**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION **

**FORM      10-Q**

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

**ACT      OF 1934 **

**[_]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**

**EXCHANGE      ACT OF 1934 **

**CANAM      URANIUM CORP. **

| **NEVADA**                                                                    | **None**                                            |
|-------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) | (I.R.S.                Employer Identification No.) |

No      

| Large                  accelerated filer o | Accelerated                  filer o | Non-accelerated                  filer o | Smaller                  reporting company x |
|--------------------------------------------|--------------------------------------|-----------------------------------------------|----------------------------------------------|

----

**CANAM      URANIUM CORP.**

**QUARTERLY      REPORT ON FORM 10-Q **

**FOR      THE PERIOD ENDED APRIL 30, 2008**

**INDEX      **

| **Index**                   |                                                                                                                                                  | **Page** |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                        |                                                                                                                                                  |     |
| **Part                I.**  | **Financial                Information**                                                                                                              |     |
|                        | Item                1. Financial                Statements                                                                                       |     |
|                        |                                                                                                                                                  |     |
|                        | Consolidated                Balance Sheet as of April 30, 2008 (unaudited)                                                                            |     |
|                        |                                                                                                                                                  |     |
|                        | Consolidated                Statements of Operations - for the three months ended April 30, 2008                and                2007 (unaudited)   |     |
|                        |                                                                                                                                                  |     |
|                        | Consolidated                Statements of Cash Flows for the nine months ended April 30, 2008and                2007                (unaudited)       |     |
|                        |                                                                                                                                                  |     |
|                        | Notes                to Consolidated Financial Statements (unaudited)                                                                                 |     |
|                        |                                                                                                                                                  |     |
|                        | Item                2. Management’s                Discussion and Analysis of Financial Condition and Results of                Operations |     |
|                        |                                                                                                                                                  |     |
|                        | Item                3. Controls                and Procedures                                                                                    |     |
|                        |                                                                                                                                                  |     |
| **Part                II.** | **Other                Information**                                                                                                                  |     |
|                        |                                                                                                                                                  |     |
|                        | Item                1. Legal                Proceedings                                                                                          |     |
|                        |                                                                                                                                                  |     |
|                        | Item                2. Unregistered                Sales of Equity Securities and Use of Proceeds                                                |     |
|                        |                                                                                                                                                  |     |
|                        | Item                3. Defaults Upon Senior Securities                                                                                                |     |
|                        |                                                                                                                                                  |     |
|                        | Item                4. Submission of Matters to a Vote of Security Holders                                                                            |     |
|                        |                                                                                                                                                  |     |
|                        | Item                5. Other Information                                                                                                              |     |
|                        |                                                                                                                                                  |     |
|                        | Item                6. Exhibits                                                                                                                  |     |
|                        |                                                                                                                                                  |     |
| **Signatures**              |                                                                                                                                                  |
|                        |                                                                                                                                                  |     |
| **Certifications**          |                                                                                                                                                  |

----

This      report contains forward-looking statements within the meaning of Section 21E      of      the Securities Exchange Act of 1934, as amended, concerning plans of CanAm      Uranium Corp., a Nevada corporation (“CanAm Uranium” or the “Company”),      regarding its properties, operations and other matters. These statements relate      to analyses and other information that are based on forecasts of future results,      estimates of amounts not yet determinable and assumptions of management.      Statements concerning reserves, if any, and mineral resource estimates may      also      be deemed to constitute forward-looking statements to the extent that they      involve estimates of the mineralization that will be encountered if the property      is developed, and in the case of mineral reserves, such statements reflect      the      conclusion based on certain assumptions that the mineral deposit can be      economically exploited. Any statements that express or involve discussions      with      respect to predictions, expectations, beliefs, plans, projections, objectives,      assumptions or future events or performance (often, but not always, using words      or phrases such as “expects” or “does not expect”, “is expected”, “anticipates”or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that      certain actions, events or results “may”, “could”, “would”, “might” or “will” be      taken, occur or be achieved) are not statements of historical fact and may      be“forward-looking statements.” Forward-looking statements are subject to a      variety of risks and uncertainties, which could cause actual events or results      to differ from those reflected in the forward-looking statements, including,      without limitation:

| ·   | risks                related to uranium prices and other commodity price fluctuations;  |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | risks                related to uranium prices, gold prices and other commodity price                fluctuations;  |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| ·   | risks                and uncertainties relating to the interpretation of drill results,                the                geology, grade and continuity of mineral                deposits; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | risks                related to the inherent uncertainty of production and cost estimates                and                the potential for unexpected costs and                expenses; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | results                of initial feasibility, prefeasibility and feasibility studies, and                the                possibility that future exploration, development or mining results                will                not be consistent with the expectations of the                Company; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | mining                and development risks, including risks related to accidents, equipment                breakdowns, labor disputes or other unanticipated difficulties with                or                interruptions in production; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                potential for delays in exploration or development activities or                the                completion of feasibility studies; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                uncertainty of profitability based upon the CanAm Uranium’s history of                losses;  |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·   | risks                related to failure to obtain adequate financing on a timely basis                and on                acceptable terms;  |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | risks                related to environmental regulation and                liability;  |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | risks                related to hedging                activities;  |
|--------------------|--------------------------------------------------------------------------|

| ·   | political                and regulatory risks associated with mining and exploration;                and  |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | other                risks and uncertainties related to the CanAm Uranium’s prospects,                properties and business strategy. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

