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 March
31, 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 CORPORATION


(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:
            
            206-652-3246




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 April 30, 2008.









TABLE
OF CONTENTS




PagePART
      I - FINANCIAL INFORMATIONItem
      1:
            Financial
      Statements
            3Item
      2:
            Management's
      Discussion and Analysis of Financial Condition and Results of
      Operations
            13Item
      3:
            Quantitative
      and Qualitative Disclosures About Market Risk
            17Item
      4T:
            Controls
      and Procedures
            17PART
      II - OTHER INFORMATIONItem
      1:
            Legal
      Proceedings
            18Item
      1A:
            Risk
      FactorsItem
      2:
            Unregistered
      Sales of Equity Securities and Use of Proceeds
            18Item
      3:
            Default
      Upon Senior Securities
            18Item
      4:
            Submission
      of Matters to a Vote of Security Holders
            18Item
      5:
            Other
      Information
            18Item
      6:
            Exhibits
            18




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 March 31, 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 March 31, 2008 are
included with this Quarterly Report on Form 10-Q:




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





(b)
            Interim
      statements of operations for the three months ended March 31, 2008 and
      2007 and for the period from August 25, 2003 (inception) to March 31, 2008
      (cumulative);





(c)
            Interim
      statements of cash flows for the three months ended March 31, 2008 and
      2007 and for the period from August 25, 2003 (inception) to March 31, 2008
      (cumulative);





(d)
            Interim
      statements of stockholders’ equity (deficiency) for the period from August
      25, 2003 (inception) to March 31, 2008 (cumulative);
  and





(e)
            Notes
      to the financial statements.





3














VANGUARD
MINERALS CORPORATION




(An
Exploration Stage Company)




INTERIM
FINANCIAL STATEMENTS




March  31,
2008




(Stated
in US Dollars)




(Unaudited)












4


VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(An
Exploration Stage Company)


INTERIM
BALANCE SHEETS


March  31,
2008 and December 31, 2007


(Stated
in US Dollars)


(Unaudited)




March 31
            
            
            December
      312008
            
            
            2007(audited)ASSETSCurrentCash
            
            $
            15,088
            
            
            $
            11,877Prepaid
      expenses
            
            
            9,693
            
            
            
            7,293Total
      current assets
            
            
            24,781
            
            
            
            19,170Instant
      Wirefree technology
            
            
            -
            
            
            
            -Furniture
      and Equipment- Note 4
            
            
            14,366
            
            
            
            16,213Total
      Assets
            
            $
            39,147
            
            
            $
            35,383LIABILITIESCurrentAccounts
      payable and accrued liabilities – Note 5
            
            $
            35,136
            
            
            $
            34,580Total
      current liabilities
            
            
            35,136
            
            
            
            34,580Total
      Liabilities
            
            
            35,136
            
            
            
            34,580STOCKHOLDERS’
      EQUITYCapital
      stockAuthorized:500,000,000
      common shares with par value of $0.001Issued:80,549,666
      common shares (2007 76,216,333)
            
            
            80,549
            
            
            
            76,216Additional
      paid-in capital
            
            
            2,454,263
            
            
            
            1,388,596Warrants
            
            
            234,360
            
            
            
            234,360Subscriptions
      receivable
            
            
            -
            
            
            
            1,000,000Deficit
      accumulated during the Development Stage
            
            
            (2,765,161
            )
            
            
            (2,698,369
            )Total
      shareholders’ equity
            
            
            4,011
            
            
            
            803$
            39,147
            
            
            $
            35,383







SEE
ACCOMPANYING NOTES




5


VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(An
Exploration Stage Company)


INTERIM
STATEMENTS OF OPERATIONS


for the
three months ended March  31, 2008 and 2007


for the
period August 25, 2003 (Date of Incorporation) to March  31,
2008


(Stated
in US Dollars)


(Unaudited)




Three
      monthsended March 31
            
            
            Three
      monthsended March 31
            
            
            August
      25, 2003(Date of Incorporation) to
    March 31,2008
            
            
            2007
            
            
            2008ExpensesGeneral
      and administrative – Note 5
            
            $
            64,945
            
            
            $
            85,639
            
            
            $
            2,054,157Depreciation
            
            
            1,847
            
            
            
            1,671
            
            
            
            10,425Loss
      before other item
            
            
            (66,792
            )
            
            
            (87,310
            )
            
            
            (2,064,582
            )Foreign
      exchange gain (loss)
            
            
            (-
            )
            
            
            -
            
            
            
            43Loss
      on disposal of capital asset
            
            
            
            
            
            
            
            
            
            
            (1,310
            )Fair
      value of discount on private placement
            
            
            -
            
            
            
            -
            
            
            
            (653,112
            )Impairment
      of Instant Wirefree Technology
            
            
            
            
            
            
            
            
            
            
            (46,200
            )Net
      loss for the period
            
            $
            (66,792
            )
            
            $
            (87,310
            )
            
            $
            (2,765,161
            )Basic
      loss per share
            
            $
            (0.00
            )
            
