---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

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

For the quarterly period ended NOVEMBER 30, 2007

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT

For the transition period from _____to _______

Commission file number: 333-146675

SIERRA VENTURES,
INC.(Exact name of small business issuer in its charter)

|**Wyoming**                                      | **26-0665441**                 
|------------------------------------------------ | -------------------------------
|(State or other jurisdiction of incorporation or | (I.R.S. Employer Identification
|organization)                                    | No.)                           
|                                                 |                                
|**1685 H Street, No. 155**                       |                                
|**Blaine, Washington**                           | **98230**                      
|(Address of principal executive offices)         | (Zip Code)                     

Issuers telephone number:**(888) 755-9766**

Securities Registered Under Section 12(b) of the Exchange Act:
  **None**

**Securities Registered Under Section 12(g) of the Exchange
  Act:Common Stock, $0.001 par value**(Title of class)

Indicate by check mark whether the issuer (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 [X] No [ ]

Indicate by check mark whether the registrant is an accelerated
  filer (as defined by Rule 12b-2 of the Exchange Act) Yes [ ] No [X]

Indicate by check mark whether the registrant is a shell corporation
  (as defined in Rule 12b-2 of the Exchange Act) Yes [X] No [ ]

State the number of shares outstanding of each of the issuers
classes of common equity, as of the latest practicable date: 6,900,000 shares
of Common Stock as of February 18, 2008.

Transitional Small Business Format. Yes [ ] No [X]

PART I  FINANCIAL INFORMATION

Item 1. Financial Statements

---

|Sierra Ventures, Inc.         
|------------------------------
|(an Exploration Stage Company)
|Balance Sheets                
|November 30, 2007             

|                                                       |   | November 30, 2007 |   | May 31, 2007
|------------------------------------------------------ | - | ----------------- | - | ------------
|                                                       |   | (Unaudited)       |   |             
|Assets                                                 |   |                   |   |             
|                                                       |   |                   |   |             
|Current assets                                         |   |                   |   |             
|Cash and cash equivalents                              | $ | 1,654             |   | $           
|                                                       |   |                   |   |             
|Liabilities and Stockholders' Equity                   |   |                   |   |             
|                                                       |   |                   |   |             
|Current liabilities                                    |   |                   |   |             
|Accrued expenses                                       |   | 2,000             |   |             
|Total
      current liabilities                        |   | 2,000             |   |             
|                                                       |   |                   |   |             
|Stockholders' equity                                   |   |                   |   |             
|Common stock, 500,000,000
      shares authorized,     |   |                   |   |             
|par
      value $.001, 6,900,000 shares issued and     |   |                   |   |             
|outstanding                                            |   | 6,900             |   |             
|Additional paid-in capital                             |   | 8,250             |   |             
|Other comprehensive
      loss                         |   | 66                |   |             
|Deficit accumulated during the exploration
      stage |   | (15,562           | ) |             
|Total stockholders' equity                             |   | (346              | ) |             
|                                                       |   |                   |   |             
|Total liabilities and stockholders' equity             | $ | 1,654             |   | $           

See accompanying notes to financial statements

---

|Sierra Ventures, Inc.         
|------------------------------
|(an Exploration Stage Company)
|Statements of Operations      
|(Unaudited)                   

|                                         |   | October 19, 2006 |   |   | October 19, 2006 |   |   | For the period |  
|---------------------------------------- | - | ---------------- | - | - | ---------------- | - | - | -------------- | -
|                                         |   | Three months     |   |   | (Inception)      |   |   | Six months     |  
|                                         |   | ended            |   |   | through          |   |   | ended          |  
|                                         |   | November 30,     |   |   | November 30,     |   |   | November 30,   |  
|                                         |   | 2007             |   |   | 2006             |   |   | 2007           |  
|                                         |   |                  |   |   |                  |   |   |                |  
|Revenues                                 | $ | ---              |   | $ | ---              |   | $ |                |  
|                                         |   |                  |   |   |                  |   |   |                |  
|Expenses                                 |   |                  |   |   |                  |   |   |                |  
|Professional fees                        |   | 1,000            |   |   | ---              |   |   | 3,000          |  
|Communications expense                   |   | 2,573            |   |   | ---              |   |   | 2,573          |  
|Office expenses                          |   | 2,815            |   |   | 300              |   |   | 2,928          |  
|Travel and entertainment                 |   | ---              |   |   | ---              |   |   | 1,195          |  
|Other services                           |   | ---              |   |   | ---              |   |   | 50             |  
|                                         |   |                  |   |   |                  |   |   |                |  
|Total expenses                           |   | 6,388            |   |   | 300              |   |   | 9,746          |  
|                                         |   |                  |   |   |                  |   |   |                |  
|Net loss                                 | $ | (6,388           | ) | $ | (300             | ) | $ | (9,746         | )
|                                         |   |                  |   |   |                  |   |   |                |  
|Basic and diluted loss per common share  |   | ---              |   |   | ---              |   |   | ---            |  
|                                         |   |                  |   |   |                  |   |   |                |  
|Weighted average number of common shares |   |                  |   |   |                  |   |   |                |  
|used in per share calculations           |   | 6,900,000        |   |   | 6,030,000        |   |   | 6,900,000      |  

See accompanying notes to financial statements

---

|Sierra Ventures, Inc.                       
|--------------------------------------------
|(an Exploration Stage Company)              
|Statement of Changes in Stockholders' Equity
|(Unaudited)                                 

|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   | Deficit     |   |   |               |  
|---------------------------------- |  | ----------- |  | - | ------ |  | - | ---------- |  | - | ------------- | - | - | ----------- | - | - | ------------- | -
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   | accumulated |   |   |               |  
|                                   |  | Common      |  |   |        |  |   | Additional |  |   | Other         |   |   | during the  |   |   | Total         |  
|                                   |  | shares      |  |   | Common |  |   | paid-in    |  |   | Comprehensive |   |   | exploration |   |   | stockholders' |  
|                                   |  | outstanding |  |   | stock  |  |   | capital    |  |   | Loss          |   |   | stage       |   |   | equity        |  
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Common shares issued for           |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|cash                               |  | 6,900,000   |  |   | 6,900  |  |   | 8,100      |  |   | ---           |   |   | ---         |   |   | 15,000        |  
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Contributed services               |  | ---         |  |   | ---    |  |   | 100        |  |   | ---           |   |   | ---         |   |   | 100           |  
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Currency exchange loss             |  | ---         |  |   | ---    |  |   | ---        |  |   | (2            | ) |   | ---         |   |   | (2            | )
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Net loss for the period            |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|October 19, 2006 (inception)       |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|to May 31, 2007                    |  | ---         |  |   | ---    |  |   | ---        |  |   | ---           |   |   | (5,816      | ) |   | (5,816        | )
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Balance, May 31, 2007              |  | 6,900,000   |  |   | 6,900  |  |   | 8,200      |  |   | (2            | ) |   | (5,816      | ) |   | 9,282         |  
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Contributed services               |  | ---         |  |   | ---    |  |   | 50         |  |   | ---           |   |   | ---         |   |   | 50            |  
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Currency exchange gain             |  | ---         |  |   | ---    |  |   | ---        |  |   | 68            |   |   | ---         |   |   | 68            |  
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Net loss for the six months period |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|ended November 30, 2007            |  | ---         |  |   | ---    |  |   | ---        |  |   | ---           |   |   | (9,746      | ) |   | (9,746        | )
|                                   |  |             |  |   |        |  |   |            |  |   |               |   |   |             |   |   |               |  
|Balance, November 30, 2007         |  | 6,900,000   |  | $ | 6,900  |  | $ | 8,250      |  | $ | 66            |   | $ | (15,562     | ) | $ | (346          | )

