**FORM      10-QSB/A**

**000-49672**

**THE      BLACKHAWK FUND**

| NEVADA                                           |   | 88-0408213                              |
|--------------------------------------------------|--------|-----------------------------------------|
| (State                  or Other Jurisdiction of |   | (IRS                  Employer          |
| Incorporation                  or Organization)  |   | Identification                  Number) |

**NOTE      REGARDING AMENDED FILING: **
**This      amendment is being filed to correct the alignment of the financial tables only;      no other changes have been made.**

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**TABLE      OF CONTENTS**

**PART      I - FINANCIAL INFORMATION **

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**PART      I - FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS.**

**THE      BLACKHAWK FUND**

**BALANCE      SHEETS**

**(Unaudited)**

|                                                               |                                                       |                                             |                    |       |                   |                       |                    | June                30, |                    | December                31, |
|--------------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------------|-------------------------|------------|------------------------|----------------------------|-------------------------|-------------------------|-------------------------|-----------------------------|
|                                                               |                                                       |                                             |                    |       |                   |                       |                    | 2006                    |                    | 2005                        |
| ASSETS                                                             |                                                       |                                             |                    |       |                   |                       |                    |                    |
|                                                               | Cash                                                       |                                             |                    |       |                   |                       | $                34,629 |                    | $                12,709 |
|                                                               |                                                       | Total                current assets              |                    |       |                   | 34,629                     |                    | 12,709                  |
|                                                               |                                                       |                                             |                    |       |                   |                       |                    |                    |                    |                        |
|                                                               | Property                - held-for-sale                    |                                             |                    | 1,628,583  |                   | -                          |
| TOTAL                ASSETS                                        |                                                       |                                             |                    |       |                   | $                1,663,212 |                    | $                12,709 |
|                                                               |                                                       |                                             |                    |       |                   |                       |                    |                    |                    |                        |
| LIABILITIES                AND STOCKHOLDERS' EQUITY (DEFICIT)      |                                                       |                                             |                    |       |
|                                                               |                                                       |                                             |                    |       |                   |                       |                    |                    |                    |                        |
| LIABILITIES                                                        |                                                       |                                             |                    |       |                   |                       |                    |                    |
|                                                               | Accounts                payable and accrued liabilities    |                                             | $                5,274  |       | $                6,080 |
|                                                               | Notes                payable-related party                 |                                             |                    | 212,496    |                   | 77,495                     |
|                                                               |                                                       | Total                current liabilities         |                    |       | 217,770                |                       | 83,575                  |
| Long                term liability                                 |                                                       |                                             |                    |       |                   |                       |                    |
|                                                               | Note                payable                                |                                             |                    |       |                   | 1,496,000                  |                    | -                       |
| Total                Liabilities                                   |                                                       |                                             |                    |       | 1,713,770              |                       | 83,575                  |
|                                                               |                                                       |                                             |                    |       |                   |                       |                    |                    |                    |                        |
| Commitments                and contingencies                       |                                                       |                                             |                    | -          |                   | -                          |
|                                                               |                                                       |                                             |                    |       |                   |                       |                    |                    |                    |                        |
| STOCKHOLDERS'                DEFICIT                               |                                                       |                                             |                    |       |
| Preferred                stock, $.001 par value:                   |                                                       |                                             |                    |       |                   |
|                                                               | Series                A: Authorized 20,000,000             |                                             |                    |       |                   |                       |
|                                                               |                                                       | 9,000,000                issued and outstanding  |                    | 9,000      |                   | 9,000                      |
|                                                               | Series                B: Authorized 10,000,000             |                                             |                    |       |                   |                       |
|                                                               |                                                       | 10,000,000                issued and outstanding |                    | 10,000     |                   | 10,000                     |
|                                                               | Series                C: Authorized 20,000,000             |                                             |                    |       |                   |                       |
|                                                               |                                                       | 10,000,000                issued and outstanding |                    | 10,000     |                   | 10,000                     |
| Common                stock, $.001 par value, 4,000,000,000 shares |                                                       |                                             |                    |
|                                                               | authorized,                17,209,007 and 3,209,007 shares |                                             |                    |       |
|                                                               | issued                and outstanding                      |                                             | 17,209                  |       | 3,209                  |
| Additional                paid in capital                          |                                                       |                                             |                    | 34,592,226 |                   | 34,457,058                 |
| Stock                subscriptions receivable                      |                                                       |                                             |                    | (1,315)    |                   | (40,000)                   |
| Retained                Deficit                                    |                                                       |                                             |                    |       | (34,687,678)           |                       | (34,520,133)            |
|                                                               |                                                       | Total                Stockholders' Deficit       |                    | (50,558)   |                   | (70,866)                   |
| TOTAL                LIABILITIES AND STOCKHOLDERS' DEFICIT         | $                1,663,212                                 |                                             | $                12,709 |

