----

----

| (Mark                One)                             |
|-------------------------------------------------------|
|                                                       |     |
| x                                                     | Quarterly                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934 |
|                                                       |    |
|                                                       | For                the Quarterly Period Ended April 30, 2007 |
|                                                       |    |
|                                                  | Or |
|                                                       |    |
|  ̈                                                | Transition                Report Pursuant to Section 13 or 15(d) of the Exchange                Act |
|                                                       |   |
|                                                       | For                the Transition Period from                        to                       . |
|                                                       |   |
| Commission                File Number 000-21812  |

|         Nevada                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     52-2352724     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
| (State                of Incorporation)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (I.R.S.                Identification Number)              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                            |
| 172                Starlite Street,                South San Francisco, CA 94080                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 650-588-0425                                               |
| (Address                of principal executive office)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (Telephone)                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                  |
|                                                               N/A                                                      |
| (Former                name, address, and fiscal year,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| if                changed since last report)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

| (1)   |  To                add this paragraph explaining the reasons for filing the                amendment; |
|-----------------|------------------------------------------------------------------------------------------------------------|

| (2)   | To                include a Cumulative from Inception Statement of Cash                Flows; |
|-----------------|-----------------------------------------------------------------------------------------------|

| (3)   | To                remove the amount of $18,750, described as “Disposal of Water Rights” from                the Statements of Cash Flows; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | To                add additional information concerning Related Parted Transactions                and                Operating Losses in Note 4; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | To                add additional information concerning Stock Options and Warrants                in Note 5                (the table will be updated, with April 30,2007 information, if necessary                within a few days); and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | To                Correct the wording in the certificate required by Section 302 of                the                Sarbanes – Oxley Act of 2002 (Exhibit                31.1) |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| FRANKLIN                LAKE RESOURCES, INC.                                                                                            |   |                     |             |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|-------------|--------|
| (An                Exploration Stage Company)                                                                                           |   |                     |             |   |
| Balance                Sheet                                                                                                            |   |                     |             |   |
| (Unaudited)                                                                                                                             |   |                     |             |   |
|                                                                                                                                    |   |                          |        |   |  |   |
|                                                                                                                                    |   | (Restated)               |        |   | (Restated) |   |
|                                                                                                                                         |   | April                30, |        |   | October                31, |   |
| ASSETS                                                                                                                                  |   | 2007                     |        |   | 2006 |   |
| Current                Assets:                                                                                                          |   |                          |        |   |  |   |
|   Cash                                                                                                                        |   | $                        | 3,510       |   |   |   | 35,942 |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| Total                Current Assets                                                                                                     |   |                     | 3,510       |   |   |   | 35,942 |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| Fixed                Assets:                                                                                                            |   |                     |        |   |   |   |   |   |
|   Office                and Plant furniture & equipment                                                                   |   |                     | 34,801      |   |   |   |   |   |
|   Accumulated                depreciation                                                                                     |   |                     | (30,101     | )      |   |   | (30,101 | ) |
| Total                Fixed Assets                                                                                                       |   |                     | 4,700       |   |   |   | - |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| Other                Assets:                                                                                                            |   |                     |        |   |   |   |   |   |
|   Reclamation                bond- net of estimated reclamation costs                                                         |   |                     | 19,867      |   |   |   | 19,867 |   |
|   Water                Rights                                                                                                 |   |                     | 6,250       |   |   |   | 6,250 |   |
|       Total                Other Assets                                                                   |   |                     | 26,117      |   |   |   | 26,117 |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| Total                Assets                                                                                                             |   | $                        | 34,327      |   |   | $ | 62,059 |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| LIABILITIES                & SHAREHOLDERS' EQUITY                                                                                   |   |                     |        |   |   |   |   |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| Current                Liabilities:                                                                                                     |   |                     |        |   |   |   |   |   |
|   Accounts                payable and accrued liabilities                                                                     |   |                     | 14,638      |   |   |   | 10,146 |   |
|   Advances                from officer/shareholder                                                                            |   |                     | 43,500      |   |   |   | - |   |
| Total                Current Liabilities                                                                                                |   |                     | 58,138      |   |   |   | 10,146 |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| Deferred                gain – asset sale                                                                                         |   |                     |        |   |   |   | 19,293 |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| Stockholders'                Equity (Deficit):                                                                                          |   |                     |        |   |   |   |   |   |
|       Preferred                Stock, $.001 par value; authorized 5,000,000 shares;                       |   |                     |        |   |   |   |   |   |
|                        no preferred shares outstanding                                               |   |                     |        |   |   |   |   |   |
|                     Common Stock, $.001 par value; authorized 45,000,000                shares;                     |   |                     |        |   |   |   |   |   |
|                       18,034,745 issued and outstanding at April 30, 2007                                 |   |                     | 18,034      |   |   |   |   |   |
|                       17,734,745                issued and                outstanding at October 31, 2006 |   |                     |        |   |   |   | 17,734 |   |
|                                                                                                                               |   |                     |        |   |   |   |   |   |
| Additional                Paid-In Capital                                                                                               |   |                     | 32,179,731  |   |   |   | 31,986,555 |   |
| Deficit                accumulated during development stage                                                                             |   |                     | (32,221,576 | )      |   |   | (32,971,669 | )  |
| Total                Stockholders' Equity (Deficit)                                                                                     |   |                     | (23,811     | )      |   |   | 32,620 |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| Total                Liabilities and Stockholders' Equity (Deficit)                                                                     |   | $                        | 34,327      |   |   | $ | 62,059 |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
|                                                                                                                                    |   |                     |        |   |   |   |   |   |
| See                accompanying notes to the financial statements                                                                       |   |

