**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION **

**AMENDMENT      NO. 1 **

**TO**

**FORM      10-QSB**

**x QUARTERLY      REPORT      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE**

**ACT      OF 1934 **

**o TRANSITION      REPORT      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES **

**EXCHANGE      ACT OF 1934 **

**000-52259**

**CANAM      URANIUM CORP. **

| Nevada                                                                                          |   | 98                  - 0207554                                         |
|-------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| (State                  or other jurisdiction ofincorporation                  or organization) |   | (I.R.S.                  EmployerIdentification                  No.) |

----

**CANAM      URANIUM CORP.**

**QUARTERLY      REPORT ON FORM 10-QSB **

**FOR      THE PERIOD ENDED APRIL 30 2007**

**INDEX      **

| **Index**                   |   |                                     |                                                                                                                                                           | **Page** |
|-----------------------------|--------|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                        |   |                                     |                                                                                                                                                           |     |
| **Part                I.**  |   | **Financial                Information** | 3                                                                                                                                                              |
|                        |   |                                     |                                                                                                                                                           |     |
|                        |   | Item              1.                | Financial              Statements                                                                                                                              | 3        |
|                        |   |                                     |                                                                                                                                                           |     |
|                        |   |                                     | Interim                Balance Sheets as of April 30, 2007 (unaudited)                                                                                         | 4        |
|                        |   |                                     |                                                                                                                                                           |     |
|                        |   |                                     | Interim                Statements of Operations - for the three months and six months ended                April                30, 2007 and 2006 (unaudited). | 5        |
|                        |   |                                     |                                                                                                                                                           |     |
|                        |   |                                     | Interim                Statement of Stockholder's Equity                                                                                                       | 6        |
|                        |   |                                     |                                                                                                                                                           |     |
|                        |   |                                     | Interim                Statements of Cash Flows for the six months ended April 30, 2007                and 2006                (unaudited)                     | 8        |
|                        |   |                                     |                                                                                                                                                           |     |
|                        |   |                                     | Notes                to Unaudited Interim Financial Statements                                                                                                 | 9        |
|                        |   |                                     |                                                                                                                                                           |     |
|                        |   | Item              2.                | Management’s              Discussion and Analysis of Financial Condition and Results of              Operations                                          | 14       |
|                        |   |                                     |                                                                                                                                                           |     |
|                        |   | Item              3.                     | Controls              and Procedures                                                                                                                           | 17       |
|                        |   |                                     |                                                                                                                                                           |     |
| **Part                II.** |   | **Other              Information**       | 17                                                                                                                                                             |
|                        |   | Item              1.                     | Legal              Proceedings                                                                                                                                 | 17       |
|                        |   | Item              2.                     | Unregistered              Sales of Equity Securities and Use of Proceeds                                                                                       | 17       |
|                        |   | Item              3.                     | Defaults              Upon Senior Securities                                                                                                                   | 18       |
|                        |   | Item              4.                     | Submission              of Matters to a Vote of Security Holders                                                                                               | 18       |
|                        |   | Item              5.                     | Other              Information                                                                                                                                 | 18       |
|                        |   | Item              6.                     | Exhibits                                                                                                                                                       | 19       |
|                        |   |                                     |                                                                                                                                                           |     |
| **Signatures**              |   |                                     |                                                                                                                                                           | 19       |
|                        |   |                                     |                                                                                                                                                           |     |
| **Certifications**          |   |                                     |                                                                                                                                                           |     |

