**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**




**FORM
      10-KSB**




x
            ANNUAL
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934




For
      the
      fiscal year ended **October
      31, 2006**




o
            TRANSITION
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934




For
      the
      transition period from _________ to ____________




Commission
      File No. **000-32843**




**INFINEX
      VENTURES, INC.**




**NEVADA**
            **52-2151795**(State
                or other jurisdiction of incorporation or organization)
            (I.R.S.
                Employer Identification Number)**3914
                Seaton Place,****Las
                Vegas, Nevada**
            **89121**(Address
                of principal executive offices)
            (Zip
                Code)




Registrant’s
                  telephone number, including area code:
              **604-702-387-4005**Securities
                  registered pursuant to Section 12(b) of the Act:
              **NONE**Securities
                  registered pursuant to Section 12 (g) of the Act:
              **Common
                  Stock****($0.001
                  par value)**




Check
      whether the issuer (l) 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. x Yes o No




Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B is not contained in this form, and no disclosure will be
      contained, to the best of registrant’s knowledge, in definitive proxy or
      information statements incorporated by reference in Part III of this Form 10-KSB
      or any amendment to this Form 10-KSB. x




Revenues
      for year ended October 31, 2006 were **$NIL** .
      The
      Issuer is a development stage company and has no revenues to report at this
      time.




The
      aggregate market value of the voting stock held by non-affiliates computed
      by
      reference to the price at which the common equity was sold, as of January 22,
      2007 was **$5,683,521.**




ISSUERS
      INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS




Check
      whether the issuer has filed all documents and reports required to be filed
      by
      Sections 12, 13 or 15(d) of the Exchange Act after the distribution of
      securities under a plan confirmed by a court. YES [X ] NO o


**NOT
      APPLICABLE**




The
      number of shares of the issuer’s Common Stock outstanding as of January 22, 2007
      was **25,349,550** .


1


DOCUMENTS
      INCORPORATED BY REFERENCE






**EXPLANATORY
      NOTE**







TABLE
      OF
      CONTENTS




Part
                I
            PageItem
                1.
            Description
                of Business . . . . . . . . . . . . . . . . . . . . . . . . . . .
                .
            4Item
                2.
            Description
                of Property . . . . . . . . . . . . . . . . . . . . . . . . . . .
                .
            5Item
                3.
            Legal
                Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . .
                . . . .
                .
            5Item
                4.
            Submission
                of Matters to a Vote of Security holders . . . . . . .
            5Part
                IIItem
                5.
            Market
                for Common Equity and Related Stockholders Matters
            5Item
                6.
            Plan
                of Operation
            6Item
                7.
            Financial
                Statements
            8Item
                8.
            Changes
                in and Disagreements with Accountants on Accounting and Financial
                Disclosure
            25Part
                IIIItem
                9.
            Directors,
                Executive Officers, Promoters and ControlPersons;
                Compliance with Section 16(a) of theExchange
                Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                . . . .
                . . .
            25Item
                10.
            Executive
                Compensation . . . . . . . . . . . . . . . . . . . . . . . . . .
                . .
                .
            26Item
                11.
            Security
                Ownership of Certain Beneficial OwnersAnd
                Management . . . . . . . . . . . . . . . . . . . . . . . . . . .
                . . . . .
                . . .
            27Item
                12.
            Certain
                Relationships and Related Transactions . . . . . . . . . . .
                .
            29Item
                13.
            Exhibits
                and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . .
                . .
                .
            30Item
                14.
            Controls
                & Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . .
                . .
                . . .
            31





.


















2








**CAUTIONARY
      INORMATION ABOUT FORWARD LOOKING STATEMENTS**




This
      document contains forward-looking statements within the meaning of Section
      27A
      of the Securities Act and Section 21E of the Exchange Act. All statements,
      other
      than statements of historical facts, included in or incorporated by reference
      into this Form 10KSB which address activities, events or developments, which
      the
      Company expects, believes or anticipates, will or may occur in the future are
      forward-looking statements. The words believes,” “intends,” “expects,”
“anticipates,” “projects,” “estimates,” “predicts,” and similar expressions are
      also intended to identify forward looking statements. These forward-looking
      statements include, among others, statements concerning: expectations,
      anticipations, beliefs, estimations, projections, and other similar matters
      that
      are not historical facts, including such matters as future capital and
      development expenditures and expansion and growth of business
      operations.




These
      statements are based on certain assumptions and analyses made by the management
      of **Infinex
      Ventures, Inc** .
“the
      Company” in light of its experience and its perception of historical trends,
      current conditions and expected future developments as well as other factors
      it
      believes are appropriate in the circumstances.




We
      caution the reader that these forward-looking statements are subject to risks
      and uncertainties, including those associated with: the financial environment,
      general economic, market and business conditions, the regulatory environment,
      business opportunities that may be presented to and pursued by the us, changes
      in laws or regulations, availability to obtain additional financing on favorable
      conditions, trend projections, and other factors, many of which are beyond
      our
      control that could cause actual events or results to differ materially from
      those expressed or implied by the statements. Such risks and uncertainties
      include those risks, and uncertainties identified in the description of the
      Business and Management’s Discussion and Analysis sections of this document and
      risk factors discussed from time to time in the Company’s filings with the
      Securities and Exchange Commission.




Significant
      factors that could prevent us from achieving our stated goals include: the
      inability of us not able to obtain financing for capital expenditures and
      acquisitions, declines or failure to develop in the market for the Company’s
      products, development of superior products by competition, and adverse changes
      in the regulatory environment affecting the use.




The
      cautionary statements contained or referred to in this document should be
      considered in connection with any subsequent written or oral forward-looking
      statements that may be issued by us or to persons acting on our or their
      behalf.




We
      undertake no obligation to release publicly any revisions to any forward-looking
      statements to reflect events or circumstances after the date hereof or to
      reflect the occurrence of unanticipated events.










3








**PART
      I**




**ITEM
        1.**  **Description
        of Business**




**General**




We
      were
      incorporated under the laws of the State of Nevada December 30, 1998. We are
      an
      exploration stage company engaged in the acquisition and exploration of mineral
      properties.




Under
      a
      Joint Venture and Option Agreement with 697446 B.C. Ltd., a private Canadian
      company (the “Agreement”) dated for reference June 14, 2004 the Company
      exercised its option to earn a 55% interest in the Yew Claims land packages.
      On
      January 11, 2006, the Issuer increased its interest and exercised their Option
      in the Yew Claims to 60%.




**Yew
      7 #345340; Yew Tenure #399712; Yew 2 Tenure #516724; Yew 3Tenure #399714; Yew
      4
      Tenure #399715; Yew 5 Tenure #516721; Yew 6 Tenure #516735; and Yew 8 Tenure
      #516730**


(The
“Yew
      Claims”)




**The
      Yew Property Agreement**




For
      the
      60% interest the Company issued 33,000 shares of common stock and is obligated
      to pay a further CDN$50,000 once a feasibility study is completed.. Under the
      terms of the Joint Venture and Option Agreement between the Issuer and 697446
      B.C. Ltd. the Issuer was to carry out its commitments within 3 months from
      signing. Effective as of November 30, 2006, 697446 B.C. Ltd. has granted the
      Issuer an Extension to fulfill all contractual obligations outlined in the
      Joint
      Venture and Option Agreement to March 30,, 2007. To date, the Issuer has spent
      $118,300 (CDN$155,774) towards the obligations as follows:





a)
            Drilling
            $  84,800Geology
            10,100Management
                fees
            9,500Assays
            6,800Report
            4,200Expenses/disbursements
            2,900$118,300




**The
      Chile Property Agreement**





We
      entered an Agreement with Rodolfo Francisco Villar et al to purchase a 50%
      interest in certain mining and exploration Claims located at the northern end
      of
      the El Indio Belt in Chile Region III which is approximately 150 kilometers.
      South-east of the Chilean City of Vallenar, in the Province of Huasco, and
      commonly known as the “Tesoro 1 - 12 Claims” and more particularly described
      below in “ITEM 6” and elsewhere in this document.





Upon
      satisfactory completion that all original documents or notarized copies of
      official translations required and the verification of registration of the
      Issuer’s 50% interest in the Chile property Claims, the Issuer will then take
      all steps necessary to issue 20,000,000 Common Shares in the Vendors designated
      name, to the benefit of the Vendors.





In
      an
      effort to secure our interest in the Claims, and up and until filed verification
      by the appropriate authorities, we have issued, as a symbol of good faith,
      six
      million (6,000,000) restricted common shares to the Vendore Vendor .