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**THE      BLACKHAWK FUND**

**STATEMENTS      OF OPERATIONS**

**For      the Three Months and Six Months**

**Ended      June 30, 2006 and 2005**

**(Unaudited)**

|                                            |       |                                                                                                               | Three                Months Ended |       |                                                                                                                                 | Six                Months Ended |
|-------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------|-----------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
|                                            |       |                                                                                                               | June                30,           |       |                                                                                                                                 | June                30,         |
|                                            | 2006       | 2005                                                                                                               |                              | 2006       | 2005                                                                                                                                 |
|                                            |       |                                                                                                               |                              |       |                                                                                                                                 |                            |
| Revenue                                         |       | $                                - | $                8,533            |       | $                                   - | $                11,651         |
|                                            |       |                                                                                                               |                              |       |                                                                                                                                 |                            |
| Expenses:                                       |       |                                                                                                               |                              |       |                                                                                                                                 |                            |
| General                & administrative     | 106,151    | 85,574                                                                                                             |                              | 139,094    | 4,684,213                                                                                                                            |
| Interest                expense                 |       | 25,186                                                                                                             | -                                 |       | 28,451                                                                                                                               | -                               |
| Net                Loss                         | ($131,337) | ($77,041)                                                                                                          |                              | ($167,545) | ($4,672,562)                                                                                                                         |
|                                            |       |                                                                                                               |                              |       |                                                                                                                                 |
|                                            |       |                                                                                                               |                              |       |                                                                                                                                 |                            |
| Basic                and diluted loss per share | ($0.01)    | ($0.07)                                                                                                            |                              | ($0.02)    | ($7.08)                                                                                                                              |
|                                            |       |                                                                                                               |                              |       |                                                                                                                                 |                            |
| Weighted                average shares          |       |                                                                                                               |                              |       |                                                                                                                                 |
| Outstanding                                     | 14,736,479 | 1,079,651                                                                                                          |                              | 10,678,620 | 660,080                                                                                                                              |
|                                            |       |                                                                                                               |                              |       |                                                                                                                                 |                            |

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|                                                       |                                                       |                                                 |                                                                                                                                       | 2006                                                                                                                                                 | 2005                                        |
|------------------------------------------------------------|------------------------------------------------------------|------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
| CASH                FLOWS FROM OPERATING ACTIVITIES        |                                                       |                                                 |
|                                                       | Net                loss                                    |                                                 |                                                                                                                                       | ($167,545)                                                                                                                                           | ($4,672,562)                                |
|                                                       | Adjustments                to reconcile net loss to net    |                                                 |                                                                                                                                       |
|                                                       |                                                       | cash                used in operating activities:    |                                                                                                                                       |                                                                                                                                                 |
|                                                       |                                                       |                                                 | Stock                issued for services                                                                                                   | -                                                                                                                                                    | 4,014,700                                   |
|                                                       |                                                       |                                                 | Stock                option expense                                                                                                        | -                                                                                                                                                    | 401,122                                     |
|                                                       |                                                       |                                                 | Changes                in:                                                                                                                 |                                                                                                                                                 |                                        |
|                                                       |                                                       | Accounts                payable                      | (806)                                                                                                                                      | 6,355                                                                                                                                                |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
| NET                CASH USED IN OPERATING ACTIVITIES       | (168,351)                                                  | (250,385)                                            |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
| CASH                FLOWS FROM INVESTING ACTIVITIES        |                                                       |                                                 |
|                                                       |                                                       | Advances                to related party             | -                                                                                                                                          | (46,000)                                                                                                                                             |
|                                                       |                                                       | Purchase                of buildings                 | (132,583)                                                                                                                                  | -                                                                                                                                                    |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
| NET                CASH USED IN INVESTING ACTIVITIES       | (132,583)                                                  | (46,000)                                             |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
| CASH                FLOWS FROM FINANCING ACTIVITIES        |                                                       |                                                 |
|                                                       | Proceeds                from stock issuances/subscriptions | 187,853                                              | 292,813                                                                                                                                    |
|                                                       | Proceeds                from note payable - related party  | 158,001                                              | 4,863                                                                                                                                      |
|                                                       | Payments                on loan payable - related party    | (23,000)                                             |                      -            |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
| NET                CASH PROVIDED BY FINANCING ACTIVITIES   | 322,854                                                    | 297,676                                              |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
| NET                CHANGE IN CASH                          |                                                       | 21,920                                               | 1,291                                                                                                                                      |
|                                                       |                                                       |                                                 |                                                                                                                                       | ===========                                                                                                                                          |                   =========  |
| CASH                BALANCES                               |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |
|                                                       | -Beginning                of period                        |                                                 | 12,709                                                                                                                                     | -                                                                                                                                                    |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
|                                                       | -End                of period                              |                                                 | $34,629                                                                                                                                    | $                          1,291                                                                   |
|                                                       |                                                       |                                                 |                                                                                                                                       | ===========                                                                                                                                          | ==========                                  |
| Supplemental                disclosures:                   |                                                       |                                                 |                                                                                                                                       |
|                                                       | Interest                paid                               |                                                 | $23,177                                                                                                                                    |                  $                                  - |
|                                                       | Income                taxes paid                           |                                                 | $                                    - | $                                  -                       |
|                                                       |                                                       |                                                 |                                                                                                                                       |                                                                                                                                                 |                                        |
| NON-CASH                INVESTING AND FINANCING ACTIVITIES |                                                       |                                                 |
|                                                       | Purchase                of fixed assets through financing  | $       1,496,000 | $                                  -             |

