**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION **

**FORM      10-QSB**

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

**ACT      OF 1934 **

**oTRANSITION      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 of incorporation                or organization) | (I.R.S.                  Employer Identification                  No.) |

Noo

----

**CANAM      URANIUM CORP.**

**QUARTERLY      REPORT ON FORM 10-QSB **

**FOR      THE PERIOD ENDED APRIL 30 2007**

**INDEX      **

| **Index**                   |                                                                                                                                                           | **Page** |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                        |                                                                                                                                                           |     |
| **Part                I.**  | **Financial                Information**                                                                                                                       |     |
|                        | Item                1. Financial                Statements                                                                                                |     |
|                        |                                                                                                                                                           |     |
|                        | Interim                Balance Sheet as of April 30, 2007 (unaudited)                                                                                          |     |
|                        |                                                                                                                                                           |     |
|                        | Interim                Statements of Operations - for the three months and six months ended                April                30, 2007 and 2006 (unaudited). |     |
|                        |                                                                                                                                                                |     |
|                        | Interim                Statement of Stockholder's Equity                                                                                                       |     |
|                        |                                                                                                                                                           |     |
|                        | Interim                Statements of Cash Flows for the six months ended April 30, 2007                and 2006                (unaudited)                     |     |
|                        |                                                                                                                                                           |     |
|                        | Notes                to Unaudited Interim Financial Statements                                                                                                 |     |
|                        |                                                                                                                                                           |     |
|                        | Item                2. Management’s                Discussion and Analysis of Financial Condition and Results of                Operations          |     |
|                        |                                                                                                                                                           |     |
|                        | 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                                                                                                                           |     |
|                        |                                                                                                                                                           |     |
| **Signatures**              |                                                                                                                                                           |     |
|                        |                                                                                                                                                           |     |
| **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                                                                                                                                                                  |   | $                            | 641,312    |                          | $      | 306,921 |   |
| Prepaid                Expenses                                                                                                                                       |   |                         | -          |                          |   | 2,500 |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
| **TOTAL                CURRENT ASSETS**                                                                                                                               |   |                         | 641,312    |                          |   | 309,421 |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
| **FIXED                ASSETS**                (net of depreciation)                                                                                                  |   |                         | 5,191      |                          |   | 840 |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
| **TOTAL                ASSETS**                                                                                                                                       |   | $                            | 646,503    |                          | $      | 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 |   |
| Note                payable (Note 7)                                                                                                                                  |   |                         | 52,084     |                          |   | 50,000 |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
|                                                                                                                                                                  |   |                         | 68,299     |                          |   | 65,720 |   |
| Derivative                contract liability                                                                                                                          |   |                         | 331,897    |                          |   | - |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
|                                                                                                                                                                  |   |                         | 400,196    |                          |   | 65,720 |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
| **GOING                CONCERN**                (Note 1)                                                                                                              |   |                         |       |                          |   |   |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
| **STOCKHOLDERS’                DEFICIENCY**(Note                4)                                                                                              |   |                         |       |                          |   |   |   |
| Preferred                Stock 25,000,000 authorized with no par valueCommon                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                                                                                                                             |   |                         | 3,562,252  |                          |   | 404,410 |   |
| Share                Subscriptions                                                                                                                                    |   |                         | -          |                          |   | 152,347 |   |
| Deficit                accumulated during exploration stage                                                                                                           |   |                         | (3,402,055 | )                             |   | (393,206 | ) |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
|                                                                                                                                                                  |   |                         | 246,307    |                          |   | 244,541 |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
| **TOTAL                LIABILITIES AND STOCKHOLDERS’ DEFICIENCY**                                                                                               |   | $                            | 646,503    |                          | $      | 310,261 |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |
|                                                                                                                                                                  |   |                         |       |                          |   |   |   |

