UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-K


(Mark
One)


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


For
the fiscal year ended December
31, 2009





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


For the
transition period from _____ to _____





COMMISSION
FILE NUMBER 000-53681





CANTERBURY
RESOURCES, INC.


(Exact
name of registrant as specified in its charter)





NEVADA
            
            98-0599680State
      or other jurisdiction of incorporation or organization
            
            (I.R.S.
      Employer Identification No.)69
      Stanley Point Road, Devonport,Auckland,
      New Zealand
            
            0624(Address
      of principal executive offices)
            
            (Zip
      Code)Registrant's
      telephone number, including area code
            
            (64)
      9 445-6338Securities
      registered pursuant to Section 12(b) of the Act:
            
            NONE.Securities
      registered pursuant to Section 12(g) of the Act:
            
            Common Stock, $0.001 Par Value Per
      Share.





Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined by
Rule 405 of the Securities Act.  [  ]
Yes   [X]
No





Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act.  [  ]Yes   [X] No





Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.    [X]
Yes[  ]No





Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files.
[  ]  Yes    [  ]
No





Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§229.405 of this chapter) is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [  ]





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


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





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





State the
aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
last sold, or the average bid and asked price of such common equity, as of the
last business day of the registrant’s most recently completed second fiscal
quarter:  $50,000
as of June 30, 2009, based on the registered resale of securities on Form S-1/A
effective June 3, 2009 at a price of $0.01 per share.





Indicate the number of shares
outstanding of each of the registrant’s classes of common stock, as of the
latest practicable date.As
of March 24, 2010, the Registrant had 11,500,000 shares of common stock
outstanding.









-1-








CANTERBURY
RESOURCES, INC.





ANNUAL
REPORT ON FORM 10-K


FOR
THE YEAR ENDED DECEMBER 31, 2009





TABLE OF
CONTENTS





PagePART
      I
              
              3ITEM
      1.
              BUSINESS
              3ITEM
      1A.
              RISK
      FACTORS
              4ITEM
      2.
              PROPERTIES
              8ITEM
      3.
              LEGAL
      PROCEEDINGS
              12PART
      II
              
              13ITEM
      5.
              MARKET
      FOR REGISTRANT’S COMMON EQUITY, RELATEDSTOCKHOLDER
      MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
              13ITEM
      7.
              MANAGEMENT’S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF
      OPERATIONS
              13ITEM
      8.
              FINANCIAL
      STATEMENTS AND SUPPLEMENTARY DATA
              17ITEM
      9.
              CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE
              27ITEM
      9A(T).
              CONTROLS
      AND PROCEDURES
              27ITEM
      9B.
              OTHER
      INFORMATION
              28PART
      III
              
              29ITEM
      10.
              DIRECTORS,
      EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
              29ITEM
      11.
              EXECUTIVE
      COMPENSATION
              30ITEM
      12.
              SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS
              30ITEM
      13.
              CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
      INDEPENDENCE
              31ITEM
      14.
              PRINCIPAL
      ACCOUNTING FEES AND SERVICES
              32ITEM
      15.
              EXHIBITS,
      FINANCIAL STATEMENT SCHEDULES
              32SIGNATURES
              
              33







-2-








PART
I





The
information in this discussion contains forward-looking
statements.  These forward-looking statements involve risks and
uncertainties, including statements regarding the Company's capital needs,
business strategy and expectations. Any statements contained herein that are not
statements of historical facts may be deemed to be forward-looking statements.
In some cases, you can identify forward-looking statements by terminology such
as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe,"
"estimate,” "predict," "potential" or "continue," the negative of such terms or
other comparable terminology. Actual events or results may differ materially. In
evaluating these statements, you should consider various factors, including the
risks described below, and, from time to time, in other reports the Company
files with the United States Securities and Exchange Commission (the “SEC”).
These factors may cause the Company's actual results to differ materially from
any forward-looking statement. The Company disclaims any obligation to publicly
update these statements, or disclose any difference between its actual results
and those reflected in these statements.





As used
in this Annual Report, the terms “we,” “us,” “our,” “Canterbury,” and the
“Company” mean Canterbury Resources, Inc., unless otherwise
indicated.  All dollar amounts in this Annual Report are expressed in
U.S. dollars, unless otherwise indicated.








ITEM
1.                      BUSINESS.





OVERVIEW





We were
incorporated on September 2, 2008 under the laws of the State of
Nevada.





We are an
exploration stage company engaged in the acquisition and exploration of mineral
properties. We own a 100% undivided interest in a mineral claim consisting of
93.1 hectares (approximately 230 acres) that we call the “Kaikoura
Property.”  The Kaikoura Property is located approximately 44
kilometers (27.5 miles) northwest of Kaikoura, New Zealand.  Our plan
is to conduct mineral exploration activities on the Kaikoura Property in order
to assess whether it possesses commercially extractable deposits of
gold.





We have
not earned any revenues to date. We do not anticipate earning revenues until
such time as we enter into commercial production of the Kaikoura Property. We
are presently in the pre-exploration stage of our business and we can provide no
assurance that we will discover commercially exploitable levels of mineral
resources on the Kaikoura Property, or if such deposits are discovered, that we
will enter into further substantial exploration programs.  We
currently do not have sufficient financial resources to meet the anticipated
costs of completing the exploration program for the Kaikoura
Property.  Accordingly, we will need to obtain financing in order to
complete our plan of operation and meet our current obligations as they come
due.





COMPLIANCE
WITH GOVERNMENT REGULATIONS





We will
be required to comply with all regulations, rules and directives of governmental
authorities and agencies applicable to the exploration of minerals in New
Zealand.  The main agency that governs the exploration of minerals in
New Zealand is the Department of Conservation.  The Department of
Conservation manages the development of public conservation lands and implements
policies and programs respecting their development while protecting the
environment.





The
material legislation applicable to us is the Crown Minerals Act 1991 (the “Crown
Minerals Act”) and the Resource Management Act 1991 (the “Resource Management
Act”).  The Crown Minerals Act and its regulations govern the
procedures involved in locating, recording and maintaining permits in New
Zealand.





All
mineral exploration activities carried on public conservation land must be in
compliance with the Crown Minerals Act.  It outlines the powers of the
Department of Conservation to monitor permits, the procedures for obtaining
permits to commence work in, or on or about the property and other procedures to
be observed on the property.  In order to carry out our exploration
program, we will be required to obtain the consent of the Department of
Conservation for minimum impact activity.  If we undertake activity
other than minimum impact activity, we will be required to obtain an access
agreement from the Department of Conservation.






-3-







Additional
approvals and authorizations may be required from other government agencies,
depending upon the nature and scope of the exploration program.  If
the exploration activities require the falling of timber, then a permit or
license to cut must be issued by the relevant ministry.  We also may
be required to obtain waste approvals.  Waste approvals refer to the
disposal of rock materials removed from the earth which must be
reclaimed.  An environmental impact statement may be
required.





If our
property merits additional exploration or extraction work, it is reasonable to
expect that compliance with environmental regulations will increase our costs.
Such compliance may include feasibility studies on the surface impact of our
proposed operations, costs associated with minimizing surface impact, water
treatment and protection, reclamation activities, including rehabilitation of
various sites, on-going efforts at alleviating the mining impact on wildlife and
permits or bonds as may be required to ensure our compliance with applicable
regulations.  It is possible that the costs and delays associated with
such compliance could become so prohibitive that we may decide to not proceed
with exploration, development, or mining operations on our mineral
property.





COMPETITION





We are an
exploration stage company. We compete with other mineral resource exploration
and development companies for financing and for the acquisition of new mineral
properties. Many of the mineral resource exploration and development companies
with whom we compete have greater financial and technical resources than we do.
Accordingly, these competitors may be able to spend greater amounts on acquiring
mineral properties of merit, on exploring their mineral properties and on
developing their mineral properties. In addition, they may be able to afford
greater geological expertise in the targeting and exploration of mineral
properties. This competition could result in competitors having mineral
properties of greater quality and interest to prospective investors who may
finance additional exploration and development. This competition could adversely
impact our ability to finance further exploration and to achieve the financing
necessary for us to develop our mineral properties.





We will
also compete with other junior mineral exploration companies for financing from
a limited number of investors that are prepared to make investments in junior
mineral exploration companies. The presence of competing junior mineral
exploration companies may impact our ability to raise additional capital in
order to fund our exploration programs if investors are of the view that
investments in competitors are more attractive based on the merit of the mineral
properties under investigation and the price of the investment offered to
investors.  We will also compete with other junior and senior mineral
companies for available resources, including, but not limited to, professional
geologists, camp staff, transportation, mineral exploration supplies and drill
rigs.





