UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
DC 20549





FORM
10-QSB





[X]
            Quarterly
      Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934For
      the quarterly period ended March 31,
      2008[  ]
            Transition
      Report pursuant to 13 or 15(d) of the Securities Exchange Act of
      1934For
      the transition period __________ to__________Commission
      File Number:  333-150029





Alba Mineral Exploration,
Inc.


(Exact
name of small business issuer as specified in its charter)





Delaware
            n/a(State
      or other jurisdiction of incorporation or
    organization)
            (IRS
      Employer Identification No.)





2 Mic
      Mac Place,Lethbridge, Alberta,
      Canada T1K 5H6(Address
      of principal executive offices)





(403)
      331-0606(Issuer’s
      telephone number)_______________________________________________________________(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 shell company (as defined in Rule
12b-2 of the Exchange Act). [X] Yes   [ ] No





State the
number of shares outstanding of each of the issuer’s classes of common stock, as
of the latest practicable date:  5,033,450 common shares as of May 13,
2008





Transitional
Small Business Disclosure Format (check one): Yes [ ] No [X]







TABLE OF
      CONTENTS
            PagePART I – FINANCIAL
      INFORMATIONItem 1.
            Financial Statements
            3Item 2.
            Plan of Operation
            4Item 3.
            Controls and Procedures
            10PART II – OTHER
      INFORMATIONItem 1.
            Legal Proceedings
            11Item 2.
            Unregistered Sales of Equity Securities and Use of
      Proceeds
            11Item 3.
            Defaults Upon Senior Securities
            11Item 4.
            Submission of Matters to a Vote of Security
      Holders
            11Item 5.
            Other Information
            11Item 6.
            Exhibits
            11




2




PART
I - FINANCIAL INFORMATION





Item1.      Financial
Statements





Our
      unaudited financial statements included in this Form 10-QSB are as
      follows:F-1
            Balance Sheets as of March 31, 2008
      (unaudited);F-2
            Statements of Operations for the three months ended March 31,
      2008 (unaudited);F-3
            Statements of Stockholders' Equity as of March 31,
      2008;F-4
            Statements of Cash Flows for the three months ended March 31,
      2008 (unaudited);F-5
            Notes to Financial
Statements.








These
unaudited financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America for interim
financial information and the SEC instructions to Form 10-QSB.  In the
opinion of management, all adjustments considered necessary for a fair
presentation have been included.  Operating results for the interim
period ended March 31, 2008 are not necessarily indicative of the results that
can be expected for the full year.





3
 
 ALBAMINERAL EXPLORATION, INC.
 (An
Exploration Stage Company) Balance
Sheets
 ASSETSMarch
      31,
                        2008
                    
                    December
      31,
                        2007(unaudited)CURRENT
      ASSETSCash
                    $
                    30,315
                    
                    $
                    34,386Total
      Current Assets
                    
                    30,315
                    
                    
                    34,386OTHER
      ASSETSMineral
      properties
                    
                    -
                    
                    
                    -Total
      Other Assets
                    
                    -
                    
                    
                    -TOTAL
      ASSETS
                    $
                    30,315
                    
                    $
                    34,386LIABILITIES AND
      STOCKHOLDERS' EQUITYCURRENT
      LIABILITIESAccounts
      payable
                    $
                    2,000
                    
                    $
                    -Total
      Current Liabilities
                    
                    2,000
                    
                    
                    -STOCKHOLDERS'
      EQUITYCommon
      stock; 75,000,000 shares authorized,
                        at
      $0.001 par value, 5,033,450 shares issued and
      outstanding
                    
                    5,033
                    
                    
                    5,033Additional
      paid-in capital
                    
                    30,312
                    
                    
                    30,312Deficit
      accumulated during the exploration stage
                    
                    (7,030)
                    
                    
                    (959)Total
      Stockholders' Equity
                    
                    28,315
                    
                    
                    34,386TOTAL
      LIABILITIES AND STOCKHOLDERS' EQUITY
                    $
                    30,315
                    
                    $
                    34,386
 Theaccompanying notes are an integral part
of these financial statements.
 F-1
 ALBA MINERAL
EXPLORATION, INC.
 (An Exploration Stage Company) Statements of Operations (unaudited)
 For
      the Three
                              Months Ended
                              March 31,
                              2008
                      
                      From
      Inception
                                on July 24,
                                2007 Through
                                March 31,
                                2008REVENUES
                      $
                      -
                      
