----

----

| (Mark                One)                       |                                                                                                                                                                                                       |
|-------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                 |                                                                                                                                                                                        |
| x                                               | Quarterly                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934                                                                  |
|                                                 |                                                                                                                                                                                        |
|                                                 | For                the Quarterly Period Ended July 31, 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)                                                                                                                                                                                                                                                                          |

|  | x                Yes |  |  ̈                No |
|--|----------------------|--|--------------------------|

|  |  ̈                Yes |  | x                No |
|--|---------------------------|--|---------------------|

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

| (2)   | To                correct the Statements of Cash                Flows; |
|-----------------|------------------------------------------------------------------------|

| (3)   | To                correct and add additional information concerning Stock Options and                Warrants in Note 5; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| (4)   | To                correct the wording in the certificate required by section 302 of                the                Sarbanes – Oxley Act of 2002 (Exhibit                31.1) |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                                                               |   | (restated)              |        |   | (restated)       |   |
|-----------------------------------------------------------------------------------------------|--------|-------------------------|-------------|--------|------------------|--------|
|                                                                                               |   | July                31, |        |   | October 31, |   |
| ASSETS                                                                                        |   | 2007                    |        |   | 2006             |   |
| Current                Assets:                                                                |   |                         |        |   |                  |   |
|   Cash                                                                              |   | $                       | 8,725       |   |             | $      | 35,942 |   |
|   Prepaids                and other                                                 |   |                    | -           |   |             |   | - |   |
| Total                Current Assets                                                           |   |                    | 8,725       |   |             |   | 35,942 |   |
| Fixed                Assets:                                                                  |   |                    |        |   |             |   |   |   |
|   Office                furniture & equipment                                   |   |                    | 30,101      |   |             |   | 30,101 |   |
|   Plant                equipment                                                    |   |                    | 4,700       |   |             |   |   |   |
|   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 |   |
|                                                                                          |   |                    | 26,117      |   |             |   | 26,117 |   |
|                                                                                          |   |                    |        |   |             |   |   |   |
| Total                Assets                                                                   |   | $                       | 39,542      |   |             | $      | 62,059 |   |
|                                                                                          |   |                    |        |   |             |   |   |   |
| LIABILITIES                & SHAREHOLDERS' EQUITY                                         |   |                    |        |   |             |   |   |   |
|                                                                                          |   |                    |        |   |             |   |   |   |
| Current                Liabilities:                                                           |   |                    |        |   |             |   |   |   |
|   Accounts                payable and accrued liabilities                           |   |                    | 13,753      |   |             |   | 10,146 |   |
|   Deferred                Gain on Sale of Equipment                                 |   |                    | 11,400      |   |             |   |   |   |
|   Advances                from Stockholders                                         |   |                    | 110,250     |   |             |   |   |   |
| Total                Current Liabilities                                                      |   |                    | 135,403     |   |             |   | 10,146 |   |
|                                                                                          |   |                    |        |   |             |   |   |   |
| Total                Liabilities                                                              |   |                    | 135,403     |   |             |   | 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 July 31, 2007 and |   |                    | 18,034      |   |             |   | 17,734 |   |
|   Additional                Paid-In Capital                                         |   |                    | 32,433,730  |   |             |   | 31,986,555 |   |
|   Deficit                Accumulated during exploration stage                       |   |                    | (32,355,903 | )      |             |   | (31,971,669 | ) |
| Total                Stockholders' Equity                                                     |   |                    | (95,861     | )      |             |   | 32,620 |   |
|                                                                                          |   |                    |        |   |             |   |   |   |
| Total                Liabilities and Stockholders' Equity                                     |   | $                       | 39,542      |   |             | $      | 62,059 |   |