EMPLOYEES





As of the
date of this Annual Report, we have no employees other than our sole executive
officer and director.  We conduct our business largely through
consultants.





RESEARCH
AND DEVELOPMENT EXPENDITURES





We have
not incurred any research expenditures since our incorporation.





PATENTS
AND TRADEMARKS





We do not
own, either legally or beneficially, any patent or trademark.








ITEM
1A.                      RISK
FACTORS.





The
following are some of the important factors that could affect our financial
performance or could cause actual results to differ materially from estimates
contained in our forward-looking statements.  We may encounter risks
in addition to those described below.  Additional risks and
uncertainties not currently known to us, or that we currently deem to be
immaterial, may also impair or adversely affect our business, financial
condition or results of operation.






-4-







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





As at
December 31, 2009, we had no cash on hand.  Our current operating
funds are insufficient to meet the anticipated costs of Phase I of our
exploration program on the Kaikoura Property.  Accordingly, we will
need to obtain financing in order to implement Phase I of our exploration
program.  There is no assurance that we will be able to obtain such
financing.  Our ability to obtain financing could be subject to a
number of factors outside of our control, including the results from our
exploration program, and any unanticipated problems relating to our mineral
exploration activities, including environmental assessments and additional costs
and expenses that may exceed our current estimates.   However, we
believe that, if our common stock is quoted on the OTC Bulletin Board, of which
there is no assurance, our ability to raise additional funds from investors will
be enhanced.  If we are unable to obtain financing in the amounts and
when needed, our business could fail.





We
have no known mineral reserves.





We are in
the initial phase of our exploration program for the Kaikoura
Property.  It is unknown whether this property contains viable mineral
reserves.  If we do not find a viable mineral reserve, or if we cannot
exploit the mineral reserve, either because we have insufficient capital
resources or because it is not be economically feasible to do it, we may have to
cease operations and our shareholders may lose their
investment.  Mineral exploration is a highly speculative
endeavor.  It involves many risks and is often
non-productive.  Even if mineral reserves are discovered on our
property our production capabilities will be subject to further risks and
uncertainties including:





(i)
            Costs
      of bringing the property into production including exploration work,
      preparation of production feasibility studies, and construction of
      production facilities, all of which we have not budgeted
    for;


(ii)
            Availability
      and costs of financing;


(iii)
            Ongoing
      costs of production; and


(iv)
            Environmental
      compliance regulations and
restraints.





The
marketability of any minerals acquired or discovered may be affected by numerous
factors which are beyond our control and which cannot be accurately predicted,
such as market fluctuations, the lack of milling facilities and processing
equipment near the Kaikoura Property, and such other factors as government
regulations, including regulations relating to allowable production, importing
and exporting of minerals, and environmental protection.





Because
of the unique difficulties and uncertainties inherent in mineral exploration
ventures, we face a high risk of business failure.





Investors
should be aware of the difficulties normally encountered by new mineral
exploration 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 our mineral property. These include, but are not limited to,
unanticipated problems relating to exploration, and additional costs and
expenses that may exceed current estimates.  Our mineral property does
not contain a known body of commercial ore and, therefore, any program conducted
on our mineral property would be an exploratory search of ore.  There
is no certainty that any expenditures made in the exploration of our mineral
property will result in discoveries of commercial quantities of
ore.  Most exploration projects do not result in the discovery of
commercially mineable deposits of ore.  Problems such as unusual or
unexpected formations and other conditions are involved in mineral exploration
and often result in unsuccessful exploration efforts.  If the results
of our exploration program do not reveal viable commercial mineralization, we
may decide to abandon our claim and acquire new claims for new exploration. The
acquisition of additional claims will be dependent upon our possessing
sufficient capital resources to purchase such claims. If we do not have
sufficient capital resources and are unable to obtain sufficient financing, we
may be forced to abandon our operations.






-5-







We
face significant competition.





We are a
pre-exploration stage company.  We compete with other mining and
exploration companies possessing greater financial resources and technical
facilities than we do.  Accordingly, these competitors may be able to
spend greater amounts on hiring and retaining qualified personnel to conduct our
planned exploration activities, which could cause delays in our exploration
program.  In addition, there is significant competition for a limited
number of mineral properties.   Due to our weaker financial
position, we may be unable to acquire rights to new mineral properties on a
continuing basis.





Because
of the inherent dangers involved in mineral exploration, there is a risk that we
may incur liability or damages as we conduct our business.





The
search for valuable minerals involves numerous hazards.  As a result,
we may become subject to liability for such hazards, including pollution,
cave-ins and other hazards against which we cannot insure against or which we
may elect not to insure. At the present time we have no coverage to insure
against these hazards. The payment of such liabilities may result in our
inability to complete our planned exploration program and/or obtain additional
financing to fund our exploration program.





As
we undertake exploration of the Kaikoura Property, we will be subject to
compliance with government regulations that may increase the anticipated cost of
our exploration program.





There are
several governmental regulations that materially restrict mineral
exploration.  We will be required to comply with all regulations,
rules and directives of governmental authorities and agencies applicable to the
exploration of minerals in New Zealand.  The main agency that governs
the exploration of minerals on the Kaikoura Property is the Department of
Conservation.  All mineral exploration activities carried on a permit
in New Zealand must be in compliance with the Crown Minerals Act 1991 (the
“Crown Minerals Act”).  The Crown Minerals Act applies to all mines
during prospecting, exploration and mining.  It outlines the powers of
the Secretary of the Department of Conservation to monitor permits, the
procedures for obtaining permits to commence work in, or on or about the
property and other procedures to be observed on the property.  In
order to carry out our exploration program, we will be required to obtain the
consent of the Department of Conservation for minimum impact
activity.  If we undertake activity other than minimum impact
activity, we will be required to obtain an access agreement from the Department
of Conservation.





If our
property merits additional exploration or extraction work, it is reasonable to
expect that compliance with environmental regulations will increase our costs.
Such compliance may include feasibility studies on the surface impact of our
proposed operations, costs associated with minimizing surface impact, water
treatment and protection, reclamation activities, including rehabilitation of
various sites, on-going efforts at alleviating the mining impact on wildlife and
permits or bonds as may be required to ensure our compliance with applicable
regulations.  It is possible that the costs and delays associated with
such compliance could become so prohibitive that we may decide to not proceed
with exploration, development, or mining operations on our mineral
property.





Because
our sole executive officer and sole director does not have formal training
specific to the technicalities of mineral exploration, there is a higher risk
that our business will fail.





Our sole
executive officer and sole director does not have any formal training as a
geologist and does not have training in the technical aspects of managing a
mineral exploration company.  As such, we rely on independent
geological consultants to make recommendations to us on work programs on our
mineral property. With very limited direct training or experience in these
areas, our management may not be fully aware of the specific requirements
related to working within this industry.  Our management's decisions
and choices may not take into account standard engineering or managerial
approaches mineral exploration companies commonly use.  Consequently,
our operations, earnings, and ultimate financial success could suffer
irreparable harm due to management's lack of experience in this
industry.





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 or contract 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.






-6-







Because
the prices of metals fluctuate, if the price of metals for which we are
exploring decreases below a specified level, it may no longer be profitable to
explore for those metals and we will cease operations.





Metal
prices are determined by such factors as expectations for inflation, the
strength of the United States dollar, global and regional supply and demand, and
political and economic conditions and production costs in metals producing
regions of the world.  The aggregate effect of these factors on metal
prices is impossible for us to predict. In addition, the price of metals such as
gold is sometimes subject to rapid short-term and/or prolonged changes because
of speculative activities. The current demand for and supply of these metals
affect the metal prices, but not necessarily in the same manner as current
supply and demand affect the prices of other commodities. The supply of these
metals primarily consists of new production from mining. If the prices of the
metals are, for a substantial period, below our foreseeable cost of production,
it may not be economical for us to continue operations and our shareholders
could lose their entire investment.





Because
our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer,
President, Secretary, Treasurer and sole Director, Bruce A. Wetherall, currently
owns 56.5% of our issued and outstanding common stock, shareholders may find
that corporate decisions controlled by Mr. Wetherall are inconsistent with the
interests of other stockholders.





