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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-QSB

(Mark One)[X]Quarterly Report under Section 13 or 15(d) of the Securities Exchange
  Act of 1934
  For the quarterly period ended March 31, 2007

[ ]Transition Report under Section 13 or 15(d) of the
Exchange Act For the transition period from _______to _______

Commission File Number000-50033

IRELAND INC.(Exact name of
small business issuer as specified in its charter)

|NEVADA                          | 91-2147049                       
|------------------------------- | ---------------------------------
|(State or other jurisdiction of | (IRS Employer Identification No.)
|incorporation or organization)  |                                  

810 Peace Portal Drive, Suite 201 Blaine, Washington 98230(Address of principal executive offices)

(360) 318-3020(Issuers telephone number)

Not Applicable(Former name, former address and former fiscal year end, if changed since
  last report)

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 issuer was required to file such reports),
  and (2) has been subject to such filing requirements for the past 90 days. Yes
  [X]   [ ] No

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

State the number of shares outstanding of each of the issuers
classes of common equity, as of the latest practicable date: As of May 9,
2007, the Registrant had 36,550,000 shares of common stock issued and
outstanding.

Transitional Small Business Disclosure Format (check one): Yes
  [ ]    No [X]

1

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PART I  FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

2

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IRELAND INC.(An Exploration Stage Company)

FINANCIAL STATEMENTS

MARCH 31, 2007(Unaudited)





F-1

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IRELAND INC.(An Exploration Stage Company)

BALANCE SHEET(Unaudited)

|                                                          |   | MARCH 31 |   |   | DECEMBER 31 |  
|--------------------------------------------------------- | - | -------- | - | - | ----------- | -
|                                                          |   | 2007     |   |   | 2006        |  
|                                                          |   |          |   |   |             |  
|ASSETS                                                    |   |          |   |   |             |  
|                                                          |   |          |   |   |             |  
|Current                                                   |   |          |   |   |             |  
|Cash                                                      | $ | 2,230    |   | $ | 11,633      |  
|                                                          |   |          |   |   |             |  
|LIABILITIES                                               |   |          |   |   |             |  
|                                                          |   |          |   |   |             |  
|Current                                                   |   |          |   |   |             |  
|Accounts payable and accrued liabilities                  | $ | 51,238   |   | $ | 49,271      |  
|Due to related parties                                    |   | 21,790   |   |   | 21,790      |  
|                                                          |   | 73,028   |   |   | 71,061      |  
|                                                          |   |          |   |   |             |  
|STOCKHOLDERS EQUITY (DEFICIENCY)                         |   |          |   |   |             |  
|                                                          |   |          |   |   |             |  
|Share Capital                                             |   |          |   |   |             |  
|Authorized:                                               |   |          |   |   |             |  
|400,000,000
      common voting stock with a par value of |   |          |   |   |             |  
|$0.001 per share                                          |   |          |   |   |             |  
|                                                          |   |          |   |   |             |  
|Issued:                                                   |   |          |   |   |             |  
|36,550,000
      common shares (December 31, 2006         |   |          |   |   |             |  
|36,550,000 common shares)                                 |   | 9,138    |   |   | 9,138       |  
|                                                          |   |          |   |   |             |  
|Additional Paid-in Capital                                |   | 236,429  |   |   | 229,612     |  
|Deficit Accumulated During The Exploration Stage          |   | (316,365 | ) |   | (298,178    | )
|                                                          |   | (70,798  | ) |   | (59,428     | )
|                                                          |   |          |   |   |             |  
|                                                          | $ | 2,230    |   | $ | 11,633      |  

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

F-2

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IRELAND INC.(An Exploration Stage Company)

STATEMENT OF OPERATIONS(Unaudited)

|                                  |   |                    |  |   |            |  |   | CUMULATIVE  | 
|--------------------------------- | - | ------------------ |  | - | ---------- |  | - | ----------- | 
|                                  |   |                    |  |   |            |  |   | PERIOD FROM | 
|                                  |   |                    |  |   |            |  |   | INCEPTION   | 
|                                  |   |                    |  |   |            |  |   | FEBRUARY 20 | 
|                                  |   | THREE MONTHS ENDED |  |   | 2001 TO    | 
|                                  |   | MARCH 31           |  |   | MARCH 31   | 
|                                  |   | 2007               |  |   | 2006       |  |   | 2007        | 
|                                  |   |                    |  |   |            |  |   |             | 
|Revenue                           | $ | -                  |  | $ | -          |  | $ | -           | 
|                                  |   |                    |  |   |            |  |   |             | 
|Expenses                          |   |                    |  |   |            |  |   |             | 
|Administrative fees               |   | 5,012              |  |   | -          |  |   | 24,480      | 
|Consulting fees                   |   | 1,832              |  |   | -          |  |   | 41,832      | 
|Exploration expenses              |   | -                  |  |   | -          |  |   | 10,856      | 
|Office and sundry                 |   | -                  |  |   | 103        |  |   | 4,463       | 
|Professional fees                 |   | 10,271             |  |   | 13,603     |  |   | 184,690     | 
|Regulatory fees                   |   | 772                |  |   | 1,456      |  |   | 15,390      | 
|Rent                              |   | 300                |  |   | 300        |  |   | 14,400      | 
|Travel                            |   | -                  |  |   | -          |  |   | 6,254       | 
|Write off of mineral rights       |   | -                  |  |   | -          |  |   | 14,000      | 
|                                  |   |                    |  |   |            |  |   |             | 
|Net Loss                          | $ | 18,187             |  | $ | 15,462     |  | $ | 316,365     | 
|                                  |   |                    |  |   |            |  |   |             | 
|                                  |   |                    |  |   |            |  |   |             | 
|Basic And Diluted Loss Per Share  | $ | 0.00               |  | $ | 0.00       |  |   |             | 
|                                  |   |                    |  |   |            |  |   |             | 
|                                  |   |                    |  |   |            |  |   |             | 
|Weighted Average Number Of Shares |   |                    |  |   |            |  |   |             | 
|Outstanding                       |   | 36,550,000         |  |   | 36,550,000 |  |   |             | 

