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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**AMENDMENT        NO. 1 TO FORM 10-QSB**

| x | QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|---|-----------------------------------------------------------------------------------------------------------------|

**For      the quarterly period ended September 30, 2007**

| o | TRANSITION                REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE                ACT |
|---|-----------------------------------------------------------------------------------------------|

**FIRST        QUANTUM VENTURES, INC.**

| Nevada                                                                        | 20-4743354                                       |
|-------------------------------------------------------------------------------|--------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) | (IRS                Employer Identification No.) |

**(786)        271-6935**

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| PART                  I. - FINANCIAL INFORMATION |
|--------------------------------------------------|
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  1                          | Financial                  Statements (Unaudited) |
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  2                          | Management's                  Discussion and Analysis or Plan of Operations |
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  3                          | Controls                  and Procedures |
|                                             |   |
|                                             |   |
|                                             |   |
| PART                  II. - OTHER INFORMATION    |
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  1                          | Legal                  Proceedings |
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  2                          | Changes                  in securities, use of proceeds and small business issuer of equity                  securities |
|                                             |   |
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  3                          | Defaults                  upon senior securities |
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  4                          | Submission                  of matters to a vote of security holders |
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  5                          | Other                  information |
|                                             |   |
|                                             |   |
|                                             |   |
| Item                  6                          | Exhibits                  and reports on Form 8-K |
|                                             |   |

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**INDEX        TO FINANCIAL STATEMENTS**

|                                          |   |
|-----------------------------------------------|--------|
| Balance                  Sheet                | F-2    |
|                                          |   |
| Statements                  of Operations     | F-3    |
|                                          |   |
| Statements                  of Cash Flows     | F-4    |
|                                          |   |
| Notes                  to Financial Statement | F-5    |

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**First        Quantum Ventures, Inc.**

**Consolidated        Balance Sheets**

|                                                                                                                                                                                                           |   | September                  30, 2007 |    |   | September                  30, 2006 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|-------------------------------------|--------|
| **ASSETS**                                                                                                                                                                                                     |   |                                |    |   |                                |   |
| CURRENT                  ASSETS                                                                                                                                                                                |   |                                |    |   |                                |   |
|   Cash                                                                                                                                                                                               |   | $                                   | 0       |   |                                | $      | 0 |   |
|   Prepaid                  expenses                                                                                                                                                                  |   |                                | 0       |   |                                |   | 0 |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
|           Total                  current assets                                                                                                              |   |                                | 0       |   |                                |   | 0 |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
| OTHER                  ASSETS                                                                                                                                                                                  |   |                                |    |   |                                |   |   |   |
|   Licensing                  rights                                                                                                                                                                  |   |                                | 0       |   |                                |   | 0 |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
|           Total                  other assets                                                                                                                |   |                                | 0       |   |                                |   | 0 |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
| Total                  Assets                                                                                                                                                                                  |   | $                                   | 0       |   |                                | $      | 0 |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**                                                                                                                                                |   |                                |    |   |                                |   |   |   |
| CURRENT                  LIABILITIES                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
|   Accounts                  payable                                                                                                                                                                  |   |                                |    |   |                                |   |   |   |
|      Convertible                  Note Payable                                                                                                                                        |   | $                                   | 25,229  |   |                                | $      | 8,272 |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
|           Total                  current liabilities                                                                                                         |   |                                | 25,229  |   |                                |   | 8,272 |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
| Total                  Liabilities                                                                                                                                                                             |   |                                | 25,229  |   |                                |   | 8,272 |   |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
| STOCKHOLDERS’                  EQUITY                                                                                                                                                                    |   |                                |    |   |                                |   |   |   |
|   Preferred                  stock, $0.001 par, authorized 50,000,000 shares, 0 issued      and                  outstanding                                           |   |                                | 0       |   |                                |   | 0 |   |
|   Common                  stock, $0.001 par value, authorized 500,000,000 shares;      34,030,390                  and 34,030,390 issued and outstanding, respectively |   |                                | 34,030  |   |                                |   | 34,030 |   |
|   Additional                  paid-in capital in excess of par                                                                                                                                       |   |                                | 0       |   |                                |   | 0 |   |
|   Deficit                  accumulated during the development stage                                                                                                                                  |   |                                | (34,030 | )      |                                |   | (34,030 | ) |
|    Net                  loss for the twelve months                                                                                                                                              |   |                                | (25,229 | )      |                                |   | (8,272 | ) |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
|           Total                  stockholders’ equity                                                                                                  |   |                                | (25,229 | )      |                                |   | (8,272 | ) |
|                                                                                                                                                                                                           |   |                                |    |   |                                |   |   |   |
| Total                  Liabilities and  Stockholders’ Equity                                                                                                                                   |   | $                                   | 0       |   |                                | $      | 0 |   |