Bruce A.
Wetherall, our Chief Executive Officer, Chief Financial Officer, Chief
Accounting Officer, President, Secretary, Treasurer and sole director, currently
owns 56.5% of our issued and outstanding shares. Accordingly, in accordance with
our Articles of Incorporation and Bylaws, Mr. Wetherall is able to control who
is elected as a director and thus could act, or could have the power to act, as
our management. Since Mr. Wetherall is not simply a passive investor, but is
also our sole executive officer and sole director, his interests as an executive
officer and director may, at times, be adverse to those of passive
investors.  Where those conflicts exist, our shareholders will be
dependent upon Mr. Wetherall exercising, in a manner fair to all of our
shareholders, his fiduciary duties as an officer or as a director. Also, due to
his stock ownership position, Mr. Wetherall will have: (i) the ability to
control the outcome of most corporate actions requiring stockholder approval,
including amendments to our Articles of Incorporation; (ii) the ability to
control corporate combinations or similar transactions that might benefit
minority stockholders which may be rejected by Mr. Wetherall to their detriment;
and (iii) control over transactions between him and Canterbury.





We
will likely conduct further offerings of our equity securities in the future, in
which case your proportionate interest may become diluted.





We will
likely be required to conduct additional equity offerings in the future to
finance our exploration program or to finance subsequent projects that we decide
to undertake.  If common stock is issued in return for additional
funds, the price per share could be lower than the price per share under our
effective prospectus.  We anticipate continuing to rely on equity
sales of our common stock in order to fund our business
operations.  If we issue additional stock, our shareholders’
percentage interest in us could become diluted.





If
a market for our common stock does not develop, stockholders may be unable to
sell their shares.





There is
currently no market for our common stock and we can provide no assurance that a
market will develop.  We intend to apply for quotation of our common
stock on the OTC Bulletin Board.  However, we can provide no assurance
that our shares will be approved for quotation on the OTC Bulletin Board or, if
quoted, that a public market will materialize.  If our common stock is
not quoted on the OTC Bulletin Board or if a public market for our common stock
does not develop, stockholders may not be able to re-sell the shares of our
common stock that they have purchased and may lose all of their
investment.








-7-










Because
our stock is a penny stock, shareholders will be more limited in their ability
to sell their stock.





The SEC
has adopted rules that regulate broker-dealer practices in connection with
transactions in penny stocks.  Penny stocks are generally equity
securities with a price of less than $5.00, other than securities registered on
certain national securities exchanges or quoted on the Nasdaq system, provided
that current price and volume information with respect to transactions in such
securities is provided by the exchange or quotation system.  Because
our securities constitute “penny stocks” within the meaning of the rules, the
rules apply to us and to our securities.  The rules may further affect
the ability of owners of shares to sell our securities in any market that might
develop for them.  As long as the trading price of our common stock is
less than $5.00 per share, the common stock will be subject to Rule 15g-9 under
the Securities Exchange Act of 1934 (the “Exchange Act”).  The penny
stock rules require a broker-dealer, prior to a transaction in a penny stock, to
deliver a standardized risk disclosure document prepared by the SEC,
that:





1.
            contains
      a description of the nature and level of risk in the market for penny
      stocks in both public offerings and secondary
  trading;





2.
            contains
      a description of the broker’s or dealer’s duties to the customer and of
      the rights and remedies available to the customer with respect to a
      violation to such duties or other requirements of securities
      laws;





3.
            contains
      a brief, clear, narrative description of a dealer market, including bid
      and ask prices for penny stocks and the significance of the spread between
      the bid and ask price;





4.
            contains
      a toll-free telephone number for inquiries on disciplinary
      actions;





5.
            defines
      significant terms in the disclosure document or in the conduct of trading
      in penny stocks; and





6.
            contains
      such other information and is in such form, including language, type, size
      and format, as the SEC shall require by rule or
  regulation.





The
broker-dealer also must provide, prior to effecting any transaction in a penny
stock, the customer with: (a) bid and offer quotations for the penny stock; (b)
the compensation of the broker-dealer and its salesperson in the transaction;
(c) the number of shares to which such bid and ask prices apply, or other
comparable information relating to the depth and liquidity of the market for
such stock; and (d) a monthly account statements showing the market value of
each penny stock held in the customer’s account.  In addition, the
penny stock rules require that prior to a transaction in a penny stock not
otherwise exempt from those rules; the broker-dealer must make a special written
determination that the penny stock is a suitable investment for the purchaser
and receive the purchaser’s written acknowledgment of the receipt of a risk
disclosure statement, a written agreement to transactions involving penny
stocks, and a signed and dated copy of a written suitably
statement.  These disclosure requirements may have the effect of
reducing the trading activity in the secondary market for our
stock.








ITEM
2.                      PROPERTIES.





Our
office is located at 69 Stanley Point Road, Devonport, Auckland, New Zealand
0624, which is the personal residences of Bruce A. Wetherall, our sole executive
officer and director.  We incur an expense of $300 per month for the
use of Mr. Wetherall’s personal residence.





We own a
100% interest in a mineral property called the Kaikoura Property.




KAIKOURA
PROPERTY





On
October 3, 2008, we acquired the Kaikoura Property from Plymouth Enterprises for
$5,000.  The Kaikoura Property consists of 93.1 hectares
(approximately 230 acres), located 44 kilometers (27.5 miles) northwest of
Kaikoura, New Zealand.





Description of
Property





The
Kaikoura Property is recorded with the Department of Conversation in New
Zealand.  In accordance with the regulations of the Crown Minerals
Act, the Kaikoura Property is in good standing until October 14,
2010.











-8-









Figure
1


Location
of the Kaikoura Property




























-9-


Accessibility, Climate,
Locale Resources, Infrastructure and Topography





The
Kaikoura Property is accessible from Kaikoura by traveling either on State
Highway one or the South Island main trunk railway. Kaikoura also has a small
sealed airstrip. Even though the airstrip is mainly used for tourist flights, it
can also be used by small private charter flights.





Kaikoura’s
climate is strongly influenced by north-westerly winds that create a steep
moisture gradient from the west along the main divide of the Southern Alps
(average annual rainfall about 5,000 millimeters), to the dry eastern margins of
the intermontane basins and coastal areas (average annual rainfall 500 to 800
millimeters).





Kaikoura
has an experienced work force and can provide the services needed for an
exploration and development program, including drilling companies and assay
facilities.  Kaikoura’s infrastructure also includes police,
hospitals, groceries, fuel, helicopter services, hardware and other
services.





History





Deposits
of shell and eroded sand formed the basis for the limestone, which makes up most
of New Zealand. This limestone was, over the ages, pushed upwards, making it
possible to find sea fossils high in the country’s mountains. This pushing up
continues today.





New
Zealand is characterized by steep mountains without any substantial forest
cover. High, steep mountains, short distances and lack of forest cover mean
that rainwater runs fast to the sea, causing substantial erosion.





Numerous
showings of mineralization have been discovered in the area and six prospects
have achieved significant production.  Currently, Greymouth Gold Mine
produces approximately 120,000 ounces of gold annually.  The Greymouth
Gold Mine is located approximately 150 kilometers (approximately 94 miles) from
the Kaikoura Property.





Records
indicate that no detailed exploration program has been completed on the Kaikoura
Property.  Also, there is no indication that any drilling has occurred
on the Kaikoura Property.





Regional
Geology





The
regions terrain consists of crystalline hard rocks with detached occurrences of
crystalline limestone and iron ore veins and basic intrusives such as dolerites
and anorthosites.  Coastal zones contain sedimentary limestones, clay,
laterites, heavy mineral sands and silica sands. The hill ranges
are sporadically capped with laterites and bauxites of a residual
nature.  Gypsum and phosphatic nodules occur as sedimentary veins in
rocks of the cretaceous age.  Gypsum of secondary replacement occurs in
some of the areas adjoining the foot hills of the Western Ghats.  Lignite
occurs as sedimentary beds of Tertiary age.  The Black Granite and other
hard rocks are amenable for high polish. These granites occur in most of the
districts except the coastal area.





The
principal mineral deposits for the area of Kaikoura Property (and for most of
the New Zealand for that matter) are limestone in the Tertiary
rocks.





In
general the volcanoes culminate with effluents of hydrothermal solutions that
carry precious metals in the form of naked elements, oxides or
sulfides.





These
hydrothermal solutions intrude into the older rocks as quartz veins. These rocks
may be broken due to mechanical and chemical weathering into sand size particles
and carried by streams and channels. Gold occurs also in these sands as
placers.











-10-







Property
Geology





The
Kaikoura Property is underlain by sediments and volcanics.  Intrusives
consisting of rocks such as tonalite, monzonite, and gabbro are located east of
the Kaikoura Property.  The intrusives also consist of a large mass of
granodiorite towards the western most point of the Kaikoura
Property.





The area
consists of interlayered chert, argillite and massive andesitic to basaltic
volcanics. The volcanics are hornfelsed, commonly contain minor pyrite and
­pyrrhotite.





