----

----

| (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, 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 offices)           |  | (Telephone)                   |

|                         N/A                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Former                name, former address, and formal fiscal year, if changed since last                report)                                                                                                                                                                                   |

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

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

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

| (2)   | To                    change the account in the balance sheet from “Accumulated Deficit” to                    “Deficit Accumulated during Development                    Stage;” |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | To                    defer the gain on the sale of equipment in the Statement of                    Operations; |
|-----------------|------------------------------------------------------------------------------------------------------------------|

| (4)   | To                    include a Cumulative from Inception Statement of cash                    Flows; |
|-----------------|-------------------------------------------------------------------------------------------------------|

| (5)   | To                    bring numbers in the Statement of Operations is in Note 8 of                    the Notes of                    Financial Statements in agreement with each                    other; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | To                    remove the amount of $18,750, described as “Disposal of Water Rights” from                    the Statements of Cash Flows; and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)   | To                    correct the wording in the certificate required by section 302                    of the                    Sarbanes – Oxley Act of 2002 (Exhibit                    31.1) |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| FRANKLIN                  LAKE RESOURCES, INC.(An                  Exploration Stage Company)Balance                  Sheet(Unaudited)                |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                  |   |   |   |   |   |   |
|                                                                                                                                                  |   | (Restated) |   |   | (Restated) |   |
|                                                                                                                                                  |   | January                  31, |   |   | October                  31, |   |
| ASSETS                                                                                                                                                |   | 2007 |   |   | 2006 |   |
| Current                  Assets:                                                                                                                      |   |   |   |   |   |   |
|      Cash                                                                                                                    |   | $ | 10,110 |   |   | $ | 35,942 |   |
|                                                                                                                                                  |   |   |   |   |   |   | - |   |
| Total                  Current Assets                                                                                                                 |   |   | 10,110 |   |   |   | 35,942 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Fixed                  Assets:                                                                                                                        |   |   |   |   |   |   |   |   |
|      Office                  furniture & equipment                                                                       |   |   | 30,101 |   |   |   | 30,101 |   |
|      Accumulated                  depreciation                                                                               |   |   | (30,101 | ) |   |   | (30,101 | ) |
| Total                  Fixed Assets                                                                                                                   |   |   | - |   |   |   | - |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Other                  Assets:                                                                                                                        |   |   |   |   |   |   |   |   |
|      Reclamation                  bond- net of estimated reclamation costs                                                   |   |   | 19,867 |   |   |   | 19,867 |   |
|      Water                  Rights                                                                                           |   |   | 6,250 |   |   |   | 6,250 |   |
|                    Total                  Other Assets |   |   | 26,117 |   |   |   | 26,117 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Total                  Assets                                                                                                                         |   | $ | 36,227 |   |   | $ | 62,059 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| LIABILITIES                  & SHAREHOLDERS' EQUITY                                                                                               |   |   |   |   |   |   |   |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Current                  Liabilities:                                                                                                                 |   |   |   |   |   |   |   |   |
|      Accounts                  payable and accrued liabilities                                                               |   |   | 9,959 |   |   |   | 10,146 |   |
|      Advances                  from officer/shareholder                                                                      |   |   | 41,750 |   |   |   |   |   |
| Total                  Current Liabilities                                                                                                            |   |   | 51,709 |   |   |   | 10,146 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Deferred                  gain - asset sale                                                                                                           |   |   | 16,662 |   |   |   | 19,293 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| 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;                                           |   |   |   |   |   |   |   |   |
|      17,734,745                  issued and outstanding at January 31                                                        |   |   | 17,734 |   |   |   | 17,734 |   |
|      Additional                  Paid-In Capital                                                                             |   |   | 31,986,555 |   |   |   | 31,986,555 |   |
|      Deficit                  accumulated during development stage                                                           |   |   | (32,036,433 | ) |   |   | (31,971,669 | ) |
| Total                  Stockholders' Equity                                                                                                           |   |   | (32,144 | ) |   |   | 32,620 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Total                  Liabilities and Stockholders' Equity                                                                                           |   | $ | 36,227 |   |   | $ | 62,059 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| See                  accompanying notes to the financial statements                                                                                   |   |

