**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION **

**AMENDMENT      NO. 1**

**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 **

**CANAM      URANIUM CORP. **

| Nevada                                                                                      |                                                              |
|---------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
| (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 JANUARY 31, 2007**

**INDEX      **

| **Index**                     |                                       |                                                                                                                                                   | **Page** |
|-------------------------------|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                          |                                       |                                                                                                                                                   |     |
| **Part                  I.**  | **Financial                  Information** |                                                                                                                                                   |
|                          | Item                  1.                   | Financial                  Statements                                                                                                                  | 2        |
|                          |                                       |                                                                                                                                                   |     |
|                          |                                       | Interim                  Balance Sheet as of January 31, 2007 (unaudited)                                                                              | F-1      |
|                          |                                       |                                                                                                                                                   |     |
|                          |                                       | Interim                  Statements of Operations - for the three months ended January 31,                  2007 and                  2006 (unaudited) | F-2      |
|                          |                                       |                                                                                                                                                   |     |
|                          |                                       | Interim                  Statement of Stockholder's Equity                                                                                             | F-3      |
|                          |                                       |                                                                                                                                                   |     |
|                          |                                       | Interim                  Statements of Cash Flows for the three months ended January 31,                  2007 and                  2006 (unaudited)   | F-4      |
|                          |                                       |                                                                                                                                                   |     |
|                          |                                       | Notes                  to Unaudited Interim Financial Statements                                                                                       | F-5      |
|                          |                                       |                                                                                                                                                   |     |
|                          | Item                  2.                   | Management’s                  Discussion and Analysis of Financial Condition and Results of                  Operations                          | 3        |
|                          |                                       |                                                                                                                                                   |     |
|                          | Item                  3.                   | Controls                  and Procedures                                                                                                               | 5        |
|                          |                                       |                                                                                                                                                   |     |
| **Part                  II.** | **Other                  Information**     |                                                                                                                                                   |
|                          | Item                  1.                   | Legal                  Proceedings                                                                                                                     | 6        |
|                          | Item                  2.                   | Unregistered                  Sales of Equity Securities and Use of Proceeds                                                                           | 6        |
|                          | Item                  3.                   | Defaults                  Upon Senior Securities                                                                                                       | 6        |
|                          | Item                  4.                   | Submission                  of Matters to a Vote of Security Holders                                                                                   | 6        |
|                          | Item                  5.                   | Other                  Information                                                                                                                     | 6        |
|                          | Item                  6.                   | Exhibits                                                                                                                                               | 6        |
|                          |                                       |                                                                                                                                                   | 6        |
| **Signatures**                |                                       |                                                                                                                                                   | 7        |
|                          |                                       |                                                                                                                                                   |     |
| **Certifications**            |                                            |                                                                                                                                                   |     |