**PART      I. FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS.**

**CANAM      URANIUM CORP.**

**BALANCE      SHEETS**

**(unaudited)**

|                                                                                                                                                                                                                                                                                                                                                               |   | April                30 2008 |       | October                312007 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|------------|-------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                               |   | Unaudited                    |       |                          |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |
| **CURRENT                ASSETS**                                                                                                                                                                                                                                                                                                                                  |   |                         |       |                          |   |   |   |
| Cash                                                                                                                                                                                                                                                                                                                                                               |   | $                            | 3,564      |                          | $      | 100,017 |   |
| Prepaid                Expenses                                                                                                                                                                                                                                                                                                                                    |   |                         | 224,500    |                          |   | 152,443 |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| **TOTAL                CURRENT ASSETS**                                                                                                                                                                                                                                                                                                                            |   |                         | 228,064    |                          |   | 252,460 |   |
| Resource                property acquisition costs (Note 3)                                                                                                                                                                                                                                                                                                        |   |                         | 1,810,169  |                          |   | 1,610,169 |   |
| Fixed                assets (net of depreciation)                                                                                                                                                                                                                                                                                                                  |   |                         | 440        |                          |   | 600 |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| **TOTAL                ASSETS**                                                                                                                                                                                                                                                                                                                                    |   | $                            | 2,038,673  |                          | $      | 1,863,229 |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS’ DEFICIENCY**                                                                                                                                                                                                                                                                                                  |   |                         |       |                          |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| **CURRENT                LIABILITIES**                                                                                                                                                                                                                                                                                                                             |   |                         |       |                          |   |   |   |
| Accounts                payable and accrued liabilities                                                                                                                                                                                                                                                                                                            |   |                         | 356,121    |                          |   | 443,619 |   |
| Notes                payable (Note 7)                                                                                                                                                                                                                                                                                                                              |   |                         | 250,000    |                          |   | 300,000 |   |
| Convertible                debentures and notes payable (Note 6)                                                                                                                                                                                                                                                                                                   |   |                         | 316,921    |                          |   | 357,827 |   |
| Due                to related party (Note 5)                                                                                                                                                                                                                                                                                                                       |   |                         | 5,720      |                          |   | 5,720 |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| **TOTAL                CURRENT LIABILITIES**                                                                                                                                                                                                                                                                                                                       |   |                         | 928,762    |                          |   | 1,107,166 |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| **GOING                CONCERN**                (Note 1)                                                                                                                                                                                                                                                                                                           |   |                         |       |                          |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| **STOCKHOLDERS’                EQUITY (DEFICIENCY)**(Note                4)                                                                                                                                                                                                                                                                                  |   |                         |       |                          |   |   |   |
| Preferred                stock, series A, 24,000,000 shares authorized with $0.001 par                valuePreferred                stock, series B, 100,000 shares authorized with $0.001 par value                Issued                and outstanding100,000                Preferred stock, series B (2007: 100,000 Preferred stock, series                B) |   |                         | 100        |                          |   | 100 |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| Common                stock, 200,000,000                shares authorized with $0.001 par value                                                                                                                                                                                                                                                                    |   |                         |       |                          |   |   |   |
| Issued                and                outstanding                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| 96,430,000                common shares (2007 - 83,250,000)                                                                                                                                                                                                                                                                                                        |   |                         | 96,430     |                          |   | 83,250 |   |
| Additional                paid-in-capital                                                                                                                                                                                                                                                                                                                          |   |                         | 8,937,000  |                          |   | 7,469,436 |   |
| Share                subscriptions received in advance                                                                                                                                                                                                                                                                                                             |   |                         | -          |                          |   | 25,000 |   |
| Share                subscriptions receivable                                                                                                                                                                                                                                                                                                                      |   |                         | (508,970   | )                             |   | (392,000 | ) |
| Deficit                accumulated during exploration stage                                                                                                                                                                                                                                                                                                        |   |                         | (7,414,649 | )                             |   | (6,429,723 | ) |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         | 1,109,911  |                          |   | 756,063 |   |
|                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |                          |   |   |   |
| **TOTAL                LIABILITIES AND STOCKHOLDERS’ DEFICIENCY**                                                                                                                                                                                                                                                                                            |   | $                            | 2,038,673  |                          | $      | 1,863,269 |   |

