UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 10-Q



S
          QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended March 31, 2008



£
          TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from _____ to _____



Commission File Number:        000-51203



FINMETAL MINING LTD.





|Nevada                                                           |  | 98-0425310                          
|---------------------------------------------------------------- |  | ------------------------------------
|(State or other jurisdiction of incorporation or organization)   |  | (I.R.S. Employer Identification No.)
|                                                                 |  |                                     
|                                                                 |  |                                     
|666 Burrard Street, Suite 500Vancouver, British Columbia, Canada |  | V6C 2X8                             
|(Address of principal executive offices)                         |  | (Zip Code)                          
|                                                                 |  |                                     
|                                                                 |  |                                     
|(604) 601-2040                                                   |  |                                     
|Issuer's telephone number                                        |  |                                     
|                                                                 |  |                                     

Indicate by check mark whether the registrant (1) has 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  S
   No  £

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



|Large accelerated filer £                                              | Accelerated filer £        
|---------------------------------------------------------------------- | ---------------------------
|Non-accelerated filer £
 (Do not check if a smaller reporting company) | Smaller reporting company S

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

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date.  34,448,176 shares of common stock as of May 16, 2008.







---

FINMETAL MINING LTD.
Quarterly Report On Form 10-Q
For The Quarterly Period Ended
March 31, 2008



INDEX





|PART I - FINANCIAL INFORMATION | 4       
|------------------------------ | --------
|                               | Item 1. 
|                               | Item 2. 
|                               | Item 3. 
|                               | Item 4. 
|PART II - OTHER INFORMATION    | 30      
|                               | Item 1. 
|                               | Item 1A.
|                               | Item 3. 
|                               | Item 4. 
|                               | Item 5. 
|                               | Item 6. 











- 2 -



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FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains forward-looking statements that involve risks and uncertainties.  Forward-looking statements in this quarterly report include, among others, statements regarding our capital needs, business plans and expectations.  Such forward-looking statements involve risks and uncertainties regarding the market price of copper, availability of funds, government regulations, permitting, common share prices, operating costs, capital costs, outcomes of ore reserve development, recoveries  and other factors.  Forward-looking statements are made, without limitation, in relation to operating plans, property exploration and development, availability of funds, environmental reclamation, operating costs and permit acquisition.  Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements.  In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms or other comparable terminology.  Actual events or results may differ materially.  In evaluating these statements, you should consider various factors, including the risks outlined in our annual report on Form 10-KSB for the year ended December 31, 2007, this quarterly report on Form 10-Q, and, from time to time, in other reports that we file with the Securities and Exchange Commission (the "SEC").  These factors may cause our actual results to differ materially from any forward-looking statement. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.









- 3 -



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PART I - FINANCIAL INFORMATION

Item 1.           Financial Statements

The following unaudited interim financial statements of FinMetal Mining Ltd. (sometimes referred to as "we", "us" or "our Company") are included in this quarterly report on Form 10-Q:



|                                                | Page
|----------------------------------------------- | ----
|Balance Sheets                                  | 5   
|Statements of Operations                        | 6   
|Statements of Stockholders' Equity (Deficiency) | 7   
|Statements of Cash Flows                        | 11  
|Notes to Financial Statements                   | 13  







- 4 -



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FINMETAL MINING LTD.



|                                                          |                                                                                  | March 31,    | December 31,
|--------------------------------------------------------- | -------------------------------------------------------------------------------- | ------------ | ------------
|As at                                                     | 2008                                                                             | 2007        
|                                                          |                                                                                  | $            | $           
|ASSETS                                                   
|                                                          |                                                                                  |              |             
|Current                                                   |                                                                                  |             
|                                                          |                                                                                  |              |             
|                                                          | Cash and cash equivalents                                                        | 869,647      | 1,957,856   
|                                                          | Exploration program advances                                                     | -            | 87,600      
|                                                          | Taxes recoverable                                                                | 70,988       | 19,226      
|                                                          | Prepaid expenses and deposit                                                     | 6,668        | 5,723       
|                                                          |                                                                                  |              |             
|                                                          |                                                                                  | 947,303      | 2,070,415   
|                                                          |                                                                                  |              |             
|Property and equipment, net of accumulated amortization   |                                                                                  |             
|                                                          | (Note 4(ii))                                                                     | 41,509       | 35,214      
|                                                          |                                                                                  |              |             
|Website development cost, net of accumulated amortization |                                                                                  |             
|                                                          | of $5,834 (December 31, 2007: $4,167)                                            | 14,167       | 5,833       
|                                                          |                                                                                  |              |             
|                                                          | 1,002,979                                                                        | 2,111,453   
|                                                          |                                                                                  |              |             
|LIABILITIES                                              
|Current                                                   |                                                                                  |             
|                                                          |                                                                                  |              |             
|                                                          | Accounts payable and accrued liabilities                                         | 157,784      | 647,414     
|                                                          | Amounts due to related parties (Note 3)                                          | 31,820       | 54,365      
|                                                          |                                                                                  |              |             
|                                                          | 189,604                                                                          | 701,779     
|                                                          |                                                                                  |              |             
|STOCKHOLDERS'EQUITY                                      
|                                                         
|Common stock (Note 5)                                     |                                                                                  |             
|                                                          | Authorized: 100,000,000 shares, $0.00001 par value                               |              |             
|                                                          | Issued and outstanding: 34,448,176 shares(December 31, 2007:  34,448,176 shares) | 345          | 345         
|                                                          |                                                                                  |              |             
|Additional paid-in capital                                | 14,739,988                                                                       | 14,314,637  
|                                                          |                                                                                  |              |             
|Deferred stock based compensation (Note 5)                | (589,858)                                                                        | (725,796)   
|                                                          |                                                                                  |              |             
|(Deficit) accumulated during the exploration stage        | (13,337,100)                                                                     | (12,179,512)
|                                                          |                                                                                  |              |             
|                                                          | 813,375                                                                          | 1,409,674   
|                                                          |                                                                                  |              |             
|                                                          | 1,002,979                                                                        | 2,111,453   



NOTE 1



See accompanying Notes to the Consolidated Financial Statements

- 5 -



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FINMETAL MINING LTD.



|                                                                       |                                                           |              |              | Cumulative from Inception
|---------------------------------------------------------------------- | --------------------------------------------------------- | ------------ | ------------ | -------------------------
|                                                                       |                                                           |              |              | (September 5,            
|                                                                       |                                                           | Three        | Three        | 1997)                    
|                                                                       |                                                           | Months Ended | Months Ended | Through                  
|                                                                       |                                                           | March 31,    | March 31,    | March  31,               
|                                                                       |                                                           | 2008         | 2007         | 2008                     
|                                                                       |                                                           | $            | $            | $                        
|                                                                       |                                                           |              |              |                          
|OPERATING EXPENSES                                                     |                                                           |              |             
|                                                                       |                                                           |              |              |                          
|                                                                       |                                                           |              |              |                          
|                                                                       | Amortization-property and equipment                       | 3,371        | 2,171        | 13,239                   
|                                                                       | Amortization-website development costs                    | 1,667        | 834          | 5,834                    
|                                                                       | Bank charges                                              | 764          | 1,016        | 6,007                    
|                                                                       | Consulting and management fees                            | 117,898      | 86,996       | 670,620                  
|                                                                       | Foreign exchange                                          | (9,103)      | 6,126        | 9,655                    
|                                                                       | Investor communication and promotion                      | 26,353       | 140,074      | 332,273                  
|                                                                       | Office and administrative                                 | 25,560       | 6,652        | 100,742                  
|                                                                       | Professional fees                                         | 37,404       | 29,316       | 262,523                  
|                                                                       | Rent                                                      | 7,234        | 4,108        | 30,844                   
|                                                                       | Stock based compensation                                  | 561,289      | 290,160      | 6,618,025                
|                                                                       | Telephone                                                 | 10,135       | 7,736        | 45,261                   
|                                                                       | Transfer agent and filing fees                            | 274          | 3,856        | 32,532                   
|                                                                       | Travel and accommodation                                  | 35,236       | 143,624      | 306,795                  
|                                                                       | Website maintenance                                       | 4,500        | 4,500        | 25,500                   
|                                                                       | Mineral property acquisition and exploration expenditures | 341,732      | -            | 5,004,254                
|                                                                       |                                                           |              |              |                          
|NET OPERATING LOSS                                                     | (1,164,314)                                               | (727,169)    | (13,464,104)
|                                                                       |                                                           |              |              |                          
|OTHER INCOME AND (EXPENSES)                                            |                                                           |              |             
|                                                                       | Forgiveness of debt                                       | -            | -            | 24,000                   
|                                                                       | Gain on sale of oil and gas property                      | -            | -            | 10,745                   
|                                                                       | Interest income                                           | 6,726        | -            | 99,777                   
|                                                                       | Recovery of expenses                                      | -            | -            | 4,982                    
|                                                                       | Write-down of incorporation costs                         | -            | -            | (12,500)                 
|                                                                       |                                                           |              |              |                          
|NET LOSS FOR THE PERIOD                                                | (1,157,588)                                               | (727,169)    | (13,337,100)
|                                                                       |                                                           |              |              |                          
|                                                                       |                                                           |             
|                                                                       |                                                           |              |             
|LOSS PER SHARE-BASIC AND DILUTED                                       | (0.03)                                                    | (0.02)       |             
|                                                                       |                                                           |              |              |                          
|WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC AND DILUTED | 34,448,176                                                | 32,637,176   |             





See accompanying Notes to the Consolidated Financial Statements

- 6 -



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FINMETAL MINING LTD.