----

**PART      I. FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS.**

**CANAM      URANIUM CORP.**

**INTERIM      FINANCIAL STATEMENTS**

**April      30, 2007**

**(unaudited)**

**BALANCE      SHEETS**

**INTERIM      STATEMENTS OF OPERATIONS**

**INTERIM      STATEMENT OF STOCKHOLDERS’ EQUITY**

**INTERIM      STATEMENTS OF CASH FLOWS**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

----

**CANAM        URANIUM CORP.**

**BALANCE        SHEETS**

|                                                                                                                                                                                                                                   |   | April                  30 2007 |       | October                  312006 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|---------------------------------|--------|
|                                                                                                                                                                                                                                   |   | Unaudited                      |       |                            |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |
| **CURRENT                  ASSETS**                                                                                                                                                                                                    |   |                           |       |                            |   |
| Cash                                                                                                                                                                                                                                   |   | $                              | 663,743    |                            | $      | 306,921 |   |
| Prepaid                  Expenses                                                                                                                                                                                                      |   |                           | -          |                            |   | 2,500 |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
| **TOTAL                  CURRENT ASSETS**                                                                                                                                                                                              |   |                           | 663,743    |                            |   | 309,421 |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
| **FIXED                  ASSETS**                  (net of depreciation) (note 2)                                                                                                                                                      |   |                           | 5,191      |                            |   | 840 |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
| **TOTAL                  ASSETS**                                                                                                                                                                                                      |   | $                              | 668,934    |                            | $      | 310,261 |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
| ***LIABILITIES                  AND STOCKHOLDERS’ DEFICIENCY***                                                                                                                                                                  |   |                           |       |                            |   |   |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
| **CURRENT                  LIABILITIES**                                                                                                                                                                                               |   |                           |       |                            |   |   |   |
| Accounts                  payable and accrued liabilities                                                                                                                                                                              |   | $                              | 10,495     |                            | $      | 10,000 |   |
|                       Due to related party (Note 5)                                                                                                                                                                |   |                           | 5,720      |                            |   | 5,720 |   |
|                       Notes payable (Note 7)                                                                                                                                                                            |   |                           | 50,000     |                            |   | 50,000 |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
|                                                                                                                                                                                                                                   |   |                           | 66,215     |                            |   | 65,720 |   |
| Convertible                  note payable (note 7)                                                                                                                                                                                     |   |                           | 370,000    |                            |   | - |   |
| Discount                  on convertible note payable (note 7)                                                                                                                                                                         |   |                           | (332,063   | )                               |   | - |   |
| Derivative                  contract liability (note 7)                                                                                                                                                                                |   |                           | 340,550    |                            |   | - |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
|                                                                                                                                                                                                                                   |   |                           | 444,702    |                            |   | 65,720 |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
| **GOING                  CONCERN**                  (Note 1)                                                                                                                                                                           |   |                           |       |                            |   |   |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
| **STOCKHOLDERS’                  DEFICIENCY**(Note                  4)                                                                                                                                                           |   |                           |       |                            |   |   |   |
| Preferred                  Stock 25,000,000 authorized with no par value                                                                                                                                                               |   |                           |       |                            |   |   |   |
| Common                  stock, 200,000,000                  shares authorized with $0.001 par value Issued and                  outstanding 86,110,000                  common shares (October 31, 2006 -                  80,990,000) |   |                           | 86,110     |                            |   | 80,990 |   |
| Additional                  paid-in-capital                                                                                                                                                                                            |   |                           | 3,654,902  |                            |   | 404,410 |   |
| Share                  Subscriptions                                                                                                                                                                                                   |   |                           | -          |                            |   | 152,347 |   |
| Deficit                  accumulated during exploration stage                                                                                                                                                                          |   |                           | (3,516,780 | )                               |   | (393,206 | ) |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
|                                                                                                                                                                                                                                   |   |                           | 224,232    |                            |   | 244,541 |   |
|                                                                                                                                                                                                                                   |   |                           |       |                            |   |   |   |
| **TOTAL                  LIABILITIES AND STOCKHOLDERS’ DEFICIENCY**                                                                                                                                                              |   | $                              | 668,934    |                            | $      | 310,261 |   |

