**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**AMENDMENT      NO. 1**

**to**

**FORM      10-QSB**

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

**ACT      OF 1934**

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

**EXCHANGE      ACT OF 1934**

**000-52259**

**CANAM      URANIUM CORP.**

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

  No x

----

**CANAM      URANIUM CORP.**

**QUARTERLY      REPORT ON FORM 10-QSB**

**FOR      THE PERIOD ENDED JANUARY 31, 2008**

**INDEX**

|                        |                                     |                                                                                                                                              | **Page**  |
|-----------------------------|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|                        |                                     |                                                                                                                                              |      |
| **Part                I.**  | **Financial                Information** |                                                                                                                                              |
|                        | Item                1.                   | Financial                Statements                                                                                                               | 3         |
|                        |                                     |                                                                                                                                              |      |
|                        |                                     | Interim                Balance Sheets as of January 31, 2008 (unaudited)                                                                          |  F-1 |
|                        |                                     |                                                                                                                                              |      |
|                        |                                     | Interim                Statements of Operations - for the three months and six months ended                January 31, 2008 and 2007 (unaudited). |  F-2 |
|                        |                                     |                                                                                                                                              |      |
|                        |                                     | Interim                Statement of Stockholder’s Equity                                                                                    |  F-3 |
|                        |                                     |                                                                                                                                              |      |
|                        |                                     | Interim                Statements of Cash Flows for the six months ended January 31, 2008                and                2007 (unaudited)      |  F-6 |
|                        |                                     |                                                                                                                                              |      |
|                        |                                     | Notes                to Unaudited Interim Financial Statements                                                                                    |  F-7 |
|                        |                                     |                                                                                                                                              |      |
|                        | Item                2.                   | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                         | 4         |
|                        |                                     |                                                                                                                                              |      |
|                        | Item                3.                   | Controls                and Procedures                                                                                                            | 9         |
|                        |                                     |                                                                                                                                              |      |
| **Part                II.** | **Other                Information**     |                                                                                                                                              |
|                        | Item                1.                   | Legal                Proceedings                                                                                                                  | 9         |
|                        | Item                2.                   | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                        | 10        |
|                        | Item                3.                   | Defaults                Upon Senior Securities                                                                                                    | 10        |
|                        | Item                4.                   | Submission                of Matters to a Vote of Security Holders                                                                                | 10        |
|                        | Item                5.                   | Other                Information                                                                                                                  | 10        |
|                        | Item                6.                   | Exhibits                                                                                                                                          |      |
|                        |                                     |                                                                                                                                              |      |
| **Signatures**              | 10                                       |
|                        |                                     |                                                                                                                                              |      |
| **Certifications**          | 12                                       |

----

**NOTE      REGARDING FORWARD LOOKING STATEMENTS**

|   | · | 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 CanAm Uranium, Inc. (“CanAm                Uranium” or 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 CamAm 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.**

**INTERIM      FINANCIAL STATEMENTS**

**January      31, 2008**

**(unaudited)**

**BALANCE      SHEETS  **

**INTERIM      STATEMENTS OF OPERATIONS  **

**INTERIM      STATEMENT OF STOCKHOLDERS’ EQUITY  **

**INTERIM      STATEMENTS OF CASH FLOWS  **

 

