UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C.   20549









FORM
10-Q


(Mark
One)





[X]
            QUARTERLY
      REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the
quarterly period ended November
30, 2008





[   ]
            TRANSITION
      REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the
transition period from _________________
to _________________





Commission
file number 000-52944








MINE
      CLEARING CORP.(Exact
      name of registrant as specified in its
charter)








Nevada
                (State
      or other jurisdiction of incorporation or organization)
              00-0000000
                (I.R.S.
      Employer Identification No.)#640
      – 801 6th
      Ave. SW, Calgary, Alberta, Canada
                (Address
      of principal executive offices)
              T2P
      3W2
                (Zip
      Code)403-681-6249
                (Registrant’s
      telephone number, including area code)Peak
      Resources Incorporated
                (Former
      name, former address and former fiscal year, if changed since last
      report)





Indicate
by check mark whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 the past 90
days.


[X]
Yes         [    ]  No





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See the definitions of “large accelerated filer”,
“accelerated filer” and “smaller reporting company in Rule 12b-2 of the Exchange
Act.





Larger
      accelerated filer  [   ]
              Accelerated
      filer  [   ]Non-accelerated
      filer  [   ]
                (Do not check if a smaller
      reporting company)
              Smaller
      reporting
company  [X]





Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).


[X]  Yes         [   ]  No





APPLICABLE
ONLY TO CORPORATE ISSUERS





State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of the latest practicable date.





Class
              Outstanding
      at January 13, 2009common
      stock - $0.001 par value
              59,446,000





Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  2


PART
I – FINANCIAL INFORMATION





Item
1.  Financial Statements.








MINE
CLEARING CORP.








FINANCIAL
STATEMENTS





For
the period ended





November
30, 2008













Table
      of Contents:
              IndexBalance Sheets
              F-1Statements of Operations
              F-2Statements of Cash Flows
              F-3Notes to the Financial Statements
              F-4




















Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  3


Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Balance Sheets


(Expressed
in US dollars)








November
      30,
                          2008
                          $
                        
                        
                        August
      31,
                          2008
                          $(unaudited)ASSETSCurrent
      AssetsCash
                        
                        
                        63,902
                        
                        
                        
                        269,625Prepaid
      expenses
                        
                        
                        2,228
                        
                        
                        
                        2,228Total
      Current Assets
                        
                        
                        66,130
                        
                        
                        
                        271,853Equipment
      (Note 3)
                        
                        
                        965
                        
                        
                        
                        1,211Total
      Assets
                        
                        
                        67,095
                        
                        
                        
                        273,064LIABILITIES
      AND STOCKHOLDERS’ EQUITYCurrent
      LiabilitiesAccounts
      payable
                        
                        
                        34,081
                        
                        
                        
                        11,581Accrued
      liabilities
                        
                        
                        19,679
                        
                        
                        
                        15,981Due
      to related parties (Note 4(b))
                        
                        
                        6,201
                        
                        
                        
                        10,397Total
      Liabilities
                        
                        
                        59,961
                        
                        
                        
                        37,959Commitments
      and Contingencies (Note 1 and 5)Stockholders’
      EquityCommon
      Stock, 200,000,000 shares authorized, $0.001 par value
                          59,446,200
      shares issued and outstanding
                        
                        
                        59,446
                        
                        
                        
                        59,446Additional
      Paid-in Capital
                        
                        
                        340,904
                        
                        
                        
                        340,904Donated
      Capital
                        
                        
                        26,250
                        
                        
                        
                        26,250Deficit
      Accumulated During the Development Stage
                        
                        
                        (419,466
                        )
                        
                        
                        (191,495
                        )Total
      Stockholders’ Equity
                        
                        
                        7,134
                        
                        
                        
                        235,105Total
      Liabilities and Stockholders’ Equity
                        
                        
                        67,095
                        
                        
                        
                        273,064

















(The
Accompanying Notes are an Integral Part of These Financial
Statements)





F-1


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  4


Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Statements of Operations


(Expressed
in US dollars)


(unaudited)











Accumulated
                                  From
                                  September
      30, 2005
                                
                                
                                For
      the
                                  Three
      Months
                                
                                
                                For
      the
                                  Three
      Months(Date
      of Inception)
                                
                                
                                Ended
                                
                                
                                Endedto
      November 30,
                                
                                
                                November
      30,
                                
                                
                                November
      30,2008
                                
                                
                                2008
                                
                                
                                2007$
                                
                                
                                
                                $
                                
                                
                                
                                $Revenue
                                
                                
                                –
                                
                                
                                
                                –
                                
                                
                                
                                –ExpensesGeneral
      and administrative (Note 4 and 6)
                                
                                
                                176,888
                                
                                
                                
                                88,805
                                
                                
                                
                                2,920Amortization
                                
                                
                                267
                                
                                
                                
                                246
                                
                                
                                
                                –Research
      and development costs
                                
                                
                                98,000
                                
                                
                                
                                98,000
                                
                                
                                
                                –Professional
      and marketing fees
                                
                                
                                123,714
                                
                                
                                
                                40,920
                                
                                
                                
                                13,631Total
      Expenses
                                
                                
                                398,869
                                
                                
                                
                                227,971
                                
                                
                                
                                16,551Net
      Loss Before Discontinued Operations
                                
                                
                                (398,869
                                )
                                
                                
                                (227,971
                                )
                                
                                
                                (16,551
                                )Discontinued
      operations (Note 8)
                                
                                
                                (20,597
                                )
                                
                                
                                –
                                
                                
                                
                                (6,068
                                )Net
      Loss
                                
                                
                                (419,466
                                )
                                
                                
                                (227,971
                                )
                                
                                
                                (22,619
                                )Net
      Loss Per Share – Basic and DilutedContinuing
      Operations
                                
                                
                                
                                
                                
                                
                                –
                                
                                
                                
                                –Discontinued
      Operations
                                
                                
                                
                                
                                
                                
                                –
                                
                                
                                
                                –Weighted
      Average Shares Outstanding
                                
                                
                                
                                
                                
                                
                                59,446,000
                                
                                
                                
                                58,380,000






































(The
Accompanying Notes are an Integral Part of These Financial
Statements)





F-2


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  5





Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Statements of Cash Flows


(Expressed
in US dollars)


(unaudited)








Accumulated
                        From
                        September
      30, 2005
                        (Date
      of Inception)
                        to
      November 30,
                        2008
                      
                      
                      For
      the
                        Three
      Months
                        Ended
                        November
      30,
                        2008
                      
                      
                      For
      the
                        Three
      Months
                        Ended
                        November
      30,
                        2007$
                      
                      
                      
                      $
                      
                      
                      
                      $Operating
      ActivitiesNet
      loss
                      
                      
                      (419,466
                      )
                      
                      
                      (227,971
                      )
                      
                      
                      (22,619
                      )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Donated
      services and rent
                      
                      
                      26,250
                      
                      
                      
                      –
                      
                      
                      
                      2,250Impairment
      of mineral property
                      
                      
                      9,957
                      
                      
                      
                      –
                      
                      
                      
                      5,218Amortization
                      
                      
                      267
                      
                      
                      
                      246
                      
                      
                      
                      –Changes
      in operating assets and liabilities:Accounts
      payable and accrued liabilities
                      