See accompanying notes to financial statements

---

|Sierra Ventures, Inc.         
|------------------------------
|(an Exploration Stage Company)
|Statements of Cash Flows      
|(Unaudited)                   

|                                                       |   |                   |   |   | For the period      |  
|------------------------------------------------------ | - | ----------------- | - | - | ------------------- | -
|                                                       |   |                   |   |   | October 19, 2006    |  
|                                                       |   | Six Months        |   |   | (date of inception) |  
|                                                       |   | ended             |   |   | through             |  
|                                                       |   | November 30, 2007 |   |   | November 30, 2007   |  
|                                                       |   |                   |   |   |                     |  
|Cash flows used for operating activities               |   |                   |   |   |                     |  
|Net loss                                               | $ | (9,746            | ) | $ | (15,562             | )
|Adjustments to reconcile net loss to net cash provided |   |                   |   |   |                     |  
|by operating activities:                               |   |                   |   |   |                     |  
|Contribued services                                    |   | 50                |   |   | 150                 |  
|Other
      comprehensive loss                         |   | 68                |   |   | 66                  |  
|Changes in operating assets and liabilities            |   |                   |   |   |                     |  
|Increase in accrued
      expenses                     |   | (1,000            | ) |   | 2,000               |  
|                                                       |   |                   |   |   |                     |  
|Cash flows used for operating activities               |   | (10,628           | ) |   | (13,346             | )
|                                                       |   |                   |   |   |                     |  
|Cash flows from financing activities                   |   |                   |   |   |                     |  
|Proceeds from issuance of
      common stock           |   | ---               |   |   | 15,000              |  
|                                                       |   |                   |   |   |                     |  
|Cash flows from financing activities                   |   | ---               |   |   | 15,000              |  
|                                                       |   |                   |   |   |                     |  
|Increase in cash and cash equivalents                  |   | (10,628           | ) |   | 1,654               |  
|                                                       |   |                   |   |   |                     |  
|Cash and cash equivalents --- Beginning of period      |   | 12,282            |   |   | ---                 |  
|                                                       |   |                   |   |   |                     |  
|Cash and cash equivalents --- End of period            | $ | 1,654             |   | $ | 1,654               |  
|                                                       |   |                   |   |   |                     |  
|Supplemental Disclosures regarding cash flows          |   |                   |   |   |                     |  
|Interest
      paid                                    | $ | ---               |   | $ | ---                 |  
|Income taxes paid                                      |   | ---               |   |   | ---                 |  
|                                                       |   |                   |   |   |                     |  
|Non---cash financing activities                        |   |                   |   |   |                     |  
|Paid in capital from
      contributed services        |   | 50                |   |   | 150                 |  

See accompanying notes to financial statements

---

|SIERRA VENTURES, INC.            
|---------------------------------
|(A Exploration Stage Company)    
|NOTES TO THE FINANCIAL STATEMENTS
|NOVEMBER 30, 2007                

Note 1  Nature of Operations

Sierra Ventures, Inc. (the Company) was incorporated
  under the laws of the State of Wyoming on October 19, 2006. The Company is a
  start-up, exploration stage corporation which has an option agreement (Option
  to Purchase and Royalty Agreement) with Jiujiang Gao Feng Mining Industry Limited
  Company granting the Company the exclusive right and option to acquire 25% of
  the right, title and interest in the Zhangjiafan Gold Mining property situated
  in Dexing City, Jiangxi Province, China .

The Company is an exploration stage company as
  defined in the Securities and Exchange Commission Industry Guide 7, and is subject
  to compliance with Statement of Financial Accounting Standards No. 7 (SFAS No.
  7), Accounting and Reporting by Development Stage Companies. The Company
  is devoting its resources to establishing the new business, and its planned
  operations have not yet commenced, accordingly, no revenues have been earned
  during the period from October 19, 2006 (date of inception) to November 30,
  2007.

Note 2  Basis of Presentation and Going Concern

The condensed financial statements presented herein have been
  prepared by the Company in accordance with the accounting policies in its audited
  financial statements for the period October 19, 2006 (inception) through May
  31, 2007 as filed in its Form SB-2 and should be read in conjunction with the
  notes thereto.

In the opinion of management, all adjustments (consisting
  only of normal recurring adjustments) which are necessary to provide a fair
  presentation of operating results for the interim period presented have been
  made. The results of operations for the periods presented are not necessarily
  indicative of the results to be expected for the year.

Interim financial data presented herein are unaudited.

The Companys accounting and reporting policies conform
  to accounting principles generally accepted in the United States of America
  applicable to exploration stage enterprises.

The functional currency is the United States dollar, and the
  financial statements are presented in United States dollars.

The Companys financial statements at November 30, 2007
  and for the period October 19, 2006 (inception) through November 30, 2007 have
  been prepared on a going concern basis, which contemplates the realization of
  assets and settlement of liabilities and commitments in the normal course of
  business. The Company incurred a loss of $15,562 for the period from October
  19, 2006 (inception) through November 30, 2007. In addition, the Company has
  not generated any revenues and no revenues are anticipated until we begin removing
  and selling gold, and there is no assurance that a commercially viable deposit
  exists on the mineral claims that we may have under option. These conditions
  raise substantial doubt as to the Companys ability to continue as a going
  concern.

Managements plans to support the Company in operation
  and to maintain its business strategy is to raise funds through public offerings
  and to rely on officers and directors to perform essential functions with minimal
  compensation. If the Company does not raise all of the money it needs from the
  public offering, it will have to find alternative sources, such as a second
  public offering, a private placement of securities, or loans from its officers,
  directors or others. If the Company requires additional cash and cant
  raise it, it will either have to suspend operations until the cash is raised,
  or cease business entirely.

The accompanying financial statements do not include any adjustments
  related to the recoverability and classification of assets or the amounts and
  classifications of liabilities that might be necessary should the Company be
  unable to continue as a going concern.

---

|SIERRA VENTURES, INC.            
|---------------------------------
|(A Exploration Stage Company)    
|NOTES TO THE FINANCIAL STATEMENTS
|NOVEMBER 30, 2007                

Note 3  Summary of Significant Accounting Policies

Cash and cash equivalents

For purposes of the statement of cash flows, the Company considers
  all highly liquid investments purchased with an original maturity of three months
  or less to be cash equivalents.

Mining exploration costs

In accordance with Securities and Exchange Commission Industry
  Guide 7, the Company charges mineral property acquisition costs and exploration
  costs to operations as incurred.

When it has been determined that a mineral property can be
  economically developed as a result of establishing proven and probable reserves,
  the costs incurred to develop such property are capitalized. The capitalized
  costs will be amortized using the units-of-production method over the estimated
  life of the probable reserve.

The beneficial owner holds the right to the claims which give
  him or his designated agent the right to mine and recover all of the metals
  contained within the surface boundaries of the lease vertically downward. In
  the event he were to grant another deed which is subsequently registered prior
  to the Companys deed, the third party would obtain good title and the
  Company would have nothing.

Reclamation costs

Exploration of mineral resources in China is governed by the
  Mineral Resources Law of 1986, as amended on January 1, 1997, and the Implementation
  Rules for the Mineral Resources Law, effective March 26, 1994. On February 12,
  1998, the State Council issued three sets of regulations, which, together with
  the mineral resources law and implementation rules are referred to as the Mineral
  Resources Law. The regulations are (i) Regulation for Registering to Explore
  Mineral Resources Using the Block System; (ii) Regulation for Registering to
  Mine Mineral Resources; and (iii) Regulation for Transferring Exploration and
  Exploration Rights.

The basis laws and policies for environmental protection in
  China are the Environmental Protection Law, the Environmental Impact Assessment
  Law and the Mineral Resources Law. The State Administration of Environmental
  Protection and its provincial counterparts are responsible for the supervision,
  implementation and enforcement of environmental protection laws and regulations.
  Provincial governments also have the power to issue implementing rules and policies
  in relation to environmental protection in their respective jurisdictions. Applicants
  for exploration rights must submit environmental impact assessments and those
  projects that fail to meet environmental protection standards will not be granted
  licenses.

