---

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 September 30, 2007

[   ]Transition Report under Section 13 or
15(d) of the Exchange Act

For the transition period from _______ to _______

Commission File Number **000-50033**

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)  |                                  

2441 West Horizon Ridge Parkway, Suite 100 Henderson,
NV 89052(Address of principal executive offices)

(702) 932-0353(Issuers telephone number)

**N/A**(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
November 5, 2007, the Registrant had 81,823,500 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 ENTERPRISE) 
  BALANCE SHEETS
  (UNAUDITED)

|                                                           |   | September 30, 2007 |   |   | December 31, 2006 |  
|---------------------------------------------------------- | - | ------------------ | - | - | ----------------- | -
|                                                           |   |                    |   |   |                   |  
|ASSETS                                                     |  
|                                                           |   |                    |   |   |                   |  
|Current assets                                             |   |                    |   |   |                   |  
|Cash                                                       | $ | 9,387,998          |   | $ | 11,633            |  
|Prepaid expenses                                           |   | 207,700            |   |   | -                 |  
|                                                           |   |                    |   |   |                   |  
|Total current assets                                       |   | 9,595,698          |   |   | 11,633            |  
|                                                           |   |                    |   |   |                   |  
|Property and equipment                                     |   |                    |   |   |                   |  
|Furniture and fixtures                                     |   | 800                |   |   | -                 |  
|Less accumulated depreciation                              |   | (14                | ) |   | -                 |  
|                                                           |   |                    |   |   |                   |  
|Net property and
      equipment                           |   | 786                |   |   | -                 |  
|                                                           |   |                    |   |   |                   |  
|Reclamation deposit                                        |   | 807,000            |   |   | -                 |  
|Deposits                                                   |   | 2,200              |   |   | -                 |  
|Advance earn-in payment to mineral property
      holder   |   | 500,000            |   |   | -                 |  
|                                                           |   |                    |   |   |                   |  
|Total non-current
      assets                             |   | 1,309,986          |   |   | -                 |  
|                                                           |   |                    |   |   |                   |  
|Total assets                                               | $ | 10,905,684         |   | $ | 11,633            |  
|                                                           |   |                    |   |   |                   |  
|LIABILITIES AND STOCKHOLDERS' EQUITY
      (DEFICIT)       |  
|                                                           |   |                    |   |   |                   |  
|Current liabilities                                        |   |                    |   |   |                   |  
|Accounts payable                                           | $ | 54,521             |   | $ | 49,271            |  
|Due to related party                                       |   | 216,729            |   |   | 21,790            |  
|                                                           |   |                    |   |   |                   |  
|Total liabilities                                          |   | 271,250            |   |   | 71,061            |  
|                                                           |   |                    |   |   |                   |  
|Stockholders' equity (deficit)                             |   |                    |   |   |                   |  
|Common stock, $0.001 par value; 400,000,000 shares         |   |                    |   |   |                   |  
|authorized, 81,823,500
      and 36,550,000 shares,        |   |                    |   |   |                   |  
|respectively, issued and outstanding                       |   | 81,824             |   |   | 36,550            |  
|Additional paid-in capital                                 |   | 12,355,114         |   |   | 202,200           |  
|Common stock subscribed                                    |   | 2,459,700          |   |   | -                 |  
|Accumulated deficit during exploration
      stage         |   | (4,262,203         | ) |   | (298,178          | )
|                                                           |   |                    |   |   |                   |  
|Total stockholders'
      equity (deficit)                 |   | 10,634,434         |   |   | (59,428           | )
|                                                           |   |                    |   |   |                   |  
|Total liabilities and stockholders' equity
      (deficit) | $ | 10,905,684         |   | $ | 11,633            |  

See Accompanying Notes to these Financial Statements 
  F-1

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IRELAND INC.
  (AN EXPLORATION STAGE ENTERPRISE) 
  STATEMENTS OF OPERATIONS
  (UNAUDITED)

For the period fromFebruary 20, 2001(Date of Inception)For
        the three months ended
      
      
      For
        the nine months ended
      
      
      ThroughSeptember 30, 2007
      
      
      September 30, 2006
      
      
      September 30, 2007
      
      
      September 30, 2006
      
      
      September 30, 2007Revenue
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -Operating expensesMineral exploration and evaluation expenses
      
      21,810
      
      
      -
      
      
      67,810
      
      
      -
      
      
      78,666Mineral exploration and evaluationexpenses - related party
      
      867,125
      
      
      -
      
      
      867,125
      
      
      -
      
      
      867,125General and administrative
      
      62,851
      
      
      30,432
      
      
      129,892
      
      
      72,562
      
      
      403,214Depreciation
      
      14
      
      
      -
      
      
      14
      
      
      -
      
      
      14Discount on issue of shares
      
      1,776,295
      
      
      -
      
      
      2,464,705
      
      
      -
      
      
      2,464,705Mineral and property option payments
      
      169,500
      
      
      -
      
      
      169,500
      
      
      -
      
      
      183,500Mineral and property option payments
        -reimbursed to related party
      
      295,000
      
      
      -
      
      
      295,000
      
      
      
      
      
      295,000Total operating expenses
      
      3,192,595
      
      
      30,432
      
      
      3,994,046
      
      
      72,562
      
      
      4,292,224Loss from operations
      
      (3,192,595
      )
      
      (30,432
      )
      
      (3,994,046
      )
      
      (72,562
      )
      
      (4,292,224
      )Other income:Interest income
      
      30,021
      
      
      -
      
      
      30,021
      
      
      -
      
      
      30,021Total other income
      
      30,021
      
      
      -
      
      
      30,021
      
      
      -
      
      
      30,021Net loss
      
      (3,162,574
      )
      
      (30,432
      )
      
      (3,964,025
      )
      
      (72,562
      )
      
      (4,262,203
      )Loss per common share - basic and diluted
      
      (0.05
      )
      
      (0.00
      )
      
      (0.09
      )
      
      (0.00
      )Weighted average common shares outstanding -Basic and diluted
      
      62,385,783
      
      
      36,550,000
      
      
      45,412,828
      
      
      36,550,000


See Accompanying Notes to these Financial Statements
  F-2

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IRELAND INC.
  (AN EXPLORATION STAGE ENTERPRISE) 
  STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) 
  (UNAUDITED)