*i*

----

----

**PART      I. FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS.**

**CANAM      URANIUM CORP.**

**INTERIM      FINANCIAL STATEMENTS**

**January      31, 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**

|                                                                                                                                                                                                                                  |   | January                  31, 2007 |     | October                  31, 2006 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|----------|-----------------------------------|--------|
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |
| **CURRENT                  ASSETS**                                                                                                                                                                                                   |   |                              |     |                              |   |
| Cash                                                                                                                                                                                                                                  |   |  $                           | -        |                              | $      | 306,921 |   |
| Prepaid                  Expenses                                                                                                                                                                                                     |   |                              |     |                              |   | 2,500 |   |
| **TOTAL                  CURRENT ASSETS**                                                                                                                                                                                             |   |                              | -        |                              |   | 309,421 |   |
| **FIXED                  ASSETS**                  (net of depreciation)                                                                                                                                                              |   |                              | 780      |                              |   | 840 |   |
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |   |   |
| **TOTAL                  ASSETS**                                                                                                                                                                                                     |   | $                                 | 780      |                              | $      | 310,261 |   |
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS’ DEFICIENCY**                                                                                                                                                                   |   |                              |     |                              |   |   |   |
|                                                                                                                                                                                                                                  |   |                              |     |
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |   |   |
| **CURRENT                  LIABILITIES**                                                                                                                                                                                              |   |                              |     |                              |   |   |   |
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |   |   |
| Overdraft                                                                                                                                                                                                                             |   | $                                 | 20,248   |                              | $      | - |   |
| Note                  Payable (Note 7)                                                                                                                                                                                                |   |                              | 52,084   |                              |   | 50,000 |   |
| Accounts                  payable and accrued liabilities                                                                                                                                                                             |   |                              | 29,390   |                              |   | 10,000 |   |
| Due                  to related party ( Note 5)                                                                                                                                                                                       |   |                              | 5,720    |                              |   | 5,720 |   |
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |   |   |
|                                                                                                                                                                                                                                  |   |                              | 107,442  |                              |   | 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 |   |                              |     |                              |   |   |   |
| 84,190,000                  common shares (October 31, 2006 - 80,990,000)                                                                                                                                                             |   |                              | 84,190   |                              |   | 80,990 |   |
| Additional                  paid-in-capital                                                                                                                                                                                           |   |                              | 706,557  |                              |   | 404,410 |   |
| Share                  Subscriptions                                                                                                                                                                                                  |   |                              | 48,750   |                              |   | 152,347 |   |
| Deficit                  accumulated during exploration stage                                                                                                                                                                         |   |                              | (946,159 | )                                 |   | (393,206 | ) |
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |   |   |
|                                                                                                                                                                                                                                  |   |                              | (106,662 | )                                 |   | (244,541 | ) |
|                                                                                                                                                                                                                                  |   |                              |     |                              |   |   |   |
| **TOTAL                  LIABILITIES AND STOCKHOLDERS’ DEFICIENCY**                                                                                                                                                             |   | $                                 | 780      |                              | $      | 310,261 |   |

----

**CANAM      URANIUM CORP**

**INTERIM      STATEMENTS OF OPERATIONS**

**(unaudited)**

|                                                   |   | For                the three month period endedJanuary                31, 2007 |     | For                the three month period ended January                31, 2006 |   | June                7, 2004 (inception) to January                31, 2007 |   |
|--------------------------------------------------------|--------|--------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|--------|
|                                                   |   |                                                                           |     |                                                                            |   |                                                                       |   |
|                                                   |   |                                                                           |     |                                                                            |   |                                                                       |   |
| **GENERAL                AND ADMINISTRATIVE EXPENSES** |   |                                                                           |     |                                                                            |   |                                                                       |   |
|                                                   |   |                                                                           |     |                                                                            |   |                                                                       |   |
| Mining                property costs                   |   | $                                                                              | 452,716  |                                                                            | $      | -                                                                          |   | $ | 497,664 |   |
| Office                and general                      |   |                                                                           | 31,070   |                                                                            |   | 180                                                                        |   |   | 52,254 |   |
| Professional                fees                       |   |                                                                           | 68,594   |                                                                            |   | 3,000                                                                      |   |   | 197,355 |   |
| Regulatory                and filing fees              |   |                                                                           | 573      |                                                                            |   | 370                                                                        |   |   | 7,786 |   |
| Director's                fees                         |   |                                                                           | -        |                                                                            |   | -                                                                          |   |   | 191,100 |   |
|                                                   |   |                                                                           |     |                                                                            |   |                                                                       |   |   |   |   |
|                                                   |   |                                                                           | 552,953  |                                                                            |   | 3,550                                                                      |   |   | 946,159 |   |
| **NET                LOSS FOR THE PERIOD**             |   | $                                                                              | (552,953 | )                                                                               | $      | 3,550                                                                      |   | $ | (946,159 | ) |

| **BASIC                AND DILUTED LOSS PER COMMON SHARE**                                |   | $      | (0.00      | )      | $      | (0.00      | )      |   |        |   |
|-------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|--------|--------|--------|
|                                                                                      |   |   |       |   |   |       |   |   |   |   |
| **WEIGHTED                AVERAGE NUMBER OF COMMON****SHARES                OUTSTANDING** |   |   | 83,668,260 |   |   | 72,320,000 |   |   |   |   |