----

|                                                                             |                              |   |                              |   |                              |   |                              |   |                             |   |
|----------------------------------------------------------------------------------|------------------------------|--------|------------------------------|--------|------------------------------|--------|------------------------------|--------|-----------------------------|--------|
|                                                                             |                              |   |                              |   |                              |   |                              |   |                             |   |
|                                                                             |                              |   |                              |   |                              |   |                              |   | Cumulative                  |   |
|                                                                             |                              |   |                              |   |                              |   |                              |   | From                Date of |   |
|                                                                             |                              |   |                              |   |                              |   |                              |   | Inception                on |   |
|                                                                                  | Three                Months  |   | Three                Months  |   | Nine                Months   |   | Nine                Months   |   | May                23, 1986 |   |
|                                                                                  | Ended                        |   | Ended                        |   | Ended                        |   | Ended                        |   | to                July 31,  |   |
|                                                                                  | July                31, 2007 |   | July                31, 2006 |   | July                31, 2007 |   | July                31, 2006 |   | 2007                        |   |
|                                                                             |                              |   |                              |   |                              |   |                              |   |                             |   |
| Revenues                                                                         |                              |   |                              |   |                              |   |                              |   |                             |   |
|     Mineral                processing fees                   |                         | $      | -                            |   |                         | $      | -                            |   |                        | $      | - |   |   | $ | - |   |   | $ | 4,585 |   |
| Total                Revenue                                                     |                         |   | -                            |   |                         |   | -                            |   |                        |   | - |   |   |   | - |   |   |   | 4,585 |   |
| Expenses:                                                                        |                         |   |                         |   |                         |   |                         |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|     Mineral                exploration costs                 |                         |   | 41,971                       |   |                         |   | 31,396                       |   |                        |   | 100,167 |   |   |   | 129,866 |   |   |   | 16,407,890 |   |
|     Depreciation/amortization                expenses        |                         |   | -                            |   |                         |   | 10,119                       |   |                        |   | - |   |   |   | 30,357 |   |   |   | 3,720,244 |   |
|     General                and administrative                |                         |   | 23,325                       |   |                         |   | 31,047                       |   |                        |   | 137,857 |   |   |   | 102,059 |   |   |   | 11,297,142 |   |
|     Impairment                of patents and                 |                         |   |                         |   |                         |   |                         |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|       Intellectual                property         |                         |   | -                            |   |                         |   | -                            |   |                        |   | - |   |   |   |   |   |   |   | 1,162,792 |   |
|   Total                Expenses                                        |                         |   | 65,296                       |   |                         |   | 72,562                       |   |                        |   | 238,024 |   |   |   | 262,282 |   |   |   | 32,588,068 |   |
| Other                Income:                                                     |                         |   |                         |   |                         |   |                         |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|     Gain                of sale of equipment                 |                         |   | 2,631                        |   |                         |   |                         |   |                        |   | 7,893 |   |   |   |   |   |   |   | 9,647 |   |
|     Precious                Metal Sales                      |                         |   | -                            |   |                         |   | -                            |   |                        |   | - |   |   |   | - |   |   |   | 26,211 |   |
| Net                Loss                                                          |                         |   | (62,665                      | )      |                         |   | (72,562                      | )      |                        |   | (230,131 | ) |   |   | (262,282 | ) |   |   | (32,547,625 | ) |
| Weighted                Average Shares                                           |                         |   |                         |   |                         |   |                         |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|   Common                Stock Outstanding                              |                         |   | 18,034,745                   |   |                         |   | 16,859,725                   |   |                        |   | 17,834,745 |   |   |   | 15,494,544 |   |   |   |   |   |
| Net                Loss Per Common Share                                         |                         |   |                         |   |                         |   |                         |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|   (Basic                and Fully Diluted)                             |                         | $      | (0.00                        | )      |                         | $      | (0.01                        | )      |                        | $      | (0.02 | ) |   | $ | (0.02 | ) |   |   |   |   |
|                                                                             |                         |   |                         |   |                         |   |                         |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |                         |   |                         |   |                         |   |                         |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| See                accompanying notes to the                financial statements |