----

| FRANKLIN                LAKE RESOURCES, INC.                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (An                Exploration Stage Company)                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                       |
| Statements                of                Operations                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                       |
| (Unaudited)                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                            |   |  |   |  |   |  |   |  |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                            |   |  |   |  |   |  |   |  |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                            |   |  |   |  |   |  |   |  |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                            |   |  |   |  |   |  |   |  |   |
|                                                       Restated |                Restated                     |   |
|                                                                                                                                                                                                                                                                                                                                              | 3                months ended April 30                                                                                                                                                                                     |   | 6                months ended April 30 |   |     Restated |   |
|                                                                                                                                                                                                                                                                                                                                              | 2007                                                                                                                                                                                                                       |   | 2006 |   | 2007 |   | 2006 |   | Cumulative                from date                of Inception (May                23, 1986)to                April 30, 2007 |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                            |   |  |   |  |   |  |   |  |   |
| Revenues                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                            |   |  |   |  |   |  |   |  |   |
| Material                processing fees                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                       | $ | - |   | $ | - |   | $ | - |   | $ | - |   | $ | 4,585 |   |
| Total                Revenue                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                       |   | - |   |   | - |   |   | - |   |   | - |   |   | 4,585 |   |
| Expenses:                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mineral                exploration costs                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                       |   | 18,149 |   |   | 48,552 |   |   | 58,196 |   |   | 98,470 |   |   | 16,395,919 |   |
|                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation/amortization                expenses                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                       |   | - |   |   | 10,119 |   |   | - |   |   | 20,238 |   |   | 3,720,244 |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General                and administrative                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                       |   | 48,400 |   |   | 36,236 |   |   | 114,532 |   |   | 71,012 |   |   | 11,273,817 |   |
|                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impairment                of patents & intellectual                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| property                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                       |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,162,792 |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                Expenses                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                       |   | 66,549 |   |   | 94,907 |   |   | 172,728 |   |   | 189,720 |   |   | 32,522,772 |   |
|                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                Income:                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain                on sale of equipment                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                       |   | 2,631 |   |   |   |   |   | 5,262 |   |   |   |   |   | 7,016 |   |
| Precious                metal sales                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                       |   | - |   |   | - |   |   | - |   |   | - |   |   | 26,211 |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Loss                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                       |   | (63,918 |   |   | (94,907 |   |   | (167,466 |   |   | (189,720 |   |   | (32,484,960 |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                Average Shares                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                Stock Outstanding                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                       |   | 17,934,745 |   |   | 14,811,953 |   |   | 17,834,745 |   |   | 14,811,953 |   |   |   |   |
| Net                Loss Per Common Share                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| (Basic                and Fully Diluted)                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                       | $ | (0.00 |   | $ | (0.01 |   | $ | (0.02 |   | $ | (0.01 |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                accompanying notes to the financial statements                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                       |