From Inception (September 5, 1997) to March  31, 2008:

|                                                                                                                    | CommonShares | StockAmount | AdditionalPaid-inCapital | Deferred Stock Based Compensation | DeficitAccumulated           DuringTheExplorationStage | TotalStockholders'Equity(Deficiency)
|------------------------------------------------------------------------------------------------------------------- | ------------ | ----------- | ------------------------ | --------------------------------- | ------------------------------------------------------ | ------------------------------------
|                                                                                                                    |              | $           | $                        | $                                 | $                                                      | $                                   
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Balance, September 5, 1997                                                                                          | -            | -           | -                        | -                                 | -                                                      | -                                   
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Issuance of common shares for cash at $0.0125 per share on September 28, 1997                                       | 80,000       | 1           | 999                      | -                                 | -                                                      | 1,000                               
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Net loss for the period                                                                                             | -            | -           | -                        | -                                 | (2,522)                                                | (2,522)                             
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Balance, September 30, 1997                                                                                         | 80,000       | 1           | 999                      | -                                 | (2,522)                                                | (1,522)                             
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Issuance of common shares on acquisition of oil and gas property in New Zealand at $1.25 per share on June 25, 1998 | 8,000        | -           | 10,000                   | -                                 | -                                                      | 10,000                              
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Issuance of common shares for cash at $0.0125 per share on July 8, 1998                                             | 80,000       | 1           | 999                      | -                                 | -                                                      | 1,000                               
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Net loss for the year                                                                                               | -            | -           | -                        | -                                 | (1,246)                                                | (1,246)                             
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Balance, September 30, 1998                                                                                         | 168,000      | 2           | 11,998                   | -                                 | (3,768)                                                | 8,232                               
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Issuance of common shares for cash at $1.25 per share on November 20, 1998                                          | 80,000       | 1           | 99,999                   | -                                 | -                                                      | 100,000                             
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Repurchase of common shares for cash at $0.0125 per share on November 28, 1998                                      | (80,000)     | (1)         | (999)                    | -                                 | -                                                      | (1,000)                             
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Net loss for the year                                                                                               | -            | -           | -                        | -                                 | (9,569)                                                | (9,569)                             
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Balance, September 30, 1999                                                                                         | 168,000      | 2           | 110,998                  | -                                 | (13,337)                                               | 97,663                              
|                                                                                                                    |              |             |                          |                                   |                                                        |                                     
|Net loss for the year                                                                                               | -            | -           | -                        | -                                 | (34,290)                                               | (34,290)                            
|Balance, September 30, 2000                                                                                         | 168,000      | 2           | 110,998                  | -                                 | (47,627)                                               | 63,373                              





See accompanying Notes to the Consolidated Financial Statements

- 7 -



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FINMETAL MINING LTD.



From Inception (September 5, 1997) to March  31, 2008:

|                                                                                                        | CommonShares | StockAmount | AdditionalPaid-inCapital | Deferred Stock Based Compensation | DeficitAccumulated           DuringTheExplorationStage | TotalStockholders'Equity(Deficiency)
|------------------------------------------------------------------------------------------------------- | ------------ | ----------- | ------------------------ | --------------------------------- | ------------------------------------------------------ | ------------------------------------
|                                                                                                        |              | $           | $                        | $                                 | $                                                      | $                                   
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|Balance, September 30, 2000(carried forward)                                                            | 168,000      | 2           | 110,998                  | -                                 | (47,627)                                               | 63,373                              
|Net loss for the year                                                                                   | -            | -           | -                        | -                                 | (14,296)                                               | (14,296)                            
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|Balance, September 30, 2001                                                                             | 168,000      | 2           | 110,998                  | -                                 | (61,923)                                               | 49,077                              
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|Net income for the year                                                                                 | -            | -           | -                        | -                                 | 10,954                                                 | 10,954                              
|Balance, September 30, 2002                                                                             | 168,000      | 2           | 110,998                  | -                                 | (50,969)                                               | 60,031                              
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|Net income for the year                                                                                 | -            | -           | -                        | -                                 | 2,387                                                  | 2,387                               
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|Balance, September 30, 2003                                                                             | 168,000      | 2           | 110,998                  | -                                 | (48,582)                                               | 62,418                              
|Issuance of common shares for cash at $0.075 per share and services at $0.30 per share on April 2, 2004 | 169,512      | 2           | 62,698                   | -                                 | -                                                      | 62,700                              
|Donated capital                                                                                         | -            | -           | 5,000                    | -                                 | -                                                      | 5,000                               
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|Net loss for the year                                                                                   | -            | -           | -                        | -                                 | (64,175)                                               | (64,175)                            
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|Balance, September 30, 2004                                                                             | 337,512      | 4           | 178,696                  | -                                 | (112,757)                                              | 65,943                              
|Donated capital                                                                                         | -            | -           | 3,000                    | -                                 | -                                                      | 3,000                               
|Net loss for the year                                                                                   | -            | -           | -                        | -                                 | (7,750)                                                | (7,750)                             
|                                                                                                        |              |             |                          |                                   |                                                        |                                     
|Balance, December 31, 2004                                                                              | 337,512      | 4           | 181,696                  | -                                 | (120,507)                                              | 61,193                              



See accompanying Notes to the Consolidated Financial Statements



- 8 -



---



FINMETAL MINING LTD.



From Inception (September 5, 1997) to March  31, 2008:

|                                                                                                                               | CommonShares | StockAmount | AdditionalPaid-inCapital | Deferred Stock Based Compensation | DeficitAccumulated           DuringTheExplorationStage | TotalStockholders'Equity(Deficiency)
|------------------------------------------------------------------------------------------------------------------------------ | ------------ | ----------- | ------------------------ | --------------------------------- | ------------------------------------------------------ | ------------------------------------
|                                                                                                                               |              | $           | $                        | $                                 | $                                                      | $                                   
|                                                                                                                               |              |             |                          |                                   |                                                        |                                     
|Balance, December 31, 2004(carried forward)                                                                                    | 337,512      | 4           | 181,696                  | -                                 | (120,507)                                              | 61,193                              
|                                                                                                                               |              |             |                          |                                   |                                                        |                                     
|Repurchase of common stock for cash at $ 0.0125 per share on March 3, 2005                                                     | (80,000)     | (1)         | (999)                    | -                                 | -                                                      | (1,000)                             
|Donated Capital                                                                                                                | -            | -           | 8,200                    | -                                 | -                                                      | 8,200                               
|Net loss for year                                                                                                              | -            | -           | -                        | -                                 | (40,652)                                               | (40,652)                            
|Balance, December 31, 2005                                                                                                     | 257,512      | 3           | 188,897                  | -                                 | (161,159)                                              | 27,741                              
|Issue of common stock forcash at $0.00625 per shareon April 7, 2006                                                            | 24,000,000   | 240         | 149,760                  | -                                 | -                                                      | 150,000                             
|Cancellation of shares on September 6, 2006                                                                                    | (169,336)    | (2)         | 2                        | -                                 | -                                                      | -                                   
|Issue of common stock on purchase of Finmetal Mining Oy at a deemed value of $1.28 per share on November 27, 2006 (see Note 6) | 1,000,000    | 10          | 1,279,990                | -                                 | -                                                      | 1,280,000                           
|Stock grant issued as stock based compensation at a deemed value of $1.24 per share on November 30, 2006 (Note 5)              | 1,950,000    | 19          | 2,417,981                | (2,321,280)                       | -                                                      | 96,720                              
|Issue of 5,090,000,common shares for cash at $ 0.50 per share and 509,000 common shares as a finder's fee on December 7, 2006  | 5,599,000    | 56          | 2,544,944                | -                                 | -                                                      | 2,545,000                           
|Net loss for the year                                                                                                          | -            | -           | -                        | -                                 | (2,506,896)                                            | (2,506,896)                         
|Balance, December 31, 2006                                                                                                     | 32,637,176   | 326         | 6,581,574                | (2,321,280)                       | (2,668,055)                                            | 1,592,565                           



See accompanying Notes to the Consolidated Financial Statements

- 9 -



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FINMETAL MINING LTD.