|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   | Accumulated    |   |   |                  |  
|------------------------------------------------ |  | ------------------ |  | - | ---------- |  | - | --------------- | - | - | ----------- |  | - | -------------- | - | - | ---------------- | -
|                                                 |  |                    |  |   |            |  |   |                 |   |   | Common      |  |   | Deficit During |   |   | Total            |  
|                                                 |  | Common
      Stock |  |   | Additional |  |   | Stock           |   |   | Exploration |  |   | Stockholders'  |  
|                                                 |  | Shares             |  |   | Amount     |  |   | Paid-in Capital |   |   | Subscribed  |  |   | Stage          |   |   | Equity (Deficit) |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Balance, December 31, 2006                       |  | 36,550,000         |  | $ | 36,550     |  | $ | 202,200         |   | $ | -           |  | $ | (298,178       | ) | $ | (59,428          | )
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Issuance of stock options for                    |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|3,720,000 shares of common stock                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|to officers and consultants                      |  | -                  |  |   | -          |  |   | 6,817           |   |   | -           |  |   | -              |   |   | 6,817            |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Issuance of common stock for cash                |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Reg. S - Private Placement,                      |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|$0.65 per share                                  |  | 2,016,000          |  |   | 2,016      |  |   | 1,308,384       |   |   | -           |  |   | -              |   |   | 1,310,400        |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Issuance of common stock for cash                |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Reg. D - Private Placement,                      |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|$0.65 per share, net of $34,125
      commission |  | 2,250,000          |  |   | 2,250      |  |   | 1,426,125       |   |   | -           |  |   | -              |   |   | 1,428,375        |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Issuance of common stock for cash                |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Reg. D - Private Placement,                      |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|$0.65 per share, net of $98,053                  |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|commission                                       |  | 3,962,000          |  |   | 3,962      |  |   | 2,473,285       |   |   | -           |  |   | -              |   |   | 2,477,247        |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Issuance of common stock for cash                |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Reg. S - Private Placement,                      |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|$0.65 per share, net of $29,575 commission       |  | 3,150,500          |  |   | 3,151      |  |   | 2,015,100       |   |   | -           |  |   | -              |   |   | 2,018,250        |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Issuance of common stock for cash                |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Reg. D - Private Placement,                      |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|$0.65 per share                                  |  | 2,000,000          |  |   | 2,000      |  |   | 1,298,000       |   |   | -           |  |   | -              |   |   | 1,300,000        |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Issuance of common stock for cash                |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Reg. S - Private Placement,                      |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|$0.65 per share, net of $39,358                  |  | 1,895,000          |  |   | 1,895      |  |   | 1,190,498       |   |   | -           |  |   | -              |   |   | 1,192,393        |  
|commission                                       |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Issue of common stock to                         |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Nanominerals Corp. for a deed of                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|assignment to the option interests               |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|in the Columbus and the Red Mountain             |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|projects                                         |  | 30,000,000         |  |   | 30,000     |  |   | (30,000         | ) |   | -           |  |   | -              |   |   | -                |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Discount on issue of shares                      |  | -                  |  |   | -          |  |   | 2,464,705       |   |   | -           |  |   | -              |   |   | 2,464,705        |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Common stock subscribed                          |  | -                  |  |   | -          |  |   | -               |   |   | 2,459,700   |  |   | -              |   |   | 2,459,700        |  
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Net loss September 30, 2007                      |  | -                  |  |   | -          |  |   | -               |   |   |             |  |   | (3,964,025     | ) |   | (3,964,025       | )
|                                                 |  |                    |  |   |            |  |   |                 |   |   |             |  |   |                |   |   |                  |  
|Balance, September 30, 2007                      |  | 81,823,500         |  | $ | 81,824     |  | $ | 12,355,114      |   | $ | 2,459,700   |  | $ | (4,262,203     | ) | $ | 10,634,434       |  

See Accompanying Notes to these Financial Statements 
  F-3

---

IRELAND INC.
  (AN EXPLORATION STAGE ENTERPRISE) 
  STATEMENTS OF CASH FLOWS
  (UNAUDITED)

|                                                         |   |                                 |   |   |                    |   |   | For the period from |  
|-------------------------------------------------------- | - | ------------------------------- | - | - | ------------------ | - | - | ------------------- | -
|                                                         |   |                                 |   |   |                    |   |   | February 20, 2001   |  
|                                                         |   |                                 |   |   |                    |   |   | (Date of inception) |  
|                                                         |   | For
      the nine months ended |   |   | through            |  
|                                                         |   | September 30, 2007              |   |   | September 30, 2006 |   |   | September 30, 2007  |  
|CASH FLOWS FROM OPERATING ACTIVITIES                     |   |                                 |   |   |                    |   |   |                     |  
|Net loss                                                 | $ | (3,964,025                      | ) | $ | (72,562            | ) | $ | (4,262,203          | )
|Adjustments to reconcile loss from operating             |   |                                 |   |   |                    |   |   |                     |  
|to net cash used in operating activities:                |   |                                 |   |   |                    |   |   |                     |  
|Depreciation                                             |   | 14                              |   |   | -                  |   |   | 14                  |  
|Discount on issue of shares                              |   | 2,464,705                       |   |   | -                  |   |   | 2,464,705           |  
|Write-off
      of mineral rights                        |   | -                               |   |   | -                  |   |   | 14,000              |  
|Consulting accrual                                       |   | -                               |   |   | -                  |   |   | 15,000              |  
|Stock based
      expenses                               |   | 6,817                           |   |   | -                  |   |   | 6,817               |  
|Changes in operating assets and liabilities:             |   |                                 |   |   |                    |   |   |                     |  
|Prepaid expenses                                         |   | (207,700                        | ) |   | -                  |   |   | (207,700            | )
|Other assets                                             |   | (2,200                          | ) |   | -                  |   |   | (2,200              | )
|Reclamation
      deposit                                |   | (807,000                        | ) |   | -                  |   |   | (821,000            | )
|Advance earn-in payment to
      mineral property holder |   | (500,000                        | ) |   | -                  |   |   | (500,000            | )
|Accounts
      payable and accrued liabilities           |   | 198,689                         |   |   | 21,280             |   |   | 247,960             |  
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|Net cash used in operating activities                    |   | (2,810,700                      | ) |   | (51,282            | ) |   | (3,044,607          | )
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|CASH FLOW FROM INVESTING ACTIVITIES                      |   |                                 |   |   |                    |   |   |                     |  
|Purchase of property and equipment                       |   | (800                            | ) |   | -                  |   |   | (800                | )
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|Net cash used in investing activities                    |   | (800                            | ) |   | -                  |   |   | (800                | )
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|CASH FLOW FROM FINANCING ACTIVITIES                      |   |                                 |   |   |                    |   |   |                     |  
|Proceeds from stock issuance                             |   | 9,927,775                       |   |   | -                  |   |   | 10,166,525          |  
|Stock issuance costs                                     |   | (201,110                        | ) |   | -                  |   |   | (201,110            | )
|Proceeds from borrowings from related
      party        |   | 1,500                           |   |   | -                  |   |   | 8,290               |  
|Proceeds from subscribed stock                           |   | 2,459,700                       |   |   | -                  |   |   | 2,459,700           |  
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|Net cash provided by financing activities                |   | 12,187,865                      |   |   | -                  |   |   | 12,433,405          |  
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|NET CHANGE IN CASH                                       |   | 9,376,365                       |   |   | (51,282            | ) |   | 9,387,998           |  
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|CASH AT BEGINNING OF PERIOD                              |   | 11,633                          |   |   | 63,242             |   |   | -                   |  
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|CASH AT END OF PERIOD                                    | $ | 9,387,998                       |   | $ | 11,960             |   | $ | 9,387,998           |  
|                                                         |   | -                               |   |   |                    |   |   |                     |  
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|SUPPLEMENTAL INFORMATION                                 |   |                                 |   |   |                    |   |   |                     |  
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|Interest Paid                                            | $ | -                               |   | $ | -                  |   | $ | -                   |  
|                                                         |   |                                 |   |   |                    |   |   |                     |  
|Income Taxes Paid                                        | $ | -                               |   | $ | -                  |   | $ | -                   |  

See Accompanying Notes to these Financial Statements 
  F-4

---

IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|1. | DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT
        POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Basis of presentation- The accompanying unaudited
        financial statements have been prepared in accordance with Securities
        and Exchange Commission requirements for interim financial statements.
        Therefore, they do not include all of information and footnotes required
        by accounting principles generally accepted in the United States for complete
        financial statements. The financial statements should be read in conjunction
        with the Form 10-KSB for the year ended December 31, 2006 of Ireland Inc.
        (the Company).                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The interim financial statements present the balance
        sheets, statements of operations and cash flows of the Company. The financial
        statements have been prepared in accordance with accounting principles
        generally accepted in the United States.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | These financial statements have been prepared by the
        Company without audit, and include all adjustments (which consist solely
        of normal recurring adjustments) which, in the opinion of management,
        are necessary for a fair presentation of financial position and results
        of operations. Certain information and footnote disclosures normally included
        in financial statements prepared in accordance with generally accepted
        accounting principles have been condensed or omitted, although the Company
        believes that the disclosures are adequate to make the information presented
        not misleading. It is suggested that these financial statements be read
        in conjunction with the Companys audited financial statements and
        the notes thereto for the year ended December 31, 2006.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Description of business The Company is
        considered an exploration stage company since its formation and the Company
        has not yet realized any revenues from its planned operations. The Company
        is primarily focused on the acquisition and exploration of mining properties.
        Upon location of a commercial minable reserve, the Company expects to
        actively prepare the site for its extractions and enter a development
        stage.                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | History The Company was incorporated on
        February 20, 2001 under the laws of the State of Nevada under the name
        Merritt Ventures Corp. On December 19, 2005, the Company changed its name
        to Ireland Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Going concern- The accompanying financial statements
        have been prepared assuming the Company will continue as a going concern.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The Company incurred cumulative net losses of $4,262,203
        from operations as of September 30, 2007, and has no revenue. The future
        of the Company is dependent upon its ability to obtain financing and upon
        future profitable operations from the development of its mineral properties.
        Management has plans to seek additional capital through a private placement
        and public offering of its common stock. The financial statements do not
        include any adjustments relating to the recoverability and classification
        of recorded assets, or the amounts of and classification of liabilities
        that might be necessary in the event the Company cannot continue in existence.                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Mineral rights- The Company capitalizes 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