----

**CANAM      URANIUM CORP**

**INTERIM      STATEMENTS OF OPERATIONS**

**(unaudited)**

|                                                   |   |  For                the three month period endedApril                30 2008 |     |  For                the three month period endedApril                30 2007 |   |  For                the six month period ended April                30 2008 |   |  For                the six month period ended April                30 2007 |     |  June                7, 2004 (inception) to April 30 2008 |   |
|--------------------------------------------------------|--------|-----------------------------------------------------------------------------------|----------|-----------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|----------|----------------------------------------------------------------|--------|
|                                                   |   | $                                                                            |     | $                                                                                 |   |  $                                                                          |   | $                                                                                |     | $                                                              |   |
| **GENERAL                AND ADMINISTRATIVE EXPENSES** |   |                                                                              |     |                                                                              |   |                                                                             |   |                                                                             |     |                                                           |   |   |   |   |   |   |
| Mining                property costs                   |   |                                                                              | 5,000    |                                                                              |   | 69,055                                                                           |   |                                                                             | 60,597   |                                                           |   | 122,450 |   |   | 1,245,783 |   |
| Office                and general                      |   |                                                                              | 991      |                                                                              |   | 31,792                                                                           |   |                                                                             | 7,178    |                                                           |   | 62,862 |   |   | 66,475 |   |
| Professional                and consulting fees        |   |                                                                              | 44,000   |                                                                              |   | 123,707                                                                          |   |                                                                             | 482,548  |                                                           |   | 192,301 |   |   | 1,629,833 |   |
| Regulatory                and filing fees              |   |                                                                              | -        |                                                                              |   | 4,493                                                                            |   |                                                                             | 2,122    |                                                           |   | 5,066 |   |   | 20,736 |   |
| Directors’                fees                   |   |                                                                              | 17,500   |                                                                              |   | 49,400                                                                           |   |                                                                             | 55,500   |                                                           |   | 49,400 |   |   | 463,303 |   |
| Debenture                financing fees                |   |                                                                              | -        |                                                                              |   | 54,025                                                                           |   |                                                                             | -        |                                                           |   | 54,025 |   |   | 54,025 |   |
| Debenture                option                        |   |                                                                              | -        |                                                                              |   | 302,673                                                                          |   |                                                                             | -        |                                                           |   | 302,673 |   |   | 302,673 |   |
| Stock                option benefit                    |   |                                                                              | -        |                                                                              |   | 1,711,333                                                                        |   |                                                                             | -        |                                                           |   | 1,711,333 |   |   | 2,234,665 |   |
| Interest                expense                        |   |                                                                              | 84,600   |                                                                              |   | 30,000                                                                           |   |                                                                             | 98,314   |                                                           |   | 30,000 |   |   | 235,292 |   |
| Financing                fees and investor relations   |   |                                                                              | -        |                                                                              |   | 142,988                                                                          |   |                                                                             | 252,120  |                                                           |   | 142,988 |   |   | 917,693 |   |
| Printing                and promotion                  |   |                                                                              | 181      |                                                                              |   | 51,155                                                                           |   |                                                                             | 181      |                                                           |   | 51,155 |   |   | 114,727 |   |
| Travel                and entertainment                |   |                                                                              | -        |                                                                              |   | -                                                                                |   |                                                                             | 16,192   |                                                           |   | - |   |   | 72,367 |   |
| Rent                                                   |   |                                                                              | -        |                                                                              |   | -                                                                                |   |                                                                             | 10,175   |                                                           |   | - |   |   | 57,077 |   |
|                                                   |   |                                                                              |     |                                                                              |   |                                                                             |   |                                                                             |     |                                                           |   |   |   |   |   |   |
|                                                   |   |                                                                              | 152,272  |                                                                              |   | 2,570,621                                                                        |   |                                                                             | 984,927  |                                                           |   | 2,724,253 |   |   | 7,414,649 |   |
|  **NET                LOSS FOR THE PERIOD**       |   |                                                                              | (152,272 | )                                                                                 |   | (2,570,621                                                                       | )      |                                                                             | (984,927 | )                                                              |   | (2,724,253 | ) |   | (7,414,649 | ) |

| **BASIC                AND DILUTED LOSS PER COMMON SHARE**                                |   | $      | (0.00      | )      | $      | (0.03      | )      | $      | (0.01      | )      | $      | (0.03      | )      |   |        |   |
|-------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|--------|--------|--------|
|                                                                                      |   |   |       |   |   |       |   |   |       |   |   |       |   |   |   |   |
| **WEIGHTED                AVERAGE NUMBER OF COMMON****SHARES                OUTSTANDING** |   |   | 92,500,000 |   |   | 84,522,022 |   |   | 89,500,000 |   |   | 84,088,066 |   |   |   |   |