After exploration, the licensee must perform water and soil
  maintenance and take steps towards environmental protection. After the exploration
  rights have expired or the concessionaire stops mining during the permit period
  and the mineral resources have not been fully developed, the concessionaire
  must perform water and soil maintenance, land recovery and environmental protection
  in compliance with the original development scheme, or must pay the costs of
  land recovery and environmental protection. After closing, the mining enterprises
  shall perform water and soil maintenance, land recovery and environmental protection
  in compliance with mine closure approval reports, or must pay the costs of land
  recovery and environmental protection.

Penalties for breaching the Environmental Protection Law include
  a warning, payment of a penalty calculated on the damage incurred, or payment
  of a fine. When an entity fails to adopt preventative measures or control facilities
  that meet the requirements of the enacted environmental protection standards,
  it is subject to suspension of production or operations and for payment of a
  fine. Material violations of environmental laws and regulations causing property
  damage or casualties may result in criminal liabilities.

---

|SIERRA VENTURES, INC.            
|---------------------------------
|(A Exploration Stage Company)    
|NOTES TO THE FINANCIAL STATEMENTS
|NOVEMBER 30, 2007                

It is difficult to estimate the full costs of the compliance
  with the environmental law since the full nature and extent of our proposed
  activities cannot be determined until the Company starts operations. The Company
  will record a liability for the estimated costs to reclaim the mined land by
  recording charges to production costs for each unit of gold mined over the life
  of the mine. The amount to be charged will be based on managements estimate
  of reclamation costs to be incurred. The accrued liability will be reduced as
  reclamation expenditures are made. Certain reclamation work will be performed
  concurrently with mining and these expenditures are charged to operations as
  incurred.

Use of estimates

In preparing financial statements, management makes estimates
  and assumptions that affect the reported amounts of assets and liabilities in
  the balance sheet and revenues and expenses in the statement of operations.
  Actual results could differ from those estimates.

Fair value of financial instruments and derivative financial
  instruments

The carrying amounts of cash and current liabilities approximate
  fair value due to the short maturity of these items. These fair value estimates
  are subjective in nature and involve uncertainties and matters of significant
  judgment, and, therefore, cannot be determined with precision. Changes in assumptions
  could significantly affect these estimates. The Company does not hold or issue
  financial instruments for trading purposes, nor does it utilize derivative instruments
  in the management of foreign exchange, commodity price, or interest rate market
  risks.

Income taxes

The Company has adopted SFAS no 109, Accounting for
  Income Taxesas of inception. The Company recognizes deferred tax
  assets and liabilities based on differences between the financial reporting
  and tax bases of assets and liabilities using the enacted tax rates and laws
  that are expected to be in effect when the differences are expected to be recovered.
  The Company provides a valuation allowance for deferred tax assets for which
  it does not consider realization of such assets to be more likely than not.

Basic and diluted net loss per share

The Company computes net income (loss) per share in accordance
  with SFAS No. 128 Earnings per Share. The basic net loss
  per common share is computed by dividing the net loss by the weighted average
  number of common shares outstanding. Diluted net loss per share gives effect
  to all dilutive potential common shares outstanding during the period using
  the as if converted basis. For the period October 19, 2006 (inception)
  through November 30, 2007, there were no potential dilutive securities.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company
  to concentrations of credit risk, consist of cash and cash equivalents. The
  Company places its cash with high quality financial institutions and at times
  may exceed the FDIC $100,000 insurance limit

Special purpose entities

The Company does not have any off-balance sheet financing
  activities.

Impairment or Disposal of Long-Lived Assets

In August 2001, FASB issued Statement No. 144, Accounting
  for the Impairment or Disposal of Long-Lived Assets (FAS 144).
  FAS 144 clarifies the accounting for the impairment of long-lived assets and
  for long-lived

---

|SIERRA VENTURES, INC.            
|---------------------------------
|(A Exploration Stage Company)    
|NOTES TO THE FINANCIAL STATEMENTS
|NOVEMBER 30, 2007                

assets to be disposed of, including the disposal of business
  segments and major lines of business. Long-lived assets are reviewed when facts
  and circumstances indicate that the carrying value of the asset may not be recoverable.
  When necessary, impaired assets are written down to their estimated fair value
  based on the best information available.

Stock Based Compensation

The Company accounts for its stock-based compensation in accordance
  with SFAS No. 123R, Share-Based Payment, an Amendment of FASB Statement
  No. 123. The Company recognizes in the statement of operations the grant-date
  fair value of stock options and other equity-based compensation issued to employees
  and non-employees. The Company did not grant any new employee options and no
  options were cancelled or exercised during the period October 19, 2006 through
  August 31, 2007. As of August 31, 2007, there were no options outstanding.

Business segments

SFAS No. 131 Disclosures About Segments of an Enterprise
  and Related Information establishes standards for the way that public
  companies report information about operating segments in annual financial statements
  and requires reporting of selected information about operating segments in interim
  financial statements issued to the public. It also establishes standards for
  disclosures regarding products and services, geographic areas and major customers.
  The Company has evaluated the requirements of SFAS No. 131, and has determined
  that it is not applicable.

Start-up expenses

The Company has adopted Statement of Position No. 98-5, Reporting
  the Costs of Start-up Activities, which requires that costs associated
  with start-up activities be expensed as incurred. Accordingly, start-up costs
  associated with the Companys formation have been included in the Companys
  general and administrative expenses for the period from October 19, 2006 (date
  of inception) through November 30, 2007.

Foreign currency translation

The Companys functional and reporting currency is the
  United States dollar. The financial statements of the Company are translated
  to United States dollars in accordance with SFAS No., 52, Foreign Currency
  Translation. Monetary assets and liabilities denominated in foreign
  currencies are translated using the exchange rate prevailing at the balance
  sheet date. Gains and losses arising on translation or settlement of foreign
  currency denominated transactions or balances are included in the determination
  of income.

Recently issued accounting pronouncements

In September 2006, the FASB issued SFAS No. 157, Fair
  Value Measurements . This statement clarifies the definition of fair
  value, establishes a framework for measuring fair value and expands the disclosures
  on fair value measurements. SFAS No. 157 is effective for fiscal years beginning
  after November 15, 2007. Management has not determined the effect, if any, the
  adoption of this statement will have on the Companys financial statements.

In September 2006, the FASB issued SFAS No. 158, "Employers'
  Accounting for Defined Benefit Pension and Other Postretirement Plans-An
  amendment of FASB Statements No.87, 88, 106, and 132(R)." One objective
  of this standard is to make it easier for investors, employees, retirees and
  other parties to understand and assess an employer's financial position and
  its ability to fulfill the obligations under its benefit plans. SFAS No. 158
  requires employers to fully recognize in their financial statements the obligations
  associated with single-employer defined benefit pension plans, retiree healthcare
  plans, and other postretirement plans. SFAS No. 158 requires an employer to
  fully recognize in its statement of financial position the overfunded or underfunded
  status of a defined benefit postretirement plan (other than a multiemployer
  plan) as an asset or liability and to recognize changes in that funded

---

|SIERRA VENTURES, INC.            
|---------------------------------
|(A Exploration Stage Company)    
|NOTES TO THE FINANCIAL STATEMENTS
|NOVEMBER 30, 2007                

status in the year in which the changes occur through comprehensive
  income. This Statement also requires an employer to measure the funded status
  of a plan as of the date of its year-end statement of financial position, with
  limited exceptions. SFAS No. 158 requires an entity to recognize as a component
  of other comprehensive income, net of tax, the gains or losses and prior service
  costs or credits that arise during the period but are not recognized as components
  of net periodic benefit cost pursuant to SFAS No. 87. This Statement requires
  an entity to disclose in the notes to financial statements additional information
  about certain effects on net periodic benefit cost for the next fiscal year
  that arise from delayed recognition of the gains or losses, prior service costs
  or credits, and transition asset or obligation. The company is required to initially
  recognize the funded status of a defined benefit postretirement plan and to
  provide the required disclosures for fiscal years ending after December 15,
  2006. Management believes that this statement will not have a significant impact
  on the Companys financial statements.

