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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2008[ ]
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _________ to __________

Commission file number 000-119546

Victory Eagle Resources
Corp.(Exact name of small business issuer as specified in its
charter)

|Nevada                                                               | N/A                                 
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)

1559 Rupert Street, North Vancouver, British Columbia V7J
1G3(Address of principal executive offices)

(778) 883-6007(Issuer's telephone number)

N/A(Former name, former address and former
fiscal year, if changed since last report)

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

Indicate by checkmark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act. (Check one):

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court. Yes [ ] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:

2,655,250 common shares issued and outstanding as of June 14,
2008

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

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

Page 1

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Item 1. Financial Statements

Our financial statements are stated in United States Dollars
(US$) and are prepared in accordance with United States Generally Accepted
Accounting Principles.



|VICTORY EAGLE RESOURCES CORP. 
|------------------------------
|(AN EXPLORATION STAGE COMPANY)
|BALANCE SHEETS                





|                                                                   |   | April 30, 2008 |   |   | July 31, 2007 |  
|------------------------------------------------------------------ | - | -------------- | - | - | ------------- | -
|                                                                   |   | (Unaudited)    |   |   |               |  
|ASSETS                                                             |  
|Current assets                                                     |   |                |   |   |               |  
|Cash                                                               | $ | 15,187         |   | $ | 25,472        |  
|Total current assets                                               |   | 15,187         |   |   | 25,472        |  
|Mineral property rights                                            |   | 6,500          |   |   | -             |  
|Total assets                                                       | $ | 21,687         |   | $ | 25,472        |  
|                                                                   |   |                |   |   |               |  
|LIABILITIES AND STOCKHOLDERS' DEFICIT                              |  
|Current liabilities                                                |   |                |   |   |               |  
|Accounts payable and accrued liabilities                           | $ | 5,280          |   | $ | 2,875         |  
|Note payable - shareholder                                         |   | 26,500         |   |   | 26,500        |  
|Accrued interest on shareholder note payable                       |   | 10,738         |   |   | 8,749         |  
|Total current liabilities                                          |   | 42,518         |   |   | 38,124        |  
|Total liabilities                                                  |   | 42,518         |   |   | 38,124        |  
|Commitments                                                        |   |                |   |   |               |  
|STOCKHOLDERS' DEFICIT                                              |   |                |   |   |               |  
|Common stock, $.001 par value, 25,000,000 shares
      authorized, |   |                |   |   |               |  
|2,655,250 and 2,610,250 shares issued and outstanding as of        |   | 2,655          |   |   | 2,610         |  
|April 30, 2008
    and July 31, 2007, respectively                 |   |                |   |   |               |  
|Additional paid-in capital                                         |   | 64,870         |   |   | 60,415        |  
|Deficit accumulated during the exploration
      stage             |   | (88,356        | ) |   | (75,677       | )
|Total stockholders' deficit                                        |   | (20,831        | ) |   | (12,652       | )
|TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                        | $ | 21,687         |   | $ | 25,472        |  

See accompanying notes to financial statements

---

|VICTORY EAGLE RESOURCES CORP.                                   
|----------------------------------------------------------------
|(AN EXPLORATION STAGE COMPANY)                                  
|STATEMENTS OF OPERATIONS                                        
|Three and Nine Months Ended April 30, 2008 and
      2007       
|and From March 18, 2004 (Inception) through April 30,
      2008
|(Unaudited)                                                     

|                           |   | Three Months ended |   |   | Nine Months ended |   |   | Inception |  
|-------------------------- | - | ------------------ | - | - | ----------------- | - | - | --------- | -
|                           |   | April 30           |   |   | April 30          |   |   | through   |  
|                           |   | 2008               |   |   | 2007              |   |   | 2008      |  
|Operating expenses:        |   |                    |   |   |                   |   |   |           |  
|Exploration cost           | $ | -                  |   | $ | 9,500             |   | $ | -         |  
|General and administrative |   | 2,719              |   |   | 2,262             |   |   | 10,690    |  
|Operating loss             |   | 2,719              |   |   | 11,762            |   |   | 10,690    |  
|Interest expense           |   | 653                |   |   | 646               |   |   | 1,989     |  
|Net loss                   |   | ($3,372            | ) |   | ($12,408          | ) |   | ($12,679  | )
|Net loss per share:        |   |                    |   |   |                   |   |   |           |  
|Basic and diluted          | $ | 0.00               |   | $ | 0.00              |   | $ | 0.00      |  
|Weighted average shares    |   |                    |   |   |                   |   |   |           |  
|outstanding                |   |                    |   |   |                   |   |   |           |  
|Basic and diluted          |   |                    |   |   |                   |   |   |           |  
|                           |   | 2,655,250          |   |   | 2,572, 048        |   |   | 2,643,918 |  