----

**CANAM      URANIUM CORP.**

**INTERIM      STATEMENT OF STOCKHOLDERS’ EQUITY**

**FOR      THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO April 30, 2008**

**(unaudited)**

|                                                                      |   | Common                Stock     |           | Additional                Paid in   |   | Accumulated                Earnings  |   | Share                Subscriptions                Received  |        | Subscription          |   | Stockholders’  |   |
|---------------------------------------------------------------------------|--------|---------------------------------|----------------|-----------------------------------------------|--------|-------------------------------------------|--------|------------------------------------------------------------------|-------------|---------------------------------|--------|---------------------------|--------|
|                                                                      |   | Number                of shares |           | Par                Value                      |   | Capital                                   |   |  (Deficit)                                                  |        |  in                Advance |   | Receivable                |   |  Equity |   |
|                                                                      |   |                            |           | $                                             |   | $                                         |   | $                                                                |        | $                               |   |                      |   | $ |   |
| Balance                at Inception June                7, 2004           |   |                            | -              |                                          |   | -                                         |   |                                                             | -           |                            |   | -                         |   |   | - |   |   | - |   |   | - |   |
| Capital                issued for Cash                                    |   |                            | 72,320,000     |                                          |   | 72,320                                    |   |                                                             | (50,020     | )                               |   |                      |   |   |   |   |   |   |   |   | 22,300 |   |
| Net                loss for the period from 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** | **)** |
| Capital                issued for Cash, net of stock issuance costs       |   |                            | 7,110,000      |                                          |   | 7,110                                     |   |                                                             | 264,890     |                            |   |                      |   |   |   |   |   |   |   |   | 272,000 |   |
| Capital                issued for services                                |   |                            | 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               |   |                            |           |                                          |   |                                      |   |                                                             |        |                            |   | (334,678                  | )      |   |   |   |   |   |   |   | (334,678 | ) |
| **Balance****October                31, 2006**                            |   |                            | **80,990,000** |                                          |   | **80,990**                                |   |                                                             | **404,410** |                            |   | **(357,892**              | **)**  |   | **152,347** |   |   | **-** |   |   | **279,855** |   |

----

**CANAM      URANIUM CORP.**

**STATEMENT      OF STOCKHOLDERS’ EQUITY **

**FOR      THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO APRIL 30, 2008      (continued)**

|                                        |   | Common                Stock     |           | Additional                Paid |   | Accumulated                Earnings   |   | Share                Subscriptions Received |        | Subscription                  |   | Stockholders’ |   |
|---------------------------------------------|--------|---------------------------------|----------------|--------------------------------|--------|-------------------------------------------------|--------|---------------------------------------------|-------------|-------------------------------|--------|---------------------|--------|
|                                        |   | Number                of shares |           | Par                Value       |   | in                Capital                       |   | (Deficit)                              |        |  in              Advance |   | Receivable          |   | Equity  |   |
| **Balance                October 31, 2006** |   |                            | **80,990,000** |                           | **$**  | **80,990**                                      |   | **$**                                       | **404,410** |                          | **$**  | **(357,892**        | **)**  | **$** | **152,347** |   | **$** | **-** |   | **$** | **279,855** |   |

| Capital                issued for cash                       |   |   | 4,905,000      |   |   | 4,905      |   |   | 553,345       |   |   |           |   |   | (152,347   | )      |   | (102,000     | )      |   | 303,903     |   |
|--------------------------------------------------------------|--------|--------|----------------|--------|--------|------------|--------|--------|---------------|--------|--------|----------------|--------|--------|------------|--------|--------|--------------|--------|--------|-------------|--------|
| Capital                issued for financing                  |   |   | 1,600,000      |   |   | 1,600      |   |   | 1,247,900     |   |   |           |   |   |       |   |   |         |   |   | 1,249,500   |   |
| Capital                issued for services                   |   |   | 1,860,000      |   |   | 1,860      |   |   | 967,140       |   |   |           |   |   |       |   |   |         |   |   | 969,000     |   |
| Capital                issued for Mineral Properties         |   |   | 3,295,000      |   |   | 3,295      |   |   | 1,315,805     |   |   |           |   |   |       |   |   |         |   |   | 1,319,100   |   |
| Capital                issued for stock options              |   |   | 400,000        |   |   | 400        |   |   | 289,600       |   |   |           |   |   |       |   |   | (290,000     | )      |   | -           |   |
| Capital                issued on settlement of notes payable |   |   | 200,000        |   |   | 200        |   |   | 49,800        |   |   |           |   |   |       |   |   |         |   |   | 50,000      |   |
| Capital                returned to Company and Cancelled     |   |   | (10,000,000    | )      |   | (10,000    | )      |   |          |   |   |           |   |   |       |   |   |         |   |   | (10,000     | )      |
| Preferred                shares B issued                     |   |   |           |   |   |       |   |   | 9,900         |   |   |           |   |   |       |   |   |         |   |   | 10,000      |   |
| Stock                based compensation                      |   |   |           |   |   |       |   |   | 2,234,665     |   |   |           |   |   |       |   |   |         |   |   | 2,234,665   |   |
| Debenture                option                              |   |   |           |   |   |       |   |   | 396,871       |   |   |           |   |   |       |   |   |         |   |   | 396,871     |   |
| Subscriptions                received in advance             |   |   |           |   |   |       |   |   |          |   |   |           |   |   | 25,000     |   |   |         |   |   | 25,000      |   |
| Net                loss for the year ended October 31, 2007  |   |   |           |   |   |       |   |   |          |   |   | (6,071,831     | )      |   |       |   |   |         |   |   | (6,071,831  | )      |
| **Balance****October                31, 2007**               |   |   | **83,250,000** |   |   | **83,250** |   |   | **7,469,436** |   |   | **(6,429,723** | **)**  |   | **25,000** |   |   | **(392,000** | **)**  |   | **756,063** |   |