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

F-3

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IRELAND INC.(An Exploration Stage Company)

STATEMENT OF CASH FLOWS(Unaudited)

|                                                   |   |                    |   |   |          |   |   | CUMULATIVE  |  
|-------------------------------------------------- | - | ------------------ | - | - | -------- | - | - | ----------- | -
|                                                   |   |                    |   |   |          |   |   | PERIOD FROM |  
|                                                   |   |                    |   |   |          |   |   | INCEPTION   |  
|                                                   |   |                    |   |   |          |   |   | FEBRUARY 20 |  
|                                                   |   | THREE MONTHS ENDED |   |   | 2001 TO  |  
|                                                   |   | MARCH 31           |   |   | MARCH 31 |  
|                                                   |   | 2007               |   |   | 2006     |   |   | 2007        |  
|                                                   |   |                    |   |   |          |   |   |             |  
|Cash Provided By (Used In):                        |   |                    |   |   |          |   |   |             |  
|                                                   |   |                    |   |   |          |   |   |             |  
|Operating Activities                               |   |                    |   |   |          |   |   |             |  
|Net loss                                           | $ | (18,187            | ) | $ | (15,462  | ) | $ | (316,365    | )
|Add: Items to reconcile
      net loss to net cash |   |                    |   |   |          |   |   |             |  
|used in operating
      activities:                |   |                    |   |   |          |   |   |             |  
|Write off of mineral rights                        |   | -                  |   |   | -        |   |   | 14,000      |  
|Consulting
      accrual                           |   | -                  |   |   | -        |   |   | 15,000      |  
|Stock based compensation                           |   | 6,817              |   |   | -        |   |   | 6,817       |  
|Changes in operating assets and
      liabilities: |   |                    |   |   |          |   |   |             |  
|Accounts payable and accrued liabilities           |   | 1,967              |   |   | 2,681    |   |   | 51,238      |  
|                                                   |   | (9,403             | ) |   | (12,781  | ) |   | (229,310    | )
|                                                   |   |                    |   |   |          |   |   |             |  
|Financing Activities                               |   |                    |   |   |          |   |   |             |  
|Issuance of common
      stock                     |   | -                  |   |   | -        |   |   | 238,750     |  
|Due to related parties                             |   | -                  |   |   | -        |   |   | 6,790       |  
|                                                   |   | -                  |   |   | -        |   |   | 245,540     |  
|                                                   |   |                    |   |   |          |   |   |             |  
|Investing Activity                                 |   |                    |   |   |          |   |   |             |  
|Mineral rights payments                            |   | -                  |   |   | -        |   |   | (14,000     | )
|                                                   |   |                    |   |   |          |   |   |             |  
|Increase (Decrease) In Cash                        |   | (9,403             | ) |   | (12,781  | ) |   | 2,230       |  
|                                                   |   |                    |   |   |          |   |   |             |  
|Cash, Beginning Of Period                          |   | 11,633             |   |   | 63,242   |   |   | -           |  
|                                                   |   |                    |   |   |          |   |   |             |  
|Cash, End Of Period                                | $ | 2,230              |   | $ | 50,461   |   | $ | 2,230       |  
|                                                   |   |                    |   |   |          |   |   |             |  
|                                                   |   |                    |   |   |          |   |   |             |  
|Supplemental Disclosure Of Cash Flow               |   |                    |   |   |          |   |   |             |  
|Information                                        |   |                    |   |   |          |   |   |             |  
|Cash paid during
      the period for:             |   |                    |   |   |          |   |   |             |  
|Interest
      paid                                | $ | -                  |   | $ | -        |   | $ | -           |  
|Income taxes paid                                  | $ | -                  |   | $ | -        |   | $ | -           |  

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

F-4

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IRELAND INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007(Unaudited)

|1. | BASIS OF PRESENTATION                     
|-- | ------------------------------------------
|   |                                           
|   | a)                                        
|   |                                           
|   | b)                                        
|   |                                           
|   |                                           
|   |                                           
|   |                                           
|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|   |                                           
|   | a)                                        
|   |                                           
|   |                                           

F-5

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IRELAND INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007(Unaudited)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
|-- | -----------------------------------------------------
|   |                                                      
|   | b)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   | c)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   | d)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   | e)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   | f)                                                   
|   |                                                      
|   |                                                      

F-6

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IRELAND INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007(Unaudited)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
|-- | -----------------------------------------------------
|   |                                                      
|   | g)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   | h)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   | i)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   | j)                                                   
|   |                                                      
|   |                                                      

F-7

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IRELAND INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007
  (Unaudited)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
|-- | -----------------------------------------------------
|   |                                                      
|   | j)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   | k)                                                   
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      

| |                         | 2007    | 2006
| | ----------------------- | ------- | ----
| |                         |         |     
| | Dividend yield          | -       | -   
| | Expected volatility     | 120.24% | -   
| | Risk-free interest rate | 4.05%   | -   
| | Expected life (years)   | 2       | -   

The weighted average fair value per
  share of options granted in the period was $0.001825 (2006  Nil).