4


**ITEM
        2. **Description
        of Claims****


**Yew
      Claims**




The
      Yew
      Claims consist of Eight (8) land packages, which are located on Texada Island,
      British Columbia, Canada. This region has a long history of mining dating back
      to 1876. Several high grade cooper gold skarns were mined in the
      area.




The
      Yew
      Claims are located approximately 3 kilometers, south of Vananda on Texada Island
      about 120 Km NW of Vancouver, British Columbia. It is found on NTS Map Sheet
      92F/9E at coordinates 490 44’ north latitude and 1240 34’ west
      longitude.




Access
      to
      the property is by ferry from Powell River to Blubber Bay on the north coast
      of
      the island. A paved highway extends from Blubber Bay south, 8 Km, to Vananda
      and
      beyond to Gillies Bay. The main Texada Highway passes through the Yew claims.
      Aquila Air from Vancouver airport to the airport at Gillies Bay provides daily
      air service.




**49°50’N,
                124°34’W****Nanaimo
                Mining District,****N.T.S.
                092F/15 British Columbia, Canada**




**ITEM
        3. **Legal
        Proceedings****




We
      are
      not currently a party to any pending legal proceeding or litigation and the
      Yew
      Claims is not the subject of any pending legal proceeding. Further, our officers
      and directors know of no legal proceedings against us, or our property
      contemplated by any governmental authority.




**ITEM
        4. **Submission
        of Matters to a Vote of Security
        holders****




No
      matters were submitted to a vote of security holders through the solicitation
      of
      proxies during the fourth quarter of fiscal year 2006.





Effective
      April 20, 2006, each of the issued 0.001 par value common shares in the capital
      of the Company was subdivided into (one) 1 old for three (3) new common shares,
      as a result the 75,000,000 authorized has increased to 225,000,000 common shares
      after the exchange.




**PART
      II**




**ITEM
        5. **Market
        for Common Equity and Related Stockholders
        Matters****




We,
      have
      no common equity subject to outstanding purchase options or warrants, or
      securities convertible into common equity. There is no common equity that is
      being, or has been publicly proposed to be, publicly registered by
      us.




As
      of the
      date of this Statement, there were **25,349,550** shares
      of our common stock outstanding, held by **154** shareholders
      of record.




**Rule
      144 Shares**




In
      general, under Rule 144, a person who has beneficially owned shares of a
      company’s common stock for at least one year is entitled to sell within any
      three month (3) period a number of shares that does not exceed the greater
      of:






5




1.
            1%
                of the number of shares of the company’s common stock then outstanding,
                which in our case equals approximately 253,496 shares as of the date
                of
                this prospectus; or




2.
            the
                average weekly trading volume of the company’s common stock during the
                four calendar weeks preceding the filing of a notice on Form 144
                with
                respect to the sale.




Sales
      under Rule 144 are also subject to manner of sale provisions and notice
      requirements and to the availability of current public information about
      us.




Under
      Rule 144 (k), a person who is not one of the company’s affiliates at any time
      during the three months preceding a sale, and who has beneficially owned the
      shares proposed to be sold for at least two (2) years, is entitled to sell
      their
      shares without complying with the manner of sale, public information, volume
      limitation or notice provisions of Rule 144.




**ITEM
        6. **Management
        Discussion and Analysis or Plan of Operation****




The
      following plan of operation should be read in conjunction with the Financial
      Statements and accompanying notes and the other financial information appearing
      elsewhere in this registration statement. Also, due to our limited operating
      history, the financial information presented are fair in all material respects
      reflecting the financial position of the Company as of October 31, 2006 and
      2005, and the results of its operations and its cash flows for the years ended
      October 31, 2006, 2005 and 2004, and for the period from December 30, 1998
      (date
      of inception) to October 31 2006, is audited and is referenced in the attached
      auditors’ report.




From
      inception, December 30, 1998 to October 31, 2006 we had a deficit accumulating
      during the development stage of ($4,285,543). From inception December 31, 1998,
      we had expended $195,113 on legal, audit and accounting fees; $26,820 on
      interest; $3,602,250 on resource property expenses; $6,500 on consulting
      fees; $400,000 on license fees and $53,801 on office expenses.




We
      are a
      development stage company and have a minimum amount of cash and have not yet
      developed any producing mines. We have no history of any earnings. There is
      no
      assurance that we will be a profitable company. We presently operate with
      minimum overheads and need to raise additional funds in the next 12 months
      either in the forms of loans or by selling our equity.




Our
      primary activity on the Yew Claims, Texada Island, for the next 12 months,
      weather permitting, will be to carry out our obligations under the agreement’s
      drill program, which are only initial phases of a full feasibility study lasting
      up to two years.




**Chilean
      Property Agreement**





On
      January 30, 2006, we entered into an agreement with Rodolfo Franciso Villar
      et
      al. to purchase a 50% interest in certain mining and exploration Claims:




REFERENCES
              ROLL
                  NUMBER139
              TESORO
                  1
              1
                  -
                  30
              03304-0532-5140
              TESORO
                  2
              1
                  -
                  12
              03304-0532-3141
              TESORO
                  3
              1
                  -
                  30
              03304-0534-1142
              TESORO
                  4
              1
                  -
                  30
              03304-0535-K143
              TESORO
                  5
              1
                  -
                  25
              03304-0536-8144
              TESORO
                  6
              1
                  -
                  20
              03304-0537-6145
              TESORO
                  7
              1
                  -
                  25
              03304-0538-4146
              TESORO
                  8
              1
                  -
                  12
              03304-0539-2147
              TESORO
                  9
              1
                  -
                  12
              03304-0540-6






6




148
              TESORO
                  10
              1
                  -
                  20
              03304-0541-4149
              TESORO
                  11
              1
                  -
                  20
              03304-0542-2150
              TESORO
                  12
              1
                  -
                  5
              03304-0543-0




These
      claims are more particularly located at the northern end of the El Indio Belt
      in
      Chile Region III, which is approximately 150 kilometers South-east of the
      Chilean City of Vallenar, in the Province of Huasco.




1.  Under
      the
      terms of the signed Agreement, the Vendors are to grant the Issuer the sole
      and
      exclusive irrevocable right and title to the Claims, subject to:





(i)
            the
                completion by the Company of confirmation of legal title and due
                diligence
                on the Properties as to ownership by the Vendor and results therefrom
                being satisfactory to the Company, acting reasonably, within a period
                of
                90 days:


(ii)
            the
                right to extend a further 90 days by mutual consent. (That right
                to extend
                a further 90 days has been granted to the Company, in an effort to
                complete its due diligence):


(iii)
            The
                Vendor and the Company shall put forth, all their reasonable best
                efforts
                to obtain a satisfactory title opinion or Court Order, or such that
                the
                Company will the property free and clear of all liens and encumbrances,
                with a view to further develop the property into an operating
                mine.





2.  Upon
      Satisfactory completion of the due diligence and clear title being established,
      the Company will then:





(a)
            issue
                to the Vendor Twenty Million (200,000,000) Common Shares , upon the
                execution by the parties of this Agreement and subject to the subject
                conditions as set out above; and


(b)
            that
                all original documents or notarized copies of official translations
                are
                therefore required to complete the transactions contemplated in the
                Agreement. The issuance of the Twenty Million (20,000,000) Common
                Shares
                shall be issued in the Vendors designated name to the benefit of
                the
                Vendor, upon the removal of the subject conditions as set out
                above.





The
      Issuer has carried out its satisfactory due diligence, and has examined current
      Titles of the Properties offered in the Agreement.





3.  Further,
      upon satisfactory completion and clear title being established, the Purchaser
      with the assistance of the Vendor, (if necessary), will apply for permits to
      the
      appropriate authorities to place the property into production. Upon the
      appropriate permits being approved, the Purchaser will have the option to
      acquire an additional 25% interest in the property (bringing the Purchaser
      interest to 75%) in exchange for a further issuance of Ten Million (10,000,
      000)
      Common Shares of the Issuers stock. After successful production has commenced
      and been established for a period of no less than one year, the Company will
      have the option to acquire an additional 25% (bringing the company’s interest to
      100%), at a price to be determined at the market value.





In
      an
      effort to secure our interest in the Claims, and up and until filed verification
      by the appropriate authorities, we have issued, as a symbol of good faith,
      six
      million (6,000,000) restricted common shares to the Vendors.





However,
      we are presently awaiting the outcome of a satisfactory title opinion or Court
      Order for the Issuer to acquire its interest in the Claims free and clear of
      all
      liens and encumbrances.





We
      currently have no plans to purchase or sell any plant or significant
      equipment.




We
      do not
      expect any significant changes in the number of employees.