----

**CANAM      URANIUM CORP.**

**STATEMENT      OF STOCKHOLDERS’ EQUITY **

**FOR      THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO APRIL 30, 2008      (continued)**

|                                           |   | Common                Stock  |           | Additional          |   | Accumulated             |   | Share                Subscriptions  |          |                      |   |           |   |
|------------------------------------------------|--------|-----------------------------------|----------------|--------------------------|--------|------------------------------|--------|------------------------------------------|---------------|---------------------------|--------|----------------|--------|
|                                           |   | Number                  |           |                     |   |  Paid                in |   |  Earnings                           |          |  Received            |   | Subscription   |   | Stockholders’  |   |
|                                           |   | of shares                    |           | Par                Value |   | Capital                      |   | (Deficit)                                |          | in                Advance |   | Receivable     |   | Equity |   |
| **Balance****October                31, 2007** |   |                              | **83,250,000** |                     |   | **83,250**                   |   |                                     | **7,469,436** |                      |   | **(6,429,722** | **)**  |   | **25,000** |   |   | **(392,000** | **)** |   | **756,063** |   |

| Subscription                received                                       |   |   |           |   |   |       |   |   |          |   |   |           |   |   |    |   |   | 102,000      |   |   | 102,000       |   |
|----------------------------------------------------------------------------|--------|--------|----------------|--------|--------|------------|--------|--------|---------------|--------|--------|----------------|--------|--------|---------|--------|--------|--------------|--------|--------|---------------|--------|
| Capital                issued for Mineral Properties                       |   |   | 1,000,000      |   |   | 1,000      |   |   | 199,000       |   |   |           |   |   |    |   |   |         |   |   | 200,000       |   |
| Capital                issued for services                                 |   |   | 1,680,000      |   |   | 1,680      |   |   | 275,320       |   |   |           |   |   |    |   |   |         |   |   | 277,000       |   |
| Capital                issued for cash                                     |   |   | 1,300,000      |   |   | 1,300      |   |   | 128,700       |   |   |           |   |   |    |   |   | (130,000     | )      |   |          |   |
| Capital                issued on settlement of notes payable               |   |   | 2,200,000      |   |   | 2,200      |   |   | 267,800       |   |   |           |   |   |    |   |   | (100,000     | )      |   | 170,000       |   |
| Capital                issued for prepaid consulting                       |   |   | 3,000,000      |   |   | 3,000      |   |   | 227,000       |   |   |           |   |   |    |   |   |         |   |   | 230,000       |   |
| Vested                portion of option benefit                            |   |   |           |   |   |       |   |   | 185,318       |   |   |           |   |   |    |   |   |         |   |   | 185,318       |   |
| January                2008 option benefit                                 |   |   |           |   |   |       |   |   | 8,426         |   |   |           |   |   |    |   |   |         |   |   | 8,426         |   |
| Capital                issued for promissory note                          |   |   | 2,000,000      |   |   | 2,000      |   |   | 138,000       |   |   |           |   |   |    |   |   | (118,970     | )      |   | 21,030        |   |
| Capital                issued for services                                 |   |   | 2,000,000      |   |   | 2,000      |   |   | 38,000        |   |   |           |   |   |    |   |   |         |   |   | 40,000        |   |
| Offset                                                                     |   |   |           |   |   |       |   |   |          |   |   |           |   |   | (25,000 | )      |   | 130,000      |   |   | 105,000       |   |
| Net                loss for the period ended April                30, 2008 |   |   |           |   |   |       |   |   |          |   |   | (984,927       | )      |   |    |   |   |         |   |   | (984,927      | )      |
| **Balance****April                30,2008**                                |   |   | **96,430,000** |   |   | **96,430** |   |   | **8,937,000** |   |   | **(7,414,649** | **)**  |   | **-**   |   |   | **(508,970** | **)**  |   | **1,109,911** |   |