----

**CANAM      URANIUM CORP**

**INTERIM      STATEMENTS OF OPERATIONS**

**(unaudited)**

|                                                                                         |   |  For                the three month period endedApril                30 2007 |                |  For                the three month period endedApril                30 2006 |   |  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 |   |
|----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|---------------------|-----------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|---------------------|----------------------------------------------------------------|--------|
|                                                                                         |   |  $                                                                           |                | $                                                                                 |   |  $                                                                          |   | $                                                                                |                | $                                                              |   |
| **REVENUE**                                                                                  |   |                                                                              |                |                                                                              |   |                                                                             |   |                                                                             |                |                                                           |   |
| Interest                revenue                                                              |   |                                                                              | 1,653               |                                                                              |   | -                                                                                |   |                                                                             | 1,653               |                                                           |   | - |   |   | 1,653 |   |
| **GENERAL                AND ADMINISTRATIVE EXPENSES**                                       |   |                                                                              |                |                                                                              |   |                                                                             |   |                                                                             |                |                                                           |   |   |   |   |   |   |
| Gain                on derivative                                                            |   |                                                                              | (26,597             | )                                                                                 |   | -                                                                                |   |                                                                             | (26,597             | )                                                              |   | - |   |   | (26,597 | ) |
| Derivative                financing fees                                                     |   |                                                                              | 46,604              |                                                                              |   | -                                                                                |   |                                                                             | 46,604              |                                                           |   | - |   |   | 46,604 |   |
| Derivative                interest                                                           |   |                                                                              | 302,673             |                                                                              |   | -                                                                                |   |                                                                             | 302,673             |                                                           |   | - |   |   | 302,673 |   |
| Stock                option benefit                                                          |   |                                                                              | 1,711,333           |                                                                              |   | -                                                                                |   |                                                                             | 1,711,333           |                                                           |   | - |   |   | 1,711,333 |   |
| Mining              property              costs                                              |   |                                                                              | -                   |                                                                              |   | 3,485                                                                            |   |                                                                             | 399,321             |                                                           |   | 3,485 |   |   | 444,270 |   |
| Acquisition                cost                                                              |   |                                                                              | 91,486              |                                                                              |   | -                                                                                |   |                                                                             | 144,881             |                                                           |   | - |   |   | 144,881 |   |
| Exploration                expenditure                                                       |   |                                                                              |                |                                                                              |   |                                                                             |   |                                                                             |                |                                                           |   |   |   |   |   |   |
| Office                and generalPublication                and promotion                    |   |                                                                              | 33,44551,155        |                                                                              |   | 717-                                                                             |   |                                                                             | 62,43251,155        |                                                           |   | 897- |   |   | 83,61751,155 |   |
| Professional                feesInterest                expenseFinancing                fees |   |                                                                              | 123,70730,00043,750 |                                                                              |   | 2,600--                                                                          |   |                                                                             | 192,30132,08343,750 |                                                           |   | 5,600-- |   |   | 321,06032,08343,750 |   |
| Regulatory                and filing fees                                                    |   |                                                                              | 4,493               |                                                                              |   | 372                                                                              |   |                                                                             | 5,066               |                                                           |   | 742 |   |   | 12,279 |   |
| Director's                fees                                                               |   |                                                                              | 45,500              |                                                                              |   | -                                                                                |   |                                                                             | 45,500              |                                                           |   | - |   |   | 236,600 |   |
|                                                                                         |   |                                                                              |                |                                                                              |   |                                                                             |   |                                                                             |                |                                                           |   |   |   |   |   |   |
|                                                                                         |   |                                                                              | 2,457,549           |                                                                              |   | 7,174                                                                            |   |                                                                             | 3,010,502           |                                                           |   | 10,724 |   |   | 3,403,708 |   |
|  **NET                LOSS FOR THE PERIOD**                                             |   |                                                                              | (2,455,896          | )                                                                                 |   | (7,174                                                                           | )      |                                                                             | (3,008,849          | )                                                              |   | (10,724 | ) |   | (3,402,055 | ) |

| **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                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 2006Common                stock issued for cash at $0.10 per share, September 5 and September                7,                2006, net of stock offering costs |   |   | 5,360,000700,000 |       |                           | 5,360700 |                                      |   | 28,14062,300 |               |   | --       |                                      |   | -- |   |   | 33,50063,000 |   |
|                                                                                                                                                                                                                                                   |   |   |             |       |                           |     |                                      |   |         |               |   |     |                                      |   |   |   |   |   |   |
| 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 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 advanceCommon                stock issued for cash: At                $0.10 or $0.25 per shareOptions                exercised at $1.00 per share April                16, 2007Common                stock Issued for services valued at $0.175 per share, April                2007 |   |                                    | -810,000600,000510,000 |                   |                           | -810600510                                |                             |   | -                153,549599,40088,740 |               |   | ----- |   |   | 48,750(48,750)-- |   |   | 48,750105,609-600,00089,250 |   |
| Debenture                option                                                                                                                                                                                                                                                                                               |   |                                    | -                      |                   |                           | -                                         |                             |   | 302,673                               |               |   | - |   |   | - |   |   | 302,673 |   |
| Stock                option benefit                                                                                                                                                                                                                                                                                           |   |                                    | -                      |                   |                           | -                                         |                             |   | 1,711,333                             |               |   | - |   |   | - |   |   | 1,711,333 |   |
| Net                loss for the period ending April 30, 2007                                                                                                                                                                                                                                                                  |   |                                    | -                      |                   |                           | -                                         |                             |   | -                                     |               |   | (3,008,849 | ) |   | - |   |   | (3,008,849 | ) |
|                                                                                                                                                                                                                                                                                                                          |   |                                    |                   |                   |                           |                                      |                             |   |                                  |               |   |   |   |   |   |   |   |   |   |
| Balance,                April 30, 2007                                                                                                                                                                                                                                                                                        |   |                                    | 86,110,000             |                   |                           | 86,110                                    |                             |   | 3,562,252                             |               |   | (3,402,055 | ) |   | - |   |   | 246,307 |   |
|                                                                                                                                                                                                                                                                                                                          |   |                                    |                   |                   |                           |                                      |                             |   |                                  |               |   |   |   |   |   |   |   |   |   |