----

**CANAM        URANIUM CORP**

**INTERIM        STATEMENTS OF OPERATIONS**

**(unaudited)**

|                                                                                              |   | For                    the threemonth periodendedApril                    302007 |       | For                    the threemonthperiod endedApril                    30 2006 |   | For                    the sixmonth periodendedApril                    302007 |   | For                    the sixmonth periodended April                    30 2006 |       | June                    7,2004(inception)to April 302007 |        |
|---------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|------------|----------------------------------------------------------|--------|
|                                                                                              |   |  $                                                                          |       | $                                                                                 |   |  $                                                                        |   | $                                                                                |       | $                                                        |   |
| **REVENUE**                                                                                       |   |                                                                             |       |                                                                              |   |                                                                           |   |                                                                             |       |                                                     |   |
| Interest                    revenue                                                               |   |                                                                             | 1,653      |                                                                              |   | -                                                                              |   |                                                                             | 1,653      |                                                     |   | - |   |   | 1,653 |   |
|                                                                                              |   |                                                                             |       |                                                                              |   |                                                                           |   |                                                                             |       |                                                     |   |   |   |   |   |   |
| **GENERAL                    AND ADMINISTRATIVE EXPENSES**                                        |   |                                                                             |       |                                                                              |   |                                                                           |   |                                                                             |       |                                                     |   |   |   |   |   |   |
| ** **Loss                    on derivative                                                   |   |                                                                             | 1,000      |                                                                              |   | -                                                                              |   |                                                                             | 1,000      |                                                     |   | - |   |   | 1,000 |   |
| ** **Derivative                    financing fees and accretion                              |   |                                                                             | 9,488      |                                                                              |   | -                                                                              |   |                                                                             | 9,488      |                                                     |   | - |   |   | 9,488 |   |
| ** **Debenture                    financing fees                                             |   |                                                                             | 54,025     |                                                                              |   | -                                                                              |   |                                                                             | 54,025     |                                                     |   | - |   |   | 54,025 |   |
| ** **Debenture                    option                                                     |   |                                                                             | 302,673    |                                                                              |   | -                                                                              |   |                                                                             | 302,673    |                                                     |   |   |   |   | 302,673 |   |
| ** **Stock                    option benefit                                                 |   |                                                                             | 1,711,333  |                                                                              |   | -                                                                              |   |                                                                             | 1,711,333  |                                                     |   | - |   |   | 1,711,333 |   |
| Mining                    property costs                                                     |   |                                                                             |       |                                                                              |   |                                                                           |   |                                                                             |       |                                                     |   |   |   |   |   |   |
| Acquisition                    costs                                                              |   |                                                                             | -          |                                                                              |   | 3,485                                                                          |   |                                                                             | 399,321    |                                                     |   | 3,485 |   |   | 444,270 |   |
| Exploration                    expenditure                                                        |   |                                                                             | 69,055     |                                                                              |   | -                                                                              |   |                                                                             | 122,450    |                                                     |   | - |   |   | 122,450 |   |
|                                                                                              |   |                                                                             |       |                                                                              |   |                                                                           |   |                                                                             |       |                                                     |   |   |   |   |   |   |
| Office                    and general                                                             |   |                                                                             | 33,445     |                                                                              |   | 717                                                                            |   |                                                                             | 64,515     |                                                     |   | 897 |   |   | 85,700 |   |
| Publication                    and promotion                                                      |   |                                                                             | 51,155     |                                                                              |   | -                                                                              |   |                                                                             | 51,155     |                                                     |   | - |   |   | 51,155 |   |
| Professional                    fees                                                              |   |                                                                             | 123,707    |                                                                              |   | 2,600                                                                          |   |                                                                             | 192,301    |                                                     |   | 5,600 |   |   | 321,060 |   |
| Interest                    expense                                                               |   |                                                                             | 30,000     |                                                                              |   | -                                                                              |   |                                                                             | 30,000     |                                                     |   | - |   |   | 30,000 |   |
| Financing                    fees                                                                 |   |                                                                             | 132,500    |                                                                              |   | -                                                                              |   |                                                                             | 132,500    |                                                     |   | - |   |   | 132,500 |   |
| Regulatory                    and filing fees                                                     |   |                                                                             | 4,493      |                                                                              |   | 372                                                                            |   |                                                                             | 5,066      |                                                     |   | 742 |   |   | 12,279 |   |
| Director's                    fees                                                                |   |                                                                             | 49,400     |                                                                              |   | -                                                                              |   |                                                                             | 49,400     |                                                     |   | - |   |   | 240,500 |   |
|                                                                                              |   |                                                                             |       |                                                                              |   |                                                                           |   |                                                                             |       |                                                     |   |   |   |   |   |   |
|                                                                                              |   |                                                                             | 2,572,274  |                                                                              |   | 7,174                                                                          |   |                                                                             | 3,125,227  |                                                     |   | 10,724 |   |   | 3,518,433 |   |
|  **NET                    LOSS FOR THE PERIOD**                                              |   |                                                                             | (2,570,621 | )                                                                                 |   | (7,174                                                                         | )      |                                                                             | (3,123,574 | )                                                        |   | (10,724 | ) |   | (3,516,780 | ) |
|                                                                                              |   |                                                                             |       |                                                                              |   |                                                                           |   |                                                                             |       |                                                     |   |   |   |   |   |   |
| **BASIC                    AND DILUTED LOSS PER COMMON SHARE**                                    |   | $                                                                                | (0.03      | )                                                                                 | $      | (0.00                                                                          | )      | $                                                                                | (0.04      | )                                                        | $      | (0.00 | ) |   |   |   |
|                                                                                              |   |                                                                             |       |                                                                              |   |                                                                           |   |                                                                             |       |                                                     |   |   |   |   |   |   |
| **WEIGHTED                    AVERAGE NUMBER OF COMMON****SHARES                    OUTSTANDING** |   |                                                                             | 84,522,022 |                                                                              |   | 72,320,000                                                                     |   |                                                                             | 84,088,066 |                                                     |   | 72,320,000 |   |   |   |   |

