**U.S.      SECURITIES AND EXCHANGE COMMISSION**

**Washington,      DC 20549**

**FORM      10-QSB**

| (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, 2006** |
| 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**

**FRANKLIN      LAKE RESOURCES INC.**

| **    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 offices)                              | (Telephone)                                                    |

----

**PART      I -- FINANCIAL STATEMENTS**

| **FRANKLIN                LAKE RESOURCES, INC.**                                                                                                 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **(An                Exploration Stage Company)**                                                                                                |   |
| **Balance                Sheets**                                                                                                                |   |
| (Unaudited)                                                                                                                                      |   |
|                                                                                                                                             |   |   |   |   |   |
|                                                                                                                                             |   |   |   |   |   |
|                                                                                                                                             |   | April                30, 2006 |   | October                31, |   |
| ASSETS                                                                                                                                           |   | 2006 |   | 2005 |   |
| Current                Assets:                                                                                                                   |   |   |   |   |   |
|     Cash                                                                                                                     |   | $ | 31,411 |   | $ | 8,652 |   |
|     Prepaids                and                other                                                                         |   |   | 598 |   |   | 598 |   |
| Total                Current Assets                                                                                                              |   |   | 32,009 |   |   | 9,250 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |
| Fixed                Assets:                                                                                                                     |   |   |   |   |   |   |   |
|     Office                furniture & equipment                                                                          |   |   | 30,101 |   |   | 30,101 |   |
|     Plant                equipment                                                                                           |   |   | 429,712 |   |   | 429,712 |   |
|     Accumulated                depreciation                                                                                  |   |   | (417,368 | ) |   | (397,130 | ) |
| Total                Fixed Assets                                                                                                                |   |   | 42,445 |   |   | 62,683 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |
| Other                Assets:                                                                                                                     |   |   |   |   |   |   |   |
|     Reclamation                bond- net of estimated reclamation costs                                                      |   |   | 19,867 |   |   | 19,867 |   |
| -                                                                                                                                                |   |   |   |   |   |   |   |
| Total                Assets                                                                                                                      |   | $ | 94,321 |   | $ | 116,983 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |
| LIABILITIES                & SHAREHOLDERS' EQUITY                                                                                            |   |   |   |   |   |   |   |
|                                                                                                                                             |   |   |   |   |   |   |   |
| Current                Liabilities:                                                                                                              |   |   |   |   |   |   |   |
|     Accounts                payable and accrued liabilities                                                                  |   |   | 128 |   |   | 2,588 |   |
| Total                Current Liabilities                                                                                                         |   |   | 128 |   |   | 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;                                              |   |   |   |   |   |   |   |
|         16,750,975                and                14,803,975 issued and outstanding at April 30, 2006 |   |   |   |   |   |   |   |
|         and                October 31, 2005                                                              |   |   | 16,751 |   |   | 14,803 |   |
|     Additional                Paid-In Capital                                                                                |   |   | 31,881,239 |   |   | 31,688,486 |   |
|     Accumulated                Deficit                                                                                       |   |   | (31,803,797 | ) |   | (31,614,077 | ) |
| Total                Stockholders' Equity                                                                                                        |   |   | 94,193 |   |   | 89,212 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |
| Total                Liabilities and Stockholders' Equity                                                                                        |   | $ | 94,321 |   | $ | 91,800 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |
|                                                                                                                                             |   |   |   |   |   |   |   |
| See                accompanying notes to the financial statements                                                                                |   |   |   |