In February of 2007 the FASB issued SFAS 159, The Fair
  Value Option for Financial Assets and Financial LiabilitiesIncluding an
  amendment of FASB Statement No. 115. The statement permits entities to
  choose to measure many financial instruments and certain other items at fair
  value. The objective is to improve financial reporting by providing entities
  with the opportunity to mitigate volatility in reported earnings caused by measuring
  related assets and liabilities differently without having to apply complex hedge
  accounting provisions. The statement is effective as of the beginning of an
  entitys first fiscal year that begins after November 15, 2007. The Company
  is analyzing the potential accounting treatment.

FASB Interpretation No. 48, Accounting for Uncertainty
  in Income Taxes, an interpretation of FASB Statement No.109 . Interpretation
  48 prescribes a recognition threshold and a measurement attribute for the financial
  statement recognition and measurement of a tax position taken or expected to
  be taken in a tax return. Benefits from tax positions should be recognized in
  the financial statements only when it is more likely than not that the tax position
  will be sustained upon examination by the appropriate taxing authority that
  would have full knowledge of all relevant information. The amount of tax benefits
  to be recognized for a tax position that meets the more-likely-than-not recognition
  threshold is measured as the largest amount of benefit that is greater than
  fifty percent likely of being realized upon ultimate settlement. Tax benefits
  relating to tax positions that previously failed to meet the more-likely-than-not
  recognition threshold should be recognized in the first subsequent financial
  reporting period in which that threshold is met or certain other events have
  occurred. Previously recognized tax benefits relating to tax positions that
  no longer meet the more-likely-than-not recognition threshold should be derecognized
  in the first subsequent financial reporting period in which that threshold is
  no longer met. Interpretation 48 also provides guidance on the accounting for
  and disclosure of tax reserves for unrecognized tax benefits, interest and penalties
  and accounting in interim periods. Interpretation 48 is effective for fiscal
  years beginning after December 15, 2006. The change in net assets as a result
  of applying this pronouncement will be a change in accounting principle with
  the cumulative effect of the change required to be treated as an adjustment
  to the opening balance of retained earnings on January 1, 2007, except in certain
  cases involving uncertainties relating to income taxes in purchase business
  combinations. In such instances, the impact of the adoption of Interpretation
  48 will result in an adjustment to goodwill. The adoption of this standard had
  no material impact on the Companys financial statements.

Note 4  Common stock transactions

Activity for the period October 19, 2006 (date of inception)
  to August 31, 2007

On October 31, 2006 the Company received $6,000 from its
  founder for 6,000,000 shares of the Companys common stock subscribed for
  at $.001 on October 31, 2006.

On November 30, 2006 the Company received $9,000 for 900,000
  shares of the Companys common stock subscribed for at $.01 in a private
  placement on November 14, 2006.

---

|SIERRA VENTURES, INC.            
|---------------------------------
|(A Exploration Stage Company)    
|NOTES TO THE FINANCIAL STATEMENTS
|NOVEMBER 30, 2007                

Note 5  Commitments

Under the terms of the Option to Purchase and Royalty Agreement,
  discussed in Note 1, the Company must incur exploration expenditures on the
  property in the minimum amount of $20,000 on or before May 31, 2008, an
  additional $40,000 for aggregate minimum exploration expenses of $60,000
  on or before May 31, 2009. The Company will issue 1,000,000 shares of common
  stock to Jiujiang Gao Feng Mining Industry Limited Company (Jiujiang)
  upon completion of a phase I exploration program as recommended by a competent
  geologist. The Company will pay to Jiujiang an annual royalty equal to three
  percent (3%) of net smelter returns. If the results of Phase 1 are unfavorable,
  the Company will terminate the option agreement and will not be obligated to
  make any subsequent payments,

Sierra has the right to acquire an additional 26% of the right,
  title and interest in the property by the payment of $25,000 and by incurring
  an additional $100,000 in exploration expenditures on the property on or
  before May 31, 2010.

Note 6  Income taxes

The Company has losses carried forward for income tax purposes.
  There are no current or deferred income tax expenses for the period October
  19, 2006 through November 30, 2007 due to the Companys loss position.
  The Company has fully reserved for any benefits of these losses. Realization
  of the future tax benefits related to the deferred tax assets is dependent on
  the Companys ability to generate taxable income within the net operating
  loss carryforward period.

Note 7  Certain significant risks and uncertainties

The Company is subject to the consideration and risks of operating
  in the PRC. The economy of PRC differs significantly from the economies of the
  "western" industrialized nations in such respects as structure, level of development,
  gross national product, growth rate, capital reinvestment, resource allocation,
  self-sufficiency, rate of inflation and balance of payments position, among
  others. Only recently has the PRC government encouraged substantial private
  economic activities. The Chinese economy has experienced significant growth
  in the past several years, but such growth has been uneven among various sectors
  of the economy and geographic regions. Actions by the PRC government to control
  inflation have significantly restrained economic expansion in the recent past.
  Similar actions by the PRC government in the future could have a significant
  adverse effect on economic conditions in PRC.

Many laws and regulations dealing with economic matters in
  general and foreign investment in particular have been enacted in the PRC. However,
  the PRC still does not have a comprehensive system of laws, and enforcement
  of existing laws may be uncertain and sporadic.

The Company's primary sources of revenues and cash flows will
  be derived from its business operations in the PRC. The PRC economy has, for
  many years, been a centrally-planned economy, operating on the basis of annual,
  five-year and ten-year state plans adopted by central PRC governmental authorities,
  which set out national production and development targets. The PRC government
  has been pursuing economic reforms since it first adopted its "open-door" policy
  in 1978. There is no assurance that the PRC government will continue to pursue
  economic reforms or that there will not be any significant change in its economic
  or other policies, particularly in the event of any change in the political
  leadership of, or the political, economic or social conditions in, the PRC.
  There is also no assurance that the Company will not be adversely affected by
  any such change in governmental policies or any unfavorable change in the political,
  economic or social conditions, the laws or regulations, or the rate or method
  of taxation in the PRC.

As many of the economic reforms which have been or are being
  implemented by the PRC government are unprecedented or experimental, they may
  be subject to adjustment or refinement, which may have adverse effects on

---

|SIERRA VENTURES, INC.            
|---------------------------------
|(A Exploration Stage Company)    
|NOTES TO THE FINANCIAL STATEMENTS
|NOVEMBER 30, 2007                

the Company. Further, through state plans and other economic
  and fiscal measures such as the leverage of exchange rate, it remains possible
  for the PRC government to exert significant influence on the PRC economy.

Note 8  Related party transactions

Officers contributed administrative services to the Company
  for all periods to November 30, 2007. The time and effort was recorded in the
  accompanying financial statements based on the prevailing rates for such efforts,
  which equaled $50 per hour based on the level of services performed. The
  services are reported as contributed administrative support with a corresponding
  entry to additional paid-in capital.

The Company issued a total of 6,000,000 shares of its restricted
  common stock to its director for $6,000 ($.001 per share) as founder
  shares. (Note 4)

Note 9  Registration Statement

On October 11, 2007 the Company filed a Form SB-2 registration
  statement with the Securities and Exchange Commission. The Corporation is offering
  up to 2,000,000 shares of its common stock at a price of $.05 per share.
  The Company received a no comment letter dated October 25, 2007

---

2

Item 2. Managements Discussion and Analysis or Plan of
Operation.