Mineralization





The
thickness of deposits range from a few millimeters to over a
meter.  Individual veins display a variety of forms, including
saddle-shaped, pod-shaped or lens-shaped, tabular or irregular
bodies.  The veining frequently forms anastomosing or stockwork
patterns.





Mineralization
is located within a large fractured block created where prominent
northwest-striking shears intersect the north striking caldera fault zone. The
major lodes cover an area of two kilometers and are mostly within 400 meters of
the surface. Lodes occur in three main structural settings:





(i)           steeply
dipping northwest striking shears;





(ii)           flatdipping
(1040) fractures (flatmakes); and





(iii)           shatter
blocks between shears.





In this
region, gold mineralization appears to occur in tellurides and
pyrite.





Current Exploration
Activities





Our
consulting geologist concluded that the area is well known for numerous minimal
occurrences, including the Greymouth Gold Mine.  Our consulting
geologist concluded that the locale of the Kaikoura Property is underlain by the
units of mineral deposits of limestone in the tertiary rocks that are found at
those mineral occurrence sites.  These rocks consisting of cherts and
argillites (sediments) and andesitic to basaltic volcanic have been intruded by
granodiorite. Structures and mineralization probably related to this intrusion
are found throughout the region and occur on the Kaikoura Property. They are
associated with all the major mineral occurrences and deposits in the
area.





Our
consulting geologist concluded that mineralization found on the Kaikoura
Property is consistent with that found associated with zones of extensive
mineralization. However, our consulting geologist noted that previous
exploration work on the Kaikoura Property has been limited and sporadic and has
not tested the potential of the property.





As a
result of the above conclusions, our consulting geologist recommended a two
phase exploration program to further delineate the mineralized system currently
recognized on Kaikoura Property.  The first phase of the exploration
consists of air photo interpretation of the structures, geological mapping, both
regionally and detailed on the area of the main showings, geophysical survey
using both magnetic and electromagnetic instrumentation in detail over the area
of the showings and in a regional reconnaissance survey.  The second
phase of the exploration will consist of geochemical soil sample surveying
regionally to identify other areas on the claim that are mineralized and in
detail on the known areas of mineralization. The effort of this exploration work
is to define and enable interpretation of a follow-up diamond drill program, so
that the known mineralization and the whole property can be thoroughly evaluated
with the most up to date exploration techniques.






-11-





Phase
            Recommended
      Exploration Program
            Estimated
      Cost
            StatusPhase
      I
            Geological
      mapping and magnetic and electromagnetic surveying on main showings and on
      Kaikoura Property.
            $21,936
      NZD
              (approximately
      $15,910)
            To
      be implement in the second quarter of 2010.Phase
      2
            Geochemical
      surveying and surface sampling in order to identify additional areas of
      mineralization on the Kaikoura Property.
            $44,100
      NZD (approximately $31,984)
            To
      be determined based on the results of Phase I of our exploration
      program.





In
October 2008, we conducted a soil sampling program on the Kaikoura
Property.  In connection with our sampling program, we drilled eight
holes and collected samples from each hole.  Holes 1 – 6 were drilled
at 30 meter intervals on two lines approximately 5 meters
apart.  Holes 7 and 8 were drilling from the same collar 50 meters
north of hole 6.  The assay results we received from our sampling
program is summarized as follows:





Hole
      No.
            Total
      Depth in
              (in
      Meters)
            Mineralized
      Interval
              (in
      Meters)
            Au
      Results
              (oz/t)01
            40.8
            0.15
            0.02702
            63.3
            7.05
              1.05
            0.011
              0.04803
            76.4
            2.0
              8.0
              1.2
            0.033
              0.078
              0.12504
            100.4
            39.0
              30.9
              8.1
              1.0
            0.224
              0.022
              0.995
              0.09105
            48.9
            6.0
            0.01206
            93.0
            15.4
            0.04207
            60.0
            2.0
            0.01508
            187.7
            14.0
            0.016








ITEM
3.                      LEGAL
PROCEEDINGS.





We are
not a party to any other legal proceedings and, to our knowledge; no other legal
proceedings are pending, threatened or contemplated.








-12-








PART
II





ITEM
      5.
            MARKET
      FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
      PURCHASES OF EQUITY SECURITIES.





MARKET
INFORMATION





There is
currently no public market for our common stock.  We anticipate making
an application for quotation of our common stock on the OTC Bulletin Board upon
our obtaining a sufficient number of stockholders to enable our common stock to
become quoted on the OTC Bulletin Board.  However, we can provide no
assurance that our shares will be quoted on the bulletin board or, if quoted,
that a public market will materialize.





HOLDERS
OF OUR COMMON STOCK





As of
March 24, 2010, there were 38 registered holders of record of our common
stock.





DIVIDENDS





There are
no restrictions in our Articles of Incorporation or Bylaws that would prevent us
from declaring dividends.  The Nevada Revised Statutes, however, do
prohibit us from declaring dividends where, after giving effect to the
distribution of the dividend:





1.
            We
      would not be able to pay our debts as they become due in the usual course
      of business; or





2.
            Our
      total assets would be less than the sum of our total liabilities plus the
      amount that would be needed to satisfy the rights of stockholders who have
      preferential rights superior to those receiving the
      distribution.





We have
not declared any dividends and we do not plan to declare any dividends in the
foreseeable future.





RECENT
SALES OF UNREGISTERED SECURITIES





We
registered the resale of 5,000,000 shares of our common stock (the “Shares”)
offered by our sole selling stockholder at a price of $0.01 per share pursuant
to a Registration Statement on Form S-1/A under the Securities Act (the
“Offering”). The SEC declared our Registration Statement on Form S-1/A (File
No.333-158127), effective at 12:00 p.m. (EST) on June 3, 2009 (the “Effective
Date”). We did not sell any shares of our common stock in the Offering and
therefore did not receive any proceeds from the Offering.








ITEM
      7.
            MANAGEMENT'S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS.





PLAN
OF OPERATION





During
the next twelve months and subject to our ability to obtain financing, we intend
to conduct mineral exploration activities on the Kaikoura Property in order to
assess whether it possess mineral reserves capable of commercial
extraction.  Our exploration program is designed to explore for
commercially viable deposits of gold mineralization.  We have not, nor
has any predecessor, identified any commercially exploitable reserves of gold on
the Kaikoura Property.





Our plan
is to conduct Phase I of our exploration program on the Kaikoura Property in the
second quarter of 2010.  We anticipate that Phase I of our exploration
program will involve geological mapping and magnetic and electromagnetic
surveying on main showings and on the Kaikoura Property.  However, we
will require additional financing in order to proceed with Phase I of our
exploration program on the Kaikoura Property.






-13-






We
anticipate that we will incur the following expenses over the next twelve
months:





Category
            Planned
      Expenditures OverThe
      Next 12 Months (US$)Legal
      and Accounting Fees
            10,500Mineral
      Property Exploration Expenses
            15,910Other
      General and Administrative Expenses
            10,000TOTAL
            $36,410





To date,
we have not earned any revenues and we do not anticipate earning revenues in the
near future.  As at December 31, 2009, we had no cash on
hand.  As such, we currently do not have sufficient financial
resources to complete Phase I of the Kaikoura Property and to meet the costs of
our general and administrative expenses.  Accordingly, we will need to
obtain financing in order to complete our plan of operation and meet our current
obligations as they come due.  We currently do not have any
arrangements for financing and we may not be able to obtain financing when
required.  Obtaining financing would be subject to a number of factors
outside of our control, including the results from our exploration program, and
any unanticipated problems relating to our mineral exploration activities,
including environmental assessments and additional costs and expenses that may
exceed our current estimates.  These factors may make the timing,
amount, terms or conditions of additional financing unavailable to us in which
case our business will fail.








RESULTS
OF OPERATIONS





Summary
of Year End Results


Year
      Ended
              December
      31, 2009
            Period
      from inception (September 2, 2008) to December 31, 2008
            Percentage
              Increase
      / (Decrease)Revenue
            $                      -
            $                         -
            n/aExpenses
            (47,817)
            (21,605)
            121.3%Net
      Loss
            $    
          (47,817)
            $             
       (21,605)
            121.3%





Revenue





We have
not earned any revenues to date. We do not anticipate earning revenues until
such time as we enter into commercial production of our mineral
property.  We are presently in the pre-exploration stage of our
business and we can provide no assurance that we will discover commercially
exploitable levels of mineral resources on our property, or if such deposits are
discovered, that we will enter into further substantial exploration
programs.