See accompanying notes to financial statements

---

|VICTORY EAGLE RESOURCES CORP.                                   
|----------------------------------------------------------------
|(AN EXPLORATION STAGE COMPANY)                                  
|STATEMENTS OF CASH FLOWS                                        
|Nine Months Ended April 30, 2008 and 2007                       
|and From March 18, 2004 (Inception) through April 30,
      2008
|(Unaudited)                                                     

|                                                      |   | Nine Months    |   |   | Nine Months    |   |   | Inception      |  
|----------------------------------------------------- | - | -------------- | - | - | -------------- | - | - | -------------- | -
|                                                      |   | Ended          |   |   | Ended          |   |   | through        |  
|                                                      |   | April 30, 2008 |   |   | April 30, 2007 |   |   | April 30, 2008 |  
|CASH FLOWS FROM OPERATING ACTIVITIES                  |   |                |   |   |                |   |   |                |  
|Net loss                                              | $ | (12,679        | ) | $ | (20,505        | ) | $ | (88,356        | )
|Adjustments to reconcile net loss to net cash used in |   |                |   |   |                |   |   |                |  
|operating activities:                                 |   |                |   |   |                |   |   |                |  
|Impairment of mineral property cost                   |   | -              |   |   | 5,000          |   |   | 5,000          |  
|Net change in:                                        |   |                |   |   |                |   |   |                |  
|Accounts payable and accrued liabilities              |   | 2,405          |   |   | (760           | ) |   | 5,280          |  
|Accrued interest                                      |   | 1,989          |   |   | 1,975          |   |   | 10,738         |  
|NET CASH USED IN OPERATING ACTIVITIES                 |   | (8,285         | ) |   | (14,290        | ) |   | (67,338        | )
|CASH FLOWS FROM INVESTING ACTIVITIES                  |   |                |   |   |                |   |   |                |  
|Expenditures on mineral property rights               |   | (2,000         | ) |   | -              |   |   | (2,000         | )
|NET CASH USED IN INVESTING ACTIVITIES                 |   | (2,000         | ) |   | -              |   |   | (2,000         | )
|CASF FLOWS FROM FINANCING ACTIVITIES                  |   |                |   |   |                |   |   |                |  
|Proceeds from note payable - shareholder              |   | -              |   |   | -              |   |   | 26,500         |  
|Proceeds from sale of common stock                    |   | -              |   |   | -              |   |   | 58,025         |  
|NET CASH PROVIDED BY FINANCING ACTIVITIES             |   | -              |   |   | -              |   |   | 84,525         |  
|CASF FLOWS FROM FINANCING ACTIVITIES:                 |   |                |   |   |                |   |   |                |  
|NET CHANGE IN CASH                                    |   | (10,285        | ) |   | (14,290        | ) |   | 15,187         |  
|Cash, beginning of period                             |   | 25,472         |   |   | 41,081         |   |   | -              |  
|Cash, end of period                                   | $ | 15,187         |   | $ | 26,791         |   | $ | 15,187         |  
|SUPPLEMENTAL CASH FLOW INFORMATION:                   |   |                |   |   |                |   |   |                |  
|Cash paid for interest                                | $ | -              |   | $ | -              |   | $ | -              |  
|Cash paid for income taxes                            | $ | -              |   | $ | -              |   | $ | -              |  
|SUPPLEMENTAL DISCLOSURE OF NON CASH                   |   |                |   |   |                |   |   |                |  
|TRANSACTION:                                          |   |                |   |   |                |   |   |                |  
|Stock issued for mineral property costs               | $ | 4,500          |   | $ | -              |   | $ | 9,500          |  

See accompanying notes to financial statements

---

VICTORY EAGLE RESOURCES CORP. (AN EXPLORATION STAGE
COMPANY) NOTES TO FINANCIAL STATEMENTSApril 30, 2008
(Unaudited)

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of
Victory Eagle Resources Corp. (the "Company") have been prepared in accordance
with accounting principles generally accepted in the United States of America
and the rules of the Securities and Exchange Commission ("SEC"), and should be
read in conjunction with the audited financial statements and notes thereto
contained in the Company's registration statement filed with the SEC on Form
10-KSB. In the opinion of management, all adjustments, consisting of normal
recurring adjustments, necessary for a fair presentation of financial position
and the results of operations for the interim periods presented have been
reflected herein. The results of operations for interim periods are not
necessarily indicative of the results to be expected for the full year. Notes to
the financial statements which would substantially duplicate the disclosures
contained in the audited financial statements for the most recent fiscal year
July 31, 2007 as reported in Form 10-KSB, have been omitted.

Reclassifications

Certain amounts in the fiscal 2007 financial statements have
been reclassified to conform with the fiscal 2008 financial statement
presentation.

NOTE 2 - RELATED PARTY TRANSACTIONS

In July 2004, Mr. Rolin, the President, acquired eight mineral
claims by arranging the staking of the same through a third party. He paid
$1,100 to stake the claims. Mr. Rolin has agreed to contribute the claims to
Victory Eagle in order for the company to mine these claims. However, as of
April 30, 2008 the claims were still in Mr. Rolin's name. The claims will be
transferred to the Company at the shareholder's basis ($1,100) when the Company
determines it is economical to mine the claims.

NOTE 3 - NOTE PAYABLE - SHAREHOLDER

In April 2004 the majority shareholder of Victory Eagle loaned
the company $26,500. Interest is being accrued on this note at the rate of 10%
per annum. As of April 30, 2008, the interest accrued on the loan is $10,738.
The note payable and accrued interest are payable on demand.

NOTE 4 - EXPLORATION COST

On April 4, 2007, Victory Eagle entered into a Property Option
Agreement with Shadow Creek Mining. Under the terms of the agreement, the
Company has received an exclusive option to acquire an undivided 100% interest
in the mining claim known as the West Kootenay Boundary Property situated in
southeast British Columbia. In consideration of the option, the Company issued
50,000 common shares valued at $5,000 and paid Shadow Creek $4,500. In addition,
the Company is obligated to expend $40,000 in exploration and property
development in the first year and make an additional payment of $40,000 payable
in cash or shares within a year, subject to a maximum allowable issuance of
400,000 shares. To date the company has expended $nil related to the Shadow
Creek Mining property.