                      $
                      -OPERATING
      EXPENSESGeneral
      and administrative
                      
                      6,071
                      
                      
                      7,030Total
      Expenses
                      
                      6,071
                      
                      
                      7,030LOSS
      BEFORE INCOME TAXES
                      
                      (6,071)
                      
                      
                      (7,030)INCOME
      TAX EXPENSE
                      
                      -
                      
                      
                      -NET
      LOSS
                      $
                      (6,071)
                      
                      $
                      (7,030)BASIC
      LOSS PER SHARE
                      $
                      (0.00)WEIGHTED
      AVERAGE NUMBER OF SHARES OUTSTANDING
                      
                      5,033,450
 Theaccompanying notes are an integral part
of these financial statements.
 F-2
 ALBAMINERAL EXPLORATION, INC.
 (An Exploration Stage Company) Statements of Stockholders' Equity (unaudited)
 Common
      Stock
                      Additional
                          Paid-in
                      Accumulated
                      Total
                          Stockholders'Shares
                      
                      Amount
                      Capital
                      Deficit
                      EquityBalance
      at inception on July 24, 2007
                      -
                      
                      $
                      -
                      $
                      -
                      $
                      -
                      $
                      -Common
      stock issued for cash at $0.001 per share on September 4,
      2007
                      2,400,000
                      
                      
                      2,400
                      
                      -
                      
                      -
                      
                      2,400Common
      stock issued for cash at $0.01 per share on November 9,
      2007
                      2,560,000
                      
                      
                      2,560
                      
                      23,040
                      
                      -
                      
                      25,600Common
      stock issued for cash at $0.10 per share on November 27,
      2007
                      73,450
                      
                      
                      73
                      
                      7,272
                      
                      -
                      
                      7,345Net
      loss from inception through December 31, 2007
                      -
                      
                      
                      -
                      
                      -
                      
                      (959)
                      
                      (959)Balance,
      December 31, 2007
                      5,033,450
                      
                      
                      5,033
                      
                      30,312
                      
                      (959)
                      
                      34,386Net
      loss for the three monthsended March 31, 2008
                      -
                      
                      
                      -
                      
                      -
                      
                      (6,071)
                      
                      (6,071)Balance,
      March 31, 2008
                      5,033,450
                      
                      $
                      5,033
                      $
                      30,312
                      $
                      (7,030)
                      $
                      28,315
  Theaccompanying notes are an integral part
of these financial statements.
 F-3
 ALBAMINERAL EXPLORATION, INC.
 (An
Exploration Stage Company)
 Statements
of Cash Flows
 (unaudited)
 For
      the Three
                            Months Ended
                            March 31,
                            2008
                    
                    From
      Inception
                              on July 24,
                              2007 Through
                              March 31,
                              2008OPERATING
      ACTIVITIESNet
      loss
                    $
                    (6,071)
                    
                    $
                    (7,030)Adjustments
      to reconcile net loss to cash flows from operating
    activities:Changes
      in operating assets and liabilites:Accounts
      payable
                    
                    2,000
                    
                    
                    2,000Net
      Cash Used byOperating
      Activities
                    
                    (4,071)
                    
                    
                    (5,030)INVESTING
      ACTIVITIES
                    
                    -
                    
                    
                    -FINANCING
      ACTIVITIESProceeds
      from issuance of common stock
                    
                    -
                    
                    
                    35,345Net
      Cash Provided byFinancing
      Activities
                    
                    -
                    
                    
                    35,345NET
      DECREASE IN CASH
                    
                    (4,071)
                    
                    
                    30,315CASH
      AT BEGINNING OF PERIOD
                    
                    34,386
                    
                    
                    -CASH
      AT END OF PERIOD
                    $
                    30,315
                    
                    $
                    30,315SUPPLIMENTAL
      DISCLOSURES OF CASH
      FLOW INFORMATIONCASH
      PAID FOR:Interest
                    $
                    -
                    
                    $
                    -Income
      Taxes
                    $
                    -
                    
                    $
                    -
  Theaccompanying notes are an integral part
of these financial statements.
 F-4
 ALBAMINERAL EXPLORATION, INC.
 (An
Exploration Stage Company)
 Notes to
the Financial Statements
 
 NOTE 1 -
CONDENSED FINANCIAL STATEMENTS
 
 The
accompanying financial statements have been prepared by the Company without
audit.  In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows at March 31, 2008 and for all
periods presented have been made.
 
 Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted. It is suggested that
these condensed financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's December 31, 2007 audited
financial statements.  The results of operations for the period ended
March 31, 2008 are not necessarily indicative of the operating results for the
full years.
 
 NOTE 2 -
GOING CONCERN
 
 The
Company’s financial statements are prepared using generally accepted accounting
principles applicable to a going concern which contemplates the realization of
assets and liquidation of liabilities in the normal course of
business.  The Company has had no revenues and has generated losses
from operations.
 
 In order
to continue as a going concern and achieve a profitable level of operations, the
Company will need, among other things, additional capital resources and to
develop a consistent source of revenues.  Management’s plans include
of investing in and developing all types of businesses related to the mineral
extraction industry.
 
 The
ability of the Company to continue as a going concern is dependent upon its
ability to successfully accomplish the plan described in the preceding paragraph
and eventually attain profitable operations.  The accompanying
financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.




F-5




Item2.     Plan of Operation





Forward-Looking
Statements





Certain
statements, other than purely historical information, including estimates,
projections, statements relating to our business plans, objectives, and expected
operating results, and the assumptions upon which those statements are based,
are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of
1934.   These forward-looking statements generally are identified
by the words “believes,” “project,” “expects,” “anticipates,” “estimates,”
“intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions.  We intend
such forward-looking statements to be covered by the safe-harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995, and are including this statement for purposes of complying with
those safe-harbor provisions.  Forward-looking statements are based on
current expectations and assumptions that are subject to risks and uncertainties
which may cause actual results to differ materially from the forward-looking
statements. Our ability to predict results or the actual effect of future plans
or strategies is inherently uncertain.  Factors which could have a
material adverse affect on our operations and future prospects on a consolidated
basis include, but are not limited to: changes in economic conditions,
legislative/regulatory changes, availability of capital, interest rates,
competition, and generally accepted accounting principles. These risks and
uncertainties should also be considered in evaluating forward-looking statements
and undue reliance should not be placed on such statements.  We
undertake no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.  Further information concerning our business, including
additional factors that could materially affect our financial results, is
included herein and in our other filings with the SEC.





Business
Overview





We are an
exploration stage company that intends to engage in the exploration of mineral
properties.  We have acquired a mineral claim that we refer to as the
Crow Hill mineral claim. Exploration of this mineral claim is required before a
final determination as to its viability can be made.





The
property is located on the east side of the Baie Verte highway (Route 410)
approximately 8 km (about 5 miles) south-southwest of Flat Water Pond on the
Baie Verte Peninsula, Newfoundland, Canada.  It can be accessed from
the Baie Verte highway via secondary roads and several 4x4 tracks.





Our plan
of operations is to carry out exploration work on this claim in order to
ascertain whether it possesses commercially exploitable quantities of gold and
other metals.  We will not be able to determine whether or not the
Crow Hill mineral claim contains a commercially exploitable mineral deposit, or
reserve, until appropriate exploratory work is done and an economic evaluation
based on that work indicates economic viability.




4





Phase I
of our exploration program will begin in the Summer of 2008 and will cost
approximately $11,290.  This phase will consist of a thorough review
of the geologic literature, compilation of maps and cross sections pertinent to
the Crow Hill property, as well as on-site surface reconnaissance, mapping,
sampling, and geochemical analyses.   Phase II of our program
will consist of on-site trenching, mapping, and sampling, followed by
geochemical analyses of the various samples gathered and preparation of a report
and data compilation.  Phase II of our exploration program will cost
approximately $13,290 and will commence in the late Summer or early Fall of
2008.  The existence of commercially exploitable mineral deposits in
the Crow Hill mineral claim is unknown at the present time and we will not be
able to ascertain such information until we receive and evaluate the results of
our exploration program.





Description
and Location of the Crow Hill mineral claim





The Crow
Hill property is located on the Baie Verte Peninsula on Newfoundland Island,
Canada.  It comprises 575 hectares (1421 acres), approximately
centered at latitude 490 42’ 43"
North, longitude 560 20’ 25"
West (UTM Zone 21, 547565 Easting - 5506598 Northing).  It lies within
the area covered by NTS map sheet 12H09.





The
Government of Newfoundland and Labrador owns the land covered by the Crow Hill
mineral claim. Currently, we are not aware of any native land claims that might
affect the title to the mineral claim or to Newfoundland and Labrador’s title of
the property. Although we are unaware of any situation that would threaten this
claim, it is possible that a native land claim could be made in the future. The
federal and provincial government policy at this time is to consult with all
potentially affected native bands and other stakeholders in the area of any
potential commercial production. If we should encounter a situation where a
native person or group claims and interest in this claim, we may choose to
provide compensation to the affected party in order to continue with our
exploration work, or if such an option is not available, we may have to
relinquish any interest that we hold in this claim.





