UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549  FORM 10-Q  x Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2011   o Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period _____________to______________  Commission File Number 333-174872  CASCADE SPRINGS LTD.(Exact name of small Business Issuer as specified in its charter)  Nevada68-0681435---------------------------------------------------------------(State or other jurisdiction of(IRS Employer Identification No.)incorporation or organization)  2351 N. BannavitchPahrump, NV89060----------------------------------------------------------------------(Address of principal executive offices)(Postal or Zip Code)  Issuer's telephone number, including area code:(702) 988-4233----------------------------  (Former name, former address and former fiscal year, if changed sincelast 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 xYesoNo  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):  Large accelerated filer o Accelerated filer o Non-accelerated filer o Small reporting company x  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). xYesoNo  State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 67,500,000 shares of $0.001 par value common stock outstanding as of January 20, 2012.           2    PART I. FINANCIAL INFORMATION  Item 1. Financial Statements      3


CASCADE SPRINGS LTD. (An Exploration Stage Company) BALANCE SHEETS December 31, 2011 and March 31, 2011


|                                                               |                     |                         
|-------------------------------------------------------------- | ------------------- | ------------------------
|ASSETS                                                        
|                                                               |                     |                         
|                                                               | December 31, 2011   | March 31, 2011          
|                                                               | (Unaudited)         |                         
|Current assets:                                                |                     |                         
|Cash                                                           | $               343 | $              10,467   
|                                                               |                     |                         
|Total current assets                                           | 343                 | 10,467                  
|                                                               |                     |                         
|Total assets                                                   | $               343 | $             10,467    
|                                                               |                     |                         
|LIABILITIES AND STOCKHOLDERS' DEFICIT                         
|Current liabilities:                                           |                     |                         
|Accounts payable                                               | $            5,532  | $                      -
|                                                               |                     |                         
|Notes payable - Related party                                  | 60,080              | 11,610                  
|                                                               |                     |                         
|Total current liabilities                                      | 65,612              | 11,610                  
|                                                               |                     |                         
|Total liabilities                                              | 65,612              | 11,610                  
|Commitments                                                    |                     |                         
|STOCKHOLDERS' DEFICIT                                         
|                                                               |                     |                         
|Common stock, $0.001 par value, 100,000,000                    | 67,500              | 67,500                  
|shares authorized, 67,500,000  shares at December 31, 2011 and |                     |                         
|March 31, 2011 issued and outstanding                          |                     |                         
|                                                               |                     |                         
|Additional paid-in capital                                     | (41,750)            | (43,200)                
|                                                               |                     |                         
|Deficit accumulated during the exploration stage               | (91,019)            | (25,443)                
|                                                               |                     |                         
|Total stockholders' deficit                                    | (65,269)            | (1,143)                 
|                                                               |                     |                         
|Total liabilities and stockholders' deficit                    | $             343   | $             10,467    

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


4


CASCADE SPRINGS LTD. (An Exploration Stage Company) STATEMENTS OF OPERATIONS for the three and nine months ended December 31, 2011 and 2010 and the period from January 19, 2010 (inception) through December 31, 2011 (Unaudited)


|                           |                        |                     |                      |                      |                      
|-------------------------- | ---------------------- | ------------------- | -------------------- | -------------------- | ---------------------
|                           | Three months           | Three months        | Nine months          | Nine months          | Inception through    
|                           | December 31, 2011      | December 31, 2010   | December 31, 2011    | December 31, 2010    | December 31, 2011    
|                           |                        |                     |                      |                      |                      
|Costs and expenses:        |                        |                     |                      |                      |                      
|                           |                        |                     |                      |                      |                      
|Mineral exploration        | $                    - | $             4,169 | $                903 | $             8,569  | $              10,582
|                           |                        |                     |                      |                      |                      
|General and administrative | 30,585                 | 2,919               | 63,641               | 5,456                | 79,405               
|                           |                        |                     |                      |                      |                      
|Net Loss from operations   | (30,585)               | (7,088)             | (64,544)             | (14,025)             | (89,987)             
|Interest expense           | (799)                  | -                   | (1,032)              | -                    | (1,032)              
|Net loss                   | $       (31,384)       | $          (7,088)  | $          (65,576)  | $          (14,025)  | $            (91,019)
|                           |                        |                     |                      |                      |                      
|Net loss per share:        |                        |                     |                      |                      |                      
|                           |                        |                     |                      |                      |                      
|Basic and diluted          | $          ( 0.00)     | $           ( 0.00) | $            ( 0.00) | $            ( 0.00) |                      
|                           |                        |                     |                      |                      |                      
|Weighted average shares    |                        |                     |                      |                      |                      
|outstanding:               |                        |                     |                      |                      |                      
|                           |                        |                     |                      |                      |                      
|Basic and diluted          | 67,500,000             | 42,472,826          | 67,500,000           | 26,086,066           |                      