F-8

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IRELAND INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007(Unaudited)

|3. | RECENT ACCOUNTING PRONOUNCEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | In February 2007, the Financial Accounting
        Standards Board (FASB) issued SFAS No. 159, The Fair
        Value Option For Financial Assets And Financial Liabilities - - Including
        An Amendment Of FASB Statement No. 115. This pronouncement permits
        entities to use the fair value method to measure certain financial assets
        and liabilities by electing an irrevocable option to use the fair value
        method at specified election dates. After election of the option, subsequent
        changes in fair value would result in the recognition of unrealized gains
        or losses as period costs during the period the change occurred. SFAS
        No. 159 becomes effective as of the beginning of the first fiscal year
        that begins after November 15, 2007, with early adoption permitted. However,
        entities may not retroactively apply the provisions of SFAS No. 159 to
        fiscal years preceding the date of adoption. The Company is currently
        evaluating the impact that SFAS No. 159 may have on the financial position,
        results of operations and cash flows of the Company.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4. | MINERAL EXPLORATION PROPERTY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

F-9

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IRELAND INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007(Unaudited)

|4. | MINERAL EXPLORATION PROPERTY(Continued)                                                                                                                                                                                                                                                                                                                   
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                           
|   | i)                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                           
|   | ii)                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                           
|5. | SHARE CAPITAL                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                           
|   | On March 27, 2007, the Company adopted the
        2007 Stock Incentive Plan, providing for the grant of options to purchase
        up to 6,000,000 shares of common stock of the Company, subject to an increase
        each quarter equal to 15% of the increase in the total number of outstanding
        shares during the previous fiscal quarter.

F-10

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IRELAND INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007
  (Unaudited)

|5. | SHARE CAPITAL(Continued)                                                                                                                                                                                                     
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                              
|   | During the period, the Company granted options to employees
        to purchase up to 3,720,000 shares of common stock at a price of $0.05,
        expiring March 30, 2009 as to 3,700,000, and March 28, 2009 as to 20,000.
|   |                                                                                                                                                                                                                              
|   | A summary of stock option activity for the three months
        ended March 31, 2007 is as follows:                                                                                                                          

| |                              |  |           |  |   | WEIGHTED |  |  |             |  |   |           | 
| | ---------------------------- |  | --------- |  | - | -------- |  |  | ----------- |  | - | --------- | 
| |                              |  |           |  |   | AVERAGE  |  |  | REMAINING   |  |   |           | 
| |                              |  | NUMBER OF |  |   | EXERCISE |  |  | CONTRACTUAL |  |   | INTRINSIC | 
| |                              |  | OPTIONS   |  |   | PRICE    |  |  | LIFE        |  |   | VALUE     | 
| |                              |  |           |  |   |          |  |  |             |  |   |           | 
| | Outstanding, January 1, 2007 |  | -         |  | $ | -        |  |  |             |  | $ |           | 
| |                              |  |           |  |   |          |  |  |             |  |   |           | 
| | Granted                      |  | 3,720,000 |  |   | 0.05     |  |  |             |  |   |           | 
| | Cancelled/ Forfeited         |  | -         |  |   | -        |  |  |             |  |   |           | 
| | Exercised                    |  | -         |  |   | -        |  |  |             |  |   |           | 
| |                              |  |           |  |   |          |  |  |             |  |   |           | 
| | Outstanding, March 31, 2007  |  | 3,720,000 |  | $ | 0.05     |  |  | 1.99        |  | $ | -         | 
| |                              |  |           |  |   |          |  |  |             |  |   |           | 
| | Exercised, March 31, 2007    |  | 3,720,000 |  | $ | 0.05     |  |  | 1.99        |  | $ | -         | 

|6. | RELATED PARTY TRANSACTIONS                                                                                                                                                                                 
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                            
|   | During the three months ended March 31, 2007,
        the Company paid or accrued $Nil (2006 - $Nil) to a director for consulting
        fees. As at March 31, 2007, $15,000 (2006 - $Nil) is outstanding.
|   |                                                                                                                                                                                                            
|   | Amounts due to related parties for advances
        to the Company are unsecured, without interest and are due on demand.                                                                                  
|   |                                                                                                                                                                                                            
|7. | SUBSEQUENT EVENTS                                                                                                                                                                                          
|   |                                                                                                                                                                                                            
|   | a)                                                                                                                                                                                                         

F-11

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IRELAND INC.(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007(Unaudited)

|7. | SUBSEQUENT EVENTS(Continued)
|-- | ----------------------------
|   |                             
|   | b)                          
|   |                             
|   | c)                          

F-12

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Form 10-QSB constitute "forward-looking statements". These statements, identified by words such as plan, "anticipate", "believe", "estimate", "should", "expect" and similar expressions include our
expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other
factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under this Item 2
"Management's Discussion and Analysis or Plan of Operation" and elsewhere in this Form 10-QSB. We do not intend to update the forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information.
We advise you to carefully review the reports and documents we file from time to time with the Securities and Exchange Commission (the SEC), particularly our annual reports on Form 10-KSB, our quarterly reports on Form 10-QSB and our
current reports on Form 8-K.

As used in this Quarterly Report, the terms "we", "us", "our", Company and Ireland mean Ireland Inc. unless otherwise indicated. All dollar amounts in this Quarterly Report are in U.S. dollars unless otherwise stated.

