----

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**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB-A**

|  (Mark                One)                                                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **x****                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES****  EXCHANGE                ACT OF                1934**                           |
|                                                                                                                                                                                          |
| For                the quarterly period ended: January                31, 2006                                                                                                                |
|                                                                                                                                                                                          |
| **Or**                                                                                                                                                                                        |
|                                                                                                                                                                                          |
| **o****                 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                SECURITIES****                      EXCHANGE ACT OF 1934** |
|  For                the transition period from ____________ to                _____________                                                                                              |
|                                                                                                                                                                                          |
| Commission                File Number: 000-21812                                                                                                                                              |
|                                                                                                                                                                                          |
| **Franklin                Lake Resources Inc.**                                                                                                                                               |
| (Exact                name of registrant as specified in its charter)                                                                                                                         |
|                                                                                                                                                                                          |
| Nevada                                                                                                                                                                                        | 52-2352724 |
| (State                of Incorporation)                                                                                                                                                       | (I.R.S.                Employer Identification No.) |
|                                                                                                                                                                                          |   |
|                                                                                                                                                                                          |   |
| 172                Starlite StreetSo.                San Francisco, CA 94080                                                                                                                  |   |
| (Address                of principal executive offices)                                                                                                                                       |   |
|                                                                                                                                                                                          |   |
|                                                                                                                                                                                          |   |
| (650)                588-0425                                                                                                                                                                 |
| (Registrant's                telephone number)                                                                                                                                                |
|                                                                                                                                                                                          |
| N/A                                                                                                                                                                                           |
| (Former                name, former address and former fiscal year, if changed since last                report)                                                                              |
|                                                                                                                                                                                          |
|                                                                                                                                                                                          |

----

----

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**APPLICABLE      ONLY TO USERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE      YEARS:**

**APPLICABLE      ONLY TO CORPORATE USERS:**

| **FRANKLIN                  LAKE RESOURCES, INC.**                                   |   |
|--------------------------------------------------------------------------------------|--------|
| **(An                  Exploration Stage Company)**                                  |   |
| **Balance                  Sheet**                                                   |   |
| (Unaudited)                                                                          |   |
|                                                                                 |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |
|                                                                                 |   | January                  31, |   | October                  31, |   |
| ASSETS                                                                               |   | 2006 |   | 2005 |   |
| Current                  Assets:                                                     |   |   |   |   |   |
| Cash                                                                                 |   | $ | 7,044 |   | $ | 8,652 |   |
| Prepaids                  and other                                                  |   |   | 598 |   |   | 598 |   |
| Total                  Current Assets                                                |   |   | 7,642 |   |   | 9,250 |   |
|                                                                                 |   |   |   |   |   |   |   |
| Fixed                  Assets:                                                       |   |   |   |   |   |   |   |
| Office                  furniture & equipment                                    |   |   | 30,101 |   |   | 30,101 |   |
| Plant                  equipment                                                     |   |   | 429,712 |   |   | 429,712 |   |
| Accumulated                  depreciation                                            |   |   | (407,249 | ) |   | (397,130 | ) |
| Total                  Fixed Assets                                                  |   |   | 52,564 |   |   | 62,683 |   |
|                                                                                 |   |   |   |   |   |   |   |
| Other                  Assets:                                                       |   |   |   |   |   |   |   |
| Reclamation                  bond- net of estimated reclamation costs                |   |   | 19,867 |   |   | 19,867 |   |
| -                                                                                    |   |   |   |   |   |   |   |
| Total                  Assets                                                        |   | $ | 80,073 |   | $ | 116,983 |   |
|                                                                                 |   |   |   |   |   |   |   |
| LIABILITIES                  & SHAREHOLDERS' EQUITY                              |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |
| Current                  Liabilities:                                                |   |   |   |   |   |   |   |
| Accounts                  payable and accrued liabilities                            |   |   | 3,724 |   |   | 2,588 |   |
| Total                  Current Liabilities                                           |   |   | 3,724 |   |   | 2,588 |   |
|                                                                                 |   |   |   |   |   |   |   |
| Stockholders'                  Equity:                                               |   |   |   |   |   |   |   |
| Preferred                  Stock, $.001 par value; authorized 5,000,000 shares;      |   |   |   |   |   |   |   |
| no                  preferred shares outstanding                                     |   |   |   |   |   |   |   |
| Common                  Stock, $.001 par value; authorized 45,000,000 shares;        |   |   |   |   |   |   |   |
| 15,623,475                  issued and outstanding at January 31                     |   |   | 15,623 |   |   | 14,803 |   |
| Additional                  Paid-In Capital                                          |   |   | 31,769,616 |   |   | 31,688,486 |   |
| Accumulated                  Deficit                                                 |   |   | (31,708,890 | ) |   | (31,614,077 | ) |
| Total                  Stockholders' Equity                                          |   |   | 76,349 |   |   | 89,212 |   |
|                                                                                 |   |   |   |   |   |   |   |
| Total                  Liabilities and Stockholders' Equity                          |   | $ | 80,073 |   | $ | 91,800 |   |
|                                                                                 |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |
| See                  accompanying notes to the financial                  statements |