----

**CANAM      URANIUM CORP.**

**INTERIM      STATEMENTS OF CASH FLOWS**

**(unaudited)**

|                                                                                   |   | For                the six month period ended                April                30, 2008 |     | For                the six month period ended April                30,2007 |   |  June                7, 2004 (inception) to April 30,2008 |   |
|----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|----------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|
|                                                                                   |   |  $                                                                                    |     | $                                                                          |   | $                                                              |   |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |
| **CASH                FLOWS USED IN OPERATING ACTIVITIES**                             |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| Net                loss for the period                                                 |   |                                                                                       | (984,927 | )                                                                          |   | (2,724,253                                                     | )      |   | (7,414,649 | ) |
| Adjustment                to reconcile net loss to net cash from operating activities: |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| Non                cash expenses:                                                      |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| -                stock option benefit                                                  |   |                                                                                       | 8,426    |                                                                       |   | 1,711,333                                                      |   |   | 2,243,091 |   |
| -                debenture option                                                      |   |                                                                                       | -        |                                                                       |   | 302,673                                                        |   |   | 302,673 |   |
| -                depreciation                                                          |   |                                                                                       | 160      |                                                                       |   | 120                                                            |   |   | 865 |   |
| -                accrued interest reversal                                             |   |                                                                                       | -        |                                                                       |   | (2,001                                                         | )      |   | - |   |
| -                stock issued for services                                             |   |                                                                                       | 317,000  |                                                                       |   | 181,900                                                        |   |   | 1,379,847 |   |
| -                stock issued for financing fees                                       |   |                                                                                       | 67,398   |                                                                       |   | -                                                              |   |   | 716,898 |   |
| -                other non cash items                                                  |   |                                                                                       | 297,165  |                                                                       |   | -                                                              |   |   | 297,165 |   |
| Accounts                payable and accrued liabilities                                |   |                                                                                       | (84,750  | )                                                                          |   | 10,983                                                         |   |   | 358,868 |   |
| Prepaid                expenses                                                        |   |                                                                                       | (72,057  | )                                                                          |   | 2,500                                                          |   |   | (120,327 | ) |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                               |   |                                                                                       | (451,585 | )                                                                          |   | (516,745                                                       | )      |   | (2,235,569 | ) |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| **CASH                FLOWS USED IN INVESTING ACTIVITY**                               |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| Resource                property acquisition costs                                     |   |                                                                                       | -        |                                                                       |   | (251,821                                                       | )      |   | (291,069 | ) |
| Acquisition                of fixed assets                                             |   |                                                                                       | -        |                                                                       |   | (4,471                                                         | )      |   | (1,200 | ) |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| **NET                CASH FLOWS USED IN INVESTING ACTIVITY**                           |   |                                                                                       | -        |                                                                       |   | (256,292                                                       | )      |   | (292,269 | ) |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES**                                |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| Proceeds                on sale of common stock                                        |   |                                                                                       | 123,030  |                                                                       |   | 759,859                                                        |   |   | 898,580 |   |
| Proceeds                on exercise of options                                    |   |                                                                                       | -        |                                                                       |   |                                                           |   |   | 600,000 |   |
| Note                payable                                                            |   |                                                                                       | (50,000  | )                                                                          |   | -                                                              |   |   | 300,000 |   |
| Convertible                debenture and derivative contract liability                 |   |                                                                                       | 284,849  |                                                                       |   | 670,000                                                        |   |   | 729,849 |   |
| Related                party advances                                                  |   |                                                                                       | -        |                                                                       |   | -                                                              |   |   | 5,720 |   |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| **NET                CASH PROVIDED BY FINANCING ACTIVITIES**                           |   |                                                                                       | 357,879  |                                                                       |   | 1,129,859                                                      |   |   | 2,534,149 |   |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| **INCREASE                (DECREASE) IN CASH**                                         |   |                                                                                       | (93,706  | )                                                                          |   | 356,822                                                        |   |   | 6,311 |   |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| **CASH,                BEGINNING OF PERIOD**                                           |   |                                                                                       | 100,017  |                                                                       |   | 306,921                                                        |   |   | - |   |
|                                                                                   |   |                                                                                       |     |                                                                       |   |                                                           |   |   |   |   |
| **CASH,                END OF PERIOD**                                                 |   |                                                                                       | 6,311    |                                                                       |   | 663,743                                                        |   |   | 6,311 |   |

| **SUPPLEMENTAL                CASH FLOW INFORMATION:**                 |   |  $ |   | $      |   | $       |   |
|------------------------------------------------------------------------|--------|---------|--------|--------|--------|---------|--------|
| Cash                paid for interest                                  |   |    | -      |   |   | -       |   |   | - |   |
| Cash                paid for income taxes                              |   |    | -      |   |   | -       |   |   | - |   |
| Common                stock issued for acquisition of mineral property |   |    | -      |   |   | 147,500 |   |   | 147,500 |   |

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

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

**Going      concern**

|                                                            |   | April                30, 2008 |      | October                31,2007 |   |
|-----------------------------------------------------------------|--------|------------------------------------|-----------|--------------------------------|--------|
| Deficit                accumulated during the exploration stage |   | $                                  | 7,414,649 |                           | $      | 6,429,723 |   |
| Working                capital (deficiency)                     |   | $                                  | (700,698  | )                              | $      | (854,706 | ) |