F-5

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IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|1. | DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF
        SIGNIFICANT POLICIES(continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Fixed assets Fixed assets are stated
        at cost less accumulated depreciation. Depreciation is provided principally
        on the straight-line method over the estimated useful lives of the assets,
        which are generally 3 to 39 years. The cost of repairs and maintenance
        is charged to expense as incurred. Expenditures for property betterments
        and renewals are capitalized. Upon sale or other disposition of a depreciable
        asset, cost and accumulated depreciation are removed from the accounts
        and any gain or loss is reflected in other income (expense).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The Company periodically evaluates whether events
        and circumstances have occurred that may warrant revision of the estimated
        life of fixed assets or whether the remaining balance of fixed assets
        should be evaluated for possible impairment. The Company uses an estimate
        of the related undiscounted cash flows over the remaining life of the
        fixed assets in measuring their recoverability.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Asset impairment- Long-lived assets are tested
        for recoverability whenever events or changes in circumstances indicate
        the carrying amount may not be recoverable, pursuant to guidance established
        in Statement of Financial Accounting Standards No. 144 (SFAS 144),
        Accounting for the Impairment or Disposal of Long-lived Assets.
        The Company determines impairment by comparing the undiscounted future
        cash flows estimated to be generated by its assets to their respective
        carrying amounts. If impairment is deemed to exist, the assets will be
        written down to fair value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Fair value of financial instruments
        Financial accounting standards Statement No. 107, Disclosure About
        Fair Value of Financial Instruments, requires the Company to disclose,
        when reasonably attainable, the fair market values of its assets and liabilities
        which are deemed to be financial instruments. The carrying amounts and
        estimated fair values of the Companys financial instruments approximates
        their fair value due to the short-term nature.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Use of estimates- The preparation of financial
        statements in conformity with generally accepted accounting principles
        requires management to make estimates and assumptions that affect the
        reported amounts of assets and liabilities, and disclosure of contingent
        assets and liabilities at the date of the financial statements, and the
        reported amounts of revenues and expenses for the reporting period. Actual
        results could differ from these estimates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Asset retirement obligations- The Company
        has adopted Statement of Financial Accounting Standards No. 143 (SFAS
        143), Accounting for Asset Retirement Obligations, which
        requires that an asset retirement obligation (ARO) associated
        with the retirement of a tangible long-lived asset be recognized as a
        liability in the period in which it is incurred and becomes determinable,
        with an offsetting increase in the carrying amount of the associated asset.
        The cost of the tangible asset, including the initially recognized ARO,
        is depleted, such that the cost of the ARO is recognized over the useful
        life of the asset. The ARO is recorded at fair value, and accretion expense
        is recognized over time as the discounted liability is accreted to its
        expected settlement value. The fair value of the ARO is measured using
        expected future cash flow, discounted at the Companys credit-adjusted
        risk- free interest rate. To date, no significant asset retirement obligation
        exists due to the early stage of exploration. Accordingly, no liability
        has been recorded.

F-6

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IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|1. | DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT
        POLICIES(continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Environmental protection and reclamation costs-
        The operations of the Company 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 the Company
        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. The Company does not currently anticipate any material capital
        expenditures for environmental control facilities because its property
        holding is at an early stage of exploration.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Stock-based compensation- The Company follows
        the recommendations of Statement of Accounting Standards No. 123R, Share-based
        Payment, (SFAS No. 123R), which requires measurement
        of compensation cost for all stock awards on the date of grant and recognition
        of compensation over the service period for awards expected to vest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | New 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.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Reclassification Certain amounts in the
        prior period financial statements have been reclassified to conform to
        the current period financial statement presentation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2. | MINERAL EXPLORATION PROPERTIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

Ireland claim - On November 30,
  2004, the Company entered into a mineral property purchase agreement to acquire
  a 100% undivided interest in one mineral claim located in the Yellow Pine Mining
  District in Clark County, Nevada, known as the Ireland Claim, for a total consideration
  of $6,000.

The Company has not determined whether
  the mineral claim contains mineralized material and has consequently written
  off all mineral rights acquisition costs to operations during the previous financial
  periods.

The Columbus and Red Mountain projects
  - On March 29, 2007, as amended August 8, 2007, the Company entered into an
  Assignment Agreement with Nanominerals Corp. (NMC) a Nevada corporation, to
  acquire two mineral property option interests, the first located in Esmeralda
  County, Nevada (the Columbus project) and the second located in
  San Bernardino County, California (the Red Mountain project). The
  assignments were completed on August 14, 2007.

F-7

---

IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|2. | MINERAL EXPLORATION PROPERTIES(continued)
|-- | -----------------------------------------

On August 14, 2007, the Company issued
  30,000,000 common shares to NMC and, in return, received a deed of assignment
  to the option interests in the Columbus Project and to the Red Mountain Project.
  The Company granted a 5% net smelter returns royalty and has reimbursed $1,162,125
  in documented fees and expenses to NMC.

Upon assignment of the option rights,
  the Company will assume the terms of the underlying agreements to earn the respective
  interests in both properties.

The Columbus project - On June
  26, 2007, the Company paid $807,000 to the Bureau of Land Management as a bond
  for future reclamation work on the proposed Columbus Project. This payment was
  made pursuant to the underlying option agreement in anticipation of the completion
  of the transaction.

The Columbus project is subject to an
  underlying option agreement dated July 22, 2006. Under the terms of this agreement,
  to earn a 15% interest, the Company is required to pay $24,000 per month until
  December 31, 2007 and spend $2,500,000 on qualifying expenses by December 31,
  2007.

To earn a 100% interest in the Columbus
  project, the Company, upon earning 15%, will have the right to merge with the
  corporation holding the remaining 85% interest. To exercise the merger right,
  the Company will be required to issue shares of common stock with an aggregate
  value of $20,000,000 and issue share purchase warrants to purchase up to a further
  25% of the number of shares of common stock to be issued.

The Red Mountain project - The
  Red Mountain project is subject to an underlying option agreement dated March
  15, 2007. Under the terms of this agreement, to earn a 60% interest, the Company
  is required to pay $5,000 per month until December 31, 2011 and spend an aggregate
  of $1,200,000 in additional qualifying expenditures by December 31, 2011.

The Company may at any time during the
  life of the Red Mountain project, earn a 100% interest, by paying $100,000,
  issuing shares of common stock with an aggregate value of $1,400,000 and issuing
  share purchase warrants to purchase up to an additional 25% of the number of
  shares of common stock to be issued. If the project achieves commercial production,
  the Company will be required to pay an additional $100,000, issue shares of
  common stock with an aggregate value of $2,400,000 and issue share purchase
  warrants to purchase up to an additional 25% of the number of shares of common
  stock to be issued.