INTRODUCTION

We were incorporated on February 20, 2001 under the laws of
  the State of Nevada. On April 25, 2007, we effected a 4-for-1 stock split of
  our common stock. As a result, our authorized capital was increased from 100,000,000
  shares of common stock, par value of $0.001 per share, of which 9,137,500 shares
  were issued and outstanding, to 400,000,000 shares of common stock, par value
  of $0.001 per share, of which 36,550,000 shares were issued and outstanding.
  In connection with the stock split, our trading symbol on the OTC Bulletin Board
  was changed to “IRLD”. All share amounts referred to in this Quarterly
  Report on Form 10-QSB have been adjusted to reflect the split.

We are an exploration stage company engaged in the acquisition,
  exploration and development of mineral properties. We currently own a 100% interest
  in a mineral claim located in the Yellow Pine Mining District in Clark County,
  Nevada that we refer to as the Ireland Claim.

The Columbus and Red Mountain Projects

On March 30, 2007, we entered into an assignment agreement (the Nano Agreement) dated for reference as of March 29, 2007, with Nano Minerals Corp. (Nano), pursuant to which Nano agreed to assign to us the rights to certain
mineral properties located in Esmeralda County, Nevada (the Columbus Project) and San Bernardino County, California (the Red Mountain Project). In exchange for Nanos agreement to assign us its rights in the Columbus and
Red Mountain Projects, we have agreed to, upon closing:

| | (a) | (a) issue an aggregate of 30,000,000 shares
        of our common stock to Nano and to certain business associates of Nano
        (including 1,200,000 shares to Robert D. McDougal, currently our Chief
        Financial Officer);
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                      
| | (b) | grant a royalty to Nano of 5% of net smelter
        returns, if any, from the Columbus and Red Mountain Projects;                                                                                                                   
| |     |                                                                                                                                                                                                                                      
| | (c) | issue promissory notes totaling $5,000,000,
        payable as follows:                                                                                                                                                              
| |     |                                                                                                                                                                                                                                      
| |     | (i)                                                                                                                                                                                                                                  
| |     | (ii)                                                                                                                                                                                                                                 
| |     | (iii)                                                                                                                                                                                                                                

3

---

| | (d) | assume the obligations of Nano under the terms of
        the Columbus and Red Mountain Option Agreements, the details of which
        are set out in our Annual Report on Form 10-KSB for the year ended December
        31, 2006 filed with the SEC on April 5, 2007; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                              
| | (e) | reimburse Nano for expenditures made by it on the
        Columbus Project from January 1, 2007, and on the Red Mountain Project
        from April 1, 2007, both until closing.                                                                                             

In addition to the consideration paid by us, Lorrie Ann Archibald,
  our sole director and our President, Treasurer and Chief Executive Officer,
  agreed to, upon closing, sell 18,200,000 shares of our common stock to Nano
  at a price of $0.0025 per share. These shares represent all of the shares of
  our common stock owned by Ms. Archibald. Closing of the transactions provided
  for under the Nano Agreement is expected to occur on or about June 30, 2007,
  and is subject to a number of terms and conditions, including confirmation from
  Nano that it has received all corporate and third-party approvals necessary
  to permit the assignment.

Recent Corporate Developments

We experienced the following significant corporate developments since the completion of our fiscal year ended December 31, 2006:

|1. | On March 27, 2007, we adopted our 2007 Stock Incentive Plan (the 2007 Stock Plan). Our 2007 Stock Plan is discussed in detail in our Annual Report on Form 10-KSB for the year ended December 31, 2006 filed with the SEC
on April 5, 2007.                                                                                                                                                                                                                                                                                                            
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2. | On March 28, 2007, we granted options to purchase
        20,000 shares of our common stock under our 2007 Stock Plan to Lorrie
        Ann Archibald, our sole director and our Chief Executive Officer, President
        and Treasurer. The options granted to Ms. Archibald have an exercise price
        of $0.05 per share, are fully vested and expire on March 28, 2009.                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3. | On March 30, 2007, we entered the Nano Agreement, pursuant to which Nano has agreed to assign to us its rights to the Columbus Project and the Red Mountain Project.                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4. | Pursuant to the terms of the Nano Agreement, on March 30, 2007, Ms. Archibald resigned as our Chief Financial Officer and Christian Adolf Rommel resigned as our Secretary. In their places, Robert D. McDougal was appointed as our
Chief Financial Officer, and Douglas Birnie was appointed as our Secretary. Ms. Archibald continues to act as our President, Treasurer and Chief Executive Officer, and as our sole director.                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|5. | Upon their appointment, we granted options to purchase
        500,000 shares of our common stock to Mr. McDougal and options to purchase
        2,200,000 shares of our common stock to Mr. Birnie. The options granted
        to Mr. McDougal and Mr. Birnie were granted under our 2007 Stock Plan,
        have an exercise price of $0.05 per share, are fully vested and expire
        on March 30, 2009.                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|6. | On April 24, 2007, our Board of Directors approved a private placement offering of up to 10,000,000 units (the Units) at a price of $0.65 US per unit, with each Unit will consist of one (post-split) share of our
common stock and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase an additional (post-split) share of common stock exercisable for a period of 12 months at a price of $1.00 US per share. We will have the
option to accelerate the exercise term of the warrants in circumstances where

4

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|   | our common stock trades at a weighted average price
        above $2.00 for twenty consecutive trading days. The offering will
        be made to persons who are not U.S. Persons as defined in
        Regulation S of the Securities Act of 1933.                                                                                                                           
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                  
|7. | Also on April 24, 2007, our Board of Directors approved
        a private placement offering of up to 10,000,000 Units at a price of $0.65
        per Unit to persons who are accredited investors as defined in Regulation
        D of the Securities Act. The Units will be identical to those offered
        under the non-U.S. private placement offering described above.

