**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION **

**FORM      10-QSB-A**

**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 ofincorporation                  or organization) |   | (I.R.S.                  EmployerIdentification                  No.) |

----

**CANAM      URANIUM CORP.**

**QUARTERLY      REPORT ON FORM 10-QSB **

**FOR      THE PERIOD ENDED JULY 31 2007**

**INDEX      **

| **Index**                     |                                       |                                                                                                                                                                 | **Page** |
|-------------------------------|--------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                          |                                       |                                                                                                                                                                 |     |
| **Part                  I.**  | **Financial                  Information** |                                                                                                                                                                 |
|                          | Item 1.                               | Financial                  Statements                                                                                                                                |     |
|                          |                                       |                                                                                                                                                                 |     |
|                          |                                       | Interim                  Balance Sheet as of July 31, 2007 (unaudited)                                                                                               | 4        |
|                          |                                       |                                                                                                                                                                 |     |
|                          |                                       | Interim                  Statements of Operations - for the three months and nine months                  ended July                  31, 2007 and 2006 (unaudited). | 5        |
|                          |                                       |                                                                                                                                                                 |     |
|                          |                                       | Interim                  Statement of Stockholder's Equity (unaudited)                                                                                               | 6        |
|                          |                                       |                                                                                                                                                                 |     |
|                          |                                       | Interim                  Statements of Cash Flows for the nine months ended July 31, 2007                  and 2006                  (unaudited)                     | 8        |
|                          |                                       |                                                                                                                                                                 |     |
|                          |                                       | Notes                  to Unaudited Interim Financial Statements                                                                                                     | 9        |
|                          |                                       |                                                                                                                                                                 |     |
|                          | Item                  2.                   | Management’s                  Discussion and Analysis of Financial Condition and Results of                  Operations                                        | 14       |
|                          |                                       |                                                                                                                                                                 |     |
|                          | Item                  3.                   | Controls                  and Procedures                                                                                                                             | 18       |
|                          |                                       |                                                                                                                                                                 |     |
| **Part                  II.** | **Other                Information**       |                                                                                                                                                                 |
|                          | Item                  1.                   | Legal                  Proceedings                                                                                                                                   | 18       |
|                          | Item                  2.                   | Unregistered                  Sales of Equity Securities and Use of Proceeds                                                                                         | 18       |
|                          | Item                  3.                   | Defaults                  upon Senior Securities                                                                                                                     | 18       |
|                          | Item                  4.                   | Submission                  of Matters to a Vote of Security Holders                                                                                                 | 18       |
|                          | Item                  5.                   | Other                  Information                                                                                                                                   | 19       |
|                          | Item                  6.                   | Exhibits                                                                                                                                                             | 19       |
|                          |                                       |                                                                                                                                                                 |     |
| **Signatures**                |                                       |                                                                                                                                                                 | 19       |
|                          |                                       |                                                                                                                                                                 |     |
| **Certifications**            |                                       |                                                                                                                                                                 |     |

----

**PART      I. FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS.**

**CANAM      URANIUM CORP.**

**INTERIM      FINANCIAL STATEMENTS**

**July      31, 2007**

**(unaudited)**

| **BALANCE                  SHEETS**                                  | 4      |
|----------------------------------------------------------------------|--------|
|                                                                 |   |
| **INTERIM                  STATEMENTS OF OPERATIONS**                | 5      |
|                                                                 |   |
| **INTERIM                  STATEMENT OF STOCKHOLDERS’ EQUITY** | 6      |
|                                                                 |   |
| **INTERIM                  STATEMENTS OF CASH FLOWS**                | 8      |
|                                                                 |   |
| **NOTES                  TO INTERIM FINANCIAL STATEMENTS**           | 9      |