From Inception (September 5, 1997) to March  31, 2008:

|                                                                                                                             | CommonShares | StockAmount | AdditionalPaid-inCapital | Deferred Stock Based Compensation | DeficitAccumulated           DuringTheExplorationStage | TotalStockholders'Equity(Deficiency)
|---------------------------------------------------------------------------------------------------------------------------- | ------------ | ----------- | ------------------------ | --------------------------------- | ------------------------------------------------------ | ------------------------------------
|                                                                                                                             |              | $           | $                        | $                                 | $                                                      | $                                   
|Balance, December 31, 2006(carried forward)                                                                                  | 32,637,176   | 326         | 6,581,574                | (2,321,280)                       | (2,668,055)                                            | 1,592,565                           
|Issue of 2,436,000,common shares for cash at $ 1.25 per unit on April 17, 2007, net of finder's fees of $312,896             | 2,436,000    | 25          | 2,732,104                | -                                 | -                                                      | 2,732,129                           
|Issue of 167,160 warrants as a  finder's fee on April 17, 2007 pursuant to an unit offering                                  | -            | -           | 100,421                  | -                                 | -                                                      | 100,421                             
|Stock grant issued as stock based compensation at a deemed value of $1.45 per share on April 17, 2007(Note 5)                | 925,000      | 9           | 1,341,241                | (1,341,250)                       | -                                                      | -                                   
|Issue of 400,000 common shares as a finder's fee for mineral interests at a deemed value of $1.34 on May 4, 2007 (Note4 (i)) | 400,000      | 4           | 535,996                  | -                                 | -                                                      | 536,000                             
|Stock based compensation on granting of stock options and stock (Note 5)                                                     | -            | -           | 3,023,282                | 2,936,734                         | -                                                      | 5,960,016                           
|Cancellation of  stock awards (Note5)                                                                                        | (1,950,000)  | (19)        | 19                       | -                                 | -                                                      | -                                   
|Net loss for the year                                                                                                        | -            | -           | -                        | -                                 | (9,511,457)                                            | (9,511,457)                         
|Balance, December 31, 2007                                                                                                   | 34,448,176   | 345         | 14,314,637               | (725,796)                         | (12,179,512)                                           | 1,409,674                           
|Stock based compensation (Note 5)                                                                                            |              |             | 425,351                  | 135,938                           |                                                        | 561,289                             
|Net loss for the period                                                                                                      | -            | -           | -                        | -                                 | (1,157,588)                                            | (1,157,588)                         
|Balance, March 31, 2008                                                                                                      | 34,448,176   | 345         | 14,739,988               | (589,858)                         | (13,337,100)                                           | 813,375                             



See accompanying Notes to the Consolidated Financial Statements

- 10 -



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FINMETAL MINING LTD.

|                                                    |                                             |           |              |              | Cumulative from             
|--------------------------------------------------- | ------------------------------------------- | --------- | ------------ | ------------ | ----------------------------
|                                                    |                                             |           | Three        | Three        | Inception(September 5, 1997)
|                                                    |                                             |           | Months Ended | Months Ended | Through                     
|                                                    |                                             |           | March 31,    | March 31,    | March  31,                  
|                                                    |                                             |           | 2008         | 2007         | 2008                        
|                                                    |                                             |           | $            | $            | $                           
|                                                    |                                             |           |             
|OPERATING ACTIVITIES:                               |                                             |           |             
|Net loss from operations                            | (1,157,588)                                 | (727,169) | (13,337,100)
|Items not requiring cash outlay:                    |                                             |           |             
|                                                    | - Consulting fees                           | -         | -            | 40,200      
|                                                    | - Forgiveness of debt                       | -         | -            | (24,000)    
|                                                    | - Gain on sale of oil and gas property      | -         | -            | (10,745)    
|                                                    | - Stock-based compensation                  | 561,289   | 290,160      | 6,668,025   
|                                                    | - Amortization of equipment                 | 3,371     | 2,171        | 13,239      
|                                                    | - Amortization of website development cost  | 1,667     | 834          | 5,834       
|                                                    | - Mineral property acquisition              | -         | -            | 1,816,000   
|Cash provided by (used in) changes in operating     |                                             |           |             
|                                                    | Assets and liabilities:                     |           |              |             
|                                                    | -  Taxes recoverable                        | (51,762)  | 1,231        | (70,988)    
|                                                    | -  Exploration program advances             | 87,600    | -            | -           
|                                                    | -  Prepaid expenses and deposit             | (945)     | 17,436       | (6,668)     
|                                                    | -  Accounts payable and accrued liabilities | (489,630) | (20,721)     | 157,784     
|                                                    | -  Advances from related parties            | (22,545)  | (34,430)     | 31,820      
|                                                    |                                             |           |              |              |                             
|Net cash used in operating activities               | (1,068,543)                                 | (470,488) | (4,716,599) 
|                                                    |                                             |           |              |              |                             
|FINANCING ACTIVITIES:                               |                                             |           |             
|Cost of repurchase of common stock                  | -                                           | -         | (1,000)     
|Subscription funds received                         | -                                           | 2,670,000 | -           
|Proceeds from issuance of common stock, net         | -                                           | -         | 5,641,250   
|                                                    |                                             |           |              |              |                             
|Net cash provided by (used in) financing activities | -                                           | 2,670,000 | 5,640,250   
|                                                    |                                             |           |              |              |                             
|INVESTING ACTIVITIES:                               |                                             |           |             
|Proceeds from sale of oil and gas property          | -                                           | -         | 46,200      
|Oil and gas property acquisitions                   | -                                           | -         | (2,846)     
|Oil and gas exploration                             | -                                           | -         | (22,609)    
|Purchase of equipment                               | (9,666)                                     | (35,406)  | (54,749)    
|Website development costs                           | (10,000)                                    | -         | (20,000)    
|                                                    |                                             |           |             
|Net cash provided by (used in) investing activities | (19,666)                                    | (35,406)  | (54,004)    
|                                                    |                                             |           |             
|INCREASE IN CASH AND CASH EQUIVALENTS               | (1,088,209)                                 | 2,164,106 | 869,647     
|                                                    |                                             |           |              |              |                             
|CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD    | 1,957,856                                   | 1,648,814 | -           
|                                                    |                                             |           |              |              |                             
|CASH AND CASH EQUIVALENTS AT END OF PERIOD          | 869,647                                     | 3,812,920 | 869,647     



See accompanying Notes to the Consolidated Financial Statements

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FINMETAL MINING LTD.



|                                                            |                                                                                                                                                                               |       |              |              | Cumulative from             
|----------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----- | ------------ | ------------ | ----------------------------
|                                                            |                                                                                                                                                                               |       | Three        | Three        | Inception(September 5, 1997)
|                                                            |                                                                                                                                                                               |       | Months Ended | Months Ended | Through                     
|                                                            |                                                                                                                                                                               |       | March 31,    | March 31,    | March  31,                  
|                                                            |                                                                                                                                                                               |       | 2008         | 2007         | 2008                        
|                                                            | $                                                                                                                                                                             | $     | $           
|SUPPLEMENTAL CASH FLOWS INFORMATION                         |                                                                                                                                                                               |       |             
|Interest expense                                            | -                                                                                                                                                                             | -     | 1,906       
|Taxes                                                       | -                                                                                                                                                                             | -     | -           
|Foreign exchange (gain) loss                                | (9,103)                                                                                                                                                                       | 6,126 | 8,983       
|                                                            |                                                                                                                                                                               |       |             
|SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING |                                                                                                                                                                               |       |             
|                                                            | Purchase of oil and gas property for consideration of 8,000 of the Company's common shares at $1.25                                                                           | -     | -            | 10,000      
|                                                            |                                                                                                                                                                               |       |             
|                                                            | Issuance of 169,512 common shares for services at $0.30 per share on April 2, 2004                                                                                            | -     | -            | 50,000      
|                                                            |                                                                                                                                                                               |       |             
|                                                            | Donated consulting services                                                                                                                                                   | -     | -            | 16,200      
|                                                            |                                                                                                                                                                               |       |             
|                                                            | On September 6, 2006, 169,336 shares were cancelled and returned to the un-issued share capital of the Company by a former director                                           | -     | -            | (2)         
|                                                            |                                                                                                                                                                               |       |              |             
|                                                            | On November 27, 2006 the Company issued 1,000,000 shares at a deemed price of $1.28 per share pursuant to the equity acquisition of 100% of the issued common shares of FM OY | -     | -            | 1,280,000   
|                                                            |                                                                                                                                                                               |       |              |             
|                                                            | On November 30, 2006 the Company granted 1,950,000 restricted shares at a deemed price of $1.24 per share to officers of the company                                          | -     | -            | 2,418,000   
|                                                            |                                                                                                                                                                               |       |              |             
|                                                            | On December 7, 2006, the Company issued 509,000 units at a deemed value of $0.50 per unit as a finder's fee related to the private placement                                  | -     | -            | 254,500     
|                                                            |                                                                                                                                                                               |       |              |             
|                                                            | On April 17, 2007 the Company issued 167,160 warrants exercisable on or before April 17, 2008 at an exercise price of $1.75.                                                  | -     | -            | 100,421     
|                                                            |                                                                                                                                                                               |       |              |             
|                                                            | On May 4, 2007 the Company issued 400,000 common shares at a deemed price of $1.34 per share as a finders'fee pursuant to the acquisition of mineral property interests       | -     | -            | 536,000     
|                                                            |                                                                                                                                                                               |       |              |             

See accompanying Notes to the Consolidated Financial Statements



- 12 -



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FINMETAL MINING LTD.