----

| FRANKLIN                LAKE RESOURCES, INC.                                   |   |
|--------------------------------------------------------------------------------|--------|
| (An                Exploration Stage Company)                                  |   |
| Statements                of Cash Flows                                        |   |
| (Unaudited)                                                                    |   |
|                                                                           |   |  |   |   |  |   |   |                   Restated |   |
|                                                                           |   |  |   |   |  |   |   | Cumulative                from |   |
|                                                                           |   |           Restated |   |   | date                of inception |   |
|                                                                           |   | 6                months ended April 30, |   |   | (May                23,1986) to |   |
|                                                                           |   | 2007 |   |   | 2006 |   |   | April                30, 2007 |   |
| Cash                Flows used in Operating Activities:                        |   |  |   |   |  |   |   |  |   |
| Net                Loss                                                        |   | $ | (167,466 | ) |   | $ | (189,720 | ) |   | $ | (32,484,960 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustments                to reconcile net loss to net cash                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provided                by operating activities:                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization                / depreciation                                     |   |   |   |   |   |   | 20,238 |   |   |   | 3,720,244 |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds                - net book value of equipment, licenses, properties    |   |   |   |   |   |   |   |   |   |   |   |   |
| Sold/                abandoned                                                 |   |   |   |   |   |   | - |   |   |   | 2,621,265 |   |
| Gain                on sale of plant equipment                                 |   |   | (5,262 | ) |   |   |   |   |   |   | (7,016 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Impairment                of patents & intellectual property               |   |   |   |   |   |   |   |   |   |   | 1,162,792 |   |
| Stock                based compensation                                        |   |   | 52,004 |   |   |   |   |   |   |   | 397,829 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock issued for compensation, rent and expenses         |   |   | - |   |   |   | 43,500 |   |   |   | 839,823 |   |
| Changes                to Operating Assets and Liabilities:                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| (Increase)                decrease in prepaid expenses                         |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| (Increase)                refund of reclamation bonds outstanding              |   |   | - |   |   |   | - |   |   |   | (19,867 | ) |
| Increase                in advances from officer/shareholder                   |   |   | 43,500 |   |   |   |   |   |   |   | 43,500 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in accounts payable and accrued liabilities |   |   | 4,492 |   |   |   | (2,459 | ) |   |   | 33,388 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                cash used in operations                                     |   |   | (72,732 | ) |   |   | (128,441 | ) |   |   | (23,639,002 | ) |
| Cash                Flows used by Investing Activities:                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of plant & equipment                              |   |   | (4,700 | ) |   |   | - |   |   |   | (884,779 | ) |
| Sale                of plant equipment                                         |   |   |   |   |   |   |   |   |   |   | 50,000 |   |
| Acquisition                of water rights                                     |   |   |   |   |   |   |   |   |   |   | (6,250 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition                of mineral properties                               |   |   | - |   |   |   | - |   |   |   | (2,152,077 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                Cash Flows Used by Investing Activities                   |   |   | (4,700 | ) |   |   | - |   |   |   | (3,011,856 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                Flows from Financing Activities:                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock issued for cash                                    |   |   | 25,000 |   |   |   | 151,200 |   |   |   | 23,991,611 |   |
| Loan                proceeds                                                   |   |   |   |   |   |   |   |   |   |   | 2,202,407 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Advances                (Repayments) of debt - affiliates                      |   |   | 20,000 |   |   |   |   |   |   |   | 514,350 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                Flows from Financing Activities                            |   |   | 45,000 |   |   |   | 151,200 |   |   |   | 26,708,368 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Increase (Decrease) in Cash                                 |   |   | (32,432 | ) |   |   | 22,759 |   |   |   | 3,510 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                at Beginning of Period                                     |   |   | 35,942 |   |   |   | 8,652 |   |   |   | - |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                at End of Period                                           |   | $ | 3,510 |   |   | $ | 31,411 |   |   | $ | 3,510 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental                Non-Cash Financing Activities:                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                Stock issued for compensation and rent                   |   |   |   |   |   | $ | 43,500 |   |   | $ | 880,079 |   |
| Stock                based compensation                                        |   | $ | 52,004 |   |   |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                Stock issued for licenses                                |   |   |   |   |   |   |   |   |   |   | 136,080 |   |
| Common                Stock issued for subsidiary                              |   |   |   |   |   |   |   |   |   |   |   |   |
| acquisition-mineral                properties & equipment                  |   |   |   |   |   |   |   |   |   |   | 2,286,576 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                Stock issued for mineral properties                      |   |   |   |   |   |   |   |   |   |   | 1,198,075 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                Stock issued for equipment                               |   |   |   |   |   |   |   |   |   |   | 1,297,718 |   |
| Common                Stock issued to acquire Xenolix assets                   |   |   |   |   |   |   |   |   |   |   |   |   |
| net                of $25,000 expensed $1,162,792 Xenolix patents and          |   |   |   |   |   |   |   |   |   |   |   |   |
| technologies                $109,978 capitalized as equipment                  |   |   |   |   |   |   |   |   |   |   | 1,272,790 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation                of shares issued to Xenolix                        |   |   |   |   |   |   |   |   |   |   | - |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Equipment                returned to satisfy debt , payables                   |   |   |   |   |   |   |   |   |   |   | 1,299,872 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                Paid                                                   |   |   |   |   |   |   |   |   |   |   | 68,851 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                Taxes Paid                                               |   |   |   |   |   |   |   |   |   |   | 4,078 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| See                accompanying notes to the financial statements              |   |