                      
                      53,760
                      
                      
                      
                      26,198
                      
                      
                      
                      9,372Prepaid
      expenses
                      
                      
                      (2,228
                      )
                      
                      
                      –
                      
                      
                      
                      –Due
      to related party
                      
                      
                      5,791
                      
                      
                      
                      (4,196
                      )
                      
                      
                      957Net
      Cash Used in Operating Activities
                      
                      
                      (325,669
                      )
                      
                      
                      (205,723
                      )
                      
                      
                      (4,822
                      )Investing
      ActivitiesMineral
      property acquisition costs
                      
                      
                      (9,547
                      )
                      
                      
                      –
                      
                      
                      
                      (5,218
                      )Equipment
      acquisition
                      
                      
                      (1,232
                      )
                      
                      
                      –
                      
                      
                      
                      –Net
      Cash Used in Investing Activities
                      
                      
                      (10,779
                      )
                      
                      
                      –
                      
                      
                      
                      (5,218
                      )Financing
      ActivitiesProceeds
      from the issuance of common stock
                      
                      
                      400,350
                      
                      
                      
                      –
                      
                      
                      
                      –Net
      Cash Provided by Financing Activities
                      
                      
                      400,350
                      
                      
                      
                      –
                      
                      
                      
                      –Increase
      (Decrease) In Cash
                      
                      
                      63,902
                      
                      
                      
                      (205,723
                      )
                      
                      
                      (10,040
                      )Cash
      - Beginning of Period
                      
                      
                      –
                      
                      
                      
                      269,625
                      
                      
                      
                      28,857Cash
      - End of Period
                      
                      
                      63,902
                      
                      
                      
                      63,902
                      
                      
                      
                      18,817Supplemental
      DisclosuresInterest
      paid
                      
                      
                      –
                      
                      
                      
                      –
                      
                      
                      
                      –Income
      tax paid
                      
                      
                      –
                      
                      
                      
                      –
                      
                      
                      
                      –


























(The
Accompanying Notes are an Integral Part of These Financial
Statements)





F-3


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  6


Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Notes to the Financial Statements


(Expressed
in US dollars)


November
30, 2008


(unaudited)








1.
              Development
      Stage Company




Peak
Resources Incorporated (the “Company”) was incorporated in the State of Nevada
on September 30, 2005. On August 18, 2008, the Company changed its name to Mine
Clearing Corp. The Company is a Development Stage Company, as defined by
Statement of Financial Accounting Standard (“SFAS”) No.7 “Accounting and Reporting for
Development Stage Enterprises”. The Company’s former principal business
was the acquisition and exploration of mineral resource properties. During the
fourth quarter of 2008, the Company changed its principal business and entered
into licensing agreements for the rights to certain intellectual properties in
the landmine scanning, detection, mapping and removal services. Refer to Note
5.




These
financial statements have been prepared on a going concern basis, which implies
the Company will continue to realize its assets and discharge its liabilities in
the normal course of business. The Company has never generated revenues since
inception and has never paid any dividends and is unlikely to pay dividends or
generate earnings in the immediate or foreseeable future. The continuation of
the Company as a going concern is dependent upon the continued financial support
from its shareholders, the ability of the Company to obtain necessary equity
financing to continue operations, and the attainment of profitable operations.
As at November 30, 2008, the Company has accumulated losses of $419,466 since
inception. These factors raise substantial doubt regarding the Company’s ability
to continue as a going concern. These financial statements do not include any
adjustments to the recoverability and classification of recorded asset amounts
and classification of liabilities that might be necessary should the Company be
unable to continue as a going concern.





2.      Summary
of Significant Accounting Policies




a)
            Basis
      of Presentation




These
financial statements and related notes are presented in accordance with
accounting principles generally accepted in the United States, and are expressed
in US dollars. The Company’s fiscal year-end is August 31.




b)
            Interim
      Financial Statements




The
interim unaudited financial statements have been prepared in accordance with
accounting principles generally accepted in the United States for interim
financial information and with the instructions to Securities and Exchange
Commission (“SEC”) Form 10-Q. They do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. Therefore, these interim unaudited financial statements
should be read in conjunction with the Company’s audited financial statements
and notes thereto for the year ended August 31, 2008, included in the Company’s
Annual Report on Form 10-K filed on December 2, 2008 with the SEC.




The
financial statements included herein are unaudited; however, they contain all
normal recurring accruals and adjustments that, in the opinion of management,
are necessary to present fairly the Company’s financial position at November 30,
2008, and the consolidated results of its operations and consolidated cash flows
for the three months ended November 30, 2008 and November 30, 2007. The results
of operations for the three months ended November 30, 2008 are not necessarily
indicative of the results to be expected for future quarters or the full year
ending August 31, 2009.




c)
            Use
      of Estimates




The
preparation of financial statements in conformity with US generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. The
Company regularly evaluates estimates and assumptions related to donated
services and deferred income tax asset valuation allowances. The Company bases
its estimates and assumptions on current facts, historical experience and
various other factors that it believes to be reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying
values of assets and liabilities and the accrual of costs and expenses that are
not readily apparent from other sources. The actual results experienced by the
Company may differ materially and adversely from the Company’s estimates. To the
extent there are material differences between the estimates and the actual
results, future results of operations will be affected.





F-4


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  7


Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Notes to
the Financial Statements


(Expressed
in US dollars)


November
30, 2008


(unaudited)






2.
            Summary
      of Significant Accounting Policies
(continued)




d)
            Basic
      and Diluted Net Income (Loss) Per
Share




The
Company computes net income (loss) per share in accordance with SFAS No. 128,
"Earnings per Share".
SFAS No. 128 requires presentation of both basic and diluted earnings per share
(EPS) on the face of the income statement. Basic EPS is computed by dividing net
income (loss) available to common shareholders (numerator) by the weighted
average number of shares outstanding (denominator) during the period. Diluted
EPS gives effect to all dilutive potential common shares outstanding during the
period using the treasury stock method and convertible preferred stock using the
if-converted method. In computing Diluted EPS, the average stock price for the
period is used in determining the number of shares assumed to be purchased from
the exercise of stock options or warrants. Diluted EPS excludes all dilutive
potential shares if their effect is anti dilutive.




e)
            Comprehensive
      Loss




SFAS No.
130, “Reporting Comprehensive
Income,” establishes standards for the reporting and display of
comprehensive loss and its components in the financial statements. As at
November 30, 2008 and 2007, the Company has no items that represent a
comprehensive loss and, therefore, has not included a schedule of comprehensive
loss in the financial statements.




f)
            Cash
      and Cash Equivalents




The
Company considers all highly liquid instruments with maturity of three months or
less at the time of issuance to be cash equivalents.




g)
            Research
      and Development Costs




Pursuant
to FAS 2 “Accounting for
Research and Development Costs” the Company expenses all research and
development costs as incurred.