NOTE 1 -INCORPORATION, NATURE AND CONTINUANCE OF OPERATIONS



The Company was incorporated under the laws of the State of Nevada, U.S.A. as Gondwana Energy, Ltd. ("Gondwana") on September 5, 1997.  The Company changed its name from Gondwana to FinMetal Mining Ltd. on January 23, 2007.  On November 27, 2006, the Company completed the acquisition of 100% of the shares of Finmetal Mining OY ("FM OY"), a company incorporated under the laws of Finland.  During the fiscal year ended December 31, 2006 the Company changed its operational focus from development of oil and gas properties, to acquisition of, exploration for and development of mineral properties.  The Company is currently in the exploration stage.



The Company has incurred a net loss of $(13,337,100) for the period from inception on September 5, 1997 to March 31, 2008 and has no source of revenue.  The continuity of the Company's future operations is dependent upon its ability to obtain financing and upon future acquisition, exploration and development of profitable operations from its mineral properties. These conditions raise substantial doubt about the Company's ability to continue as a going concern.  The Company's management intends to continue relying upon the issuance of equity securities to finance its operations and exploration and development activities, however there can be no assurance it will be successful in raising the funds necessary to maintain operations, or that a self-supporting level of operations will ever be achieved.  The likely outcome of these future events is indeterminable.The financial statements do not include any adjustment to reflect the possible future effect on the recoverability and classification of the assets or the amounts and classification of liabilities that may result should the Company cease to continue as a going concern.



In the opinion of the Company's management, all adjustments considered necessary for a fair presentation of these unaudited financial statements have been included and all such adjustments are of a normal recurring nature. Operating results for the three-month period ended March 31, 2008 are not necessarily indicative of the results that can be expected for the year ended December 31, 2008.



NOTE 2



Basis of presentation and consolidation



The accounts of the Company and its wholly owned subsidiary, Finmetal Mining OY (



These financial statements have been prepared in accordance with United States generally accepted accounting principles (

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FINMETAL MINING LTD.



NOTE 2 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd...)



Cash and Cash Equivalents



The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at March 31, 2008, the Company has cash and cash equivalents in the amount of $809,989 (December 31, 2007:  $1,947,912) which are over the federally insured limit.  As at March 31, 2008, the Company has $Nil of cash equivalents (December 31, 2007: $Nil).



Website and Software Development Costs



The Company recognizes the costs incurred in the development of the Company's website in accordance with EITF 00-2"Accounting for Website Development Costs"and, with the provisions of AICPA Statement of Position No. 98-1,"Accounting for the Costs of Computer Software Developed or Obtained for Internal Use".  Accordingly, direct costs incurred during the application stage of development are capitalized and amortized over the estimated useful life of three years.  Fees incurred for website hosting are expensed over the period of the benefit.  Costs of operating a website are expensed as incurred.  Amortization expense is a total of $ 1,667 for the three months ended March 31, 2008 (2007: $834) and cumulatively $5,833.



Property and Equipment



Furniture and office and computer equipment is carried at cost and is amortized over its estimated useful life at rates of 20 to 30% declining balance per year.  The property and equipment is written down to its net realizable value if it is determined that its carrying value exceeds estimated future benefits to the Company.



Mineral Claim Payments and Exploration Expenditures



Mineral property exploration costs are charged to operations as incurred. Mineral property acquisition costs are initially capitalized when incurred using the guidance in EITF 04-02 "Whether Mineral Rights are Tangible or Intangible Assets".  The Company assesses the carrying costs for impairment under SFAS No. 144.   The Emerging Issues Task Force issued EITF 04-3"Mining Assets: Impairment and Business Combinations", which requires mining companies to consider cash flows related to the economic value of mining assets (including mineral properties and rights) beyond those assets'proven and probable reserves, as well as anticipated market price fluctuations, when testing the mining assets for impairment in accordance with SFAS 144.  The Company is in its early stages of exploration and unable to allocate proven and probable reserves to its mineral property.  In the absence of proven and probable reserves, acquisition costs to date are considered to be impaired and accordingly have been written off to operations.  When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property will be capitalized.  Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve.  If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

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FINMETAL MINING LTD.



NOTE 2



Environmental Costs



Environmental expenditures that related to current operations are charged to operations or capitalized as appropriate.  Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are charged to operations.  Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated.  Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company



Comprehensive Income



In accordance with SFAS 130,



Stock-Based Compensation



During the year, the Company adopted SFAS No. 123(revised), "Share-Based Payment", to account for its stock options and similar equity instruments issued.  Accordingly, compensation costs attributable to stock options or similar equity instruments granted are measured at the fair value at the grant date, and expensed over the expected vesting period.  Transactions in which goods or services are received from non-employees in exchange for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.SFAS 123(revised) requires excess tax benefits be reported as a financing cash inflow rather than as a reduction of taxes paid.



Foreign Currency Translation



The Company



Monetary assets and liabilities are translated at the year-end exchange rate.



Non-monetary assets are translated at the rate of exchange in effect at their acquisition, unless such assets are carried at market or nominal value, in which case they are translated at the year-end exchange rate.



Revenue and expense items are translated at the average exchange rate for the year.

Foreign exchange gains and losses in the year are included in operations.

- 15 -



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FINMETAL MINING LTD.





NOTE 2



Basic Net Income (Loss) per Share



Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period.  Diluted net income (loss) per share on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive.



Income taxes



The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company



Due to the uncertainty regarding the Company



Assets retirement obligations



The Company has adopted SFAS No 143, Accounting for Assets Retirement Obligations, which requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred. SFAS No. 143 requires the Company to record a liability for the present value of the estimated site restoration costs with corresponding increase to the carrying amount of the related long-lived assets. The liability will be accreted and the asset will be depreciated over the life of the related assets. Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation will be made. As at March 31, 2008 and December 31, 2007, the Company does not have any asset retirement obligations.



Long-lived assets impairment



Long-term assets of the Company are reviewed for impairment whenever events or circumstances indicate that the carrying amount of assets may not be recoverable, pursuant to guidance established in SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets.



Management considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations (undiscounted and without interest charges). If impairment is deemed to exist, the assets will be written down to fair value. Fair value is generally determined using a discounted cash flow analysis.

- 16 -



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FINMETAL MINING LTD.



NOTE 2



Accounting for Derivative Instruments and Hedging Activities



The Financial Accounting Standards Board (



Historically, the Company has not entered into derivative contracts either to hedge existing risks or for speculative purposes.



Use of Estimates



The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Actual results may differ from those estimates.



Financial Instruments



The Company



The Company is not exposed to significant interest, credit or currency risk arising from these financial instruments due to their short term nature.



Recent Accounting Pronouncements



In September 2006, the FASB issued SFAS No. 157, "Fair Value Measures". This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), expands disclosures about fair value measurements, and applies under other accounting pronouncements that require or permit fair value measurements. SFAS No. 157 does not require any new fair value measurements. However, the FASB anticipates that for some entities, the application of SFAS No. 157 will change current practice. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, which for the Company would be the fiscal year beginning January 1, 2008. The Company is currently evaluating the impact of SFAS No. 157 but does not expect that it will have a material impact on its financial statements.

- 17 -



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FINMETAL MINING LTD.



NOTE 2



Recent Accounting Pronouncements



In February 2007, the FASB issued SFAS No. 159,

In December 2007, the FASB issued SFAS No. 141(R),

In December 2007, the FASB issued SFAS No. 160,

In March 2008, the FASB issued SFAS No. 161,

- 18 -



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FINMETAL MINING LTD.