----

**CANAM        URANIUM CORP.**

**INTERIM        STATEMENT OF STOCKHOLDERS’ EQUITY**

**FOR        THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO April 30, 2007**

**(unaudited)**

|                                                                                                                                                                             |   |  Common                      Stock    |       |   Additional |   | Deficit                      Accumulated During |   |             |    |               |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|------------|------------------------|--------|-------------------------------------------------|--------|------------------|---------|--------------------|--------|
|                                                                                                                                                                             |   | Number                      of Shares |       |  Amount           |   | Paid                      inCapital             |   | ExplorationStage |    | ShareSubscriptions |   | Stockholders’Equity |   |
|                                                                                                                                                                             |   |                                       |       | $                      |   | $                                               |   | $                |    | $                  |   | $ |   |
| Balance,                      June 7, 2004                                                                                                                                       |   |                                       | -          |                   |   | -                                               |   |             | -       |               |   | - |   |   | - |   |   | - |   |
| Common                      stock issued for cash at $0.000125 per share, to the sole director                      and                      president September, 2004           |   |                                       | 56,000,000 |                   |   | 56,000                                          |   |             | (49,000 | )                  |   | - |   |   | - |   |   | 7,000 |   |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Common                      stock issued for cash at $0.0009375 per share on September                      23,                      2004                                        |   |                                       | 14,080,000 |                   |   | 14,080                                          |   |             | (880    | )                  |   | - |   |   | - |   |   | 13,200 |   |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Common                      stock issued for cash at $0.0009375 per share on October 15,                      2004                                                               |   |                                       | 2,240,000  |                   |   | 2,240                                           |   |             | (140    | )                  |   | - |   |   | - |   |   | 2,100 |   |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Net                      loss for the period June 7, 2004 (inception) to October 31,                      2004                                                                   |   |                                       | -          |                   |   | -                                               |   |             | -       |               |   | (6,194 | ) |   | - |   |   | (6,194 | ) |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Balance,                      October 31, 2004                                                                                                                                   |   |                                       | 72,320,000 |                   |   | 72,320                                          |   |             | (50,020 | )                  |   | (6,194 | ) |   | - |   |   | 16,106 |   |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Net                      loss for the year ended October 31, 2005                                                                                                                |   |                                       | -          |                   |   | -                                               |   |             | -       |               |   | (17,020 | ) |   | - |   |   | (17,020 | ) |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Balance,                      October 31, 2005                                                                                                                                   |   |                                       | 72,320,000 |                   |   | 72,320                                          |   |             | (50,020 | )                  |   | (23,214 | ) |   | - |   |   | (914 | ) |
| Common                      stock issued for cash at$0.00625                      per share May 1 2006                                                                           |   |                                       | 5,360,000  |                   |   | 5,360                                           |   |             | 28,140  |               |   | - |   |   | - |   |   | 33,500 |   |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Common                      stock issued for cash at $0.10 per share, September 5 and September                      7,                      2006, net of stock offering costs   |   |                                       | 700,000    |                   |   | 700                                             |   |             | 62,300  |               |   | - |   |   | - |   |   | 63,000 |   |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Common                      stock issued for cash at $0.25 per share and $0.10 per share,                      October 13,                      2006 net of stock offering costs |   |                                       | 1,050,000  |                   |   | 1,050                                           |   |             | 174,450 |               |   | - |   |   | - |   |   | 175,500 |   |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Common                      stock issued for services, October 13, 2006                                                                                                          |   |                                       | 1,560,000  |                   |   | 1,560                                           |   |             | 189,540 |               |   | - |   |   | - |   |   | 191,100 |   |
| Subscriptions                      received in advance                                                                                                                           |   |                                       | -          |                   |   | -                                               |   |             | -       |               |   | - |   |   | 152,347 |   |   | 152,347 |   |
| Net                      loss for the year ended October 31, 2006                                                                                                                |   |                                       | -          |                   |   | -                                               |   |             | -       |               |   | (369,992 | ) |   | - |   |   | (369,992 | ) |
|                                                                                                                                                                             |   |                                       |       |                   |   |                                            |   |             |    |               |   |   |   |   |   |   |   |   |   |
| Balance,                      October 31, 2006                                                                                                                                   |   |                                       | 80,990,000 |                   |   | 80,990                                          |   |             | 404,410 |               |   | (393,206 | ) |   | 152,347 |   |   | 244,541 |   |