----

**CANAM      URANIUM CORP.**

**BALANCE      SHEETS**

|                                                                                                                                                                  |   | July                31 2007 |       | October 312006 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|------------|---------------------|--------|
|                                                                                                                                                                  |   | Unaudited                   |       |                |   |
|                                                                                                                                                                  |   |                        |       |                |   |
| **CURRENT                ASSETS**                                                                                                                                     |   |                        |       |                |   |   |   |
| Cash                                                                                                                                                                  |   | $                           | 11,216     |                | $      | 306,921 |   |
| Prepaid                Expenses                                                                                                                                       |   |                        | 576,435    |                |   | 2,500 |   |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
| **TOTAL                CURRENT ASSETS**                                                                                                                               |   |                        | 587,651    |                |   | 309,421 |   |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
| **FIXED                ASSETS**                (net of depreciation)                                                                                                  |   |                        | 4,906      |                |   | 840 |   |
| **RESOURCE                PROPERTY ACQUISITION COSTS**                                                                                                                |   |                        | 1,531,375  |                |   | - |   |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
| **TOTAL                ASSETS**                                                                                                                                       |   | $                           | 2,123,932  |                | $      | 310,261 |   |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
| ***LIABILITIES                AND STOCKHOLDERS’ DEFICIENCY***                                                                                                   |   |                        |       |                |   |   |   |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
| **CURRENT                LIABILITIES**                                                                                                                                |   |                        |       |                |   |   |   |
| Accounts                payable and accrued liabilities                                                                                                               |   | $                           | 202,258    |                | $      | 10,000 |   |
| Due                to related party (Note 5)                                                                                                                          |   |                        | 5,720      |                |   | 5,720 |   |
| Note                payable (Note 7)                                                                                                                                  |   |                        | 350,000    |                |   | 50,000 |   |
| Accrued                interest                                                                                                                                       |   |                        | 10,000     |                |   | - |   |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
|                                                                                                                                                                  |   |                        | 567,978    |                |   | 65,720 |   |
| Convertible                note payable                                                                                                                               |   |                        | 370,000    |                |   | - |   |
| Discount                on convertible note payable                                                                                                                   |   |                        | (331,063   | )                   |   | - |   |
| Derivative                contract liability                                                                                                                          |   |                        | 340,550    |                |   | - |   |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
|                                                                                                                                                                  |   |                        | 947,465    |                |   | 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                                                                                                                  |   |                        |       |                |   |   |   |
| 89,530,000                common shares (October 31, 2006 - 80,990,000)                                                                                               |   |                        | 89,530     |                |   | 80,990 |   |
| Additional                paid-in-capital                                                                                                                             |   |                        | 5,404,482  |                |   | 404,410 |   |
| Share                Subscriptions (receivable)                                                                                                                       |   |                        | (178,500   | )                   |   | 152,347 |   |
| Deficit                accumulated during exploration stage                                                                                                           |   |                        | (4,139,045 | )                   |   | (393,206 | ) |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
|                                                                                                                                                                  |   |                        | 1,176,467  |                |   | 244,541 |   |
|                                                                                                                                                                  |   |                        |       |                |   |   |   |
| **TOTAL                      LIABILITIES AND STOCKHOLDERS’ DEFICIENCY**                                                                                         |   | $                           | 2,123,932  |                | $      | 310,261 |   |