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|                                          |            |            |                              |                            |
|-----------------------------------------------|-----------------|-----------------|-----------------------------------|---------------------------------|
|                                          |            |            | Three                Months Ended | Six                Months Ended |
|                                          |            |            | June                30,           | June                30,         |
|                                          |            |            | 2005                              | 2005                            |
|                                          |            |            |                              |                            |
| Net                loss as reported           |            | ($77,041)       | ($4,672,562)                      |
| Add:                stock based compensation  |            |            |
| determined                under intrinsic     |            |            |
| value-based                method             | 7,860           | 401,122         |
|                                          |            |            |                              |                            |
| Less:                stock-based compensation |            |
| determined                under fair          |            |            |
| value-based                method             | (52,400)        | (2,674,146)     |
|                                          |            |            | --------------------------        | ------------------------        |
| Pro                forma net loss             | ($121,581)      | ($6,945,586)    |
|                                          | =============== | =============== |
|                                          |            |            |                              |                            |

|                                                       |                       |    | Three                Months Ended | Six                Months Ended |
|------------------------------------------------------------|----------------------------|---------|-----------------------------------|---------------------------------|
|                                                       |                       |    | June                30,           | June                30,         |
|                                                       |                       |    | 2005                              | 2005                            |
|                                                       |                       |    |                              |                            |
| Basic                and diluted net loss per common share |                       |    |
|                                                       | As                reported | ($0.07) | ($7.08)                           |
|                                                       | Pro                forma   |    | ($0.11)                           | ($10.52)                        |
|                                                       |                       |    |                              |                            |

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

**FORWARD-LOOKING      INFORMATION**

**MANAGEMENT'S      PLAN OF OPERATIONS.**

**CURRENT      BUSINESS PLAN**

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**RESULTS      OF OPERATIONS**

**THREE      MONTHS ENDED JUNE 30, 2006 COMPARED TO THE THREE MONTHS ENDED JUNE 30,**
**2005.**

**SIX      MONTHS ENDED JUNE 30, 2006 COMPARED TO THE SIX MONTHS ENDED JUNE 30,2005.**

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**LIQUIDITY      AND CAPITAL RESOURCES**

**CRITICAL      ACCOUNTING POLICIES**

**OFF-BALANCE      SHEET ARRANGEMENTS.**

**ITEM      3. CONTROLS AND PROCEDURES.**

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**PART      II - OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS.**

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

**ITEM      3. DEFAULTS UPON SENIOR SECURITIES**

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

**ITEM      5. OTHER INFORMATION**

**ITEM      6. EXHIBITS.**

**SIGNATURES**