UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549




FORM
10-Q




[X]  Quarterly
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934




For the
quarterly period ended September 30,
2008




[ 
]  Transition Report pursuant to 13 or 15(d) of the Securities
Exchange Act of 1934




For the
transition period __________ to __________




Commission
File Number        333-112830




VANGUARD MINERALS
COPORATION


(formerly
Knewtrino, Inc.)


(Exact
name of small Business Issuer as specified in its charter)




NEVADA
            Nil(State
      or other jurisdiction of incorporation or
      organization)
            (IRS
      Employer Identification No.)601
      UNION STREET
              TWO
      UNION SQUARE 42ND FLOOR
              SEATTLE,
      WA
            98101(Address
      of principal executive offices)
            (Zip
      Code)Issuer’s
      telephone number, including area code:
            604-351-1694








Knewtrino,
Inc.


(Former
name, former address and former fiscal year, if changed since last
report)




Check
whether the issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the issuer was required to file such reports), and
(2) has been subject to such filing requirements for the past 90
days.


[X]
Yes[  ]No





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





Large
Accelerated Filer
[  ]                                                                          
Accelerated Filer [   ]


Non
Accelerated Filer [   ] (Do not check if smaller reporting
company)        Smaller Reporting Company [
X]




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




State the
number of shares outstanding of each of the issuer’s classes of common stock, as
of the latest practicable date: 80,549,666 common shares, par value of $0.001
per share, outstanding as of October 31, 2008.











TABLE OF
CONTENTS


PagePART I - FINANCIAL
      INFORMATIONItem
      1:
            Financial
      Statements
            3Item
      2:
            Plan
      of Operation
            13Item
      3:
            Quantitative
      and Qualitative Disclosures about Market Risk
            17Item
      3:
            Controls
      and Procedures
            18PART II - OTHER
      INFORMATIONItem
      1:
            Legal
      Proceedings
            20Item
      2:
            Unregistered
      Sales of Equity Securities and Use of Proceeds
            20Item
      3:
            Defaults
      Upon Senior Securities
            20Item
      4:
            Submission
      of Matters to a Vote of Security Holders
            20Item
      5:
            Other
      Information
            20Item
      6:
            Exhibits
            20











2





PART I - FINANCIAL INFORMATION




Item 1. FINANCIAL STATEMENTS




The
accompanying unaudited financial statements have been prepared in accordance
with the instructions to Form 10-Q, and, therefore, do not include all
information and footnotes necessary for a complete presentation of financial
position, results of operations, cash flows, and stockholders' equity in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature. Operating results for the three
months ended September 30, 2008 are not necessarily indicative of the results
that can be expected for the year ending December 31, 2008.





The
following interim unaudited financial statements of Vanguard Minerals
Corporation (the “Company”) for the three-month period ended September 30, 2008
are included with this Quarterly Report on Form 10-Q:








(a)
            Interim
      balance sheets as of September 30, 2008 and December 31,
    2007;





(b)
            Interim
      statements of operations for the three months and nine months ended
      September 30, 2008 and 2007 and for the period from August 25, 2003
      (inception) to September 30, 2008
(cumulative);





(c)
            Interim
      statements of cash flows for the nine months ended September 30, 2008 and
      2007 and for the period from August 25, 2003 (inception) to September 30,
      2008 (cumulative);





(d)
            Interim
      statements of stockholders’ equity (deficiency) for the period from August
      25, 2003 (inception) to September 30, 2008 (cumulative);
    and





(e)
            Notes
      to the financial statements.





3





VANGUARD
MINERALS CORPORATION




(A
Exploration Stage Company)




INTERIM
FINANCIAL STATEMENTS




September
30, 2008




(Stated
in US Dollars)




(Unaudited)








4





VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(A
Exploration Stage Company)


INTERIM
BALANCE SHEETS


September
30, 2008 and December 31, 2007


(Stated
in US Dollars)


(Unaudited)








ASSETS
            
            September
      302008
            
            
            December
      312007(audited)CurrentCash
            
            $
            6,834
            
            
            $
            11,877Prepaid
      expenses
            
            
            12,026
            
            
            
            7,293Total Current Assets
            
            
            18,860
            
            
            
            19,170Capital
      – Note 4
            
            
            10,672
            
            
            
            16,213Total Assets
            
            $
            29,532
            
            
            $
            35,383LIABILITIESCurrentAccounts
      payable and accrued liabilities
            
            $
            170,658
            
            
            $
            34,580Total Liabilities
            
            
            170,658
            
            
            
            34,580STOCKHOLDERS’
      DEFICIENCYCapital
      stockAuthorized:500,000,000
      common shares with par value of $0.001Issued:80,549,666
      common shares (2007: 76,216,233)
            
            
            80,549
            
            
            
            76,216Additional
      paid-in capital
            
            
            2,454,263
            
            
            
            1,388,596Warrants
            
            
            234,360
            
            
            
            234,360Subscription
      proceeds
            
            
            2,544,400
            
            
            
            1,000,000Deficit
      accumulated during the Exploration Stage
            
            
            (5,454,698
            )
            
            
            (2,698,369
            )Total Stockholders' Deficiency
            
            
            (141,126
            )
            
            
            803Total Liabilities and Stockholders' Deficiency
            
            $
            29,532
            
            
            $
            35,383





SEE
ACCOMPANYING NOTES







5





VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(An
Exploration Stage Company)