**Results
      of Operations For Period Ending October 31, 2006**




We
      have
      not earned any revenues from operations from our incorporation on December
      30,
      1998, to October 31, 2006. Our activities have been financed from proceeds
      of
      share subscriptions and loans. We do not anticipate earning revenues until
      such
      time as we have entered into the commercial production of our Yew Claims.


7


We
      are
      presently in the exploration stage of our joint venture and we can provide
      no
      assurance that we will discover commercially exploitable levels of mineral
      resources on our properties, or if such resources are discovered, that we will
      enter into commercial production of our Yew Claims.




**Net
      Loss**




From
      our
      incorporation on December 30, 1998 to October 31, 2006 we recorded an operating
      loss of $4,285,543 consisting of $195,163 on legal, audit and accounting fees;
      $26,820 on interest; $5,250,870 on resource property expenses; $6,500 on
      consulting fees; $400,000 on license fees and $53,801 on office expenses. We
      did
      not generate any revenues during these periods. There can be no assurance that
      we will ever achieve profitability or that revenues will be generated and
      sustained in the future. We are dependent upon obtaining additional and future
      financing to pursue our exploration activities.




**Liquidity
      and Further Capital Resources**




At
      October 31, 2006, we had assets of $1,260 consisting of $231 in cash and $1,029
      in prepaid expenses. Net stockholders’ deficiency was ($443,443) at October 31,
      2006. We are a an exploration stage company and, since inception, have experienced significant
      changes in liquidity, capital resources and shareholders’ equity.




Management
      has relied upon debt financing from shareholders and Loans Payable. Repayable
      on
      demand with interest at 8% per annum compounded annually of $45,000 and
      repayable on demand without interest of $229,294 totaling $274,294. Accounts
      payable and accrued liabilities of $113,123 include $26,380 (2005 $21,093 )
      of accrued interest on the loans payable. We seek additional equity or debt
      financing of up to $1,500,000 which we plan to use towards exploration and
      possibly a feasibility study on our joint venture agreement property over the
      next two years. If we are not able to get further financing, we may not be
      able
      to continue as a going concern and we may have to delay exploration or cease
      our
      operations and liquidate our business.




**ITEM
        7. **Financial
        Statements.****






As
      Attached.















THE
      REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY
















8


**INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 
 **FINANCIAL
        STATEMENTS**
 
 
 **OCTOBER
        31, 2006 AND 2005**
 **(Stated
        in U.S. Dollars)**
 
 
 
 
 
 
 
 9
 
 
 
 
 
 **REPORT** **OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
 
 
 
 To
        the
        Directors and Stockholders of
 Infinex
        Ventures, Inc.
 (An
        Exploration Stage Company)
 
 We
        have
        audited the accompanying balance sheets of Infinex Ventures, Inc. (an
        exploration stage company) as at October 31, 2006 and 2005, and the related
        statements of operations, cash flows and stockholders’ deficiency for the years
        ended October 31, 2006, 2005, and 2004, and for the cumulative period from
        inception, December 30, 1998, to October 31, 2006. These financial statements
        are the responsibility of the Company's management. Our responsibility is
        to
        express an opinion on these financial statements based on our audits.
 
 We
        conducted our audits in accordance with the standards of the Public Company
        Accounting Oversight Board (United States). Those standards require that
        we plan
        and perform an audit to obtain reasonable assurance whether the financial
        statements are free of material misstatement. An audit includes examining,
        on a
        test basis, evidence supporting the amounts and disclosures in the financial
        statements. An audit also includes assessing the accounting principles used
        and
        significant estimates made by management, as well as evaluating the overall
        financial statement presentation. We believe that our audits provide a
        reasonable basis for our opinion.
 
 In
        our
        opinion, these financial statements present fairly, in all material respects,
        the financial position of the Company as at October 31, 2006 and 2005, and
        the
        results of its operations and its cash flows for the years ended October
        31,
        2006, 2005, and 2004, and for the period from inception, December 30, 1998,
        to
        October 31, 2006, in conformity with accounting principles generally accepted
        in
        the United States of America.
 
 The
        Company is not required to have, nor were we engaged to perform, an audit
        of its
        internal control over financial reporting. Our audits included consideration
        of
        internal control over financial reporting as a basis for designing audit
        procedures that are appropriate in the circumstances, but not for the purpose
        of
        expressing an opinion on the effectiveness of the Company’s internal control
        over financial reporting. Accordingly, we express no such opinion.
 
 The
        accompanying financial statements have been prepared assuming the Company
        will
        continue as a going concern. As discussed in Note 1 to the financial statements,
        the Company has suffered recurring losses from operations, has negative cash
        flows, has a stockholders’ deficiency and is dependent upon obtaining adequate
        financing to fulfil its exploration activities. These factors raise substantial
        doubt about it’s ability to continue as a going concern. Management’s plans in
        regard to these matters are also described in Note 1. The financial statements
        do not include any adjustments that might result from the outcome of this
        uncertainty.
 
 
 
 Vancouver,
        Canada
  February
        6, 2007 Chartered
        Accountants
  10
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **BALANCE
        SHEETS**
 **(Stated
        in U.S. Dollars)**
  **OCTOBER
                    31****2006**
                
                2005**ASSETS****Current**Cash
                    in bank
                
                $
                **231**
                
                $
                805Cash
                    in trust
                
                
                **-**
                
                
                620Prepaid
                    expenses
                
                
                **1,029**
                
                
                -$
                **1,260**
                
                $
                1,425**LIABILITIES****Current**Accounts
                    payable and accrued liabilities (Note 5)
                
                $
                **113,123**
                
                $
                108,349Loans
                    payable (Note 5)
                
                
                **274,294**
                
                
                274,294Due
                    to related party (Note 6)
                
                
                **57,286**
                
                
                7,214**444,703**
                
                
                389,857**STOCKHOLDERS’
                    DEFICIENCY****Share
                    Capital**(Note
                    7)Authorized:225,000,000
                    voting common shares, par value $0.001 per shareIssued
                    and outstanding:25,349,550
                    common shares at October 31, 2006(6,438,850
                    common shares at October 31, 2005, pre-split)
                
                
                **25,350**
                
                
                6,439Additional
                    paid-in capital
                
                
                **3,852,503**
                
                
                398,914**Deficit
                    Accumulated During The Exploration Stage**
                
                
                **(4,321,296**
                **)**
                
                (793,785
                )**(443,443**
                **)**
                
                (388,432
                )$
                **1,260**
                
                $
                1,425
   *See
        accompanying notes to the financial statements*
 
 
 11
 
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **STATEMENTS
        OF OPERATIONS**
 **(Stated
        in U.S. Dollars)**
 
 
 CUMULATIVEPERIOD
                    FROMINCEPTION,DECEMBER
                    30**YEARS
                    ENDED**
                
                1998,
                    TO**OCTOBER
                    31**
                
                OCTOBER31**200****6**
                
                2005
                
                2004
                
                2006**Revenue**
                
                $
                **-**
                
                $
                -
                
                $
                -
                
                $
                -**Expenses**Bank
                    charges
                
                
                **313**
                
                
                79
                
                
                87
                
                
                1,009Consulting
                
                
                **-**
                
                
                -
                
                
                1,000
                
                
                6,500Interest
                
                
                **5,607**
                
                
                4,896
                
                
                4,665
                
                
                26,820License
                    fee
                
                
                **-**
                
                
                -
                
                
                -
                
                
                400,000Mineral
                    property option payments and exploration
                    expenditures (Note 4)
                
                
                **3,472,500**
                
                
                -
                
                
                118,300
                
                
                3,602,250Office
                    facilities and sundry
                
                
                **15,229**
                
                
                7,931
                
                
                13,578
                
                
                53,801Professional
                    fees
                
                
                **33,862**
                
                
                37,356
                
                
                77,112
                
                
                195,163**Net
                    Loss For The Period**
                
                **$**
                **3,527,511**
                
                **$**
                50,262
                
                **$**
                214,742
                
                $
                4,285,543**Basic And Diluted Loss Per****Common Share**
                
                $
                **(0.16**
                **)**
                $
                (0.00
                )
                $
                (0.01
                )**Weighted Average Number Of****Common Shares Outstanding**
                
                
                **21,957,175**
                
                
                (pre-split)
                  6,438,850
                
                
                (pre-split)
                  6,438,850
   *See
        accompanying notes to the financial statements*
  12
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **STATEMENTS
        OF CASH FLOWS**
 **(Stated
        in U.S. Dollars)**
  CUMULATIVEPERIOD
                    FROMINCEPTION,DECEMBER
                    30**YEARS
                    ENDED**
                