----

| (a)   | Accounting                Methods |
|-----------------|-----------------------------------|

| (b)   | Use                of Estimates |
|-----------------|---------------------------------|

----

| (c)   | Dividend                Policy |
|-----------------|--------------------------------|

| (d)   | Mineral                Properties and Equipment |
|-----------------|-------------------------------------------------|

| (e)   | Basic                and Dilutive Net Income (Loss) Per                Share |
|-----------------|------------------------------------------------------------------------------|

| (f)   | Comprehensive                Income |
|-----------------|-------------------------------------|

| (g)   | Stock                Based Compensation |
|-----------------|-----------------------------------------|

----

| (h)   | Income                Taxes |
|-----------------|-----------------------------|

| (i)   | Fair                Value of Financial Instruments |
|-----------------|----------------------------------------------------|

| (j)   | Recent                Accounting Pronouncements |
|-----------------|-------------------------------------------------|

| (k)   | Revenue                Recognition |
|-----------------|------------------------------------|

| (l)   | Statement                of Cash Flows |
|-----------------|----------------------------------------|

| (m)   | Financial                and Concentration Risk |
|-----------------|-------------------------------------------------|

----

----

| Three                  months                  endedApril                  30,                  2006 |   |
|------------------------------------------------------------------------------------------------------|--------|
|                                                                                  |   |   |   |
| Net                  (loss) as reported                                                              |   | $ | (94,907 | ) |
| Pro-forma                  compensation expense                                                      |   | $ | (24,478 | ) |
| Pro-forma                  net (loss) (restated)                                                     |   | $ | (119,385 | ) |
| Weighted                    average shares common stock outstanding                             |   |   | 14,811,953 |  |
|                                                                                  |   |   |   |   |
| Net                  loss per share:                                                                 |        |  |  |  |  |
| Basic                                                                                                |        | $ | (0.01 | ) |
| Basic                  and diluted – pro-forma                                                 |        | $ | (0.01 | ) |

| Six                months                endedApril                30,                2006               |   |
|----------------------------------------------------------------------------------------------------------|--------|
|                                                                                      |   |   |   |
| Net                (loss) as reported                                                                    |   | $ | (189,720 | ) |
| Pro-forma                compensation                expense                                             |   | $ | (48,956 | ) |
| Pro-forma                net (loss)                (restated)                                            |   | $ | (238,676 | ) |
| Weighted                  average                  shares common stock                  outstanding |   |   | 14,811,953 |   |
|                                                                                      |   |   |   |   |
| Net                loss per                share:                                                        |   |   |   |   |   |
| Basic                                                                                                    |   | $ | (0.02 | ) |
| Basic                and diluted –                pro-forma                                        |   | $ | (0.02 | ) |

----

----

| EXHIBITS                           |
|------------------------------------|
|                                    |  |
| Exhibit                No.         | Description |
| 31.1                               | Certification                under Section 302 of                the Sarbanes-Oxley Act of 2002 |
|                                    |  |
| 32.1                               | Certification                under Section 906 of                the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) |
|                                    |  |
| REPORTS                ON FORM 8-K |

----

|  | FRANKLIN                LAKE RESOURCES INC.                      |
|--|------------------------------------------------------------------|
|  | (Registrant)                                                     |
|  |                                                                  |
|  | By                /s/ Father Gregory Ofiesh ______          |
|  |   Father                Gregory Ofiesh                 |
|  |   President                and Chief Executive Officer |