----

|                                                                                                                                                                                         |   |                                                          |     |   |                                                |   |     |                                                                        |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|----------|--------|------------------------------------------------|--------|----------|------------------------------------------------------------------------|--------|
|                                                                                                                                                                                    |   |                                                          |     |   |                                                |   |     | Cumulative                                                             |   |
|                                                                                                                                                                                                        |   | Nine                Months Ended July 31,                2007 |     |   | Nine                Months Ended July 31, 2006 |   |     | From                date of inception on May 23, 1986 to July 31, 2007 |   |
| Cash                Flows used in Operating Activities:                                                                                                                                                |   |                                                          |     |   |                                                |   |     |                                                                        |   |
| Net                Loss                                                                                                                                                                                |   | $                                                             | (230,131 | )      |                                           | $      | (262,282 | )                                                                      |   | $ | (32,547,625 | ) |
| Adjustments                to reconcile net loss to net cash provided by operations                                                                                                                    |   |                                                          |     |   |                                           |   |     |                                                                   |   |   |   |   |
|   Amortization                / depreciation                                                                                                                                                 |   |                                                          | -        |   |                                           |   | 30,357   |                                                                   |   |   | 3,720,244 |   |
|   Proceeds-                net book value of equipment licenses,                                                                                                                             |   |                                                          |     |   |                                           |   |     |                                                                   |   |   |   |   |
|    properties                sold/ abandoned                                                                                                                                            |   |                                                          |     |   |                                           |   |     |                                                                   |   |   | 2,621,265 |   |
|   Gain                on sale of plant equipment                                                                                                                                             |   |                                                          | (7,893   | )      |                                           |   |     |                                                                   |   |   | (9,647 | ) |
|   Impairment                of patents and intellectual property                                                                                                                             |   |                                                          | -        |   |                                           |   |     |                                                                   |   |   | 1,162,792 |   |
|   Stock                based compensation                                                                                                                                                    |   |                                                          | 56,650   |   |                                           |   |     |                                                                   |   |   | 402,475 |   |
|   Common                stock issued for compensation, rent and expenses                                                                                                                     |   |                                                          | -        |   |                                           |   | 65,250   |                                                                   |   |   | 839,823 |   |
| Changes                in Operating Assets and Liabilities:                                                                                                                                            |   |                                                          |     |   |                                           |   |     |                                                                   |   |   |   |   |
|   (Increase)                decrease in prepaid expensesand                other                                                                                                             |   |                                                          | -        |   |                                           |   | (6,542   | )                                                                      |   |   | - |   |
|   (Increase)                decrease in advances from officer/shareholder                                                                                                                    |   |                                                          | 110,250  |   |                                           |   |     |                                                                   |   |   | 110,250 |   |
|   Increase                (refund) of reclamation bond outstanding                                                                                                                           |   |                                                          |     |   |                                           |   | -        |                                                                   |   |   | (19,867 | ) |
| Increase                ( decrease) in accounts payable andaccrued                liabilities                                                                                                          |   |                                                          | (3,607   | )      |                                           |   | 2,308    |                                                                   |   |   | 32,503 |   |
|                         Cash                Flows used in Operating Activities |   |                                                          | (67,517  | )      |                                           |   | (170,909 | )                                                                      |   |   | (23,687,787 | ) |
|                                                                                                                                                                                    |   |                                                          |     |   |                                           |   |     |                                                                   |   |   |   |   |
| Cash                Flows from Investing Activities:                                                                                                                                                   |   |                                                          |     |   |                                           |   |     |                                                                   |   |   |   |   |
|   Purchases                of plant & equipment                                                                                                                                          |   |                                                          | (4,700   | )      |                                           |   | (2,000   | )                                                                      |   |   | (884,779 | ) |
|   Sale                of plant equipment                                                                                                                                                     |   |                                                          |     |   |                                           |   |     |                                                                   |   |   | 50,000 |   |
|   Acquisition                of water rights                                                                                                                                                 |   |                                                          |     |   |                                           |   |     |                                                                   |   |   | (6,250 | ) |
|   Acquisition                of mineral properties                                                                                                                                           |   |                                                          | -        |   |                                           |   | -        |                                                                   |   |   | (2,152,077 | ) |
|                   Cash                Flows Provided by Investing Activities                                 |   |                                                          | 4,700    |   |                                           |   | (2,000   | )                                                                      |   |   | (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) from officers/directors/affiliates                                                                                                                    |   |                                                          | 65,000   |   |                                           |   | 20,000   |                                                                   |   |   | 514,350 |   |
| Cash                Flows from Financing Activities                                                                                                                                                    |   |                                                          | 90,000   |   |                                           |   | 171,200  |                                                                   |   |   | 26,708,368 |   |
|    Net                Increase (Decrease) in Cash                                                                                                                                       |   |                                                          | (27,217  | )      |                                           |   | (1,709   | )                                                                      |   |   | 8,725 |   |
|                   Cash at Beginning of Period                                                                                                                                                |   |                                                          | 35,942   |   |                                           |   | 8,652    |                                                                   |   |   | - |   |
| Cash                at End of Period                                                                                                                                                                   |   | $                                                             | 8,725    |   |                                           | $      | 6,943    |                                                                   |   | $ | 8,725 |   |
|                                                                                                                                                                                              |   |                                                          |     |   |                                           |   |     |                                                                   |   |   |   |   |
|                                                                                                                                                                                              |   |                                                          |     |   |                                           |   |     |                                                                   |   |   |   |   |
| See                accompanying notes to the                financial statements                                                                                                                       |