Plan
of Operations





Our
business plan is to proceed with the exploration of the Crow Hill mineral claim
to determine whether there are commercially exploitable reserves of gold or
other metals.  We intend to proceed with the initial exploration
program as recommended by our consulting geologist. The recommended geological
program will cost a total of approximately $24,580. We had $34,386 in working
capital as of December 31, 2007.  Our plan of operations for the
twelve months following the date of this prospectus is to complete the
recommended exploration program on the Crow Hill mineral claim.





Phase I
would consist of a review of the geologic literature pertinent to the Crow Hill
property, as well as on site surface reconnaissance, mapping, sampling, and
geochemical analyses.  This phase of the program will cost
approximately $11,290.  We anticipate commencing this phase of
exploration in the Summer of 2008.




5





Phase II
would entail on-site trenching, mapping and sampling, followed by geochemical
analyses of the samples taken and compilation of the data.  The Phase
II program will cost approximately $13,290.  We anticipate commencing
this phase in the late Summer or Fall of 2008.





We have
not retained a geologist to conduct any of the anticipated exploration
work.





In the
next 12 months, we also anticipate spending an additional $20,000 on
administrative expenses, including fees payable in connection with the filing of
this registration statement and complying with reporting
obligations.





Total
expenditures over the next 12 months are therefore expected to be approximately
$45,000.





Once we
receive the analyses of our initial exploration program, our board of directors,
in consultation with our consulting geologist will assess whether to proceed
with additional mineral exploration programs.  In making this
determination to proceed with a further exploration, we will make an assessment
as to whether the results of the initial program are sufficiently positive to
enable us to proceed.  This assessment will include an evaluation of
our cash reserves after the completion of the initial exploration, the price of
minerals, and the market for the financing of mineral exploration projects at
the time of our assessment.





In the
event our board of directors, in consultation with our consulting geologist,
chooses to conduct further mineral exploration programs beyond the initial
program, we will require additional financing.  While we have
sufficient funds on hand to cover the currently planned exploration costs, we
will require additional funding in order to undertake further exploration
programs on the Crow Hill mineral claim and to cover all of our anticipated
administrative expenses.





In the
event that additional exploration programs on the Crow Hill claim are
undertaken, we anticipate that additional funding will be required in the form
of equity financing from the sale of our common stock and from loans from our
director.  We cannot provide investors with any assurance, however,
that we will be able to raise sufficient funding from the sale of our common
stock to fund all of our anticipated expenses.  We do not have any
arrangements in place for any future equity financing.  We believe
that outside debt financing will not be an alternative for funding exploration
programs on the Crow Hill property. The risky nature of this enterprise and lack
of tangible assets other than our mineral claim places debt financing beyond the
credit-worthiness required by most banks or typical investors of corporate debt
until such time as an economically viable mine can be demonstrated.





In the
event the results of our initial exploration program proves not to be
sufficiently positive to proceed with further exploration on the Crow Hill
mineral claim, we intend to seek out and acquire interests in North American
mineral exploration properties which, in the opinion of our consulting
geologist, offer attractive mineral exploration
opportunities.  Presently, we have not given any consideration to the
acquisition of other exploration properties because we have not yet commenced
our initial exploration program and have not received any results.




6





During
this exploration stage Mr. Gibson, our President, will only be devoting
approximately five to ten hours per week of his time to our
business.  We do not foresee this limited involvement as negatively
impacting our company over the next twelve months as all exploratory work is
being performed by outside consultants.  If, however, the demands of
our business require more business time of Mr. Gibson such as raising additional
capital or addressing unforeseen issues with regard to our exploration efforts,
he is prepared to devote more time to our business. However, he may not be able
to devote sufficient time to the management of our business, as and when
needed.





Mineral
Exploration Program





In order
to evaluate the exploration potential of the Crow Hill claim, our consulting
geologist has recommended a thorough review of the literature of the region to
provide background information on the local and regional geology.  In
addition, our geologist has recommended on site surface reconnaissance, mapping,
sampling, and trenching to be followed by geochemical analyses of the samples to
be taken.  The primary goal of the exploration program is to identify
sites for exploratory drilling.





