $64,019 during the first quarter of 2007. The increase
    was due to the increase of freight costs.

                                        8
<PAGE>
PART I - FINANCIAL INFORMATION, CONTINUED:

    ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
             FINANCIAL CONDITION, CONTINUED

    General and administrative expenses in the antimony division were $21,532
    during the first quarter of 2008 compared to $3,793 during the same quarter
    in 2007. The increase is due to an increase in finance charges on purchases,
    increased travel expenses and increased insurance expenses.

    Antimony sales expenses were $11,250 for the first quarter of 2008 compared
    to $9,870 for the same quarter in 2007.

    ZEOLITE DIVISION:

    Total revenue from sales of zeolite products during the first quarter of
    2008 were $313,652 at an average sales price of $124.12 per ton, compared
    with the same quarter sales in 2007 of $255,708 at an average sales price of
    $132.29 per ton. The increase in revenue for the first quarter of 2008
    compared to the same quarter of 2007 was primarily due to the increase of
    594 tons of zeolite sold during the first quarter of 2008.

    The cost of zeolite production was $266,323, or $105.39 per ton sold, for
    the first quarter of 2008 compared to $298,372, or $154.36 per ton sold,
    during the first quarter of 2007. The increase was due to the sale of 594
    more tons of zeolite during the first quarter of 2008 than in the first
    quarter of 2007.

    Zeolite depreciation for the first quarter of 2008 was $46,199 compared to
    $29,270 for the first quarter of 2007. The increase in depreciation is due
    to the continued purchase of capital assets associated with zeolite
    production.

    Zeolite freight and delivery for the first quarter of 2008 was $19,223
    compared to $15,982 for the first quarter of 2007. The increase is due to an
    increase in tons of zeolite sold during the first quarter of 2008.

    During the first quarter of 2008, the Company incurred costs totaling
    $37,424 associated with general and administrative expenses at Bear River
    Zeolite Company, compared to $25,293 of such expenses in the comparable
    quarter of 2007. The increase was primarily due to increases in travel
    expenses.

    Zeolite royalties expenses were $40,122 during the first quarter of 2008
    compared to $30,136 during the first quarter of 2007. The increase is due to
    an increase in tons of zeolite sold during the first quarter of 2008.

    Zeolite sales expenses were $20,300 during the first quarter of 2008
    compared to $10,465 during the first quarter of 2007. The increase is caused
    by higher costs related to the direct selling expenses.

    ADMINISTRATIVE OPERATIONS

    Interest expense of $7,846 was incurred during the first quarter of 2008
    compared to $5,203 during the first quarter of 2007.

    Accounts receivable factoring expense was $34,203 during the first quarter
    of 2008 compared to $22,211 during the first quarter of 2007.

    General and administrative expenses for the corporation were $127,678 during
    the first quarter of 2008 compared to $96,267 for the same quarter in 2007.
    The increase is primarily due to an increase in professional fees during the
    period.
                                        9
<PAGE>
PART I - FINANCIAL INFORMATION, CONTINUED:

    ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
             FINANCIAL CONDITION, CONTINUED

    Exploration expense has increased by $4,127 from the quarter ended March 31,
    2007.

    The Company sold certain mining claims during the first quarter of 2008 that
    resulted in a gain on sale of property $41,268 compared to a gain on sale of
    property of $59,048 during the first quarter of 2007 due to similar sales.

    FINANCIAL CONDITION AND LIQUIDITY

    At March 31, 2008, Company assets totaled $3,219,118 and total stockholders'
    equity was $701,346. Total stockholders' equity decreased $27,193 from
    December 31, 2007, primarily because of operating losses. At March 31, 2008,
    the Company's total current liabilities exceeded its total current assets by
    $1,373,806. Because of the Company's operating losses and negative working
    capital, the Company's independent accountants included a paragraph in the
    Company's 2007 financial statements relating to a going concern uncertainty.
    To continue as a going concern, the Company must generate profits from its
    antimony and zeolite sales and acquire additional capital resources through
    the sale of its securities or from short and long-term debt financing.
    Without financing and profitable operations, the Company may not be able to
    meet its obligations, fund operations and continue in existence. While
    management is optimistic that the Company will be able to sustain profitable
    operations and meet its financial obligations, there can be no assurance of
    such. The Company's management is confident, however, given recent increases
    in metal prices, that it will be able to generate cash from operations and
    financing sources that will enable it to meet its obligations over the next
    twelve months.

