SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 40-F

[ ]  Registration  statement pursuant to Section 12 of the Securities Exchange
     Act of 1934

                                       or

[X]  Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange
     Act of 1934

                    For the fiscal year ended: July 31, 2003


                       Commission file number: 001-31739


                           Gammon Lake Resources Inc.
             (Exact name of registrant as specified in its charter)

           Quebec                          1040                     N/A
(Province or Other Jurisdiction      (Primary Standard        (I.R.S. Employer
of Incorporation or Organization)       Industrial           Identification No.)
                                    Classification Code)


         Martin Pomerance                             202 Brownlow Avenue
      Dorsey & Whitney LLP                            Cambridge 2, Suite 306
         250 Park Avenue                         Dartmouth, Nova Scotia B3B 1T5
       New York, NY 10177                                   Canada
         (212) 415-9200                                  (902) 468-0614
(Name, address (including zip code) and          (Address and telephone number
telephone number (including area code) of         of  registrant's principal
 agent for service in the United States)            executive offices)


Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:                  Name of Each Exchange On Which Registered:
--------------------                  ------------------------------------------

Common Shares, no par value           American Stock Exchange
                                      Toronto Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None

Securities for which there is a reporting  obligation  pursuant to Section 15(d)
of the Act: None

For annual reports, indicate by check mark the information filed with this form:

   [X] Annual Information Form          [X] Audited Annual Financial Statements


Indicate the number of  outstanding  shares of each of the  issuer's  classes of
capital  or common  stock as of the close of the  period  covered  by the annual
report.

Title of Each Class:                          Outstanding at July 31, 2003:
--------------------                          -----------------------------

Common Shares                                          40,934,286


Indicate by check mark whether the Registrant by filing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
(the "Exchange Act"). If "Yes" is marked, indicate the filing number assigned to
the Registrant in connection with such Rule. [ [] Yes 82-_____       [X] No


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




<PAGE>



                                  UNDERTAKINGS

     The  Registrant  undertakes to make  available,  in person or by telephone,
representatives  to respond to inquiries  made by the Commission  staff,  and to
furnish promptly,  when requested to do so by the Commission staff,  information
relating to: the securities  registered pursuant to Form 40-F; the securities in
relation to which the  obligation  to file an annual report on Form 40-F arises;
or to transactions in said securities.

                             CONTROLS AND PROCEDURES

     The Registrant  carried out an evaluation,  under the  supervision and with
the  participation  of the Registrant's  management,  including the Registrant's
Chief Executive Officer and Chief Financial Officer, of the effectiveness of the
Registrant's  disclosure controls and procedures,  as defined in Rules 13a-15(e)
and 15d-15(e) of the Securities  and Exchange Act of 1934 (the "Exchange  Act").
Based on that  evaluation,  the Chief  Executive  Officer  and  Chief  Financial
Officer have concluded that the Registrant's  disclosure controls and procedures
as of July 31, 2003 were  effective  to ensure that  information  required to be
disclosed  by the  Registrant  in  reports  that it files or  submits  under the
Exchange Act is recorded,  processed,  summarized  and reported  within the time
periods specified in Securities and Exchange Commission's rules and forms.

                        AUDIT COMMITTEE FINANCIAL EXPERT

     Alejandro  Caraveo  serves  as a  member  of  the  audit  committee  of the
Registrant's  Board of  Directors.  The  Board of  Directors  has  reviewed  the
definition  of "audit  committee  financial  expert"  under item 8(a) of General
Instruction  B to Form  40-F and  determined  that  Mr.  Caraveo  satisfies  the
criteria for a audit committee financial expert under the Exchange Act.

                                 CODE OF ETHICS

     The   Registrant  has  adopted  a  code  of  ethics  that  applies  to  the
Registrant's  principal  executive  officer,  principal  financial  officer  and
principal accounting officer. A copy of Registrant's code of ethics is available
to any  person  without  charge,  upon  written  request  made to the  Corporate
Secretary  at 202  Brownlow  Avenue,  Cambridge  2, Suite 306,  Dartmouth,  Nova
Scotia, B3B 1T5, Canada.







<PAGE>


                                   SIGNATURES

     Pursuant to the requirements of the Exchange Act, the Registrant  certifies
that it meets  all of the  requirements  for  filing  on Form  40-F and has duly
caused  this  Annual  Report  to be signed  on its  behalf  by the  undersigned,
thereunto duly authorized.

                                      GAMMON LAKE RESOURCES INC.


                                      /s/ Fred George
                                      -----------------------------------------
                                      Fred George
                                      President



Date:   December 18, 2003



<PAGE>




                                  EXHIBIT INDEX

     The following exhibits have been filed as part of the Annual Report:

  Exhibit     Description
  -------     -----------
    99.1       Annual Information Form dated December 15, 2003

    99.2       Audited  Comparative  Consolidated  Financial  Statements  of the
               Registrant,  and the notes  thereto for fiscal 2003 together with
               the  report  of the  auditors  thereon,  including  a  U.S.  GAAP
               reconciliation

    99.3       Management's  Discussion  and  Analysis  for fiscal 2003 found at
               pages 13 to 16,  inclusive,  of the  2003  Annual  Report  of the
               Registrant


    99.4       Notice  of  Annual  and  Special  Meeting  of  Shareholders   and
               Management Information Circular dated September 22, 2003

    99.5       Form of Proxy

    99.4       Consent of Grant Thornton LLP

    99.5       Section 302 Certifications

    99.6       Section 906 Certifications