----

| **FRANKLIN                  LAKE RESOURCES, INC.**                                   |   |
|--------------------------------------------------------------------------------------|--------|
| **(An                  Exploration Stage Company)**                                  |   |
| **Statements                  of Operations**                                        |   |
| (Unaudited)                                                                          |   |
|                                                                                 |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |
|                                                                                 |   | 3                  months ended January 31, |   |   |   |
|                                                                                 |   | 2006 |   | 2005 |   | Cumulative                  from date of Inception (May 23, 1986) to January 31, 2006 |   |
|                                                                                 |   |   |   |   |   |   |   |
| Revenues                                                                             |   |   |   |   |   |   |   |
| Material                  processing fees                                            |   | $ | - |   | $ | - |   | $ | 4,585 |   |
| Total                  Revenue                                                       |   |   | - |   |   | - |   |   | 4,585 |   |
| Expenses:                                                                            |   |   |   |   |   |   |   |   |   |   |
| Mineral                  exploration costs                                           |   |   | 49,918 |   |   | 15,627 |   |   | 16,013,376 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Depreciation/amortization                  expenses                                  |   |   | 10,119 |   |   | 9,819 |   |   | 3,656,757 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
| General                  and administrative                                          |   |   | 34,776 |   |   | 53,186 |   |   | 10,581,917 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Impairment                  of patents & intellectual                            |   |   |   |   |   |   |   |   |   |   |
| property                                                                             |   |   | - |   |   | - |   |   | 1,162,792 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Total                  Expenses                                                      |   |   | 94,813 |   |   | 78,632 |   |   | 31,414,842 |   |
|                                                                                 |   |   |  |   |   |  |   |   |  |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Other                  Income:                                                       |   |   |   |   |   |   |   |   |   |   |
| Precious                  metal sales                                                |   |   | - |   |   | - |   |   | 26,211 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Net                  Loss                                                            |   |   | (94,813 | ) |   | (78,632 | ) |   | (31,384,046 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Weighted                  Average Shares                                             |   |   |   |   |   |   |   |   |  |   |
| Common                  Stock Outstanding                                            |   |   | 14,813,081 |   |   | 12,297,725 |   |   |  |   |
| Net                  Loss Per Common Share                                           |   |   |   |   |   |   |   |   |   |   |
| (Basic                  and Fully Diluted)                                           |   | $ | (0.01 | ) | $ | (0.01 | ) |   |  |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |
| See                  accompanying notes to the financial                  statements |