**Unaudited      Interim Financial Statements**

**NOTE      2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Organization**

**Basis      of presentation**

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

**NOTE      2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued**

**Exploration      stage company**

*Accounting      and Reporting for Development Stage Enterprises*

**Natural      resource properties**

*“Whether      Mineral Rights Are Tangible or Intangible Assets.”*
*“Accounting      for Impairment or Disposal of Long Lived Assets”*

**Reclamation      costs**

**Use      of estimates**

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

**NOTE      2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued**

**Financial      instruments**

*Disclosures      about Fair Value of Financial Instruments”*

**Loss      per common share**

**Foreign      currency translation**

**Income      taxes**

**Stock-based      Compensation**

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

**NOTE      2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued**

**Comprehensive      Income**

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

|                          |   | **April                30, 2008** |      | **October 31, 2007** |   |
|-------------------------------|--------|----------------------------------------|-----------|--------------------------------|--------|
| Wheeler Beckett          |   | $                                      | 289,422   |                           | $      | 189,422 |   |
| OK                Lake        |   |                                   | 82,843    |                           |   | 82,843 |   |
| Reilly                Uranium |   |                                   | 38,705    |                           |   | 38,705 |   |
| Don                McCarthy   |   |                                   | 1,310,000 |                           |   | 1,210,000 |   |
| Bancroft                      |   |                                   | 89,199    |                           |   | 89,199 |   |
|                          |   | $                                      | 1,810,169 |                           | $      | 1,610,169 |   |

**TIM      and PUN claims**

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

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

**BANCROFT      claims**

**BALD      and OYAMA claims**

**WHEELER-BECKETT      claims**

----

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

**DON      MCCARTHY claims**

**REILLY      URANIUM claims**

**NOTE      4 - STOCKHOLDERS’ EQUITY**

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

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

|   | - | 1,300,000                shares for subscriptions receivable of $130,000                       |
|--------|---|------------------------------------------------------------------------------------------------|
|   | - | 2,200,000                shares for debt repayment of $150,000                                 |
|   | - | 1,680,000                shares for services valued by the Company at                $$277,000 |

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

**NOTE      5 - RELATED PARTY TRANSACTIONS**

**NOTE**
**6      - CONVERTIBLE DEBENTURE PAYABLE**

**NOTE      7 - NOTES PAYABLE**

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

**NOTE      8 **
**-      EMPLOYEE STOCK OPTION PLAN**

**Stock      Based Compensation**

|                              |   |   |                                    |   |   |                                                        |   |
|-----------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------------------------------|--------|
| **Exercise                price** |   |   | **Number****of                options** |   |   | **Remaining****contractual                life****(years)** |   |
| 0.07                              |   |   | 3,000,000                               |   |   | 9.97                                                        |   |
| 0.09                              |   |   | 1,000,000                               |   |   | 9.95                                                        |   |
| 1.19                              |   |   | 2,500,000                               |   |   | 9.                08                                        |   |
| 0.60                              |   |   | 100,000                                 |   |   | 9.                41                                        |   |
| 0.26                              |   |   | 200,000                                 |   |   | 9..66                                                       |   |
|                              |   |   |                                         |   |   |                                                             |   |
|                              |   |   | 6,800,000                               |   |   |                                                             |   |

|                                      |   |       |      |                                                              |   |
|-------------------------------------------|--------|------------|-----------|-------------------------------------------------------------------|--------|
|                                      |   | **Number** |      | **Weighted                Avg.****Exercise                Price** |   |
| Balance,                beginning of year |   |       | 3,466,667 |                                                              | $      | 0.97 |   |
| Granted                                   |   |       | 4,000,000 |                                                              | $      | 0.075 |   |
| Exercised                                 |   |       | -         |                                                              |   | - |   |
| Expired                                   |   |       | 666,667   |                                                              |   | - |   |
| Balance,                end of year       |   |       | 6,800,000 |                                                              | $      | 0.53 |   |

|                                           |   | **2008** |                        |
|------------------------------------------------|--------|----------|-----------------------------|
| Risk                free interest rate         |   |     | 4.70                        | % |
| Expected                dividend yield         |   |     | 0                           | % |
| Expected                stock price volatility |   |     | 100                         | % |
| Expected                life of options        |   |     | 1                to 2 years |   |

----

**CANAM      URANIUM CORP.**

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

**NOTE      9 - SUBSEQUENT EVENTS**

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

**OVERVIEW**

**OVERVIEW**

*Going      Concern*

----

**CRITICAL      ACCOUNTING POLICIES**

*Related      parties*

*Intangibles      and other long-lived assets*

*Accounting      for Stock Based Compensation*

----

| 1.   | Mining                property development decreased from $69,955 in the period ending                April 30,                2007, to $5,000 in the period ending April 30, 2008, a decrease of                $64,955, or 93 %. This was due to the fact that the company significantly                decreased its property acquisition and expenditure activity during                the                quarter. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Professional                fees decreased to $44,000 for the quarter ended April 30, 2008 as                compared                to $123,707 for the quarter ended April 30, 2007, an increase of                $79,707                or 64%. This decrease is primarily related to an decrease in accounting                fees associated with the audit of our financial statements, and legal                expenses associated with other general corporate matters, and the                employment of various specialist                consultants. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*“The      Fair Value Option for Financial Assets and Financial Liabilities, Including      an      Amendment of FASB Statement No. 115”*