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**First        Quantum Ventures, Inc.**

**Statements        of Operations**

|                                                                                        |   | Three                  Months EndedSept.                  30, 2007 |       |   | Three                  Months EndedSept.                  30, 2006 |   |       | From February                  24, 2004 (Inception) through                  Sept. 30, 2007 |   |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|--------|--------------------------------------------------------------------|--------|------------|-------------------------------------------------------------------------------------------------------|--------|
|                                                                                        |   |                                                               |       |   |                                                               |   |       |                                                                                                  |   |
| REVENUES                                                                                    |   | $                                                                  | 0          |   |                                                               | $      | 0          |                                                                                                  |   | $ | 0 |   |
|                                                                                        |   |                                                               |       |   |                                                               |   |       |                                                                                                  |   |   |   |   |
| OPERATING                  EXPENSES:                                                        |   |                                                               |       |   |                                                               |   |       |                                                                                                  |   |   |   |   |
|    General                  and administrative expenses                      |   |                                                               | 734        |   |                                                               |   | 1,982      |                                                                                                  |   |   | 35,229 |   |
|    Legal                  fees - related party                               |   |                                                               | 10,000     |   |                                                               |   | 0          |                                                                                                  |   |   | 10,000 |   |
|    Services                  - related party                                 |   |                                                               | 0          |   |                                                               |   | 0          |                                                                                                  |   |   | 5,000 |   |
|                                                                                        |   |                                                               |       |   |                                                               |   |       |                                                                                                  |   |   |   |   |
|           Total                  expenses |   |                                                               | 10,734     |   |                                                               |   | 1,982      |                                                                                                  |   |   | 50,229 |   |
|                                                                                        |   |                                                               |       |   |                                                               |   |       |                                                                                                  |   |   |   |   |
| Net                  income (loss)                                                          |   | $                                                                  | (10,734    | )      |                                                               | $      | (1,982     | )                                                                                                     |   | $ | (50,229 | ) |
|                                                                                        |   |                                                               |       |   |                                                               |   |       |                                                                                                  |   |   |   |   |
| Income                  (loss) per weighted average common share                            |   | $                                                                  | (0.00      | )      |                                                               | $      | (0.00      | )                                                                                                     |   |   |   |   |
|                                                                                        |   |                                                               |       |   |                                                               |   |       |                                                                                                  |   |   |   |   |
| Number                  of weighted average common shares outstanding                       |   |                                                               | 34,030,390 |   |                                                               |   | 34,030,390 |                                                                                                  |   |   |   |   |

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**First        Quantum Ventures, Inc.**

**Statements        of Cash Flows**

|                                                                                                                     |   | Three                  Months EndedSept. 30,                  2007 |    |   | Three                  Months EndedSept. 30,                  2006 |   |   | From February                  24, 2004(Inception) through                  Sept. 30, 2007 |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|---------|--------|-------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------|--------|
| **CASH                  FLOWS FROM OPERATING ACTIVITIES:**                                                               |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |
| Net                  loss                                                                                                |   | $                                                                       | (10,734 | )      |                                                                    | $      | (1,982 | )                                                                                                    |   | $ | (25,229 | ) |
| Adjustments                  to reconcile net loss to net cash used by operating                  activities:            |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
|         Stock                  issued for services                               |   |                                                                    | 0       |   |                                                                    |   | 0      |                                                                                                 |   |   | 25,000 |   |
| Changes                  in operating assets and liabilities                                                             |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
|         Increase                  (decrease) in accounts payable - trade         |   |                                                                    | 10,734  |   |                                                                    |   | 1,982  |                                                                                                 |   |   | 25,229 |   |
|         Increase                  (decrease) in accounts payable - related party |   |                                                                    | 0       |   |                                                                    |   | 0      |                                                                                                 |   |   | 0 |   |
|                                                                                                                     |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| Net                  cash provided (used) by operating activities                                                        |   |                                                                    | 0       |   |                                                                    |   | 0      |                                                                                                 |   |   | 0 |   |
|                                                                                                                     |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES:**                                                               |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| None                                                                                                                     |   |                                                                    | 0       |   |                                                                    |   | 0      |                                                                                                 |   |   | 0 |   |
|                                                                                                                     |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| Net                  cash provided (used) by investing activities                                                        |   |                                                                    | 0       |   |                                                                    |   | 0      |                                                                                                 |   |   | 0 |   |
|                                                                                                                     |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES:**                                                               |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| Proceeds                  from issuance of convertible debt                                                              |   |                                                                    | 10,734  |   |                                                                    |   | 1,982  |                                                                                                 |   |   | 25,229 |   |
|                                                                                                                     |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| Net                  cash provided by financing activities                                                               |   |                                                                    | 0       |   |                                                                    |   | 0      |                                                                                                 |   |   | 0 |   |
|                                                                                                                     |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| Net                  increase (decrease) in cash                                                                         |   |                                                                    | (10,734 | )      |                                                                    |   | (1,982 | )                                                                                                    |   |   | (25,229 | ) |
|                                                                                                                     |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| **CASH,**beginning of period                                                                                             |   |                                                                    | 0       |   |                                                                    |   | 0      |                                                                                                 |   |   | 0 |   |
|                                                                                                                     |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| **CASH,**end of period                                                                                                   |   | $                                                                       | 0       |   |                                                                    | $      | 0      |                                                                                                 |   | $ | 0 |   |
| **NON                  CASH FINANCING ACTIVITIES**                                                                       |   |                                                                    |    |   |                                                                    |   |   |                                                                                                 |   |   |   |   |
| Common                  stock issued to settle debt                                                                      |   | $                                                                       | 0       |   |                                                                    | $      | 0      |                                                                                                 |   | $ | 9,000 |   |