----

| FRANKLIN                  LAKE RESOURCES, INC.(An                  Exploration Stage Company)Statements                  of Operations(Unaudited)                       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                        |   | 3                  months ended January 31, |   |   |   |   |
|                                                                                                                                                                                        |   | (Restated) |   |   | (Restated) |   |
|                                                                                                                                                                                        |   | 2007 |   |   | 2006 |   |   | Cumulative                  from date                  of Inception (May                  23, 1986) to January                  31, 2007 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Revenues                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
|      Material                  processing fees                                                                                                                     |   | $ | - |   |   | $ | - |   |   | $ | 4,585 |   |
| Total                  Revenue                                                                                                                                                              |   |   | - |   |   |   | - |   |   |   | 4,585 |   |
| Expenses:                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Mineral                  exploration costs                                                                                                                    |   |   | 40,047 |   |   |   | 49,918 |   |   |   | 16,347,770 |   |
|                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Depreciation/amortization                  expenses                                                                                                           |   |   | - |   |   |   | 10,119 |   |   |   | 3,720,244 |   |
|                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|     General                  and administrative                                                                                                                         |   |   | 66,132 |   |   |   | 34,776 |   |   |   | 11,225,417 |   |
|                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Impairment                  of patents & intellectual                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|     property                                                                                                                                                            |   |   | - |   |   |   | - |   |   |   | 1,162,792 |   |
|                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  Expenses                                                                                                                                                             |   |   | 106,179 |   |   |   | 94,813 |   |   |   | 32,456,223 |   |
|                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                  Income:                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|     Gain                  on sale of equipment                                                                                                                          |   |   | 2,631 |   |   |   |   |   |   |   | 4,385 |   |
|     Precious                  metal sales                                                                                                                               |   |   | - |   |   |   | - |   |   |   | 26,211 |   |
|                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                                   |   |   | (103,548 | ) |   |   | (94,813 | ) |   |   | (32,421,042 | ) |
|                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                  Average Shares                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|    Common                  Stock Outstanding                                                                                                                                 |   |   | 17,737,745 |   |   |   | 14,813,081 |   |   |   |   |   |
| 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)                                                                                                                           |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   | (Restated) |   |   |   |   |   | (Restated) |   |
|                                                                                                                                  |   | 3                  months ended January 31, |   |   | Cumulative                  from |   |
|                                                                                                                             |   |   |   |   |   |   |   | date                  of Inception |   |
|                                                                                                                                  |   | 2007 |   |   | 2006 |   |   | (May                    23, 1986) to January                    31, 2007 |   |
| Cash                  Flows used in Operating Activities:                                                                             |   |   |   |   |   |   |   |   |   |
| Net                  Loss                                                                                                             |   | $ | (103,548 | ) |   | $ | (94,813 | ) |   | $ | (32,421,042 | ) |
| Adjustments                  to reconcile net loss to net cash                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Provided                  by operating activities:                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|      Amortization                  / depreciation                                                            |   |   | - |   |   |   | 10,119 |   |   |   | 3,720,244 |   |
|      Proceeds                  - Net book value of equipment, licenses,                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|      properties                  sold/abandoned                                                              |   |   |   |   |   |   |   |   |   |   | 2,621,265 |   |
|      Gain                  on sale of plant equipment                                                        |   |   | (2,631 | ) |   |   |   |   |   |   | (4,385 | ) |
|      Impairment                  of patents & intellectual property                                      |   |   |   |   |   |   |   |   |   |   | 1,162,792 |   |
|      Stock                  based compensation                                                               |   |   | 38,784 |   |   |   |   |   |   |   | 384,609 |   |
|      Common                  stock issued for compensation, rent and expenses                                |   |   | 21,750 |   |   |   | 21,750 |   |   |   | 839,823 |   |
| Changes                  to Operating Assets and Liabilities:                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|     (Increase)                  decrease in prepaid expenses                                                      |   |   | - |   |   |   | - |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|     (Increase)                  refund of reclamation bonds outstanding                                           |   |   | - |   |   |   | - |   |   |   | (19,867 | ) |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|     Increase                  ( decrease)  in accounts payable and accrued                  liabilities |   |   | (187 | ) |   |   | 1,136 |   |   |   | 9,959 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  cash used in operations                                                                                          |   |   | (45,832 | ) |   |   | (61,808 | ) |   |   | (23,706,602 | ) |
| Cash                  Flows used by Investing Activities:                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|      Purchases                  of plant & equipment                                                     |   |   | - |   |   |   | - |   |   |   | (880,079 | ) |
|      Sale                  of plant equipment                                                                |   |   |   |   |   |   |   |   |   |   | 50,000 |   |
|      Acquisition                  of water rights                                                            |   |   |   |   |   |   |   |   |   |   | (6,250 | ) |
|      Acquisition                  of mineral properties                                                      |   |   | - |   |   |   | - |   |   |   | (2,152,077 | ) |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|   Total                  Cash Flows Used by Investing Activities                                                            |   |   |   |   |   |   | - |   |   |   | (2,988,406 | ) |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                  Flows from Financing Activities:                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|      Advances                  from officer/shareholder                                                      |   |   | 20,000 |   |   |   |   |   |   |   | 536,100 |   |
|      Loan                  proceeds                                                                          |   |   | - |   |   |   |   |   |   |   | 2,202,407 |   |
|      Common                  stock issued for cash                                                           |   |   | - |   |   |   | 60,200 |   |   |   | 23,966,611 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|   Cash                  Flows from Financing Activities                                                                     |   |   | 20,000 |   |   |   | 60,200 |   |   |   | 26,705,118 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  Increase (Decrease) in Cash                                                                                      |   |   | (25,832 | ) |   |   | (1,608 | ) |   |   | 10,110 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                  at Beginning of Period                                                                                          |   |   | 35,942 |   |   |   | 8,652 |   |   |   | - |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                  at End of Period                                                                                                |   | $ | 10,110 |   |   | $ | 7,044 |   |   | $ | 10,110 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 |
|-----------------------|-------------------------------------------------|