**PLAN      OF OPERATIONS**

----

Funding      for our operations may not be available under favorable terms, if at all. If      adequate funds are not available, we may be required to further curtail      operations significantly or to obtain funds by entering into arrangements with      collaborative partners or others that may require us to relinquish rights that      we would not otherwise relinquish.

**Wheeler-Beckett      Properties**

**Other      Claims**

----

**Events      Subsequent to the Quarter Ended April 30, 2008**

 

**PART      II. OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS.**

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

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

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

**ITEM      5. OTHER INFORMATION.**

**ITEM      6. EXHIBITS.**

| ExhibitNumber | Description                                                                                                                                                                                                                                                  |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                                                                                                                         |
| 3.1.1         | Articles                  of Incorporation of the Company (incorporated by reference to the                  Company’s Registration Statement on Form SB-2, filed on December 17,                  2004).                                              |
|          |                                                                                                                                                                                                                                                         |
| 3.1.2         | Certificate                  of Amendment to Articles of Incorporation of the Company (incorporated                  by                  reference to the Company’s Registration Statement on Form SB-2, filed on                  December 17, 2004). |
|          |                                                                                                                                                                                                                                                         |
| 3.1.3         | Certificate                  of Change (incorporated by reference to the Company’s Annual Report on                  Form 10-KSB, filed on February 13, 2007).                                                                                         |
|          |                                                                                                                                                                                                                                                         |
| 3.1.4         | Certificate                  of Amendment to Articles of Incorporation of the Company (incorporated                  by                  reference to the Company’s Annual Report on Form 10-KSB, filed on February                  13, 2007).        |
|          |                                                                                                                                                                                                                                                         |
| 3.1.5         | Certificate                  of Designation of Series A Preferred Stock (incorporated by reference                  to                  the Company’s Current Report on Form 8-K, filed on July 19,                  2007).                            |
|          |                                                                                                                                                                                                                                                         |
| 3.1.6         | Certificate                  of Designation of Series B Preferred Stock (incorporated by reference                  to                  the Company’s Current Report on Form 8-K, filed on July 19,                  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 and Principal Financial Officer                  Pursuant to                  Section 906 of the Sarbanes-Oxley Act of                  2002.                                                  |

----

**SIGNATURES      **

|                                  |                                                                                                                       |                                |
|---------------------------------------|----------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
|                                  |                                                                                                                       |
|                                  | Canam                Uranium Corp. (Name                of Registrant)                                                     |
|                             |                                                                                                                  |                           |
| Date: June              23, 2008 | By:                                                                                                              | /s/ David              Hayes - |
|                                  | David                HayesPresident                and Chief Executive Officer, and Chief Financial                Officer |
|                                  |                                                                                                                       |

----

**EXHIBIT      INDEX**

| ExhibitNumber | Description                                                                                                                                                                                                                                                  |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                                                                                                                         |
| 3.1.1         | Articles                  of Incorporation of the Company (incorporated by reference to the                  Company’s Registration Statement on Form SB-2, filed on December 17,                  2004).                                              |
|          |                                                                                                                                                                                                                                                         |
| 3.1.2         | Certificate                  of Amendment to Articles of Incorporation of the Company (incorporated                  by                  reference to the Company’s Registration Statement on Form SB-2, filed on                  December 17, 2004). |
|          |                                                                                                                                                                                                                                                         |
| 3.1.3         | Certificate                  of Change (incorporated by reference to the Company’s Annual Report on                  Form 10-KSB, filed on February 13, 2007).                                                                                         |
|          |                                                                                                                                                                                                                                                         |
| 3.1.4         | Certificate                  of Amendment to Articles of Incorporation of the Company (incorporated                  by                  reference to the Company’s Annual Report on Form 10-KSB, filed on February                  13, 2007).        |
|          |                                                                                                                                                                                                                                                         |
| 3.1.5         | Certificate                  of Designation of Series A Preferred Stock (incorporated by reference                  to                  the Company’s Current Report on Form 8-K, filed on July 19,                  2007).                            |
|          |                                                                                                                                                                                                                                                         |
| 3.1.6         | Certificate                  of Designation of Series B Preferred Stock (incorporated by reference                  to                  the Company’s Current Report on Form 8-K, filed on July 19,                  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 and Principal Financial Officer                  Pursuant to                  Section 906 of the Sarbanes-Oxley Act of                  2002.                                                  |

----