----

**CANAM        URANIUM CORP.**

**INTERIM        STATEMENT OF STOCKHOLDERS’ EQUITY (CONTINUED)**

**FOR        THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO April 30, 2007**

**(unaudited)**

|                                                                                                                                   |   |   Common                    Stock |       |   Additional |   | Deficit                    Accumulated During |   |                                 |      |               |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|------------|------------------------|--------|-----------------------------------------------|--------|--------------------------------------|-----------|--------------------|--------|
|                                                                                                                                   |   | Number                    of Shares         |       |  Amount           |   | Paid                    in Capital            |   | Exploration                    Stage |      | ShareSubscriptions |   | Stockholders’                    Equity |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Balance,                    October 31, 2006                                                                                           |   |                                        | 80,990,000 |                   |   | 80,990                                        |   |                                 | 404,410   |               |   | (393,206 | ) |   | 152,347 |   |   | 244,541 |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Common                    stock issued for cash at $0.10 and $0.25 per share on November                    15                    2006 |   |                                        | 1,725,000  |                   |   | 1,725                                         |   |                                 | 156,122   |               |   | - |   |   | (152,347 | ) |   | 5,500 |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Common                    stock issued for properties November 2006 (Valued at $0.10 per                    share)                     |   |                                        | 1,475,000  |                   |   | 1,475                                         |   |                                 | 146,025   |               |   | - |   |   | - |   |   | 147,500 |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Subscriptions                    received in advance                                                                                   |   |                                        | -          |                   |   | -                                             |   |                                 | -         |               |   | - |   |   | 48,750 |   |   | 48,750 |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Common                    stock issued for cash: at                    $0.10 or $0.25 per share                                        |   |                                        | 810,000    |                   |   | 810                                           |   |                                 | 153,549   |               |   | - |   |   | (48,750 | ) |   | 105,609 |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Options                    exercised at $1.00 per share April                    16, 2007                                              |   |                                        | 600,000    |                   |   | 600                                           |   |                                 | 599,400   |               |   | - |   |   | - |   |   | 600,000 |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Common                    stock issued for services valued at $0.19 per share, April                    2007                           |   |                                        | 260,000    |                   |   | 260                                           |   |                                 | 49,140    |               |   | - |   |   | - |   |   | 49,400 |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Common                    stock issued for services valued at $0.53 per share April                    2007                            |   |                                        | 250,000    |                   |   | 250                                           |   |                                 | 132,250   |               |   | - |   |   | - |   |   | 132,500 |   |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Debenture                    option                                                                                                    |   |                                        | -          |                   |   | -                                             |   |                                 | 302,673   |               |   | - |   |   | - |   |   | 302,673 |   |
| Stock                    option benefit                                                                                                |   |                                        | -          |                   |   | -                                             |   |                                 | 1,711,333 |               |   | - |   |   | - |   |   | 1,711,333 |   |
| Net                    loss for the period ending April 30, 2007                                                                       |   |                                        | -          |                   |   | -                                             |   |                                 | -         |               |   | (3,123,574 | ) |   | - |   |   | (3,123,574 | ) |
|                                                                                                                                   |   |                                        |       |                   |   |                                          |   |                                 |      |               |   |   |   |   |   |   |   |   |   |
| Balance,                    April 30, 2007                                                                                             |   |                                        | 86,110,000 |                   |   | 86,110                                        |   |                                 | 3,654,902 |               |   | (3,516,780 | ) |   | - |   |   | 224,232 |   |