Advance earn-in payment to mineral
  property holder -On July 20, 2007, the Company advanced $500,000 to the
  owners of the Columbus project. Upon completion of the option transaction, the
  owners of the Columbus project will apply these funds toward qualifying earn-in
  expenses of the project.

F-8

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IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|3. | STOCKHOLDERS EQUITY                                                                                                               
|-- | -----------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                    
|   | During the nine months ended September 30,
        2007, the Companys stockholders activities consisted of the
        following:
|   |                                                                                                                                    
|   | a)                                                                                                                                 
|   |                                                                                                                                    
|   | b)                                                                                                                                 
|   |                                                                                                                                    
|   | c)                                                                                                                                 
|   |                                                                                                                                    
|   | d)                                                                                                                                 
|   |                                                                                                                                    
|   | e)                                                                                                                                 
|   |                                                                                                                                    
|   |                                                                                                                                    

F-9

---

IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|4. | OPTION PLAN                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | On March 27, 2007, the Board of Directors
        adopted the 2007 Stock Incentive Plan (the Plan). Under the
        terms of the Plan, options to purchase up to 6,000,000 shares of the 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
        quarter, may be granted to officers, directors, employees and eligible
        consultants.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | During the nine months ended September 30,
        2007, the Company granted stock options as follows:                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

Compensation expense for the three months
  and nine months ended September 30, 2007 related to granting of stock options
  were $0 and $6,817, respectively.

Stock options  During the
  nine months ended September 30, 2007, the Company granted stock options to officers
  and consultants totaling 3,720,000 with a weighted average exercise price of
  $0.05 per share. As of September 30, 2007 stock options outstanding totaled
  3,720,000 with a weighted average exercise price of $0.05 per share.

The following table summarizes the Companys
  stock option activity for the nine months ended September 30, 2007:

| |                             |  | Number of |  |   | Weighted       | 
| | --------------------------- |  | --------- |  | - | -------------- | 
| |                             |  | Shares    |  |   | Average        | 
| |                             |  |           |  |   | Exercise Price | 
| | Balance, December 31, 2006  |  | --        |  | $ | --             | 
| | Options granted and assumed |  | 3,720,000 |  |   | 0.05           | 
| | Options expired             |  | --        |  |   | --             | 
| | Options cancelled           |  | --        |  |   | --             | 
| | Options exercised           |  | --        |  |   | --             | 
| |                             |  |           |  |   |                | 
| | Balance, September 30, 2007 |  | 3,720,000 |  | $ | 0.05           | 

The Company estimates the fair value
  of these options granted by using the Black-Scholes option pricing model with
  the following assumptions:

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


Accordingly, the Company valued the services
  under SFAS No. 123R relating to non-statutory stock options upon grant in 2007
  for $6,817 as of September 30, 2007.

F-10

---

IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|4. | OPTION PLAN(continued)                                                                                                   
|-- | -------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                          
|   | The following table summarizes information about options
        granted during the nine months ended September 30, 2007:

Exercise PriceEquals, ExceedsOr
      WeightedNumber of Options
      Is
        Less than Mkt.
      Average
      Range of
      WeightedGranted
      Price
        of Stock
      Exercise
      Exercise
      Average FairDuring 2007
      On Grant Date
      Price
      Price
      Value3,
        720,000
      Equals
      $ 0.05
      $0.05 to $0.05
      $ 0.0018--
      Exceeds
      $     --
      $   --  to $   --
      $        
        ----
      Less Than
      $     --
      $   --  to $   --
      $         --3,720,000
      Equals
      $ 0.05
      $0.05 to $0.05
      $ 0.0018


Stock options/warrants 
  During the nine months ended September 30, 2007 the Company granted stock warrants
  related to common stock issued through a private placement totaling 7,636,750
  with a exercise price of $1.00 per share.

The fair value of the warrants issued
  in connection with the unit offerings approved April 24, 2007 amounted to $1,319,192
  and was calculated using the Black-Scholes option pricing model with the following
  assumptions:

2007
      2006Dividend yield
      -
      -Expected volatility
      56.13%
      -Risk-free interest rate
      4.84%
      -Expected life (years)
      2
      -


The following table summarizes information
  about options/warrants granted during the nine months ended September 30, 2007:

| |                                      |  | Number of  |  |   | Weighted       | 
| | ------------------------------------ |  | ---------- |  | - | -------------- | 
| |                                      |  | Shares     |  |   | Average        | 
| |                                      |  |            |  |   | Exercise Price | 
| | Balance, December 31, 2006           |  | --         |  | $ | --             | 
| | Options/warrants granted and assumed |  | 11,356,750 |  |   | 0.69           | 
| | Options/warrants expired             |  | --         |  |   | --             | 
| | Options/warrants cancelled           |  | --         |  |   | --             | 
| | Options/warrants exercised           |  | --         |  |   | --             | 
| |                                      |  |            |  |   |                | 
| | Balance, September 30, 2007          |  | 11,356,750 |  | $ | 0.69           | 

F-11

---

IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|5. | INCOME TAXES                                                                                                                      
|-- | ----------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                   
|   | The Company is a Nevada corporation and is subject to
        federal income taxes. Nevada does not impose a corporate income tax.
|   |                                                                                                                                   
|   | The provision for income taxes consisted of the following
        at September 30, 2007 and December 31, 2007,                    

| |                                  |   | September 30, |   |   | December 31, | 
| | -------------------------------- | - | ------------- | - | - | ------------ | 
| |                                  |   | 2007          |   |   | 2006         | 
| |                                  |   |               |   |   |              | 
| | Income tax benefit at 34%        | $ | (1,347,769    | ) | $ | --           | 
| | Non-deductible and other         |   | 838,000       |   |   | --           | 
| | Change in valuation allowance    |   | 509,769       |   |   | --           | 
| |                                  |   |               |   |   |              | 
| | Provision for income
      taxes | $ | --            |   | $ | --           | 

Significant components of the Companys
  net deferred income tax assets at September 30, 2007 and December 30, 2006 were
  as follows:

| |                                  |   | September 30, |   |   | December 31, | 
| | -------------------------------- | - | ------------- | - | - | ------------ | 
| |                                  |   | 2007          |   |   | 2006         | 
| |                                  |   |               |   |   |              | 
| | Net 0perating loss carry forward | $ | 507,451       |   | $ | --           | 
| | Option compensation              |   | 2,318         |   |   | --           | 
| |                                  |   |               |   |   |              | 
| | Deferred income tax asset        |   | 509,769       |   |   | --           | 
| | Valuation allowance              |   | (509,769      | ) |   | --           | 
| |                                  |   |               |   |   |              | 
| |                                  | $ | --            |   | $ | --           | 

|   | A full valuation allowance was established for net deferred
        tax assets due to the uncertainty of realizing these deferred tax assets
        based on conditions existing at September 30, 2007 and December 31, 2006.                                                                                                                                                                                                                                                  
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | The Company had cumulative net operating losses of approximately
        $1,492,503 as of September 30, 2007 for federal income tax purposes. Cumulative
        net operating losses from December 31, 2006 and previous years are effectively
        nil due to the annual limitation imposed by the Internal Revenue Code
        of 1986 as a result of the ownership percentage change limitations. The
        net operating loss carryforwards will be expiring in 2027.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|6. | COMMITMENTS AND CONTINGENCIES                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Lease obligations The Company rents office
        space in Henderson, Nevada under a one year lease term effective September
        1, 2007 for $2,200 per month.                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Rental expense, resulting from this operating lease
        agreement, approximates $2,200 for the nine months ended September 30,
        2007.                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|7. | CONCENTRATION OF CREDIT RISK                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Financial instruments that potentially subject the Company
        to concentration of credit risk consist of cash investments. The Company
        places its temporary cash investments with two financial institutions.
        Cash accounts at the financial institutions are insured by the Federal
        Deposit Insurance Corporation for up to $100,000 per financial institution.                                                                                   