----

**CANAM      URANIUM CORP**

**INTERIM      STATEMENTS OF OPERATIONS**

**(unaudited)**

|                                                                                          |   |  For the three                  month period endedJuly 312007 |       |  For the three                  month period endedJuly 31                  2006 |   |  For the nine                  month period ended                  July 31                  2007 |   | RESTATEDFor the nine                  month period ended                  July 312006 |       | RESTATEDJune 7, 2004                  (inception) to July                  31 2007 |   |
|-----------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------|--------|
|                                                                                          |   | $                                                                                      |       | $                                                                                                             |   | $                                                                                                                         |   | $                                                                                                         |       | $                                                                                                           |   |
| **REVENUE**                                                                                   |   |                                                                                   |       |                                                                                                          |   |                                                                                                                      |   |                                                                                                      |       |                                                                                                        |   |   |   |   |   |   |
| Interest                  revenue                                                             |   |                                                                                   | **-**      |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 1,653      |                                                                                                        |   | - |   |   | 1,653 |   |
| **GENERAL                  AND ADMINISTRATIVE EXPENSES**                                      |   |                                                                                   |       |                                                                                                          |   |                                                                                                                      |   |                                                                                                      |       |                                                                                                        |   |   |   |   |   |   |
| ** **Loss                  on derivative                                                 |   |                                                                                   | 1,000      |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 2,000      |                                                                                                        |   | - |   |   | 2,000 |   |
| ** **Derivative                  financing fees and accretion                            |   |                                                                                   | -          |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 9,488      |                                                                                                        |   | - |   |   | 9,488 |   |
| ** **Debenture                  financing fees                                           |   |                                                                                   | -          |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 54,025     |                                                                                                        |   | - |   |   | 54,025 |   |
| ** **Debenture                  option                                                   |   |                                                                                   | -          |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 302,673    |                                                                                                        |   | - |   |   | 302,673 |   |
| ** **Stock                  option benefit                                               |   |                                                                                   | -          |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 1,711,333  |                                                                                                        |   | - |   |   | 1,711,333 |   |
| Mining                  property exploration                                                  |   |                                                                                   | 352,248    |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 474,698    |                                                                                                        |   | - |   |   | 474,698 |   |
| Office                  and general                                                           |   |                                                                                   | 28,257     |                                                                                                          |   | 48                                                                                                                        |   |                                                                                                      | 92,772     |                                                                                                        |   | 945 |   |   | 113,957 |   |
| Publication                  and promotion                                                    |   |                                                                                   | 24,740     |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 75,895     |                                                                                                        |   | - |   |   | 75,895 |   |
| Professional                  fees                                                            |   |                                                                                   | 568,060    |                                                                                                          |   | 18,495                                                                                                                    |   |                                                                                                      | 760,361    |                                                                                                        |   | 24,095 |   |   | 889,120 |   |
| Interest                  expense                                                             |   |                                                                                   | 10,000     |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 40,000     |                                                                                                        |   | - |   |   | 40,000 |   |
| Financing                  fees                                                               |   |                                                                                   | 79,500     |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 212,000    |                                                                                                        |   | - |   |   | 212,000 |   |
| Regulatory                  and filing fees                                                   |   |                                                                                   | 2,730      |                                                                                                          |   | 1,817                                                                                                                     |   |                                                                                                      | 7,796      |                                                                                                        |   | 2,559 |   |   | 15,009 |   |
| Director's                  fees                                                              |   |                                                                                   | -          |                                                                                                          |   | -                                                                                                                         |   |                                                                                                      | 49,400     |                                                                                                        |   | - |   |   | 240,500 |   |
|                                                                                          |   |                                                                                   |       |                                                                                                          |   |                                                                                                                      |   |                                                                                                      |       |                                                                                                        |   |   |   |   |   |   |
|                                                                                          |   |                                                                                   | 1,066,535  |                                                                                                          |   | 20,360                                                                                                                    |   |                                                                                                      | 3,792,441  |                                                                                                        |   | 27,599 |   |   | 4,140,698 |   |
|  **NET                  LOSS FOR THE PERIOD**                                            |   |                                                                                   | (1,066,535 | )                                                                                                             |   | (20,360                                                                                                                   | )      |                                                                                                      | (3,790,788 | )                                                                                                           |   | (27,599 | ) |   | (4,139,045 | ) |
|                                                                                          |   |                                                                                   |       |                                                                                                          |   |                                                                                                                      |   |                                                                                                      |       |                                                                                                        |   |   |   |   |   |   |
|                                                                                          |   |                                                                                   |       |                                                                                                          |   |                                                                                                                      |   |                                                                                                      |       |                                                                                                        |   |   |   |   |   |   |
|                                                                                          |   |                                                                                   |       |                                                                                                          |   |                                                                                                                      |   |                                                                                                      |       |                                                                                                        |   |   |   |
| **BASIC                  AND DILUTED LOSS PER COMMON SHARE**                                  |   | $                                                                                      | (0.01      | )                                                                                                             | $      | (0.00                                                                                                                     | )      | $                                                                                                         | (0.04      | )                                                                                                           | $      | (0.00 | ) |
|                                                                                          |   |                                                                                   |       |                                                                                                          |   |                                                                                                                      |   |                                                                                                      |       |                                                                                                        |   |   |   |
| **WEIGHTED                  AVERAGE NUMBER OF COMMON****SHARES                  OUTSTANDING** |   |                                                                                   | 87,820,000 |                                                                                                          |   | 9,668,478                                                                                                                 |   |                                                                                                      | 87,660,000 |                                                                                                        |   | 9,251,795 |   |