                1998,
                    TO**OCTOBER
                    31**
                
                OCTOBER
                    31**200****6**
                
                2005
                
                2004
                
                2006**Cash Flows (Used In)****Operating Activities**Net
                    loss for theperiod
                
                $
                **(3,527,511**
                **)**
                $
                (50,262
                )
                $
                (214,742
                )
                $
                (4,285,543
                )Adjustments
                    to reconcile net loss to net cash used in operating
                    activities:Prepaid
                    expense
                
                
                **(1,029**
                **)**
                
                
                
                
                
                
                
                (1,029
                )Change
                    in accounts payable and accrued liabilities
                
                
                **4,774**
                
                
                27,470
                
                
                55,652
                
                
                113,123Common
                    shares
                    issued for license fee
                
                
                **-**
                
                
                -
                
                
                -
                
                
                402,750Common
                    shares
                    issued for mineral property option payments (Note 4)
                
                
                **3,472,500**
                
                
                -
                
                
                -
                
                
                3,472,500**(51,266**
                **)**
                
                (22,792
                )
                
                (159,090
                )
                
                (298,199
                )**Cash Flows (Used In)****Investing Activity**Shares
                    issued for merged predecessor corporation net of consideration
                    paid in
                    excess of additional paid-in capital at the acquisition
                    date
                
                
                **-**
                
                
                -
                
                
                -
                
                
                (45,000
                )**Cash Flows From Financing Activities**Loans
                    payable
                
                
                **-**
                
                
                14,903
                
                
                157,379
                
                
                274,294Due
                    to related party
                
                
                **50****,072**
                
                
                7,214
                
                
                -
                
                
                57,286Shares
                    issued for cash and services
                
                
                **-**
                
                
                -
                
                
                -
                
                
                11,850**50****,072**
                
                
                22,117
                
                
                157,379
                
                
                343,430**(
                    Decrease) Increase In Cash For The Period**
                
                
                **(1,194**
                **)**
                
                (675
                )
                
                (1,711
                )
                
                231**Cash,
                    Beginning Of Period**
                
                
                **1,425**
                
                
                2,100
                
                
                3,811
                
                
                -**Cash,
                    End Of Period**
                
                **$**
                **231**
                
                **$**
                1,425
                
                **$**
                2,100
                
                $
                231**Supplemental Disclosure Of Cash Flow**
                  **Information**Interest
                    paid
                
                $
                **-**
                
                $
                4,836
                
                $
                4,605
                
                $
                26,500Income
                    taxes
                
                $
                **-**
                
                $
                -
                
                $
                -
                
                $
                -**Supplemental Disclosure Of Non-Cash Financing And Investing
                    Activities**Common
                    shares issued pursuant to acquisition agreement
                
                $
                **-**
                
                $
                -
                
                $
                -
                
                **$**
                1,000
   *See
        accompanying notes to the financial statements*
  13
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **STATEMENT
        OF** **STOCKHOLDERS’
        DEFICIENCY**
 
 **PERIOD
        FROM INCEPTION, DECEMBER 30, 1998, TO OCTOBER 31, 2006**
 **(Stated
        in U.S. Dollars)**
  **COMMON
                    STOCK****SHARES**
                
                **AMOUNT**
                
                **ADDITIONAL
                    PAID-IN CAPITAL**
                
                **DEFICIT
                    ACCUMULATED DURING THE EXPLORATION STAGE**
                
                **TOTAL**Shares issued for services at $0.001
                
                
                2,500,000
                
                $
                2,500
                
                $
                -
                
                $
                -
                
                $
                2,500Shares issued for cash at $0.001
                
                
                2,500,000
                
                
                2,500
                
                
                -
                
                
                -
                
                
                2,500Shares issued for mineral property option at $0.001
                
                
                250,000
                
                
                250
                
                
                -
                
                
                -
                
                
                250Shares issued for cash at $0.10
                
                
                93,500
                
                
                93
                
                
                9,257
                
                
                -
                
                
                9,350Net
                    loss for the period
                
                
                -
                
                
                -
                
                
                -
                
                
                (10,839
                )
                
                (10,839
                )Balance,
                    October 31, 1999
                
                
                5,343,500
                
                
                5,343
                
                
                9,257
                
                
                (10,839
                )
                
                3,761Net
                    loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (8,259
                )
                
                (8,259
                )Balance,
                    October 31, 2000
                
                
                5,343,500
                
                
                5,343
                
                
                9,257
                
                
                (19,098
                )
                
                (4,498
                )Shares issued for acquisition of merged predecessor corporation
                    at
                    $0.10
                
                
                10,000
                
                
                10
                
                
                990
                
                
                -
                
                
                1,000Consideration paid for merged predecessor corporation in excess
                    of
                    additional paid-in capital at the acquisition date
                
                
                -
                
                
                -
                
                
                (10,247
                )
                
                (35,753
                )
                
                (46,000
                )Net
                    loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (27,349
                )
                
                (27,349
                )Balance,
                    October 31, 2001
                
                
                5,353,500
                
                
                5,353
                
                
                -
                
                
                (82,200
                )
                
                (76,847
                )Net
                    loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (20,807
                )
                
                (20,807
                )Balance,
                    October 31, 2002
                
                
                5,353,500
                
                
                5,353
                
                
                -
                
                
                (103,007
                )
                
                (97,654
                )Shares issued for license fee at $0.80
                
                
                500,000
                
                
                500
                
                
                399,500
                
                
                -
                
                
                400,000Net
                    loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (425,774
                )
                
                (425,774
                )Balance,
                    October 31, 2003
                
                
                5,853,500
                
                
                5,853
                
                
                399,500
                
                
                (528,781
                )
                
                (123,428
                )Stock
                    split adjustment
                
                
                585,350
                
                
                586
                
                
                (586
                )
                
                -
                
                
                -Net
                    loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (214,742
                )
                
                (214,742
                )Balance,
                    October 31, 2004
                
                
                6,438,850
                
                
                6,439
                
                
                398,914
                
                
                (743,523
                )
                
                (338,170
                )Net
                    loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (50,262
                )
                
                (50,262
                )Balance,
                    October 31, 2005
                
                
                6,438,850
                
                
                6,439
                
                
                398,914
                
                
                (793,785
                )
                
                (388,432
                )Stock
                    split adjustment
                
                
                12,877,700
                
                
                12,878
                
                
                (12,878
                )
                
                -
                
                
                -Shares
                    issued for mineral property option at $0.57 (Note 4 (b))
                
                
                6,000,000
                
                
                6,000
                
                
                3,394,000
                
                
                -
                
                
                3,400,000Shares
                    issued for mineral property option at $2.20 (Note 4 (a))
                
                
                33,000
                
                
                33
                
                
                72,467
                
                
                -
                
                
                72,500Net
                    loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (3,527,511
                )
                
                (3,527,511
                )Balance,
                    October 31, 2006
                
                
                25,349,550
                
                $
                25,350
                
                $
                3,852,503
                
                $
                (4,321,296
                )
                $
                (443,443
                )
   *See
        accompanying notes to the financial statements*
  14
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **1.**  **NATURE
        AND CONTINUANCE OF OPERATIONS**
 
 Infinex
        Ventures, Inc. (the “Company”)
        is in the exploration stage. The Company has acquired mineral property interests
        located in British Columbia, Canada, and in Chile, and has not yet determined
        whether these properties contain reserves that are economically recoverable.
        The
        recoverability of amounts from the properties will be dependent upon the
        discovery of economically recoverable reserves, confirmation of the Company’s
        interest in the underlying properties, the ability of the Company to obtain
        necessary financing to satisfy the expenditure requirements under the property
        agreements and to complete the development of the properties, and upon future
        profitable production or proceeds from the sale thereof.
 
 The se
        financial statements have been prepared on a going concern basis. The Company
        has accumulated losses of $4,285,543 since inception and has yet to achieve
        profitable operations. Its ability to continue as a going concern is dependent
        upon the ability of the Company to generate profitable operations in the
        future
        and/or to obtain the necessary financing to meet its obligations and repay
        its
        liabilities arising from normal business operations when they come due.
        Management plans to continue to provide for its capital needs by issuing
        equity
        securities. These financial statements do not include any adjustments relating
        to the amount and classification of assets and liabilities that may be necessary
        should the Company be unable to continue as a going concern.
 
 The
        Company was incorporated in the State of Nevada, USA, on December 30,
        1998.
 
 
 **2.**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING
                  POLICIES**
 
 The
        financial statements of the Company have been prepared in accordance with
        accounting principles generally accepted in the United States of America.
        Because a precise determination of many assets and liabilities is dependent
        upon
        future events, the preparation of financial statements for a period necessarily
        involves the use of estimates which have been made using careful judgement.
        Actual results may vary from these estimates.
 