Expenses





The major
components of our expenses for the years ended December 31, 2009 and 2008 are
outlined in the table below:


Year
      Ended
              December
      31, 2009
            Period
      from inception (September 2, 2008) to December 31, 2008
            Percentage
              Increase
      / (Decrease)Accounting
      and Audit
            $                 
               7,623
            $                         
       3,812
            100%Edgarizing
            1,838
            -
            100%Exploration
      Expenses
            -
            11,077
            (100)%Filing
      Fees
            680
            -
            100%Incorporation
      Costs
            -
            804
            (100)%Legal
            20,000
            -
            100%Management
      Fees
            12,000
            4,000
            200%








-14-







Office
            276
            112
            146.4%Rent
            3,600
            1,200
            200%Telephone
            1,800
            600
            200%Total
      Expenses
            $                       
       47,817
            $                        
      21,605
            121.3%





Our
expenses during our fiscal year ended December 31, 2009 primarily accounting and
audit expenses, legal expenses and management fees.





Legal and
accounting and audit expenses during our fiscal year ended December 31, 2009
primarily relate to the preparation and filing of our Registration Statement on
Form S-1, as amended, the preparation of our audited financial and interim
financial statements and complying with our ongoing reporting requirements under
the Exchange Act.





Exploration
expenditures in fiscal 2008 primarily relate to the acquisition of the Kaikoura
Property and our initial soil sampling program on the Kaikoura
Property.





We accrue
a management fee expense of $1,000 per month, a rent expense $300 per month and
a telephone expense of $200 per month with an offsetting entry to Capital in
Excess of Par Value for each of these expenses.  We did not pay or
issue shares to Mr. Wetherall for these accrued expenses.








LIQUIDITY
AND CAPITAL RESOURCES





Working
Capital


As
      at
              December
      31, 2009
            As
      at
              December
      31, 2008
            Percentage
              Increase
      / (Decrease)Current
      Assets
            $                         
                -
            $                       
                  -
            n/aCurrent
      Liabilities
            (34,722)
            (4,305)
            706.6%Working
      Capital Deficit
            $                        
       (34,722)
            $                           
      (4,305)
            706.6%





Cash
Flows


Year
      Ended
              December
      31, 2009
            Year
      Ended
              December
      31, 2008Cash
      Flows used in Operating Activities
            $                           
      (24,855)
            $                           
        (11,993)Cash
      Flows used in Investing Activities
            -
            -Cash
      Flows from Financing Activities
            24,855
            11,993Net
      Increase in Cash During Period
            $                                     
       -
            $                                        
      -





As of
December 31, 2009, we had no cash on hand.  We have incurred a
cumulative net loss of $69,422 for the period from the date of our inception on
September 2, 2008 to December 31, 2009 and have not attained profitable
operations to date. Our working capital deficit increased from $4,305, as at
December 31, 2008, to $34,722, as at December 31, 2009, primarily as a result
of: (i) an increase in accounts payable due to our lack of capital to meet our
ongoing expenditures; and (ii) the fact that we received loans from our sole
executive officer of $24,855 during our fiscal year ended December 31,
2009.






-15-







Financing
Requirements





We
currently do not have sufficient financial resources to meet the anticipated
costs of our future expenses and to complete our exploration program for the
Kaikoura Property.  Accordingly, we will need to obtain financing in
order to complete our plan of operation and to meet our current obligations as
they come due.





There is
no assurance that we will achieve any of additional sales of our equity
securities or arrange for debt or other financing to fund our planned business
activities.  We may also rely on loans from our sole executive officer
and director; however, there are no assurances that our sole executive officer
or director will provide us with any additional funds if and when
needed.





Currently,
we do not have any arrangements for financing.  There is no assurance
that we will be able to obtain financing if and when required.  We
anticipate that any financing may be in the form of sales of shares of our
common stock which may result in dilution to our current
shareholders.





OFF-BALANCE
SHEET ARRANGEMENTS





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





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.
Our significant accounting policies are disclosed in the notes to our audited
financial statements included in this Annual Report on Form 10-K.





Estimates and
Assumptions





Management
uses estimates and assumptions in preparing financial statements in accordance
with general accepted accounting principles.  Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses.   Actual results could vary from the estimates that
were assumed in preparing these financial statements.





Unproven Mining Claim
Costs





Cost of
acquisition, exploration, carrying and retaining unproven properties are
expensed as incurred.









-16-












ITEM
8.                      FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA.





1.
            Report
      of Independent Registered Public Accounting Firm (Madsen & Associates,
      CPA’s Inc.);2.
            Balance
      Sheets as at December 31, 2009 and 2008;3.
            Statements
      of Operations for the year ended December 31, 2009, for the period from
      inception on September 2, 2008 to December 31, 2008, and for the period
      from inception on September 2, 2008 to December 31,
  2009;4.
            Statement
      of Changes in Stockholders’ Deficiency for the period from inception on
      September 2, 2008 to December 31,2009;5.
            Statements
      of Cash Flows for the year ended December 31, 2009, for the period from
      inception on September 2, 2008 to December 31, 2008, and for the period
      from inception on September 2, 2008 to December 31, 2009;
    and6.
            Notes
      to Financial Statements.








-17-




MADSEN & ASSOCIATES, CPA’s
      INC.
              684
      East Vine Street, #3Certified
      Public Accountants and Business Consultants Board
              Murray,
      Utah, 84107Telephone:
      801-268-2632Fax:
      801-262-3978
 
 Board of
Directors
 Canterbury
Resources, Inc.
 
 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 We have
audited the accompanying balance sheets of Canterbury Resources, Inc.
(pre-exploration stage company) at December 31, 2009 and 2008, and the related
statement of operations, changes in stockholders' equity, and cash flows for the
year ended December 31, 2009 and the period from September 2, 2008 (date of
inception) to December 31, 2008 and the period from September 2, 2008 (date of
inception) to December 31, 2009. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
 
 We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  The company is not
required to have nor were we engaged to perform an audit of its internal control
over financial reporting.  Our audit included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purposes
of expressing an opinion on the effectiveness for the company’s internal control
over financial reporting.   Accordingly, we express no such
opinion.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosure in the financial statements.  An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
 
 In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Canterbury Resources, Inc. at
December 31, 2009 and 2008, and the results of operations and cash flows for the
year ended December 31, 2009 and the period from September 2, 2008 (date of
inception) to December 31, 2008 and the period from September 2, 2008 (date of
inception) to December 31, 2009 in conformity with generally accepted accounting
principles.
 
 The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern. The Company will need additional working
capital to service its debt and for its planned activity, which raises
substantial doubt about its ability to continue as a going concern. Management's
plans in regard to these matters are described in the notes to the financial
statements. These financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
 
 Murray,
Utah                                                                           /s/  “Madsen &
Associates, CPA’s Inc.”
 February
15, 2010
 
 
 
 -18-
 
 
 
 
 CANTERBURY
RESOURCES, INC.
 (Pre-exploration
Stage Company)
 BALANCE
SHEET
 
 December
31, 2009
 
 December
      31,2009
              December
      31,2008ASSETSCURRENT
      ASSETSCash
              $     -
              $   -Total Current
    Assets
              $   -
              $   -LIABILITIES
      AND STOCKHOLDER’S DEFICIENCYCURRENT
      LIABILITIESAccounts payable
              $  9,374
              $     3,812Accounts payable – related
      party
              25,348
              493Total Current
      Liabilities
              34,722
              4,305STOCKHOLDER’S
      DEFICIENCYCommon
      stock650,000,000 shares authorized, at
      $0.001 par value;11,500,000 shares issued and
      outstanding
              11,500
              11,500Capital in excess of par
      value
              23,200
              5,800Deficit accumulated during the
      pre-exploration stage
              (69,422)
              (21,605)Total Stockholder’s
      Deficiency
              (34,722)
              (4,305)$    -
              $     -
 
 
 
 The
accompanying notes are an integral part of these financial
statements.
 
  -19-
  
 
 
 
 CANTERBURY
RESOURCES, INC.
 (Pre-exploration
Stage Company)
 STATEMENT
OF OPERATIONS
 
 For the
year ended December 31, 2009 and for the period from September 2, 2008 (date of
inception) to December 31, 2008 and for the period from September 2, 2008 (date
of inception) to December 31, 2009
 
 For
      the yearended
                December
      31,2009
              From
      inception
                (September
      2, 2008) to
                December
      31,2008
              From
      inception
                (September
      2,2008)
      to
                December
      31, 2009REVENUES
              $   -
              $  -
              $   -EXPENSESAccounting
      and audit
              7,623
              3,812
              11,435Edgarizing
              1,838
              -
              1,838Exploration
      expenses
              -
              11,077
              11,077Filing
      fees
              680
              -
              680Incorporation
      costs
              -
              804
              804Legal
              20,000
              -
              20,000Management
      fees
              12,000
              4,000
              16,000Office
              276
              112
              388Rent
              3,600
              1,200
              4,800Telephone
              1,800
              600
              2,400NET
      LOSS FROM OPERATIONS
              $
      (47,817)
              $(21,605)
              $
      (69,422)NET
      LOSS PER COMMON SHAREBasic
      and diluted
              $  (0.00)
              $  (0.01)AVERAGE
      OUTSTANDINGSHARESBasic
              11,500,000
              1,916,666
 
 The
accompanying notes are an integral part of these financial
statements.
 
