U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


(Mark One)
[X]      QUARTERLY REPORT PURSUANT SECTION 13 OR 15(D) OF THE SECURITIES
         EXCHANGE ACT OF 1934
         For the quarterly period ended: March 31, 2001

[ ]      TRANSITION REPORT UNDER SECTION 13 OF 15(D) OF THE SECURITIES EXCHANGE
         ACT OF 1934
         For the transition period from _______________ to _______________


                         Commission file number 0-28305


                       FAIRCHILD INTERNATIONAL CORPORATION
        (Exact name of small business issuer as specified in its charter)



           NEVADA                                              91-1880015
(State or other jurisdiction of                              (IRS Employer
incorporation or organization)                             Identification No.)


    595 HORNBY STREET, SUITE 600, VANCOUVER, BRITISH COLUMBIA, V6C 1A4 CANADA
                    (Address of principal executive offices)


                                 (604) 646-5614
                           (Issuer's telephone number)


                                 NOT APPLICABLE
              (Former name, former address and former fiscal year,
                          if changed since last report)


     State the number of shares outstanding of each of the issuer's classes
               of common equity, as of the last practicable date:
            10,988,210 SHARES OF COMMON STOCK, $.001 PAR VALUE, AS OF
                                 MARCH 31, 2001


 Transitional Small Business Disclosure Format (check one);  Yes       No   X
                                                                 -----    -----




<PAGE>

                      FAIRCHILD INTERNATIONAL CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)

                              FINANCIAL STATEMENTS

                                 MARCH 31, 2001


                           (EXPRESSED IN U.S. DOLLARS)




                                    UNAUDITED














                                       2
<PAGE>


                   STEELE & CO.*
           CHARTERED ACCOUNTANTS
*Representing incorporated professionals
                       SUITE 808      TELEPHONE:   (604) 687-8808
        808 WEST HASTINGS STREET      TELEFAX:     (604) 687-2702
 VANCOUVER, B.C., CANADA V6C 1C8      EMAIL:       email@steele-co.ca




                         INDEPENDENT ACCOUNTANTS' REPORT


TO THE BOARD OF DIRECTORS OF
FAIRCHILD INTERNATIONAL CORPORATION
 (A DEVELOPMENT STAGE COMPANY)



We have  reviewed the  accompanying  balance  sheet of  Fairchild  International
Corporation (a  development  stage company) as of March 31, 2001 and the related
interim  statements of operations and deficit and cash flow for the three months
ended March 31, 2001 and 2000 and cumulative to March 31, 2001.  These financial
statements are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and making  inquiries of persons  responsible  for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion  regarding the financial  statements  taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the accompanying interim financial statements in order for them to be
in conformity with generally accepted accounting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards,  the  balance  sheet of  Fairchild  International  Corporation  as of
December 31, 2000 and the related  statements of operations and deficit and cash
flow for the year then ended (not  presented  herein);  and in our report  dated
March  19,  2001,  we  expressed  an  unqualified  opinion  on  those  financial
statements.  In our  opinion,  the  information  set  forth in the  accompanying
balance  sheet  as of  December  31,  2000 is  fairly  stated,  in all  material
respects,  in  relation  to the  financial  statements  from  which  it has been
derived.



Vancouver, Canada                                         "STEELE & CO."
May 14, 2001                                              CHARTERED ACCOUNTANTS


                                       3
<PAGE>



                       FAIRCHILD INTERNATIONAL CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)

                                 BALANCE SHEETS

                      MARCH 31, 2001 AND DECEMBER 31, 2000

                           (EXPRESSED IN U.S. DOLLARS)



<TABLE>
<CAPTION>

                                                                                      MARCH 31,           DECEMBER 31,
                                                                                        2001                  2000
                                                                                        ----                  ----
<S>                                                                            <C>                     <C>