INTERIM
STATEMENTS OF OPERATIONS


for the
three months and nine months ended September 30, 2008 and 2007


for the
period August 25, 2003 (Date of Incorporation) to September 30,
2008


(Stated
in US Dollars)


(Unaudited)








Three
      monthsended September 30
            
            
            Three
      monthsended September 30
            
            
            Nine
      monthsended September30
            
            
            Nine
      monthsended September 30
            
            
            August
      25, 2003(Date of Incor-poration) toSeptember
      30,2008
            
            
            2007
            
            
            2008
            
            
            2007
            
            
            2008ExpensesGeneral
      and administrative  - Note 6
            
            $
            15,425
            
            
            $
            93,571
            
            
            $
            115,034
            
            
            $
            250,844
            
            
            $
            1,046,661Exploration
            
            
            -
            
            
            
            -
            
            
            
            2,635,754
            
            
            
            -
            
            
            
            3,693,339Depreciation
            
            
            1,847
            
            
            
            2,277
            
            
            
            5,541
            
            
            
            6,009
            
            
            
            14,119Total
      operating expenses
            
            
            17,272
            
            
            
            95,848
            
            
            
            2,756,329
            
            
            
            256,853
            
            
            
            4,754,119Other
      income ( expense)Loss
      on disposal of capital asset
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (1,310
            )Fair
      value of discount on private placement
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (653,112
            )Impairment
      in Instant Wirefree technology
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (46,200
            )
            
            
            (46,200
            )Total
      other income ( loss)
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (46,200
            )
            
            
            (700,622
            )Other
      comprehensive income ( loss)Foreign
      exchange gain (loss)
            
            
            ( -
            )
            
            
            ( -
            )
            
            
            ( -
            )
            
            
            ( -
            )
            
            
            43Total
      other comprehensive income      (
      loss)
            
            
            ( -
            )
            
            
            ( -
            )
            
            
            ( -
            )
            
            
            ( -
            )
            
            
            43Net
      loss for the period
            
            $
            (17,272
            )
            
            $
            (95,848
            )
            
            $
            (2,756,329
            )
            
            $
            (303,053
            )
            
            $
            (5,454,698
            )Basic
      loss per share
            
            $
            (0.00
            )
            
            $
            (0.00
            )
            
            $
            (0.03
            )
            
            $
            (0.03
            )Weighted
      average number of common shares outstanding
            
            
            80,549,666
            
            
            
            76,020,000
            
            
            
            80,105,222
            
            
            
            76,020,000





SEE
ACCOMPANYING NOTES








6





VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(An
Exploration Stage Company)


INTERIM
STATEMENTS OF CASH FLOWS


for the
periods ended September 30, 2008 and 2007


for the
period August 25, 2003 (Date of Incorporation) to September 30,
2008


(Stated
in US Dollars)


(Unaudited)




Nine
      monthsEnded September 30
            
            
            Nine
      monthsEnded September 30
            
            
            August
      25, 2003(Date of Incor-poration) toSeptember
      30,2008
            
            
            2007
            
            
            2008Operating
      ActivitiesNet
      loss for the period
            
            $
            (2,756,329
            )
            
            $
            (303,053
            )
            
            $
            ( 5,454,698
            )Adjustment
      for non-cash items:Depreciation
            
            
            5,541
            
            
            
            6,009
            
            
            
            14,119Capital
      stock issued for mineral property costs
            
            
            2,320,000
            
            
            
            -
            
            
            
            3,352,500Impairment
      in Instant Wirefree technology
            
            
            -
            
            
            
            46,200
            
            
            
            46,200Fair
      value discount on private placement
            
            
            -
            
            
            
            -
            
            
            
            653,112Loss
      on disposal of furniture and equipment
            
            
            -
            
            
            
            -
            
            
            
            1,310Change
      in non-cash working capital balances related toOperationsPrepaid
      expenses
            
            
            (4,733
            )
            
            
            2,362
            
            
            
            (12,026
            )Accounts
      payable and accrued liabilities
            
            
            136,078
            
            
            
            25,170
            
            
            
            170,658Net
      cash used in operations
            
            
            ( 299,443
            )
            
            
            (223,312
            )
            
            
            (1,228,825
            )Investing
      ActivitiesAcquisition
      of capital assets
            
            
            -
            
            
            
            (12,573
            )
            
            
            (27,128
            )Proceeds
      on disposal of furniture and equipment
            
            
            -
            
            
            
            -
            
            
            
            1,027Instant
      Wirefree technology
            
            
            -
            
            
            
            -
            
            
            
            (27,500
            )-
            
            
            
            (12,573
            )
            
            
            (53,601
            )Financing
      ActivitiesCapital
      stock issued
            
            
            70,000
            
            
            
            -
            
            
            
            851,600Subscription  proceeds
            
            
            224,400
            
            
            
            -
            
            
            
            224,400Promissory
      notes
            
            
            -
            
            
            
            -
            
            
            
            213,260Net
      cash provided by financing activities
            
            
            294,400
            
            
            
            -
            
            
            
            1,289,260Increase
      (decrease) in cash during the period
            
            
            (5,043
            )
            
            
            (235,885
            )
            
            
            6,834Cash,
      beginning of period
            
            
            11,877
            
            
            
            288,107
            
            
            
            -Cash,
      end of period
            
            $
            6,834
            
            
            $
            52,222
            
            
            $
            6,834Supplemental
      disclosure of cash flow information:Cash
      paid for:Interest
            
            $
            -
            
            
            $
            -
            
            
            $
            -Income
      taxes
            
            $
            -
            
            
            $
            -
            
            
            $
            -Non-cash
      transactionsShares
      issued on acquisition of Instant Wirefree, Inc.
            