F-12

---

IRELAND INC.(AN EXPLORATION STAGE ENTERPRISE)NOTES TO FINANCIAL STATEMENTS(UNAUDITED)

|8. | RELATED PARTY TRANSACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | During the nine months ended September 30, 2007, the
        Company utilized the services of NMC to provide technical and financing
        related activities. These services related primarily to the Columbus project
        and the Red Mountain project.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | In addition to the above fees, NMC provided dedicated
        use of its laboratory, instrumentation, milling equipment and research
        facilities. NMC provided invoices for these fees plus expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | For the nine months ended September 30, 2007, the
        Company incurred total fees and reimbursements of expenses to NMC of $540,000
        and $622,125, respectively. At September 30, 2007, the Company had
        an outstanding balance due to NMC of $193,439.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9. | SUBSEQUENT EVENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | On October 19, 2007, the Company completed the fourth
        tranche of the US and foreign private placement offerings announced by
        the Company on April 25, 2007. A total of 1,126,500 units at a price of
        $0.65 per unit were issued under the foreign private placement offering
        to non-US persons as contemplated under Regulation S of the Securities
        Act of 1933. Also on October 19, 2007, the Company issued 3,600,000 units
        at a price of $0.65 per unit under the US private placement offering
        to US accredited investors as defined in Rule 506 of Regulation D of the
        Securities Act. Both the US offering and the foreign offering have now
        been closed by the Company. Cash proceeds of $2,459,700 from the issue
        of shares were received prior to September 30, 2007 and were reported
        as subscribed common stock.

F-13

---

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 $0.001 per share, of which 9,137,500 shares
were issued and outstanding, to 400,000,000 shares of common stock, par value
$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. As of August 14, 2007, we
acquired interests in two additional mineral projects that we refer to as the
Columbus Project and the Red Mountain Project. See The Columbus and Red
Mountain Project, below.

Recent Corporate Developments

The following significant corporate developments have occurred
since June 30, 2007, the end of our last fiscal quarter:

|1. | On July 20, 2007, we completed the second tranches of the
      foreign private placement offering (the Foreign Offering) and the US
      private placement offering (the U.S. Offering) announced by us on April
      25, 2007. We issued a total of 3,150,500 units (each a Unit) at a price
      of $0.65 per Unit to non-US persons as contemplated under Regulation S of
      the Securities Act of 1933 (the Securities Act) under the Foreign
      Offering and issued a total of 3,962,000 Units, also at a price of $0.65
      per Unit, to certain accredited investors under Rule 506 of Regulation D
      of the Securities Act under the U.S. Offering.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

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|   | Each Unit issued under the Foreign Offering and the U.S.
      Offering consists of one (1) share of our common stock and one-half of one
      (1/2) share purchase warrant. Each full share purchase warrant (a
      Warrant) issued above entitled the subscriber to purchase one (1)
      additional share of our common stock at a price of $1.00 per share for a
      period of two (2) years from the date the Units were issued. We may
      accelerate the expiry date for the Warrants after one year from the date
      of issuance if our common stock trades at a weighted average price over
      $3.50 for twenty (20) consecutive trading days. If we choose to exercise
      this option, the accelerated expiry date will be thirty (30) days after we
      send out notices of the acceleration.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We agreed to pay an aggregate of $29,575 in commissions
      and issue an aggregate of 19,500 agents warrants (Agents Warrants) in
      connection with the sale of 650,000 Units under the Foreign Offering. We
      also agreed to pay an aggregate of $98,053 in commissions and issue an
      aggregate of 64,650 Agents Warrants in connection with the sale of
      2,155,000 Units under the U.S. Offering. The Agents Warrants will be
      issued on the same terms and conditions as the Warrants issued under the
      Foreign Offering and the U. S. Offering.                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | On August 14, 2007, we completed the acquisition of
      rights to certain mineral properties located in Esmeralda County, Nevada
      (the Columbus Project) and San Bernardino, California (the Red Mountain
      Project) from Nanominerals Corp. (Nano). We acquired these rights
      pursuant to the terms of our assignment agreement with Nano and Lorrie
      Archibald, dated as of March 29, 2007 and as amended on August 8, 2007. A
      description of our rights to the Columbus and Red Mountain Projects is
      provided below. A detailed description of the Columbus and Red Mountain
      Projects themselves may be found in our Quarterly Report on Form 10-QSB
      for the period ended June 30, 2007 and filed with the SEC on August 20,
      2007.                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|3. | On September 14, 2007, we completed the third tranches of
      the Foreign Offering and the U. S. Offering. We issued a total of
      1,895,000 Units under the Foreign Offering to non-US persons as
      contemplated under Regulation S of the Securities Act. We issued a total
      of 2,000,000 Units under the U.S. Offering to accredited investors as
      defined in Rule 506 of Regulation D of the Securities Act. We paid
      commissions totalling $39,357.50 and agreed to issue 25,950 Agents
      Warrants in connection with the sale of Units under the Foreign Offering.
      We did not pay any commissions on the Units sold under the U.S.
      Offering.                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|4. | On October 6, 2007, we received notice that Telford
      Sadovnick, P.L.L.C. (Telford Sadovnick) had resigned as our auditors.
      Telford Sadovnick stated that their resignation was due to the fact that
      they had withdrawn their registration with the Public Company
      Accountability Oversight Board (PCAOB) and were no longer able to audit
      US issuers.                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|5. | On October 15, 2007, our Board of Directors appointed
      Brown Armstrong Paulden McCown Starbuck Thornburgh & Keeter
      Accountancy Corporation as our new independent registered public
      accounting firm following the resignation of Telford Sadovnick,
      P.L.L.C.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|6. | On October 19, 2007, we completed the fourth tranches of
      the Foreign Offering and the U. S. Offering. We issued a total of
      1,126,500 Units under the Foreign Offering to non-US persons as
      contemplated under Regulation S of the Securities Act. We agreed to pay an
      aggregate of $37,993 in commissions and issue and aggregate of 25,050
      Agents Warrants in connection with the sale of 835,000 of the Units sold.
      We also issued a total of 3,600,000 Units under the U.S. Offering to
      accredited investors pursuant to Rule 506 of Regulation D of the
      Securities Act. We agreed to pay $4,550 in commissions and to
  issue                                                                                                                                           

4

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an aggregate of 3,000 Agents Warrants
in connection with the sale of 100,000 of the Units sold.

To date, the total number of Units
issued under the Foreign Offering and the U.S. Offering is now 8,188,000 Units
and 11,812,000 Units, respectively. This represents an over allotment of
1,812,000 Units from the total number of Units originally approved by our Board
of Directors for the U.S. Offering. To account for the over allotment, we
decreased the number of Units available under the Foreign Offering by an equal
number of Units. The aggregate number of Units sold by us under both the U.S.
Offering and the Foreign Offering was 20,000,000 Units, for total gross proceeds
of $13,000,000. We have agreed to pay an aggregate of $243,653 in cash
commissions and issue an aggregate of 160,650 Agents Warrants in connection
with the sale of 5,355,000 Units under the U.S. Offering and the Foreign
Offering, collectively. Both the U.S. Offering and the Foreign Offering have now
been closed.

Acquisition of Rights to 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 its rights to the
Columbus Project and the Red Mountain Project. The terms of the Nano Agreement
were amended pursuant to an Amendment Agreement entered into on August 8, 2007.
The assignments were completed on August 14, 2007. In consideration for the
assignment of Nanos rights to the Columbus and Red Mountain Projects, we:

| | (a) | issued 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) | granted a royalty to Nano of 5% of net smelter returns,
      if any, from the Columbus and Red Mountain Projects and from any future
      mineral projects that may be assigned or transferred to us by
  Nano;           
| |     |                                                                                                                                                                                                                             
| | (c) | assumed all of the obligations of Nano under the terms of
      the Columbus and Red Mountain Option Agreements, the details of which are
      set out below; and                                                          
| |     |                                                                                                                                                                                                                             
| | (d) | agreed to reimburse Nano for any of its properly
      documented expenditures on the Columbus and Red Mountain Projects. The
      total amount reimbursed to Nano for these expenditures was
    $1,162,125.              