Cautionary Statement Regarding Forward-Looking
Statements

This quarterly report contains forward-looking statements as
that term is defined in the Private Securities Litigation Reform Act of 1995.
These statements relate to future events or our future financial performance.
Some discussions in this report may contain forward-looking statements that
involve risk and uncertainty. A number of important factors could cause our
actual results to differ materially from those expressed in any forward-looking
statements made by us in this report. Forward-looking statements are often
identified by words like: believe, expect, estimate, anticipate,
intend, project and similar expressions or words which, by their nature,
refer to future events.

In some cases, you can also identify forward-looking statements
by terminology such as may, will, should, plans, predicts, potential
or continue or the negative of these terms or other comparable terminology.
These statements are only predictions and involve known and unknown risks,
uncertainties and other factors, including the risks in the section entitled
"Risk Factors", that may cause our or our industry's actual results, levels of
activity, performance or achievements to be materially different from any future
results, levels of activity, performance or achievements expressed or implied by
these forward-looking statements.

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

General Information

Our financial statements are stated in United States Dollars
(US$) and are prepared in accordance with United States Generally Accepted
Accounting Principles. All references to "common shares" refer to the common
shares in our capital stock.

As used in this annual report, the terms "we", "us", "our", and
"Sierra" mean Sierra Ventures, Inc., unless otherwise indicated.

Sierra is an exploration stage company. There is no assurance
that commercially viable mineral deposits exist on the claim that we have under
option. Further exploration will be required before a final evaluation as to the
economic and legal feasibility of the claim is determined.

Glossary of Exploration Terms

The following terms, when used in this report, have the
respective meanings specified below:

|Development   |  | Preparation of a mineral deposit
        for commercial production, including installation of plant and machinery
        and the construction of all related facilities. The development of a mineral
        deposit can onlybe made after a commercially viable mineral deposit,
        a reserve, has been appropriately evaluated as economically and legally
        feasible.
|------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|              |  |                                                                                                                                                                                                                                                                                                                                                                                      
|Diamond drill |  | A type of rotary drill in which
        the cutting is done by abrasion rather than percussion. The cutting bit
        is set with diamonds and is attached to the end of long hollow rods through
        which water is pumped to the cutting face. The drill cuts a core of rock,
        which is recovered in long cylindrical sections an inch or more in diameter.           
|              |  |                                                                                                                                                                                                                                                                                                                                                                                      
|Exploration   |  | The prospecting, trenching, mapping,
        sampling, geochemistry, geophysics, diamond drilling and other work involved
        in searching for mineral bodies.                                                                                                                                                                                                                   

---

3

|Geochemistry    |  | Broadly defined as all parts
        of geology that involve chemical changes or narrowly defined as the distribution
        of the elements in the earths crust; the distribution and migration
        of the individual elements in the various parts of the earth.                                                                   
|--------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                |  |                                                                                                                                                                                                                                                                                                                                            
|Geology         |  | The science that deals with the
        history of the earth and its life especially as recorded in the rocks;
        a chronological account of the events in the earths history.                                                                                                                                                       
|                |  |                                                                                                                                                                                                                                                                                                                                            
|Geophysics      |  | The science of the earth with
        respect to its structure, components and development.                                                                                                                                                                                                                                                
|                |  |                                                                                                                                                                                                                                                                                                                                            
|Mineral         |  | A naturally occurring inorganic
        element or compound having an orderly internal structure and characteristic
        chemical composition, crystal form and physical properties.                                                                                                                                                    
|                |  |                                                                                                                                                                                                                                                                                                                                            
|Mineral Reserve |  | A mineral reserve is that part
        of a mineral deposit which could be economically and legally extracted
        or produced at the time of the reserve determination.                                                                                                                                                                
|                |  |                                                                                                                                                                                                                                                                                                                                            
|Mineralization  |  | Rock containing an undetermined
        amount of minerals or metals.                                                                                                                                                                                                                                                                      
|                |  |                                                                                                                                                                                                                                                                                                                                            
|Oxide           |  | Mineralized rock in which some
        of the original minerals, usually sulphide, have been oxidized. Oxidation
        tends to make the mineral more porous and permits a more complete permeation
        of cyanide solutions so that minute particles of gold in the interior
        of the minerals will be more readily dissolved.

Foreign Currency and Exchange Rates

Dollar costs of Sierras property acquisition and planned
  exploration costs are in Chinese Yuan Renminbi (RMB). For purposes of consistency
  and to express United States Dollars throughout this report, Chinese currency
  has been converted into United States currency at the rate of US $1.00 being
  approximately equal to RMB 7.50 or RMB 1.00 being approximately equal to US
  $0.133 which is the approximate average exchange rate during recent months and
  which is consistent with the incorporated financial statements.

---

THE FOLLOWING ANALYSIS OF THE RESULTS OF OPERATIONS AND
FINANCIAL CONDITION OF THE CORPORATION FOR THE PERIOD ENDING NOVEMBER 30, 2007
SHOULD BE READ IN CONJUNCTION WITH THE CORPORATIONS CONSOLIDATED FINANCIAL
STATEMENTS, INCLUDING THE NOTES THERETO CONTAINED ELSEWHERE IN THIS FORM
10-Q.

Overview

We were incorporated in the State of Wyoming on October 19,
2006 as Sierra Ventures, Inc. and established a fiscal year end of May 31. Our
statutory registered agent's office is located at 1620 Central Avenue, Suite
202, Cheyenne, Wyoming 82001 and our business office is located at 1685 H
Street, No. 155, Blaine, Washington 98230. Our telephone number is (888)
755-9766. There have been no material reclassifications, mergers, consolidations
or purchases or sales of any significant amount of assets not in the ordinary
course of business since the date of incorporation. We are a start-up,
exploration stage company engaged in the search for gold and related minerals.
There is no assurance that a commercially viable mineral deposit, a reserve,
exists in our claim or can be shown to exist until sufficient and appropriate
exploration is done and a comprehensive evaluation of such work concludes
economic and legal feasibility.

On March 22, 2007, we optioned a 25 percent interest in a gold
exploration and mining property referred to as the Zhangjiafan Mining Property
in north-western Jiangxi Province, China by entering into an Option To Purchase
And Royalty Agreement with Jiujiang Gao Feng Mining Industry Limited Company of
Jiangxi City, Jiangxi Province, China, the beneficial owner of the property, an
arms-length Chinese corporation, to acquire an interest in the property by
making certain expenditures and carrying out certain exploration work.

---

4

Under the terms of the agreement, Jiujiang granted to Sierra
the right to acquire 25% of the right, title and interest of Jiujiang in the
property, subject to its receiving annual payments and a royalty, in accordance
with the terms of the agreement, as follows:

| | a) | Sierra, or its permitted assigns, contributing
      exploration expenditures on the property of a minimum of US $20,000 on or
      before May 31, 2008;                                                                                                                 
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                           
| | b) | Sierra, or its permitted assigns, contributing
      exploration expenditures on the property of a further US $40,000 for
      aggregate minimum contributed exploration expenses of US $60,000 on or
      before May 31, 2009;                                         
| |    |                                                                                                                                                                                                                                                                           
| | c) | Sierra shall allot and issue 1,000,000 shares in the
      capital of Sierra to Jiujiang upon completion of a phase I exploration
      program as recommended by a competent geologist;                                                                                  
| |    |                                                                                                                                                                                                                                                                           
| | d) | Upon exercise of the option agreement, Sierra will pay to
      Jiujiang USD 25,000 per annum as pre-payment of the net smelter return.,
      effective May 31, 2010.                                                                                                    
| |    |                                                                                                                                                                                                                                                                           
| | e) | Sierra will pay to Jiujiang an annual royalty equal to
      three percent (3%) of Net Smelter Returns; and                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                           
| | f) | Sierra has the right to acquire an additional 26% of the
      right, title and interest in and to the Property by the payment of US
      $25,000 and by incurring an additional US $100,000 in exploration
      expenditures on the Property on or before May 31,
2010.

