# UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

# FORM 10-QSB

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

For the
quarterly period ended July 31, 2000

| | [  ] | 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 0-27659

URANIUM
POWER CORPORATION
(Exact name of small business issuer as specified in its charter)

Colorado   
              
              
              
              
              
              
              
        None
              
              
              
    (State or other jurisdiction of    
              
              
              
              
             
   (I.R.S. Employer Identification No.)
              
              
              
     incorporation or organization)

206-475
Howe Street, Vancouver, British Columbia, Canada V6C 2B3
(Address of Principal Executive Offices)   
   (Zip Code)

Registrant's
telephone number, including area code:     (604)
685-8355

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

The number of shares
outstanding of the issuers classes of common equity, as of July 31, 2001
is _____________ shares of Common Stock.

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

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Financial Statements
July 31, 2001 and April 30, 2001
(Unaudited  Prepared by Management)
(U.S. Dollars)

`INDEX                                                           Page
         -----                                                           ----

         Financial Statements

         Balance Sheets                                                  3

         Statement of Operations                                         4

         Statement of Stockholders' Equity                               5

         Statement of Cash Flows                                         6

         Notes to Financial Statements                                   7-11`

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Balance Sheets
July 31, 2001 (Unaudited) and April 30, 2001
(U.S. Dollars)

`July 31,       April 30,
                                                                                         2001            2001
                                                                                        (unaudited)       (audited)
  Assets

  Current
    Cash .......................................................   $     773    $       0
    Accounts receivable ........................................         944          742
                                                                   ---------    ---------
  Total Current Assets .........................................       1,717          742
  Properties (note 4) ..........................................      34,142       34,142
  Investment in Uranium Holdings Corporation ...................         815          815
                                                                   ---------    ---------

  Total Assets .................................................   $  36,674    $  35,699
                                                                   =========    =========
  Liabilities

  Current
    Cheques issued in excess of funds on deposit ...............   $       0    $  13,853
    Accounts payable and accrued liabilities ...................      76,800       37,950
    Advances from Related Party ................................      33,270            0
                                                                   ---------    ---------
  Total Current Liabilities ....................................     110,070       51,803
  Due to Uranium Holdings Corporation ..........................      32,618       32,618
                                                                   ---------    ---------
                                                                     142,688       84,421
                                                                   ---------    ---------
  Stockholders' Equity (Deficiency)

  Capital Stock
    Authorized
      40,000,000 Common stock with a par value of $0.001 each
      10,000,000 Preferred stock with a par value of $0.001 each
    Issued
        7,047,500 Common stock .................................       7,048        7,048
  Treasury Stock
        23,000 Common stock ....................................         (23)         (23)
  Additional Paid-In Capital ...................................     608,725      608,725
  Comprehensive Income .........................................       3,548        3,534
  Deficit Accumulated During Exploration Stage .................    (725,312)    (668,006)
                                                                   ---------    ---------
  Total Stockholders' Equity (Deficiency) ......................    (106,014)     (48,722)
                                                                   ---------    ---------
  Total Liabilities and Stockholder's Equity ...................   $  36,674    $  35,699
                                                                   =========    =========`

## See notes to
the financial statements.

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Statement of Operations
Three Months Ended July 31, 2001 and 2000 (Unaudited) and Period from April 3, 1998
(Inception) to July 31, 2001
(U.S. Dollars)

`Period from
                                                                                     April 3, 1998
                                                  Three Months Ended July 31,    (Inception) through
                                                        2001           2000         July 31, 2001
                                                        ----           ----      -------------------

 Exploration costs .............................   $    54,014    $     2,107    $   470,401
 Rent ..........................................         1,548          2,022         16,295
 Professional fees .............................           997          4,273         69,291
 Transfer agent fee ............................           395            380          4,161
 Office ........................................           352          1,155          6,856
 Advertising and promotion .....................             0              0         35,137
 Travel ........................................             0              0         18,145
 Equity loss from investment ...................             0              0         19,713
 Management fee ................................             0              0         24,614
 Consulting ....................................             0              0         60,000
 Incorporation cost written off ................             0              0            700
                                                   -----------    -----------    -----------
Net Loss for Period ............................   $    57,306    $     9,937    $   725,313
                                                   ===========   ============    ===========

Net Loss Per Share .............................   $     (0.01)   $     (0.00)
                                                   ===========    ===========
Weighted Average Number of Common
  Shares Outstanding ...........................     7,047,500      6,927,500
                                                   ===========    ===========`

## See notes to
the financial statements.

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Statement of of Stockholders Equity
Three Months Ended July 31, 2001 (Unaudited) and Year Ended April 30, 2001
(U.S. Dollars)