NOTE 3



The amounts due to related parties of $31,820 as at March 31, 2008 (December 31, 2007: $54,365), are due to officers and directors of the Company or companies related to them, on account of



NOTE 4



(i)  Mineral Property:

The Apofas Properties



Pursuant to an agreement dated January 22, 2007 the Company has the option to acquire a 100% interest in five mineral concessions, known as the Poronmannikko and Sarkiahonkangas projects, located in Finland. Under the terms of the agreement, the company has the right to acquire a 100% interest in two projects by making cash payments totalling €1,000,000. The initial payment of €150,000 is due on or before April 1, 2007 (paid), the 2nd payment of €150,000 is due on or before April 1, 2008 (extended by agreement to April 30, 2008), the 3rd payment of €300,000 is due on or before April 1, 2009 and the final payment of €400,000 is due on or before April 1, 2010.  Concurrent with ratification of the agreement on May 4, 2007, the Company issued 400,000 common shares as a finder

The Magnus Properties



Pursuant to an agreement dated October 6, 2006 the Company has the option to acquire a 100% interest in 4 different mineral properties (Petrovaara, Poskijarvi-Kokka, Rautavaara and Tainiovaara) by paying option payments for a total of €1,000,000 in cash for each property over a period of 4 years.  The option payments are to be paid annually at the beginning of each year as follows:  1st year €100,000 (paid), 2nd year €100,000, 3rd year €300,000 and 4th year €500,000 per property for a total of €4,000,000 if all 4 properties are acquired fully; and by making a work commitment of €1,000,000 on each property of which 25% must be conducted annually.  All properties are subject to a 2% NSR.  The 1st year payments for all 4 properties totalling $523,400 (€400,000) was paid during the fiscal year ended December 31, 2006.  The optionor is currently in the process of completing registration of its mineral claims with the Finnish Ministry of Industry and Trade.  The due date of the second option payment of €100,000 with respect to the Rautavaara Property is extended pursuant to an amendment agreement to April 30, 2008 in consideration of a €10,000 extension payment (paid) and payment of applicable government and landowner payments according to Finnish law (paid).  The due date for the first year work commitment of €250,000 with respect to the Rautavaara Property is extended to August 31, 2008 and the first year work commitment of €250,000 with respect to the Tainiovarra Property is extended to May 31, 2008.  In fiscal 2008, the Company decided not to exercise the second year option with respect to each of these Properties.

- 19 -



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FINMETAL MINING LTD.



NOTE 4



(i)  Mineral Property  (cont

The Magnus Properties (cont

On June 11, 2007, the Company entered into an Option Agreement with Magnus Minerals OY, pursuant to which the Company entered into a joint venture to explore the

Under the terms of the Option Agreement, the Company has the right to acquire ownership from Magnus of up to a 51% interest in certain claim reservations, and pending claims comprising the Property as more particularly set forth in the Option Agreement.

It is intended that the Company will be the operator of the joint venture and can earn a 51% interest in the Property by fulfilling U.S. $10 million in work commitments and €3 million in option payments.



In order to exercise the option, the Company will be required to spend U.S. $10 million in work commitments with minimum expenditures as follows:(a) U.S. $1.8 million by November 30, 2008; (b) U.S. $2.2 million by November 30, 2009; (c) U.S. $2.8 million by November 30, 2010; and (d) U.S. $3.2 million by November 30, 2011.  In addition, the Company is required to make a total of €3 million in option payments to Magnus over four years as follows: (a) €30,000 by May 22, 2007 (which payment has been made); (b) €270,000 upon execution of the Option Agreement (which payment has been made); (c) €600,000 by November 30, 2008, (d) €900,000 by November 30, 2009; and (e) €1,200,000 by November 30, 2010.



Magnus Minerals Oy is a company in which the Company



There are certain inherent risks relating to the title to the mineral properties and mining and exploration rights that the Company has an interest in through its above noted option agreements, as registration of some of the mineral claims with the Finish government has not yet been completed.  The Company, therefore, cannot give any assurance that it will have valid title on its mineral property interests.

- 20 -



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FINMETAL MINING LTD.





NOTE 4 -PROPERTY AND EQUIPMENT (cont'd...)



(ii)  Property and Equipment:

|As at March 31, 2008:                    | Cost$  | AccumulatedAmortization$ | Net bookValue$
|---------------------------------------- | ------ | ------------------------ | --------------
|Furniture, computer and office equipment | 47,957 | 8,671                    | 39,286        
|Computer software                        | 5,928  | 3,705                    | 2,223         
|                                         | 53,885 | 12,376                   | 41,509        



|As at December 31, 2007:                 | Cost$  | AccumulatedAmortization$ | Net bookValue$
|---------------------------------------- | ------ | ------------------------ | --------------
|Furniture, computer and office equipment | 38,291 | 6,041                    | 32,250        
|Computer software                        | 5,928  | 2,964                    | 2,964         
|                                         | 44,219 | 9,005                    | 35,214        





NOTE 5



Common Stock



On November 30, 2006 the Company granted 1,950,000 restricted shares at a deemed price of $1.24 per share to officers of the company.  Fifty percent of these shares vest on January 1, 2008 and the balance on January 1, 2009.On December 27, 2007 all 1,950,000 restricted shares were cancelled and returned

to treasury.   Related stock based compensation in the amount of $2,321,780 was charged to operations during the year ended December 31, 2007. The deemed price was equal to the market price of the Company's stock on the date of the transaction.

















- 21 -



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FINMETAL MINING LTD.





NOTE 5 -STOCKHOLDERS'EQUITY (cont'd...)



Common Stock (cont'd...)



On April 17, 2007, the Company completed a private placement and issued 2,436,000 units at a price of $1.25 per share for total proceeds of $3,045,000.  Each unit consists of one share of common stock, par value $0.00001, and one-half warrant with each full warrant enabling the purchase of one share of common stock, exercisable for twelve months at the exercise price of $1.75, exercisable on or before April 17, 2008.  The Company also issued a cash finder's fee of $212,450 and 167,160 warrants exercisable on or before April 17, 2008 at an exercise price of $1.75.



On April 17, 2007 the Company granted 750,000 restricted shares at a deemed price of $1.45 per share to officers, directors and consultants of the Company.  Fifty percent of these shares vest on April 17, 2008 and the balance on April 17, 2009. Related stock based compensation in the amount of $135,938 was charged to operations during the three months ended March 31, 2008 (2007: $ Nil),the balance in the amount of $569,427 is deferred and shall be amortized and charged to operations over the vesting period. The deemed price is equal to the market price of the Company's stock on the date of the transaction.



On April 17, 2007 the Company granted 175,000 restricted shares at a deemed price of $0.18 per share to consultants of the Company. The deemed price is equal to the market price of the Company's stock as of December 31, 2007.  Fifty percent of these shares vest on April 17, 2008 and the balance on April 17, 2009. Related stock based compensation in the amount of $Nil was charged to operations during the three months ended March 31, 2008 (2007: $Nil) based on a deemed price of $0.06 per share as at March 31, 2008.  Cumulatively $11,069 was charged to operations from April 17, 2007 to March 31, 2008, the balance in the amount of $20,431 is deferred and shall be amortized and charged to operations over the vesting period.



Stock Options



On April 17, 2007 the Company granted 3,350,000 incentive stock options to officers, directors and consultants of the Company to purchase common stock of the Company at a price of $1.25 per common share on or before April 17, 2017 and vesting as to one-quarter of the common shares under the stock option on April 17, 2007 and one-quarter every six months thereafter in accordance with the terms and conditions of the Company's Stock Incentive Plan.  As at March 31, 2008 and December 31, 2007 3,350,000 stock options were outstanding.



During fiscal 2007, the Company adopted the 2007 Stock Incentive Plan, (the "Plan") which provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, performance shares and performance units, and stock awards to officers, directors or employees of, as well as advisers and consultants to, the Company.



All stock options and rights are to vest over a period determined by the Board of Directors and expire not more than ten years from the date granted.  Pursuant to the Plan, the maximum aggregate number of shares that may be issued for awards is 10,000,000 and the maximum aggregate number of shares that may be issued for incentive stock options is 10,000,000.

- 22 -



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FINMETAL MINING LTD.





NOTE 5



Stock Options (cont



The weighted average fair value of the 3,300,000 options granted to officers and directors in 2007 was estimated at $1.24 per share using the Black-Scholes option-pricing model, using the following assumptions: risk-free interest rate of 4.11%, dividend yield of 0%, volatility of 120.85% and expected life of approximately 5 years. Related stock based compensation in the amount of $425,351 was charged to operation during the three months ended March 31, 2008 (2007: $Nil), and cumulatively $3,666,379 from April 17, 2007 to March 31, 2008.



The weighted average fair value of the 50,000 options granted to a consultant in 2007 was estimated at $0.14 per share using the Black-Scholes option-pricing model, using the following assumptions: risk-free interest rate of 4.11%, dividend yield of 0%, volatility of 146.97% and expected life of approximately 5 years. Related stock based compensation in the amount of $Nil was charged to operations during the three months ended March 31, 2008 (2007: $Nil) and cumulatively $4,504 from April 17, 2007 to March 31, 2008.



Although the assumptions used to record stock compensation expense reflect management



Warrants



On April 17, 2007, the Company completed a private placement and issued 2,436,000 units at a price of $1.25 per share for total proceeds of $3,045,000.  Each unit consists of one share of common stock, par value $0.00001, and one-half warrant with each full warrant enabling the purchase of one share of common stock, exercisable for twelve months at the exercise price of $1.75, exercisable on or before April 17, 2008. 1,218,000 full warrants remained outstanding as at March 31, 2008 and December 31, 2007(all of which subsequently expired).  The Company also issued a cash finder

- 23 -



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FINMETAL MINING LTD.