----

**CANAM      URANIUM CORP.**

**INTERIM      STATEMENT OF STOCKHOLDERS’ EQUITY**

**FOR      THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO January 31,      2007**

**(unaudited)**

|                                                                                                                                                                 |   | Common                  Stock     |       |  Additional |   |  Deficit                  Accumulated During |   |                               |    |               |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|------------------|--------|---------------------------------------------------|--------|------------------------------------|---------|--------------------|--------|
|                                                                                                                                                                 |   | Number                  of Shares |       | Amount           |   | Paid                  in Capital                  |   | Exploration                  Stage |    | 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  |             |   | 670                                               |   |                               | 32,830  |               |   | - |   |   | - |   |   | 33,500 |   |
|                                                                                                                                                                 |   |                              |       |             |   |                                              |   |                               |    |               |   |   |   |   |   |   |   |   |   |
| 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  |             |   | 131                                               |   |                               | 175,369 |               |   | - |   |   | - |   |   | 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 January 31,      2007**

**(unaudited)**

|   |   | Common                Stock     |   | Additional |   | Deficit                Accumulated During |   |                             |   |               |   |
|--------|--------|---------------------------------|--------|------------|--------|-------------------------------------------|--------|----------------------------------|--------|--------------------|--------|
|   |   | Number                of Shares |   | Amount     |   |  Paid                in Capital      |   | Exploration                Stage |   | ShareSubscriptions |   | Stockholders’                Equity |   |

|                                                                                                       |   |    |       |   |    |   |   |    |    |   |    |     |   |
|------------------------------------------------------------------------------------------------------------|--------|---------|------------|--------|---------|--------|--------|---------|---------|--------|---------|----------|--------|
| Common                stock issued for cash at $0.10 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 |   |
|                                                                                                       |   |    |       |   |    |   |   |    |    |   |    |     |   |   |   |   |   |   |   |
| Net                loss for the period ending January 31 2007                                              |   |    | -          |   |    |   |   |    | -       |   |    | (552,953 | )      |   | - |   |   | (552,953 | ) |
|                                                                                                       |   |    |       |   |    |   |   |    |    |   |    |     |   |   |   |   |   |   |   |
| Balance,                January 31, 2007                                                                   |   | $  | 84,190,000 |   | $  | 84,190 |   | $  | 706,557 |   | $  | (946,159 | )      | $  | 48,750 |   | $  | (106,662 | ) |

----

**CANAM      URANIUM CORP.**

**INTERIM      STATEMENTS OF CASH FLOWS**

**(unaudited)**

|                                                           |   | For                  the three month period ended                  January                  31, 2007 |     | For                  the three month period ended January 31,2006 |    |  June                  7, 2004 (inception) to January 31,2007 |   |
|----------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|----------|-------------------------------------------------------------------|---------|--------------------------------------------------------------------|--------|
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |
| **CASH                  FLOWS USED IN OPERATING ACTIVITIES**   |   |                                                                                                 |     |                                                              |    |                                                               |   |
| Net                  loss for the period                       |   | $                                                                                                    | (552,953 | )                                                                 | $  | (3,550                                                             | )      | $  | (946,159 | ) |
| Adjustment                  to reconcile net loss              |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| to                  net cash from operating activities:        |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| - depreciation                                            |   |                                                                                                 | 60       |                                                              |    | 60                                                                 |   |   | 420 |   |
| - director's                  fees                        |   |                                                                                                 | -        |                                                              |    | -                                                                  |   |   | 191,100 |   |
| -                  stock issued for mining claims              |   |                                                                                                 | 147,500  |                                                              |    | -                                                                  |   |   | 147,500 |   |
| - interest                  expense                       |   |                                                                                                 | 2,084    |                                                              |    | -                                                                  |   |   | 2,084 |   |
| - prepaid                  expenses                       |   |                                                                                                 | 2,500    |                                                              |    | -                                                                  |   |   |   |   |
| -                  accounts payable and accrued liabilities    |   |                                                                                                 | 19,390   |                                                              |    | (2,000                                                             | )      |   | 29,390 |   |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **NET                  CASH USED IN OPERATING ACTIVITIES**     |   |                                                                                                 | (381,419 | )                                                                 |    | (1,490                                                             | )      |   | (575,665 | ) |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **CASH                  FLOWS USED IN INVESTING ACTIVITY**     |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| Acquisition                  of fixed assets                   |   |                                                                                                 | -        |                                                              |    | -                                                                  |   |   | (1,200 | ) |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **NET                  CASH FLOWS USED IN INVESTING ACTIVITY** |   |                                                                                                 | -        |                                                              |    | -                                                                  |   |   | (1,200 | ) |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**      |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| Proceeds                  on sale of common stock              |   |                                                                                                 | 54,250   |                                                              |    | -                                                                  |   |   | 500,897 |   |
| Note                  Payable                                  |   |                                                                                                 | -        |                                                              |    | -                                                                  |   |   | 50,000 |   |
| Related                  party advances                        |   |                                                                                                 | -        |                                                              |    | -                                                                  |   |   | 5,720 |   |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **NET                  CASH PROVIDED BY FINANCING ACTIVITIES** |   |                                                                                                 | 54,250   |                                                              |    |                                                               |   |   | 556,617 |   |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **(DECREASE)                  INCREASE IN CASH**               |   |                                                                                                 | (327,169 | )                                                                 |    | (1,490                                                             | )      |   | (20,248 | ) |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **CASH,                  BEGINNING OF PERIOD**                 |   |                                                                                                 | 306,921  |                                                              |    | 3,506                                                              |   |   | - |   |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **CASH,                  END OF PERIOD**                       |   | $                                                                                                    | (20,248  | )                                                                 | $       | 2,016                                                              |   | $ | (20,248 | ) |
|                                                           |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| **SUPPLEMENTAL                  CASH FLOW INFORMATION:**       |   |                                                                                                 |     |                                                              |    |                                                               |   |   |   |   |
| Cash                  paid for interest                        |   | $                                                                                                    | -        |                                                              | $       | -                                                                  |   | $ | - |   |
| Cash                  paid for income taxes                    |   | $                                                                                                    | -        |                                                              | $       | -                                                                  |   | $ | - |   |