PLAN OF OPERATION

During the next twelve months, we intend to proceed with our exploration program on the Ireland Claim and to acquire Nanos rights to the Columbus and Red Mountain Projects pursuant to the terms of the Nano Agreement.

Our exploration program for the Ireland Claim consists of the following:

|1. | Phase I: Phase I of the exploration program involves conducting a VLF electromagnetic survey that traces geological fracture and breccia zones. VLF electromagnetic surveying employs electromagnetic waves that are generated
at the surface and directed into the earth. When these waves encounter electrically conductive mineral formations or ore bodies located underground, they induce currents in the conducting minerals which generate new electromagnetic waves that are
then detected by instruments located at the surface. Using this method, we can detect the presence of underground mineral formations and ore bodies. The estimated cost of completing Phase I is $5,500.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2. | Phase II: Phase II of the exploration program, which has been completed, involved conducting a trench sampling survey of the Ireland Claim. Trench sampling involves dragging a shovel along the surface in a single direction
to create a channel. Material for the sample is then taken at regular intervals along the channel. This procedure is repeated with several other channels in different directions until a suitable sample size has been procured. The cost of completing
Phase II was $8,500.                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|3. | Phase III: Phase III of our exploration program will involve conducting a detailed geological mapping program of the Ireland Claim. The purpose of this phase of the exploration program would be to identify the geological
environment underlying the mineral claims and to produce a detailed mineralization map. The estimated cost of completing Phase III is $10,000.                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4. | Phase IV: Phase IV of the exploration program will involve diamond drilling the Ireland Claim in order to obtain core samples of the underground mineralization. The estimated cost of completing Phase IV is $91,200.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

5

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Phase II of our exploration program was completed before Phase I due to the unavailability of the equipment necessary to conduct a VLF electromagnetic survey. Based upon the results of Phase II, our consulting geologist has recommended that we
proceed with the VLF electromagnetic survey that was originally recommended for Phase I. We were not able to complete Phase I of our exploration program on the Ireland Claim during 2006 due to the unavailability of the necessary equipment and
consultants.  Subject to the availability of the necessary consultants and equipment, we hope to complete Phase I before the end of our second fiscal quarter in 2007. Once Phase I is completed, our Board of Directors will make a determination
whether to proceed with Phase III of the exploration program. Upon the completion of each phase of our exploration program, our Board of Directors will make an assessment to determine whether the results of that phase are sufficiently favorable to
justify proceeding.

In order to complete the acquisition of Nanos rights to the Columbus and Red Mountain Projects, we will be required to grant the following consideration to Nano upon closing:

| | (a) | (a) an aggregate of 30,000,000 shares of
        our common stock, to be issued to Nano and to certain business associates
        of Nano (including 1,200,000 shares to Robert D. McDougal, our Chief Financial
        Officer);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                    
| | (b) | a royalty for 5% of all net smelter returns,
        if any, from the Columbus and Red Mountain Projects;                                                                                                                          
| |     |                                                                                                                                                                                                                                    
| | (c) | issue promissory notes totaling $5,000,000,
        payable as follows:                                                                                                                                                            
| |     |                                                                                                                                                                                                                                    
| |     | (i)                                                                                                                                                                                                                                
| |     | (ii)                                                                                                                                                                                                                               
| |     | (iii)                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                    
| | (d) | assume the obligations of Nano under the
        terms of the Columbus and Red Mountain Option Agreements; and                                                                                                                     
| |     |                                                                                                                                                                                                                                    
| | (e) | reimburse Nano for expenditures made by
        it on the Columbus Project from January 1, 2007, and on the Red Mountain
        Project from April 1, 2007, both until closing.                                                   

We anticipate closing the transactions called for under the Nano Agreement on or about June 30, 2007. However, closing is conditional upon Nano obtaining the necessary corporate and third-party approvals required to permit the assignment of its
rights to the Columbus and Red Mountain Projects. If we complete the acquisition of Nanos rights to the Columbus and Red Mountain Projects, of which there is no assurance, we anticipate that we will spend approximately $2,500,000 on
examining, testing, exploring or developing the Columbia Project by December 31, 2007 in order to fully exercise the option on the Columbus Project.

As of our three months ended March 31, 2007, we had cash in the amount of approximately $2,230 and a working capital deficit of $70,798.  As a result, we will need to obtain additional financing in order to meet the anticipated costs of
completing our plan of operation for the next twelve months. There are no assurances that we will be able to obtain sufficient financing on terms acceptable to us, or at all.  We have approved two private placement offerings for total potential
proceeds of $13,000,000. However, there are no assurances that we will complete the sale of any or all of the securities being offered. We do not currently have any other financing arrangements in place.

6

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RESULTS OF OPERATIONS

Three Month Summary

|         | Three Months Ended March 31
|-------- | ---------------------------
|         |                            
|         | 2007                       
|Revenue  | $-                         
|Expenses | (18,187)                   
|Net Loss | $(18,187)                  

Revenue

We have not earned any revenues since our inception and we do
not anticipate earning revenues until such time as we have entered into
commercial production of our mineral properties. We are currently in the
exploration stage of our business and we can provide no assurances that we will
discover commercially exploitable levels of mineral resources on our properties,
or if such resources are discovered, that we will be able to enter into
commercial production of our mineral properties.

Expenses

The major components of our expenses are outlined in the table
below:

|                    | Three
      Months Ended March 31
|------------------- | ---------------------------------
|                    |                                  
|                    | 2007                             
|Administrative Fees | $5,012                           
|Consulting Fees     | 1,832                            
|Office and Sundry   | -                                
|Professional Fees   | 10,271                           
|Regulatory Fees     | 772                              
|Rent                | 300                              
|Total Expenses      | $18,187                          

The majority of our expenses for the three months ended March
31, 2007 consisted of professional fees incurred by us in meeting our ongoing
reporting obligations under federal securities laws.

