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|OMB APPROVAL                                                                                      
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549



FORM 10-Q



[ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period June 30, 2008



OR



[    ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from   to



Commission file number:   000-53035



Superior Silver Mines,Inc.



(Exact name of registrant as specified in its charter)



|                                              |                                     
|--------------------------------------------- | ------------------------------------
|Idaho                                         | 82-6008752                          
|                                              |                                     
|(State of other jurisdiction of incorporation | (I.R.S. Employer Identification No.)
|or organization)                              |                                     
|                                              |                                     
|413 Cedar Street, Wallace, ID                 | 83873                               
|                                              |                                     
|(Address of principal executive offices)      | (Zip Code)                          



(208) 752-1131



(Issuer's telephone number, including area code)



Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.

[X] Yes  [  ]No



Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act.)  [X] Yes [  ] No



State the number of shares outstanding of common stock, as of the latest practicable date: At July 18, 2008, 20,654,399 shares of the Companys common stock were outstanding.



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.



[ ] Large accelerated filer  [ ] Accelerated filer [ ] Non-accelerated filer  [X] Smaller reporting company



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SUPERIOR SILVER MINES, INC.

TABLE OF CONTENTS



PART I  FINANCIAL INFORMATION.

3

ITEM 1.   Financial Statements

3

Balance Sheets

3

Statements of Operations - Unaudited

4

Statements of Cash Flows - Unaudited

5

Notes to Financial Statements

6

ITEM 2.   Managements Discussion and Analysis of Financial Condition

and Results of Operations

8

ITEM 3.   Quantitative and Qualitative Disclosures about Market Risk

9

ITEM 4.   Controls and Procedures

9

PART II  OTHER INFORMATION

9

ITEM 1.   Legal Proceedings

9

ITEM 2.   Unregistered Sales of Equity Securities and Use of Proceeds

9

ITEM 3.   Defaults Upon Senior Securities

9

ITEM 4.   Submission of Matters to a Vote of Security Holders

9

ITEM 5.   Other Information

9

ITEM 6.Exhibits

9







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PART I.  FINANCIAL INFORMATION



ITEM 1.  Financial Statements





|                                                                          |                 |                
|------------------------------------------------------------------------- | --------------- | ---------------
|Superior Silver Mines, Inc.
(An Exploration Stage Company)
Balance Sheets
|                                                                          |                 |                
|                                                                          |                 |                
|                                                                          | (unaudited)     |                
|                                                                          | June 30,        | December 31,   
|                                                                          | 2008            | 2007           
|ASSETS                                                                    |                 |                
|                                                                          |                 |                
|Current assets:                                                           |                 |                
|Cash and cash equivalents                                                 | $      342,443  | $      374,605 
|                                                                          |                 |                
|Total assets                                                              | $      342,443  | $      374,605 
|                                                                          |                 |                
|LIABILITES AND STOCKHOLDERS EQUITY                                       |                 |                
|                                                                          |                 |                
|Current liabilities:                                                      |                 |                
|Accounts payable                                                          | $         1,407 | $         3,020
|Accounts payable-related party                                            | 1,250           | 6,570          
|Total current liabilities                                                 | 2,657           | 9,590          
|                                                                          |                 |                
|Stockholders equity:                                                     |                 |                
|Preferred stock, $0.0001 par value; 10,000,000                            |                 |                
|shares authorized; none issued or outstanding                             | -               | -              
|Common stock, $0.0001 par value; 500,000,000                              |                 |                
|shares authorized; 20,654,399 shares                                      |                 |                
|issued and outstanding at June 30, 2008, and                              |                 |                
|December 31, 2007                                                         | 2,066           | 2,066          
|Additional paid-in capital                                                | 1,191,096       | 1,191,096      
|Accumulated deficit                                                       | (782,522)       | (782,522)      
|Deficit accumulated during the exploration stage                          |                 |                
|period (January 1, 2007 through June 30, 2008)                            | (70,854)        | (45,625)       
|Total stockholders equity                                                | 339,786         | 365,015        
|                                                                          |                 |                
|Total liabilities and stockholders equity                                | $       342,443 | $       374,605









The accompanying condensed notes are an integral part of these financial statements.