----

**CANAM      URANIUM CORP.**

**NOTES      TO FINANCIAL STATEMENTS**

| **JANUARY                31, 2007** |
|-------------------------------------|

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

**Going      concern**

**Unaudited      Interim Financial Statements**

**NOTE**
**2        - **
**BASIS        OF PRESENTATION**

**applies        **
**same        **

----

**CANAM      URANIUM CORP**

**NOTES      TO FINANCIAL STATEMENTS**

| **JANUARY                31 2007** |
|------------------------------------|

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

----

**CANAM      URANIUM CORP**

**NOTES      TO FINANCIAL STATEMENTS**

| **JANUARY                31 2007** |
|------------------------------------|

**NOTE      4 - STOCKHOLDERS’ EQUITY**

----

**CANAM      URANIUM CORP**

**NOTES      TO FINANCIAL STATEMENTS**

| **JANUARY                31 2007** |
|------------------------------------|

**NOTE      4 - STOCKHOLDERS’ EQUITY (continued)**

**NOTE      5 - RELATED PARTY TRANSACTIONS**

**NOTE      6 - INCOME TAXES**

**NOTE      7 - NOTE PAYABLE**

**NOTE      8 - SUBSEQUENT EVENTS**

----

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

**MANAGEMENT’S      DISCUSSION AND ANALYSIS**

**Overview**

----

----

**Proceeds      Raised through Sale of Shares**

**Cash      Requirements and Need for Additional Funds**

**Product      Research and Development**

**ITEM      3. CONTROLS AND PROCEDURES.**

----

**PART      II. OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS.**

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

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

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

**ITEM      5. OTHER INFORMATION.**

**ITEM      6. EXHIBITS AND REPORTS ON FORM 8-K.**

| ExhibitNumber |   | 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:              March 27, 2007     | By:                        | /s/              David Hayes |
|                                                      | David                Hayes           |
|                                                      | Chief              Financial Officer |

**EXHIBIT      INDEX**

| **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). |
|                  |   |                                                                                                                                                                                                                                                         |
| 3.2.1                 |   | Bylaws                  of the Company (incorporated by reference to the Company’s Registration                  Statement on Form SB-2, filed on December 17, 2004).                                                                                  |
|                  |   |                                                                                                                                                                                                                                                         |
| 3.2.2                 |   | Certificate                  of Change (incorporated by reference to the Company’s Annual Report on                  Form 10-KSB, filed on February 13, 2007).                                                                                         |
|                  |   |                                                                                                                                                                                                                                                         |
| 3.2.3                 |   | 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).        |
|                  |   |                                                                                                                                                                                                                                                         |
| 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.                                                                                                                    |

----