 
 
 -20-
  
 
 CANTERBURY
RESOURCES, INC.
 (Pre-Exploration
Stage Company)
 
 STATEMENT
OF CHANGES IN STOCKHOLDER’S DEFICIENCY
 
 Period
September 2, 2008 (date of inception) to December 31, 2009
 
 Common
                Shares
              Stock
                Amount
              Capital
      in
                Excess
      of
                Par Value
              Accumulated
                DeficitBalance September 2,
      2008
              -
              $             -
              $             -
              $                -Issuance
      of common shares for cash at$.001
      –  December 30, 2008
              11,500,000
              11,500
              -
              -Capital
      contributions – expenses
              -
              -
              5,800
              -Net
      operating loss for the periodSeptember
      2, 2008 ( date of inception) to
                December
      31, 2008
              -
              -
              -
              (21,605)Balance
      as at December 31, 2008
              11,500,000
              11,500
              5,800
              (21,605)Capital
      contributions – expenses
              
              
              17,400Net
      operating loss for the year endedDecember
      31, 2009
              -
              -
              -
              (47,817)Balance
      as at December 31, 2009
              11,500,000
              $    11,500
              $    23,200
              $  (69,422)
 
 The
accompanying notes are an integral part of these financial
statements
 
 
  
 -21-
 
 
 
 
 
 
 CANTERBURY
RESOURCES, INC.
 (Pre-exploration
Stage Company)
 
 STATEMENT
OF CASH FLOWS
 
 For the
year ended December 31, 2009 and for the period from September 2, 2008 (date of
inception) to December 31, 2008 and for the period from September 2, 2008 (date
of inception) to December 31, 2009
 
 For
      the yearended
                December
      31, 2009
              From
      inception
                (September
      2, 2008) to December 31, 2008
              From
      inception
                (September
      2, 2008) to
                December
      31,2009CASH
      FLOWS FROM OPERATINGACTIVITIES:Net
      loss
              $  (47,817)
              $  (21,605)
              $  (69,422)Adjustments
      to reconcile net loss tonet
      cash provided by operating activities:Capital
      contributions – expenses
              17,400
              5,800
              23,200Changes
      in accounts payable
              5,562
              3,812
              9,374Net
      Cash  Provided (Used) in Operations
              (24,855)
              (11,993)
              (36,848)CASH
      FLOWS FROM INVESTINGACTIVITIES:
              -
              -
              -CASH
      FLOWS FROM FINANCINGACTIVITIESProceeds
      from loan from related party
              24,855
              493
              25,348Proceeds
      from issuance of common stock
              -
              11,500
              11,500Net
      Cash from financing operations
              24,855
              11,993
              36,848Net
      change in cash
              -
              -
              -Cash
      at beginning of period
              -
              -
              -CASH
      AT END OF PERIOD
              $
      -
              $     -
              $  -
 
 
 
 
 The
accompanying notes are an integral part of these financial
statements
 
 
 -22-
 
 
 
 
 CANTERBURY
RESOURCES, INC.
 (Pre-exploration
Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 December
31, 2009
 
 1.           ORGANIZATION
 
 The
Company, Canterbury Resources, Inc., was incorporated under the laws of the
State of Nevada on September 2, 2008 with the authorized common capital stock of
650,000,000 shares at $0.001 par value.
 
 The
Company was organized for the purpose of acquiring and developing mineral
properties.  At the report date mineral claims, with unknown reserves,
had been acquired.  The Company has not established the existence of a
commercially minable ore deposit and therefore has not reached the exploration
stage and is considered to be in the pre-exploration stage.
 
 The
Company has elected December 31 as its fiscal year end.
 
 2.           SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
 
 Accounting
Methods
 
 The
Company recognizes income and expenses based on the accrual method of
accounting.
 
 Dividend
Policy
 
 The
Company has not yet adopted a policy regarding payment of
dividends.
 
 Basic and Diluted Net
      Income (loss) Per Share
 
 Basic
      net income (loss) per share amounts are computed based on the weighted
      average number of shares actually outstanding.   Diluted
      net income (loss) per share amounts are computed using the weighted
      average number of common and common equivalent shares outstanding as if
      shares had been issued on the exercise of the common share rights unless
      the exercise becomes antidilutive and then only the basic per share
      amounts are shown in the report.
 
 Evaluation of Long-Lived
Assets
 
 The
Company periodically reviews its long term assets and makes adjustments, if the
carrying value exceeds fair value.
 
 Income
Taxes
 
 The
Company utilizes the liability method of accounting for income
taxes.  Under the liability method deferred tax assets and liabilities
are determined based on differences between financial reporting and the tax
bases of the assets and liabilities and are measured using the enacted tax rates
and laws that will be in effect, when the differences
 
 
 
 -23-
 
 
 
 CANTERBURY
RESOURCES, INC.
 (Pre-exploration
Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 December
31, 2009
 
 2.           SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES - Continued
 
 Income Taxes -
Continued
 
 are
expected to be reversed.   An allowance against deferred tax
assets is recorded, when it is more likely than not, that such tax benefits will
not be realized.
 
 On
December 31, 2009, the Company had a net operating loss carry forward of $69,422
for income tax purposes.  The tax benefit of approximately $20,800
from the loss carry forward has been fully offset by a valuation reserve because
the future tax benefit is undeterminable since the Company is unable to
establish a predictable projection of operating profits for future
years.   The losses will expire in 2030.
 
 Evaluation of Long-Lived
Assets
 
 The
Company periodically reviews its long term assets and makes adjustments, if the
carrying value exceeds fair value.
 
 Foreign Currency
Translations
 
 Part of
the transactions of the Company were completed in Canadian dollars and have been
translated to US dollars as incurred, at the exchange rate in effect at the
time, and therefore, no gain or loss from the translation is
recognized.  The functional currency is considered to be US
dollars.
 
 Revenue
Recognition
 
 Revenue
is recognized on the sale and delivery of a product or the completion of a
service provided.
 
 Advertising and Market
Development
 
 The company expenses advertising and
market development costs as incurred.
 
 Financial
Instruments
 
 The
      carrying amounts of financial instruments, including cash and accounts
      payable, are considered by management to be their estimated fair value due
      to their short term maturities.
 
 
 
 
 -24-
 
 
 
 
 
 CANTERBURY
RESOURCES, INC.
 (Pre-exploration
Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 December
31, 2009
 
 2.           SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES - Continued
 
 Estimates
and Assumptions
 
 Management
uses estimates and assumptions in preparing financial statements in accordance
with general accepted accounting principles.  Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses.   Actual results could vary from the estimates that
were assumed in preparing these financial statements.
 
 Statement of Cash
      Flows
 
 For
      the purposes of the statement of cash flows, the Company considers all
      highly liquid investments with a maturity of three months or less to be
      cash equivalents.
 
 Unproven Mining Claim
Costs
 
 Cost of
acquisition, exploration, carrying and retaining unproven properties are
expensed as incurred.
 
 Environmental
      Requirements
 
 At
      the report date environmental requirements related to the mineral claim
      acquired are unknown and therefore any estimate of any future cost cannot
      be made.
 
 Recent Accounting
Pronouncements
 
 The
Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial
statements.
 
 3.           AQUISITION
OF MINERAL CLAIM
 
 The
      Company acquired a 100% interest in a mineral claim known as the Kaikoura
      Gold Mine located about 44 kilometers from the city of Kaikoura in New
      Zealand from Plymouth Enterprises, an unrelated company, for
      $5,000.   In addition, the Company has undertaken a
      sampling program on the Kaikoura Gold Mine at a cost of
      $5,000.  The claim, under New Zealand mineral law, remains in
      good standing until such time as the Company abandons
  it
 .
  4.           SIGNIFICANT
TRANSACTIONS WITH RELATED PARTY
  
 The
officer-director has acquired 100% of the common stock issued and have made no
interest, demand loans to the Company of $25,348 and have made contributions to
capital of $23,200 in the form of expenses paid for the Company.
  