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


5


CASCADE SPRINGS LTD. (An Exploration Stage Company) STATEMENTS OF CASH FLOWS For the nine months ended December 31, 2011 and 2010 and the period from January 19, 2010 (inception) through December 31, 2011 (Unaudited)


|                                               |                        |                          |                         
|---------------------------------------------- | ---------------------- | ------------------------ | ------------------------
|                                               | Nine months ended      | Nine months ended        | Inception through       
|                                               | December 31, 2011      | December 31, 2010        | December 31, 2011       
|                                               |                        |                          |                         
|CASH FLOWS FROM OPERATING                      |                        |                          |                         
|ACTIVITIES:                                    |                        |                          |                         
|                                               |                        |                          |                         
|Net loss                                       | $        (65,576)      | $             (14,025)   | $           (91,019)    
|                                               |                        |                          |                         
|Adjustment to reconcile net loss to            |                        |                          |                         
|cash used in operating activities:             |                        |                          |                         
|                                               |                        |                          |                         
|Impairment expense                             | -                      | -                        | 8,000                   
|Stock based compensation                       | 1,450                  | -                        | 1,450                   
|                                               |                        |                          |                         
|                                               |                        |                          |                         
|                                               |                        |                          |                         
|                                               |                        |                          |                         
|Net change in:                                 |                        |                          |                         
|                                               |                        |                          |                         
|Accounts payable                               | 5,532                  | -                        | 5,532                   
|                                               |                        |                          |                         
|CASH FLOWS USED IN OPERATING                   | (58,594)               | (14,025)                 | (76,037)                
|ACTIVITIES                                     |                        |                          |                         
|                                               |                        |                          |                         
|CASH FLOWS FROM INVESTING                      |                        |                          |                         
|ACTIVITIES:                                    |                        |                          |                         
|                                               |                        |                          |                         
|Purchase of mineral property                   | -                      | -                        | (8,000)                 
|                                               |                        |                          |                         
|CASH FLOWS USED IN INVESTING                   | -                      | -                        | (8,000)                 
|ACTIVITIES                                     |                        |                          |                         
|                                               |                        |                          |                         
|CASH FLOWS FROM FINANCING                      |                        |                          |                         
|ACTIVITIES:                                    |                        |                          |                         
|                                               |                        |                          |                         
|Proceeds from issuance of common stock         | -                      | 13,300                   | 24,300                  
|                                               |                        |                          |                         
|Proceeds from related party notes payable, net | 48,470                 | 1,610                    | 60,080                  
|                                               |                        |                          |                         
|CASH FLOWS PROVIDED BY                         |                        |                          |                         
|FINANCING ACTIVITIES                           | 48,470                 | 14,910                   | 84,380                  
|                                               |                        |                          |                         
|NET CHANGE  IN CASH                            | (10,124)               | 885                      | 343                     
|                                               |                        |                          |                         
|Cash, beginning of period                      | 10,467                 | -                        | -                       
|                                               |                        |                          |                         
|Cash, end of period                            | $                  343 | $                 885    | $                343    
|                                               |                        |                          |                         
|SUPPLEMENTAL CASH FLOW                         |                        |                          |                         
|INFORMATION                                    |                        |                          |                         
|                                               |                        |                          |                         
|Cash paid on interest expenses                 | $                   -  | $                      - | $                      -
|                                               |                        |                          |                         
|Cash paid for income taxes                     | $                   -  | $                      - | $                      -