----

| **FRANKLIN                  LAKE RESOURCES, INC.**                                |   |
|-----------------------------------------------------------------------------------|--------|
| **(An                  Exploration Stage Company)**                               |   |
| **Statements                  of Cash Flows**                                     |   |
| (Unaudited)                                                                       |   |
|                                                                              |   |   |   |   |   |   |   |
|                                                                              |   |   |   |   |   |   |   |
|                                                                              |   |   |   |   |   |   |   |
|                                                                              |   | 3                  months ended January 31, |   |
|                                                                              |   | 2006 |   |   |   | 2005 |   |
| Cash                  Flows used in Operating Activities:                         |   |   |   |   |   |   |   |
| Net                  Loss                                                         |   | $ | (94,813 | ) |   |   |   | $ | (78,632 | ) |
| Adjustments                  to reconcile net loss to net cash                    |   |   |   |   |   |   |   |   |   |   |
| Provided                  by operating activities:                                |   |   |   |   |
| Amortization                  / depreciation                                      |   |   | 10,119 |   |   |   |   |   | 9,819 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Common                  stock issued for compensation, rent and expenses          |   |   | 21,750 |   |   |   |   |   | 21,750 |   |
| Changes                  to Operating Assets and Liabilities:                     |   |   |   |   |   |   |   |   |   |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| (Increase)                  decrease in prepaid expenses                          |   |   | - |   |   |   |   |   | (62 | ) |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| (Increase)                  refund of reclamation bonds outstanding               |   |   | - |   |   |   |   |   | - |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Increase                  ( decrease) in accounts payable and accrued liabilities |   |   | 1,136 |   |   |   |   |   | 327 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Net                  cash used in operations                                      |   |   | (61,808 | ) |   |   |   |   | (46,798 | ) |
| Cash                  Flows used by Investing Activities:                         |   |   |   |   |   |   |   |   |   |   |
| Purchases                  of plant & equipment                               |   |   | - |   |   |   |   |   | (2,644 | ) |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Acquisition                  of mineral properties                                |   |   | - |   |   |   |   |   | - |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Total                  Cash Flows Used by Investing Activities                    |   |   | - |   |   |   |   |   | (2,644 | ) |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Cash                  Flows from Financing Activities:                            |   |   |   |   |   |   |   |   |   |   |
| Common                  stock issued for cash                                     |   |   | 60,200 |   |   |   |   |   | 75,000 |   |
|                                                                              |   |   |  |   |   |   |   |   |  |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Cash                  Flows from Financing Activities                             |   |   | 60,200 |   |   |   |   |   | 75,000 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Net                  Increase (Decrease) in Cash                                  |   |   | (1,608 | ) |   |   |   |   | 25,558 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Cash                  at Beginning of Period                                      |   |   | 8,652 |   |   |   |   |   | 4,368 |   |
|                                                                              |   |   |  |   |   |   |   |   |  |   |
| Cash                  at End of Period                                            |   | $ | 7,044 |   |   |   |   | $ | 29,926 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| See                  accompanying notes to the financial statements               |

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**FRANKLIN        LAKE RESOURCES, INC.**

**Notes        to Interim Financial Statements**

**January        31, 2006**

**1.        HISTORY **

**Basis        of Presentation**

**2.        SIGNIFICANT ACCOUNTING POLICIES**

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

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**FRANKLIN        LAKE RESOURCES, INC.**

**Notes        to Interim Financial Statements**

**January        31, 2006**

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

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**FRANKLIN        LAKE RESOURCES, INC.**

**Notes        to Interim Financial Statements**

**January        31, 2006**

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**FRANKLIN        LAKE RESOURCES, INC.**

**Notes        to Interim Financial Statements**

**January        31, 2006**

**3.        COMMON STOCK**

**4.        RELATED PARTY TRANSACTIONS AND OPERATING LEASES**

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**FRANKLIN        LAKE RESOURCES, INC.**

**Notes        to Interim Financial Statements**

**January        31, 2006**

**5.        STOCK OPTIONS & WARRANTS**

**6.        METALS EXTRACTION AGREEMENT**

**7.        GOING CONCERN **

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| Exhibit                  No. | Description                                                                                 |
|------------------------------|---------------------------------------------------------------------------------------------|
| 31.2                         | Rule                  13a-14a(a)/15-d-14a(a)                  Certifications                |
|                         |                                                                                        |
| 32.3                         | Certification                  under Section 906 of                  the Sarbanes-Oxley Act |
|                         | (18                  U.S.C. Section                  1350)                                  |

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| Filing                Date  | Subject                                                                                     |
|-----------------------------|---------------------------------------------------------------------------------------------|
|                        |                                                                                        |
| 11                - 22 - 05 | Franklin                Lake plans to move forward after terminating MR3                    |
|                        | Agreement;                Dr. William C. Tao Resigns as Director                            |
|                        |                                                                                        |
| 12                -23 - 05  | Company                Files Plan of Operations with Bureau of Land                         |
|                        | Management                as part of its pplication for a ermit to emove                    |
|                        | material                from its claims an the Franklin Lake Playa and transport            |
|                        | it                to the Amargosa Facility for concentration and                processing. |

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**SIGNATURES**

**FRANKLIN      LAKE RESOURCES**

**                                                                                ________________________________________________________________________**

**                                                                                                                                                      **

| /s/                Fr. Gregory Ofiesh_____ | Title                                  | Date                          |
|--------------------------------------------|----------------------------------------|-------------------------------|
| Fr.                Gregory Ofiesh          | President                and           | March                16, 2006 |
|                                       | Chief                Executive Officer |                          |