On October 8, 2007, the Company entered into a Property Option
Agreement with Universal Resources Ltd. ("Universal"). Under the terms of the
agreement, the Company received an exclusive option to acquire an undivided 100%
interest in the mining claim known as the Universal Property situated in central
British Columbia. In consideration of the option, the Company issued 45,000
common shares valued at $4,500 to Universal. In addition, the Company will
expend $75,000 in exploration and property development in the first year.

---

NOTE 5 - COMMON STOCK

In March 2004, Victory Eagle issued 2,000,000 shares of stock
to its founding shareholder for $2,000 cash.

In January 2006, the Company issued 560,250 shares of stock for
total cash proceeds of $56,025.

In April 2007, the Company issued 50,000 shares as partial
consideration for acquiring a property option.

In October 2007, the Company issued 45,000 shares as
consideration for acquiring a property option.

PART I

Item 2. Management's Discussion and Analysis and Plan of
Operation.

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements as
that term is defined in the Private Securities Litigation Reform Act of 1995.
These statements relate to future events or our future financial performance. In
some cases, you can identify forward-looking statements by terminology such as
"may", "should", "expects", "plans", "anticipates", "believes", "estimates",
"predicts", "potential" or "continue" or the negative of these terms or other
comparable terminology. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, including the risks in the
section entitled "Risk Factors", that may cause our or our industry's actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements. Except as required by
applicable law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform these
statements to actual results.

Our financial statements are stated in United States Dollars
(US$) and are prepared in accordance with United States Generally Accepted
Accounting Principles. In this quarterly report, unless otherwise specified, all
dollar amounts are expressed in United States dollars. All references to "CDN$"
refer to Canadian dollars and all references to "common shares" refer to the
common shares in our capital stock.

Page 5

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As used in this quarterly report, the terms "we", "us", "our",
and "Victory Eagle" mean Victory Eagle Resources Corp., unless otherwise
indicated.

Corporate History

We were incorporated in the State of Nevada on March 18, 2004.
We are engaged in the acquisition and exploration of mining properties. We
maintain our statutory registered agent's office at Suite 880-50 West Liberty
Street, Reno, Nevada 89501 and our business office is located at 1559 Rupert
Street, North Vancouver, British Columbia V7J 1G3.

Other than as set out herein, we have not been involved in any
bankruptcy, receivership or similar proceedings, nor have we been a party to any
material reclassification, merger, consolidation or purchase or sale of a
significant amount of assets not in the ordinary course of our business.

Our Current Business

We are an exploration stage resource company, and are primarily
engaged in the exploration for and development in the properties in which we
have acquired interests.

In July 2004 Ludvik Rolin, our President and member of the
board of directors acquired eight mineral claims by arranging the staking of the
same through a third party. The third party is Kenneth Daniels a prospector and
licensed Free Miner in the province of British Columbia. Mr. Rolin paid Mr.
Daniels $1,100 to stake the claims. There is no relationship between us and Mr.
Daniels or between Mr. Daniels and our sole officer, or any of our directors or
affiliates. The claims are registered in Mr. Rolin's name to avoid paying
additional fees, however, title to the claims has been conveyed to us by an
unrecorded deed from Mr. Rolin. An unrecorded deed is one in which title to the
property has been transferred to us, but the deed has not been filed with the
British Columbia Land Title Office.

The property consists of eight mineral claims totaling
approximately 500 acres. The mineral claims are located approximately 20 miles
east of Osoyoos, British Columbia, Canada, 10 miles north from the village of
Westbridge in southern British Columbia. The mineral claims are within the
Greenwood Mining Division.

To our knowledge, Kenneth Daniels staked the 500 acre property
in southwestern British Columbia in July 2004 and there were no previous owners,
operators, or operations on the property, besides us. In July 2006 the claims
were restaked by our President Ludvik Rolin.

On April 4, 2007, we entered into a Property Option Agreement
with Shadow Creek Mining. Under the terms of the agreement, we have received an
exclusive option to acquire an undivided 100% interest in the mining claim known
as the West Kootenay Boundary Property situated in southeast British Columbia.
In consideration of the option, we have issued 50,000 valued at $5,000 common
shares and have paid Shadow Creek $4,500. In addition, we are obligated to
expend $40,000 in exploration and property development in the first year and
make an additional payment of $40,000 payable in cash or shares within a year,
subject to a maximum allowable issuance of 400,000 shares. To date the Company
has expended $0 related to the Shadow Creek Mining Property.

On October 8, 2007, we entered into a Property Option Agreement
with Universal Resources Ltd. Under the terms of the agreement, we have received
an exclusive option to acquire an undivided 100% interest in the mining claim
known as the Universal Property situated in central British Columbia. In
consideration of the option, we have issued 45,000 common shares to Universal.
In addition, we will expend $75,000 in exploration and property development in
the first year. To date the Company has expended $0 related to the Universal
Property.

We hold title to mineral claims. The mineral claims give us the
right to all of the underlying minerals of the land on which the claims have
been staked.

There are no existing workings on the property. The only work
completed on the property is the initial and subsequent staking of the mineral
claims by Kenneth Daniels and Ludvik Rolin. Exploration commenced on the
property in November 2006 when we began limited geologic mapping on the
property. It is anticipated that we will generate our own power on the property
from portable generators we transport to the property and power generated by the
backhoe engine.

Mr. Rolin, our President is currently searching for a qualified
geologist to assist in the exploration of our property. We may consider
appointing a geologist to the board of directors in the near future. The basis
for the exploration plans and cost estimates described below in this section are
derived from Mr. Rolin's informal discussions with geologists and mining
companies familiar with the exploration process.