We anticipate that our operating expenses will increase
significantly as we pursue our exploration program for the Ireland Claim, and if
we complete the acquisition of Nanos rights to the Columbus and Red Mountain
Projects. Our expenses will continue to increase if our Board of Directors
decides to proceed beyond Phase I of our exploration program for the Ireland
Claim to Phase III. However, there are no assurances that such a determination
will be made.

7

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LIQUIDITY AND CAPITAL RESOURCES

|Working Capital           |                   |                      |                      
|------------------------- | ----------------- | -------------------- | ---------------------
|                          |                   |                      | Percentage           
|                          | At March 31, 2007 | At December 31, 2006 | Increase / (Decrease)
|Current Assets            | $2,230            | $11,633              | (80.8)%              
|Current
      Liabilities | (73,028)          | (71,061)             | 2.8%                 
|Working Capital (Deficit) | $(70,798)         | $(59,428)            | 19.1%                

|Cash Flows                                    |                             |          
|--------------------------------------------- | --------------------------- | ---------
|                                              | Three Months Ended March 31
|                                              | 2007                        | 2006     
|Net Cash Used In Operating Activities         | $(9,403)                    | $(12,781)
|Net Cash From Financing Activities            | -                           | -        
|Net Cash From Investing Activities            | -                           | -        
|Net Increase (Decrease) In Cash During Period | $(9,403)                    | $(12,781)

The increase in our working capital deficit at March 31, 2007
from our year ended December 31, 2006, is primarily a result of the fact that we
had no revenue or sources of financing during the period ended March 31,
2007.

We currently do not have sufficient working capital to meet the
anticipated costs of completing our exploration program of the Ireland Claim. In
addition, if we complete the acquisition of Nanos rights to the Columbus and
Red Mountain Projects, we will not have sufficient capital to exercise the
options on those projects if we do not obtain additional financing. There is no
assurance that we will be able to acquire such additional financing on terms
that are acceptable to us, or at all.

We have approved two private placement offerings of our equity
securities. The first offering is for 10,000,000 units at a price of $0.65 per
unit and is being offered to persons who are not U.S. Persons as defined in
Regulation S of the Securities Act. The second offering is for an additional
10,000,000 units, also at a price of $0.65 per unit and is being offered to
accredited investors as defined in Regulation D of the Securities Act. Each
unit under the above offerings will consist of one share of our common stock and
one-half of one share purchase warrant. Each one full share purchase warrant
will entitle the holder to purchase one additional share of our common stock at
a price of $1.00 per share for a period of one year from the date of issuance.
In the event that our shares trade at a weighted average price above $2.00 for
20 consecutive trading days, we will have the option to accelerate the
expiration date of the warrants. We have not yet completed the sale of any units
under these offerings and there are no assurances that we will be able to
complete the sale of any of the units offered.

OFF-BALANCE SHEET ARRANGEMENTS

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a material current or future effect on our
financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources.

8

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CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with generally accepted accounting principles requires our management to make estimates and assumptions that affect the reported amount 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. Actual results could differ from those estimates. Our management routinely makes judgments and estimates
about the effects of matters that are inherently uncertain.

We have identified certain accounting policies, described below, that are most important to the portrayal of our current financial condition and results of operations.

Exploration Stage Enterprise

Our financial statements are prepared using the accrual method of accounting and according to the provisions of Statement of Financial Accounting Standards No. 7 (SFAS 7), Accounting and Reporting for Development Stage
Enterprises, as we devote substantially all of our efforts to acquiring and exploring mineral properties. Until such properties are acquired and developed, we will continue to prepare our financial statements and related disclosures in
accordance with entities in the exploration stage.

Mineral Rights

We capitalize acquisition and option costs of mineral property rights.  The amount capitalized represents fair value at the time the mineral rights were acquired.  The accumulated costs of acquisition for properties that are developed to the stage
of commercial production will be amortized using the unit-of-production method.

Exploration Costs

Mineral exploration costs are expensed as incurred.

Regulatory Matters

We and our mineral property interest are subject to a variety of federal and state regulations governing land use, health, safety and environmental matters. Our management believes that we have been in substantial compliance with all such
regulations, and are unaware of any pending action or proceeding relating to regulatory matters that would affect our financial position.

Environmental Protection and Reclamation Costs

Our operations have been, and may in the future, be affected from time to time in varying degrees by changes in environmental regulations, including those for future removal and site restorations costs. Both the likelihood of new regulations and
their overall effect upon us may vary from region to region and are not predictable.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against statements of operations as incurred or capitalized and amortized depending upon their future economic benefits.  We do not currently
anticipate any material capital expenditures for environmental control facilities because our property holding is at an early stage of exploration.

9

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RISKS AND UNCERTAINTIES

If we do not obtain additional financing, our business will fail.

Our current operating funds are inadequate to complete our planned exploration of the Ireland Claim. In addition, we do not have sufficient funds to exercise the options on the Columbus and Red Mountain Projects if we acquire Nanos rights to
the Columbus and Red Mountain Projects. We will also require additional financing if the costs of exploring our properties are greater than anticipated and to sustain our business operations if we are not successful in earning revenues once
exploration is complete.