The accompanying notes are an integral part of these financial statements.    6   CASCADE SPRINGS LTD.
(An Exploration Stage Company) NOTES TO THE FINANCIAL STATEMENTS December 31, 2011 (UNAUDITED)  Note 1 Basis of Presentation  The accompanying unaudited interim financial statements of Cascade Springs Ltd. ("Cascade" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Registration Statement filed with the SEC on Form S-1/A on October 6, 2011. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2011, as reported in the Form S-1/A of the Company, have been omitted.  General  The Company is in the exploration stage, and is in the process of exploring and evaluating its mineral properties and determining whether they contain ore reserves that are economically recoverable. The recoverability of amounts shown for mineral properties is dependent upon the discovery of economically recoverable ore reserves, the ability of the Company to obtain the necessary financing to complete development, confirmation of the Companys interest in the underlying mineral claims and upon future profitable production or proceeds from the disposition of all or part of its mineral properties.  Note 2 Going Concern  These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year.  Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.  At December 31, 2011, the Company had not yet achieved profitable operations, has accumulated losses of $91,019 and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available.  Note 3 Related Party Transactions  Part of the related party loan is due to a director of the Company for funds advanced.  The loan is unsecured, non-interest bearing and has no specific terms for repayment. The other part of the related party loan is due to Mr. Sawatsky, a consultant and warrant holder of the Company for funds advanced with a 10% interest rate and has no specific terms for repayment.   The Company was charged the following by directors of the Company:


| |                 |                                     |                                    
| | --------------- | ----------------------------------- | -----------------------------------
| |                 | Nine months ended December 31, 2011 | Nine months ended December 31, 2010
| |                 |                                     |                                    
| | Management fees | $       14,500                      | $            -                     

Note 4 Commitments  On July 1, 2011, the Registrant entered into a Consulting Agreement (the Agreement) with Robert Sawatsky (the Consultant).  In accordance with the Agreement, the Registrant granted Consultant warrants to purchase 5,400,000 shares of Registrants common shares at an exercise price of $0.10 per share. The warrants will be held in an escrow account and will be given to Consultant quarterly in advance.  Consultant shall be issued warrants to purchase 1,350,000 shares of common stock on July 1, 2011 and each quarter thereafter in the same amount until Consultant has completed this one-year Agreement.  Any warrants remaining after termination shall be cancelled.  After 90 days and upon 15 day's prior notice, the Registrant may terminate the Agreement and pay Consultant amortized warrants for consulting to that date of termination.  If Consultant deems, for any reason, that Company is no longer a client that he can continue to represent satisfactorily, he may cancel the Agreement and be paid his warrants on an amortized basis to that date of termination.  Consultant has three years from the date of the Agreement to exercise the warrants and can exercise any portion of the warrants that has been received from the date of receipt. The fair value of the share purchase warrants was $2,900 and will be recognized over the twelve months ending June 30, 2012.