h)
            Mineral
      Property Costs




The
Company has been in the development stage since its inception on September 30,
2005 and has not yet realized any revenues from its planned operations. The
Company was formerly engaged in the acquisition and development of mining
properties. Mineral property development costs are expensed as incurred. Mineral
property acquisition costs are initially capitalized when incurred using the
guidance in EITF 04-02, “Whether Mineral Rights Are Tangible
or Intangible Assets”. The Company assesses the carrying costs for
impairment under SFAS 144, “Accounting for Impairment or
Disposal of Long Lived Assets” at each fiscal quarter end. When it has
been determined that a mineral property can be economically developed as a
result of establishing proven and probable reserves, the costs then incurred to
develop such property, are capitalized. Such costs will be amortized using the
units-of-production method over the estimated life of the probable reserve. If
mineral properties are subsequently abandoned or impaired, any capitalized costs
will be charged to operations.




i)
            Property
      and Equipment




Property
and equipment is recorded at cost and is amortized on a straight-line basis over
5 years.




j)
            Long-Lived
      Assets




In
accordance with SFAS No. 144, “Accounting for the Impairment or
Disposal of Long-Lived Assets”, the Company tests long-lived assets or
asset groups for recoverability when events or changes in circumstances indicate
that their carrying amount may not be recoverable. Circumstances which could
trigger a review include, but are not limited to: significant decreases in the
market price of the asset; significant adverse changes in the business climate
or legal factors; accumulation of costs significantly in excess of the amount
originally expected for the acquisition or construction of the asset; current
period cash flow or operating losses combined with a history of losses or a
forecast of continuing losses associated with the use of the asset; and current
expectation that the asset will more likely than not be sold or disposed
significantly before the end of its estimated useful life.




Recoverability
is assessed based on the carrying amount of the asset and its fair value which
is generally determined based on the sum of the undiscounted cash flows expected
to result from the use and the eventual disposal of the asset, as well as
specific appraisal in certain instances. An impairment loss is recognized when
the carrying amount is not recoverable and exceeds fair value.


F-5


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  8


Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Notes to
the Financial Statements


(Expressed
in US dollars)


November
30, 2008


(unaudited)








2
            Summary
      of Significant Accounting Policies
(continued)




k)
            Financial
      Instruments


The fair
value of financial instruments, which include cash, accounts payable, accrued
liabilities and due to related party, were estimated to approximate their
carrying values due to the immediate or short-term maturities of these financial
instruments. Foreign currency transactions are primarily undertaken in Canadian
dollars. The financial risk is the risk to the Company’s operations that arise
from fluctuations in foreign exchange rates and the degree of volatility of
these rates. Currently, the Company does not use derivative instruments to
reduce its exposure to foreign currency risk.




l)
            Discontinued
      Operations




Certain
amounts have been reclassified to present the Company’s discontinuance of its
mineral exploration operations, as discontinued operations. Unless otherwise
indicated, information presented in the notes to the financial statements
relates only to the Company’s continuing operations. Information relating to
discontinued operations is included in Note 8.




m)
            Income
      Taxes




The
Company has adopted SFAS No. 109 “Accounting for Income Taxes”
as of its inception. Pursuant to SFAS No. 109 the Company is required to compute
tax asset benefits for net operating losses carried forward. Potential benefits
of income tax losses are not recognized in the accounts until realization is
more likely than not. Potential benefit of net operating losses have not been
recognized in these financial statements because the Company cannot be assured
it is more likely than not it will utilize the net operating losses carried
forward in future years.




n)
            Foreign
      Currency Translation




The
Company’s functional and reporting currency is the United States dollar.
Monetary assets and liabilities denominated in foreign currencies are translated
in accordance with SFAS No. 52 “Foreign Currency
Translation”, using the exchange rate prevailing at the balance sheet
date. Gains and losses arising on settlement of foreign currency denominated
transactions or balances are included in the determination of income. Foreign
currency transactions are primarily undertaken in Canadian dollars. The Company
has not, to the date of these financials statements, entered into derivative
instruments to offset the impact of foreign currency fluctuations.




o)
            Recent
      Issued Accounting Pronouncements




In May
2008, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 163,
“Accounting for Financial
Guarantee Insurance Contracts – An interpretation of FASB Statement No.
60”.  SFAS 163 requires that an insurance enterprise recognize
a claim liability prior to an event of default when there is evidence that
credit deterioration has occurred in an insured financial obligation. It also
clarifies how Statement 60 applies to financial guarantee insurance contracts,
including the recognition and measurement to be used to account for premium
revenue and claim liabilities, and requires expanded disclosures about financial
guarantee insurance contracts. It is effective for financial statements issued
for fiscal years beginning after December 15, 2008, except for some disclosures
about the insurance enterprise’s risk-management activities. SFAS 163 requires
that disclosures about the risk-management activities of the insurance
enterprise be effective for the first period beginning after issuance. Except
for those disclosures, earlier application is not permitted.  The
adoption of this statement is not expected to have a material effect on the
Company’s financial statements.




In May
2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted
Accounting Principles”. SFAS 162 identifies the sources of accounting
principles and the framework for selecting the principles to be used in the
preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles in the
United States.  It is effective 60 days following the SEC’s approval
of the Public Company Accounting Oversight Board amendments to AU Section 411,
“The Meaning of Present Fairly
in Conformity With Generally Accepted Accounting Principles”. The
adoption of this statement is not expected to have a material effect on the
Company’s financial statements.




F-6


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  9


Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Notes to
the Financial Statements


(Expressed
in US dollars)


November
30, 2008


(unaudited)






2.           Summary
of Significant Accounting Policies (continued)




o)
            Recently
      Issued Accounting Pronouncements
(continued)




In March
2008, the FASB issued SFAS No. 161, “Disclosures about Derivative
Instruments and Hedging Activities – an amendment to FASB Statement No.
133”. SFAS No. 161 is intended to improve financial standards for
derivative instruments and hedging activities by requiring enhanced disclosures
to enable investors to better understand their effects on an entity's financial
position, financial performance, and cash flows. Entities are required to
provide enhanced disclosures about: (a) how and why an entity uses derivative
instruments; (b) how derivative instruments and related hedged items are
accounted for under Statement 133 and its related interpretations; and (c) how
derivative instruments and related hedged items affect an entity’s financial
position, financial performance, and cash flows.  It is effective for
financial statements issued for fiscal years beginning after November 15, 2008,
with early adoption encouraged.  The adoption of this statement is not
expected to have a material effect on the Company’s financial
statements.




In
December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in
Consolidated Financial Statements Liabilities –an Amendment of ARB No.
51”.  This statement amends ARB 51 to establish accounting and
reporting standards for the Noncontrolling interest in a subsidiary and for the
deconsolidation of a subsidiary. This statement is effective for fiscal years,
and interim periods within those fiscal years, beginning on or after December
15, 2008. Earlier adoption is prohibited. The adoption of this statement is not
expected to have a material effect on the Company's Company's financial
statements.




In
December 2007, the FASB issued SFAS No. 141R, “Business
Combinations”.  This statement replaces SFAS 141 and defines
the acquirer in a business combination as the entity that obtains control of one
or more businesses in a business combination and establishes the acquisition
date as the date that the acquirer achieves control. SFAS 141R requires an
acquirer to recognize the assets acquired, the liabilities assumed, and any
noncontrolling interest in the acquiree at the acquisition date, measured at
their fair values as of that date. SFAS 141R also requires the acquirer to
recognize contingent consideration at the acquisition date, measured at its fair
value at that date. This statement is effective for fiscal years, and interim
periods within those fiscal years, beginning on or after December 15, 2008.
Earlier adoption is prohibited. The adoption of this statement is not expected
to have a material effect on the Company's financial statements.