`Deficit
                                                                                                       Accumulated
                                                                              Additional                During the      Total
                                  Common Stock             Treasury Stock      Paid-In   Comprehensive  Exploration  Stockholders'
                               Shares    Par Value     Shares      Par Value   Capital      Income         Stage       Equity
                               ------    ---------     ------      ---------  ---------  ------------- ------------  -------------

Balance April 30, 2000 ...   6,927,500   $   6,928     (23,000)   $     (23)   $ 548,845   $       0   $(531,150)   $  24,600
Common stock issued
  for financial services..     120,000         120           0            0       59,880           0           0       60,000
Other comprehensive income           0           0           0            0            0       3,534           0        3,534
Net loss .................           0           0           0            0            0           0    (136,856)    (136,856)
                             ---------   ---------   ---------   ----------    ---------  ----------  ----------    ---------
Balance, April 30,  2001..   7,047,500       7,048     (23,000)         (23)     608,725       3,534    (668,006)     (48,722)
Unaudited Information
  Comprehensive income ...           0           0           0            0            0          14           0           14
  Net loss ...............           0           0           0            0            0           0     (57,306)     (57,306)
                             ---------   ---------   ---------   ----------    ---------  ----------  ----------    ---------
Balance, July 31, 2001 ...   7,047,500   $   7,048     (23,000)   $     (23)   $ 608,725   $   3,548   $(725,312)   $(106,014)
                             =========   =========   =========   ==========    =========  ==========  ==========    =========`

## See notes to
the financial statements.

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Statement of Cash Flows
Three Months Ended July 31, 2001 and 2000 (Unaudited) and Period from April 3, 1998
(Inception) Through July 31, 2001
(U.S. Dollars)

`Inception on
                                                                              April 3, 1998
                                                                               (Inception)
                                                                                Through
                                                  Three Months Ended July 31,   July 31,
                                                     2001          2000          2001
                                                     ----          ----          ----

Operating Activities
  Net loss ....................................   $ (57,306)   $  (9,937)   $(725,312)
  Adjustments to reconcile net loss to
  net cash used in operating activities
    Equity loss from investment ...............           0            0       19,713
    Exploration costs acquired for shares .....           0            0      137,268
    Financial services acquired for shares ....           0            0       60,000
Changes In Non-Cash Working Capital
  Accounts receivable .........................        (202)        (631)        (944)
  Accounts payable ............................      38,850        2,939      115,730
  Advances from related party .................      33,270            0       33,270
                                                  ---------    ---------    ---------
Net Cash Used By Operating Activities .........      14,612       (7,629)    (360,275)
                                                  ---------    ---------    ---------
Cash Flows Used By Investing Activity
  Property acquisition ........................           0            0       (9,141)
                                                  ---------    ---------    ---------
Cash Flows From Financing Activities
  Issuance of shares for cash .................           0            0      389,821
  Common stock returned to treasury ...........           0            0      (15,212)
  Advances from joint venture .................           0            0       32,618
  Share issue costs ...........................           0            0      (40,586)
                                                  ---------    ---------    ---------
                                                          0            0      366,641
                                                  ---------    ---------    ---------
Foreign Currency Translation ..................          14        2,057        3,548

Inflow (Outflow) of Cash ......................      14,626       (5,572)         773
Cash (Cheques Issued in Excess of Funds
   on Deposit), Beginning of Period ...........     (13,853)       5,706            0
                                                  ---------    ---------    ---------
Cash, End of Period ...........................   $     773    $     134    $     773
                                                  =========    =========    =========

Supplemental Disclosure of NonCash Transactions
  Common stock issued for resource properties .   $       0    $       0    $ 235,165
  Common stock issue for finder's fee .........           0            0       85,000
                                                  =========    =========    =========`

## See notes to
the financial statements.

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Three Months Ended July 31, 2001 and 2000
(U.S. Dollars)

## 1.
BASIS OF PRESENTATION

| | These
unaudited financial statements have been prepared in accordance with generally
accepted accounting principles in the United States of America for interim
financial information. These financial statements are condensed and do not
include all disclosures required for annual financial statements. The
organization and business of the Company, accounting policies followed by the
Company and other information are contained in the notes to the Companys
audited financial statements for the year ended April 30, 2001.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
the opinion of the Companys management, these financial statements reflect
all adjustments necessary to present fairly the Companys financial
position at July 31, 2001 and April 30, 2001 and the results of operations and
the statement of cash flows for the three months ended July 31, 2001. The
results of operations for the three months ended July 31, 2001 are not
necessarily indicative of the results to be expected for the entire fiscal year.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