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**CANAM        URANIUM CORP.**

**INTERIM        STATEMENTS OF CASH FLOWS**

**(unaudited)**

|                                                                                                |   | For                    the six month                    period ended                    April                    30, 2007 |          | For                    the six month                    period ended                    April                    30,2006 |   |  June                    7, 2004 (inception)                    to April                    30,2007 |    |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|---------------|--------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|---------|
|                                                                                                |   | $                                                                                                                         |          | $                                                                                                                        |   | $                                                                                                        |    |
| **CASH                    FLOWS USED IN OPERATING ACTIVITIES**                                      |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| Net                    loss for the period                                                          |   |                                                                                                                      | (3,123,574    | )                                                                                                                        |   | (10,724                                                                                                  | )       |   | (3,516,780 | ) |
| Adjustment                    to reconcile net loss to net cash from operating activities:          |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| Non                    cash expenses:                                                               |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **-**loss                    on derivative                                                          |   |                                                                                                                      | 1,000         |                                                                                                                     |   | -                                                                                                        |    |   | 1,000 |   |
| **   **-                    derivative financing fees and accretion                  |   |                                                                                                                      | 9,488         |                                                                                                                     |   | -                                                                                                        |    |   | 9,488 |   |
| -                    stock option benefit                                                           |   |                                                                                                                      | 1,711,333     |                                                                                                                     |   | -                                                                                                        |    |   | 1,711,333 |   |
| -                    debenture option                                                               |   |                                                                                                                      | 302,673       |                                                                                                                     |   | -                                                                                                        |    |   | 302,673 |   |
| -                    depreciation                                                                   |   |                                                                                                                      | 120           |                                                                                                                     |   | 120                                                                                                      |    |   | 480 |   |
| -                    accrued interest reversal                                                      |   |                                                                                                                      | (2,001        | )                                                                                                                        |   | -                                                                                                        |    |   | - |   |
| -                    stock issued for director's fees-                    stock issued for services |   |                                                                                                                      | 49,400132,500 |                                                                                                                     |   | --                                                                                                       |    |   | 240,500132,500 |   |
| -                    stock issued for mining claims                                                 |   |                                                                                                                      | 147,500       |                                                                                                                     |   | -                                                                                                        |    |   | 147,500 |   |
| Accounts                    payable and accrued liabilities                                         |   |                                                                                                                      | 495           |                                                                                                                     |   | 400                                                                                                      |    |   | 10,495 |   |
| Prepaid                    expenses                                                                 |   |                                                                                                                      | 2,500         |                                                                                                                     |   | -                                                                                                        |    |   | - |   |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **NET                    CASH USED IN OPERATING ACTIVITIES**                                        |   |                                                                                                                      | (768,566      | )                                                                                                                        |   | (10,204                                                                                                  | )       |   | (960,811 | ) |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **CASH                    FLOWS USED IN INVESTING ACTIVITY**                                        |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| Acquisition                    of fixed assets                                                      |   |                                                                                                                      | (4,471        | )                                                                                                                        |   | -                                                                                                        |    |   | (5,671 | ) |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **NET                    CASH FLOWS USED IN INVESTING ACTIVITY**                                    |   |                                                                                                                      | (4,471        | )                                                                                                                        |   | -                                                                                                        |    |   | (5,671 | ) |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **CASH                    FLOWS FROM FINANCING ACTIVITIES**                                         |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| Proceeds                    on sale of common stock                                                 |   |                                                                                                                      | 759,859       |                                                                                                                     |   | 23,000                                                                                                   |    |   | 1,204,505 |   |
| Notes                    payable                                                                    |   |                                                                                                                      | 300,000       |                                                                                                                     |   | -                                                                                                        |    |   | 350,000 |   |
| Repayment                    of notes payable                                                       |   |                                                                                                                      | (300,000      | )                                                                                                                        |   | -                                                                                                        |    |   | (300,000 | ) |
| Convertible                    notes payable                                                        |   |                                                                                                                      | 370,000       |                                                                                                                     |   | -                                                                                                        |    |   | 370,000 |   |
| Related                    party advances                                                           |   |                                                                                                                      | -             |                                                                                                                     |   | -                                                                                                        |    |   | 5,720 |   |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **NET                    CASH PROVIDED BY FINANCING ACTIVITIES**                                    |   |                                                                                                                      | 1,129,859     |                                                                                                                     |   | 23,000                                                                                                   |    |   | 1,630,225 |   |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **INCREASE                    IN CASH**                                                             |   |                                                                                                                      | 356,822       |                                                                                                                     |   | 12,796                                                                                                   |    |   | 663,743 |   |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **CASH,                    BEGINNING OF PERIOD**                                                    |   |                                                                                                                      | 306,921       |                                                                                                                     |   | 3,506                                                                                                    |    |   | - |   |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **CASH,                    END OF PERIOD**                                                          |   |                                                                                                                      | 663,743       |                                                                                                                     |   | 16,302                                                                                                   |    |   | 663,743 |   |
|                                                                                                |   |                                                                                                                      |          |                                                                                                                     |   |                                                                                                     |    |   |   |   |
| **SUPPLEMENTAL                    CASH FLOW INFORMATION:**                                          |   |  $                                                                                                                   |          |                                                                                                                     | $      |                                                                                                     |  $ |   |
| Cash                    paid for interest                                                           |   |                                                                                                                      | -             |                                                                                                                     |   | -                                                                                                        |    | - |
| Cash                    paid for income taxes                                                       |   |                                                                                                                      | -             |                                                                                                                     |   | -                                                                                                        |    | - |
| Common                    stock issued for acquisition of mineral property                          |   |                                                                                                                      | 147,500       |                                                                                                                     |   | -                                                                                                        |    | 147,500 |