 The
        financial statements have, in management’s opinion, been properly prepared
        within the framework of the significant accounting policies summarized
        below:
 
 a)
              Exploration
                  Stage Company
 
 The
        Company complies with Financial Accounting Standards Board (“FASB”) Statement
        No. 7, and Securities and Exchange Commission Act Guide 7 in its
        characterization as an exploration stage company.
 
 b)
              Mineral
                  Property Interests
 
 Costs
        of
        acquisition, exploration, carrying and retaining unproven mineral properties
        are
        expensed as incurred.
  15
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **2.**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING POLICIES****(Continued)**
 
 c)
              Environmental
                  Costs
 
 Environmental
        expenditures that relate to current operations are expensed or capitalized
        as
        appropriate. Expenditures that relate to an existing condition caused by
        past
        operations, and which do not contribute to current or future revenue generation,
        are expensed. Liabilities are recorded when environmental assessments and/or
        remedial efforts are probable, and the cost can be reasonably estimated.
        Generally, the timing of these accruals coincides with the earlier of completion
        of a feasibility study or the Company’s commitments to a plan of action based on
        the then known facts.
 
 d)
              Foreign
                  Currency Translation
 
 The
        Company’s functional currency is the United States dollar and uses the United
        States dollar as its reporting currency for consistency with registrants
        of the
        Securities and Exchange Commission (“SEC”) and in accordance with the Statement
        of Financial Accounting Standards (“SFAS”) No. 52.
 
 Transactions
        undertaken in currencies other than the functional currency of the entity
        are
        translated using the exchange rate in effect as of the transaction date.
        Any
        exchange gains or losses are included in the Statement of
        Operations.
 
 e)
              Income
                  Taxes
 
 The
        Company uses the asset and liability method of accounting for income taxes
        pursuant to SFAS No. 109 - “Accounting for Income Taxes”. Under the asset and
        liability method of SFAS No. 109, deferred tax assets and liabilities are
        recognized as future tax consequences attributable to temporary differences
        between the financial statements carrying amounts of existing assets and
        liabilities, and their respective tax bases. Deferred tax assets and liabilities
        are measured using enacted tax rates expected to apply to taxable income
        in the
        years in which those temporary differences are expected to be recovered or
        settled.
 
 f)
              Basic
                  and Diluted Loss Per Share
 
 The
        Company reports basic loss per share in accordance with the SFAS No. 128
        -
        Earnings Per Share. Basic loss per share is computed using the weighted average
        number of shares outstanding during the period.
 
 Diluted
        loss per share has not been provided, as it would be anti-dilutive.
 
  16
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **2.**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING POLICIES****(Continued)**
 
 g)
              Financial
                  Instruments
 
 The
        Company’s financial instruments consist of cash, and accounts payable and
        accrued liabilities. Unless otherwise noted, in the opinion of management,
        the
        Company is not exposed to significant interest, currency or credit risk arising
        from these financial instruments. The fair value of these financial instruments
        approximates their carrying values unless otherwise noted.
 
 h)
              Comprehensive
                  Loss
 
 SFAS
        No.
        130 - “Reporting Comprehensive Income” establishes standards for the reporting
        and display of comprehensive loss and its components in the financial
        statements. As at October 31, 2006, the Company has no items that represent
        a
        comprehensive loss and, therefore, has not included a schedule of comprehensive
        loss in the financial statements.
 
 i)
              Cash
                  and Cash Equivalents
 
 Cash
        consists of cash on deposit with high quality major financial institutions,
        and,
        to date, has not experienced losses on any of its balances. For purposes
        of the
        balance sheet and statement of cash flows, the Company considers all highly
        liquid instruments with maturity of three months or less at the time of issuance
        to be cash equivalents. At October 31, 2006, the Company had no cash
        equivalents.
 
 j)
              Asset
                  Retirement Obligations
 
 The
        Company has adopted SFAS No. 143 - “Accounting for Asset Retirement
        Obligations”, which requires that an asset retirement obligation (“ARO”)
        associated with the retirement of a tangible long-lived asset be recognized
        as a
        liability in the period which it is incurred and becomes determinable, with
        an
        offsetting increase in the carrying amount of the associated asset.
 
 The
        cost
        of the tangible asset, including the initially recognized ARO, is depleted,
        such
        that the cost of the ARO is recognized over the useful life of the asset.
        The
        ARO is recorded at fair value, and accretion expense is recognized over time
        as
        the discounted liability is accreted to its expected settlement value. The
        fair
        value of the ARO is measured using expected future cash flow, discounted
        at the
        Company’s credit-adjusted risk-free interest rate. To date, no significant asset
        retirement obligation exists due to the early stage of exploration. Accordingly,
        no liability has been recorded.
  17
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **2.**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING POLICIES****(Continued)**
 
 k)
              Revenue
                  Recognition
 
 The
        Company recognizes revenue in accordance with the criteria outlined in
        Securities Exchange Commission Staff Accounting Bulletin No. 104 (“SAP 104”) -
“Revenue Recognition”. Revenues will be recognized once they are earned;
        specifically when: (a) services are provided or products are delivered to
        customers, (b) clear proof that an arrangement exists, (c) amounts are fixed
        or
        can be determined, and (d) the Company’s ability to collect is reasonably
        assured.
 
 l)
              Impairment
                  of Long-Lived Assets
 
 In
        accordance with SFAS 144 - “Accounting for the Impairment or Disposal of
        Long-Lived Assets”, the Company records impairment losses on long-lived assets
        used in operations when indicators of impairment are present and the
        undiscounted cash flows estimated to be generated by those assets are less
        than
        the assets’ carrying amount. In such cases, the amount of the impairment is
        determined based on the relative fair values of the impaired
        assets.
 
 m)
              Regulatory
                  Matters
 
 The
        Company and its mineral property interests are subject to a variety of Canadian
        and Chilean government regulations governing land use, health, safety and
        environmental matters. The Company’s management believes it has been in
        substantial compliance with all such regulations, and is unaware of any pending
        action or proceeding relating to regulatory matters that would affect the
        financial position of the Company.
 
 
 **3.**
              **RECENT
                  ACCOUNTING PRONOUNCEMENTS**
 
  a)
        FASB
        Interpretation No. 47 “Accounting for Conditional Asset Retirement Obligations”
(“FIN47”) clarifies that the term “conditional asset retirement obligation” as
        used in SFAS No. 143 “Accounting for Asset Retirement Obligation”, refers to a
        legal obligation to perform as asset retirement activity in which the timing
        and/or method of settlement are conditional on a future event that may or
        may
        not be within the control of the Company. FIN 47 is effective for financial
        years ending after December 15, 2005. The Company has adopted FIN 47.
   
   
   
   
   
   18
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **3****.**
              **RECENT
                  ACCOUNTING PRONOUNCEMENTS
                  (Continued)**
 
  b)
        In
        February 2006, the FASB issued FASB 155, “Accounting for Certain Hybrid
        Financial Instruments an amendment of FASB 133, Accounting for Derivative
        Instruments and Hedging Activities”, and FASB 140, “Accounting for Transfers and
        Servicing of Financial Assets and Extinguishments of Liabilities”. FASB 155,
        provides the framework for fair value remeasurement of any hybrid financial
        instrument that contains an embedded derivative that otherwise would require
        bifurcation as well as establishes a requirement to evaluate interests in
        securitized financial assets to identify interests. FASB 155 further amends
        FASB  140
        to
        eliminate the prohibition on a qualifying special-purpose entity from holding
        a
        derivative financial instrument that pertains to a beneficial interest other
        than another derivative financial instrument. The guidance of FASB 155 also
        clarifies which interest-only strips and principal-only strips are not subject
        to the requirements of FASB 133 and concentrations of credit risk in the
        form of
        subordination are not embedded derivatives. This Statement is effective for
        all
        financial instruments acquired or issued after the beginning of an entity's
        first fiscal year that begins after September 15, 2006. Adoption of FASB
        155
        will have no material impact on the Company’s financial position, results of
        operations or cash flow.
  
 c) The
        FASB
        issued FASB Interpretation No. (“FIN”) 47 - “Accounting for Conditional Asset
        Retirement Obligations” in March 2005. FIN 47 clarifies that an entity must
        record a liability for a conditional asset retirement obligation if the fair
        value of the obligation can be reasonably estimated. This Interpretation
        also
        clarifies the circumstances under which an entity would have sufficient
        information to reasonably estimate the fair value of an asset retirement
        obligation. This Interpretation is effective no later than the end of fiscal
        years ending after December 15, 2005. Adoption of FIN 47 does not have a
        material impact on the Company’s financial position, results of operations or
        cash flows.
 
 d)
        In
        March 2005, the FASB ratified Emerging Issues Task Force Issue No.04-6 -
        “Accounting for Stripping Costs Incurred during Production in the Mining
        Industry” (“EITF 04-6”), which addresses the accounting for stripping costs
        incurred during the production phase of a mine and refers to these costs
        as
        variable production costs that should be included as a component of inventory
        to
        be recognized in costs applicable to sales in the same period as the revenue
        from the sale of inventory. As a result, capitalization of stripping costs
        is
        appropriate only to the extent product inventory exists at the end of a
        reporting period and the carrying value is less than the net realizable value.
        Adoption of EITF 04-6 will have no material impact on the Company’s financial
        position, results of operations or cash flows.
 