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**First        Quantum Ventures, Inc.**

**Notes        to Financial Statements**

| **(1)** | **The                  Company**First Quantum Ventures, In.. (the Company) is a Nevada                  chartered development stage corporation which conducts business                  from its                  headquarters in West Palm Beach, Florida.  The Company was                  incorporated in Nevada on April 13, 2006, and is a successor by                  merger                  with Cine-Source Entertainment, Inc., and has elected June 30 as                  its                  fiscal year end. The Company changed its name to First Quantum                  Ventures,                  Inc. on February 24, 2004. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**a)        Use of estimates**

**b)  Start-Up        costs**

|   | **c)  Net                  loss per share**Basic loss per weighted average common share is                  computed by dividing the net loss by the weighted average number                  of common                  shares outstanding during the                  period. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**d)        Stock compensation for services rendered**

| **(2)** | **Stockholders’                  Equity  **The Company has authorized 500,000,000 shares                  of $0.001 par value common stock and 50,000,000 shares of $0.001                  par value                  preferred stock.. The Company had 34,030,390 shares of common stock                  issued                  and outstanding at June 30, 2007.   On April 26, 2004, the                  Company completed a 1-fo-200 reverse split of its common stock,                  leaving                  30,390 shares remaining outstanding.  In May 2004 the company                  authorized the issuance of 5,000,000 shares of its restricted common                  stock                  to its sole officer and director for services.  In November 2004                  the company issued a total of 20,000,000 shares of its common stock                  to a                  third party for capital and other services rendered on behalf of                  the                  company on or before November 2, 2004.  On the same date the                  company issued an additional 9,000,000 shares of its common stock                  in                  exchange for settlement and satisfaction of the balance of any                  indebtedness of the company.  All such shares were issued at par                  value. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **(3)** | **Income                  Taxes**  Deferred income taxes (benefits) are provided                  for certain income and expenses which are recognized in different                  periods                  for tax and financial reporting purposes. The Company had net operating                  loss carry-forwards for income tax purposes of approximately                  $0. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4)** | **Going                  Concern** Even though as shown in the accompanying consolidated                  financial statements, the Company incurred cumulative net losses                  totaling                  $25,229 for the period ended September 30, 2007, it has a stockholders’                  deficit of approximately $34,030 as of September 30,                  2007.  These conditions raise substantial doubt as to the                  ability of the Company to continue as a going concern.  The                  ability of the Company to continue as a going concern is dependent                  upon                  increasing sales and obtaining additional capital and                  financing.  The Company                  is |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**First        Quantum Ventures, Inc.**

**Notes        to Financial Statements**

| **(4)** | **Going                  Concern, continued**  attempting to raise additional                  funds for the Company through third parties.  The financial                  statements do not include any adjustments that might be necessary                  if the                  Company is unable to continue as a going                  concern. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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**Item        3 - Controls and Procedures**

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**PART        II OTHER INFORMATION**

| **Exhibit** |                                                                                                                                                                                                                                                                                                                                                          |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **No.**     | **Description**                                                                                                                                                                                                                                                                                                                                               |
|        |                                                                                                                                                                                                                                                                                                                                                          |
| 31.1        | Certification  of  the  Chief  Executive   Officer  pursuant  to  Rule 13a-14(a)  or  15d-14(a),  as                  adopted  pursuant  to Section 302 of                  the Sarbanes-Oxley Act of 2002.* |
|        |                                                                                                                                                                                                                                                                                                                                                          |
| 32.1        | Certification  of                  the Chief  Executive  Officer  pursuant to                  18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the                  Sarbanes-Oxley Act of 2002.*                                                                                                        |

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**SIGNATURE**