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**CANAM          URANIUM CORP.**

**NOTES          TO INTERIM FINANCIAL STATEMENTS**

**NOTE          1 – NATURE          OF          OPERATIONS AND BASIS OF PRESENTATION**

**Going          concern**

**Unaudited          Interim Financial Statements**

**Natural          resource properties**

**Use          of Estimates**

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**CANAM          URANIUM CORP.**

**NOTES          TO INTERIM FINANCIAL STATEMENTS**

**NOTE          2 - FIXED ASSETS**

|                                             |   | **April                    30** |   | **October                    31** |   |
|--------------------------------------------------|--------|---------------------------------|--------|-----------------------------------|--------|
|                                             |   | **2007**                        |   | **2006**                          |   |
| Computer                    equipment            |   | $                               | 1,200  |                              | $      | 1,200 |   |
| Furniture                    and fixtures        |   |                            | 4,471  |                              |   | - |   |
| Total                                            |   |                            | 5,671  |                              |   | 1,200 |   |
| Less                    accumulated depreciation |   |                            | 480    |                              |   | 360 |   |
| Net                    book value                |   | $                               | 5,191  |                              | $      | 840 |   |

**NOTE          3 – NATURAL          RESOURCE PROPERTIES and RELATED EXPLORATION          DEVELOPMENT**

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**CANAM          URANIUM CORP.**

**NOTES          TO INTERIM FINANCIAL STATEMENTS**

**NOTE          4 –          STOCKHOLDERS’ EQUITY**

**OPTIONS          TO ACQUIRE SHARES OF COMMON STOCK**

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**CANAM          URANIUM CORP.**

**NOTES          TO INTERIM FINANCIAL STATEMENTS**

**NOTE          5 – RELATED          PARTY TRANSACTIONS**

**NOTE          6 – INCOME          TAXES**

**NOTE          7 – NOTES          PAYABLE**

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**CANAM          URANIUM CORP.**

**NOTES          TO INTERIM FINANCIAL STATEMENTS**

**NOTE          8 –          SUBSEQUENT EVENTS**

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**ITEM          2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF          OPERATIONS.**

**MANAGEMENT’S          DISCUSSION AND ANALYSIS**

**Overview**

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----

**Proceeds          Raised through Sale of Shares**

**Cash          Requirements and Need for Additional Funds**

**Product          Research and Development**

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**ITEM          3. CONTROLS AND PROCEDURES.**

**PART          II. OTHER INFORMATION**

**ITEM          1. LEGAL PROCEEDINGS.**

**ITEM          2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF          PROCEEDS.**

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**ITEM          3. DEFAULTS UPON SENIOR SECURITIES.**