The Zhangjiafan gold property is located in Sizhou District,
Jiangxi Province, Peoples Republic of China, 13 kilometres northwest of Dexing
City which is approximately 8 hours by aircraft and ground transportation west
from Shanghai.

To date we have not performed any work on the claims nor have
we spent any money on research and development activities. Information about the
claims was presented to Mr. Jackson for review without any contractual
obligations.

The claims are unencumbered and there are no competitive
conditions which affect the claims. Further, there is no insurance covering the
claims. We believe that no insurance is necessary since the claims are
unimproved and contain no buildings or improvements. There are no parks or
developments that would interfere with exploration for or exploitation of any
mineral deposits that might be located on the site. There are no disputes as to
title or liens registered on the claim.

Gao Fenglin, Senior Engineer, Jiangxi Geological Engineering
Group Company, Jiujiang Branch, authored the Report of Exploration at the
Zhangjiafan Gold Property dated March 23, 2007 (the Report), in which his
firm recommends a two-phase exploration program to properly evaluate the
potential of the property. We must conduct exploration to determine if gold
exists on the property and if any gold which is found can be economically
extracted and profitably processed.

Gao Fenglin, graduated from Gan-Zhou Geosciences Institute,
with the approximate educational equivalency of a U.S. designated geological
engineer. He has practiced his profession as an exploration geologist for more
than 20 years

In December, 2006, Jiujiang renewed its exploration rights to
9.065 square kilometers covering the Zhangjiafan property, which will expire in
December 2008, subject to renewal upon expiry. Although Jiujiang believes that
it will be able to renew licenses as it has done in the past, there can be no
assurance that it will be able to exploit the entire mineral resources of its
property during its license period. If Jiujiang fails to renew its exploration
rights upon expiry or if it cannot effectively utilize the resources within a
license period, the operation and performance of Jiujiang and the Zhangjiafan
property may be adversely affected.

Jiujiang's exploration rights entitle it to undertake mining
activities, infrastructure and ancillary work, in compliance with applicable
laws and regulations, within the specific area covered by the license during the
license period. Jiujiang is required to submit mining proposal and feasibility
studies to the relevant authority. They are also obligated to pay a natural
resources fee to the State in an amount equal to 2% of annual sales, if any.

---

5

The Vendor of the option is responsible for all local
contracts, work and permitting. Jiujiang has provided assurances that all
permits, licenses and matters pertinent to the first phase of our exploration
program are either currently in place or will be within the next few months. As
of the date of this registration statement, we believe that Jiujiang is current
with all requirements under local and State laws, rules and other measures.

The Vendor holds the mining rights to the claims which thereby
gives it or its designated agent, the rights to mine and recover all of the
minerals contained within the surface boundaries of the lease continued
vertically downward. In the event Jiujiang were to grant another deed which is
subsequently registered prior to our deed, the third party would obtain good
title and we would have nothing.

Jiujiang has granted an option to Sierra to allow us to
explore, mine and recover any minerals on the claims. As with the preceding, if
they were to grant an option to another party, that party would be able to enter
the claims, carry out certain work commitments and earn right and title to the
claims; we would have little recourse as we would be harmed, would not own any
claims and would have to cease operations. However, in either event, Jiujiang
would be liable to us for monetary damages for breach of the agreement. The
extent of that liability would be for our out of pocket costs for expenditures
on the claims, if any, in addition to any lost opportunity costs if the claims
proved to be of value in the future. The agreement does not specifically
reference these risks or the recourse. Although we would have recourse against
Jiujiang in the situations described, there is a question as to whether that
recourse would have specific value.

Regional Geology

The mining area is located at the southeast edge of the Yangtze
and Jiangnan platforms in the north-western slopes of the deep fracture belts in
the northwest of Jiangxi Province. The exposure of the stratums in this area is
mainly in the form of metamorphic rocks which were laid down in the times of
Proterozoic or Later Proterozoic Eras of the Shuangqiao Mountain Group and the
Climbing Mountain Group. The geological structure is well developed and magmatic
actives are frequent which has provided good formative conditions for gold ore
depositions. These are all indicators of the possible presence of gold in the
area of the property. Three sites of potential interest have been located on the
property and received minor exploration work consisting of pitting, geology,
sampling and a magnetic survey. These sites will become the focus of our efforts
during phase I.

History

No previous work has been performed on the property.

Our Proposed Exploration Program  Plan of Operation

Our business plan is to proceed with the initial exploration of
the Zhangjiafan property to determine if there are commercially exploitable
deposits of gold and silver. Gao Fenglin, Senior Engineer, recommends a
two-phase exploration program to properly evaluate the potential of the
property. We must conduct exploration to determine if gold exists on the
property and if any gold which is found can be economically extracted and
profitably processed.

We do not claim to have any ores or reserves whatsoever at this
time on our optioned property.

We anticipate that our portion of phase I of the recommended
geological exploration program will cost $30,000 of a total $120,000 planned
expenditure with the balance being funded by Jiujiang based on the report which
is a reflection of local costs for the specified type of operation.

It is our intention to retain the services of the Jiujiang
Geological Engineering Group Company and Mr. Gao prior to commencement of work
on the property to complete the first phase of the work program in 2008,
predicated on completion of our SB-2 offering. We will assess the results of the
program upon

---

6

receipt of the report. The cost estimates for this and other
phases of the work program are based on the reports recommendations and reflect
local costs for this type of work.

Phase I Exploration Program

We must conduct exploration to determine if gold exists on the
property and if any which is found can be economically extracted and profitably
processed. Initially, we will run a grid over the entire property and review
maps of the results of any past reported geological and geochemical programs
correlating all past information to our grid; then we will complete a geological
survey to evaluate certain specific targets previously identified.

Over the next ten months we intend to complete the first phase
of the exploration plan on our optioned property. To date we have not performed
any work on the property. If our initial exploration efforts are favourable, we
intend to proceed with longer term exploration of the property.

Phase 1 will begin by establishing a base line grid with
25-meter stations and cross lines run every 50 meters for 100 meters each side
of the baseline. We will then relate previous ground and airborne
electromagnetic surveys over the grid. Samples taken from various locations will
be tested for traces of gold, silver, lead, copper, zinc, iron and other metals;
however, our primary focus is the search for gold. We will then compare relative
concentrations of gold, silver, lead and other indicator metals in samples so
the results from different samples can be compared in a more precise manner and
plotted on a map to evaluate their significance.

Phase II will not be carried out until 2009 and will be
contingent upon favourable results from phase I and any specific recommendations
of the report. Specifics of the work to be carried out have not yet been
determined and will be delineated as recommendations in the reporting of the
results of phase I. The second phase may require up to six weeks work and may
cost up to $200,000 in total (Sierras portion being $50,000) comprised of
wages, fees, camp, equipment rental, trenching, diamond drilling, assays and
related. Four months may be required for analysis and the preparation of a
report and evaluation on the work accomplished.

Although it may appear that phase II merely continues phase I,
such is not entirely the case. The work is phased in such a manner as to allow
decision points to ensure that future work has a value and will provide better
or additional information as to the viability of the claims. By utilizing a
multi-phase work program, at the end of each phase a decision can be made as to
whether the phase has provided the necessary information to increase the
viability of the project. If the information obtained as a result of any phase
indicates that there is no increased probability of finding an economically
viable deposit at the end of the project, a determination would be made that the
work should cease at that point. This is a standard procedure in the industry
prior to the commitment of additional funding to move a project forward to the
next phase of exploration and/or development.

Employees

Initially, we intend to use the services of subcontractors for
manual labour exploration work on our claims and an engineer or geologist to
manage the exploration program. Our only employee will be Ian Jackson our senior
officer and director.