----

**CANAM      URANIUM CORP.**

**INTERIM      STATEMENT OF STOCKHOLDERS’ EQUITY**

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

**(unaudited)**

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

----

**CANAM      URANIUM CORP.**

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

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

**(unaudited)**

|                                                                                                           |   |   Common                  Stock |       |   Additional |   | Deficit                  Accumulated During |   |             |      |               |   |
|----------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|------------|------------------------|--------|---------------------------------------------|--------|------------------|-----------|--------------------|--------|
|                                                                                                           |   | Number                  ofShares          |       |  Amount           |   | Paid                  inCapital             |   | ExplorationStage |      | 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 advance                                                             |   |                                      | -          |                   |   | -                                           |   |             | -         |               |   | - |   |   | 48,750 |   |   | 48,750 |   |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Common                  stock issued for cash: at                  $0.10 or $0.25 per share                    |   |                                      | 810,000    |                   |   | 810                                         |   |             | 153,549   |               |   | - |   |   | (48,750 | ) |   | 105,609 |   |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Options                  exercised at $1.00 per share April 16, 2007                                           |   |                                      | 600,000    |                   |   | 600                                         |   |             | 599,400   |               |   | - |   |   | - |   |   | 600,000 |   |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Common                  stock issued for services valued at $0.19 per share, April                  2007       |   |                                      | 260,000    |                   |   | 260                                         |   |             | 49,140    |               |   | - |   |   | - |   |   | 49,400 |   |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Common                  stock issued for services valued at $0.53 per share April                  2007        |   |                                      | 250,000    |                   |   | 250                                         |   |             | 132,250   |               |   | - |   |   | - |   |   | 132,500 |   |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Debenture                  option                                                                              |   |                                      | -          |                   |   | -                                           |   |             | 302,673   |               |   | - |   |   | - |   |   | 302,673 |   |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Stock                  option benefit                                                                          |   |                                      | -          |                   |   | -                                           |   |             | 1,711,333 |               |   | - |   |   | - |   |   | 1,711,333 |   |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Options                  exercised at $1.19 per share May                  18 to July 10, 2007                 |   |                                      | 150,000    |                   |   | 150                                         |   |             | 178,350   |               |   | - |   |   | - |   |   | 178,500 |   |
| Common                  stock issued for finance fees May                  14, 2007                            |   |                                      | 150,000    |                   |   | 150                                         |   |             | 79,350    |               |   | - |   |   | - |   |   | 79,500 |   |
| Common                  stock issued for services at                  $0.50 per share June 15, 2007            |   |                                      | 600,000    |                   |   | 600                                         |   |             | 299,400   |               |   | - |   |   | - |   |   | 300,000 |   |
| Common                  stock issued for properties June                  15, 2007                             |   |                                      | 2,020,000  |                   |   | 2,020                                       |   |             | 1,007,980 |               |   | - |   |   | - |   |   | 1,010,000 |   |
| Common                  stock issued for services July 26,                  2007                               |   |                                      | 500,000    |                   |   | 500                                         |   |             | 184,500   |               |   | - |   |   | - |   |   | 185,000 |   |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Shares                  subscribed May 18 to July 10, 2007                                                     |   |                                      | -          |                   |   | -                                           |   |             | -         |               |   | - |   |   | (178,500 | ) |   | (178,500 | ) |
| Reallocate                  prior period resource property                  acquisition costs                  |   |                                      | -          |                   |   | -                                           |   |             | -         |               |   | 44,949 |   |   | - |   |   | 44,949 |   |
| Net                  loss for the period ending July 31, 2007                                                  |   |                                      | -          |                   |   | -                                           |   |             | -         |               |   | (3,790,788 | ) |   | - |   |   | (3,790,788 | ) |
|                                                                                                           |   |                                      |       |                   |   |                                        |   |             |      |               |   |   |   |   |   |   |   |   |   |
| Balance,                  July 31, 2007                                                                        |   |                                      | 89,530,000 |                   |   | 89,530                                      |   |             | 5,404,482 |               |   | (4,139,045 | ) |   | (178,500 | ) |   | 1,176,467 |   |