7   Item 2. Managements Discussion and Analysis or Plan of Operation  This document includes statements that may constitute forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution readers regarding certain forward-looking statements in this document, press releases, securities filings, and all other documents and communications.  All statements, other than statements of historical fact, including statements regarding industry prospects and future results of operations or financial position, made in this Quarterly Report on Form 10-Q (" Report") are forward looking.  The words " believes," " anticipates," " estimates," " expects," and words of similar import, constitute " forward-looking statements."  While we believe in the veracity of all statements made herein, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic and competitive uncertainties and contingencies and known and unknown risks.  As a result of such risks, our actual results could differ materially from those expressed in any forward-looking statements made by, or on behalf of, our company.  We will not necessarily update information if any forward-looking statement later turns out to be inaccurate.  Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including risks and uncertainties set forth in our S-1 Registration Statement, as well as in other documents we file with the Securities and Exchange Commission (" SEC").  The following information has not been audited.  You should read this information in conjunction with the unaudited financial statements and related notes to the financial statements included in this report.  General  We are an exploration stage company engaged in the search and/or verification of ore deposits (reserves) in our property.  We incorporated in the state of Nevada on January 19, 2010. Our business is to acquire and explore various mining properties located in the state of Nevada.  While we currently plan to fund and conduct these activities ourselves, we may in the future outsource some of these activities through the use of various joint venture, royalty or partnership arrangements, pursuant to which other companies would agree to finance and carry out the exploration and possible future development programs on our mining properties.  Plan of Operation  We are pursuing a business strategy whereby we will invest in, explore and if warranted, conduct mining operations of our current mining properties.   Currently, our principal assets include a 100% interest in six federal lode mining claims, known as the Montana de Oro 1  6, located in Esmeralda County, Nevada (the Montana de Oro Claims) and, also, in the Tokop area of Esmeralda County, Nevada, we have a 100% interest in four claims known as the (May Claims).  Our plan of operation is to continue exploration work on the Montana de Oro Claims.  There is no assurance that an economic mineral deposit exists on the Montana de Oro Claims.  Even if we complete our proposed exploration program on the Montana de Oro Claims and we are successful in identifying a mineral deposit, we would have to spend substantial funds on further drilling and engineering studies before we will know if we have a commercially viable mineral deposit.  Our plan of operation for the twelve months is to carry out the second phase of the recommended exploration program on the Montana de Oro Claims.  This program may consist of acquiring additional prospects contiguous to the Montana de Oro Claims and sampling, assaying those claims, as well as geological mapping, a detailed rock sampling program and map and sample underground workings for future drill targets.  Phase 2 is estimated to cost of between $20,000 to $30,000, which we plan to carry out when financing allows.  The exploration program was recommended by Advanced Geologic Exploration, Inc., in its geological report dated February 23, 2011, based on their evaluation of the property, its history and the surrounding geological setting.  The scope of work for the Phase 1 reconnaissance sampling included visiting the property to collect representative samples of historic mining prospects. The site visit was conducted in September 2010, at which time ten samples were collected. The staking of the lode mining claims was carried out in September 2010 and the documentation was presented in a first phase report dated February 23, 2011.  We will require additional funding in order to proceed with additional exploration on Montana de Oro Claims.  We anticipate that additional funding will be in the form of equity financing from the sale of our





8   common stock or from director loans.  We do not have any arrangements in place for any future equity financing or loans.  In addition to exploration costs of approximately $30,000, we anticipate spending an additional $83,000 on administrative fees, new employees, legal and accounting fees, including fees payable in connection with complying with SEC reporting obligations.  We will pay salary expenses for Mr. Delahunte of $18,000 for the year once funds are available to do so.  There are currently no funds available so no salary shall be paid to Mr. Delahunte at this time.  Total expenditures over the next 12 months are therefore expected to be approximately $113,000.  If we are not successful in raising additional financing, we anticipate that we will not be able to proceed with our business plan.  In such a case, we may decide to discontinue our current business plan and seek other business opportunities in the resource or non-resource sector.  Any business opportunity would require our management to perform diligence on possible acquisition of additional resource properties.  Such due diligence would likely include purchase investigation costs, such as professional fees by consulting geologists, preparation of geological reports on the properties, conducting title searches and travel costs for site visits.  Our current cash on hand will not be sufficient to acquire any resource property and additional funds will be required to close any possible acquisition.  As a reporting company, we will need to maintain our periodic filings with the appropriate regulatory authorities and will incur legal and accounting costs.  If no other such opportunities are available and we cannot raise additional capital to sustain minimum operations, we may be forced to discontinue business.  We do not have any specific alternative business opportunities in mind and have not planned for any such contingency.  Based on the nature of our business, we anticipate incurring operating losses in the foreseeable future. We base this expectation, in part, on the fact that very few mineral claims in the exploration stage ultimately develop into producing, profitable mines.  Our future financial results are also uncertain due to a number of factors, some of which are outside our control.  These factors include the following:   our ability to raise additional funding;   our ability to locate and acquire a suitable interest in a mineral property;    the market price for minerals;   the results of our proposed exploration programs; and   our ability to find joint venture partners for the development of any property interests  We have not attained profitable operations and are dependent upon obtaining financing to pursue exploration activities.  For these reasons our auditors believe that there is substantial doubt that we will be able to continue as a going concern.  We have had no operating revenues since our inception on January 19, 2010 through December 31, 2011, and have incurred operating expenses in the amount of $89,987 for the same period.  Our activities have been financed from the proceeds of share subscriptions and notes payable from related party.