NOTE 6



Related party transactions not disclosed elsewhere in these financial statements are as follows:





During the three months ended March 31, 2008  the Company:



- paid $101,451 (2007: $86,996) for consulting and management fees and management salaries to current officers and directors of the Company
- paid $25,486 (2007: $Nil) for consulting fees included in mineral property acquisition and exploration expenditures, to companies controlled by the Vice-President of Exploration and the President.





These transactions were in the normal course of operations and were measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.



NOTE 7



- See Notes 4
- The Company is committed commencing March 1, 2007, for monthly geological consulting services in the amount of GBP

- The Company is committed for one year, commencing November 1, 2007, for monthly consulting services in the amount of $5,000 to a party who shall provide business development strategies and corporate marketing.
- The Company committed for a one year period commencing January 1, 2008, to a consulting firm for monthly services in the amount of $1,500, for website maintenance.
- The Company is further committed, commencing May 1, 2007, for monthly consulting services in the amount of $ 17,000 to its Vice President of Exploration.







- 24 -



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FINMETAL MINING LTD.







NOTE 8



Prior to the operations of acquisition and exploration of mineral properties, the Company's areas of operations were primarily in Canada.  Since the commencement of acquisition and exploration of mineral properties, the Company's principal operations are in Finland.  As at March 31, 2008, the Company does not have any material assets outside of Canada except long-lived assets of $7,838 (December 31, 2007: $3,940)





NOTE 9 - RECLASSIFICATIONS

Certain prior year amounts have been reclassified to conform to the current year presentation.

__________











- 25 -



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

In this document: (i) the terms "we", "us", "our", the "Company" and "FinMetal" refer to FinMetal Mining Ltd. and our subsidiaries, unless the context otherwise requires; (ii) references to "FinMetal OY" mean FinMetal Mining OY, a wholly-owned subsidiary of the Company, and its subsidiaries; and (iii) "€" refers to Euros and "$" refers to United States dollars.

The following discussion of our financial condition, changes in financial condition and results of operations for the three months ended March 31, 2008 and 2007 should be read in conjunction with our unaudited interim financial statements and related notes for the three months ended March 31, 2008 and 2007.  The following discussion contains forward-looking statements that involve risks, uncertainties and assumptions.  Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, those set forth below under the heading "Risk Factors".

Our Business

We are an exploration stage company engaged in the assessment, acquisition and exploration of mineral properties.

We were incorporated on September 5, 1997 under the laws of the State of Nevada.  On January 7, 2005, we completed a one new for six old reverse stock split of our shares of common stock.  On March 9, 2006, we completed a one new for 100 old reverse stock split of our shares of common stock.  On June 13, 2006, we completed an eight new for one old forward stock split of our shares of common stock.  These reverse and forward stock splits are reflected in this Report.  On November 27, 2006, we acquired FinMetal OY.  Our authorized capital is 100,000,000 common shares with a par value of $0.00001 per share and our shares trade on the OTC Bulletin Board and the Pink Sheets.

We did not have any operations prior to the acquisition of our wholly-owned subsidiary, FinMetal OY, a corporation organized under the laws of Finland, on November 27, 2006.  We acquired all of the outstanding shares of FinMetal OY in consideration for the issuance to the shareholder of FinMetal OY of 1,000,000 of our shares of common stock and a payment of €211,482 in cash (including €11,482 representing transfer taxes).  As more fully described herein, at the time we acquired FinMetal OY, FinMetal OY owned the option to acquire a 100% interest in four mineral properties located in Finland, and better known as the Petrovaara, Poskijärvi-Kokka, Rautavaara and Tainiovaara properties, along with all existing property data (collectively, the "FinMetal Oy Properties").  As further described below, we no longer have an interest in these properties.

On January 22, 2007, we entered into a letter agreement with Ab Apofas OY ("Apofas"), pursuant to which Apofas granted to us the sole and exclusive option to acquire, subject to a 2% gross proceeds royalty, a 100% undivided interest in and to five mineral property concession registration interest assets known as the Poronmannikko and Sarkiahonkangas gold prospects, which are located in northern Finland (collectively, the "Apofas Properties" and also known as the Oijarvi Gold Project).  As further described below, we allowed this option to lapse on April 30, 2008.

On June 11, 2007, we entered into a definitive Mineral Property Option and Joint Venture Agreement with Magnus Minerals OY, a Finnish corporation, ("Magnus"), pursuant to which we and Magnus agreed to an option and a joint venture to explore the "Enonkoski area" in Finland (collectively, the "Enonkoski Property") primarily for nickel-copper-platinum group elements.  It is intended that we will be the operator of the joint venture and can earn a 51% interest in certain valid claim reservations and pending claims comprising the Enonkoski Property by fulfilling $10 million in work commitments and €3 million in option payments, as more fully described below.

The FinMetal Oy Properties

As indicated above, we acquired our wholly owned subsidiary, FinMetal Oy, on November 27, 2006.  At the time we acquired FinMetal OY, FinMetal OY owned the option, pursuant to an October 6, 2006 option agreement by and between FinMetal Oy and Magnus Minerals OY ("Magnus"), to acquire a 100% interest in four mineral properties located in Finland, and better known as the Petrovaara, Poskijärvi-Kokka, Rautavaara and Tainiovaara properties, along with all existing property data.  Under the original terms of the option agreement, FinMetal Oy would earn the interest in such properties (i) by paying option payments of 1,000,000 euros in cash for each property (that is, 4,000,000 euros with respect to all four properties) over a period of four years, to be paid annually at the beginning of each year with respect to each property as follows: 100,000 euros in the first year, 100,000 euros in the second year, 300,000 euros in the third year, and 500,000 euros in the fourth year, and (ii) by making a work commitment of 1,000,000 euros on each property (for a total work commitment of 4,000,000 euros), of which 25% must be conducted each year over a period of four years.  All properties are subject to a 2% net smelter royalty in favour of Magnus.

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On December 28, 2007, FinMetal Oy and Magnus entered into Amendment No. 1 to the option agreement, pursuant to which the terms of the original option agreement were amended as follows:



- the due date of the second option payment of 100,000 euros with respect to the Rautavaara property was extended to April 30, 2008 in consideration of a 10,000 euro extension payment (which has been paid) and by FinMetal Oy keeping the claims in good standing by paying the applicable government and landowner payments according to Finnish law (we have decided to allow this option to lapse, so we have not made this second option payment);



- after the abovementioned extension payment has been paid and the second year option payment has been paid with respect to the Rautavaara property, the due date of the first year work commitment of 250,000 euros with respect to such property shall be extended such that such work commitment shall not be due until August 31, 2008; and



- the due date of the first year work commitment of 250,000 euros with respect to the Tainiovarra property shall be extended such that such work commitment shall not be due until May 31, 2008 (we have decided to allow this option to lapse).

In addition, the parties to the amendment acknowledged therein that FinMetal Oy decided not to exercise the second year option with respect to each of the Petrovaara and Poskijärvi-Kokka properties and that full interest in and to such properties (including claims in good standing for at least one year, and all data and information both old and new gathered by FinMetal Oy) shall be transferred to Magnus within one month at FinMetal Mining Oy's expense, and thereafter FinMetal Oy shall have foregone any claim on the Petrovaara and Poskijärvi-Kokka properties.  As indicated above, we have decided to allow our options with respect to the Rautavaara and Tainiovarra properties to lapse.

The Apofas Properties

Under the terms of our January 22, 2007 letter agreement with Apofas, and in order to exercise our option to acquire a 100% undivided interest in and to five mineral property concession registration interest assets known as the Poronmannikko and Sarkiahonkangas gold prospects (subject to a 2% gross proceeds royalty), we are required to make the following non-refundable cash payments to Apofas totalling €1.0 million in the following manner: (i) the first payment of €150,000 is due on or before April 1, 2007 (paid); (ii) the 2nd payment of €150,000 is due on or before April 1, 2008 (subsequently extended by agreement to be paid by April 30, 2008); (iii) the 3rd payment of €300,000 is due on or before April 1, 2009; and (iv) the final payment of €400,000 is due on or before April 1, 2010.  We have decided to allow this option to lapse, so we have not made the second option payment.



The Enonkoski Property

On June 11, 2007, we entered into a definitive Mineral Property Option and Joint Venture Agreement with Magnus Minerals OY, a Finnish corporation, ("Magnus"), pursuant to which we and Magnus agreed to an option and a joint venture to explore the "Enonkoski area" in Finland (collectively, the "Enonkoski Property") primarily for nickel-copper-platinum group elements.  It is intended that we will be the operator of the joint venture and can earn a 51% interest in certain valid claim reservations and pending claims comprising the Enonkoski Property by fulfilling $10 million in work commitments and €3 million in option payments, as more fully described below.