Exploration
      Budget
              
              Phase
      I
            Exploration
      ExpenditureReview
      of geologic literature, compilation of maps & cross
      sections
              
              On
      site surface reconnaissance, mapping and sampling
              
              Geochemical
      Analyses
              
              Other
      expenses
            $3,000
              
              $4,200
              
              $1,800
              
              $2,290Phase IIOn
      site trenching, mapping, and sampling
              
              Geochemical
      Analyses
              
              Data
      compilation and report preparation
              
              Other
      expenses
            $8,000
              
              $1,800
              
              $1,200
              
              $2,290Total,
      Phases I and II
            $24,580





While we
have not commenced the field work phase of our initial exploration program, we
intend to proceed with the initial exploratory work as
recommended.  We expect that Phase I will begin in the Summer of 2008,
with Phase II to begin in the late Summer or Fall of 2008.  Upon




7




our
review of the results, we will assess whether the results are sufficiently
positive to warrant additional phases of the exploration program.  We
will make the decision to proceed with any further programs based upon our
consulting geologist’s review of the results and recommendations.  In
order to complete significant additional exploration beyond the currently
planned Phase I and Phase II, we will need to raise additional
capital.





We do not
have plans to purchase any significant equipment or change the number of our
employees during the next twelve months.





We have
no employees other than our president and CEO, Mr. Gibson. We conduct our
business largely through agreements with consultants and other independent third
party vendors.





Results
of Operations for the three months ended March 31, 2008





We did
not earn any revenues from inception on July 24, 2007 through the period ending
March 31, 2008. We are presently in the development stage of our business and we
can provide no assurance that we will produce significant revenues from the
development of our mineral property or, if revenues are earned, that we will be
profitable.





We
incurred operating expenses and net losses in the amount of $7,030 from our
inception on July 24, 2007 through the period ending March 31,
2008.  We incurred operating expenses and net losses and in the amount
of $6,071 during the three months ended March 31, 2008. Our operating expenses
from inception through March 31, 2008 consisted of general and administrative
expenses.  Our losses are attributable to our operating expenses
combined with a lack of any revenues during our current stage of development. We
anticipate our operating expenses will increase as we continue with our plan of
operations and begin the recommended exploration work on our mineral
claim.





Liquidity
and Capital Resources





As of
March 31, 2008, we had cash of $30,315 and working capital of $28,315. Our cash
on hand will allow us to cover our anticipated expenses for the fiscal year
beginning January 1, 2008, but may not be sufficient to fund operations beyond
the current fiscal year and will not be sufficient to pay any significant
unanticipated expenses. We currently do not have any operations and we have no
income. We will require additional financing to sustain our business operations
for any significant period of time beyond the fiscal year beginning January 1,
2008. We currently do not have any arrangements for financing and we may not be
able to obtain financing when required.





We have
not attained profitable operations and may be dependent upon obtaining financing
to pursue our long-term business plan. For these reasons our auditors stated in
their report that they have substantial doubt we will be able to continue as a
going concern.





Off
Balance Sheet Arrangements





As of
March 31, 2008, there were no off balance sheet arrangements.





8




Going
Concern




Our
financial statements have been prepared on a going concern basis. We have a
working capital of $28,315 as of March 31, 2008 and have accumulated a deficit
of $7,030 since inception. Our ability to continue as a going concern is
dependent upon our ability to generate profitable operations in the future
and/or to obtain the necessary financing to meet our obligations and repay our
liabilities arising from normal business operations when they come due. The
outcome of these matters cannot be predicted with any certainty at this time.
These factors raise substantial doubt that we will be able to continue as a
going concern. Management plans to continue to provide for our capital needs by
the issuance of common stock and related party advances.





Critical
Accounting Policies





In
December 2001, the SEC requested that all registrants list their most “critical
accounting polices” in the Management Discussion and Analysis. The SEC indicated
that a “critical accounting policy” is one which is both important to the
portrayal of a company’s financial condition and results, and requires
management’s most difficult, subjective or complex judgments, often as a result
of the need to make estimates about the effect of matters that are inherently
uncertain. There are no critical accounting policies for the company as this
time.





Recently Issued Accounting
Pronouncements





In
September 2006, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 157, “Fair Value Measurements” which defines
fair value, establishes a framework for measuring fair value in generally
accepted accounting principles (GAAP), and expands disclosures about fair value
measurements. Where applicable, SFAS No. 157 simplifies and codifies
related guidance within GAAP and does not require any new fair value
measurements. SFAS No. 157 is effective for financial statements issued for
fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. Earlier adoption is encouraged. The Company does
not expect the adoption of SFAS No. 157 to have a significant effect on its
financial position or results of operation.