ASSETS
  CURRENT
    CASH                                                                       $          2,818        $        4,242
                                                                               =================       ===============
LIABILITIES
  CURRENT
    ACCOUNTS PAYABLE                                                           $         17,816        $       18,138
    OWING TO RELATED PARTIES                                                            111,012               111,012
                                                                               -----------------       ---------------
                                                                                        128,828               129,150
                                                                               -----------------       ---------------
SUBSEQUENT EVENT (NOTE 4)
STOCKHOLDERS' EQUITY
  SHARE CAPITAL (NOTE 3)
    AUTHORIZED
         50,000,000 COMMON SHARES WITH A PAR VALUE OF $.001 PER  SHARE
          1,000,000 PREFERRED SHARES WITH A PAR VALUE OF
               $.01 PER SHARE
    ISSUED
         10,988,210 COMMON SHARES                                                       894,769               894,769
  DEFICIT ACCUMULATED DURING
   THE DEVELOPMENT STAGE                                                             (1,020,779)           (1,019,677)
                                                                               -----------------       ---------------
TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY)                                                (126,010)             (124,908)
                                                                               -----------------       ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                     $          2,818        $        4,242
                                                                               =================       ===============
</TABLE>

APPROVED BY THE DIRECTOR

   /s/   Robert Grace
----------------------------




                                    UNAUDITED



                                       4
<PAGE>


                       FAIRCHILD INTERNATIONAL CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)

                      STATEMENTS OF OPERATIONS AND DEFICIT

               FOR THE THREE-MONTHS ENDED MARCH 31, 2001 AND 2000
                        AND CUMULATIVE TO MARCH 31, 2001

                           (EXPRESSED IN U.S. DOLLARS)

<TABLE>
<CAPTION>

                                                              CUMULATIVE TO               THREE MONTHS ENDED
                                                                MARCH 31,             MARCH 31,           MARCH 31,
                                                                  2001                  2001                2000
                                                              -------------         -------------       ------------
<S>                                                           <C>                   <C>                 <C>

EXPENSES
  ADVERTISING                                                 $       9,008         $         -         $          -
  BANK CHARGES AND FOREIGN EXCHANGE                                  13,087                 201                   43
  CONSULTING                                                         39,267                   -                    -
  OFFICE, RENT AND SECRETARIAL                                       37,805              (1,247)               5,884
  PROFESSIONAL FEES                                                  91,883               2,593                1,728
  PROMOTION AND TRAVEL                                              361,135                   -                6,000
  RELATED PARTY
    ADMINISTRATION                                                  123,493                   -               10,733
    CONSULTING                                                       50,000                   -                    -
  RESEARCH AND DEVELOPMENT                                          163,520                   -                5,020
   AND LICENSE FEES (NOTE 2)
  SHAREHOLDER INFORMATION                                            20,304                   -                1,747
  TELEPHONE                                                           2,995                (445)                 246
  TRANSFER AGENT FEES                                                 8,655                   -                    -
                                                              -------------         ------------        ------------
                                                                    921,152               1,102               31,401
MINERAL INTERESTS
 AND EXPLORATION COSTS                                               99,627                   -                    -
                                                              -------------         ------------        ------------
NET LOSS FOR THE PERIOD                                           1,020,779               1,102               31,401
                                                              =============
DEFICIT BEGINNING OF THE PERIOD                                                       1,019,677              927,213
                                                                                    ------------        ------------
DEFICIT END OF THE PERIOD                                                           $ 1,020,779         $    958,614
                                                                                    ============        ============
BASIC LOSS PER SHARE                                                                $       .01         $        .01
                                                                                    ============        ============
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING                                                           10,988,210           10,988,210
                                                                                    ============        ============
</TABLE>




                                    UNAUDITED

                                       5
<PAGE>

                       FAIRCHILD INTERNATIONAL CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)

                             STATEMENTS OF CASH FLOW

               FOR THE THREE-MONTHS ENDED MARCH 31, 2001 AND 2000
                        AND CUMULATIVE TO MARCH 31, 2001

                           (EXPRESSED IN U.S. DOLLARS)