In order to exercise our option, we will be required to spend $10 million in work commitments with minimum expenditures as follows: (a) $1.8 million by November 30, 2008; (b) $2.2 million by November 30, 2009; (c) $2.8 million by November 30, 2010; and (d) $3.2 million by November 30, 2011.  In addition, we will be required to make a total of €3 million in option payments to Magnus over four years as follows: (a) €30,000 by May 22, 2007 (which payment has now been made); (b) €270,000 upon execution of the Option Agreement (which payment has been made); (c) €600,000 by November 30, 2008, (d) €900,000 by November 30, 2009; and (e) €1,200,000 by November 30, 2010.

We must spend 50% or more of our work commitments ($5 million) and option payments (€1.5 million) before any earn-in is realized.  Once the 50% has been reached, we will have a 25.5% interest in the Enonkoski Property and our interest will increase proportional to our work commitments and option payments to the maximum of 51%, at which point both our and Magnus' interests are to be converted to working interests.

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Planned Exploration Program

There are no known reserves on any of the properties underlying our mineral property interests, and our work is exploratory in nature.

As noted above, we are not pursuing our option with respect to the Petrovaara, Poskijärvi-Kokka, Rautavaara, Tainiovarra or Apofas properties.  As such, our planned exploration program covers the Enonkoski properties.



With respect to the Enonkoski properties, the Hälväla Nickel Mine is the main focus of our 2008 exploration program.  Our initial exploration program has been designed to check the validity of the reported resource estimate and the deep high grade drill intersection followed by a down-hole electromagnetic survey to seek extensions.  The work planned in this area will consist of detailed geology using existing drill core and down-hole and surface geophysics with the primary objective of locating high grade ore bodies amenable to underground mining, with a secondary target of shallow low grade ore.  By the end of fiscal 2008, we plan to fly an airborne electromagnetic survey (approximately 6,000 line-km) and conduct a drill program of approximately 5,000 meters.  We began our airborne geophysical survey in the summer of 2007.  The survey, designed to locate conductive minerals associated with nickel, utilizes an AeroTEM II system - a high-resolution helicopter-borne electromagnetic (EM) system developed by Canadian company Aeroquest.  The survey is being used to locate drilling targets. Airborne EM is particularly effective over glacial terrains, such as Finland, where sediments may hide ore bodies. The conductive sulphide minerals that FinMetal is seeking are typically close the surface, due to glacial erosion.  Aeroquest will provide FinMetal with advanced data processing and interpretation in industry standard formats and high quality coloured maps. Geophysicist Steve Balch, our Vice President of Exploration, who has expert knowledge of the AeroTEM system, is supervising quality control and assurance during data acquisition.

Plan of Operations

Our plan of operations within the next twelve months is to pursue our planned exploration program as described above.  In particular, we plan to complete the following objectives within the time periods specified, subject to our obtaining the funding necessary:

1.     In accordance with the terms of the agreements pursuant to which we acquired our mineral property interests, we plan to incur the following costs with respect to our mineral property interests over the next twelve months:

- first year work commitment expenditures of $1.8 million with respect to the Enonkoski properties to be incurred by November 30, 2008; and
- a third option payment of 600,000 euros (US$935,460 based on the noon buying rate on May 16, 2008 of Euro 1.00 : US$1.5591) with respect to the Enonkoski properties to be paid by November 30, 2008,

2.     We anticipate spending approximately $50,000 in ongoing general and administrative expenses per month for the next twelve months, for a total anticipated expenditure of $600,000 over the next twelve months.  The general and administrative expenses for the year will consist primarily of professional fees for the audit and legal work relating to our regulatory filings throughout the year, as well as transfer agent fees and general office expenses.

Thus, we estimate that our expenditures over the next twelve months will be approximately $3.3 million dollars.  As at March 31, 2008, we had cash and cash equivalents of $869,647 and a working capital of $757,699.  As such, our ability to make our planned exploration expenditures and to pay for our general administrative expenses will be subject to us obtaining additional financing.

During the 12 month period following the date of this report we anticipate that we will not generate any revenue.  Accordingly, we will be required to obtain additional financing in order to continue our plan of operations during and beyond the next twelve months.  We believe that debt financing will not be an alternative for funding additional phases of exploration as we do not have tangible assets to secure any debt financing.  We anticipate that additional funding will be in the form of equity financing from the sale of our common stock.  However, we do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our complete exploration program.  In the absence of such financing, we will not be able to pursue our exploration program, we will be forced to abandon our mineral property interests and our business will fail.

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Results of Operations



We have not had any revenues from operations for the past two fiscal years.  We had a net loss of $1,157,588 for the three months ended March 31, 2008 as compared to a net loss of $727,169 for the three months ended March 31, 2007.  The increase in our net loss was primarily the result of $561,289 in stock-based compensation during the three months ended March 31, 2008 (three months ended March 31, 2007 - $290,160) and increased mineral property acquisition and exploration expenditures, which were $341,732 in the three months ended March 31, 2008 (three months ended March 31, 2007 - $Nil).

Liquidity and Capital Resources

At March 31, 2008, we had cash and cash equivalents of $869,647 (December 31, 2007 - $1,957,856) and a working capital of $757,699 (December 31, 2007 - $1,368,636).  Although we believe that our existing cash balance is sufficient for our near-term day-to-day general administrative expenses, we will require additional financing in order to pursue our planned exploration as outlined under "Plan of Operations" above.

Cash Used in Operating Activities

Operating activities in the three month periods ended March 31, 2008 and 2007 used cash of $1,068,543 and $470,488 respectively, which reflect our recurring operating losses.

Cash Used in Investing Activities

In the three period ended March 31, 2008, we used $19,666 in investing activities ($9,666 for purchase of equipment and $10,000 for website development costs), as compared to $35,406 (all for purchase of equipment) used in investing activities during the period ended March31, 2007.

Cash from Financing Activities

As we have had no revenues since inception, we have financed our operations primarily by using existing capital reserves, obtaining debt financing and through private placements of our stock.  We did not obtain any cash from financing activities in the three months ended March 31, 2008.  Financing activities in the three months ended March 31, 2007 provided cash of $2,670,000, all of which was from subscription funds received.

Off-Balance Sheet Arrangements

There are no off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources, which individually or in the aggregate is material to our investors.



Item 3.            Quantitative and Qualitative Disclosures About Market Risk

Not applicable.



Item 4.            Controls and Procedures

Disclosure Controls and Procedures

Our Chief Executive Officer, Daniel Hunter, and our Principal Financial Officer, Kenneth Phillippe, have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934) as of the end of the period covered by this report, and in their opinion our disclosure controls and procedures were effective.

No Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter that has materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1.            Legal Proceedings

We currently are not a party to any material legal proceedings and, to our knowledge, no such proceedings are threatened or contemplated.



Item 1A.          Risk Factors

Our common shares must be considered a speculative investment.  Readers should carefully consider the risks described below before deciding whether to invest in shares of our common stock.  If we do not successfully address the risks described below, there could be a material adverse effect on our business, financial condition or results of operations, and the trading price of our common stock may decline and investors may lose all or part of their investment.  We cannot assure any investor that we will successfully address these risks.

None of our officers or directors is employed full time by the Company.  The management and growth of our company depends on the continued involvement of our management team, none of whom are employed full time.  Should any of our management resign we might not be able to replace them.  We do not have employment agreements in place with any of our officers nor do we carry key-person insurance.  All of our officers have other business interest, which results in them devoting only a portion of their time to the business of the company.  A conflict of interest between our officers' other business interests and us could be detrimental to us.

We have a limited history of operations making it difficult to evaluate our current value and chance of success. We only recently acquired our acquire exploration properties.  We have a limited history of operations and there is no guarantee that we will acquire any further exploration interests.  Our limited history makes it difficult to evaluate the current value of our shares and our chances of success in the future leading to volatility in the value of your investment.

We have incurred net losses since inception and anticipate that losses will continue. We have not generated any revenues to date.  We have no history of earnings and there is no assurance that our business will be profitable.  As at March 31, 2008, we have experienced a cumulative net loss of $13,337,100, and we expect to continue incurring operating losses and accumulating deficits in future periods.  We cannot guarantee that we will be successful in generating revenues in the future. A failure to generate revenues will likely cause us to go out of business.

We have limited financial resources and will have to raise additional funds to continue and expand our business. There can be no certainty that market conditions will enable us to raise the funds required.  Failure to do so will result in the failure of our business. As at March 31, 2008, we had cash and cash equivalents of $869,647 and working capital of $757,699.  Our anticipated expenditures for the next 12 months are approximately $3.3 million.

We presently do not have sufficient capital to satisfy the expected expenditures, have no revenues and will rely principally on the issuance of common shares to raise funds to finance the expenditures that are expected to be incurred during the next 12 months.  There is no assurance that market conditions will enable us to raise funds when required, and any additional equity financing will likely be dilutive to existing shareholders.  Should we fail to raise additional funds, we will be unable to carry out our plan of operations.