The property is without known reserves and our proposed program
is exploratory in nature. We must conduct exploration to determine what amount
of minerals, if any, exist on the properties and if any minerals which are found
can be economically extracted and profitably processed. Specifically, we intend
to explore for gold on the properties. When soil samples taken from the property
are analyzed, we will also look for traces of silver, lead, iron and zinc,
however, our focus is on the search for gold.

Page 6

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Our exploration program is designed to economically explore and
evaluate the properties.

Product Research and Development

Our business plan is focused on the long-term exploration and
development of our mineral properties.

We do not anticipate that we will expend any significant funds
on research and development over the next twelve months ending April 30,
2009.

Employees

Currently there are no full time or part-time employees of our
Company (other than our directors and officer who, at present, have not signed
employment or consulting agreements with us). We do not expect any material
changes in the number of employees over the next 12 month period (although we
may enter into employment or consulting agreements with our officer or
directors). We do and will continue to outsource contract employment as needed.
However, if we are successful in our initial and any subsequent drilling
programs we may retain additional employees.

Purchase or Sale of Equipment

We do not intend to purchase any significant equipment over the
next twelve months ending April 30, 2009.

Competition

The gold mining industry is fragmented. We compete with other
exploration companies looking for gold. We are one of the smallest exploration
companies in existence. We are an infinitely small participant in the gold
mining market. While we compete with other exploration companies, there is no
competition for the exploration or removal of minerals from our property.
Readily available gold markets exist in Canada and around the world for the sale
of gold.

We may not have access to all of the supplies and materials we
need to begin exploration that could cause us to delay or suspend operations.
Competition and unforeseen limited sources of supplies in the industry could
result in occasional spot shortages of supplies, such as explosives, and certain
equipment such as bulldozers and excavators that we might need to conduct
exploration. We have not attempted to locate or negotiate with any suppliers of
products, equipment or materials. We will attempt to locate products, equipment
and materials after this offering is complete. If we cannot find the products
and equipment we need, we will have to suspend our exploration plans until we do
find the products and equipment we need.

Government Regulations and Supervision

Our mineral exploration program is subject to theMineral
Tenure Act (British Columbia) and Regulation. This act sets forth rules for

Locating claims

Posting claims

Working claims

Reporting work performed

Page 7

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TheMineral Tenure Act (British Columbia) and Regulation
also governs the work requirements for a claim including the minimum annual work
requirements necessary to maintain a claim. The holder of a mineral claim must
perform exploration and development work on the claim of $100 in each of the
first three years and $200 in the eighth and subsequent years.

We are also subject to theBritish Columbia Mineral
Exploration Code (the"Code") that tells us how and where we can
explore for minerals. We must comply with these laws to operate our business.
The purpose of theCode is to assist persons who wish to explore for
minerals in British Columbia to understand the process whereby exploration
activities are permitted and regulated. TheCodeestablishes province
wide standards for mineral exploration and development activities. TheCode also manages and administers exploration and development activities to
ensure maximum extraction with a minimum of environmental disturbance. TheCode does not apply to certain exploration work we will be conducting.
Specifically, work that does not involve mechanical disturbance of the surface
including:

Prospecting using hand-held tools

Geological and geochemical surveying

Airborne geophysical surveying

Hand-trenching without the use of explosives

The establishment of gridlines that do not require the felling
of trees

Exploration activities that we intend on carrying out which are
subject to the provisions of theCode are as follows:

Drilling, trenching and excavating using machinery

Disturbance of the ground by mechanical means

Compliance with these rules and regulations will require us to
meet the minimum annual work requirements. Also, prior to proceeding with any
exploration work subject to theCode we must apply for a notice of work
permit. In this notice we will be required to set out the location, nature,
extent and duration of the proposed exploration activities. The notice is
submitted to the regional office of the Mines Branch, Energy Division.

We currently do not have any pending applications for
government approval of our exploration program. We only require one permit for
exploration and we have not yet applied for it since it is not required until
later stages of exploration (i.e. drilling). We estimate that this exploration
permit can be obtained within 2 weeks.

Environmental Law

The Code deals with environmental matters relating to the
exploration and development of mining properties. The goal of this Act is to
protect the environment through a series of regulations affecting:

1. Health and Safety

2. Archaeological Sites

3. Exploration Access

We are responsible to provide a safe working environment, to
not disrupt archaeological sites, and to conduct our activities to prevent
unnecessary damage to the property.

Page 8

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We anticipate no discharge of water into active stream, creek,
river, lake or any other body of water regulated by environmental law or
regulation. No endangered species will be disturbed. Restoration of the
disturbed land will be completed according to law. All holes, pits and shafts
will be sealed upon abandonment of the property. It is difficult to estimate the
cost of compliance with the environmental law since the full nature and extent
of our proposed activities cannot be determined until we start our operations
and we know what that will involve from an environmental stand point.

We are in compliance with theMineral Tenure Act
(British Columbia) and theCode will continue to comply with these
regulations in the future. We believe that compliance with these regulations
will not adversely affect our business operations in the future.

There is no requirement to reclaim the mineral claims after we
have completed our exploration program. However, a claim must be maintained by
performing an annual work requirement or by payment of cash in lieu of work. The
minimum amount of exploration and development work on the claim must be $100 per
claim in each of the first three years and $200 in the eighth and subsequent
years. Provided we meet the minimum annual work requirements or pay cash in lieu
of work we will maintain the claims in good standing.