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**CANAM      URANIUM CORP.**

**INTERIM      STATEMENTS OF CASH FLOWS**

**(unaudited)**

|                                                                                            |   | For the ninemonth period                  ended                  July 31,                  2007 |          | For the ninemonth periodended                  July 31,2006 |   |  June 7, 2004(inception) toJuly 31,2007 |   |
|-------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|---------------|---------------------------------------------------------------------------------|--------|------------------------------------------------------------------|--------|
|                                                                                            |   | $                                                                                                                   |          | $                                                                               |   | $                                                                |   |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |
| **CASH                  FLOWS USED IN OPERATING ACTIVITIES**                                    |   |                                                                                                                |          |                                                                            |   |                                                             |   |
| Net                  loss for the period                                                        |   |                                                                                                                | (3,790,788    | )                                                                               |   | (27,599                                                          | )      |   | (4,139,045 | ) |
| Adjustment                  to reconcile net loss to net cash from operating activities:        |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| Non                  cash expenses:                                                             |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **-**loss                  on derivative                                                        |   |                                                                                                                | 2,000         |                                                                            |   | -                                                                |   |   | 2,000 |   |
| -                  derivative financing fees and accretion                                      |   |                                                                                                                | 9,488         |                                                                            |   | -                                                                |   |   | 9,488 |   |
| -                  stock option benefit                                                         |   |                                                                                                                | 1,711,333     |                                                                            |   | -                                                                |   |   | 1,711,333 |   |
| -                  debenture option                                                             |   |                                                                                                                | 302,673       |                                                                            |   | -                                                                |   |   | 302,673 |   |
| -                  depreciation                                                                 |   |                                                                                                                | 405           |                                                                            |   | 180                                                              |   |   | 765 |   |
| -                  accrued interest reversal                                                    |   |                                                                                                                | (2,001        | )                                                                               |   | -                                                                |   |   | (2,001 | ) |
| -                  stock issued for director's fees-                  stock issued for services |   |                                                                                                                | 49,400746,400 |                                                                            |   | --                                                               |   |   | 240,500746,400 |   |
| -                  stock issued for mining claims                                               |   |                                                                                                                | 1,157,500     |                                                                            |   | -                                                                |   |   | 1,157,500 |   |
| Accounts                  payable and accrued liabilities                                       |   |                                                                                                                | 152,858       |                                                                            |   | (1,100                                                           | )      |   | 162,858 |   |
| Prepaid                  expenses                                                               |   |                                                                                                                | (573,935      | )                                                                               |   | -                                                                |   |   | (576,435 | ) |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **NET                  CASH USED IN OPERATING ACTIVITIES**                                      |   |                                                                                                                | (234,667      | )                                                                               |   | (28,519                                                          | )      |   | (383,964 | ) |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **CASH                  FLOWS USED IN INVESTING ACTIVITY**                                      |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| Acquisition                  of fixed assets                                                    |   |                                                                                                                | (4,471        | )                                                                               |   | -                                                                |   |   | (5,671 | ) |
| Acquisition                  of resource properties                                             |   |                                                                                                                | (1,486,426    | )                                                                               |   | (3,485                                                           | )      |   | (1,531,375 | ) |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **NET                  CASH FLOWS USED IN INVESTING ACTIVITY**                                  |   |                                                                                                                | (1,490,897    | )                                                                               |   | (3,485                                                           | )      |   | (1,537,046 | ) |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**                                       |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| Proceeds                  on sale of common stock                                               |   |                                                                                                                | 759,859       |                                                                            |   | 33,500                                                           |   |   | 1,206,506 |   |
| Note                  payable                                                                   |   |                                                                                                                | 300,000       |                                                                            |   | -                                                                |   |   | 350,000 |   |
| Repayment                  of notes payable                                                     |   |                                                                                                                | (300,000      | )                                                                               |   | -                                                                |   |   | (300,000 | ) |
| Notes                  payable and convertible notes payable                                    |   |                                                                                                                | 670,000       |                                                                            |   | -                                                                |   |   | 670,000 |   |
| Related                  party advances                                                         |   |                                                                                                                | -             |                                                                            |   | -                                                                |   |   | 5,720 |   |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **NET                  CASH PROVIDED BY FINANCING ACTIVITIES**                                  |   |                                                                                                                | 1,429,859     |                                                                            |   | 33,500                                                           |   |   | 1,932,226 |   |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **INCREASE                  (DECREASE) IN CASH**                                                |   |                                                                                                                | (295,705      | )                                                                               |   | 1,496                                                            |   |   | 11,216 |   |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **CASH,                  BEGINNING OF PERIOD**                                                  |   |                                                                                                                | 306,921       |                                                                            |   | 3,506                                                            |   |   | - |   |
|                                                                                            |   |                                                                                                                |          |                                                                            |   |                                                             |   |   |   |   |
| **CASH,                  END OF PERIOD**                                                        |   |                                                                                                                | 11,216        |                                                                            |   | 5,002                                                            |   |   | 11,216 |   |