            $
            -
            
            
            $
            -
            
            
            
            18,700Shares
      issued to settle debt
            
            $
            -
            
            
            $
            -
            
            
            $
            213,260Share
      subscriptions issued on acquistion of mineral property
            
            $
            2,320,000
            
            
            $
            -
            
            
            $
            3,320,000





SEE
ACCOMPANYING NOTES








7





VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(An
Exploration Stage Company)


INTERIM
STATEMENT OF STOCKHOLDERS’ EQUITY


for the
period from August 25, 2003 (Date of Incorporation) to September 30,
2008


(Stated in US
Dollars)




Common
      Stock
              
              
              Additional
      Paid-in
              
              
              
              
              
              
              
              
              Deficit
      Accumulated During the Pre-explorationShares
              
              
              Par
      Value
              
              
              Capital
              
              
              Warrants
              
              
              Subscriptions
              
              
              Stage
              
              
              TotalCommon
      stock issued for cash – at $0.001
              
              
              2,700,000
              
              
              $
              2,700
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              2,700Common
      stock issued for mineral property costs  – at
      $0.05
              
              
              650,000
              
              
              
              650
              
              
              
              31,850
              
              
              
              
              
              
              
              
              
              
              
              -
              
              
              
              32,500Net
      loss for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              
              
              
              
              
              
              
              
              (127,977
              )
              
              
              (127,977
              )Balance,
      December 31, 2003
              
              
              3,350,000
              
              
              $
              3,350
              
              
              $
              31,850
              
              
              
              
              
              
              
              
              
              
              $
              (127,977
              )
              
              $
              (92,777
              )Net
      loss for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              
              
              
              
              
              
              
              
              (84,812
              )
              
              
              (84,812
              )Balance,
      December 31, 2004
              
              
              3,350,000
              
              
              
              3,350
              
              
              
              31,850
              
              
              
              
              
              
              
              
              
              
              
              (212,789
              )
              
              
              (177,589
              )Common
      stock issued for cash pursuant to a public offering at
$.05
              
              
              6,000,000
              
              
              
              6,000
              
              
              
              294,000
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              300,000Net
      loss for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              
              
              
              
              
              
              
              
              (85,922
              )
              
              
              (85,922
              )Balance,
      December 31, 2005
              
              
              9,350,000
              
              
              $
              9,350
              
              
              $
              325,850
              
              
              
              
              
              
              
              
              
              
              $
              (298,711
              )
              
              $
              36,489Common
      stock issued for shares of Instant Wirefree, Inc. at $.
001
              
              
              18,700,000
              
              
              
              18,700
              
              
              
              -
              
              
              
              
              
              
              
              
              
              
              
              -
              
              
              
              18,700Common
      stock issued for debt at $.004
              
              
              47,550,000
              
              
              
              47,550
              
              
              
              165,710
              
              
              
              
              
              
              
              
              
              
              
              -
              
              
              
              213,260Common
      stock issued for cash pursuant to a private placement at $ 1.00 per
      share
              
              
              420,000
              
              
              
              420
              
              
              
              209,580
              
              
              
              210,000
              
              
              
              
              
              
              
              -
              
              
              
              420,000Fair
      value discount on private placement
              
              
              
              
              
              
              
              
              
              
              653,112
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              653,112Net
      loss for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              
              
              
              
              
              
              
              
              (1,009,539
              )
              
              
              (1,009,539
              )Balance,
      December 31, 2006
              
              
              76,020,000
              
              
              $
              76,020
              
              
              $
              1,354,252
              
              
              
              
              
              
              
              
              
              
              $
              (1,308,250
              )
              
              $
              332,022Common
      stock issued for cash pursuant to a private placement at $ 1.00 per
      share
              
              
              196,333
              
              
              
              196
              
              
              
              34,344
              
              
              
              24,360
              
              
              
              
              
              
              
              
              
              
              
              58,900Subscriptions
      payable, issued for mineral property at $.50
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              1,000,000
              
              
              
              
              
              
              
              1,000,000Net
      loss for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              
              
              
              
              
              
              
              
              (1,390,119
              )
              
              
              ( 1.390.119
              )Balance,
      December 31, 2007
              
              
              76,216,333
              
              
              $
              76,216
              
              
              $
              1,388,596
              
              
              $
              234,360
              
              
              $
              1,000,000
              
              
              $
              (2,698,369
              )
              
              $
              803Common
      stock issued for cash pursuant to a private placement at $ .03 per
      share
              
              
              2,333,333
              
              
              
              2,333
              
              
              
              67,667
              
              
              
              24,360
              
              
              
              
              
              
              
              
              
              
              
              70,000Common
      stock issued for share subscriptions receivable
              
              
              2,000,000
              
              
              
              2,000
              
              
              
              998,000
              
              
              
              -
              
              
              