Three Months Ended April 30, 2008 and 2007

During the three months ended April 30, 2008, operating
expenses totaled $2,719 and we experienced a net loss of $3,372 against no
revenues. During the three months ended April 30, 2007, operating expenses
totaled $11,762, and we experienced a net loss of $12,408. From inception to
April 30, 2008, our operating expenses total $77,618 and we experienced a net
loss of $88,356 against no revenues.

Nine Months Ended April 30, 2008 and 2007

During the nine months ended April 30, 2008, operating expenses
totaled $10,690 and we experienced a net loss of $12,679 against no revenues.
During the nine months ended April 30, 2007, operating expenses totaled $18,530,
and we experienced a net loss of $20,505. From inception to April 30, 2008, our
operating expenses total $77,618 and we experienced a net loss of $88,356
against no revenues.

Financial Condition, Liquidity and Capital Resources

At April 30, 2008, our total assets were $21,687, which
consisted of cash of $15,187 and mineral property rights of $6,500.

At April 30, 2008, our total current liabilities were
$42,518.

At April 30, 2008, we had cash on hand of $15,187.

Historically, we have financed our cash flow and operations
from the sale of stock and advances from shareholders. Our total cash and cash
equivalent position as at April 30, 2008 was $15,187.

For the three months ended April 30, 2008, we had a net loss of
$3,372, which primarily consisted of general and administrative expenses of
$2,719 and interest expenses of $653.

We have no external sources of liquidity in the form of credit
lines from banks. Based on the plan of operation described below, management
believes that our available cash will not be sufficient to fund our immediate
working capital requirements and therefore, we will have to raise financing
through the sale of our equity securities or arrange another advance from a
shareholder of our company as soon as possible.

Page 9

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Plan of Operation

Cash Requirements

Over the twelve months ending April 30, 2009 we plan to expend
a total of approximately $150,000 in respect of our mineral properties. In
particular, we plan to expend approximately $40,000 in respect of the West
Kootenay Property acquired earlier this year.

We estimate that we will require working capital of
approximately $10,000 over the twelve months ending April 30, 2009.

Based on our current plan of operations, we require immediate
funds to commence our exploration operations. For the year ended July 31, 2006
we successfully raised $56,025 through the sale of 560,250 common shares
pursuant to our SB2 registration statement. This will allow us to complete Phase
1 of our proposed exploration program. We will not undertake Phase 2 unless we
obtain additional funding. We will require additional financing before we
generate any significant revenues. We intend to raise the capital required to
meet any additional needs through sales of our securities in secondary offerings
or private placements. We have no agreements in place to do this at this time.
If we fail to raise sufficient funds, we may modify our operations plan
accordingly. Even if we do raise funds for operations, there is no assurance
that we will be able to maintain operations at a level sufficient for an
investor to obtain a return on his investment in our common stock. Further, we
may continue to be unprofitable.

There are no assurances that we will be able to obtain
additional funds required for our continued operations. In such event that we do
not raise sufficient additional funds by secondary offering or private
placement, we will consider alternative financing options, if any, or be forced
to scale down or perhaps even cease our operations.

Over the twelve months ending April 30, 2009 we intend to use
all available funds to commence exploration of our mineral properties, as
follows:

Estimated Funding Required During the Next Twelve
Months

OperationsPhase 1Geological Mapping
    $
    3,000Geochemical Testing
    $
    12,000Trenching
    $
    10,000Property PaymentsWest Kootenay Property payment
    $
    40,000Universal Property
    $
    75,000Working Capital
    $
    10,000Total
    $
    150,000


Page 10

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Product Research and Development

Our business plan is focused on the long-term exploration and,
if warranted, the development of our mineral properties.

We do not anticipate that we will expend any significant funds
on research and development over the next twelve months ending April 30,
2009.

Purchase of Significant Equipment

We do not intend to purchase any significant equipment over the
next twelve months ending April 30, 2009.

Employees

Currently there are no full time or part-time employees of our
company (other than our directors and officers who, at present, have not signed
employment or consulting agreements with us). We do not expect any material
changes in the number of employees over the next 12 month period (although we
may enter into employment or consulting agreements with our officers or
directors). We do and will continue to outsource contract employment as needed.
However, if we are successful in our initial and any subsequent drilling
programs we may retain additional employees.

Going Concern

The continuation of our business is dependent upon us raising
additional financial support. The issuance of additional equity securities by us
could result in a significant dilution in the equity interests of our current
stockholders. Obtaining commercial loans, assuming those loans would be
available, will increase our liabilities and future cash commitments.

We have incurred losses of $88,356 from March 18, 2004
(inception) through April 30, 2008.

There are no assurances that we will be able to either (1) ever
achieve a level of revenues adequate to generate sufficient cash flow from
operations; or (2) obtain additional financing through future private
placements, public offerings and/or bank financing necessary to support our
working capital requirements. To the extent that funds generated from our
recently completed offering, operations and any future private placements,
public offerings and/or bank financing are insufficient, we will have to raise
additional working capital. No assurance can be given that additional financing
will be available, or if available, will be on terms acceptable to us. If
adequate working capital is not available we may not increase our
operations.

These conditions raise substantial doubt about our ability to
continue as a going concern. The financial statements do not include any
adjustments relating to the recoverability and classification of asset carrying
amounts or the amount and classification of liabilities that might be necessary
should we be unable to continue as a going concern.

Our independent auditor's report on our audited financial
statements, in our Form 10-KSB filed November 13, 2007 for the fiscal year ended
July 31, 2007, contained a going concern qualifier. The qualifying explanatory
paragraph contained in their audit report should be read in connection with our
management's discussion of our financial condition, liquidity and capital
resources.