            $
            (0.01
            )Weighted
      average number of common shares outstanding
            
            
            80,549,666
            
            
            
            76,020,000





SEE
ACCOMPANYING NOTES
  6


VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(An
Exploration Stage Company)


INTERIM
STATEMENTS OF CASH FLOWS


for the
three months ended March  31, 2008 and 2007


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


(Stated
in US Dollars)


(Unaudited)




Three
      monthsended March 31
            
            
            Three
      monthsended March 31
            
            
            August
      25, 2003(Date of Incorporation) toMarch 31,2008
            
            
            2007
            
            
            2008Operating
      ActivitiesNet
      loss for the period
            
            $
            (66,792
            )
            
            $
            (87,310
            )
            
            $
            (2,765,161
            )Adjustment
      for non-cash items:Depreciation
            
            
            1,847
            
            
            
            1,671
            
            
            
            10,425Capital
      stock issued for mineral property costs
            
            
            -
            
            
            
            -
            
            
            
            32,500Fair
      value discount on private placement
            
            
            -
            
            
            
            -
            
            
            
            653,112Impairment
      of Instant Wirefree Technology
            
            
            -
            
            
            
            -
            
            
            
            46,200Loss
      on disposal of furniture and equipment
            
            
            -
            
            
            
            -
            
            
            
            1,310Change
      in non-cash working capital balances related toOperationsPrepaid
      expenses
            
            
            (2,400
            )
            
            
            2,362
            
            
            
            (9,693
            )Accounts
      payable and accrued liabilities
            
            
            556
            
            
            
            63,559
            
            
            
            35,136Net
      cash used in operations
            
            
            (66,789
            )
            
            
            (19,718
            )
            
            
            (1,996,171
            )Investing
      ActivitiesAcquisition
      of capital assets
            
            
            -
            
            
            
            (8,510
            )
            
            
            (27,128
            )Proceeds
      on disposal of furniture and equipment
            
            
            -
            
            
            
            -
            
            
            
            1,027Instant
      Wirefree technology
            
            
            -
            
            
            
            -
            
            
            
            (27,500
            )-
            
            
            
            (8,510
            )
            
            
            (53,601
            )Financing
      ActivitiesCapital
      stock issued
            
            
            70,000
            
            
            
            -
            
            
            
            851,600Stock
      subscriptions
            
            
            -
            
            
            
            -
            
            
            
            1,000,000Promissory
      notes
            
            
            -
            
            
            
            -
            
            
            
            213,260Net
      cash provided by financing activities
            
            
            70,000
            
            
            
            -
            
            
            
            2,064,860Increase
      (decrease) in cash during the period
            
            
            3,211
            
            
            
            (28,228
            )
            
            
            15,088Cash,
      beginning of period
            
            
            11,877
            
            
            
            288,107
            
            
            
            -Cash,
      end of period
            
            $
            15,088
            
            
            $
            259,879
            
            
            $
            15,088Supplemental
      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 payable on acquisition of mineral propery
            
            $
            -
            
            
            $
            -
            
            
            $
            1,000,000






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 March  31,
2008


(Stated in US
Dollars)




Common
      Stock
            
            
            AdditionalPaid-in
            
            
            
            
            
            
            
            
            DeficitAccumulatedDuring
      thePre-explorationShares
            
            
            Par Value
            
            
            Capital
            
            
            Warrants
            
            
            Subscriptions
            
            
            Stage
            
            
            TotalCommon
      stock issued for cash–
      at $0.001
            
            
            2,700,000
            
            
            $
            2,700
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -
            
            
            $
            2,700Common
      stock issued formineral
      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
            )Net
      loss for the period
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            
            
            
            
            
            
            
            
            (66,792
            )
            
            
            (66,792
            )Balance,March
      31, 2008
            
            
            80,549,666
            
            
            $
            80,549
            
            
            $
            2,454,263
            
            
            $
            234,360
            
            
            $
            -
            
            
            $
            (2,765,161
            )
            
            $
            4,011






SEE
ACCOMPANYING NOTES
  8




VANGUARD
MINERALS CORPORATION


(formerly
Knewtrino, Inc.)


(An
Exploration Stage Company)


NOTES TO
THE  INTERIM FINANCIAL STATEMENTS


March  31,
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 March  31, 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 Knewtrino, Inc.




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 voted to change its name to Vanguard Minerals
Corporation.  The change was completed in September,
2007.




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 March  31, 2008, the
Company has not yet attained profitable operations and has accumulated losses of
$2,765,161 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)Development 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 development 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
      yearsFurniture and fixtures
              5
      yearsLeasehold improvements
              3
      years




10




(c)Mineral
Properties




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




(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.