At present, we have no employees, other than Mr. Jackson; he
does not have an employment agreement with us. We presently do not have pension,
health, annuity, insurance, stock options, profit sharing or similar benefit
plans; however, we may adopt such plans in the future. There are presently no
personal benefits available to employees.

We intend to hire geologists, engineers and excavation
subcontractors on an as needed basis. We have not entered into negotiations or
contracts with any of them although it is our intention to retain Mr. Middleton
as senior geological consultant. We do not intend to initiate negotiations or
hire anyone until we receive proceeds from our offering.

---

7

Offices

Our offices are located at 1685 H Street, No. 155, Blaine,
Washington 98230. Currently, these facilities are provided to us by Ian Jackson,
a director and our President, without charge, but such arrangement may be
cancelled at anytime without notice. As our business activities continue, we
anticipate that we will be required to pay a pro rata share of the rent incurred
for the facilities that we occupy. Specific direct expenses incurred such as
telephone and secretarial services are charged back to Sierra at cost on a
quarterly basis.

Risks

At present we do not know whether or not the claims contain
commercially exploitable reserves of gold or any other valuable mineral.
Additionally, the proposed expenditures to be made by us in the exploration of
the claim may not result in the discovery of commercial quantities of ore.
Problems such as unusual or unexpected formations and other unanticipated
conditions are involved in mineral exploration and often result in unsuccessful
exploration efforts. In such a case, we would be unable to complete our business
plan.

Following the completion of our SB-2 registration statement
offering, we will have sufficient financial resources to complete the first
phase of our proposed exploration plan. However, in order to complete future
phases of our proposed exploration program we will need to raise additional
funding. Even if the first phase of our exploration program is deemed to be
successful there is no guarantee that we will be able to raise any additional
capital in order to finance the second or third phases. Should we be unable to
raise additional funding to complete the second and third phases of our
exploration plan, we would have to cease operations.

Finally, even if our exploration program is successful we may
not be able to obtain commercial production. If our exploration is successful
and commercial quantities of ore are discovered we will require a significant
amount of additional funds to place the claim into commercial production. Should
we be unable to raise the additional funds required, we would be unable to see
the claim evolve into an operating mine and would have to cease operations.

Results of Operations

Sierra was incorporated on October 19, 2006; comparative
periods for the three months ended November 30, 2007, and October 19, 2006
(inception) through November 30, 2007 are presented in the following
discussion.

Since inception, we have used our common stock to raise money
for our optioned acquisition and for corporate expenses. Net cash provided by
financing activities (less offering costs) from inception on October 19, 2006 to
November 30, 2007 was $15,000 as a result of proceeds received from sales of our
common stock.

The Corporation did not generate any revenues from operations
for the quarter ended November 30, 2007 nor for the six month period ending on
November 30, 2007. To date, we have not generated any revenues from our mineral
exploration business.

REVENUES

REVENUE  Gross revenue for the quarter and the six-month
period ended November 30, 2007 was $0.

COMMON STOCK Net cash provided by financing activities during
the quarter ended November 30, 2007 was $0 and $15,000 received for the period
from inception on October 19, 2006 through to and including November 30, 2007.
No options or warrants were issued to issue shares at a later date in the most
recent quarter.

---

8

EXPENSES

Expense Item
    For the Second Quarter ended November
      30, 2007
    For the Second Quarter ended November
      30, 2006
    Feb. 11, 2005 (Inception) thru
      November 30, 2007Professional fees
    1,000
    
    6,300Communications
    2,573
    
    3,166Office
    2,815
    
    3,594Travel, meals and entertainment
    
    
    2,352Other costs and services
    
    
    150TOTAL
      $6,388
      $300
    $15,562


SUMMARY  Total expenses were $6,388 in the quarter ended
November 30, 2006 and $300 for the comparative period last year. For the six
month periods ended November 30, 2007 and November 30, 2006, the comparative
values were $9,746 and $300 respectively. A total of $15,562 in expenses has
been incurred since inception on October 19, 2006 through November 30, 2007. The
costs can be subdivided into the following categories.

PROFESSIONAL FEES: Sierra incurred $1,000 in professional fees
for the quarter ended on November 30, 2007 and $0 for the comparative period
last year. For the six month periods ended November 30, 2007 and November 30,
2006, the comparative values were $3,000 and $0 respectively. From inception to
October 19, 2006, we have incurred a total of $6,300 in professional fees mainly
spent on legal and accounting matters. This cost category will have frequent
swings in spending depending on the legal and accounting activities of the
Corporation.

COMPENSATION: No compensation costs were incurred for the
quarter or for the six-month period ended November 30, 2007 and no direct
compensation costs have been incurred since inception.

COMMUNICATIONS EXPENSES: $2,573 in communications costs were
incurred in the most recent quarter which ended on November 30, 2007 while
$2,573 was incurred for the comparative period last year. For the six month
periods ended November 30, 2007 and November 30, 2006, the comparative values
were $2,573 and $0 respectively. For the period October 19, 2006 (inception)
through November 30, 2007 a total of $3,166 has been spent on communication
costs related to establishing our business.

OFFICE EXPENSES: $2,815 in office costs were incurred in the
most recent quarter which ended on November 30, 2007 while $300 was incurred
during the comparative period last year. For the six month periods ended
November 30, 2007 and November 30, 2006, the comparative values were $2,928 and
$300 respectively. For the period October 19, 2006 (inception) through November
30, 2007 a total of $3,594 has been spent on office related expenses.

TRAVEL, ENTERTAINMENT AND MEAL EXPENSES: $0 in travel,
entertainment and meal costs were incurred in the most recent quarter which
ended on November 30, 2007 and $0 was incurred for the comparative period last
year. For the six month periods ended November 30, 2007 and November 30, 2006,
the comparative values were $1,195 and $0 respectively. For the period October
19, 2006 (inception) through November 30, 2007 a total of $2,352 has been spent
on travel entertainment and meal expenses.

CONTRIBUTED EXPENSES: $0 in contributed expenses (for
contributed administrative costs) were incurred for the quarter ended November
30, 2007 and $0 was incurred for the comparative period last year. For the six
month periods ended November 30, 2007 and November 30, 2006, the comparative
values were $50 and $0 respectively while a total of $150 was incurred in the
period from inception on October 19, 2006 to November 30, 2007. All contributed
expenses are reported as contributed costs with a corresponding credit to
additional paid-in capital.

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9

OTHER GENERAL AND ADMINISTRATIVE COSTS: No other costs were
incurred in the current quarter under review or during the comparative period
last year. For the period October 19, 2006 (inception) through November 30,
2007, Sierra has spent a total of $0 on other or miscellaneous expenses or
services

NET CASH USED IN OPERATING ACTIVITIES: For the three month
period ended on November 30, 2007, $10,268 in net cash was used. A total of
$13,346 in net cash has been used for the period from Inception on October 19,
2006 to November 30, 2007.

INCOME TAX PROVISION: As a result of operating losses, there
has been no provision for the payment of income taxes to date in 2007  2008 or
from the date of inception.

During the current quarter under review, Sierra did not sell
any shares of its common stock. As of the date of this report Sierra has
6,900,000 common shares issued and outstanding.

Sierra continues to carefully control its expenses and overall
costs as it moves forward with the development of its business plan. Sierra does
not have any employees and engages personnel through outside consulting
contracts or agreements or other such arrangements, including for legal,
accounting and technical consultants.

Plan of Operation

Sierra believes we can satisfy our cash requirements for the
current fiscal year end of May 31, 2007 with available cash on hand and the
proceeds of our SB-2 offering which is expected to raise between $50,000 and
$100,000. As of November 30, 2007, we had a deficit of $346 in unallocated
working capital.

For the balance of the current fiscal year to May 31, 2008 we
will concentrate our efforts on commencing the phase I work program on our
optioned mineral property. Following industry trends and demands, we are also
considering the acquisition of other properties of merit. In either situation, a
new public offering might be needed and completed during a subsequent
period.