**NOTES      TO INTERIM FINANCIAL STATEMENTS**

----

**CANAM      URANIUM CORP.**

**BALANCE      SHEETS **

|                                                                                                    |   | January                31,2008 |       | October                31,2007 |   |
|---------------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|--------------------------------|--------|
|                                                                                                    |   | unaudited                      |       |                           |   |
|                                                                                                    |   |                           |       |                           |   |
| **CURRENT                ASSETS**                                                                       |   |                           |            |                           |   |  |   |
| Cash                                                                                                    |   | $                              | 2,105      |                           | $      | 100,017 |   |
| Prepaid                Expenses                                                                         |   |                           | 224500     |                           |   | 152,443 |   |
| **TOTAL                CURRENT ASSETS**                                                                 |   |                           | 226,605    |                           |   | 252,460 |   |
|                                                                                                    |   |                           |            |                           |   |  |   |
| Resource                property acquisition costs (note 3)                                             |   |                           | 1,810,169  |                           |   | 1,610,169 |   |
| Fixed                assets (net of depreciation)                                                       |   |                           | 520        |                           |   | 600 |   |
|                                                                                                    |   |                           |            |                           |   |  |   |
| **TOTAL                ASSETS**                                                                         |   | $                              | 2,037,294  |                           | $      | 1,863,229 |   |
|                                                                                                    |   |                           |            |                           |   |  |   |
| **LIABILITIES                AND STOCKHOLDERS’ DEFICIENCY**                                       |   |                           |            |                           |   |  |   |
|                                                                                                    |   |                           |            |                           |   |  |   |
| **CURRENT                LIABILITIES**                                                                  |   |                           |            |                           |   |  |   |
| ** **                Accounts payable and accrued liabilities                                 |   | $                              | 318,501    |                           | $      | 443,619 |   |
| ** **                Note Payable                                                        |   |                           | 200,000    |                           |   | 300,000 |   |
| Convertible                debentures (note 6)                                                     |   |                           | 316,921    |                           |   | 357,827 |   |
| ** **                Due to related party ( note 5)                                                |   |                           | 5,720      |                           |   | 5,720 |   |
|                                                                                                    |   |                           |            |                           |   |  |   |
|                                                                                                    |   |                           | 841,142    |                           |   | 1,107,166 |   |
|                                                                                                    |   |                           |            |                           |   |  |   |
| **GOING                CONCERN**                (note 1)                                                |   |                           |            |                           |   |  |   |
|                                                                                                    |   |                           |            |                           |   |  |   |
| **STOCKHOLDERS’                DEFICIENCY**                (note 4)                               |   |                           |            |                           |   |  |   |
| Preferred                stock: 25,000,000 shares authorized with $0.001 par value                      |   |                           |            |                           |   |  |   |
| Common                stock: 200 ,000,000 shares authorized with $0.001 par value                  |   |                           |            |                           |   |  |   |
| Issued                and outstanding:                                                                  |   |                           |            |                           |   |  |   |
| 100,000                preferred shares, series B                                                       |   |                           | 100        |                           |   | 100 |   |
| 89,430,000                common shares (October 31, 2007 - 83,250,000)                                 |   |                           | 92,430     |                           |   | 83,250 |   |
| Additional                paid-in-capital                                                               |   |                           | 8,761,000  |                           |   | 7,469,436 |   |
| Share                subscriptions received in advance                                                  |   |                           | 25,000     |                           |   | 25,000 |   |
| Share                subscriptions receivable                                                           |   |                           | (420,000   | )                              |   | (392,000 | ) |
| Deficit                accumulated during exploration stage                                             |   |                           | (7,262,378 | )                              |   | (6,429,723 | ) |
|                                                                                                    |   |                           |            |                           |   |  |   |
|                                                                                                    |   |                           | 1,196,152  |                           |   | (756,063 | ) |
|                                                                                                    |   |                           |            |                           |   |  |   |
| **TOTAL                LIABILITIES AND STOCKHOLDERS’ DEFICIENCY**                                 |   | $                              | 2,037,294  |                           | $      | 1,863,229 |   |

|   |     |
|--------|----------|
|   | Director |
|   |     |
|   |     |
|   | Director |