 
 -25-
 
 
 
 CANTERBURY
RESOURCES, INC.
 (Pre-exploration
Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 December
31, 2009
 
 5.           CAPITAL
STOCK
 
 On
December 30, 2008, Company completed a private placement consisting of
11,500,000 common shares sold to its director and officer at a price of $0.001
per share for a total consideration of $11,500.
 
 6.           GOING
CONCERN
 
 The
Company intends to seek business opportunities that will provide a profit from
the exploration activities on its mineral claim.  However, the Company
does not have the working capital necessary to be successful in this effort and
to service its debt, which raises substantial doubt about its ability to
continue as a going concern.
 
 Continuation
of the Company as a going concern is dependent upon obtaining additional working
capital and the management of the Company has developed a strategy, which it
believes will accomplish this objective through additional loans from related
parties, and equity funding, which will enable the Company to operate for the
coming year.
 
 7.           SUBSEQUENT
EVENTS
 
 The
Company has evaluated subsequent events from the balance sheet date to February
15, 2010 and has found no material subsequent events to report.
 
 
 -26-








ITEM
      9.
            CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE.





We have
had no changes in or disagreements with our principal independent
accountant.








ITEM
9A(T).                                CONTROLS
AND PROCEDURES.





Disclosure
Controls and Procedures





Under the
supervision and with the participation of our management, including the
Principal Executive Officer and Principal Accounting Officer, we have evaluated
the effectiveness of our disclosure controls and procedures as required by
Exchange Act Rule 13a-15(b) as of December 31, 2009 (the “Evaluation Date”).
Based on that evaluation, the Principal Executive Officer and Principal
Accounting Officer have concluded that these disclosure controls and procedures
were not effective as of the Evaluation Date as a result of the material
weaknesses in internal control over financial reporting discussed
below.





Disclosure
controls and procedures are those controls and procedures that are designed to
ensure that information required to be disclosed in our reports filed or
submitted under the Exchange Act are recorded, processed, summarized and
reported within the time periods specified in the SEC's rules and forms.
Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is accumulated and communicated to
management, including our Principal Executive Officer and Principal Accounting
Officer, to allow timely decisions regarding required disclosure.





Notwithstanding
the assessment that our internal control over financial reporting was not
effective and that there were material weaknesses as identified below, we
believe that our financial statements contained in our Annual Report on Form
10-K for the fiscal year ended December 31, 2009 fairly present our financial
condition, results of operations and cash flows in all material
respects.





Management’s
Report on Internal Control over Financial Reporting





Management
of the Company is responsible for establishing and maintaining adequate internal
control over financial reporting. The Company's internal control over financial
reporting is a process, under the supervision of the Chief Executive Officer and
the Chief Financial Officer, designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of the Company's
financial statements for external purposes in accordance with United States
Generally Accepted Accounting Principles (GAAP). Internal control over financial
reporting includes those policies and procedures that:





-
            Pertain
      to the maintenance of records that in reasonable detail accurately and
      fairly reflect the transactions and dispositions of the Company's
      assets;





-
            Provide
      reasonable assurance that transactions are recorded as necessary to permit
      preparation of the financial statements in accordance with generally
      accepted accounting principles, and that receipts and expenditures are
      being made only in accordance with authorizations of management and the
      Board of Directors; and





-
            Provide
      reasonable assurance regarding prevention or timely detection of
      unauthorized acquisition, use, or disposition of the Company's assets that
      could have a material effect on the financial
  statements.





Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the degree of compliance
with the policies or procedures may deteriorate.





The
Company's management conducted an assessment of the effectiveness of the
Company's internal control over financial reporting as of December 31, 2009,
based on criteria established in Internal Control –Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission
("COSO"). As a result of this assessment, management identified a material
weakness in internal control over financial reporting.






-27-





A
material weakness is a deficiency, or a combination of deficiencies, in internal
control over financial reporting such that there is a reasonable possibility
that a material misstatement of the Company's annual or interim financial
statements will not be prevented or detected on a timely basis.





The
material weakness identified is described below.





1.
            Certain
      entity level controls establishing a “tone at the top” were considered
      material weaknesses.  As of December 31, 2009, the Company did
      not have a separate audit committee nor a policy on fraud.  A
      whistleblower policy is not necessary given the small size of the
      organization.





2.
            Due
      to the significant number and magnitude of out-of-period adjustments
      identified during the year- end closing process, management has concluded
      that the controls over the period-end financial reporting process were not
      operating effectively. A material weakness in the period-end financial
      reporting process could result in us not being able to meet our regulatory
      filing deadlines and, if not remediated, has the potential to cause a
      material misstatement or to miss a filing deadline in the future.
      Management override of existing controls is possible given the small size
      of the organization and lack of
personnel.





3.
            There
      is no system in place to review and monitor internal control over
      financial reporting. The Company maintains an insufficient complement of
      personnel to carry out ongoing monitoring responsibilities and ensure
      effective internal control over financial
  reporting.





As a
result of the material weakness in internal control over financial reporting
described above, the Company's management has concluded that, as of December 31,
2009, the Company's internal control over financial reporting was not effective
based on the criteria in Internal Control - Integrated Framework issued by
COSO.





This
Annual Report does not include an attestation report of our independent
registered public accounting firm regarding internal control over financial
reporting. We were not required to have, nor have we, engaged our independent
registered public accounting firm to perform an audit of internal control over
financial reporting pursuant to the rules of the Securities and Exchange
Commission that permit us to provide only management's report in this Annual
Report.





Changes
in Internal Controls





There
were no changes in our internal control over financial reporting during the
fiscal year ended December 31, 2009 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.








ITEM
9B.                      OTHER
INFORMATION.





On March
30, 2010, we adopted a Code of Ethics applicable to our officers and directors,
which is a “code of ethics” as defined by applicable rules of the SEC. Each
director and officer of the Corporation must comply with the letter and spirit
of the Code of Ethics. This purpose of the Code of Ethics is to:





1.
            Focus
      the Board of Directors and each officer on areas of ethical
      risk;





2.
            Provide
      guidance to directors to help them recognize and deal with ethical
      issues;





3.
            Provide
      mechanisms to report unethical conduct;
and





4.
            Help
      foster a culture of honesty and
accountability.





Our Code
of Ethics is attached as an exhibit to this Annual Report on Form 10-K for the
year ended December 31, 2009.







-28-







PART
III





ITEM
      10.
            DIRECTORS,
      EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE.





DIRECTORS
AND EXECUTIVE OFFICERS





The
following table sets forth the name and positions of our sole executive officer
and director as of the date hereof.





Name
            Age
            PositionsBruce
      A. Wetherall
            67
            Chief
      Executive Officer, Chief Financial Officer, Chief Accounting Officer,
      President, Secretary, Treasurer and
Director





Mr. Bruce A. Wetherallhas
been our Chief Executive Officer, Chief Financial Officer, Chief Accounting
Officer, President, Secretary, Treasurer and Director since our
inception.  In 1978, Mr. Wetherall founded Canterbury Systems
Corporation, a software development company specializing in billing systems for
law firms.  Mr. Wetherall operated Canterbury Systems Corporation
until 1991 when he sold it to CMS Data of Tallahassee, Florida.  From
1993 to 2001, Mr. Wetherall worked as Vice-President of Software Development of
CMS Data.  In 2003, Mr. Wetherall founded a property development
company called Pacific Bay Properties, which is he is currently a director and
50% owner.





Our sole
executive officer and director does not have any formal training as a geologist
and does not have training on the technical and managerial aspects of managing a
mineral exploration company.  Mr. Wetherall has not had any prior
managerial and consulting positions have been in the mineral exploration
industry.  Accordingly, we will have to rely on the technical services
of others to advise us on the managerial aspects specifically associated with a
mineral exploration company.  We do not have any employees who have
professional training or experience in the mining industry.  We rely
on independent geological consultants to make recommendations to us on work
programs on our property, to hire appropriately skilled persons on a contract
basis to complete work programs and to supervise, review, and report on such
programs to us.





SIGNIFICANT
EMPLOYEES





We have
no significant employees other than our sole executive officer and
director.





We
conduct our business through agreements with consultants and arms-length third
parties.  Currently, we have no formal consulting agreements in
place.  We have a verbal arrangement with the consulting geologist
currently conducting the exploratory work on the Kaikoura
Property.  We pay to this geologist the usual and customary rates
received by geologists performing similar consulting services.





TERMS
OF OFFICE





Members
of our board of directors are appointed to hold office until the next annual
meeting of our stockholders or until his or her successor is elected and
qualified, or until they resign or are removed in accordance with the provisions
of the Nevada Revised Statutes.   Our officers are appointed by
our board of directors and hold office until removed by the board.