----

----

| January                31, 2006                               |   |
|---------------------------------------------------------------|--------|
|                                                          |   |   |   |   |   |   |   |   |   |
|                                                          |   | Originally                reported |   |   | Restatement |   |   | Restatement |   |
|                                                          |   |   |   |   | Adjustment |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |
| Net                (loss) as reported (restated)              |   | $ | (              94,813 | ) |   |   |   |   | $ | (              94,813 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Pro-forma                compensation expense (restated)      |   | $ | 0 |   |   | $ | (              24,478 | ) |   | $ | (              24,478 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Pro-forma                net loss (restated)                  |   | $ | 0 |   |   | $ | (              24,478 | ) |   | $ | (119,291 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average Shares,                       |   |   |   |   |   |   |   |   |   |   |   |   |
| common                stock outstanding                       |   |   | 14,813,081 |   |   |   | 14,813,081 |   |   |   | 14,813,081 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss per share:                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                and diluted (restated)                   |   | $ | ( 0.01 | ) |   | $ | ( 0.00 | ) |   | $ | ( 0.01 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                and diluted – Pro-forma (restated) |   | $ | ( 0.01 | ) |   | $ | ( 0.00 | ) |   | $ | ( 0.01 | ) |

----

|                                      |   | Corrected                Amounts |           |   | Restatement |   |          | Previous |   |
|-------------------------------------------|--------|----------------------------------|----------------|--------|-------------|--------|---------------|----------|--------|
|                                      |   |                             |           |   | Adjustment  |   |          | Amounts  |   |
|                                      |   |                             |           |   |        |   |          |     |   |
| Revenues                                  |   |                             | -              |   |        |   | -             |     |   |   | - |   |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
| Expenses:                                 |   |                             |           |   |        |   |          |     |   |   |   |   |
| Mineral                exploration costs  |   | $                                | 40,047         |   |        | $      | 12,129        |     |   | $ | 27,918 |   |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
| General                and administrative |   | $                                | 66,132         |   |        | $      | 26,655        |     |   | $ | 39,477 |   |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
| Total                Expenses             |   | $                                | ( 106,179 | )      |        | $      | ( 38,784 | )        |   | $ | ( 67,395 | ) |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
| Gain                on sale of Equipment  |   | $                                | 2,631          |   |        | $      | 2,631         |     |   | $ | 0.00 |   |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
| Net                loss                   |   | $                                | (103,548       | )      |        | $      | ( 36,153 | )        |   | $ | ( 67,395 | ) |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
| Weighted                average Shares,   |   |                             |           |   |        |   |          |     |   |   |   |   |
| common                stock outstanding   |   |                             | 17,734,745     |   |        |   | 17,734,745    |     |   |   | 17,734,745 |   |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
|                                      |   |                             |           |   |        |   |          |     |   |   |   |   |
| Net                (loss) per share       |   | $                                | ( 0.01    | )      |        | $      | ( 0.00   | )        |   | $ | ( 0.00 | ) |

----

| EXHIBITS                           |
|------------------------------------|
|                                    |   |  |
| Exhibit                No.         |   | Description |
| 31.1                               |   | Certification                under Section 302 of                the Sarbanes-Oxley Act of 2002 |
|                                    |   |  |
| 32.1                               |   | Certification                under Section 906 of                the Sarbanes-Oxley Act of 2002  (18 U.S.C.                1350) |
|                                    |   |  |
| REPORTS                ON FORM 8-K |
|                                    |   |  |
| Filing                Date         |   | Subject |
| 11-13-06                           |   | Annual                meeting was a success; Roger Graham exercises options |
|                                    |   |  |
| 02-15-07                           |   | Plans                for 5 Ton test; funding in private placement; audit                completed |

----

| Date                March 14, 2007 |                                                                          |
|------------------------------------|--------------------------------------------------------------------------|
|                                    |                                                                          |
|                                    | Franklin                Lake Resources Inc.                              |
|                                    | (Registrant)                                                             |
|                                    |                                                                          |
|                                    | By /s/                Father Gregory Ofiesh     |
|                                    | Father                Gregory Ofiesh                                     |
|                                    | President                and Chief Executive Officer                     |

----