In
February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial
Assets and Financial Liabilities – Including an Amendment of FASB Statement No.
115”.  This statement permits entities to choose to measure
many financial instruments and certain other items at fair value. Most of the
provisions of SFAS No. 159 apply only to entities that elect the fair value
option. However, the amendment to SFAS No. 115 “Accounting for Certain Investments
in Debt and Equity Securities” applies to all entities with
available-for-sale and trading securities. SFAS No. 159 is effective as of the
beginning of an entity’s first fiscal year that begins after November 15, 2007.
Early adoption is permitted as of the beginning of a fiscal year that begins on
or before November 15, 2007, provided the entity also elects to apply the
provision of SFAS No. 157, “Fair Value Measurements”. The
adoption of this statement did not have a material effect on the Company's
financial statements.




In
September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”. The
objective of SFAS 157 is to increase consistency and comparability in fair value
measurements and to expand disclosures about fair value measurements. SFAS 157
defines fair value, establishes a framework for measuring fair value in
generally accepted accounting principles, and expands disclosures about fair
value measurements. SFAS 157 applies under other accounting pronouncements that
require or permit fair value measurements and does not require any new fair
value measurements. The provisions of SFAS No. 157 are effective for fair value
measurements made in fiscal years beginning after November 15, 2007. The
adoption of this statement did not have a material effect on the Company's
financial statements.




F-7


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  10


Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Notes to
the Financial Statements


(Expressed
in US dollars)


November
30, 2008


(unaudited)








3.
            Property
      and Equipment





November
      30,
                    
                    
                    August
      312008
                    
                    
                    2008Cost
                      $
                    
                    
                    Accumulated
      Amortization
                      $
                    
                    
                    Net
      Book
                      Value
                      $
                    
                    
                    Net
      Book
                      Value
                      $Equipment
                    
                    
                    1,232
                    
                    
                    
                    267
                    
                    
                    
                    965
                    
                    
                    
                    1,211





4.           Related
Party Transactions




a)
            During
      the period ended November 30, 2008, the Company recognized a total of $nil
      (2007 - $1,500) for management services at $500 per month provided by the
      President of the Company, and $nil (2007 - $750) for rent at $250 per
      month provided by the President of the Company.  Refer to Note
      6(a). During the three month period ended November 30, 2008 the Company
      paid $4,000 of rent and the Company ceased to recognize donated rent
      starting September 1, 2008.




b)
            At
      November 30, 2008, the Company is indebted to a director of the Company
      for $6,201 (August 31, 2008 $10,397), representing expenditures paid on
      behalf of the Company. This amount is unsecured, non-interest bearing, due
      on demand and has no specific terms of
  repayment.





5.           Commitments




a)
            On
      August 1, 2008, the Company entered into a management agreement with the
      President of the Company to provide management services. Under the terms
      of the agreement, the Company agreed to pay $5,000 per month for an
      initial term of 24 months.




b)
            On
      August 1, 2008, the Company entered into a management agreement with a
      contractor to provide management services. Under the terms of the
      agreement, the Company agreed to pay $5,000 per month for an initial term
      of 24 months. On November 12, 2008, the Company decided to terminate the
      agreement effective January 13, 2009, pursuant to the termination
      clause.




c)
            On
      August 7, 2008, the Company entered into a Development and Consultancy
      Support Services Agreement (“Services Agreement”) with Roke Manor Research
      Limited (the “Licensor”) to develop proprietary technology and products
      and provide consulting support in the field of landmine scanning,
      detection, mapping and removal.




Under the
terms of Services Agreement the Company will pay for the Licensor to complete a
three stage research and development program.




i.
            Phase
      1 is the System Analysis and Design Phase. The cost to complete this phase
      is approximately $365,500 (£215,000). Phase 1 is expected to be completed
      on or before December 15, 2008. The Company will be required to deliver an
      initial payment of $98,000 (£53,750) (paid), followed by 3 sequential
      monthly payments of $149,000 (£96,750), $102,000 (£53,750) and $16,500
      (£10,750).




ii.
            Phase
      2 is the Ground Based Demonstrators Phase. This phase is expected to cost
      approximately $630,000 to $770,000 (£410,000 to £500,000). Phase 2 is
      expected to be completed on or before May 15,
  2009.




iii.
            Phase
      3 is the Unmanned Aeronautical Vehicle Integration Phase. This phase is
      expected to cost approximately $238,000 to $308,000 (£155,000 to
      £200,000). Phase 3 is expected to be completed on or before July 30,
      2009.




F-8


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  11





Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Notes to
the Financial Statements


(Expressed
in US dollars)


November
30, 2008


(unaudited)








5.       Commitments
(continued)




d)
            On
      August 7, 2008, the Company entered into a Technology Exploitation
      Agreement with the Licensor to acquire a non-transferable license to
      utilize certain sensor intellectual property (“Cold Sky technology”) to
      develop, manufacture, use and sell any anomaly or metal detector product
      or products developed by the Company using the Cold Sky technology. The
      consideration for the license to use the Cold Sky technology is an upfront
      fee of £125,000 (US$192,000), which shall be payable upon completion of
      Phase 3 of the Services Agreement (Refer to Note 6(c)) and thereafter a
      royalty of £1,000 (US$1,500) for each product deployed by the Company,
      including sales of the product designed by the Company for integration
      into systems manufactured by third parties or suppliers of spare or
      replacement parts. The maximum royalty limit the Company shall be required
      to pay is £250,000 (US$384,000) over a ten year period commencing upon
      completion of the Services
Agreement.




e)
            On
      August 7, 2008, the Company entered into a Technology Exploitation
      Agreement with the Licensor to acquire a non-transferable license to
      utilize certain sensor intellectual property (“Fig8 technology”) in order
      to develop, manufacture, use and sell any anomaly or metal detector
      product or products developed by the Company using the Fig8 technology.
      The consideration for the license to use the Fig8 technology is an upfront
      fee of £125,000 (US$192,000), which shall be payable upon completion of
      the final phase of the Services Agreement and thereafter a royalty of £125
      (US$190) for each product deployed by the Company, including sales of the
      product designed by the Company for integration into systems manufactured
      by third parties or suppliers of spare or replacement parts. The maximum
      royalty limit the Company shall be required to pay is £250,000
      (US$384,000) over a ten year period commencing upon completion of the
      Services Agreement.




f)
            On
      August 15, 2008, the Company entered into a management agreement with a
      contractor to provide management services. Under the terms of the
      agreement, the Company agreed to pay $2,500 per month for an initial term
      of 24 months.




g)
            On
      August 27, 2008, the Company entered into a contract with an investor
      relations firm. In consideration for investor relations services, the
      Company will pay the firm 3% for all venture investments. The Company will
      also pay EUR 2,000 (US$2,500) per month for three months commencing
      September 1, 2008. The agreement can be revoked by either party at any
      time during the three month period, however, introductions made by the
      investor relations firm that lead to financing will be honored for a
      period of one year. For all introductions, the maximum finder’s fee
      payable is 10% (inclusive of the 3%
fee).




h)
            On
      September 9, 2008, the Company entered into a management agreement with a
      consultant to provide consulting services. Under the terms of the
      agreement, the Company agreed to pay $3,500 per month for an initial term
      of 24 months.




i)
            On
      October 17, 2008, the Company signed a memorandum of understanding with a
      bank to advise the Company in its private placement of new shares with
      European institutional investors.  In consideration for these
      services the Company has agreed to pay for all expenses, fees and any
      other costs incurred in connection with the private placement, 10% of the
      gross proceeds of the private placement, and EUR15,000 (US$19,000) for
      work provided during the Due
Diligence.




j)
            On
      November 18, 2008, the Company entered into a management agreement with a
      consultant to provide management services.  Under the terms of
      the agreement, the Company agreed to pay $2,500 per month for an initial
      term of 24 months.