COMMITTEES
OF THE BOARD OF DIRECTORS





We do not
presently have a separately constituted audit committee, compensation committee,
nominating committee, executive committee or any other committees of our board
of directors.





AUDIT
COMMITTEE





We do not
maintain a separately-designated standing audit committee. As a result, our sole
director, Mr. Wetherall, acts as our audit committee.








-29-





Mr.
Wetherall does not meet the definition of an “audit committee financial
expert.”  We believe that the cost related to appointing a financial
expert to our board of directors at this time is prohibitive.





CODE
OF ETHICS





We
adopted a Code of Ethics applicable to our officers and directors which is a
“code of ethics” as defined by applicable rules of the SEC. Our code of ethics
is attached as an exhibit to this Annual Report for the year ended December 31,
2009.  If we make any amendments to our Code of Ethics other than
technical, administrative, or other non-substantive amendments, or grant any
waivers, including implicit waivers, from a provision of our Code of Ethics to
our officers or directors, we will disclose the nature of the amendment or
waiver, its effective date and to whom it applies in a current report on Form
8-K filed with the SEC.





SECTION
16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE





Section
16(a) of the Exchange Act requires our executive officers and directors, and
persons who own more than 10% of a registered class of our securities
(“Reporting Persons”), to file reports of ownership and changes in ownership
with the SEC.  Reporting Persons are required by SEC regulations to
furnish us with copies of all forms they file pursuant to Section
16(a).  Based solely on our review of the copies of such forms
received by us, we believe that, during the last fiscal year, all Reporting
Persons complied with all Section 16(a) filing requirements applicable to
them.








ITEM
11.                      EXECUTIVE
COMPENSATION.





SUMMARY
COMPENSATION TABLE





We have
not paid any compensation to our sole executive officer and director during the
fiscal years ended December 31, 2009 and 2008.  However, we have
accrued a management fee expense of $1,000 per month since our inception on
September 2, 2008.





OUTSTANDING
EQUITY AWARDS AT FISCAL YEAR-END





We do not
have any stock options outstanding.  No stock options or stock
appreciation rights under any stock incentive plans were granted to our officers
or directors since our inception





EMPLOYMENT
CONTRACTS





We do not
have an employment contract with our sole executive officer and
director.  We also do not have any termination of employment or
change-in-control arrangements with our sole executive officer and sole
director.




ITEM
      12.
            SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS.





EQUITY
COMPENSATION PLANS





We have
no equity compensation plans (including individual compensation arrangements)
under which our equity securities are authorized for issuance.





SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT





The
following table sets forth certain information concerning the number of shares
of our common stock owned beneficially as of March 24, 2010by: (i) each person
(including any group) known to us to own more than five percent (5%) of any
class of our voting securities, (ii) each of our directors and each of our named
executive officers (as defined under Item 402(m)(2) of Regulation S-K), and
(iii) officers and directors as a group. Unless otherwise indicated, the
shareholders listed possess sole voting and investment power with respect to the
shares shown.






-30-










Title
      of Class
            Name
      and Address
              of
      Beneficial Owner
            Number of Shares of Common
      Stock(1)
            Percentage
      of Common Stock(1)DIRECTORS
      AND OFFICERSCommon
      Stock
            Bruce
      A. Wetherall
              Chief
      Executive Officer, Chief Financial Officer, Chief Accounting Officer,
      President, Secretary, Treasurer and Director
            6,500,000
              (Direct)
            56.5%5%
      SHAREHOLDERSCommon
      Stock
            Bruce
      A. Wetherall
              Chief
      Executive Officer, Chief Financial Officer, Chief Accounting Officer,
      President, Secretary, Treasurer and Director
              69
      Stanley Point Road
              Devonport,
      Auckland
              New
      Zealand 0624
            6,500,000
              (Direct)
            56.5%





(1)
            Under
      Rule 13d-3, a beneficial owner of a security includes any person who,
      directly or indirectly, through any contract, arrangement, understanding,
      relationship, or otherwise has or shares: (i) voting power, which includes
      the power to vote, or to direct the voting of shares; and (ii) investment
      power, which includes the power to dispose or direct the disposition of
      shares.  Certain shares may be deemed to be beneficially owned
      by more than one person (if, for example, persons share the power to vote
      or the power to dispose of the shares).  In addition, shares are
      deemed to be beneficially owned by a person if the person has the right to
      acquire the shares (for example, upon exercise of an option) within 60
      days of the date as of which the information is provided.  In
      computing the percentage ownership of any person, the amount of shares
      outstanding is deemed to include the amount of shares beneficially owned
      by such person (and only such person) by reason of these acquisition
      rights.  As a result, the percentage of outstanding shares of
      any person as shown in this table does not necessarily reflect the
      person’s actual ownership or voting power with respect to the number of
      shares of common stock actually outstanding on March 24,
      2010.  As of March 24, 2010, there were 11,500,000 shares of our
      common stock issued and
outstanding.





CHANGES
IN CONTROL





We are
not aware of any arrangement which may result in a change in control in the
future.








ITEM
      13.
            CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
      INDEPENDENCE.





RELATED
TRANSACTIONS





Except as
otherwise described below, none of the following persons has any direct or
indirect material interest in any transaction to which we were or are a party
during the past two years, or in any proposed transaction to which we propose to
be a party:





(a)
            any
      director or officer;


(b)
            any
      proposed nominee for election as a
director;


(c)
            any
      person who beneficially owns, directly or indirectly, shares carrying more
      than 5% of the voting rights attached to our common
  stock;


(d)
            any
      promoters; or


(e)
            any
      relative or spouse of any of the foregoing persons, or any relative of
      such spouse, who has the same house as such person or who is a director or
      officer of any parent or
subsidiary.






-31-





As at
December 31, 2009, we were indebted to our sole executive officer and director,
Bruce A. Wetherall, in the principal amount of $25,348.  The loans
bear no interest and are due on demand.





DIRECTOR
INDEPENDENCE





Our
common stock is not currently listed on a national securities exchange or an
inter-dealer quotation system.  We intend to apply to have our common
stockquoted on the
OTC Bulletin Board inter-dealer quotation system, which does not have director
independence requirements.  Under NASDAQ Rule 5605(a)(2), a director
is not considered to be independent if he or she is also an executive officer or
employee of the corporation.  As Mr. Wetherall is our sole executive
officer and director, we have determined that Mr. Wetherall is not an
independent director as defined under NASDAQ Rule 5605(a)(2).








ITEM
14.                      PRINCIPAL
ACCOUNTING FEES AND SERVICES.





The
aggregate fees billed for the two most recently completed fiscal years for
professional services rendered by the principal accountant for the audit of our
annual financial statements and review of the financial statements included in
our Quarterly Reports on Form 10-Q and services that are normally provided by
the accountant in connection with statutory and regulatory filings or
engagements for those fiscal periods were as follows:








Year
      Ended December 31, 2009
            Year
      Ended December 31, 2008Audit
      Fees
            $4,000
            $2,500Audit-Related
      Fees
            $Nil
            $NilTax
      Fees
            $Nil
            $NilAll
      Other Fees
            $Nil
            $NilTotal
            $4,000
            $2,500








ITEM
15.                      EXHIBITS,
FINANCIAL STATEMENT SCHEDULES.





The
following exhibits are either provided with this Annual Report or are
incorporated herein by reference:





ExhibitNumber
            Description of Exhibits3.1
            Articles
      of Incorporation.(1)3.2
            Bylaws,
      as amended.(1)10.1
            Assignment
      Agreement dated October 3, 2008 between Plymouth Enterprises and
      Canterbury Resources, Inc.(1)14.1
            Code
      of Ethics.31.1
            Certification
      of Principal Executive Officer and Principal Accounting Officer as adopted
      pursuant to Section 302 of the Sarbanes-Oxley Act of
  2002.32.1
            Certification
      of Principal Executive Officer and Principal Accounting Officer as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002.





(1)
            Previously
      filed as an exhibit to our Registration Statement on Form S-1 originally
      filed with the SEC on March 20, 2009, as amended May 12, 2009 and declared
      effective June 3, 2009.








-32-








SIGNATURES





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








CANTERBURY
      RESOURCES, INC.Date:
            March
      30, 2010
            By:
            /s/
      Bruce A. WetherallBRUCE
      A. WETHERALLPresident,
      Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer and
      Director(Principal
      Executive Officer and Principal Accounting Officer)








Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.


Date:
            March
      30, 2010
            By:
            /s/
      Bruce A. WetherallBRUCE
      A. WETHERALLPresident,
      Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer and
      Director(Principal
      Executive Officer and Principal Accounting Officer)











-33-