 
 
 19
 
 
 **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **3****.**
              **RECENT
                  ACCOUNTING PRONOUNCEMENTS
                  (Continued)**
 
 e)
        In May
        2005, the FASB issued SFAS No. 154 (“SFAS 154”) - “Accounting Changes and Error
        Corrections”. SFAS No. 154 established new standards on accounting for changes
        in accounting principles. SFAS No 154 requires all such changes to be accounted
        for by retrospective application to the financial statements of prior periods
        unless prescribed otherwise or it is impracticable to do so. SFAS No. 154
        is
        effective for accounting changes and error corrections made in fiscal years
        beginning after December 15, 2005. Adoption of SFAS No.154 is not expected
        to
        have a material impact on the Company’s financial position, results of
        operations or cash flows.
 
 f)
        In
        June 2005, the FASB issued Staff Position Paper (“FSP”) 115-1 - “The Meaning of
        Other- Than- Temporary Impairment and its Application to Certain Investments”,
        superseding EITF 03-1. FSP 115-1 will replace the accounting guidance on
        the
        determination of whether an investment is other-than temporarily impaired
        as set
        forth in EITF 03-1 with references to existing other-than- temporary impairment
        guidance. FSP 115-1 is effective for reporting periods beginning after December
        15, 2005. Adoption of FSP 115-1 is not expected to have a material impact
        on the
        Company’s financial position, results of operations or cash flows.
 
 g)
        In
        November 2005, the FASB issued Staff Position No. FAS 115-1 (“FSP 115-1”) - “The
        Meaning of Other-Than-Temporary Impairment and its Application to Certain
        Investments”. FSP 115-1 provides accounting guidance for identifying and
        recognizing other-than-temporary impairments of debt and equity securities,
        as
        well as cost method investments in addition to disclosure requirements. FSP
        115-1 is effective for reporting periods beginning after December 15, 2005,
        and
        earlier application is permitted. Adoption of FSP 115-1 is not expected to
        have
        a material impact on the Company’s financial position, results of operations or
        cash flows.
 
 
 **4.**
              **MINERAL
                  PROPERTY INTEREST****S**
 
 a)
              Yew
                  Claims
 
 By
        joint
        venture and option agreements dated June 14, 2004 and January 11, 2006, the
        Company contracted with 697446 B.C. Ltd. (the “Agreement”) for the exploration
        and development of eight mining claims (“the Yew claims”).
 
 The
        Yew
        Claims are located approximately 3 kilometers south of Vaneda on Texada Island,
        in the province of British Columbia, Canada.
  20
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **4.**
              **MINERAL
                  PROPERTY INTEREST****S
                  (Continued)**
 
 a)
              Yew
                  Claims (Continued)
 
 The
        agreements give the Company the right to acquire a 60% interest in the claims
        providing the following conditions are met:
 
 i)
              Delivery
                  of 33,000 restricted common shares of the Company upon execution
                  of the
                  agreement (issued in September
                  2006);
 
 ii)
              Company’s
                  obligation to carry out a drilling program for an amount not less
                  than
                  $205,255 (CDN$250,000), within three months of the execution of
                  the
                  agreement (now amended, see below);
 
 iii)
              Completion
                  of a feasibility study within two years of the completion of the
                  drilling
                  program;
 
 iv)
              On
                  the completion of the feasibility study, the Company will pay on
                  the
                  anniversary date $44,400 (CDN$50,000) to 697446 B.C.
                  Ltd.;
 
 v)
              Upon
                  the exercise of the right, the parties shall enter into a joint
                  venture
                  agreement to develop the Yew Claims in accordance with the feasibility
                  study recommendation.
 
 On
        July
        31, 2006 and November 30, 2006, the parties amended the agreement. The Company
        is now required to complete the drilling program obligation before March
        30,
        2007. To October 31, 2006, the Company has spent $118,300 (CDN$155,774) towards
        this obligation, as follows:
 
 Drilling
              
              $
              84,800Geology
              
              
              10,100Management
                  fees
              
              
              9,500Assays
              
              
              6,800Report
              
              
              4,200Expenses/disbursements
              
              
              2,900$
              118,300
  21
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 4. **MINERAL
        PROPERTY INTEREST****(Continued)**
 b)
        Tesoro
        Claims
 
 On
        January 30, 2006, the Company signed a Letter of Intent ("LOI") for the sole
        and
        exclusive irrevocable right to acquire an initial 50% interest in the Tesoro
        1-12 mining claims ("the Property"). The Property is located on the El Indio
        Gold Belt in Region III, which is approximately 150 kilometers east of the
        City
        of Vallenar, Chile, near the border of Argentina. Consideration comprised
        the
        issuance of 20,000,000 restricted common shares in the Company.
 
 On
        July
        24, 2006 the Company completed its due diligence and issued 6,000,000 restricted
        common shares (having a market value of $3,400,000) as partial payment towards
        the 20,000,000 restricted common share purchase price set out in the LOI
        of
        January 30, 2006. Terms of the agreement require the claims to be registered
        and
        title transferred into the Company’s name. To date this has not occurred.
        Following this, the remaining 14,000,000 restricted common shares will be
        issued.
 
 Upon
        the
        appropriate permits being approved, the Company will have the option to acquire
        an additional 25% interest in the Property (bringing the Company interest
        to
        75%), in exchange for a further issuance of 10,000,000 common shares of the
        Company’s stock.
 
 After
        successful production has commenced and been established for a period of
        no less
        than one year, the Company will have the option to acquire an additional
        25%
        (bringing the Company interest to 100%), at a price to be determined at the
        then
        market value.
 
 
 **5.**
              **LOANS
                  PAYABLE**
 
 **2006**
              2005Repayable
                  on
                  demand with interest at 8% per annum compounded annually,
                  unsecured
              **$**
              **45,000**
              $
              45,000Repayable
                  on
                  demand without interest, unsecured
              
              **229,294**
              
              229,294**$**
              **274,294**
              $
              274,294
 
 At
        October 31, 2006, accounts payable and accrued liabilities include $26,380
        (October 31, 2005 - $21,093) of accrued interest on the loans
        payable.
 
  22
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **6****.**
              **DUE
                  TO RELATED PARTY**
 
 **2006**
              2005Advances
                  received from the related party are unsecured, non-interest bearing
                  and
                  have no specific terms of repayment.
              **$**
              **57,286**
              $
              7,214
 
 
 **7****.**
              **SHARE
                  CAPITAL**
 
 a)
              Effective
                  April 20, 2006 the Company forward split its shares of common stock
                  on the
                  basis of one old share for three new shares. Accordingly, the authorized
                  75,000,000 common stock increased to 225,000,000 common
                  shares.
 
 b)
              Effective
                  July 23, 2004 the Company forward split its shares of common stock
                  on the
                  basis of one old share for 1.1 new shares. The authorized number
                  of common
                  stock remained the same.
 
  c)
              On
                  July 24, 2006 the Company issued 6,000,000 restricted shares with
                  a deemed
                  value of $3,400,000 as partial payment regarding its Tesora mineral
                  property claims, towards the 20,000,000 restricted share purchase
                  price
                  set out in the LOI of January 30, 2006. Once the claims have been
                  registered in the Company’s name, the remaining 14,000,000 restricted
                  shares will be issued.
   d)
              On
                  September 6, 2006 the Company issued 33,000 restricted shares with
                  a
                  deemed value of $72,500 regarding its Yew mineral property claims,
                  as part
                  of the Joint Venture and Option agreement dated June 14, 2004 between
                  the
                  Company and 697446 B.C. Ltd.
  