11





Note
4 Capital
Assets




Net
      Book ValueCost
              
              
              AccumulatedAmortization
              
              
              March
      31,
                2008
              
              
              December
      31, 2007Computer
      equipment
              
              $
              16,043
              
              
              $
              6,874
              
              
              $
              9,169
              
              
              $
              10,507Furniture
      and fixtures
              
              
              6,569
              
              
              
              2,280
              
              
              
              4,289
              
              
              
              4,616Leasehold
      improvements
              
              
              2,180
              
              
              
              1,272
              
              
              
              908
              
              
              
              1,090$
              24,792
              
              
              $
              10,426
              
              
              $
              14,366
              
              
              $
              16,213


Note
5 Related Party
Transactions


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





Three
      months endedMarch 31
            
            
            August
      25,2003 (Date ofIncorporation)to March
      31,2008
            
            
            2007
            
            
            2008Consulting
      fees
            
            $
            -
            
            
            $
            -
            
            
            $
            34,305Interest
            
            
            -
            
            
            
            -
            
            
            
            7,500Office
      and miscellaneous
            
            
            -
            
            
            
            -
            
            
            
            1,000Salaries
      and compensation
            
            
            13,340
            
            
            
            12,109
            
            
            
            110,764Mineral
      property costs
            
            
            -
            
            
            
            -
            
            
            
            2,000$
            13,340
            
            
            $
            12,109
            
            
            $
            155,569





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 $4,447 (December 31, 2007 $4,551)
owed to a shareholder of the Company with respect to unpaid consulting
fees.


Note
6 Related Party
Transactions




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 receivable.





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
$2,765,161 for the period from inception to March 31, 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 exploration activities on the property during the summer of
2008.




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 $2,675,161 for the period from inception to March 31, 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 March 31, 2008 was $15,088, as compared to the cash
balance of $11,877 as
of December 31,2007.




Period Ending March 31,
2008




Operating
expenses for the three month period ended March 31, 2008  totaled
$66,792 and from inception to the period ended March 31, 2008 totaled
$2,765,161. The company experienced a net loss of $66,792  and $2,765,161 for the
three month period ended March 31,2008and the period from
inception to ended March 31, 2008, respectively, against no revenue from
operations. The difference between our expenses and our net loss is attributable
to the amount of a discount given in our private placement, the impairment of
the instant wirefree assets and a foreign currency gain. 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 March 31, 2008.




Liquidity
and Capital Resources





For the
three month period ended March 31, 2008, net cash used in operating activities,
consisting mostly of loss from operations was $66,789. For the period from
inception to March 31, 2008, net cash used in operating activities, consisting
mostly of loss from operations was $1,996,171.





For the
period from inception to March 31, 2008, net cash resulting from financing
activities was in the amount of $2,064,860.





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 and close-spaced ground geophysics 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 sampling.  Management is currently in negotiation with geophysical
and sampling contractors in preparation for the start of this year’s exploration
in May. 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.





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 days.





The
Company’s executive offices are currently located in Seattle, Washington. The
company’s telephone number is 206-652-3246.





16





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 March 31, 2008 and 2007 approximates
their fair values due to the short-term nature of these financial
instruments.




ITEM 4T. CONTROLS
AND PROCEDURES









We
carried out an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of March 31, 2008. This evaluation was carried out
under the supervision and with the participation of our officer and director,
Vladimir Fedyunin. Based upon that evaluation, Mr. Fedyunin concluded that, as
of March 31, 2008, our disclosure controls and procedures are effective. There
have been no significant changes in our internal controls or in other factors
that could significantly affect internal controls subsequent to the date we
carried out our evaluation.





Disclosure
controls and procedures are designed to ensure that information required to be
disclosed in our reports filed or submitted under the Exchange Act are recorded,
processed, summarized and reported, within the time periods specified in the
SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed in our reports filed under the Exchange Act is accumulated and
communicated to management, including our Chief Executive Officer, to allow
timely decisions regarding required disclosure.





Limitations on the
Effectiveness of Internal Controls




Our
management does not expect that our disclosure controls and procedures or our
internal control over financial reporting will necessarily prevent all fraud and
material error. An internal control system, no matter how well conceived and
operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the design of a control
system must reflect the fact that there are resource constraints, and the
benefits of controls must be considered relative to their costs. Because of the
inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues and instances of fraud, if
any, within the Company have been detected. These inherent limitations include
the realities that judgments in decision-making can be faulty, and that
breakdowns can occur because of simple error or mistake. Additionally, controls
can be circumvented by the individual acts of some persons, by collusion of two
or more people, or by management override of the internal control. The design of
any system of controls also is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions.
Over time, control may become inadequate because of changes in conditions, or
the degree of compliance with the policies or procedures may
deteriorate.





(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.




17




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
for the year ended December 31, 2007.





Item 2. UNREGISTERED SALES OF SECURITIES AND USE OF
PROCEEDS




During
the three month period ending March 31, 2008, we issued 2,000,000 of our common
shares under the November 2007 agreement with Coastal Uranium Holdings Ltd. in
partial consideration for our 50% interest in mineral claims in the Athabasca
region of Canada.





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 Principal Financial Officer and Accounting 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.





18




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:
      May 15, 2008
            /s/
      Vladimir
      FedyuninVladimir
      FedyuninPresident,
      CEO, Director, Principal
              Financial
      and Accounting Officer












19