| **SUPPLEMENTAL                    CASH FLOW INFORMATION:** |   | $      |   | $      |   | $ |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|---|--------|
| Cash                    paid for interest                  |   |   | -      |   |   | - |   |   | - |   |
| Cash                    paid for income taxes              |   |   | -      |   |   | - |   |   | - |   |

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**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

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

**Going      concern**

**Unaudited      Interim Financial Statements**

**Natural      resource properties**

**Use      of Estimates**

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**NOTE      2 –      FIXED ASSETS**

|                                         |   | **July 31** |   | **October 31** |   |
|----------------------------------------------|--------|------------------|--------|---------------------|--------|
|                                         |   | **2007**         |   | **2006**            |   |
| Computer                equipment            |   | $                | 1,200  |                | $      | 1,200 |   |
| Furniture                and fixtures        |   |             | 4,471  |                |   | - |   |
| Total                                        |   |             | 5,671  |                |   | 1,200 |   |
| Less                accumulated depreciation |   |             | 765    |                |   | 360 |   |
| Net                book value                |   | $                | 4,906  |                | $      | 840 |   |

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

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**NOTE      4 – STOCKHOLDERS’ EQUITY**

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**OPTIONS      TO ACQUIRE SHARES OF COMMON STOCK**

**NOTE      5 – RELATED PARTY TRANSACTIONS**

**NOTE      6 – INCOME TAXES**

**NOTE      7 – NOTES PAYABLE**

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**NOTE      8 – SUBSEQUENT EVENTS**

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

**MANAGEMENT’S      DISCUSSION AND ANALYSIS**

**Overview**

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----

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**Proceeds      Raised through Sale of Shares**

**Cash      Requirements and Need for Additional Funds**

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**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.**

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**ITEM      5. OTHER INFORMATION.**

**ITEM      6. EXHIBITS.**

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

**SIGNATURES      **

|                                    | Canam                Uranium Corp.(Name                  of Registrant) |
|-----------------------------------------|-------------------------------------------------------------------------|
|                                    |                                                                    |   |
| Date:                September 14, 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). |
|                              |   |                                                                                                                                                                                                                                                                 |
| 3.1.3                             |   | Certificate                    of Change (incorporated by reference to the Company’s Annual Report on                    Form 10-KSB, filed on February 13, 2007).                                                                                             |
|                              |   |                                                                                                                                                                                                                                                                 |

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| 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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