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|                                                                                                |                    |                  |                  |                |                
|----------------------------------------------------------------------------------------------- | ------------------ | ---------------- | ---------------- | -------------- | ---------------
|Superior Silver Mines, Inc.
(An Exploration Stage Company)
Statements of Operations - Unaudited
|                                                                                                |                    |                  |                  |                |                
|                                                                                                |                    |                  |                  |                | Exploration    
|                                                                                                | Three Months Ended | Six Months Ended | Stage Period    
|                                                                                                | 6/30/08            | 6/30/07          | 6/30/08          | 6/30/07        | 1/1/07-6/30/08 
|Operating expenses:                                                                             |                    |                  |                  |                |                
|Legal fees                                                                                      |                    | $        2,544   | $        5,125   | $      2,544   | $        22,097
|Accounting fees                                                                                 | $        5,483     | -                | 18,574           | -              | 35,614         
|General and administrative                                                                      | 2,687              | 4,440            | 5,322            | 6,703          | 19,769         
|Total operating expenses                                                                        | 8,170              | 6,984            | 29,021           | 9,247          | 77,480         
|                                                                                                |                    |                  |                  |                |                
|Other income:                                                                                   |                    |                  |                  |                |                
|Interest income                                                                                 | 1,526              | -                | 3,792            | -              | 6,626          
|                                                                                                |                    |                  |                  |                |                
|Net loss                                                                                        | $        6,644     | $        6,984   | $      25,229    | $      9,247   | $        70,854
|                                                                                                |                    |                  |                  |                |                
|Basic net loss per common share                                                                 | $            Nil   | $            Nil | $            Nil | $          Nil |                
|                                                                                                |                    |                  |                  |                |                
|Weighted average number of                                                                      |                    |                  |                  |                |                
|shares outstanding-basic                                                                        | 20,654,399         | 9,813,149        | 20,654,399       | 9,813,149      |                
|                                                                                                |                    |                  |                  |                |                









The accompanying condensed notes are an integral part of these financial statements.







4



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|                                                                                                |   |                          |   |                          |                                         |         
|----------------------------------------------------------------------------------------------- | - | ------------------------ | - | ------------------------ | --------------------------------------- | --------
|Superior Silver Mines, Inc.
(An Exploration Stage Company)
Statements of Cash Flows - Unaudited |   |                         
|                                                                                                |   | Six Months
Ended
6-30-08 |   | Six Months
Ended
6-30-07 | Exploration
Stage Period
1/1/07-6/30/08
|Cash flows from operating activities:                                                           |   |                          |   |                          |                                         |         
|Net loss                                                                                        | $ | (25,229)                 | $ | (9,247)                  | $                                       | (70,854)
|Change in:                                                                                      |   |                          |   |                          |                                         |         
|Accounts payable                                                                                |   | (1,613)                  |   | (2,599)                  |                                         | (2,799) 
|Accounts payable, related parties                                                               |   | (5,320)                  |   | (289)                    |                                         | 961     
|Net cash used by operating activities                                                           |   | (32,162)                 |   | (12,135)                 |                                         | (72,692)
|                                                                                                |   |                          |   |                          |                                         |         
|Cash flows from financing activities:                                                           |   |                          |   |                          |                                         |         
|Issuance of common stock in private
placement, net of offering costs                            |   | -                        |   | -                        |                                         | 360,085 
|Issuance of common stock for warrant exercise                                                   |   | -                        |   | -                        |                                         | 41,300  
|Net cash provided by financing activities                                                       |   | -                        |   | -                        |                                         | 401,385 
|                                                                                                |   |                          |   |                          |                                         |         
|Net increase (decrease) in cash                                                                 |   | (32,162)                 |   | (12,135)                 |                                         | 328,693 
|Cash and cash equivalents at beginning of period                                                |   | 374,605                  |   | 13,750                   |                                         | 13,750  
|Cash and cash equivalents at end of period                                                      | $ | 342,443                  | $ | 1,615                    | $                                       | 342,443 
|                                                                                                |   |                          |   |                          |                                         |         
|                                                                                                |   |                          |   |                          |                                         |         





The accompanying condensed notes are an integral part of these financial statements.









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Superior Silver Mines, Inc.

(An Exploration Stage Company)

Notes to Financial Statements



1.  Basis of Presentation

These unaudited financial statements of Superior Silver Mines, Inc. (the Company) included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.  Although certain information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2007, included in the Companys Form 10-A, General Form for Registration of Securities filed with the SEC on March 28, 2008.



The financial statements included herein reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation.   The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year ended December 31, 2008.



2.  Description of Business

The Company was incorporated under the laws of the State of Idaho as Superior Mines Company on January 22, 1962, and was established for the purposes of mineral exploration in the states of Idaho and Montana.  In 1964, the Companys name was changed to Superior Silver Mines, Inc.  The Company has been dormant for a number of years, currently holds one unpatented mineral claim, and has no known mineral reserves.  Due to the increase in the price of gold, silver and other metals over the past several years, management is reactivating the Company with the intention of investigating opportunities in the natural resource industry.



The Company is an exploration stage company and has incurred losses since the beginning of its exploration stage (January 1, 2007).



3.  Related Party Transactions

At June 30, 2008 and December 31, 2007, the Company owed H.F. Magnuson & Company, a company controlled by H.F. Magnuson, father of a Director of the Company, $1,250 and $6,570, respectively, for office expenses.



4.  Fair Value Measurement

Effective January 1, 2008, we adopted the provisions of SFAS No. 157, Fair Value Measurements and SFAS No. 159, The Fair Value Option for Financial Liabilities for our financial assets and financial liabilities without material effects on our financial position or results of operations for the six months ended June 30, 2008.