**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                                                      |   |                                                                                       | (3,008,849   | )                                                                          |   | (10,724                                                        | )      |   | (3,402,055 | ) |
| Adjustment                to reconcile net loss to net cash from operating activities:      |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| Non                cash expenses:                                                           |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| **-**gain                on derivative                                                      |   |                                                                                       | (26,597      | )                                                                          |   | -                                                              |   |   | (26,597 | ) |
| ** **-                derivative financing fees                                        |   |                                                                                       | 46,604       |                                                                       |   | -                                                              |   |   | 46,604 |   |
| -                stock option benefit                                                       |   |                                                                                       | 1,711,333    |                                                                       |   | -                                                              |   |   | 1,711,333 |   |
| -                loss on derivative contract                                                |   |                                                                                       | 302,673      |                                                                       |   | -                                                              |   |   | 302,673 |   |
| -                depreciation                                                               |   |                                                                                       | 120          |                                                                       |   | 120                                                            |   |   | 480 |   |
| -                stock issued for director's fees-                stock issued for services |   |                                                                                       | 45,50043,750 |                                                                       |   | --                                                             |   |   | 236,60043,750 |   |
| -                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**                                    |   |                                                                                       | (734,971     | )                                                                          |   | (10,204                                                        | )      |   | (929,217 | ) |
|                                                                                        |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| **CASH                FLOWS USED IN INVESTING ACTIVITY**                                    |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| Acquisition                of fixed assets                                                  |   |                                                                                       | 4,471        |                                                                       |   | -                                                              |   |   | 3,271 |   |
|                                                                                        |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| **NET                CASH FLOWS USED IN INVESTING ACTIVITY**                                |   |                                                                                       | 4,471        |                                                                       |   | -                                                              |   |   | 3,271 |   |
|                                                                                        |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES**                                     |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| Proceeds                on sale of common stock                                             |   |                                                                                       | 750,907      |                                                                       |   | 23,000                                                         |   |   | 1,197,564 |   |
| Repayment                of notes payable                                                   |   |                                                                                       | (300,000     | )                                                                          |   | -                                                              |   |   | (300,000 | ) |
| Note                payable and derivative contract liability                               |   |                                                                                       | 613,974      |                                                                       |   | -                                                              |   |   | 663,974 |   |
| Related                party advances                                                       |   |                                                                                       | -            |                                                                       |   | -                                                              |   |   | 5,720 |   |
|                                                                                        |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| **NET                CASH PROVIDED BY FINANCING ACTIVITIES**                                |   |                                                                                       | 1,064,891    |                                                                       |   | 23,000                                                         |   |   | 1,567,258 |   |
|                                                                                        |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| **INCREASE                IN CASH**                                                         |   |                                                                                       | 334,391      |                                                                       |   | 12,796                                                         |   |   | 641,312 |   |
|                                                                                        |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| **CASH,                BEGINNING OF PERIOD**                                                |   |                                                                                       | 306,921      |                                                                       |   | 3,506                                                          |   |   | - |   |
|                                                                                        |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |
| **CASH,                END OF PERIOD**                                                      |   |                                                                                       | 641,312      |                                                                       |   | 16,302                                                         |   |   | 641,312 |   |
|                                                                                        |   |                                                                                       |         |                                                                       |   |                                                           |   |   |   |   |

| **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 |   |

----

**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**

*Accounting      for Certain Transactions Involving Stock Compensation - An Interpretation of      APB      Opinion No. 25*

----

**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**

----

----

**NOTE      4 - STOCKHOLDERS’ EQUITY**

----

**OPTIONS      TO ACQUIRE SHARES OF COMMON STOCK**

**NOTE      5 - RELATED PARTY TRANSACTIONS**

----

**NOTE      6 - INCOME TAXES**

**NOTE      7 - NOTES PAYABLE**

**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**

----

----

**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.**

**ITEM      6. EXHIBITS.**

| 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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------|

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**SIGNATURES      **

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**EXHIBIT      INDEX**

| 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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------|