              (1,000,000
              )Subscriptions
      payable, issued for mineral property at $.58
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              2,320,000
              
              
              
              
              
              
              
              2,320,000Subscriptions
      proceeds received
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              224,400
              
              
              
              
              
              
              
              224,400Net
      loss for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              
              
              
              
              
              
              
              
              (2,756,329
              )
              
              
              (2,756,329
              )Balance,
      September 30, 2008
              
              
              80,549,666
              
              
              $
              80,549
              
              
              $
              2,454,263
              
              
              $
              234,360
              
              
              $
              2,544,400
              
              
              $
              (5,456,698
              )
              
              $
              (141,126
              )





SEE
ACCOMPANYING NOTES




8




VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(An
Exploration Stage Company)


NOTES TO
THE  INTERIM FINANCIAL STATEMENTS


September
30, 2008


(Stated
in US Dollars)


(Unaudited)





Note
1        Interim
Reporting





The
accompanying unaudited interim financial statements have been prepared by
Vanguard Minerals Corporation ( the “Company”) pursuant to the rules and
regulations of the United States Securities and Exchange
Commission.  Certain information and disclosures normally included in
annual financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been condensed or
omitted pursuant to such rules and regulations.  In the opinion of
management, all adjustments and disclosures necessary for a fair presentation of
these financial statements have been included. These interim financial
statements should be read in conjunction with the audited financial statements
of the Company for the fiscal year ended December 31, 2007.





The
results of operations for the three months ended September 30, 2008 are not
indicative of the results that may be expected for the full year.





Note
2        Nature and Continuance of
Operations





The
Company was incorporated in the State of Nevada, United States of America on
August 25, 2003.  The Company’s fiscal year end is December
31.





The
Company is in the exploration stage.  The Company entered into a
mineral license option agreement to explore and mine two properties in
Mongolia.  On April 19, 2006, the Company terminated the option
agreements it previously held.





On May 2,
2006, the Company changed its name to Vanguard Minerals
Corporation.





On May
24, 2006, the Company entered into an agreement to acquire certain technology
owned by Instant Wirefree, Inc. by acquiring 100% of the common shares of
Instant Wirefree, Inc. in exchange for cash in the amount of $ 27, 500 and
18,700,000 common shares of the Company.





On
      August 10, 2007, the Company changed its name to Vanguard Minerals
      Corporation.





The
financial statements have been prepared using generally accepted accounting
principles in the United States of America applicable for a going concern which
assumes that the Company will realize its assets and discharge its liabilities
in the ordinary course of business.  At September 30, 2008, the
Company has not yet attained profitable operations and has accumulated losses of
$5,456,698 since its commencement.  Its ability to continue as a going
concern is dependent upon the ability of the Company to generate profitable
operations and/or obtain the necessary financing to meet its obligations and pay
its liabilities arising from normal business operations when they come
due.






9





The
Company has obtained financing from share subscriptions and by loans from its
shareholders; however, there is no guarantee that additional funds from its
shareholders will be received in the future.  The Company may also
solicit loans from other non-affiliated individuals; however, there is no
assurance that such loans can be negotiated or that such financing will be
available on terms favourable to the Company.  The Company may also
obtain additional financing by the sale of its common stock; however, the
Company is not publicly listed nor is its stock currently quoted or traded but
there currently are plans for the sale of common stock.  There can be
no assurance that such additional funding will be available on acceptable terms,
if at all.











Note
3        Significant Accounting
Policies





The
financial statements of the Company have been prepared in accordance with
generally accepted accounting principles 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 judgment.  Actual results may vary from these
estimates.





The
financial statements have, in management's opinion, been properly prepared
within reasonable limits of materiality and within the framework of the
significant accounting policies summarized below:





(a)  Exploration
Stage Company




The
Company complies with Financial Accounting Standard Board Statement No. 7 and
The Securities and Exchange Commission Act Guide 7 for its characterization of
the Company as exploration stage.




(b) Capital
Assets




Capital
assets are recorded at cost and are being depreciated on a straight line basis
at the following annual rates:




Computer
equipment                3
years


Furniture
and
fixtures                5
years


Leasehold
improvements          3
years




(c)  Mineral
Properties




Costs of
license acquisition, exploration, carrying and retaining unproven mineral lease
properties are expensed as incurred.







10




(d)  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 coincide with the
earlier of completion of a feasibility study or the Company's commitments to
plan of action based on the then known facts.




(e)  Income
Taxes




The
Company uses the asset and liability method of accounting for incomes taxes
pursuant to Statement of Financial Accounting Standards (“FAS”), No 109 "
Accounting for Income Taxes".  Under the assets and liability method
of FAS 109, deferred tax assets and liabilities are recognized for the 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
Loss per Share




The
Company reports basic loss per share in accordance with the FAS No. 128,
"Earnings per Share".  Basic loss per share is computed using the
weighted average number of shares outstanding during the period.




(g) Foreign
Currency Translation




The
Company’s functional currency is United States ( “U.S”) as substantially all of
the Company’s operations use this denomination.  The Company 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 (“FAS”) 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 and losses would be included in Other Income
(Expenses) on the Statement of Operations.