5.  New Accounting Pronouncements

In March 2008, the FASB issued SFAS No. 161 "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133 (SFAS No. 161)," to enhance the current disclosure framework in SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities, as amended."   SFAS No. 161 amends and expands the disclosures required



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5.  New Accounting Pronouncements, continued:



by SFAS No. 133 so that they provide an enhanced understanding of (1) how and why an entity uses derivative instruments, (2) how derivative instruments and related hedged items are accounted for under SFAS No. 133 and its related interpretations, and (3) how derivative instruments affect an entity's financial position, financial performance, and cash flows.  SFAS No. 161 is effective for both interim and annual reporting periods beginning after November 15, 2008. We are currently evaluating the potential impact of this statement on our financial statements and at this time we do not anticipate a material effect.



In December 2007, the FASB revised SFAS No. 141 "Business Combinations (SFAS No. 141(R))."  The revised standard is effective for transactions where the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. SFAS No. 141(R) will change the accounting for the assets acquired and liabilities assumed in a business combination as follows:





acquisition costs will be generally expensed as incurred;



noncontrolling interests (formally known as "minority interests") will be valued at fair value at the acquisition date;



acquired contingent liabilities will be recorded at fair value at the acquisition date and subsequently measured at either the higher of such amount or the amount determined under existing guidance for non-acquired contingencies;



in-process research and development will be recorded at fair value as an indefinite-lived intangible asset at the acquisition date;



restructuring costs associated with a business combination will be generally expensed subsequent to the acquisition date; and



changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense.



The adoption of SFAS No. 141(R) does not currently have a material effect on our financial statements. However, any future business acquisitions occurring on or after the beginning of the first annual reporting period beginning on or after December 15, 2008 will be accounted for in accordance with this statement.











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ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations



General

This Form 10-Q contains forward-looking statements.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions that are not statements of historical facts.  This document and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance.  The words believe, expect, anticipate, intends, estimates, forecast, project and similar expressions identify forward-looking statements.  The forward-looking statements in this document are based upon various assumptions, many of which are based on managements discussion and analysis or plan of operations and elsewhere in this report. Although we believe that these assumptions were reasonable when made, these statements are not guarantees of future performance and are subject to certain risks and uncertainties, some of which are beyond our control, and are difficult to predict.  Actual results could differ materially from those expressed in forward-looking statements.   Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect managements view only as of the date of this report.



(a) Plan of Operation

The Companys purpose is to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to it by persons or firms who desire to seek the perceived advantages of a publicly registered corporation.  Due to the increase in the price of gold, silver and other metals over the past several years, management is reactivating the Company with the intention of investigating opportunities in the natural resource industry. However, the Company will not restrict its search to any specific business, industry, and the Company may participate in a business venture of virtually any kind or nature.



The Company may seek a business opportunity with entities which have recently commenced operations, or wish to utilize the public marketplace in order to raise additional capital in order to expand into new products or markets, to develop a new product or service, or for other corporate purposes.  The Company may acquire assets and establish wholly-owned subsidiaries in various businesses, or acquire existing businesses as subsidiaries.  Business opportunities may be available in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.



Management of the Company, while not especially experienced in matters relating to the new business of the Company, will rely primarily upon their own efforts to accomplish the business purposes of the Company.  It is not anticipated that any outside consultants or advisors, other than the Company's legal counsel, will be utilized by the Company to effectuate its business purposes described herein. During the next twelve months, the Company expects to be able to satisfy its cash requirements, and does not foresee the need to raise additional capital during this period.



(c) Off-Balance Sheet Arrangements



The Company has no off-balance sheet arrangements of any kind.



8



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ITEM 3. Quantitative and Qualitative Disclosures about Market Risk



Smaller reporting companies are not required to provide this information.



ITEM 4.  Controls and Procedures



The Company maintains disclosure controls and procedures designed to ensure that information is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.



The Company evaluated the effectiveness of the design and operation of the Companys disclosure controls and procedures as of the end of the period covered by this report and concluded that the Companys disclosure controls and procedures were effective.



There has been no change in the Companys internal controls over financial reporting, during the most recent fiscal quarter, that has materially affected, or is reasonably likely to materially affect, the Companys internal controls over financial reporting.



PART II  OTHER INFORMATION



ITEM 1.   Legal Proceedings

None



ITEM 2.   Unregistered Sales of Equity Securities and Use of Proceeds

None



ITEM 3.   Defaults Upon Senior Securities

None



ITEM 4.   Submission of Matters to a Vote of Security Holders

None



ITEM 5.   Other Information

None



ITEM 6.   Exhibits



Exhibit 31.1  Certification required by Rule 13a-14(a) or Rule 15d-14(a)

Exhibit 31.2  Certification required by Rule 13a-14(a) or Rule 15d-14(a)

Exhibit 32.1  Certification required by Rule 13a-14(b) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350

Exhibit 32.2  Certification required by Rule 13a-14(b) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350





9



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SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



SUPERIOR SILVER MINES, INC.

(Registrant)



By:      /s/Thomas S. Smith

Thomas S. Smith, President and Director

Date:  August 11, 2008





Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



By    /s/Dennis OBrien

Dennis OBrien, Secretary and Principal Accounting Officer

Date:  August 11, 2008

















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