Obtaining additional financing would be subject to a number of factors, the known material factors being market prices for gold and silver, investor acceptance of our mineral claims, and investor sentiment.  These factors may make the timing,
amount, terms or conditions of additional financing unavailable to us.  We have approved two private placement offerings of our equity securities.  If we complete the sale of all of the securities being offered, we will receive total proceeds of
$13,000,000. However, we have not yet completed the sale of any of the securities being offered and there is no assurance that we will be able to complete the sale of any or all of the securities being offered.

If we complete a financing through the sale of additional shares of our common stock, stockholders will experience dilution.

The most likely source of future financing presently available to us is through the issuance of our common stock. The only other anticipated alternative for the financing of further exploration would be the offering by us of an interest in our
properties to be earned by another party or parties carrying out further exploration thereof, which is not presently contemplated. In addition, we will be required to issue a significant number of shares of our common stock in order to complete the
acquisition of Nanos rights to the Columbus and Red Mountain Projects.  If we acquire those rights, and if our management decides to exercise the right to acquire a 100% interest in those projects, we will be required to issue significantly
more shares of our common stock.  Issuing shares of our common stock, for financing purposes or otherwise, will dilute the interests of our existing stockholders.

In order to maintain our rights to the Ireland Claim, we will be required to make annual filings with federal and state regulatory agencies and/or be required to complete assessment work on the Ireland Claim.

In order to maintain our rights to the Ireland Claim, we will be required to make annual filings with federal and state regulatory authorities. Currently the amount of these fees is nominal; however, these maintenance fees are subject to adjustment.
In addition, we may be required by federal and/or state legislation or regulations to complete minimum annual amounts of mineral exploration work on the Ireland Claim. A failure by us to meet the annual maintenance requirements under federal and
state laws could cause our rights to the Ireland Claim to lapse.

Because we are an exploration stage company, we face a high risk of business failure.

To date, our primary business activities have involved the acquisition of mineral claims and the exploration and development on these claims. We have not earned any revenues as of the date of this Quarterly Report. Potential investors should be
aware of the difficulties normally encountered by exploration stage companies and the high rate of failure of such enterprises. The

10

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likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the mineral properties that we plan to undertake. These potential problems include,
but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates.

Because we anticipate our operating expenses will increase prior to our earning revenues, we may never achieve profitability.

Prior to completion of our exploration stage, we anticipate that we will incur increased operating expenses without realizing any revenues. We therefore expect to incur significant losses into the foreseeable future. We recognize that if we are
unable to generate significant revenues from the exploration of our mineral claims and the production of minerals thereon, if any, we will not be able to earn profits or continue operations. There is no history upon which to base any assumption as
to the likelihood that we will prove successful, and we may not be able to ever generate any operating revenues or achieve profitable operations. If we are unsuccessful in addressing these risks, our business will most likely fail.

Because of the speculative nature of exploration of mining properties, there is substantial risk that no commercially exploitable minerals will be found and our business will fail.

The search for valuable minerals as a business is extremely risky. We may not find commercially exploitable reserves of gold or silver on our mineral claims.  Exploration for minerals is a speculative venture, necessarily involving substantial risk.
The expenditures to be made by us in the upcoming exploration of the mineral claims may not result in the discovery of commercial quantities of ore. Problems such as unusual or unexpected formations and other conditions are involved in mineral
exploration and often result in unsuccessful exploration efforts. In such a case, we would be unable to complete our business plan.

Because of the inherent dangers involved in mineral exploration, there is a risk that we may incur liability or damages if and when we conduct mineral exploration activities.

The search for valuable minerals involves numerous hazards. As a result, if and when we conduct exploration activities we may become subject to liability for such hazards, including pollution, cave-ins and other hazards against which we cannot
insure or against which we may elect not to insure.  The payment of such liabilities may have a material adverse effect on our financial position.

Even if we discover commercial reserves of precious metals on our optioned mineral claims, we may not be able to successfully obtain commercial production.

Our optioned mineral claims do not contain any known bodies of ore. If our exploration programs are successful in discovering ore of commercial tonnage and grade, we will require additional funds in order to place those mineral claims into
commercial production. At this time, there is a risk that we will not be able to obtain such financing as and when needed.

Because we are an exploration stage company, our business has a high risk of failure.

As noted in the financial statements that are included with this Quarterly Report, we are an exploration stage company that has incurred net losses since inception, we have not attained profitable operations and we are dependent upon obtaining
adequate financing to complete our exploration activities.  The success of our business operations will depend upon our ability to

11

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obtain further financing to complete our planned exploration program and to attain profitable operations. If we are not able to complete a successful exploration program and attain sustainable profitable operations, then our business will fail.

If we are unable to hire and retain key personnel, we may not be able to implement our business plan and our business will fail.

Our success will largely depend on our ability to hire highly qualified personnel with experience in geological exploration.  These individuals may be in high demand and we may not be able to attract the staff we need. In addition, we may not be
able to afford the high salaries and fees demanded by qualified personnel, or may lose such employees after they are hired. Currently, we have not hired any key personnel. Our failure to hire key personnel when needed could have a significant
negative effect on our business.

Because our executive officers have only agreed to provide their services on a part-time basis, they may not be able or willing to devote a sufficient amount of time to our business operations, causing our business to fail.

Our executive officers provide their services on a part-time basis. Our officers may pursue other business activities, provided that these other activities do not interfere with their obligations to us. Ms. Archibald, Mr. McDougal and Mr. Birnie
devote their full-time attention to other business pursuits. It is therefore possible that, over time, Ms. Archibald, Mr. McDougal and Mr. Birnie may not be able to devote sufficient time to the management of our business, as and when needed.

Because our executive officers do not have formal training specific to the technicalities of mineral exploration, there is a higher risk our business will fail.