(h)  Comprehensive
Income





The
Company has adopted SFAS 130 “Reporting Comprehensive Income” which establishes
standards for reporting and display of comprehensive income, its components and
accumulated balances.  When applicable, the Company would disclose
this information on its Statement of Stockholders’
Equity.  Comprehensive income comprises equity except those resulting
from investments by owners and distributions to owners.  The Company
has not had any significant transactions that are required to be reported in
other comprehensive income







11




Note
4        Capital
Assets





Accumulated
            
            
            Net
      Book ValueCost
            
            
            AmortizationSeptember30
            
            
            December312008
            
            
            2007Computer
      equipment
            
            $
            16,043
            
            
            $
            9,548
            
            
            $
            6,495
            
            
            $
            10,507Furniture
      and fixtures
            
            
            6,569
            
            
            
            2,937
            
            
            
            3,632
            
            
            
            4,616Leasehold
      improvements
            
            
            2,180
            
            
            
            1,635
            
            
            
            545
            
            
            
            1,090$
            24,792
            
            
            $
            14,120
            
            
            $
            10,672
            
            
            $
            16,213





Note
5        Mineral Property
Acquistion





During
the period, Vanguard entered into an agreement with Coastal Uranium Holdings
Ltd. to acquire its 50% interest in mining claim S- 110476 in the Athabasca
region, Canada for $ 250,000 ( Cdn) plus 4,000,000 shares of the common stock of
Vanguard. In addition, Vanguard agrees to take on the financial responsibility
of Coastal Uranium Holdings Ltd. to fund development of the mineral
property.





As at
September 30, 2008, the shares had not been issued, but an amount of $ 2,320,000
representing the market price of the shares on the date of the agreement, has
been recorded as a share subscription payable.





Note
6        Related Party
Transactions





The
Company was charged the following expenses by shareholders and directors of the
Company:





August
      25,2003Nine
      months ended
            
            
            (Date
      ofIncorporation)September
      30
            
            
            toSeptember 30,2008
            
            
            2007
            
            
            2008Consulting
      fees
            
            $
            -
            
            
            $
            -
            
            
            $
            34,305Interest
            
            
            -
            
            
            
            -
            
            
            
            7,500Office
      and miscellaneous
            
            
            -
            
            
            
            -
            
            
            
            1,000Salaries
      and compensation
            
            
            46,699
            
            
            
            36,694
            
            
            
            144,123Mineral
      property costs
            
            
            -
            
            
            
            -
            
            
            
            2,000$
            46,699
            
            
            $
            36,694
            
            
            $
            188,928





These
charges were measured by the exchange amount, which is the amount agreed upon by
the transacting parties.





Included
      in accounts payable and accrued liabilities is $nil (December 31, 2007:
      $4,551 owed to a shareholder of the Company with respect to unpaid
      consulting fees.





Note
      7
            Share
      Capital





During
the period, the Company issued 2,333,333 shares of the common stock of the
company pursuant to a private placement for $ 70,000.





During
the period, the Company issued 2,000,000 shares of the common stock of the
company pursuant to share subscriptions payable.





12





Item
      2.
            MANAGEMENT'S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS




Cautionary
Statement Regarding Forward-Looking Statements




The
information in this Quarterly Report on Form 10-Q contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements involve risks and uncertainties, including
statements regarding our markets, capital needs, business plans and
expectations. Such forward-looking statements involve risks and uncertainties
regarding the ability to continue mining exploration on a timely basis, that we
will attract customers, that there will be no material adverse competitive or
regulatory change in conditions in our business, that our President will remain
employed as such, that our forecasts accurately anticipate market demand, and
that there will be no material adverse change in our operations or business or
in governmental regulations affecting our business, availability of funds,
common share prices, operating costs, capital costs, and other factors.
Forward-looking statements are made, without limitation, in relation to
marketing plans, operating plans, availability of funds, and ongoing capital and
operating costs. Any statements contained herein that are not statements of
historical facts may be deemed to be forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as "may",
"will", "should", "expect", "plan", "intend", "anticipate", "believe",
"estimate", "predict", "potential" or "continue", the negative of such terms or
other comparable terminology. Actual events or results may differ materially. In
evaluating these statements, you should consider various factors, including the
risks outlined below, and, from time to time, in other reports we file with the
SEC. These factors may cause our actual results to differ materially from any
forward-looking statement. We disclaim any obligation to publicly update these
statements, or disclose any difference between its actual results and those
reflected in these statements. The information constitutes forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements.




Overview




Vanguard
Minerals Corporation, formerly Knewtrino, Inc., (the “Company”) was originally
incorporated as Mongolian Explorations Ltd. on August 25, 2003, under the laws
of the State of Nevada. We were originally founded to conduct mineral
explorations in Mongolia. Although we did exploratory feasibility work on
mineral lease development, we abandoned our mineral exploration efforts in
April, 2006 due to the deteriorating political and security situation in
Mongolia and specifically due to intense protests over North American mining
concessions in that country which jeopardize the safety of our consultants as
well as undermining our confidence that we will ever be able to see a return on
our continued investments to develop the properties. Since that time, we had
appointed an interim chief executive officer, Jenifer Osterwalder, who saw us
through our transition out of the mineral exploration business and now are under
the leadership of a new chief executive officer, Vladimir Fedyunin, and we were
in the process of developing a business around cell phone enabled wireless
applications. Toward that end, we acquired the intellectual property of wireless
technology start-up Instant Wirefree, Inc., a Nevada
corporation.  Unfortunately, we were not able to make the transition
to the ultra-competitive field of cell phone wireless
applications.  In June, 2007, we made the decision to abandon this
line of business and to no longer pursue commercialization of any product in the
wireless space.  Instead, we have returned to our original, core focus
of mining, where the company has its roots, however, we wish to find a more
politically stable and less dangerous environment to mine in than
Mongolia.   In September, 2007, we changed our name to Vanguard
Minerals Corporation to reflect our renewed commitment to our traditional core
business of mineral exploration.  In November 2007, the Company
entered into an agreement with Coastal Uranium Holdings Ltd. to acquire its
right and option to acquire an undivided 50% right, title and interest in
certain mineral claims in the Athabasca region.  The option was
acquired through payment of $ 57,585 in cash as well as 2,000,000 common shares
of the Company.