In June
2006, the Financial Accounting Standards Board  issued FASB
Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an
interpretation of FASB Statement No. 109”, which prescribes a recognition
threshold and measurement attribute for the financial statement recognition and
measurement of a tax position taken or expected to be taken in a tax
return.  FIN 48 also provides guidance on de-recognition,
classification, interest and penalties, accounting in interim periods,
disclosure and transition. FIN 48 is effective for fiscal years beginning after
December 15, 2006.  The Company does not expect the adoption of FIN 48
to have a material impact on its financial reporting, and the Company is
currently evaluating the impact, if any, the adoption of FIN 48 will have on its
disclosure requirements.




9





In March
2006, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No. 156, “Accounting for Servicing of Financial Assets—an
amendment of FASB Statement No. 140.” This statement requires an entity to
recognize a servicing asset or servicing liability each time it undertakes an
obligation to service a financial asset by entering into a servicing contract in
any of the following situations: a transfer of the servicer’s financial assets
that meets the requirements for sale accounting; a transfer of the servicer’s
financial assets to a qualifying special-purpose entity in a guaranteed mortgage
securitization in which the transferor retains all of the resulting securities
and classifies them as either available-for-sale securities or trading
securities; or an acquisition or assumption of an obligation to service a
financial asset that does not relate to financial assets of the servicer or its
consolidated affiliates. The statement also requires all separately recognized
servicing assets and servicing liabilities to be initially measured at fair
value, if practicable, and permits an entity to choose either the amortization
or fair value method for subsequent measurement of each class of servicing
assets and liabilities. The statement further permits, at its initial adoption,
a one-time reclassification of available for sale securities to trading
securities by entities with recognized servicing rights, without calling into
question the treatment of other available for sale securities under
Statement 115, provided that the available for sale securities are identified in
some manner as offsetting the entity’s exposure to changes in fair value of
servicing assets or servicing liabilities that a servicer elects to subsequently
measure at fair value and requires separate presentation of servicing assets and
servicing liabilities subsequently measured at fair value in the statement of
financial position and additional disclosures for all separately recognized
servicing assets and servicing liabilities. This statement is effective for
fiscal years beginning after September 15, 2006, with early adoption permitted
as of the beginning of an entity’s fiscal year. Management believes the adoption
of this statement will have no immediate impact on the Company’s financial
condition or results of operations.





Item3.     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 Chief
Executive Officer and our Chief Financial Officer, Mr. Owen Gibson. Based upon
that evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that, as of March 31, 2008, our disclosure controls and procedures are
effective.  There have been no changes in our internal controls over
financial reporting during the quarter ended March 31, 2008.





Disclosure
controls and procedures are controls and other procedures that 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 and Chief Financial 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. Our disclosure controls and procedures are designed to provide
reasonable assurance of achieving our objectives and our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and
procedures are effective at that reasonable assurance level.  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.





10





PART
II – OTHER INFORMATION





Item1.     Legal Proceedings





We are
not a party to any pending legal proceeding. We are not aware of any pending
legal proceeding to which any of our officers, directors, or any beneficial
holders of 5% or more of our voting securities are adverse to us or have a
material interest adverse to us.





Item2.     Unregistered Sales of Equity
Securities and Use of Proceeds





None.





Item3.     Defaults upon Senior
Securities





None





Item4.     Submission of Matters to a Vote
of Security Holders





No
matters have been submitted to our security holders for a vote, through the
solicitation of proxies or otherwise, during the quarterly period ended March
31, 2008.





Item5.     Other Information





None





Item6.      Exhibits





ExhibitNumber
            Description
      of Exhibit3.1
            Articles
      of Incorporation (1)3.2
            By-Laws
      (1)31.1
            Certification of Chief Executive Officer pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 302 of the
      Sarbanes-Oxley Act of 200231.2
            Certification of Chief Financial Officer pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 302 of the
      Sarbanes-Oxley Act of 200232.1
            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





(1)
            Previously
      included as an exhibit to the Registration Statement on Form S-1 filed on
      April 1, 2008





11




SIGNATURES





In
accordance with the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.





Alba
      Mineral Exploration, Inc.Date:
            May
      20, 2008By:       /s/ Owen
      Gibson
              Owen
      Gibson
              Title:Chief
      Executive Officer, Chief Financial Officer, Principal Accounting
      Officer and Director