If it turns out that we have not raised enough money to
complete our secondary exploration program through phase II, we will try to
raise the funds from a second public offering, a private placement, loans or the
establishment of a joint venture whereby a third party would pay the costs
associated with phase II and we would retain a carried interest. At the present
time, we have not made any plans to raise additional funds and there is no
assurance that we would be able to raise money in the future.

We do not expect any changes or more hiring of employees since
contracts are given on an as needed basis to consultants and sub-contractor
specialists in specific fields of expertise for the exploration works.

Presently, our revenues are not sufficient to meet operating
and capital expenses. We have incurred operating losses since inception, and
this is likely to continue through fiscal 2007  2008. Management projects that
we may require a total of $100,000 to $160,000 to fund our ongoing operating
expenses and working capital requirements for the next twelve months, broken
down as follows:

Operating expenses
      $35,000Phase I exploration program
      30,000Phase II exploration program
      50,000Working Capital
      45,000Total
      $160,000


As at November 30, 2007, we had a working capital deficit of
$346. We do not anticipate that we will be able to satisfy any of these funding
requirements internally until we significantly increase our revenues.

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10

Due to the uncertainty of our ability to meet our current
operating and capital expenses, in their report on the annual financial
statements for the year ended May 31, 2007, our independent auditors included an
explanatory paragraph regarding concerns about our ability to continue as a
going concern. Our financial statements contain additional note disclosures
describing the circumstances that lead to this disclosure by our independent
auditors.

There is substantial doubt about our ability to continue as a
going concern as the continuation of our business is dependent upon obtaining
further financing. The issuance of additional equity securities by us could
result in a significant dilution in the equity interests of our current
stockholders. Obtaining commercial loans, assuming those loans would be
available, will increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further
funds required for our continued operations. We are pursuing various financing
alternatives to meet our immediate and long-term financial requirements. There
can be no assurance that additional financing will be available to us when
needed or, if available, that it can be obtained on commercially reasonable
terms. If we are not able to obtain the additional financing on a timely basis,
we will not be able to meet our other obligations as they come due.

Liquidity and Capital Resources

As of end of the last quarter on November 30, 2007, we have yet
to generate any revenues from our business operations.

Since inception, we have used our common stock to raise money
for our optioned acquisition and for corporate expenses. Net cash provided by
financing activities from inception on October 19, 2006 to November 30, 2007 was
$15,000 as a result of gross proceeds received from sales of our common stock
(less offering costs). We issued 6,000,000 shares of common stock through a
Section 4(2) offering in October, 2006 for cash consideration of $6,000. We
issued 900,000 shares of common stock through a Regulation S / 504D offering in
November, 2006 for cash consideration of $9,000 to a total of 4 placees.

As of November 30, 2007, our total assets which consist
entirely of cash and prepaid expenses amounted to $1,654 and our total
liabilities were $2,000. Working capital stood at negative $346.

For the quarter ended November 30, 2007, the net loss was
$6,388 ($0.0009 per share). The loss per share was based on a weighted average
of 6,900,000 common shares outstanding. The net loss from Inception to November
30, 2007 is $15,562.

Inflation / Currency Fluctuations

Inflation has not been a factor during the recent quarter ended
November 30, 2007. Inflation is moderately higher than it was during 2006 but
the actual rate of inflation is not material and is not considered a factor in
our contemplated capital expenditure program.

Item 3. Controls and Procedures

A. Disclosure

Our principal executive and financial officer has, as of the
date of this report, evaluated the effectiveness of our disclosure controls and
procedures and has concluded that our procedures and controls are effective.
There have been no changes in the our internal controls or in other factors that
could affect these controls, including any corrective actions with regard to
deficiencies and material weaknesses.

B. Internal Control over Financial Reporting

Our certifying officers (principal executive and financial
officer)are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14). Our Chief
Executive Officer and Chief Financial Officer have:

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11

| | a) | designed a framework to evaluate the effectiveness of our
      internal control over our financial reporting as required by paragraph (c)
      of Rule 13a-15 or Rule 15d-15 through the use of ongoing review and checks
      and balances for all transactions and decisions; we have designed
      disclosure controls and procedures to ensure that material information
      relating to our affairs, including our consolidated subsidiaries, is made
      known to us by others within those entities, particularly during the
      period in which this quarterly report is being prepared;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | b) | evaluated the effectiveness of our disclosure controls
      and procedures as of the filing date of this quarterly report (the
      "Evaluation Date"); and                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | c) | presented in this quarterly report our conclusions about
      the effectiveness of the disclosure controls and procedures based on our
      evaluation as of the Evaluation Date; and                                                                                                                                                                                                                                                                                                                                                                                                                   

There have been no changes in the our internal controls or in
  other factors that could affect these controls including any corrective actions
  with regard to deficiencies and material weaknesses.

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PART II  OTHER INFORMATION

Item 1. Legal Proceedings

The Corporation is and has not been party to any legal
proceedings in the preceeding quarter.

Item 2. Changes in Securities

Sierra had 6,900,000 shares of common stock issued and
outstanding as of February 18, 2008. Of these shares, approximately 6,000,000
shares are held by an affiliate of the Corporation; some of those shares can be
resold in compliance with the limitations of Rule 144 as adopted by the
Securities Act of 1933, as amended (the Securities Act).

The issuances discussed under this section are exempted from
registration under Rule 903 of Regulation S or Rule 504D or Section 4(2) of the
Securities Act, as provided. All purchasers of our securities acquired the
shares for investment purposes only and all stock certificates reflect the
appropriate legends as appropriate. No underwriters were involved in connection
with the sale of securities referred to in this report.

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

No matter has been submitted to a vote of security holders
during the preceeding quarter.

Item 5. Other Information Use of Proceeds

Net cash provided by financing activities from inception on
October 19, 2006 to November 30, 2007 was $15,000 as a result of proceeds
received from sales of our common stock. During that same period, the following
table indicates how the proceeds have been spent to date:

Professional Fees
    6,300Communications Expenses
    3,166Office Expenses
    36594Travel, Entertainment and Meals
    2,352Other Costs and Services
    150Total Use of
      Proceeds to November 30, 2006
    $15,562


Common Stock

During the three month period ended November 30, 2007, no
shares of common stock were issued. As of November 30, 2007, there were
6,900,000 shares issued and outstanding and as of February 18, 2008 there were
6,900,000 shares outstanding.

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12

Options

No options were granted during the three-month period ending
November 30, 2007.

Code of Ethics

The Board of Directors on March 22, 2007 adopted a formal
written Code of Business Conduct and Ethics and Compliance Program for all
officers, directors and senior employees. A copy of the Code of Business Conduct
and Ethics is available upon written request by any person without charge. To
obtain a copy, an interested party should contact our offices by telephone at
(888) 755-9766 or write to 1685 H Street, No. 155, Blaine, Washington 98230

Web Site

Cavalier does not maintain a Web site but has an e-mail address
at sierraventures@gmail.com.

Item 6. Exhibits and Reports on Form 8-K

Reports on Form 8-K filed during the quarter ended November 30,
2007: NONE

Exhibits

|31.1 | Certification
        of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
        Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                   
|31.2 | Certification
        of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
        Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|     |                                                                                                                                                                   
|32.1 | Certification
        of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
        Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|     |                                                                                                                                                                   
|32.2 | Certification
        of Chief Financial 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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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Sierra Ventures, Inc.(Registrant)

| | Date: February 18, 2008                                                            
| | -----------------------------------------------------------------------------------
| |                                                                                    
| |                                                                                    
| | BY:/s/ Ian Jackson                                                               
| |                                                                                    
| |                                                                                    
| | Ian Jackson, President, Chief
      Executive Officer, Principal Executive Officer,
| |                                                                                    
| |                                                                                    

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