    In order to ensure that the number of shares outstanding does not exceed the
    amount authorized, the Company has no plans on selling additional shares of
    common stock in the near future, will not authorize any grants under the
    stock plan, and the president of the Company will not convert the note
    payable due him. The Company plans to pursue increasing its authorized
    shares during 2008. In the meantime, the Company is not able to raise funds
    by selling shares of its common stock (see going concern discussion in Note
    1 to the financial statements).

    Cash used by operating activities during the first three months of 2008 was
    $141,760, and resulted primarily from a decrease in accounts receivable and
    payable, and the non-cash affects of depreciation and amortization expenses
    and the gain on sale of properties, plants and equipment.

    Cash used in investing activities during the first three months of 2008 was
    $8,095 and primarily related to the BRZ Raymond Mill Project.

    Net cash provided by financing activities was $91,732 during the first three
    months of 2008 and was primarily generated from proceeds from the sale of
    common stock and exercise of warrants.

                                       10
<PAGE>
PART I - FINANCIAL INFORMATION, CONTINUED:

    ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

    Not applicable for small reporting company.

    ITEM 4.  CONTROLS AND PROCEDURES

    EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

    We maintain disclosure controls and procedures that are designed to ensure
    that information required to be disclosed in our reports under the
    Securities Exchange Act of 1934 is recorded, processed, summarized and
    reported within the time periods specified in the SEC's rules and forms, and
    that such information is accumulated and communicated to management, as
    appropriate, to allow timely decisions regarding required disclosure. Our
    president, who serves as the chief accounting officer, conducted an
    evaluation of the effectiveness of the Company's disclosure controls and
    procedures (as defined in the Securities Exchange Act of 1934 Rules
    13a-15(e) and 15d-15(e)) as of March 31, 2008.

    Based upon this evaluation, it was determined that there were material
    weaknesses affecting our internal control over financial reporting and, as a
    result of those weaknesses, our disclosure controls and procedures were not
    effective as of March 31, 2008. These material weaknesses are as follows:

         o   The Company does not have either internally or on its Board of
             Directors the expertise to produce financial statements to be filed
             with the SEC.

         o   The Company lacks proper segregation of duties. As with any company
             the size of ours, this lack of segregation of duties is due to
             limited resources. The president authorizes the majority of the
             expenditures and signs checks.

         o   The Company lacks accounting personnel with sufficient skills and
             experience to ensure proper accounting for complex, non-routine
             transactions.

         o   During its year end audit, our independent registered accountants
             discovered material misstatements in our financial statements that
             required audit adjustments.

    MANAGEMENT'S REMEDIATION INITIATIVES
    We are aware of these material weaknesses and plan to put procedures in
    place to ensure that independent review of material transactions is
    performed. In addition, we plan to consult with independent experts when
    complex transactions are entered into.

    CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING.
    There have been no changes during the quarter ended March 31, 2008 in the
    Company's internal controls over financial reporting that have materially
    affected, or are reasonably likely to materially affect, internal controls
    over financial reporting.

                                       11
<PAGE>
PART II - OTHER INFORMATION

    ITEM 1.  LEGAL PROCEEDINGS

    None

    ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

    During the three month period ended March 31, 2008, the Company sold shares
    of its restricted common stock and warrants as follows: 100,000 shares for
    $0.40 per share ($40,000), 100,000 shares for $0.35 ($35,000), and 82,333
    for $0.47 ($39,000). Both the common stock and the common stock underlying
    the warrants are restricted as defined under Rule 144. In management's
    opinion, the offer and sale of the securities were made in reliance on
    exemptions from registration provided by Section 4(2) and Rule 506 of
    Regulation D of the Securities Act of 1933, as amended and other applicable
    Federal and state securities laws.

    ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

    The registrant has no outstanding senior securities.

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

    None

    ITEM 5.  OTHER INFORMATION

    None

    ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

    None

    Reports on Form 8-K    None


                                       12
<PAGE>
                                    SIGNATURE

Pursuant to the requirements of Section 13 or 15(b) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                       UNITED STATES ANTIMONY CORPORATION
                                  (Registrant)



/s/ John C. Lawrence                                         Date:  14 May 2008
---------------------------------------------                       -----------
John C. Lawrence, Director and President
(Principal Executive, Financial and Accounting Officer)





















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