Based upon our financial position our auditor has expressed doubt about our ability to continue as a going concern. We will be unable to continue as a going concern if we are unable to earn sufficient revenues from operations or to raise additional capital through debt or equity financings to meet our future capital obligations.  As of March 31, 2008 we have working capital of $757,699, which is not sufficient to cover our planned expenditures over the next twelve months.  If we do not raise the capital required to carry out our plan of operations beyond that date, we may be unable to continue as a going concern and you may lose your entire investment.

The mineral exploration industry is very competitive and we may not be able to effectively compete with other companies in bidding for and securing property interests resulting in a high risk of failure for our company. We are in competition with other companies with greater financial resources and expertise in bidding for the acquisition of mineral property interests from various state authorities and permit holders, in purchasing or leasing equipment necessary to explore for minerals and in obtaining the services of personnel in the exploration for minerals.  Our inability to compete raises the risk that we will be unable to secure material property interests and carry out our plan of operations.

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There is no assurance that we will discover any minerals.  Failure to discover minerals will make it difficult for us to remain as a going concern. We have no known reserves on any of our properties and there is no assurance that commercial quantities of any minerals will be discovered.  In addition, even if minerals are discovered, the costs of extraction to market may render any deposit found uneconomic.  If we do not find minerals reserves or if we cannot develop reserves, either because we do not have sufficient capital to do so or the costs of extraction are uneconomical, we will have to cease operations and investors who have purchased shares may lose their investment.

Geological conditions are variable and unpredictable and heighten exploration risk. Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed into producing properties.  Even if production is commenced, the production will inevitably decline and may be affected or terminated by changes in geological conditions that cannot be foreseen or remedied. A change in geological conditions may render a discovery uneconomic.

The marketing and sale of mineral products is subject to government regulation that may impair our ability to sell minerals or limit the prices available. Even if we make discoveries in commercial quantities, development of a discovery may take a number of years and financial conditions at that time cannot be predicted.  The availability of products sold, or to be sold, may be restricted or rendered unavailable due to factors beyond our control, such as change in laws in the jurisdictions in which we may be operating, changes in the source of supply in foreign countries and prohibition on use due to testing and licensing requirements.

The price for commodities is volatile and determined by factors beyond our control.  Prices for minerals may fluctuate widely from time to time depending on international demand, production and other factors that cannot be foreseen. A decline in price may render a discovery uneconomic.

Failure to meet the prescribed terms and conditions of any required permit for the exploration of our properties may result in the loss or abandonment of the permit. The terms and conditions of any required permit or license granting us, directly or indirectly, the right to explore for and develop minerals may prescribe a work program and the date or dates before which such work program must be satisfied.  Varying circumstances, including our financial resources, availability of required equipment, and other matters, may result in the failure to satisfy the terms and conditions of a permit or license and result in the complete loss of the interest in the permit or license.

We are subject to numerous local laws and regulations that are subject to change, including tax and land title claims.  Any material change could have an adverse effect on our business and our ability to operate. There is no assurance that governmental regulation will not vary, including regulations relating to prices, royalties, allowable production, environmental matters, import and export of minerals and protection of water resources and agricultural lands.  We will be subject to numerous governmental regulations that relate directly and indirectly to our operations including but not limited to title, production, marketing and sale of minerals, taxation, and environmental matters.  There is no assurance that the laws relating to the ownership of mineral property interests and the operation of our business in the jurisdiction in which we operate will not change in a manner that may materially and adversely affect our business.

We presently do not carry liability or title insurance and do not plan to secure any in the future.  The lack of insurance makes us vulnerable to excessive potential claims and loss of title. We do not maintain insurance against public liability, environmental risks or title.  The possibility exists that title to future prospective properties may be lost due to an omission in the claim of title and any claims against us may result in liabilities we will not be able to afford resulting in the failure of the business and the complete loss of your investment.

Our business will be subject to laws that control the discharge of materials into the environment and we may be liable for environmental damages. The laws relating to the protection of the environment have become more stringent and may expose us to liability for the conduct of, or conditions caused by others or for our actions that were in compliance with all applicable laws at the time such acts were performed.  The application of these requirements or the adoption of new requirements could have a material adverse effect on our business.

We conduct our business in Euros, the value of which fluctuates against the U.S. currency. An appreciation in the Euro against the US dollar may have adverse effects on our business.  We hold cash reserves in US dollars but are incurring a significant proportion of our expenses in Euros.  An increase in value of the Euro versus the US dollar would have a detrimental effect on our results of operations as expenses incurred would, in turn, increase in US dollars.  While certain fluctuation can be expected to continue there can be no assurance that the exchange rate will stabilize at current rates.

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Our common shares are quoted through the facilities of the OTC Bulletin Board and the Pink Sheets.  The price of our common shares is very volatile and thinly traded making the sale of shares very difficult. There can be no assurance that a stable market for our common shares will ever develop or, if it should develop, be sustained.  It should be assumed that the market for our common shares will continue to be highly illiquid, sporadic and volatile and shareholders may not be able to sell their shares in the public market.  These securities should not be purchased by anyone who cannot afford the loss of the entire investment.

We may issue more shares of common stock, which would dilute the value of the common stock held by our current shareholders. Our Articles of Incorporation authorize the issuance of 100,000,000 shares of common stock.  We will likely issue additional shares to acquire further capital in order to carry out our intended operations or expand current operations, or to provide additional financing in the future.  The issuance of any such shares may result in a reduction of the book value or market price of our outstanding common shares.  If we do issue any additional shares, such issuance will cause a reduction in the proportionate ownership and voting power of all other shareholders and may result in a change of control.

We have no history of earnings and there is no assurance that if we do that dividends will be declared.  We have no history of earnings and there is no assurance that our business will be profitable and, even if profitable, there is no assurance that our board of directors will declare dividends on our common shares.

Broker-dealers may be discouraged from effecting transactions in our shares of common stock because they are considered penny stock and are subject to the penny stock rules.  The Securities and Exchange Commission (the "SEC") has adopted rules that regulate broker-dealer practices in connection with transactions in "penny stocks." Penny stocks generally are equity securities with a price of less than $5.00 per share.  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 prepared by the SEC that 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 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.  In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from such rules, the broker-dealer must make a special written determination that a penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction.  These disclosure requirements often have the effect of reducing the level of trading activity in any secondary market for a stock that becomes subject to the penny stock rules.  Our common stock is currently subject to the penny stock rules, and accordingly, investors may find it difficult to sell their shares, if at all.



Item 3.            Defaults Upon Senior Securities

None.



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

None.



Item 5.            Other Information

None



Item 6.            Exhibits



|Exhibit Number | Description                                                                                            
|-------------- | -------------------------------------------------------------------------------------------------------
|3.1(1)         | Articles of Incorporation.                                                                             
|3.2 (2)        | Certificate of Amendment to Articles of Incorporation, evidencing name change to "FinMetal Mining Ltd."
|3.3(1)         | By-Laws.                                                                                               



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|10.2(3)  | Stock Purchase Agreement between the Company and Peter Löfberg, dated November 2, 2006, relating to the acquisition of FinMetal OY.                                           
|-------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.3(4)  | Letter Agreement dated January 22, 2007 between the Company and AB Apofas OY.                                                                                                 
|10.4(5)  | Amendment No. 1 to Option Agreement between Company and Magnus Minerals Oy, dated December 28, 2007                                                                           
|10.5(6)  | Mineral Property Option and Joint Venture Agreement between the Company and Magnus Minerals Oy, dated June 11,2007                                                            
|10.6 (2) | 2007 Stock Incentive Plan                                                                                                                                                     
|14.1(7)  | Code of Ethics.                                                                                                                                                               
|31.1     | Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.             
|31.2     | Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.             
|32.1     | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|99.1(7)  | Audit Committee Charter.                                                                                                                                                      

(1)           Filed with our Registration Statement on Form 10-SB as filed with the SEC on March 14, 2005.
(2)           Filed with our Annual Report on Form 10-KSB for the year ended December 31, 2007, as filed with the SEC on April 15, 2008.
(3)           Filed with our Current Report on Form 8-K filed as filed with the SEC on November 30, 2006.
(4)           Filed with our Current Report on Form 8-K filed as filed with the SEC on January 26, 2007.
(5)           Filed with our Current Report on Form 8-K filed as filed with the SEC on January 4, 2008.
(6)           Filed with our Current Report on Form 8-K filed as filed with the SEC on June 13, 2007.
(7)           Filed with our Annual Report on Form 10-KSB as filed with the SEC for the year ended December 31, 2005.





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SIGNATURES

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



FINMETAL MINING LTD.



By:           "Daniel Hunter"
                 Daniel Hunter
                 Chief Executive Officer, Principal Executive Officer and Chairman of the Board of Directors
Date:       May 20, 2008



By:           "Kenneth Phillippe"
                 Kenneth Phillippe
                 Secretary, Treasurer, Chief Financial Officer and Principal Accounting Officer
Date:       May 20, 2008