13




Results
of Operations




Until
April 19, 2006, we have been involved primarily in organizational activities
related to our original business of mining in Mongolia, including the
acquisition of the option to acquire the Altan as well as the Ovorkhangai
property mineral licenses, obtaining a geological report on our mineral licenses
and initiating the first phase of exploration. After April 19, 2006, when we
abandoned these efforts due to the political situation in Mongolia, we acquired
wireless technology from Instant Wirefree, Inc., a Nevada
corporation.  We attempted to commercialize technology for the
wireless space but abandoned that effort in June, 2007.  We are
currently in the process of returning to our core business of mining. Toward
that end, we changed our name in September 2007 and we acquired an interest in
mineral claims in the Athabasca region of Canada in November
2007.  We  have incurred an accumulated net loss of
$5,454,698 for the period from inception to September 30, 2008. We have had no
revenues from operations since our inception.





We do not
plan to buy or sell any plant or significant equipment during the next twelve
months. We are currently in the process of developing and exploring our mineral
properties in the Athabasca region of Canada. We do not yet have any products or
services available for sale and our mining operations are still at a preliminary
stage. Although we have engaged the services of geological consultants and will
conduct very limited exploration activities on the property during the balance
of 2008, funding permitting, we are currently pausing our exploration activities
until funding is forthcoming.




Financial
Condition and Liquidity




Overview




Our
financial statements contained herein have been prepared on a going concern
basis, which assumes that we will be able to realize our assets and discharge
our obligations in the normal course of business. We incurred an accumulated net
loss of $5,454,698 for the period from inception to September 30,
2008.





Our
financial statements included in this report have been prepared without any
adjustments that would be necessary if we become unable to continue as a going
concern and are therefore required to realize upon our assets and discharge our
liabilities in other than the normal course of business.





14




Cash and Working
Capital





The
Company's cash balance as of September 30, 2008 was $6,834, as compared to the
cash balance of $11,877 as of December 31, 2007.






Period Ending September 30,
2008




Operating
expenses for the three month period ended September 30, 2008  totalled
$17,272 and from inception to the period ended September 30, 2008 totalled
$4,754,119. The company experienced a net loss of $17,272 and $5,454,698 for the
three month period ended September 30, 2008  and from inception to
period ended September 30, 2008, respectively, against no revenue from
operations. The major expenses during this three month period were for legal and
accounting fees.





The
earnings per share (fully diluted -- weighted average) was a net loss of $0.00
for the three month period ended September 30, 2008.






Liquidity
and Capital Resources





For the
nine month period ended September 30, 2008, net cash used in operating
activities, consisting mostly of loss from operations was $299,443. For the
period from inception to September 30, 2008, net cash used in operating
activities, consisting mostly of loss from operations was
$1,228,825.





For the
period from inception to September 30, 2008, net cash resulting from financing
activities was in the amount of $1,289,260.





Our
capital resources have been limited. We currently do not, and have not yet
determined when we will, generate revenue for our mining and mineral exploration
activities, and to date have relied on the sale of equity and related party
loans for cash required for our exploration activities. The company has no
external sources of liquidity in the form of credit lines from banks. No
investment banking agreements are in place and there is no guarantee that the
company will be able to raise capital in the future should that become
necessary.







Future
Financings




We
anticipate that if we pursue any additional financing, the financing would be an
equity financing achieved through the sale of our common stock. We do not have
any arrangement in place for any debt or equity financing. If we are successful
in completing an equity financing, existing shareholders will experience
dilution of their interest in our company. If we do not secure additional
financing in the future we may consider bringing in a joint venture partner to
provide the required funding. We have not, however, undertaken any efforts to
locate a joint venture partner. In addition, we cannot provide investors with
any assurance that we will be able to locate a joint venture partner to exploit
our mineral resources.











15




Off Balance Sheet
Arrangements




We have
no significant off-balance sheet arrangements that have or are reasonably likely
to have a current or future effect on our financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that is material to
stockholders.






Significant
Contingencies




Our
financial statements have been prepared assuming we will continue as a going
concern. Our independent auditors have made reference to the substantial doubt
about our ability to continue as a going concern in their report of independent
registered public accounting firm on our audited financial statements for the
year ended December 31, 2007. Our continuation 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 pay its liabilities arising from
normal business operations when they come due. The outcome of these matters
cannot be predicted with any certainty at this time and raise substantial doubt
that the Company will be able to continue as a going concern.