6.       Common
Stock




a)
            On
      March 3, 2008, the Company effected a nine (9) for one (1) stock dividend
      of the authorized, issued and outstanding stock.  As a result,
      the issued and outstanding share capital increased from 5,867,620 shares
      of common stock to 58,676,200 shares of common stock. All share amounts
      have been retroactively adjusted for all periods
  presented.




b)
            On
      September 8, 2008, the Company increased the authorized capital from
      75,000,000 shares of common stock with a par value of $0.001 per share to
      200,000,000 shares of common stock with a par value of $0.001 per
      share.




F-9


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  12


Mine
Clearing Corp.


(formerly
Peak Resources Incorporated)


(A
Development Stage Company)


Notes to
the Financial Statements


(Expressed
in US dollars)


November
30, 2008


(unaudited)








7.      Discontinued
Operations





On
      August 7, 2008, the Company discontinued all operations related to the
      former business of acquiring and exploring mineral resource
      properties.





The
      results of discontinued operations are summarized as
    follows:




Accumulated
                      From
                      September
      30, 2005 (Date of Inception)
                    
                    
                    For
      the
                      Three
      Months
                      Ended
                    
                    
                    For
      the
                      Three
      Months
                      Endedto
      November 30,
                    
                    
                    November
      30,
                    
                    
                    November
      30,2008
                    
                    
                    2008
                    
                    
                    2007ExpensesImpairment
      of mineral property (Note 4)
                    
                    
                    9,957
                    
                    
                    
                    –
                    
                    
                    
                    5,217Mineral
      property costs
                    
                    
                    10,640
                    
                    
                    
                    –
                    
                    
                    
                    851Net
      Loss
                    
                    
                    (20,597
                    )
                    
                    
                    –
                    
                    
                    
                    (6,068
                    )





8.           Subsequent
Event




On
December 15, 2008, the Company signed a loan agreement to receive $18,000 from a
shareholder of the Company to be used for general working
capital.  The loan is unsecured, has a term of one year and bears
interest at 5% per annum calculated semi-annually and payable upon termination
of the loan.

















F-10


Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  13





Item
2.  Management’s Discussion and Analysis of Financial Condition and
Results of Operation.





THE
FOLLOWING PRESENTATION OF MANAGEMENT’S DISCUSSION AND ANALYSIS OF MINE CLEARING
CORP. SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND OTHER
FINANCIAL INFORMATION INCLUDED HEREIN.





Forward-Looking
Statements





Some of
the information in this quarterly report on Form 10-Q contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Private Securities Litigation Reform Act of
1995.  All statements other than statements of historical facts
included in this report, including, without limitation, statements regarding our
future financial position, business strategy, budgets, projected costs and plans
and objectives for future operations, are forward-looking
statements.  These statements express, or are based on, our
expectations about future events.  Forward-looking statements give our
current expectations or forecasts of future events.  Forward-looking
statements generally can be identified by the use of forward looking terminology
such as “may,” “will,” “expect,” “intend,” “project,” “estimate,” “anticipate,”
“believe” or “continue” or the negative thereof or similar
terminology.





Although
any forward-looking statements contained in this Form 10-Q or otherwise
expressed by or on behalf of us are, to our knowledge and judgment, believed to
be reasonable, there can be no assurances that any of these expectations will
prove correct or that any of the actions that are planned will be
taken.  Forward-looking statements involve and can be affected by
inaccurate assumptions or by known and unknown risks and uncertainties which may
cause our actual performance and financial results in future periods to differ
materially from any projection, estimate or forecasted result. Important factors
that could cause actual results to differ materially from expected results
include those discussed under the caption “Risk Factors” in our annual report on
Form 10-K for the year ended August 31, 2008 and filed on December 2,
2008.  Any of these factors could cause our actual results to differ
materially from the results implied by these or any other forward-looking
statements made by us or on our behalf.  We cannot assure you that our
future results will meet our expectations.  When you consider these
forward-looking statements, you should keep in mind these
factors.  All subsequent written and oral forward-looking statements
attributable to us, or persons acting on our behalf, are expressly qualified in
their entirety by these factors.  Our forward-looking statements speak
only as of the date made.  We assume no duty to update or revise its
forward-looking statements based on changes in internal estimates or
expectations or otherwise.





Overview





Mine
Clearing Corp. (“MCC”) is developing an advanced technology solution to
locating, mapping and removing landmines. Our solution is based on two patented
sensors that will be further developed by our technology provider, Roke Manor
Research Ltd. (“Roke”), for our specific demining solution. The resulting
technology product will be an integrated stand-alone scanning, locating and
mapping system that will utilize Unmanned Aerial Vehicles, GPS mapping software
and specialized training of resident personnel of client countries. MCC expects
that the system will be substantially faster, more efficient and safer than
existing approaches to the dangerous process of landmine detection and
removal.





Roke, a
subsidiary of Siemens AG, are our strategic technology providers and the sensor
technology we have licensed from Roke represents the foundation of our
technology solution. Roke is owned by Siemens and based in Romsey,
Hampshire, UK is an innovative solutions provider and contract R&D
specialist. They have pioneered developments in electronic sensors, networks and
communications technology, providing products and services to Siemens
businesses, government departments, and commercial customers. (Roke employs
approximately 475 people. Orders for the financial year ending 30 September 2007
were £44.85m and turnover for the same period was £42.55 million.)






Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  14





MCC has
licensed two proprietary sensors for the exclusive use of landmine detection
from Roke via two licensing agreements entered into on August 7, 2008. The
sensor technology will be further developed by Roke through a Development and
Consultancy Support Services Agreement (“Services Agreement”) entered into on
August 7, 2008.





Plan
of Operation





MCC
intends to complete a number of key objectives over the course of the next 12 –
18 months that will result in achieving its goal of becoming a highly profitable
technology and service company in the landmine detection and removal
sector.





The most
important objectives to achieve are the following:





·
            In
      accordance with the global nature of its business, we are targeting
      multiple stock exchange listings including a more senior exchange listing
      in either Europe or the UK.


·
            Complete
      a financing of $5 million to meet our development and commercialization
      funding needs for the next 12 months. This includes approximately $1.5
      million for technology product development, approximately $1.4 million for
      general and administration (including business development) and
      approximately $1.5 million in capital costs to deploy our first commercial
      unit


·
            Develop
      a working model stand alone system that will conduct high level scans and
      low level detection of landmines on a variety of landmine contamination
      terrains. A series of demonstrations to key decision makers and centers of
      influence will be carried out as soon as the prototype systems are
      available.