Page 11

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RISK FACTORS

Much of the information included in this quarterly report
includes or is based upon estimates, projections or other "forward-looking
statements". Such forward-looking statements include any projections or
estimates made by us and our management in connection with our business
operations. While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our current judgment
regarding the direction of our business, actual results will almost always vary,
sometimes materially, from any estimates, predictions, projections, assumptions,
or other future performance suggested herein. We undertake no obligation to
update forward-looking statements to reflect events or circumstances occurring
after the date of such statements.

Such estimates, projections or other "forward-looking
statements" involve various risks and uncertainties as outlined below. We
caution readers of this quarterly report that important factors in some cases
have affected and, in the future, could materially affect actual results and
cause actual results to differ materially from the results expressed in any such
estimates, projections or other "forward-looking statements". In evaluating us,
our business and any investment in our business, readers should carefully
consider the following factors.

We do not own any resource properties. We own mineral
claims and title to our property is not registered in our name.

We do not own any resource properties. We own mineral claims in
British Columbia. Title to our property is not registered in our name but title
to the claims has been conveyed to us by an unrecorded deed. If the registered
owner decided to default on the unrecorded deed this would result in our losing
the interest.

Our independent auditors have expressed substantial doubt
about our ability to continue as a going concern.

We have incurred a net loss of $12,679 for the nine months
ended April 30, 2008. As of April 30, 2008, we had an accumulated deficit of
$88,356. There can be no assurance that will generate significant revenues or
achieve profitable operations.

These circumstances raise substantial doubt about our ability
to continue as a going concern, as described in the explanatory paragraph to our
independent auditors' report on our financial statements for the year ended July
31, 2007, which are included in our annual report on Form 10-KSB.

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

Potential investors should be aware of the difficulties
normally encountered by new mineral exploration companies and the high rate of
failure of such enterprises. The likelihood of success must be considered in
light of the problems, expenses, difficulties, complications and delays
encountered in connection with the exploration of the mineral properties that we
plan to undertake. These potential problems include, but are not limited to,
unanticipated problems relating to exploration, and additional costs and
expenses that may exceed current estimates. The expenditures to be made by us in
the exploration of the mineral claim may not result in the discovery of mineral
deposits. Problems such as unusual or unexpected formations and other conditions
are involved in mineral exploration and often result in unsuccessful exploration
efforts. If the results of our exploration do not reveal viable commercial
mineralization, we may decide to abandon our claim and acquire new claims for
new exploration. The acquisition of additional claims will be dependent upon us
possessing capital resources at the time in order to purchase such claims. If no
funding is available, we may be forced to abandon our operations.

We have limited operating history and losses that we
expect to continue into the future.

We have not yet realized any revenues. We have limited
operating history upon which an evaluation of our future success or failure can
be made. Our net loss since inception is $88,356. Our ability to achieve and
maintain profitability and positive cash flow is dependent upon the
following:

- Our ability to locate a profitable resource property;
- Our ability to generate revenues; and
- Our ability to reduce exploration costs.

Based upon current plans, we expect to incur operating losses
in future periods. This will happen because there are expenses associated with
exploration of our mineral properties. We may not be successful in generating
revenues in the future. Failure to generate revenues will cause us to go out of
business.

Page 12

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If we do not raise enough money for exploration we will
have to delay exploration or go out of business.

We are in the very early exploration stage and we need
additional financing before we are able to continue our exploration efforts. We
have not made any arrangements for financing and we may be unable to raise
financing. If we are not able to raise any financing we will have to delay our
exploration or go out of business.

We may not have access to all of the supplies and
materials we need to begin exploration that could cause us to delay or suspend
operations.

Competition and unforeseen limited sources of supplies in the
industry could result in occasional spot shortages of supplies, such as
explosives, and certain equipment such as bulldozers and excavators that we
might need to conduct exploration. We have not attempted to locate or negotiate
with any suppliers of products, equipment or materials. We will attempt to
locate products, equipment and materials after this offering is complete. If we
cannot find the products and equipment we need, we will have to suspend our
exploration plans until we do find the products and equipment we need.

Because of the speculative nature of exploration of
mineral properties, there is no assurance that our exploration activities will
result in the discovery of new commercially exploitable quantities of
minerals.

We plan to continue exploration on our British Columbia mineral
claims. The search for valuable minerals as a business is extremely risky. We
can provide investors with no assurance that additional exploration on our
properties will establish that additional commercially exploitable reserves of
gold exist on our properties Problems such as unusual or unexpected geological
formations or other variable conditions are involved in exploration and often
result in exploration efforts being unsuccessful. The additional potential
problems include, but are not limited to, unanticipated problems relating to
exploration and attendant additional costs and expenses that may exceed current
estimates. These risks may result in us being unable to establish the presence
of additional commercial quantities of ore on our mineral claims with the result
that our ability to fund future exploration activities may be impeded.

Because the SEC imposes additional sales practice
requirements on brokers who deal in our shares that are penny stocks, some
brokers may be unwilling to trade them. This means that you may have difficulty
in reselling your shares and may cause the price of the shares to
decline.