Plan of
Operation




We are
uncertain of what our plan of operation over the next 12 months will be. We
intend to return to our roots in the mining exploration field, but to seek a
more politically stable environment than the one in Mongolia. We believe
that an appealing mining environment exists in the Athabasca region of
Canada.  As a consequence, we have acquired mineral operations consisting
of an interest in mining property in the Athabasca region of
Canada.  We are actively seeking additional mining opportunities. In
November, 2007, we acquired a 50% interest in mineral rights in the Athabasca
region of Canada from Coastal Uranium Holdings Ltd related to two
claims.  In April, 2008, we acquired a 50% interest in a third claim
in the same region.





We intend
to conduct over the next 12 months helicopter-supported property-scale boulder
sampling and prospecting, close-spaced ground geophysics and drilling on our
mining properties. With these two projects, consisting of 3 mineral claims, in
close proximity to each other, we believe such operations can be conducted in a
cost-efficient manner.  We are now ready to commence ground geophysics
and drilling.  Management is currently in negotiation with geophysical
and drill contractors in preparation for this exploration. Management is also
reviewing other opportunities to acquire additional property in the region, both
unexplored properties and properties with varying amounts of previous
exploration.





Vanguard
Minerals Corporation’s short-term prospects are challenging considering our lack
of financial resources to fully develop our mineral properties, however, once
data is available on the extent and location of uranium deposits on our mineral
properties and if management secures additional financing, our prospects would
improve considerably.  Once we have secured additional financing to
continue to exploit our  mineral properties, revenue from the sale of
mineral products from our properties may still remain several years
away.





Cash
requirements





Presently,
without additional cash, we will not be able to fully exploit our mineral
properties, however we have commenced seeking additional financing we have
sufficient cash to allow us to continue our current exploration plan until we
have secured such financing. We have limited working capital. Our continued
operation is therefore dependent upon our ability to secure additional cash
through financing within the next 90 to 120 days. We presently have no
arrangements or understandings with any investors or potential investors with
respect to an investment in Vanguard Minerals Corporation, although within 60
days we intend to actively engage in such negotiations toward such an
understanding and expect to reach such an understanding within the very near
future. We have not decided at what price or under what terms we will raise such
additional funds, although such a decision is likely to be made within the next
several weeks. While we will be actively seeking financing, no assurance can be
given that we will be successful in finding such financing under acceptable
terms and conditions.





16




Research
and development





We would
like to spend several hundred thousand dollars over the next 12 months on
exploration and extraction related to our mineral properties.  We
would spend significantly more money that this developing those mineral
properties at the moment that our full scale extraction operation were to
commence.





Plant and
equipment





We
currently have an office in Seattle, Washington which we lease from
month-to-month.  We anticipate expanding our office within the next
6-12 months, although our employees when not on the mineral property, will tend
to work and connect virtually, working on the property and then at their
respective residences.





Employees





We have
one part-time employee currently, president and chief executive officer,
Vladimir Fedyunin.  We have several consultants engaged in our mineral
exploration activities.  We intend to hire additional exploration and
geological consultants over the next 120-180 days.





The
Company’s executive offices are currently located in Seattle, Washington. The
company’s telephone number is (604) 351-1694.








ITEM
3.    Quantitative and Qualitative Disclosures About Market
Risk








Foreign
Currency and Credit Risk.  The Company has no significant
off-balance-sheet concentrations of credit risk such as foreign exchange
contracts, options contracts or other foreign hedging arrangements. The
Company’s reporting currency is the US Dollar.  We do undertake
drilling, mining exploration and other expenses related to our Canadian mining
properties which must be paid in Canadian dollars and are subject to cost
variations based in currency rate fluctuations.





Fair
Value of Financial Instruments.  The carrying value of the Company's
financial instruments, including prepaid expenses, related party receivables,
accounts payable and accrued liabilities at September 20, 2008 and 2007
approximates their fair values due to the short-term nature of these financial
instruments.








17




ITEM
4. CONTROLS AND PROCEDURES





(a)
Evaluation of disclosure controls and procedures.




Under the
supervision and with the participation of our management, including our
principal executive officer and principal financial officer, we conducted an
evaluation of our disclosure controls and procedures, as such term is defined
under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as
amended (the Exchange Act).  As a result of this evaluation, we
identified material weaknesses in our internal control over financial reporting
as of December 31, 2007.  Accordingly, we concluded that our
disclosure controls and procedures were not effective as of December 31,
2007.





As
required by SEC Rule 15d-15(b), our Chief Executive Officer carried out an
evaluation under the supervision and with the participation of our management,
of the effectiveness of the design and operation of our disclosure controls and
procedures pursuant to Exchange Act Rule 15d-14 as of the end of the period
covered by this report.  Based on the foregoing evaluation, our Chief
Executive Officer has concluded that our disclosure controls and procedures are
not effective in timely alerting them to material information required to be
included in our periodic SEC filings and to ensure that information required to
be disclosed in our periodic SEC filings is accumulated and communicated to our
management, including our Chief Executive Officer, to allow timely decisions
regarding required disclosure as a result of the deficiency in our internal
control over financial reporting discussed below.





The
material weakness identified in our amended annual report on Form 10-KSB/A for
the year ended December 31, 2007 was related to a lack of an accounting staff
resulting in a lack of segregation of duties and accounting technical expertise
necessary for an effective system of internal control.