In addition, at Nanos request we have forwarded to Columbus
S.M. LLC (CSM) a total of $1,355,000 in respect of the Columbus Option
Agreement.

As a result of the assignments, we now hold the following
option rights:

| | (a) | an option to acquire up to a 15% interest in the Columbus
      Project;                                                                                    
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                             
| | (b) | an option to acquire 100% of the Columbus Project by way
      of merger with the owners of the Columbus Project, CSM and Columbus Brine
      Inc. (CBI);
| |     |                                                                                                                                                             
| | (c) | an option to acquire up to a 60% interest in the Red
      Mountain Project; and                                                                            

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| | (d) | an option to acquire 100% of the Red Mountain Project for
      approximately $4,000,000 in cash and stock.
| | --- | -----------------------------------------------------------------------------------------------------------

The Columbus Project Option

The Columbus Project is a potential gold, silver and calcium
carbonate project consisting of 133 mineral claims covering approximately 19,300
acres located in Esmeralda County, Nevada. Title to the mineral claims making up
the Columbus Project are held by CSM. As of August 14, 2007, we have assumed all
of Nanos obligations under their option agreement (the Columbus Option
Agreement) with CSM and CBI. Under the terms of this agreement, in order to
maintain and exercise our option, we are required to do the following:

| | (a) | pay $10,000 per month to CSM until December 31, 2007, in
      order to maintain our option rights;                                                                                                  
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                      
| | (b) | spend a total of $500,000 on examining, testing,
      exploring or developing the Columbus Project by December 31, 2006 (the CP
      Phase 1 Expenditures) (which has already been spent);       
| |     |                                                                                                                                                                                                      
| | (c) | spend a total of $2,500,000 on examining, testing,
      exploring or developing the Columbus Project by December 31, 2007 (the CP
      Phase 2 Expenditures); and                                
| |     |                                                                                                                                                                                                      
| | (d) | pay a total of $14,000 per month in consulting fees to
      two individuals associated with CSM and CBI for services relating to
      maintaining, exploring and developing the Columbus
  Project.

For every $1,000,000 spent by us on the CP Phase 1 and CP Phase
2 Expenditures, we will earn a 5% undivided interest in the Columbus Project (or
a proportionate fractional interest for expenditures in denominations of less
than $1,000,000). We will earn a maximum 15% undivided interest in the Columbus
Project if we spend the full $3,000,000 of the CP Phase 1 and CP Phase 2
Expenditures by the deadlines set out above. In addition, if we spend the full
amount of the CP Phase 1 and CP Phase 2 Expenditures, we will have the right to
acquire CSM and CBI and thus a 100% undivided interest in the Columbus Project
by way of a statutory merger (the CP Merger Rights). In order to exercise the
CP Merger Rights, we will be required to issue the following consideration:

| | (a) | a minimum of 10,000,000 shares and a maximum of
      80,000,000 shares of common stock, with the specific number of shares to
      be issued depending upon the closing market price of our common stock over
      the sixty days prior to the merger (the CP Merger Shares); and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                       
| | (b) | warrants to acquire one additional share of our common
      stock for every four shares issued under (a), at an exercise price per
      share equal to 125% of the share price used to determine the number of
      shares to be issued under (a), for a period of two
years.      

The number of shares to be issued will be determined based upon
the average closing price of our shares over the 60 days prior to closing, with
a minimum per share price of $0.25 per share and a maximum per share price of
$2.00 per share. In addition, upon completion of the merger, John T. Arkoosh,
the principal of CSM and CBI, will have the right to nominate one person to our
Board of Directors. We will be required to file a registration statement with
the SEC in respect of the resale

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of the CP Merger Shares, within 60 days after the completion of
the merger. The option to acquire CSM and CBI expires on January 31, 2008.

As of the date of this Quarterly Report, we and Nano have collectively
  spent approximately $2,522,658 on the Columbus Project, with the result that
  we have now earned an 12.6% undivided ownership in the Columbus Project.

The Red Mountain Project Option

The Red Mountain Project consists of 60 mineral claims covering
approximately 7,500 acres, all located in San Bernardino County, California.
Title to these mineral claims is currently recorded in the names of a number of
individuals who, together, make up mining syndicate known as Red Mountain Mining
(RMM). We have been notified that some of the claims making up the Red
Mountain Project may conflict with other existing mineral claims and other
property rights covering the location of the project. We intend to work with RMM
to in order to resolve these issues for their mineral claims of interest.

As of August 14, 2007, we assumed all of Nanos obligations
under their option agreement (the Red Mountain Option Agreement) with RMM.
Under the terms of the Red Mountain Option Agreement, in order to maintain and
exercise our option, we are required to do the following:

| | (a) | pay $5,000 per month to RMM, until December 31, 2011, in
      order to maintain our option rights;                                                                     
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                         
| | (b) | spend a total of $200,000 by December 31, 2008 on
      examining, testing, exploring or developing the Red Mountain Project (the
      RMP Phase 1 Expenditures); and
| |     |                                                                                                                                                                         
| | (c) | spend a total of $1,000,000 by December 31, 2011 on
      examining, testing, exploring or developing the Red Mountain Project (the
      RMP Phase 2 Expenditures).  

For each $100,000 spent by us on the RMP Phase 1 or RMP Phase 2
Expenditures, we will earn a 5% undivided interest in the Red Mountain Project
(or a proportionate fractional interest for expenditures in denominations of
less than $100,000). We will earn a maximum 60% undivided interest in the Red
Mountain Project if we spend the full $1,200,000 of the RMP Phase 1 and RMP
Phase 2 Expenditures by the deadlines set out above. In addition, at any time,
we have the right to acquire a 100% interest in the Red Mountain Project (the
RM Acquisition Rights) by:

| | (a) | paying and issuing to RMM the following
    consideration:                                                                               
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                          
| |     | (i)                                                                                                                                      
| |     |                                                                                                                                          
| |     | (ii)                                                                                                                                     
| |     |                                                                                                                                          
| |     | (iii)                                                                                                                                    
| |     |                                                                                                                                          
| | (b) | if the Red Mountain Project achieves commercial
      production, paying and issuing to RMM the following additional
      consideration:
| |     |                                                                                                                                          
| |     | (i)                                                                                                                                      

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| | (ii)  | shares with an aggregate value of $2,400,000,
  and                                                                                                                                                                                                       
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                           
| | (iii) | warrants to acquire one additional share for every four
      shares issued under (b)(ii), at a price per share equal to 125% of the
      share price used to determine the number of shares to be issued under
      (b)(ii), for a period of two years.

The number of shares to be issued will be determined based upon
the average closing price of our shares over the 60 days prior to closing, with
a minimum per share price of $0.25 per share and a maximum per share price of
$5.00 per share.

As of the date of this Quarterly Report, we have spent $137,777
  on the Red Mountain Project, meaning, we now have a 6.9% undivided ownership
  interest in the project.

PLAN OF OPERATION

During the next twelve months we intend to proceed with our
exploration and development programs for the Columbus Project and the Red
Mountain Project. Although we intend to retain the Ireland Claim, our management
has deprioritized our exploration program for the Ireland Claim based on the
progress and potential of the Columbus and Red Mountain Projects. As a result,
our exploration program for the Ireland Claim is expected to be delayed.