----

|                                                                             |  |                                                |        |                                                |   | Cumulative                                                             |  |
|----------------------------------------------------------------------------------|--|------------------------------------------------|--------|------------------------------------------------|---|------------------------------------------------------------------------|--|
|                                                                                  |  | Nine                Months Ended July 31, 2007 |        | Nine                Months Ended July 31, 2006 |   | From                date of inception on May 23, 1986 to July 31, 2007 |  |
|                                                                             |  |                                                |        |                                                |   |                                                                        |  |
|                                                                             |  |                                                |        |                                                |   |                                                                        |  |
| Supplemental                Non-Cash Financing Activities:                       |  |                                                |        |                                                |   |                                                                        |  |
| Common                Stock issued for compensation and rent                     |  | $                                              | 65,250 |                                                | $ | 155,142                                                                |  | $ | 994,965 |  |
|                                                                             |  |                                                |        |                                                |   |                                                                        |  |  |  |  |
|   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 |
|-----|-------------------------------------------------|

----

----

|                                               |   | 3                months ended July                31, 2006 |                   |
|-----------------------------------------------|--------|------------------------------------------------------------|------------------------|
|                                          |   |                                                            |                   |
|                                          |   |                                                            |                   |
| Net                (loss) as reported         |   | $                                                          | (              72,562  | ) |
| Pro-forma                compensation expense |   | $                                                          | (              45,086  | ) |
| Pro-forma                net loss (restated)  |   | $                                                          | (117,648               | ) |
| Weighted                average               |   |                                                       |                   |   |
| Shares,                common stock           |   |                                                       |                   |   |
| Outstanding                                   |   |                                                       | 18,034,745             |   |
| Net                loss per share:            |   |                                                       |                   |   |
|                                               |   |                                                       |                   |   |
| Basic                and diluted              |   | $                                                          | (0.01                  | ) |
| Basic                and diluted - Pro-forma  |   | $                                                          | (0.01                  | ) |
|                                          |   |                                                       |                   |   |
|                                          |   | 9                months ended July                31, 2006 |                   |
|                                          |   |                                                       |                   |   |
|                           |   |                                                       |                   |   |
| Net                (loss) as reported         |   | $                                                          | (              262,282 | ) |
|                                          |   |                                                       |                   |   |
| Pro-forma                compensation expense |   | $                                                          | (              94,042  | ) |
| Pro-forma                net loss (restated)  |   | $                                                          | (356,324               | ) |
| Weighted                average               |   |                                                       |                   |   |
| Shares,                common stock           |   |                                                       |                   |   |
| Outstanding                                   |   |                                                       | 15,494,544             |   |
| Net                loss per share:            |   |                                                       |                   |   |
|                                          |   |                                                       |                   |   |
| Basic                and diluted              |   | $                                                          | (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) |

----

| Date:                 September 12, 2007 |  |                                                                                                                    |
|-----------------------------------------------|--|--------------------------------------------------------------------------------------------------------------------|
|                                          |  |                                                                                                                    |
|                                          |  | FRANKLIN                LAKE RESOURCES INC.                                                                        |
|                                          |  | (Registrant)                                                                                                       |   |
|                                          |  |                                                                                                                    |
|                                          |  | By                /s/ Father                Gregory                Ofiesh       |
|                                          |  |    Father                Gregory Ofiesh                                                             |
|                                          |  |    President                and                Chief Executive Officer                              |

----