----

| **FRANKLIN                LAKE RESOURCES, INC.**                                                        |   |
|---------------------------------------------------------------------------------------------------------|--------|
| **(An                Exploration Stage Company)**                                                       |   |
| **Statements                of Operations**                                                             |   |
| (Unaudited)                                                                                             |   |
|                                                                                                    |   |   |   |   |   |    |   |
|                                                                                                    |   |   |   |   |   |    |   |
|                                                                                                    |   |   |   |   |   |    |   |
|                                                                                                    |   |   |   |   |   |    |   |
|                                                                                                    |   |   |   |   |   |    |   |
|                                                                                                    |   | 3                months ended April 30, 2006 |   | 6                months ended April 30, 2006 |   |    |   |
|                                                                                                    |   | 2006 |   | 2005 |   | 2006 |   | 2005 |   | Cumulative                from date of Inception (May 23, 1986) to April 30, 2006 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |    |   |
| Revenues                                                                                                |   |   |   |   |   |   |   |   |   |    |   |
|     Material                processing fees                                         |   | $ | - |   | $ | - |   | $ | - |   | $ | - |   | $ | 4,585 |   |
| Total                Revenue                                                                            |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 4,585 |   |
| Expenses:                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Mineral                exploration costs                                        |   |   | 48,552 |   |   | 55,675 |   |   | 98,470 |   |   | 71,302 |   |   | 16,214,875 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Depreciation/amortization                expenses                               |   |   | 10,119 |   |   | 9,819 |   |   | 20,238 |   |   | 19,638 |   |   | 3,704,752 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     General                and administrative                                       |   |   | 36,236 |   |   | 17,390 |   |   | 71,012 |   |   | 70,576 |   |   | 10,752,174 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Impairment                of                patents & intellectual property |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,162,792 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                Expenses                                                                           |   |   | 94,907 |   |   | 82,884 |   |   | 189,720 |   |   | 161,516 |   |   | 31,834,593 |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                Income:                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Precious                metal                sales                              |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 26,211 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Loss                                                                                 |   |   | (94,907 | ) |   | (82,884 | ) |   | (189,720 | ) |   | (161,516 | ) |   | (31,803,797 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                Average Shares                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  |   |
|     Common                Stock Outstanding                                         |   |   | 14,811,953 |   |   | 13,020,642 |   |   | 14,811,953 |   |   | 12,659,183 |   |   |  |   |
| Net                Loss Per Common Share                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     (Basic                and Fully Diluted)                                        |   | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.01 |   | $ | (0.01 | ) |   |  |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                accompanying notes to the financial                statements                        |