<TABLE>
<CAPTION>
                                                              CUMULATIVE TO                THREE MONTHS ENDED
                                                                MARCH 31,             MARCH 31,           MARCH 31,
                                                                  2001                  2001                2000
                                                             ---------------         ----------          -----------
<S>                                                          <C>                     <C>                 <C>

CASH PROVIDED (USED) BY
  OPERATING ACTIVITIES
    NET LOSS FOR THE PERIOD                                  $   (1,020,779)         $   (1,102)         $   (31,401)
    NON-CASH ITEM
      ISSUE OF SHARES FOR SERVICES
       AND MINERAL INTEREST                                         236,858                   -                    -
    CHANGE IN NON-CASH
     OPERATING ITEM
      ACCOUNTS PAYABLE                                               17,816                (322)                (379)
                                                             ---------------         -----------         ------------
                                                                   (766,105)             (1,424)             (31,780)
                                                             ---------------         -----------         ------------
  FINANCING ACTIVITIES
    OWING TO RELATED PARTIES                                        111,012                   -                    -
    SHARE CAPITAL ISSUED FOR CASH                                   657,911                   -                    -
                                                                    768,923                   -                    -
CHANGE IN CASH FOR THE PERIOD                                         2,818              (1,424)             (31,780)
CASH BEGINNING OF THE PERIOD                                              -               4,242               36,966
                                                             ---------------         -----------         ------------
CASH END OF THE PERIOD                                       $        2,818          $    2,818          $     5,186
                                                             ===============         ===========         ============
</TABLE>






                                    UNAUDITED



                                       6
<PAGE>


                       FAIRCHILD INTERNATIONAL CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)

                    NOTES TO THE INTERIM FINANCIAL STATEMENTS

                                 MARCH 31, 2001

                           (EXPRESSED IN U.S. DOLLARS)



1.      BASIS OF PRESENTATION

        These interim  financial  statements  have been prepared under generally
        accepted   accounting   principles   applicable  to  interim   financial
        statements and therefore do not include all the disclosures required for
        annual  financial  statements.   Accordingly,  these  interim  financial
        statements  should  be read  in  conjunction  with  the  audited  annual
        financial  statements  for the year ended December 31, 2000 and included
        with Fairchild  International  Corporation's annual report Form 10-K. In
        the  opinion of  management,  these  financial  statements  contain  all
        adjustments necessary to present fairly the financial position,  results
        of operations and cash flow for the three-month  periods ended March 31,
        2001  and  2000.  Interim  results  of  operations  are not  necessarily
        indicative of the results of operations for the full year.

2.      GOING CONCERN CONSIDERATIONS AND LICENSE TERMINATION

        As of March 31, 2001,  the Company had not reached a level of operations
        which would finance day to day activities.  These  financial  statements
        have  been  prepared  on the  assumption  that  the  Company  is a going
        concern,  meaning it will  continue  in  operation  for the  foreseeable
        future and will be able to realize  assets and discharge  liabilities in
        the ordinary course of operations. Different bases of measurement may be
        appropriate  when a company is not expected to continue  operations  for
        the foreseeable future. The Company's continuation as a going concern is
        dependent upon its ability to attain profitable  operations and generate
        funds therefrom and/or raise equity capital or borrowings  sufficient to
        meet current and future  obligations.  The Company  incurred losses from
        operations of $1,102 and $92,464 for the three-month  period ended March
        31, 2001 and fiscal year ended  December 31, 2000  respectively  and had
        net capital  deficiencies  of $126,010 as of March 31, 2001 and $124,908
        as of December 31, 2000.

        The Company entered into a Research,  Development and License  Agreement
        in  1999  to  acquire  an  exclusive  license  to  make,  use  and  sell
        pharmaceutical  products and processes  relating to arthritis and dermal
        wrinkles. The parties terminated the Agreement in 2001. As consideration
        for efforts made,  shares issued and cash paid,  the Company is entitled
        to a 30% net  revenue  royalty  from  licensed  products to a maximum of
        $250,000 during the first three years of product sales.