9   Results of Operations for Period Ending December 31, 2011 and 2010  We did not earn any revenues during the nine-month period ending December 31, 2011.  We incurred operating expenses in the amount of $30,585 for the three months ended December 31, 2011 (December 31, 2010 - $7,088), and $64,544 for the nine months ended December 31, 2011 (December 31, 2010 - $14,025). For the nine months ended December 31, 2011, our operating expenses were comprised of general and administrative expenses of $63,641 (2010 - $5,456) and mineral exploration costs of $903 (2010 - $8,569). For the three months ended December 31, 2011, our operating expenses were comprised of general and administrative expenses of $30,585 (2010 - $2,919) and mineral exploration costs of $0 (2010 - $4,169). The increase in general and administrative expenses was due to registration costs of filing the statements.  Liquidity and Capital Resources  At December 31, 2011, we had total assets of $343, consisting entirely of cash, and a working capital deficit of $65,269, compared to total assets of $10,467 and a working capital deficit of $1,143 as of the year ended March 31, 2011.  Our liabilities consisted mostly of a related party note payable for funds advanced to us.  We expect to continue incurring losses in the next twelve months. We have no agreements for additional financing and cannot provide any assurance that additional funding will be available to finance our operations on acceptable terms in order to enable us to complete our plan of operations.  There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing.  If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our exploration of our mineral claim and our venture will fail.  We plan to continue to finance our activities in the short term through shareholder advances similar to the ones that have occurred to date.  In the longer term it is hoped there will be further equity financings but none are planned at the moment.  Off-Balance Sheet Arrangements  We do not maintain any off-balance sheet transactions, arrangements, or obligations that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity, or capital resources.  Item 3. Quantitative and Qualitative Disclosures About Market Risk  We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.  Item 4: Controls and Procedures   Evaluation of Disclosure Controls  Based upon an evaluation of the effectiveness of our disclosure controls and procedures performed by our management, with participation of our Chief Executive Officer and Chief Financial Officer as of the end of the period covered by this report, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures have not been effective as a result of a weakness in the design of internal control over financial reporting.  As used herein, disclosure controls and procedures mean controls and other procedures of our company that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commissions rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.





10   Managements Report on Internal Control Over Financial Reporting  Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) under the Securities Exchange Act of 1934.  Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our control over financial reporting based on the framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).  Based on our evaluation under the framework, management has concluded that our internal control over financial reporting was not effective as of December 31, 2011.  Certain internal control weaknesses became evident that, in the aggregate, represent material weaknesses, including:  (i) lack of segregation of incompatible duties; and (ii) insufficient Board of Directors representation.  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  We are not a party to any pending legal proceeding. Management is not aware of any threatened litigation, claims or assessments.  Item 1A.Risk Factors  We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.  Item 2. Changes in Securities and Use of Proceeds  We did not issue any securities during the quarter ended December 31, 2011.  Item 3. Defaults Upon Senior Securities  None.  Item 4. Submission of Matters to a Vote of Security Holders  None.  Item 5. Other Information  None.  Item 6. Exhibits and Report on Form 8-K  (a) Exhibit(s)  31.1 Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14 Or 15d-14 of the Securities Exchange Act Of 1934,as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002





11    32.1 Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C.  Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002  (b) Reports on Form 8-K  Not applicable.





12   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.   DATED:   January 20, 2012    CASCADE SPRINGS LTD.   /s/ William Delahunte 
------------------------------------------
William Delahunte, CEO, President, Secretary/Chief Financial Officer and Director