----

| **FRANKLIN                LAKE RESOURCES, INC.**                                                                                                                |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **(An                Exploration Stage Company)**                                                                                                               |   |
| **Statements                of Cash Flows**                                                                                                                     |   |
| (Unaudited)                                                                                                                                                     |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   | Cumulative                from |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   | date                of inception |   |
|                                                                                                                                                            |   | 3                months ended April 30, |   | 6                months ended April 30, |   | (May                23,1986) to |   |
|                                                                                                                                                            |   | 2006 |   | 2005 |   | 2006 |   | 2005 |   | April                30, 2006 |   |
| Cash                Flows used in Operating Activities:                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Net                Loss                                                                                                                                         |   | $ | (94,907 | ) | $ | (78,632 | ) | $ | (189,720 | ) | $ | (161,516 | ) | $ | (31,803,797 | ) |
| Adjustments                to reconcile net loss to net cash                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provided                by operating activities:                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Amortization                /                depreciation                                                                               |   |   | 10,119 |   |   | 9,819 |   |   | 20,238 |   |   | 19,638 |   |   | 3,704,752 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds                - net book value of equipment, licenses, properties                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Sold/                abandoned                                                                                                          |   |   |   |   |   |   |   |   | 43,500 |   |   | 43,500 |   |   | 2,621,265 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impairment                of patents & intellectual property                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,162,792 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Common                stock issued for compensation, rent     and                expenses                           |   |   | 21,750 |   |   | 21,750 |   |   | - |   |   | - |   |   | 798,324 |   |
| Changes                to Operating Assets and Liabilities:                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     (Increase)                decrease in prepaid expenses                                                                                  |   |   | - |   |   | (62 | ) |   | - |   |   | (135 | ) |   | (598 | ) |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     (Increase)                refund of reclamation bonds     outstanding                                               |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (19,867 | ) |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Increase                (decrease) in accounts payable and    accrued                liabilities                    |   |   | (3,595 | ) |   | 327 |   |   | (2,459 | ) |   | 3,959 |   |   | 128 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                cash used in operations                                                                                                                      |   |   | (66,633 | ) |   | (46,798 | ) |   | (128,441 | ) |   | (94,554 | ) |   | (23,537,001 | ) |
| Cash                Flows used by Investing Activities:                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Purchases                of                plant & equipment                                                                        |   |   | - |   |   | (2,644 | ) |   | - |   |   | (2,644 | ) |   | (880,079 | ) |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Acquisition                of                mineral properties                                                                         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (2,152,077 | ) |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                    Total Cash Flows Used by Investing Activities                                                                                 |   |   | - |   |   | (2,644 | ) |   | - |   |   | (2,644 | ) |   | (3,032,156 | ) |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                Flows from Financing Activities:                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Common                stock issued for cash                                                                                             |   |   | 91,000 |   |   | 75,000 |   |   | 151,200 |   |   | 100,000 |   |   | 23,904,811 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Loan                proceeds                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2,202,407 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Advances                (Repayments) of debt - affiliates                                                                               |   |   |  |   |   |  |   |   |  |   |   |  |   |   | 493,350 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Cash                Flows from Financing Activities                                                                                     |   |   | 91,000 |   |   | 75,000 |   |   | 151,200 |   |   | 100,000 |   |   | 26,600,568 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Increase (Decrease) in Cash                                                                                                                  |   |   | 24,367 |   |   | 25,558 |   |   | 22,759 |   |   | 2,802 |   |   | 31,411 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                at Beginning of Period                                                                                                                      |   |   | 7,044 |   |   | 4,368 |   |   | 8,652 |   |   | 4,368 |   |   | - |   |
|                                                                                                                                                            |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Cash                at End of Period                                                                                                                            |   | $ | 31,411 |   | $ | 29,926 |   | $ | 31,411 |   | $ | 7,170 |   | $ | 31,411 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental                Non-Cash Financing Activities:                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                Stock issued for compensation and     rent                                                                            |   | $ | 21,750 |   | $ | 21,750 |   | $ | 43,500 |   | $ | 43,500 |   | $ | 880,079 |   |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     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 asequipment               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 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                                                                                               |
|                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**FRANKLIN      LAKE RESOURCES, INC.**

**Notes      to Interim Financial Statements**

**April      30, 2006**

**1.      HISTORY **

**Basis      of Presentation**

**2.      SIGNIFICANT ACCOUNTING POLICIES**

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

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

----

**FRANKLIN      LAKE RESOURCES, INC**

**Notes      to Interim Financial Statements**

**April      30, 2006**

----

**FRANKLIN      LAKE RESOURCES, INC.**

**Notes      to Interim Financial Statements**

**April      30, 2006**

**3.      COMMON STOCK**

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

----

**FRANKLIN      LAKE RESOURCES, INC.**

**Notes      to Interim Financial Statements**

**April      30, 2006**

**5.      STOCK OPTIONS & WARRANTS**

**6.      METALS EXTRACTION AGREEMENT**

**7.      GOING CONCERN **

----

----

**PART      II -- OTHER INFORMATION**

----

| Exhibit                No. | Description                                                                                              |
|----------------------------|----------------------------------------------------------------------------------------------------------|
|                       |                                                                                                     |
| 31.1                       | Rule                13a-14(a)/15d-14(a)                Certifications                                    |
|                       |                                                                                                     |
| 32.1                       | Certification                under Section 906 of the Sarbanes-Oxley                Act (18 U.S.C. 1350) |

**SIGNATURES**

|   | **Franklin                Lake Resources Inc.**                                                    |
|--------|----------------------------------------------------------------------------------------------------|
|   |     (Registrant)                                                               |
|   |                                                                                               |
|   | By                  /s/                Father Gregory Ofiesh .                           |
|   |   Father                Gregory                Ofiesh                                    |
|   |                      President and Chief Executive                Officer |

----