**ITEM          4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

**ITEM          5. OTHER INFORMATION.**

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**ITEM            6. EXHIBITS.**

| Exhibit                        Number |   | Description                                                                                                                                                                                                                                                                          |
|---------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1.1                                 |   | Articles                        of Incorporation of the Company (incorporated by reference                        to the                        Company’s Registration Statement on Form SB-2, filed on December                        17,                        2004).      |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 3.1.2                                 |   | Certificate                        of Amendment to Articles of Incorporation of the Company                        (incorporated by                        reference to the Company’s Registration Statement on Form SB-2, filed on                        December 17, 2004). |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 3.1.3                                 |   | Certificate                        of Change (incorporated by reference to the Company’s Annual Report on                        Form 10-KSB, filed on February 13, 2007).                                                                                                     |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 3.1.4                                 |   | Certificate                        of Amendment to Articles of Incorporation of the Company                        (incorporated by                        reference to the Company’s Annual Report on Form 10-KSB, filed on February                        13, 2007).        |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 3.2.1                                 |   | Bylaws                        of the Company (incorporated by reference to the Company’s Registration                        Statement on Form SB-2, filed on December 17, 2004).                                                                                              |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 31.1                                  |   | Certification                        of Principal Executive Officer pursuant to Section 302 of                        the                        Sarbanes-Oxley Act of 2002.                                                                                                         |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 31.2                                  |   | Certification                        of Principal Financial Officer pursuant to Section 302 of                        the                        Sarbanes-Oxley Act of 2002.                                                                                                         |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 32.1                                  |   | Certification                        of Principal Executive Officer Pursuant to Section 906 of                        the                        Sarbanes-Oxley Act of 2002.                                                                                                         |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 32.2                                  |   | Certification                        of Principal Financial Officer Pursuant to Section 906 of                        the                        Sarbanes-Oxley Act of 2002.                                                                                                         |

**SIGNATURES            **

|                                        |                                                                              |                                    |
|---------------------------------------------|-----------------------------------------------------------------------------------|-----------------------------------------|
|                                        | Canam                      Uranium Corp.(Name                      of Registrant) |
|                                   |                                                                         |                               |
| Date: July                    23, 2007 | By:                                                                     | /s/ Ryan                    Gibson |
|                                        | Name:                        Ryan Gibson                                          |
|                                        | President                    and                    Chief Executive Officer  |

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**EXHIBIT            INDEX**

| Exhibit                        Number |   | Description                                                                                                                                                                                                                                                                          |
|---------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1.5                                 |   | Articles                        of Incorporation of the Company (incorporated by reference                        to the                        Company’s Registration Statement on Form SB-2, filed on December                        17,                        2004).      |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 3.1.6                                 |   | Certificate                        of Amendment to Articles of Incorporation of the Company                        (incorporated by                        reference to the Company’s Registration Statement on Form SB-2, filed on                        December 17, 2004). |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 3.1.7                                 |   | Certificate                        of Change (incorporated by reference to the Company’s Annual Report on                        Form 10-KSB, filed on February 13, 2007).                                                                                                     |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 3.1.8                                 |   | Certificate                        of Amendment to Articles of Incorporation of the Company                        (incorporated by                        reference to the Company’s Annual Report on Form 10-KSB, filed on February                        13, 2007).        |
|                                  |   |                                                                                                                                                                                                                                                                                 |
| 3.2.2                                 |   | Bylaws                        of the Company (incorporated by reference to the Company’s Registration                        Statement on Form SB-2, filed on December 17,                        2004).                                                                       |

| 31.1   |   | Certification                        of Principal Executive Officer pursuant to Section 302 of                        the                        Sarbanes-Oxley Act of 2002.                        |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                |
| 31.2   |   | Certification                        of Principal Financial Officer pursuant to Section 302 of                        the                        Sarbanes-Oxley Act of 2002.                        |
|   |   |                                                                                                                                                                                                |
| 32.1   |   | Certification                        of Principal Executive Officer Pursuant to Section 906 of                        the                        Sarbanes-Oxley Act of 2002.                        |
|   |   |                                                                                                                                                                                                |
| 32.2   |   | Certification                        of Principal Financial Officer Pursuant to Section 906 of                        the                        Sarbanes-Oxley Act of                        2002. |

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