## 2. GOING
CONCERN

| | These
financial statements have been prepared in accordance with generally accepted
accounting principles on a goingconcern basis. This presumes funds will be
available to finance ongoing development, operations and capital expenditures
and the realization of assets and the payment of liabilities in the normal
course of operations for the foreseeable future. Management intends to raise
additional capital through share issuances to finance operations.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company has minimal capital resources presently available to meet obligations
which normally can be expected to be incurred by similar companies and has an
accumulated deficit of $725,312. These factors raise substantial doubt about the
Companys ability to continue as a goingconcern and is dependent on its
ability to obtain and maintain an appropriate level of financing on a timely
basis and to achieve sufficient cash flows to cover obligations and expenses.
The outcome of these matters cannot be predicted. These financial statements do
not give effect to any adjustments to the amounts and classification of assets
and liabilities which might be necessary should the Company be unable to
continue as a going concern.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

## 3. LOSS PER
SHARE

Net
loss per share computations are based on the weighted average number of shares
outstanding during the period.

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Three Months Ended July 31, 2001 and 2000
(U.S. Dollars)

## 4. PROPERTIES

| | (a)
Hocking Lake Property and Henday Lake Property
| | --------------------------------------------------

| | By
agreement dated April 13, 1998, the Company acquired all the assets of Athabasca
Uranium Syndicate (a British Columbia, Canada syndicate) which consisted of cash
and the Hocking Lake Property and Henday Lake Property. These properties were
acquired in 1997 by the syndicate for $59,459 ($82,270 Cdn) and are reflected in
the financial statements at the sellers historical cost as the sellers are
the controlling stockholders.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Consideration
given to the members of the syndicate was 6,000,000 common shares of the Company
at a par value of $0.001 each. The cost of the assets acquired totalled $97,834.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The Henday Lake  Property was  transferred  to a joint  venture in December
2000 (note 4(d)).
| | ---------------------------------------------------------------------------------------------

| | (b)
Saskatchewan Uranium Properties
| | -----------------------------------

| | By
agreement dated December 16, 1998, as amended the Company has options to acquire
a 100% interest in 11 mining claims in Saskatchewan, Canada, upon incurring
cumulative expenditures of approximately $338,000 (Cdn. $500,000) by May 31,
2001 and an additional approximate $1,712,000 (Cdn. $2,500,000) by December 31,
2002. The optioner can earn back a 35% interest by incurring cumulative
expenditures of not less than approximately $2,054,000 (Cdn. $3,000,000) before
December 31, 2006. A royalty is payable at 2% of gross value (as defined) of
production if the optioner does not earn back the 35% interest.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
an agreement dated March 24, 1999, between the Company and Pacific Amber
Resources Ltd. (Pacific), the latter will earn a 50% interest in the
Saskatchewan Uranium Properties and all of the Companys rights, licences
and permits pertinent thereto held for the specific use and enjoyment thereof by
completing the initial program and incurring $325,000 (Cdn. $500,000) in
expenditures on or before December 31, 1999 as amended. A total of approximately
$324,000 (Cdn. $498,250) was incurred as of April 30, 2000. In return, the
Company issued the optionee 200,000 common shares at a deemed value of $0.65
each.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | All
exploration costs incurred on these properties have been expensed as incurred
resulting in no recognition of an asset on the balance sheet. As a result of
this policy the transfer of a 50% interest to Pacific resulted in no gain or
loss as there were no proceeds from the disposition. Additionally the
Companys issuance of 200,000 shares to Pacific was expensed as exploration
costs when incurred.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Three Months Ended July 31, 2001 and 2000
(U.S. Dollars)

## 4.
PROPERTIES (Continued)

| | (c)
Northern mining property
| | ----------------------------

| | By
agreement dated July 29, 1998 (subsequently extended to July 1, 2000) the
Company acquired a 100% interest in a mining claim in Northern Mining District,
Saskatchewan by issuing 50,000 free trading common stock as a finders fee
to an unrelated party and paying $13,375 Cdn. to the vendor of the property. The
vendor has the right to receive $0.35 per pound of the uranium minerals mined
from the claim if the price is $18.00 per pound or less, $0.50 per pound where
the price is $18.00 per pound or more, or a 3% net smelter royalty if other
minerals are mined from the claims.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
transaction was accounted for valuing the common stock issued at $25,000 plus
the sellers historical cost of $9,141 ($13,375 Cdn.).
| | ----------------------------------------------------------------------------------------------------------------------------------------