                                   UNAUDITED



                                       7
<PAGE>


                       FAIRCHILD INTERNATIONAL CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)

                    NOTES TO THE INTERIM FINANCIAL STATEMENTS

                                 MARCH 31, 2001

                           (EXPRESSED IN U.S. DOLLARS)



3.      SHARE CAPITAL

        a.     Authorized

                 50,000,000 Common shares with a par value of $.001 per share
                  1,000,000 Preferred shares with a par value of $.01 per share

<TABLE>
<CAPTION>
        b.     Issued and Paid In Capital                                             SHARES       CONSIDERATION
                                                                                      ------       -------------
<S>                                                                                 <C>            <C>
               Common Shares
                 Balance at March 31, 2001 and December 31, 2000                    10,988,210     $    894,769
                                                                                    ==========     =============
</TABLE>

        c.     Incentive Stock Options

               The exercise  price of stock options granted is not less than the
               quoted market value  of the shares.  Accordingly, no stock option
               compensation has been recognized in the financial statements.

               The Company granted  incentive stock options in 2001, exercisable
               as follows:

                  1,900,000 Common shares @ $.09 per share to February 25, 2002

4.      SUBSEQUENT EVENT

        On April 12, 2001, the  Company  entered into an  agreement to acquire a
        100% interest  in a mineral  property comprised of  approximately 92,000
        hectares  (special exploration permit #2001-10) known as Fox River Sill,
        located in  Manitoba, Canada.  The consideration  payable at  prescribed
        intervals is as follows:

                    - $30,000 in cash (paid $10,000);
                    - 400,000 in shares of common stock; and
                    - exploration expenditure commitments aggregating $317,200
                      (Canadian $500,000) by May 1, 2004.



                                    UNAUDITED

                                        8

<PAGE>


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

The following  discussion  of the financial  condition and results of operations
for  Fairchild  International  Corporation  (the  "Company")  should  be read in
conjunction with the accompanying financial statements and related footnotes.

GENERAL AND PLAN OF OPERATION

The Company had been engaged in the pharmaceutical business, having entered into
a licensing  agreement  to acquire an  exclusive  license to make,  use and sell
pharmaceutical products and processes relating to arthritis and dermal wrinkles.
As of February 28, 2001, the licensing  agreement was terminated and the Company
was searching for another business opportunity.

As of April  12,  2001,  the  Company  entered  into an  agreement  with  Hunter
Exploration  Group to acquire a 100% interest in certain lands  encompassed by a
Special Exploration Permit, located in Northern Manitoba, Canada. The Company is
to pay a total of  US$30,000  in cash and issue  400,000  shares  of its  common
stock.  In addition,  the Company is responsible for a deposit with the Province
of  Manitoba  for  the   exploration   permit  and  fulfilling  work  commitment
obligations  on the  property  totaling  Cdn$500,000  through  May 1, 2004.  The
property  is  subject  to a 2% net  smelter  royalty  and a 2% gross  overriding
royalty  on  diamond  production.  The  Company  plans  to  conduct  exploration
activities to the extent that it can obtain the necessary cash to do so.

RESULTS OF OPERATIONS

The Company  continues  to incur  losses from  operations.  The net loss for the
three months  ended March 31, 2001 was $1,102 as compared to $31,401  during the
comparable  three-month  period  in 2000.  The  decrease  in the net loss is due
primarily  to  the  reduction  in the  level  of the  Company's  operations.  No
licensing  fees were  incurred in the 2001 period,  as compared to $5,020 during
the quarter ended March 31, 2000.  Also,  related party  administration  charges
decreased  from  $10,733  in 2000 to nil in 2001,  as did  promotion  and travel
expenses  ($6,000  in  2000  as  compared  to nil in  2001).  Office,  rent  and
secretarial  expenses  decreased  from  $5,884  in 2000 to a credit of $1,247 in
2001.

This most recent loss has increased the deficit  accumulated since the inception
of the Company to $1,020,779 at March 31, 2001.