The Columbus Project

Our exploration and development program for the Columbus
Project currently consists of the following:

|1. | Upgrade Project Facility: We plan to upgrade the
      existing mill facilities located on the Columbus Project site. The current
      facilities located on the site are not sufficient to implement our pilot
      production operation. As a result, we will need to upgrade these
      facilities by bringing in the necessary equipment and other infrastructure
      required to implement our pilot operations. Construction on these upgrades
      has now commenced. We hope to complete the first stage of upgrading the
      existing project facilities by the end of 2007.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | Pilot Production Module: We plan to implement a
      pilot production module on the Columbus Project in order to evaluate the
      economic feasibility of the project. The production model for the Columbus
      Project is anticipated to be a low grade, low cost, high volume mining
      operation.                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We have obtained a production permit from the Bureau of
      Land Management (BLM). The production permit allows us to commence
      calcium carbonate production and precious mineral extraction on the 270
      acre mine site and 60 acre mill sites located at the Columbus Project at a
      mine rate of 78,000 tons per year. In addition, the Production Permit
      allows us to use 50 acres of the Columbus Project for road
  access.                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We plan to use an open pit mining method to extract
      minerals from the Columbus Project. The material will be mined and
      transported by truck to the project facility. Water will then be added to
      the extracted material to make a slurry. Once the material has been
      slurried, we will use a gravity and spiral concentration process to filter
      the minerals from the                                                                                                                                                                                          

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|   | material. The final extraction method will involve acid
      leaching to recover the minerals from the materials.                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Once we commence production, we anticipate that we will
      continue our production with the pilot production module as long as the
      Columbus Project produces commercial minerals.                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|3. | Drilling Exploration Program: We plan to commence
      a drilling program on the Columbus Project in order to determine whether
      there are sufficient reserves on the Columbus Project for economic
      viability. We anticipate filing the required permit applications in the
      fourth quarter of 2007. If we receive the necessary approvals from the
      BLM, of which there are no assurances, we expect to commence drilling by
      the end of the first quarter of 2008. We anticipate that our drilling
      program will take up to two years to complete.

We anticipate spending approximately $4,134,847 on the above
exploration and development program for the Columbus Project during the next
nine months. We anticipate spending more than $2,500,000 by December 31, 2007,
meaning that we expect to be able to fully exercise our option for a 15%
undivided interest in the Columbus Project. If the results of our pilot
production operation and drilling exploration program is successful, we will
likely exercise our right to acquire a 100% undivided interest in the Columbus
Project by exercising the CP Merger Rights under the Columbus Option Agreement.

The Red Mountain Project

Our exploration and development program for the Red Mountain
Project currently consists of the following:

|1. | Comprehensive Project Report: We are currently
      compiling our comprehensive Project Report for the Red Mountain Project.
      We hope to complete the Project Report by the end of the fourth quarter of
      2007.                                                                                                   
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                              
|2. | Drilling Program: We are planning to initiate our
      drilling program in the fourth quarter of 2007. We hope to submit our
      initial drill permit application by the end of December of 2007. The drill
      locations will be determined by further analysis of the project data,
      which is currently underway.

We anticipate that we will spend approximately $1,496,000 on
our exploration program for the Red Mountain Project during the next nine
months.

Ireland Claim

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.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|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.                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|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.                                                                                                                                                                                                                                                                                                                                                                          

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. Phase I of our
exploration program for the Ireland Claim is expected to cost approximately
$5,500. The remainder of our exploration program is expected to cost
approximately $101,200 to complete.

Our exploration program for the Ireland Claim has been
deprioritized by our management based on the progress and potential of our
Columbus and Red Mountain Projects. As a result, our exploration program for the
Ireland Claim is expected to be delayed. 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.

Cash Requirements

Our estimated expenses for the next nine months are as follows:

Columbus Project• Property Acquisition and Maintenance Costs and Permits
    
    $
    222,000• Drilling Exploration Program and Obtaining
        Reserve Estimates
    
    $
    985,000• Plant Facility Upgrades
    
    $
    1,891,722• Plant Operation
    
    $
    305,000• Administration & Overhead
    
    $
    90,000$
    3,493,722• Contingency (@ 15%)
    
    $
    641,125$
    4,134,847Red Mountain Project  Phase I


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• Property Acquisition and Maintenance Costs
    
    $
      52,000• Permitting Costs
    
    $
      100,000• Drilling Exploration Program
    
    $
      1,020,000• Project Report
    
    $
      75,000• Administration & Overhead
    
    $
      40,000$
      1,287,500• Contingency (@ 15%)
    
    $
      208,500$
      1,496,500Ireland Claim• VLF Electromagnetic Survey
    
    $
      5,500$
      5,500TOTAL
    
    $
      5,636,347


As of our nine months ended September 30, 2007, we had cash in
the amount of approximately $9,387,998 and a working capital surplus of
$9,324,448. Although this amount is sufficient to meet our anticipated costs for
our exploration and development programs during the next twelve months, the
actual costs of completing those programs may be greater than anticipated. If
the actual costs are significantly greater than anticipated or if we proceed
with our exploration and development programs beyond what we currently have
planned for the next twelve months, we will need to obtain additional financing.
There are no assurances that we will be able to obtain additional financing in
an amount sufficient to meet our needs or on terms that are acceptable to
us.

RESULTS OF OPERATIONS

Third Quarter and Nine Months Summary

Third
        Quarter Ended September 30
      
      Nine Months Ended September 30Percentage
      
      
      
      PercentageIncrease /
      
      
      
      Increase /2007
      2006
      (Decrease)
      
      2007
      2006
      (Decrease)Revenue
      $Nil
      $Nil
      n/a
      
      $Nil
      $Nil
      n/aExpenses
      (3,192,595)
      (30,432)
      10,390.9%
      
      (3,994,046)
      (72,562)
      5,404.3%Interest Income
      30,021
      -
      n/a
      
      30,021
      -
      n/aNet Loss
      $(3,162,574)
      $(30,432)
      10,292.3%
      
      $(3,964,025)
      $(72,562)
      5,362.9%


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

11

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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:

Third
        Quarter Ended September 30
      
      Nine
        Months Ended September 30Percentage
      
      
      
      Percentage2007
      2006
      Increase /
      
      2007
      2006
      Increase /(Decrease)
      
      
      
      (Decrease)Mineral exploration and evaluation expenses
      $21,810
      -
      n/a
      
      $67,810
      -
      n/aMineral exploration and evaluation expenses  related
        party
      867,125
      -
      n/a
      
      867,125
      -
      n/aGeneral and administrative
      62,851
      30,432
      106.5%
      
      129,892
      72,562
      79.0%Depreciation
      14
      -
      n/a
      
      14
      -
      n/aDiscount on issue of shares
      1,776,295
      -
      n/a
      
      2,464,705
      -
      n/aMineral and property option payments
      169,500
      -
      n/a
      
      169,500
      -
      n/aMineral and property option payments  reimbursed to
        related party
      295,000
      -
      n/a
      
      295,000
      -
      n/aTotal Expenses
      $3,192,595
      $30,432
      10,390.9%
      
      $3,994,046
      $72,562
      5,362.9%


The increase in our total expenses for the nine months ended
September 30, 2007 was primarily due to (i) amounts recorded in respect of the
discount on the offering price from the market price of the shares offered under
the U.S. Offering and the Foreign Offering; and (ii) increases in the amounts
spent on mineral exploration and evaluation expenses. The increases on the
amounts spent on mineral exploration and evaluation represents amounts spent on
the Columbus and Red Mountain Projects. Mineral exploration and evaluation
expenses  related party and mineral and property option payments  reimbursed
to related party represent amounts reimbursed to Nano in connection with the
Columbus and Red Mountain Projects. The increase in general and administrative
expenses is primarily attributable to an increase in legal expenses incurred by
us during the period.

We anticipate that our operating expenses will continue to
increase significantly as we pursue our exploration and development programs for
the Columbus Project, the Red Mountain Project, and the Ireland Claim.