Our executive officers and directors do not have formal training as geologists or in the technical aspects of management of a mineral exploration company. Accordingly, we will have to rely on the technical services of others trained in appropriate
areas. If we are unable to contract for the services of such individuals, it will make it difficult and maybe impossible to pursue our business plan.

As we undertake exploration of our optioned mineral claims, we will be subject to compliance with government regulation that may increase the anticipated cost of our exploration program.

There are several government regulations that materially restrict the exploration of minerals. We may be required to obtain work permits, post bonds and perform remediation work for any physical disturbance to the land in order to comply with these
laws. While our planned exploration program budgets for regulatory compliance, there is a risk that new regulations could increase our costs of doing business and prevent us from carrying out our exploration program.

If we receive positive results from our exploration program and we decide to pursue commercial production, we may be subject to an environmental review process that may delay or prohibit commercial production.

If the results of our geological exploration program indicate commercially exploitable reserves, and we decide to pursue commercial production of our mineral claims, we may be subject to an environmental review process under environmental assessment
legislation. Compliance with an environmental review process may be costly and may delay commercial production. Furthermore, there is the possibility that we would not be able to proceed with commercial production upon

12

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completion of the environmental review process if government authorities did not approve our mine or if the costs of compliance with government regulation adversely affected the commercial viability of the proposed mine.

ITEM 3. CONTROLS AND PROCEDURES.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act
Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, our principal executive officer and principal financial officer have concluded that these disclosure controls and procedures are effective.

There were no changes in our internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

13

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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.

14

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ITEM 6. EXHIBITS.

|Exhibit 
        Number | Description of Exhibit                                                                                                                                                
|----------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                        |                                                                                                                                                                       
|3.1                     | Articles of Incorporation.(1)                                                                                                                                         
|                        |                                                                                                                                                                       
|3.2                     | Certificate of Amendment to Articles
         Name Change from Merritt Ventures Corp. to Ireland Inc.(3)                                                             
|                        |                                                                                                                                                                       
|3.3                     | Certificate of Change  4-for-1
        Stock Split.(5)                                                                                                               
|                        |                                                                                                                                                                       
|3.4                     | Bylaws.(1)                                                                                                                                                            
|                        |                                                                                                                                                                       
|10.1                    | 2007 Stock Incentive Plan. (4)                                                                                                                                        
|                        |                                                                                                                                                                       
|10.2                    | Non-Qualified Stock Option Agreement
        dated effective as of March 28, 2007, between the Company and Lorrie Ann
        Archibald. (4)                          
|                        |                                                                                                                                                                       
|10.3                    | Assignment Agreement dated for reference
        as of March 29, 2007, among Nano Minerals Corp., Ireland Inc. and Lorrie
        Archibald. (4)                      
|                        |                                                                                                                                                                       
|10.4                    | Non-Qualified Stock Option Agreement
        dated effective as of March 30, 2007 between the Company and Douglas D.G.
        Birnie. (4)                            
|                        |                                                                                                                                                                       
|10.5                    | Non-Qualified Stock Option Agreement
        dated effective as of March 30, 2007 between the Company and Robert D.
        McDougal. (4)                             
|                        |                                                                                                                                                                       
|31.1                    | Certification
        of Principal Executive Officer pursuant to Section 302 of the Sarbanes-
        Oxley Act of 2002.                                              
|                        |                                                                                                                                                                       
|31.2                    | Certification
        of Principal Financial Officer pursuant to Section 302 of the Sarbanes-
        Oxley Act of 2002.                                              
|                        |                                                                                                                                                                       
|32.1                    | Certification
        of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as
        adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|                        |                                                                                                                                                                       
|32.2                    | Certification
        of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as
        adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|                        |                                                                                                                                                                       
|99.1                    | Certificate of Location for the Ireland
        Claim.(2)                                                                                                             
|                        |                                                                                                                                                                       
|99.2                    | Report on the Ireland Property by W.G.
        Timmins, P.Eng, dated February 1, 2005.(2)                                                                             

|(1) | Filed as an exhibit to our Registration Statement on Form
      SB-2 originally filed on April 18, 2002, as amended.          
|--- | ------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                               
|(2) | Filed as an exhibit to our Annual Report on Form 10-KSB
      for the year ended December 31, 2004, filed on October 21, 2005.
|    |                                                                                                                               
|(3) | Filed as an exhibit to our Annual Report on Form 10-KSB
      for the year ended December 31, 2005 filed on April 12, 2006.   
|    |                                                                                                                               
|(4) | Filed as an exhibit to our Annual Report on Form 10-KSB
      for the year ended December 31, 2006 filed on April 5, 2007.    
|    |                                                                                                                               
|(5) | Filed as an exhibit to our Current Report on Form 8-K
      filed on April 30, 2007.                                          

15

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SIGNATURES

In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

|                    |     | IRELAND INC.                          
|------------------- | --- | --------------------------------------
|                    |     |                                       
|                    |     |                                       
|Dated: May 15, 2007 | By: | /s/
      Lorrie Ann Archibald        
|                    |     |                                       
|                    |     | Lorrie Ann Archibald                  
|                    |     | President, Chief Executive Officer and
|                    |     | Treasurer                             
|                    |     | (Principal Executive Officer)         
|                    |     |                                       
|                    |     |                                       
|                    |     |                                       
|                    |     |                                       
|Dated: May 15, 2007 | By: | /s/
      Robert D. McDougal          
|                    |     |                                       
|                    |     | Robert D. McDougal                    
|                    |     | Chief Financial Officer               
|                    |     | (Principal Financial Officer)         

---