·
            Develop
      and market a business model that is based on complex technology but that
      delivers direct and significant benefits. Our complex system will scan,
      detect, and map the location of buried landmines. Retired military
      personnel and civilians, including mine survivors, will provide the bulk
      of our human resource needs. Our commitment to our clients will even go as
      far as the establishment of product assembly sites, Centers of Excellence
      and regional training centers.


·
            Achieve
      certification with the United Nations for mine
  removal.


·
            Secure
      letters of intent, followed by firm contracts with both nation states and
      private companies seeking to de-contaminate targeted parcels of
      land.


·
            Build
      a global organization that can implement an aggressive business model that
      will gain the confidence and business of nation states that will benefit
      from both a humanitarian and economic development perspective by employing
      MCC





The key
milestones and achievement dates are outlined in the following
table:





Milestone
                          Details
                          Achievement
      DateRaise
      $5 million1
                          Required
      to fund R&D, corporate and business development.
                          February
      2009Additional
      board member additions
                          International
      board members added for business development and future fund
      raising.
                          February
      2009Roke
      Phase 1 completed
                          System
      analysis and design phase
                          Mar/April
      2009Letters
      of Understanding
                          Client
      countries secure initial position for demonstrations.
                          April
      2009Roke
      Phase 2 completed
                          Ground
      based demonstrators completed including landmine location and mapping
      function
                          June/July
      2009Letters
      of Intent signed with initial client countries
                          Countries
      having viewed functionality of phase 2 will be requested to sign LOIs to
      ensure they are positioned to be first client countries.
                          June/July
      2009Roke
      Phase 3 completed
                          UAV
      integration and testing. Final prototype demonstrated.
                          Sept/Oct
      2009Contracts
      signed and deposits (1/3) taken
                          We
      anticipate our first year of operations will generate contracts in a
      minimum of 2 countries.
                          Oct/Nov
      2009


1 MCC has
not reached any definitive arrangements for financing as of the date of this
report.




Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  15





MCC’s
technology is complex but our development model is not. We intend on building
the best in class solution to the global demining problem. We will market our
solution to nation states that will benefit from mine removal and economic
development benefits inherent in adopting our system.





The
management of MCC has direct experience in developing and growing technology
based companies. We understand that the primary success factor in a thriving
technology venture is delivering a product that meets or, better yet, exceeds
the needs of the client. In our case, this means developing a landmine removal
system/service that is faster, less expensive and safer than existing methods.
We have confidence in our team and in Roke Manor’s patented sensors to meet this
objective.





We also
understand that while the resulting technology is critical, building a better
mousetrap isn’t the only key to success. We have to develop the contacts and
relationships to ensure we can market our systems successfully. To that end we
have generated solid expressions of interest. Potential clients are numerous and
everyone we have communicated with is keenly interested in our proposed product
offering. We have only scratched the surface in terms of business development
and intend to do more over the coming year as we lead to our phased product
demonstrations.





Initially
our marketing efforts will demonstrate that the sensors can scan for and detect
buried landmines. The next demonstrations will show potential clients an
integrated system with scanning, detecting and mapping features. Finally, we
will integrate it all onto an airborne delivery system that will quickly scan
terrain and deliver less expensive, faster and safer land mine removal. These
successive steps will lead to formal commitments and to contracts for work
programs. This is the core of the market development plan.





As we
work with Roke we will continue to forge new relationships that will turn into
solid business relationships in the future. We have been making progress in that
regard and we are convinced there is a huge unmet need for a product/service
that offers the benefits we are developing.





As a new
venture, we are constantly learning more about the dynamics of the market. These
dynamics have convinced us that while it is important to balance our efforts, we
are more convinced than ever that our focus of ensuring the technology
development is of the highest priority is the correct approach. We are confident
that we will continue to make progress in developing an application that will
make the purchase decision easy and at the same time prepare the market for our
launch.





Risk
Factors





An
investment in MCC’s common stock involves a number of very significant
risks.  Prospective investors should refer to all the risk factors
disclosed in MCC’s Form 10-K filed on December 2, 2008.





Results
of Operation for the Period Ended November 30, 2008





MCC has
had no operating revenues since its inception on September 30, 2005, through to
November 30, 2008.  MCC’s activities have been financed from the
proceeds of share subscriptions and from a shareholder loan.  From
MCC’s inception on September 30, 2005 to November 30, 2008 MCC raised a total of
approximately $400,000 from private placements of its common stock and $18,000
from a shareholder loan.





For the
period from inception on September 30, 2005, to November 30, 2008, MCC incurred
total expenses of $398,869.  These expenses included $123,714 in
professional fees, $98,000 in research and development costs, $176,888 in
general and administrative expenses, $267 in amortization expenses and $20,597
in expenses due to discontinued operations (mineral property
costs).  MCC’s general and administrative expenses include donated
management services, donated rent, office maintenance, bank charges, travel,
communication expenses, courier, postage costs, and office
supplies.  MCC’s professional fees consist of legal, consulting,
management fees, accounting and auditing fees.




Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  16





For the
three month period ended November 30, 2008, MCC incurred total expenses of
$227,971.  These expenses included $40,920 in professional fees,
$88,805 in general and administrative expenses, and $98,000 in research and
development costs.  MCC’s general and administrative expenses mainly
include donated management services, donated rent, office maintenance, bank
charges, travel, communication expenses, courier, postage costs, and office
supplies.  MCC’s professional fees consist of legal, consulting,
management fees, accounting and auditing fees.





For the
three month period ended November 30, 2007, Peak incurred total expenses of
$16,551.  These expenses included $13,631 in professional fees, $2,920
in general and administrative expenses. Peak recognized $5,218 in impairment of
mineral property.  Peak’s general and administrative expenses mainly
include $1,500 for donated management services and $750 for donated rent, which
were provided by its President





Liquidity
and Capital Resources





As at
November 30, 2008, MCC had a cash balance of $63,902 and had working capital of
$6,169.  MCC’s accumulated deficit was $419,466 as at November 30,
2008.  MCC’s net loss of $419,966 from September 30, 2005 (date of
inception) to November 30, 2008 was mostly funded by its equity
financing.  From September 30, 2005 (date of inception) to November
30, 2008, MCC raised $400,350 in equity financing and $18,000 in debt
financing.  The net increase in cash from September 30, 2005 (date of
inception) to November 30, 2008 was $63,902.




On August
7, 2008, the Company entered into a Development and Consultancy Support Services
Agreement (“Services Agreement”) with Roke Manor Research Limited (the
“Licensor”) to develop proprietary technology and products and provide
consulting support in the field of landmine scanning, detection, mapping and
removal.




Under the
terms of Services Agreement the Company will pay for the Licensor to complete a
three stage research and development program.




i.
            Phase
      1 is the System Analysis and Design Phase. The cost to complete this phase
      is approximately $415,000 (£215,000 GBP). Phase 1 is expected to be
      completed on or before December 15, 2008. The Company will be required to
      deliver an initial payment of $102,000 (£53,750 GBP) followed by 3
      sequential monthly payments of $183,000 (£96,750 GBP), $102,000 (£53,750
      GBP) and $20,500 (£10,750 GBP).




ii.
            Phase
      2 is the Ground Based Demonstrators Phase. This phase is expected to cost
      approximately $790,000 to $960,000 (£410,000 GBP to £500,000 GBP). Phase 2
      is expected to be completed on or before May 15,
  2009.




iii.
            Phase
      3 is the Unmanned Aeronautical Vehicle Integration Phase. This phase is
      expected to cost approximately $300,000 to $385,000 (£155,000 GBP to
      £200,000 GBP). Phase 3 is expected to be completed on or before July 30,
      2009.