12

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LIQUIDITY AND CAPITAL RESOURCES

|Working Capital           |                       |                      |                      
|------------------------- | --------------------- | -------------------- | ---------------------
|                          |                       |                      | Percentage           
|                          | At September 30, 2007 | At December 31, 2006 | Increase / (Decrease)
|Current Assets            | $9,595,698            | $11,633              | 82,386.9%            
|Current Liabilities       | (271,250)             | (71,061)             | 281.7%               
|Working Capital (Deficit) | $9,324,448            | $(59,428)            | 15,790.3%            

|Cash Flows                                    |                                      |          
|--------------------------------------------- | ------------------------------------ | ---------
|                                              | Nine
      Months Ended September 30
|                                              | 2007                                 | 2006     
|Net Cash Used In Operating Activities         | $(2,810,700)                         | $(51,282)
|Net Cash Used In Investing Activities         | (800)                                | -        
|Net Cash From Financing Activities            | 12,187,865                           | -        
|Net Increase (Decrease) In Cash During Period | $9,376,365                           | $(51,282)

As at September 30, 2007 we had a working capital surplus of
$9,324,448 as compared to a working capital deficit of $59,428 as at our year
ended December 31, 2006. This is primarily a result of the fact that we
completed the first, second and third tranches of our Foreign and U.S. Offerings
during the nine months ended September 30, 2007.

On April 24, 2007, our Board of Directors approved the Foreign
Offering and the U.S. Offering. As of the date of filing of this Quarterly
Report, we had completed the sale of a collective total of 20,000,000 units
under the Foreign and US Offerings, for total proceeds, less commissions, of
$12,756,347. The Foreign and US Offerings have now been closed.

Although this amount is sufficient to meet our anticipated
costs for our exploration and development programs during the next twelve
months, the actual costs of completing those programs may be greater than
anticipated. If the actual costs are significantly greater than anticipated or
if we proceed with our exploration and development programs beyond what we
currently have planned for the next twelve months, we will need to obtain
additional financing. There are no assurances that we will be able to obtain
additional financing in an amount sufficient to meet our needs or on terms that
are acceptable to us. There are no assurances that we will able to obtain
financing from alternative sources on terms acceptable to us. If we are not able
to obtain additional financing when needed, we will be unable to complete our
current plan of operation.

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.

13

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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.

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.

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.

RISKS AND UNCERTAINTIES

Although we intend to implement a pilot production module
for the Columbus Project, there is no assurance that this project is
commercially feasible.

We intend to begin our pilot production operations on the
Columbus Project in the fourth quarter of 2007. This pilot production module is
designed to evaluate the economic feasibility of the Columbus Project. We can
not provide any assurances that the Columbus Project will turn out to be
commercially viable.

14

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If we do not obtain additional financing, we may not be able
to complete our exploration and development programs on the Ireland Claim and
the Columbus and Red Mountain Projects.

Although we have obtained sufficient proceeds from our Foreign
and US Offerings to meet the anticipated costs of our exploration and
development programs during the next twelve months, the actual costs of
completing those programs may be greater than anticipated. If the actual costs
are significantly greater than anticipated or if we proceed with our exploration
and development programs beyond what we currently have planned for the next
twelve months, we will need to obtain additional financing. There are no
assurances that we will be able to obtain additional financing in an amount
sufficient to meet our needs or on terms that are acceptable to us.

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.

If we complete additional financings through the sale of
shares of our common stock, our existing 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 the Columbus and Red
Mountain Projects. 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,
Columbus Project and Red Mountain Project, we will be required to make annual
filings with federal and state regulatory agencies and/or be required to
complete assessment work on those properties.

In order to maintain our rights to the Ireland Claim, Columbus
Project and Red Mountain Project, 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, Columbus Project and Red Mountain Project. A failure by us to meet the
annual maintenance requirements under federal and state laws could cause our
rights to the Ireland Claim, Columbus Project and Red Mountain Project 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 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

15

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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 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.

16

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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 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.

Certain work to be performed on our mineral projects may
require us to apply for permits from federal, state or local regulatory bodies.

If our applications for permits from the relevant regulatory
bodies are denied, we may not be able to proceed with our exploration and
development programs as disclosed above, which could have a negative affect on
our business.

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 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.

17

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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.

18

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PART II - OTHER INFORMATION

ITEM
1.           LEGAL
PROCEEDINGS.

None.

ITEM
2.           UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

On September 14, 2007, we completed the third tranche of the
Foreign Offering and the U.S. Offering. We issued 1,895,000 Units under the
Foreign Offering to non-US persons as contemplated under Regulation S of the
Securities Act. We issued 2,000,000 Units under the U.S. Offering to accredited
investors as defined in Rule 506 of Regulation D of the Securities Act.

On October 19, 2007, we completed the fourth tranche of the
Foreign Offering and the U.S. Offering. We issued 1,126,500 Units under the
Foreign Offering to non-US persons as contemplated under Regulation S of the
Securities Act. We issued 3,600,000 Units to accredited investors pursuant to
Regulation D of the Securities Act.

To date, the total number of Units issued under the U.S.
Offering is now 11,812,000 Units. This represents an over allotment of 1,812,000
Units from the total number of Units originally approved by our Board of
Directors for the U.S. Offering. To account for the over allotment of 1,812,000
Units under the U.S. Offering, we decreased the number of Units available under
the Foreign Offering by an equal number of Units. The aggregate number of Units
sold by us under both the U.S. Offering and the Foreign Offering was 20,000,000
Units, for total gross proceeds of $13,000,000. We have agreed to pay an
aggregate of $243,653 in cash commissions and issue an aggregate of 160,650
Agents Warrants in connection with the sale of 5,355,000 Units under the U.S.
Offering and the Foreign Offering, collectively. Both the U.S. Offering and the
Foreign Offering have now been closed by the Company.

ITEM
3.           DEFAULTS UPON
SENIOR SECURITIES.

None.

ITEM
4.           SUBMISSION OF
MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM
5.           OTHER
INFORMATION.

None.

19

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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)                              
|        |  |                                                                                                                                                                       
|10.6    |  | Agency Agreement dated effective
        as of June 19, 2007 between the Company and S & P Investors, Inc.(6)                                                         
|        |  |                                                                                                                                                                       
|10.7    |  | Amendment Agreement to Assignment
        Agreement among Nanominerals Corp., Ireland Inc. and Lorrie Archibald,
        dated for reference as of August 8, 2007.(7) 
|        |  |                                                                                                                                                                       
|10.8    |  | Consulting Agreement between
        the Company and RJ Falkner & Company, Inc., dated for reference as
        of November 5, 2007.(8)                               
|        |  |                                                                                                                                                                       
|10.9    |  | Consultant Non-Qualified Stock
        Option Agreement between the Company and R. Jerry Falkner, dated effective
        as of November 5, 2007.(8)                  
|        |  |                                                                                                                                                                       
|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. 

20

---

|(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.                                      
|(6) | Filed as an exhibit to our Current Report on Form 8-K
      filed on June 21, 2007.                                       
|(7) | Filed as an exhibit to our Current Report on Form 8-K
      filed on August 14, 2007.                                     
|(8) | Filed as an exhibit to our Current Report on Form 8-K
      filed on November 9, 2007.                                    

21

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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: November 13, 2007 |     |                                             
|                         | By: | /s/ Douglas D.G. Birnie                     
|                         |     |                                             
|                         |     | DOUGLAS D.G. BIRNIE                         
|                         |     | President, Chief Executive
      Officer and
|                         |     | Secretary                                   
|                         |     | (Principal Executive Officer)               
|                         |     |                                             
|                         |     |                                             
|                         |     |                                             
|                         |     |                                             
|Dated: November 13, 2007 |     |                                             
|                         | By: | /s/ Robert D. McDougal                      
|                         |     |                                             
|                         |     | ROBERT D. MCDOUGAL                          
|                         |     | Chief Financial Officer                     
|                         |     | (Principal Financial Officer)               

---