LIQUIDITY AND CAPITAL RESOURCES

Since inception,  the primary source of funding for the Company's operations has
been the private sale of its securities and loans from related parties.  Through
March 31,  2001,  the Company has sold stock for cash of $657,911  and  borrowed
$111,012.

At March 31, 2001, the Company's  working  capital  deficiency was $126,010,  as
compared to a  deficiency  of $124,908 at December  31,  2000.  The  decrease in
working capital was due primarily to the loss for the three-month period.

The Company will be dependent  upon proceeds from the sale of securities for the
near future. Further,  substantial funds will be required to conduct exploration
activities before the Company can determine if the mineral property interest has
sufficient  potential for  development.  There is no assurance  that the Company
will be able to obtain such additional  funds on favorable terms, if at all. The
Company's inability to raise sufficient funds could cause it to lose the mineral
property interest and any work conducted and/or payments made on the property.


                                       9
<PAGE>


GOING CONCERN

The notes to the financial statements include an explanatory  paragraph relating
to the uncertainty of the Company's ability to continue as a going concern.  The
Company has suffered losses from operations,  and requires additional financing.
Ultimately,  the Company  needs to generate  revenues  and  successfully  attain
profitable operations. These factors raise substantial doubt about the Company's
ability to continue as a going  concern.  There can be no assurance that it will
be able to acquire the mineral property interest, carry out adequate exploration
activities,  or engage in  development  activities,  if  warranted.  Even if the
Company  were able to ever develop the mineral  property,  there is no assurance
that it would be able to attain profitable operations.

FORWARD-LOOKING STATEMENTS

Certain  statements  in this  Quarterly  Report on Form 10-QSB and the Company's
Annual  Report on Form 10-KSB for its fiscal year ended  December 31,  2000,  as
well  as  statements  made by the  Company  in  periodic  press  releases,  oral
statements made by the Company's  officials to analysts and  shareholders in the
course  of  presentations   about  the  Company,   constitute   "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995.  Such  forward-looking  statements  involve  known and  unknown  risks,
uncertainties,  and other factors that may cause the actual results, performance
or  achievements  of the  Company  to be  materially  different  from any future
results, performance or achievements expressed or implied by the forward looking
statements.  Such factors include,  among other things, (1) general economic and
business  conditions;  (2) interest rate changes;  (3) the relative stability of
the debt and equity  markets;  (4)  government  regulations  particularly  those
related to the mining industry; (5) required accounting changes; (6) disputes or
claims  regarding the Company's  property  interest;  and (7) other factors over
which the Company has little or no control.







                                       10


<PAGE>


                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         Not Applicable.

ITEM 2. CHANGES IN SECURITIES

         Not Applicable.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Not Applicable.

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

         Not Applicable.

ITEM 5.  OTHER INFORMATION

         Not Applicable.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         A)       EXHIBITS


<TABLE>
<CAPTION>
   REGULATION                                                                                         CONSECUTIVE
   S-B NUMBER                                             EXHIBIT                                     PAGE NUMBER
<S>              <C>                                                                                      <C>

      10.1       Termination of License and Research & Development Agreement dated February 28,           N/A
                 2001 between Praxis Pharmaceuticals, Inc. and Fairchild International Inc. (1)<F1>

      10.2       Letter of Agreement with Hunter Exploration Group dated April 12, 2001 (2)<F2>           N/A

---------------------------
<FN>
(1)<F1>    Incorporated by reference to the exhibits previously filed with the Company's
           Current Report on Form 8-K dated February 28, 2001, File No. 0-28305.

(2)<F2>    Incorporated by reference to the exhibits  previously filed with the Company's
           Current Report on Form 8-K dated April 12, 2001, File No. 0-28305.
</FN>
</TABLE>

         B)       REPORTS ON FORM 8-K:  None.


                                       11

<PAGE>


                                   SIGNATURES

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

                                    FAIRCHILD INTERNATIONAL CORPORATION
                                    (Registrant)


Date:   May 18, 2001                By:      /s/ Byron Cox
                                       --------------------------------------
                                         Byron Cox, Secretary
                                         (Principal financial officer)















                                       12