(b)
Changes in internal control over financial reporting.




There
were no changes in our internal control over financial reporting that occurred
during the period covered by this Quarterly Report on Form 10-Q that have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.





ITEM
4T. CONTROLS AND PROCEDURES





Management's
Quarterly Report on Internal Control over Financial Reporting.





Management's
assessment of the effectiveness of the registrant's internal control over
financial reporting is as of the period ended September 30,
2008.  Based on the evaluation, management concluded that there is a
material weakness in our internal control over financial
reporting.  The material weakness relates to the monitoring and review
of work performed by contracted accounting personnel in the preparation of audit
and financial statements, footnotes and financial data provided to Vanguard’s
registered public accounting firm in connection with the annual
audit.  Our lack of an accounting staff results in a lack of
segregation of duties and accounting technical expertise necessary for an
effective system of internal control.





A
material weakness is a control deficiency, or combination of control
deficiencies, in ICFR such that there is a reasonable possibility that a
material misstatement of our annual or interim financial statements will not be
prevented or detected on a timely basis by employees in the normal course of
their assigned functions.





18








Notwithstanding
this material weakness, we believe that the consolidated financial statements
included in this report fairly present, in all material respects, our
consolidated financial position and results of operations as of and for the
period ended September 30, 2008.





Remediation
of Material Weakness





As
discussed in Management's Annual Report on Internal Control over Financial
Reporting, as of December 31, 2007, as amended, there were material weaknesses
in our internal control over financial reporting.  We are in the
process of analyzing our processes for all business units and the establishment
of formal policies and procedures with necessary segregation of duties, which
will establish mitigating controls to compensate for the risk due to lack of
segregation of duties.  In addition, we are evaluating the necessary
steps to improve our controls over financial reporting and we are in the initial
planning phase of upgrading, where possible, certain of our information
technology systems impacting financial reporting.





Through
these steps, we believe we are addressing the deficiencies that affected our
internal control over financial reporting as of December 31, 2007 and September
30, 2008.  However, the effectiveness of any system of internal
controls is subject to inherent limitations and there can be no assurance that
our internal control over financial reporting will prevent or detect all
errors.  Because the remedial actions require hiring of additional
personnel, upgrading certain of our information technology systems, and relying
extensively on manual review and approval, the successful operation of these
controls for at least several quarters may be required before management may be
able to conclude that the material weakness has been remediated.





The
aggregate costs of remediation are estimated to be $50,000 or more on an annual
basis to hire the requisite accounting staff.





Changes
in Internal Control Over Financial Reporting.





There was
no change in our internal control over financial reporting that occurred during
the period ended September 30, 2008, that has materially affected, or is
reasonably likely to materially affect, our internal control over financial
reporting.





19




PART
II - OTHER INFORMATION








Item 1.       LEGAL PROCEEDINGS




We are
not party to any legal proceedings.





Item
1A.    RISK FACTORS.





There are
no material changes in the risk factors previously disclosed in our


10-KSB/A
for the year ended December 31, 2007.





Item 2.       UNREGISTERED
SALES OF SECURITIES AND USE OF PROCEEDS




During
the nine month period, the Company issued 2,333,333 shares of the common stock
of the company pursuant to a private placement for $ 70,000.  Also,
during the nine month period, the Company issued 2,000,000 shares of the common
stock of the company pursuant to share subscriptions payable.  The
Company is obligated to issue 4,000,000 shares of common stock to Coastal
Uranium Holdings Ltd. Pursuant to its mineral property acquisition.





Item 3.       DEFAULT UPON
SENIOR SECURITIES




None.




Item 4.       SUBMISSION OF MATTERS TO A
VOTE OF SECURITY HOLDERS





None.





Item 5.       OTHER INFORMATION




On April
6, 2008, we entered into an agreement with Coastal Uranium Holdings Ltd.,
whereby we acquired a 50% undivided right, title and interest to the mineral
claim numbered S-110476 in the Athabasca region of Canada in exchange for
$250,000 CAD ($248,508 USD) and 4,000,000 common shares of Vanguard Minerals
corporation.  In addition, we have agreed to take on the financial
responsibility of Coastal to fund development of the mineral property that is
the subject of claim S-110476.





Item 6.      
EXHIBITS




Exhibits
            Document
      Description





3.1
            Articles
      of Incorporation, incorporated by reference from our Prospectus on Form
      SB-2 filed February 13, 2004. File Number 333-112830.3.2
            Bylaws,
      incorporated by reference from our Prospectus on Form SB-2 filed February
      13, 2004. File Number 333-112830.10.1
            Assignment
      Agreement between Registrant and Coastal Uranium Holdings Ltd. dated April
      6, 2008.





31.1
            Certification
      of Chief Executive Officer and Chief Financial Officer pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002. Filed as an Exhibit to this Quarterly Report
      on Form 10-Q.32.1
            Certification
      of Chief Executive Officer and Chief Financial Officer pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002. Filed as an Exhibit to this Quarterly Report
      on Form 10-Q.





20




SIGNATURES




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




Vanguard
      Minerals CorporationDATE:
      November 3, 2008
            /s/ Vladimir
      FedyuninVladimir
      FedyuninPresident,
      CEO, Director, Principal
              Financial
      and Accounting Officer




























21