 
 **8****.**
              **INCOME
                  TAX**
 
 a)
            The
                provision for income taxes differs from the result which would be
                obtained
                by applying the statutory income tax rate of 34% (2005 - 34%) to
                income
                before income taxes. The difference results from the following
                items: 
 **2006**
              2005Computed
                  expected (benefit of) income taxes
              **$**
              **(1,199,354)**
              $
              (17,089)Increase
                  in
                  valuation allowance
              
              **1,199,354**
              
              17,089I Income
                  tax provision
              **$**
              **-**
              $
              -
 
  23
  **INFINEX
        VENTURES, INC.**
 **(An
        Exploration Stage Company)**
 
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **OCTOBER** **31, 2006**
 **(Stated
        in U.S. Dollars)**
 
 
 
 **8****.**
              **INCOME
                  TAX (Continued)**
 
 b)
              Significant
                  components of the Company’s deferred income tax assets are as
                  follows:
 
 **2006**
              2005Operating
                  loss
                  carryfoward
              **$**
              **683,293**
              $
              628,282Mineral
                  property expenses and exploration expenses
              
              **3,602,250**
              
              129,750**4,285,543**
              
              758,032Statutory
                  tax
                  rate
              
              **34%**
              
              34%Deferred
                  income
                  tax asset
              
              **1,457,085**
              
              257,731Valuation
                  allowance
              
              **(1,457,085)**
              
              (257,731)Net
                  deferred tax assets
              **$**
              **-**
              $
              -
 
 c)
              The
                  Company has incurred operating losses of approximately $683,293
                  which, if
                  unutilized, will expire through to 2026. Subject to certain restrictions,
                  the Company has mineral property expenditures of $3,602,250 available
                  to
                  reduce future taxable income. Future tax benefits, which may arise
                  as a
                  result of these losses, have not been recognized in these financial
                  statements, and have been offset by a valuation
                  allowance.
 
 
 **9****.**
              **COMMITMENTS
                  AND CONTRACTUAL
                  OBLIGATIONS**
 
 The
        Company has no significant commitments or contractual obligations with any
        parties respecting executive compensation, consulting arrangements, rental
        of
        premises, or other matters.








24






**ITEM
        8. **Changes
        in and Disagreements with Accountants on Accounting and Financial
        Disclosure****


There
      are
      no changes in and disagreements with Accountants on Accounting and Financial
      Disclosure.




**PART
      III**




**ITEM 9. **Directors,
      Executive Officers, Promoters and Control Persons; Compliance with Section
      16(a)
      of the Exchange Act****




The
      following table sets forth the name, age and position of each director and
      executive officer of Infinex Ventures Inc.:




Dates
            Name
            Age
            PositionMay
                31, 2004
              Present
            Michael
                DeRosa
            70
            Pres./
                Sec./CEO./CFO and Director




**Michael
      De Rosa**


Director,
      President




Michael
      De Rosa is an international business consultant and has been active as a
      Director and Officer of various private and public corporations for more than
      25
      years. He is currently the President and a Director of BLOK-R Corporation,
      which
      owns the patent on a unique product, made from recycled tires and is the
      Chairman and a Director of IFC Globex Corporation, a private development and
      management Company. Mr. De Rosa is the Chairman of Michael D. De Rosa &
Associates, an international consulting firm, providing management and
      administrative assistance to various companies in the private and public sectors
      as well as to governmental agencies on a world wide basis in the fields of
      technology, manufacturing and mining.






25




**Section
      16 (1) Beneficial Ownership Reporting Compliance**




To
      the
      best of our knowledge, based solely on review of documentation furnished to
      me
      during this fiscal year ended October 31, 2006, all Section 16(a) requirements
      applicable to its officers, directors and greater than 10% beneficial owners
      were complied with.




**ITEM
        10. **Executive
        Compensation****


The
      table
      below summarizes all compensation awarded to, earned by, or paid to our
      executive officers by any person for all services rendered in all capacities
      to
      us for the fiscal year ended October 31, 2006.




Annual
                Compensation
            Long
                Term CompensationName
                (1)
            Title
            Year
            Salary
            Bonus
            Other
                AnnualCompensation
            Restricted
                Stock
              Awarded
            Options/
              SARs
                (#)
            LTIP
              payouts
                ($)
            All
                Other
              CompensationM.DeRosa
            President
            2006
            $0
            0
            0
            0
            0
            0
            $02005
            $0
            0
            0
            0
            0
            0
            $02004
            $0
            0
            0
            0
            0
            0
            $0





26


Section
      16(A) Beneficial Ownership Reporting Compliance




Section
      16(a) of the Exchange Act requires our executive officers and directors, and
      persons who beneficially own more than 10% of our equity securities, to file
      reports of ownership and changes in ownership with the Securities and Exchange
      Commission. Officers, directors and greater than 10% shareholders are required
      by SEC regulation to furnish us with copies of all Section 16(a) forms they
      file. Based on our review of the copies of such forms we received, we believe
      that during the fiscal year ended October 31, 2006 all such filing requirements
      applicable to our officers and directors were complied with exception that
      the
      following persons filed reports late:




Name
                and principal position
            Number
              Of
                late
              Reports
            Transactions
              Not
                Timely
              Reported
            Known
                Failures
              To
                File a
              Required
                FormMichael
                .De Rosa
            0
            0
            0(Pres./Sec.CEO./CFO.
                and director)






**ITEM
        11. **Security
        Ownership of Certain Beneficial Owners and
        Management.****




The
      following table sets forth, as of October 31, 2006, our outstanding common
      stock
      owned of record or beneficially by each executive officer and director and
      by
      each person who owned of record, or was known by us to own beneficially, more
      than 5% of our common stock, and the shareholdings of all executive officers
      and
      directors as a group. Each person has sole voting and investment power with
      respect to the shares shown.




**NAME
                OF**
            **SHARES
                OF****TITLE
                OF CLASS**
            **BENEFICIAL
                OWNER**
            **COMMON
                STOCK**
            **PERCENT
                OF CLASS****5%
                + STOCKHOLDERS**Common
                Stock
            Michael
                De Rosa
            8,808,000
            34.75 %Common
                Stock
            CEDE
                & Co
            6,054,870
            23.89
                %Common
                Stock
            Jorge
                Lopehandia
            6,000,000
            23.67
                %Common
                Stock
            Elco
                Bank & Trust Co.
            1,924,000
            7.59
                %Common
                Stock
            Carlo
                Viscardi I/T/F/ Santa Clara 2000 S.R.L.
            1,650,000
            6.51%






**DIRECTORS
                AND NAMED EXECUTIVE****OFFICERS**Common
                Stock
            Michael
                De Rosa
            8,808,000
            34.75%President,
                CEO, CFOand
                Director**DIRECTORS
                AND**
              **OFFICERS
                AS A**
              **GROUP**
            
            8,808,000
            34.75%






*Based
      on
      25,349,550 common shares issued and outstanding on the date of this report.




As
      at
      October 31, 2006 none of our officers or directors had received any form of
      compensation for services rendered on our behalf, neither has any form of
      compensation accrued to any officer or director for such services. Although
      there is no current plan in existence, it is possible that we will adopt a
      plan
      to pay or accrue compensation to our officers and directors for services
      rendered.


27


We
      have
      no stock option, retirement, incentive, defined benefit, actuarial, pension
      or
      profit- sharing programs for the benefit of directors, officers or other
      employees, but the board of directors may recommend adoption of one or more
      such
      programs in the future.







**Employment
      Consulting Agreements**




We
      have
      no employment/consulting contracts or compensatory plan or any arrangement
      with
      an executive officer or director. Our directors currently do not receive any
      cash compensation for their services as members of the board of directors,
      save
      and except as mentioned in the “Summary Compensation Table” above. There is no
      compensation committee, and no compensation policies have been
      adopted.




**DESCRIPTION
      OF SECURITIES**




**General**




Our
      authorized capital stock consists of 225,000,000 shares of common stock at
      a par
      value of $0.001 per share.




**Common
      Stock**




As
      of
      October 31, 2006, there were 25,349,550 shares of our common stock issued and
      outstanding that is held by **154** stockholders of record.




Holders
      of our common stock are entitled to one vote for each share on all matters
      submitted to a stockholder’s vote. Holders of common stock do not have
      cumulative voting rights. Therefore, holders of a majority of the shares of
      common stock voting for the election of directors can elect all of the
      directors. Holders of our common stock representing a majority of the voting
      power of our capital stock issued, outstanding and entitled to vote, represented
      in person or by proxy, are necessary to constitute a quorum at any meeting
      of
      our stockholders. A Vote by the holders of a majority of our outstanding shares
      are required to effectuate certain fundamental corporate changes such as
      liquidation, merger or an amendment to our articles of
      incorporation.