| | (d) | Pursuant to a letter of intent dated December 1, 2000 with one of its
stockholders, the Company transferred all its rights to the Henday Lake
Properties to a newly formed company, Uranium Holdings Corporation
(UHC), a Nevada Corporation, in exchange for $131,183 (CDN $199,713)
to be spent on the Henday Lake Properties and 20% of the equity of UHC.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
part of the agreement, the Company executed a note in favour of UHC for $38,005
(CDN $58,376). The note is noninterest bearing and payable on demand upon the
closure of the sale of controlling interest in the Company to a third party, or
at such time as the Company acquires funds from another source.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company will continue to hold a 20% interest in the claims transferred to UHC
regardless of the equity issued subsequent to the incorporation of UHC. The
Company shall have a carried interest in the claims until such time as a total
of $163,334 (CDN $250,000) inclusive of the $94,080 (CDN $144,000) required for
the first work program has been expended.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Subsequent
to such expenditure, the Company shall retain the right to participate on the
same basis as the investors in future expenditure programs on a prorata basis.
Should the Company not provide the requested funds within 30 days of written
demand, the Companys 20% interest shall be reduced in such manner as may
reasonably be negotiated between the parties.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Three Months Ended July 31, 2001 and 2000
(U.S. Dollars)

## 5.
STOCK OPTION PLAN

| | The
Company has adopted an incentive and a nonstatutory stock option plan effective
August 31, 1999 whereby up to 1,200,000 shares of common stock may be optioned
and sold up to August 31, 2019 or until sooner terminated. Incentive options
granted will have an exercise price of not less than 100% of fair market value
(as defined) per share on the date of grant. Options are granted for a term of
ten years except incentive options granted to persons owning more than 10% of
the combined voting stock of all classes, in which case the term is five years.
No options have been granted to date.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

## Item 2.
     Management's  Discussion and Analysis of Financial Condition and Results of
Operations

The
following information should be read in conjunction with the unaudited
consolidated financial statements included herein, which are prepared in
accordance with generally accepted accounting principles (GAAP) in
the United States for interim financial information. All dollar amounts in this
form are in U.S. dollars unless otherwise stated.

Results of Operations

As
of the date of this Report, the operations of Uranium Power Corporation (the
Company) have been speculative. The Company incurred a loss in the
quarter ended July 31, 2001, and has not had revenues from its operations to
date. The Company has been dependent, and continues to rely upon, the sale of
equity securities in order to fund its exploration activities. Its ability to
continue its operations is dependent on the ability of the Company to continue
to obtain financing.

The
Company is involved in the exploration of uranium properties located in the
Athabasca Basin of northern Saskatchewan, Canada. It owns a 20% interest in two
properties totaling 78,352 acres and has options to acquire a 100% interest in
six additional properties. These six properties, with eleven mining claims, may
be acquired through an option agreement with Phelps Dodge Corporation of Canada,
Ltd. (PDC).

During
the quarter ended July 31, 2001 no exploration work was conducted.

Changes in Financial Condition

Net
loss for the threemonth period ended July 31, 2001 was $57,306, or $0.01 per
share, compared with a net loss of $9,917, or $0.00 per share, for the same
period of 2000. The Company will continue to rely on funding from financing
sources in order to proceed with its development activities. Since no work is
required during the next year on the Phelps Dodge claims, these claims will be
unaffected by the Companys lack of funding.

Forward-Looking Statements

Discussions
and information in this document which are not historical facts should be
considered forwardlooking statements. With regard to forwardlooking statements,
including those regarding the potential revenues from the mining and development
of uranium properties and the business prospects or any other aspect of the
Company, actual results and business performance may differ materially from that
projected or estimated in such forwardlooking statements. The Company has
attempted to identify in this document certain of the factors that it currently
believes may cause actual future experience and results to differ from its
current expectations. In addition to the risks cited above regarding the need
for the Company to continue to obtain financing to be able to continue operating
and risks specific to the exploration and mining of uranium, differences may be
caused by a variety of factors, including adverse economic conditions, entry of
new and stronger competitors, inadequate capital and the inability to obtain
funding from third parties, unexpected costs, inability to obtain or keep
qualified personnel and the volatility of uranium markets and prices.

# PART II
OTHER INFORMATION

## Item 6.
Exhibits and Reports on Form 8K

(a)
3.1      Articles of Incorporation. (1)

3.2      Bylaws.(1)

(1) Incorporated by reference
from the Companys Registration Statement on Form 10SB, filed with the SEC
on October 14, 1999.

(b)
     Reports on Form 8K:  During the quarter  ended July 31,  2001,  the Company
filed no reports on Form 8K.

---

# SIGNATURES

Pursuant to the
requirements 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.

Dated: September 19, 2001 
 
            
        
            
            
           
         
URANIUM POWER CORPORATION
            
            
            
                
            
            
            
                  
      By: /s/ Thornton Donaldson
             
            
            
            
            
            
            
            
            
            Thornton
Donaldson
             
            
                  
            
     
            
            
            
            
            
President and Director
            
            
            
                
            
            
            
                  
      By: /s/ William G. Timmins
             
            
            
            
            
            
            
            
            
            William
G. Timmins
             
            
                  
            
     
            
            
            
            
            
Secretary and Director

---