On August
7, 2008, the Company entered into a Technology Exploitation Agreement with the
Licensor to acquire a non-transferable license to utilize certain sensor
intellectual property (“Cold Sky technology”) to develop, manufacture, use and
sell any anomaly or metal detector product or products developed by the Company
using the Cold Sky technology. The consideration for the license to use the Cold
Sky technology is an upfront fee of £125,000 GBP (US$243,000), which shall be
payable upon completion of Phase 3 of the Services Agreement (Refer to Note
5(c)) and thereafter a royalty of £1,000 GBP (US$1,900) for each product
deployed by the Company, including sales of the product designed by the Company
for integration into systems manufactured by third parties or suppliers of spare
or replacement parts. The maximum royalty limit the Company shall be required to
pay is £250,000 GBP (US$486,000) over a ten year period commencing upon
completion of the Services Agreement.







Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  17




On August
7, 2008, the Company entered into a Technology Exploitation Agreement with the
Licensor to acquire a non-transferable license to utilize certain sensor
intellectual property (“Fig8 technology”) in order to develop, manufacture, use
and sell any anomaly or metal detector product or products developed by the
Company using the Fig8 technology. The consideration for the license to use the
Fig8 technology is an upfront fee of £125,000 GBP (US$243,000), which shall be
payable upon completion of the final phase of the Services Agreement and
thereafter a royalty of £125 GBP (US$240) for each product deployed by the
Company, including sales of the product designed by the Company for integration
into systems manufactured by third parties or suppliers of spare or replacement
parts. The maximum royalty limit the Company shall be required to pay is
£250,000 GBP (US$486,000) over a ten year period commencing upon completion of
the Services Agreement.





Funding
for the obligations to Roke Manor Research to complete the research and
development program and pay the upfront licensing fees will financed through
sales of MCC’s common stock. There are no assurances that MCC will be able to
achieve further sales of its common stock or any other form of additional
financing.  If MCC is unable to achieve the financing necessary to
continue its plan of operations, then MCC will not be able to execute its
business plan of developing a demining technology solution and its business will
fail.





Management
intends to raise the balance of MCC’s cash requirements of $4.3 million for the
next 12 months from private placements, shareholder loans or possibly a
registered public offering (either self-underwritten or through a broker-dealer)
within the next few months.  If MCC is unsuccessful in raising enough
money through future capital raising efforts, MCC may review other financing
possibilities such as bank loans.  At this time MCC does not have any
commitments from any broker-dealer to provide MCC with financing.





Net
Cash Used in Operating Activities





For the
three month period ended November 30, 2008, net cash used in operating
activities totalled $ 205,723 compared with $4,822 for the previous fiscal
year.





As at
November 30, 2008, MCC had a cash balance of $63,902 and had working capital of
$6,169.  During the fiscal three month period ended November 30, 2008,
MCC used $205,723 in cash for operating activities.  This was
primarily a result of an operating loss of $227,971, offset by non-cash items
for amortization of $246, and a net increase in accounts payable and accrued
liabilities of $26,198.  During the  three month period
ended November 30, 2008, MCC paid $nil towards accounts
payable.  There were also changes in prepaid expenses and due to
related parties resulting in a net use of cash of $4,196.





Net
Cash Used in Investing Activities





Net cash
provided by investing activities was $(0) for the  three month period
ended November 30, 2008 as compared with $(5,218) of cash used for the
previous  year.





MCC used
net cash of $0 in investing activities during the  three month period
ended November 30, 2008.  For the  three month period
ended November 30, 2008, MCC’s monthly cash requirement was approximately
$68,585 in operating activities and approximately $0 in investing
activities.  Management anticipates that after January 2009 if MCC
intends to execute its business plan its monthly expenses will increase to
$233,000 for technology and product development plus general and administration
(including business development). This includes an average of $43,000 for human
resources and staffing, an average of $127,000 for research and development,
$30,000 for business development including travel costs, and $33,000 for public
company, legal, accounting, marketing and office costs.  During the
last quarter of the upcoming fiscal year it will require the majority of its
$1.4 million budget for capital expenditures to build and deploy its first
commercial unit.





Net
Cash Used in Financing Activities





Net cash
provided by financing activities increased to $0 for the  three month
period ended November 30, 2008 as compared with financing of $0 for the previous
fiscal year from the issuance of common stock.




Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  18





Off-balance
Sheet Arrangements





MCC has
not engaged in any off-balance sheet arrangements.





Tabular
Disclosure of Contractual Obligations





MCC is a
smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is
not required to provide the information required under this item.





Forward
Looking Statements





The
information in this quarterly report contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934.  These forward-looking statements
involve risks and uncertainties, including statements regarding MCC’s capital
needs, business strategy and expectations. Any statements contained herein that
are not statements of historical facts may be deemed to be forward-looking
statements.  In some cases, you can identify forward-looking
statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of
such terms or other comparable terminology.  Actual events or results
may differ materially.  In evaluating these statements, you should
consider various factors, including the risks outlined from time to time, in
other reports MCC files with the Securities and Exchange
Commission.  These factors may cause MCC’s actual results to differ
materially from any forward-looking statement.  MCC disclaims any
obligation to publicly update these statements, or disclose any difference
between its actual results and those reflected in these
statements.  The information constitutes forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995.





Item
3.  Quantitative and Qualitative Disclosures About Market
Risk.





MCC is a
smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is
not required to provide the information required under this item.







Item 4.  Controls and
Procedures.




Internal Controls over
Financial Reporting




Our
management is responsible for establishing and maintaining adequate internal
control over financial reporting. Under the supervision of our Chief Executive
Officer, the Company conducted an evaluation of the effectiveness of our
internal control over financial reporting as of November 30, 2008 using the
criteria established in Internal Control—Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission
(COSO).




A
material weakness is a deficiency, or combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the Company’s annual or interim financial
statements will not be prevented or detected on a timely basis. In its
assessment of the effectiveness of internal control over financial reporting as
of November 30, 2008, the Company determined that there were control
deficiencies that constituted material weaknesses, as described
below.




1.
              Certain
      entity level controls establishing a “tone at the top” were considered
      material weaknesses. The Company has no audit committee. There is no
      policy on fraud and no code of ethics at this time. A whistleblower policy
      is not necessary given the small size of the
  organization.2.
              Due
      to the significant number and magnitude of out-of-period adjustments
      identified during the year-end closing process, management has concluded
      that the controls over the period-end financial reporting process were not
      operating effectively. A material weakness in the period-end financial
      reporting process could result in us not being able to meet our
      regulatory filing deadlines and, if not remediated, has the potential to
      cause a material misstatement or to miss a filing deadline in the future.
      Management override of existing controls is possible given the small size
      of the organization and lack of personnel.3.
              There
      is no system in place to review and monitor internal control over
      financial reporting. The Company maintains an insufficient complement of
      personnel to carry out ongoing monitoring responsibilities and ensure
      effective internal control over financial
  reporting.









Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  19




Management
is currently evaluating remediation plans for the above control
deficiencies.




Accordingly,
the Company concluded that these control deficiencies resulted in a reasonable
possibility that a material misstatement of the annual or interim financial
statements will not be prevented or detected on a timely basis by the company’s
internal controls.





PART
II – OTHER INFORMATION





Item
1.  Legal Proceedings.





MCC is
not a party to any pending legal proceedings and, to the best of MCC’s
knowledge, none of MCC’s property or assets are the subject of any pending legal
proceedings.





Item
1A.  Risk Factors.





MCC is a
smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is
not required to provide the information required under this item.





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





During
the quarter of the fiscal year covered by this report, (i) MCC did not modify
the instruments defining the rights of its shareholders, (ii) no rights of any
shareholders were limited or qualified by any other class of securities, and
(iii) MCC did not sell any unregistered equity securities.





Item
3.  Defaults Upon Senior Securities.





During
the quarter of the fiscal year covered by this report, no material default has
occurred with respect to any indebtedness of MCC.  Also, during this
quarter, no material arrearage in the payment of dividends has
occurred.





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





No matter
was submitted to a vote of security holders through the solicitation of proxies
or otherwise, during the quarter of the fiscal year covered by this
report.





Item
5.  Other Information.





During
the quarter of the fiscal year covered by this report, MCC reported all
information that was required to be disclosed in a report on Form
8-K.





MCC has
adopted a new code of ethics that applies to all its executive officers and
employees, including its CEO and CFO.  See Exhibit 14 – Code of Ethics
for more information.  MCC undertakes to provide any person with a
copy of its financial code of ethics free of charge.  Please contact
Larry Olson at 403-681-6249 to request a copy of MCC’s code of
ethics.  Management believes MCC’s code of ethics is reasonably
designed to deter wrongdoing and promote honest and ethical conduct; provide
full, fair, accurate, timely and understandable disclosure in public reports;
comply with applicable laws; ensure prompt internal reporting of code
violations; and provide accountability for adherence to the code.











Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  20


Item
6.  Exhibits





(a)
            Index
      to and Description of Exhibits





All
Exhibits required to be filed with the Form 10-Q are included in this quarterly
report or incorporated by reference to MCC’s previous filings with the SEC,
which can be found in their entirety at the SEC website at www.sec.gov under SEC
File Number 000-52944 and SEC File Number 333-135743.





Exhibit
            Description
            Status3.1
            Articles
      of Incorporation filed as an exhibit to MCC’s registration statement on
      Form SB-2 filed on April 6, 2007, and incorporated herein by
      reference.
            Filed3.2
            By-Laws
      filed as an exhibit to MCC’s registration statement on Form SB-2 filed on
      April 6, 2007, and incorporated herein by reference.
            Filed3.3
            Certificate
      of Amendment dated September 8, 2008, filed as an exhibit to MCC’s Form
      8-K (Current Report) filed on September 11, 2008, and incorporated herein
      by reference.
            Filed10.1
            Kalamalka
      property agreement dated September 18, 2006 between Peak Resources
      Incorporated and Bearclaw Capital Corp., filed as an exhibit to MCC’s
      registration statement on Form SB-2 filed on April 6, 2007, and
      incorporated herein by reference.
            Filed10.2
            Kalamalka
      property option agreement addendum #1 dated December 30, 2006 between
      Bearclaw Capital Corp. and Peak Resources Incorporated, filed as an
      exhibit to MCC’s registration statement on Form SB-2 filed on April 6,
      2007, and incorporated herein by reference.
            Filed10.4
            Kalamalka
      property trust agreement dated September 19, 2006, filed as an exhibit to
      MCC’s registration statement on Form SB-2 filed on April 6, 2007, and
      incorporated herein by reference.
            Filed10.5
            Kalamalka
      property option agreement addendum #2 dated March 29, 2007 between
      Bearclaw Capital Corp. and Peak Resources Incorporated, filed as an
      exhibit to MCC’s registration statement on Form SB-2 filed on April 6,
      2007, and incorporated herein by reference.
            Filed10.6
            Development
      and Consultancy Support Services Agreement dated July 29, 2008 (effective
      August 7, 2008) between Roke Manor Research Limited and Peak Resources
      Incorporated, filed as an exhibit to MCC’s Form 8-K (Current Report) filed
      on August 14, 2008, and incorporated herein by reference.
            Filed10.7
            Technology
      Exploitation Agreement (Cold Sky) dated July 29, 2008 (effective August 7,
      2008), 2008 between Roke Manor Research Limited and Peak Resources
      Incorporated, filed as an exhibit to MCC’s Form 8-K (Current Report) filed
      on August 14, 2008, and incorporated herein by reference.
            Filed10.8
            Technology
      Exploitation Agreement (Fig8) dated July 29, 2008 (effective August 7,
      2008), 2008 between Roke Manor Research Limited and Peak Resources
      Incorporated, filed as an exhibit to MCC’s Form 8-K (Current Report) filed
      on August 14, 2008, and incorporated herein by reference.
            Filed10.9
            Management
      Agreement dated August 1, 2008 between Peak Resources Incorporated and
      Larry J. Olson, filed as an exhibit to MCC’s Form 8-K (Current Report)
      filed on August 25, 2008, and incorporated herein by
      reference.
            Filed10.10
            Management
      Agreement dated August 1, 2008 between Peak Resources Incorporated and
      Robert Williams, filed as an exhibit to MCC’s Form 8-K (Current Report)
      filed on August 25, 2008, and incorporated herein by
      reference.
            Filed10.11
            Management
      Agreement dated August 1, 2008 between Peak Resources Incorporated and
      Pierre Zakarauskas, filed as an exhibit to MCC’s Form 8-K (Current Report)
      filed on August 25, 2008, and incorporated herein by
      reference.
            Filed10.12
            Management
      Agreement dated September 9, 2008 between Mine Clearing Corp. and Dr.
      Faysal Abdelgadir Mohamed, filed as an exhibit to MCC’s Form 8-K (Current
      Report) filed on September 16, 2008, and incorporated herein by
      reference.
            Filed10.13
            Management
      Agreement dated September 9, 2008 between Mine Clearing Corp. and Mr. Al
      Carruthers, filed as an exhibit to MCC’s Form 8-K (Current Report) filed
      on November 24, 2008, and incorporated herein by
reference.
            Filed14
            Financial
      Code of Ethics filed as an exhibit to MCC’s Form SB-2 filed on April 6,
      2007, and incorporated herein by reference.
            Filed31
            Certifications
      pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
            Included32
            Certification
      pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
      the Sarbanes-Oxley Act of 2002.
            Included





Form
      10-Q – Q1
                  Mine
      Clearing Corp.
                  21








SIGNATURES








In
accordance with the requirements of the Securities Exchange Act of 1934, Mine
Clearing Corp. has caused this report to be signed on its behalf by the
undersigned duly authorized person.







MINE
CLEARING CORP.







Dated:
      January 14,
      2009
              By:
      /s/
      Larry OlsonName:
      Larry
      OlsonTitle: Director, President, CEO, and
      CFO(Principal
      Executive Officer andPrincipal
      Financial Officer)