Holders
      of common stock are entitled to share in all dividends that the board of
      directors, in its discretion, declares from legally available funds. In the
      event of liquidation, dissolution or winding up, each outstanding share entitles
      its holder to participate pro rata in all assets that remain after payment
      of
      liabilities and after providing for each class of stock, if any, having
      preference over the common stock. Holders of our common stock have no
      pre-emptive rights, no conversion rights and there are no redemption provisions
      applicable to our common stock.




**Dividend
      Policy**




We
      have
      never declared or paid any cash dividends on our common stock. We currently
      intend to retain future earnings, if any, to finance the expansion of our
      business. As a result, we do not anticipate paying any cash dividends in the
      foreseeable future.




**Share
      Purchase Warrants**




We
      have
      not issued and do not have outstanding any warrants to purchase shares of our
      common stock.




**Options**




We
      have
      not issued and do not have outstanding any options to purchase shares of our
      common stock.




**Convertible
      Securities**




We
      have
      not issued and do not have outstanding any securities convertible into shares
      of
      our common stock or any rights convertible or exchangeable into shares of our
      common stock.






28





**ITEM
        12. **Certain
        Relationships and Related
        Transactions****




As
      at
      October 31, 2003, loans payable of $102,011 and related accrued interest of
      $11,652 were owing to the then President of the Company. Effective August 11,
      2004 the then outstanding balance of loans payable, amounting to $102,011 and
      related accrued interest of $15,054 was assigned by the former President to
      a
      Third Party Corporation. The only director of that corporation is also a
      director of 697446 B.C. Ltd. During the year ended October 31, 2006, the third
      party corporation expended $NIL (2005 - $14,904) on behalf of the Company.
      Amounts expended on behalf of the Company are added to loans payable.




During
      the year ended October 31, 2006, the President of the Company advanced $57,286
      (October 2005 - $7,214), these advances are unsecured, non interest bearing
      and
      with no specific terms of repayment.





Under
      a
      Joint Venture and Option Agreement with 697446 B.C. Ltd., a private Canadian
      company (the “Agreement”) dated for reference June 14, 2004 the Company
      exercised its option to earn a 55% interest in the Yew Claims land packages.
      On
      January 11, 2006, the Company increased its interest and exercised their Option
      in the Yew Claims to 60%.




**Yew
      7 #345340; Yew Tenure #399712; Yew 2 Tenure #516724; Yew 3Tenure #399714; Yew
      4
      Tenure #399715; Yew 5 Tenure #516721; Yew 6 Tenure #516735; and Yew 8 Tenure
      #516730**


(The
“Yew
      Claims”)






**The
      Agreements**




For
      the
      60% interest no consideration was paid. Under the terms of the Joint Venture
      and
      Option Agreement between the Company and 697446 B.C. Ltd. The Company was to
      carry out its commitments within 3 months from signing. Effective as of November
      30, 2006, 697446 B.C. Ltd. has granted the Company an Extension to fulfill
      all
      contractual obligations outlined in the Joint Venture and Option Agreement
      to
      March 30, 2007. To date, the Company has spent $118,300 (CDN$155,774) towards
      the obligations as follows:




a)
            Drilling
            $  84,800Geology
            10,100Management
                fees
            9,500Assays
            6,800Report
            4,200Expenses/disbursements
            2,900$118,300


**Chilean
      Property Agreement**





On
      January 30, 2006, we entered into an agreement with Rodolfo Franciso Villar
      et
      al. to purchase a 50% interest in certain mining and exploration Claims:




REFERENCES
              ROLL
                  NUMBER139
              TESORO
                  1
              1
                  -
                  30
              03304-0532-5140
              TESORO
                  2
              1
                  -
                  12
              03304-0532-3141
              TESORO
                  3
              1
                  -
                  30
              03304-0534-1142
              TESORO
                  4
              1
                  -
                  30
              03304-0535-K143
              TESORO
                  5
              1
                  -
                  25
              03304-0536-8144
              TESORO
                  6
              1
                  -
                  20
              03304-0537-6145
              TESORO
                  7
              1
                  -
                  25
              03304-0538-4146
              TESORO
                  8
              1
                  -
                  12
              03304-0539-2147
              TESORO
                  9
              1
                  -
                  12
              03304-0540-6148
              TESORO
                  10
              1
                  -
                  20
              03304-0541-4






29




149
              TESORO
                  11
              1
                  -
                  20
              03304-0542-2150
              TESORO
                  12
              1
                  -
                  5
              03304-0543-0




These
      claims are more particularly located at the northern end of the El Indio Belt
      in
      Chile Region III, which is approximately 150 kilometers South-east of the
      Chilean City of Vallenar, in the Province of Huasco.




1.  Under
      the
      terms of the signed Agreement, the Vendors are to grant the Issuer the sole
      and
      exclusive irrevocable right and title to the Claims, subject to:





(iv)
            the
                completion by the Company of confirmation of legal title and due
                diligence
                on the Properties as to ownership by the Vendor and results therefrom
                being satisfactory to the Company, acting reasonably, within a period
                of
                90 days:


(v)
            the
                right to extend a further 90 days by mutual consent. (That right
                to extend
                a further 90 days has been granted to the Company, in an effort to
                complete its due diligence):


(vi)
            The
                Vendor and the Company shall put forth, all their reasonable best
                efforts
                to obtain a satisfactory title opinion or Court Order, or such that
                the
                Company will the property free and clear of all liens and encumbrances,
                with a view to further develop the property into an operating
                mine.





2.  Upon
      Satisfactory completion of the due diligence and clear title being established,
      the Company will then:





(a)
            issue
                to the Vendor Twenty Million (200,000,000) Common Shares , upon the
                execution by the parties of this Agreement and subject to the subject
                conditions as set out above; and


(b)
            that
                all original documents or notarized copies of official translations
                are
                therefore required to complete the transactions contemplated in the
                Agreement. The issuance of the Twenty Million (20,000,000) Common
                Shares
                shall be issued in the Vendors designated name to the benefit of
                the
                Vendor, upon the removal of the subject conditions as set out
                above.





The
      Issuer has carried out its satisfactory due diligence, and has examined current
      Titles of the Properties offered in the Agreement.





3.  Further,
      upon satisfactory completion and clear title being established the Purchaser
      with the assistance of the Vendor, (if necessary), will apply for permits to
      the
      appropriate authorities to place the property into production. Upon the
      appropriate permits being approved, the Purchaser will have the option to
      acquire an additional 25% interest in the property (bringing the Purchaser
      interest to 75%) in exchange for a further issuance of Ten Million (10,000,
      000)
      Common Shares of the Issuers stock.





In
      an
      effort to secure our interest in the Claims, up and until filed verification
      by
      the appropriate authorities, , we have issued, as a symbol of good faith, Six
      Million (6,000,000) restricted Common Shares to the Vendors.





We
      are
      presently awaiting the outcome of a satisfactory title opinion or Court Order
      for the Issuer to acquire its interest in the Claims free and clear of all
      liens
      and encumbrances.





**ITEM
        13. **Exhibits
        and Reports on Form 8-K****




**Exhibits**
            **Description
                of Document**




3.1
              Articles
                  of Incorporation of Infinex Ventures, Inc.*3.2
              By-Laws
                  of Infinex Ventures Inc.*
 31.1
              Officers
                  Certification of Michael DeRosa, Chief Executive Officer and Chief
                  Financial Officer under Section 302
 32.1
              Officer’s
                  Certificate of Michael DeRosa, Chief Executive Officer and Chief
                  Financial
                  Officer




*
      incorporated by reference from our Form 8K12G3 that was originally filed with
      the commission on June 5, 2001.






30






**Reports
      on Form 8-K**




Reports
      on Form 8K regarding Item 9 was filed by the Issuers on January 13, 2006;
      January 25 2006; February 21, 2006; May 5, 2006; June 19, 2006; July 20 2006;
      and August 24, 2006.




Reports
      on Form 8K regarding Item 10 was filed by the Issuer on August 17,
      2006




**ITEM
        14. **Controls
        and Procedures****




During
      the quarter ended October 31, 2006, there were no changes in our internal
      controls over financial reporting that have materially affected, or are
      reasonably likely to materially affect, our internal controls over financial
      reporting.





**SIGNATURES**




In
      accordance with Section 13 or 15(d) of the Securities & Exchange Act, the
      registrant caused this report to be signed on its behalf by the undersigned,
      thereunto duly authorized.




**INFINEX
      VENTURES INC.**






By:
            /s/
                Michael De RosaMichael
                De Rosa,Pres./Sec.CFO./CEO.
                and Director








31