Our shares qualify as penny stocks and are covered by Section
15(g) of the Securities Exchange Act of 1934, which imposes additional sales
practice requirements on broker/dealers who sell our securities in this offering
or in the aftermarket. In particular, prior to selling a penny stock,
broker/dealers must give the prospective customer a risk disclosure document
that: contains a description of the nature and level of risk in the market for
penny stocks in both public offerings and secondary trading; contains a
description of the broker/dealers' duties to the customer and of the rights and
remedies available to the customer with respect to violations of such duties or
other requirements of Federal securities laws; contains a brief, clear,
narrative description of a dealer market, including "bid" and "ask" prices for
penny stocks and the significance of the spread between the bid and ask prices;
contains the toll free telephone number for inquiries on disciplinary actions
established pursuant to section 15(A)(i); defines significant terms used in the
disclosure document or in the conduct of trading in penny stocks; and contains
such other information, and is in such form (including language, type size, and
format), as the SEC requires by rule or regulation. Further, for sales of our
securities, the broker/dealer must make a special suitability determination and
receive from you a written agreement before making a sale to you. Because of the
imposition of the foregoing additional sales practices, it is possible that
brokers will not want to make a market in our shares. This could prevent you
from reselling your shares and may cause the price of the shares to decline.

Page 13

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We have no known ore reserves and we cannot guarantee we
will find any gold or if we find gold, that production will be profitable. We
did not rely upon any expert advice in selecting our property for
exploration.

We have no known ore reserves. We have not identified any gold
on the property and we cannot guarantee that we will ever find any gold. We did
not rely upon any expert advice in selecting the property for the exploration.
Even if we find that there is gold on our property, we cannot guarantee that we
will be able to recover the gold. Even if we recover the gold, we cannot
guarantee that we will make a profit. If we cannot find gold or it is not
economical to recover the gold, we will have to cease operations.

Our officer and directors will be devoting a small amount
of their professional time to our activities.

Our officer and directors will be devoting a small amount of
their professional time to our operations. Our management's lack of devotion of
time may make us more vulnerable than other companies to certain risks, and it
may also cause us to be more vulnerable to business risks associated with errors
in judgment that could have been prevented by more experienced management.

Rain and snow may make the road leading to our property
impassable. This will delay our proposed exploration operations and could
prevent us from working.

While we plan to conduct our exploration year round, it is
possible that snow or rain could cause roads leading to our claims to be
impassable. When roads are impassable, we are unable to work.

Because we are small and do not have much capital, we
must limit our exploration and consequently may not find mineralized material.
If we do not find mineralized material, we will cease operations.

Because we are small and do not have much capital, we must
limit our exploration. Because we may have to limit our exploration, we may not
find mineralized material, although our property may contain mineralized
material. If we do not find mineralized material, we will cease operations.

Ludvik Rolin our sole officer and one of our directors
owns a total of 2,000,000 shares of our company. He may sell some of his shares
in the future, which could cause the price of our common stock to fall, which
will reduce the value of your shares.

Ludvik Rolin, one of our officer and directors own a total of
2,000,000 shares of stock, which is 75% of the issued and outstanding number of
shares, as of April 30, 2008. Subject to all holding periods under applicable
securities laws, he will likely sell a portion or all of his stock in the
future. If he does sell his stock into the market, the sales may cause the
market price of the stock to drop.

As we face intense competition in the mining industry, we
will have to compete with our competitors for financing and for qualified
managerial and technical employees.

The mining industry is intensely competitive in all of its
phases. Competition includes large established mining companies with substantial
capabilities and with greater financial and technical resources than we have. As
a result of this competition, we may be unable to acquire additional attractive
mining claims or financing on terms we consider acceptable. We also compete with
other mining companies in the recruitment and retention of qualified managerial
and technical employees. If we are unable to successfully compete for financing
or for qualified employees, our exploration and development programs may be
slowed down or suspended.

Page 14

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Trading of our stock may be restricted by the SEC's Penny
Stock Regulations, which may limit a stockholder's ability to buy and sell our
stock.

The U.S. Securities and Exchange Commission has adopted
regulations which generally define "penny stock" to be any equity security that
has a market price (as defined) less than $5.00 per share or an exercise price
of less than $5.00 per share, subject to certain exceptions. Our securities are
covered by the penny stock rules, which impose additional sales practice
requirements on broker-dealers who sell to persons other than established
customers and "accredited investors". The term "accredited investor" refers
generally to institutions with assets in excess of $5,000,000 or individuals
with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or
$300,000 jointly with their spouse. The penny stock rules require a
broker-dealer, prior to a transaction in a penny stock not otherwise exempt from
the rules, to deliver a standardized risk disclosure document in a form prepared
by the SEC which provides information about penny stocks and the nature and
level of risks in the penny stock market. The broker-dealer also must provide
the customer with current bid and offer quotations for the penny stock, the
compensation of the broker-dealer and its salesperson in the transaction and
monthly account statements showing the market value of each penny stock held in
the customer's account. The bid and offer quotations, and the broker-dealer and
salesperson compensation information, must be given to the customer orally or in
writing prior to effecting the transaction and must be given to the customer in
writing before or with the customer's confirmation. In addition, the penny stock
rules require that prior to a transaction in a penny stock not otherwise exempt
from these rules, the broker-dealer must make a special written determination
that the penny stock is a suitable investment for the purchaser and receive the
purchaser's written agreement to the transaction. These disclosure requirements
may have the effect of reducing the level of trading activity in the secondary
market for the stock that is subject to these penny stock rules. Consequently,
these penny stock rules may affect the ability of broker-dealers to trade our
securities. We believe that the penny stock rules discourage investor interest
in and limit the marketability of, our common stock.

We do not expect to declare or pay any
dividends.

We have not declared or paid any dividends on our common stock
since our inception, and we do not anticipate paying any such dividends for the
foreseeable future.

Anti-Takeover Provisions

We do not currently have a shareholder rights plan or any
anti-takeover provisions in our By-laws. Without any anti-takeover provisions,
there is no deterrent for a take-over of our company, which may result in a
change in our management and directors.

Our By-laws contain provisions indemnifying our officer
and directors against all costs, charges and expenses incurred by
them.

Our By-laws contain provisions with respect to the
indemnification of our officer and directors against all costs, charges and
expenses, including an amount paid to settle an action or satisfy a judgment,
actually and reasonably incurred by him, including an amount paid to settle an
action or satisfy a judgment in a civil, criminal or administrative action or
proceeding to which he is made a party by reason of his being or having been one
of our directors or officer.

Volatility of Stock Price.

Our common shares are not currently publicly traded. In the
future, the trading price of our common shares may be subject to wide
fluctuations. Trading prices of the common shares may fluctuate in response to a
number of factors, many of which will be beyond our control. In addition, the
stock market in general, and the market for software technology companies in
particular, has experienced extreme price and volume fluctuations that have
often been unrelated or disproportionate to the operating performance of such
companies. Market and industry factors may adversely affect the market price of
the common shares, regardless of our operating performance.

Page 15

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In the past, following periods of volatility in the market
price of a company's securities, securities class-action litigation has often
been instituted. Such litigation, if instituted, could result in substantial
costs and a diversion of management's attention and resources.

Item 3. Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, as of the
end of the period covered by this quarterly report, being April 30, 2008, we
have carried out an evaluation of the effectiveness of the design and operation
of our company's disclosure controls and procedures. This evaluation was carried
out under the supervision and with the participation of our company's
management, including our company's President along with our company's
Secretary. Based upon that evaluation, our company's President along with our
company's Secretary concluded that our company's disclosure controls and
procedures are effective as at the end of the period covered by this report.
There have been no significant changes in our company's internal controls over
financial reporting that occurred during our most recent fiscal quarter that
have materially affected, or are reasonably likely to materially affect our
internal controls over financial reporting.

Disclosure controls and procedures and other procedures that
are designed to ensure that information required to be disclosed in our reports
filed or submitted under the Exchange Act is recorded, processed, summarized and
reported, within the time period specified in the Securities and Exchange
Commission's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed in our reports filed under the Exchange Act is
accumulated and communicated to management, including our President and
Secretary as appropriate, to allow timely decisions regarding required
disclosure.

Part II - OTHER INFORMATION

Item 1. Legal Proceedings.

We know of no material, active or pending legal proceedings
against our company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our
directors, officers or affiliates, or any registered or beneficial shareholder,
is an adverse party or has a material interest adverse to our interest.

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security
Holders.

None.

Item 5. Other Information.

None.

Page 16

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Item 6. Exhibits.

Exhibits Required by Item 601 of Regulation S-B.

Exhibit Number/Description

|(3) Charter and By-laws                                                                                                                                                                       
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                              
|3.1 Articles of Incorporation (incorporated
      by reference to the Company's SB-2 Registration Statement filed January
      5, 2004).                                                     
|                                                                                                                                                                                              
|3.2 Bylaws (incorporated by reference to the
      Company's SB-2 Registration Statement filed January 5, 2004).                                                                              
|                                                                                                                                                                                              
|                                                                                                                                                                                              
|(10) Material Contracts                                                                                                                                                                       
|                                                                                                                                                                                              
|10.1 Victory 1 Claim dated July 18, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                      
|                                                                                                                                                                                              
|10.2 Victory 2 Claim dated July 18, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                      
|                                                                                                                                                                                              
|10.3 Victory 3 Claim dated July 18, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                      
|                                                                                                                                                                                              
|10.4 Victory 4 Claim dated July 18, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                      
|                                                                                                                                                                                              
|10.5 Victory 5 Claim dated July 18, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                      
|                                                                                                                                                                                              
|10.6 Victory 6 Claim dated July 18, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                      
|                                                                                                                                                                                              
|10.7 Victory 7 Claim dated July 18, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                      
|                                                                                                                                                                                              
|10.8 Victory 8 Claim dated July 18, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                      
|                                                                                                                                                                                              
|10.9 Warranty Deed dated August 6, 2004 (incorporated
      by reference from our Registration Statement on Form SB-2, filed on January
      5, 2004).                                       
|                                                                                                                                                                                              
|10.10 Loan Agreement between Ludvik Rolin and
      the Company dated April 12, 2004 (incorporated by reference from our Registration
      Statement on Form SB-2, filed on January 5, 2004).
|                                                                                                                                                                                              
|10.11 Property Option Agreement dated April
      4, 2007 (incorporated by reference from our Current Report on Form 8-K,
      filed on April 4, 2007)                                       
|                                                                                                                                                                                              
|10.12 Property Option Agreement dated October
      8, 2007 (incorporated by reference from our Current Report on Form 8-K,
      filed on October 8, 2007)                                   
|                                                                                                                                                                                              
|                                                                                                                                                                                              
|(14) Code of Ethics                                                                                                                                                                           
|                                                                                                                                                                                              
|14.1 Code of Business Conduct and Ethics                                                                                                                                                      
|                                                                                                                                                                                              
|(31) Section 302 Certification                                                                                                                                                                
|                                                                                                                                                                                              
|31.1 Certification
      of Ludvik Rolin                                                                                                                                                      
|                                                                                                                                                                                              
|(32) Section 906 Certification                                                                                                                                                                
|                                                                                                                                                                                              
|32.1 Certification
      of Ludvik Rolin                                                                                                                                                      

Page 17

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SIGNATURES

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

VICTORY EAGLE RESOURCES CORP.

By: /s/ Ludvik RolinLudvik Rolin, President,
Secretary, Treasurer and Director(Principal Executive Officer, Principal
Financial Officer and Principal Accounting Officer) Date: June 14, 2008

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