----

**CANAM      URANIUM CORP**

**INTERIM      STATEMENTS OF OPERATIONS**

**(unaudited)**

|                                                                    |   | For the three month period ended January 31, 2008 |       | For the three month period ended January 31, 2007 |   |  June 7, 2004 (inception) to January 31, 2008 |   |
|-------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|
|                                                                    |   |                                                                                      |       |                                                                                      |   |                                                                                  |   |
| **GENERAL                AND ADMINISTRATIVE EXPENSES**                  |   |                                                                                      |            |                                                                                      |   |                                                                                       |   |   |  |   |
| Mining                exploration costs                                 |   | $                                                                                         | 55,597     |                                                                                      | $      | 452,716                                                                               |   | $ | 1,240,783 |   |
| Office                and general                                       |   |                                                                                      | 6,187      |                                                                                      |   | 31,070                                                                                |   |   | 65,485 |   |
| Professional                and consulting fees                         |   |                                                                                      | 438,548    |                                                                                      |   | 68,594                                                                                |   |   | 1,585,833 |   |
| Regulatory                and filing fees                               |   |                                                                                      | 2,122      |                                                                                      |   | 573                                                                                   |   |   | 20,736 |   |
| Directors’                fees                                    |   |                                                                                      | 38,000     |                                                                                      |   | -                                                                                     |   |   | 445,803 |   |
| Debenture                financing fees                                 |   |                                                                                      | -          |                                                                                      |   | -                                                                                     |   |   | 54,025 |   |
| Debenture                option                                         |   |                                                                                      | -          |                                                                                      |   | -                                                                                     |   |   | 302,673 |   |
| Stock                option benefit                                     |   |                                                                                      | -          |                                                                                      |   | -                                                                                     |   |   | 2,234,665 |   |
| Interest                expense                                         |   |                                                                                      | 13,714     |                                                                                      |   | -                                                                                     |   |   | 150,692 |   |
| Financing                fees and investor relations                    |   |                                                                                      | 252,120    |                                                                                      |   | -                                                                                     |   |   | 917,693 |   |
| Printing                                                                |   |                                                                                      | -          |                                                                                      |   | -                                                                                     |   |   | 114,546 |   |
| Travel                and entertainment                                 |   |                                                                                      | 16,192     |                                                                                      |   | -                                                                                     |   |   | 72,367 |   |
| Rent                                                                    |   |                                                                                      | 10,175     |                                                                                      |   | -                                                                                     |   |   | 57,077 |   |
|                                                                    |   |                                                                                      |            |                                                                                      |   |                                                                                       |   |   |  |   |
|                                                                    |   |                                                                                      | 832,655    |                                                                                      |   | 552,953                                                                               |   |   | 7,262,378 |   |
| **NET                LOSS FOR THE PERIOD**                              |   | $                                                                                         | (832,655   | )                                                                                         | $      | (552,953                                                                              | )      | $ | (7,262,378 | ) |
|                                                                    |   |                                                                                      |            |                                                                                      |   |                                                                                       |   |   |  |   |
| **BASIC                AND DILUTED LOSS PER COMMON SHARE**              |   | $                                                                                         | (0.01      | )                                                                                         | $      | (0.01                                                                                 | )      |   |  |   |
|                                                                    |   |                                                                                      |            |                                                                                      |   |                                                                                       |   |   |  |   |
| **WEIGHTED                AVERAGE NUMBER OF COMMON SHARES OUTSTANDING** |   |                                                                                      | 84,403,644 |                                                                                      |   | 72,320,000                                                                            |   |   |  |   |

----

**CANAM      URANIUM CORP.**

**INTERIM      STATEMENT OF STOCKHOLDERS’ EQUITY**

**FOR      THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO January 31,      2008**

**(unaudited)**

|                                                                      |   | Preferred                Stock, Series                B |   | Common                Stock |   | AdditionalPaid                inCapital |   | Accumulated                Earnings (Deficit) (Restated Note -10) |           | Share                Subscriptions Received in Advance |   | Subscription                Receivable |   | Stockholders’                Equity (Restated Note - 11) |        |
|---------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|-----------------------------|--------|-----------------------------------------|--------|-------------------------------------------------------------------|----------------|--------------------------------------------------------|--------|----------------------------------------|--------|----------------------------------------------------------------|-------------|
|                                                                      |   | NumberofShares                                               |   | ParValue                    |   | Number                of Shares         |   | ParValue                                                          |           |                                                   |   |                                   |   |                                                           |        |   |   |   |   |
|                                                                      |   |                                                         |   |  $                     |   |                                    |   | $                                                                 |           |  $                                                |   | $                                      |   | $                                                         |        |   |   | $ |   |
| 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.**

**INTERIM      STATEMENT OF STOCKHOLDERS’ EQUITY**

**FOR      THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO January 31,      2008**

**(unaudited)**

|                                                         |   | Preferred                Stock,Series                B |        | Common                Stock |   | AdditionalPaid                inCapital |   | Accumulated                Earnings (Deficit) (Restated Note -10) |           | Share                Subscriptions Received in Advance |   | Subscription                Receivable |   | Stockholders’                Equity (Restated Note - 11) |          |
|--------------------------------------------------------------|--------|--------------------------------------------------------|-------------|-----------------------------|--------|-----------------------------------------|--------|-------------------------------------------------------------------|----------------|--------------------------------------------------------|--------|----------------------------------------|--------|----------------------------------------------------------------|---------------|
|                                                         |   | NumberofShares                                         |        | ParValue                    |   | Number                of shares         |   | ParValue                                                          |           |                                                   |   |                                   |   |                                                           |          |   |   |   |   |
|                                                         |   |                                                   |        |                  $     |   |                                    |   | $                                                                 |           | $                                                      |   | $                                      |   | $                                                              |          | $ |   | $ |   |
| 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                     |   |                                                   | 100,000     |                        |   | 100                                     |   |                                                              |                |                                                   |   |                                        |   |                                                           | 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                   |   |                                                   | **100,000** |                        |   | **100**                                 |   |                                                              | **83,250,000** |                                                   |   | **83,250**                             |   |                                                           | **7,469,436** |   |   | (6,429,723 | ) |   | **25,000** |   |   | (392,000 | ) |   | **756,063** |   |

----

**CANAM      URANIUM CORP.**

**INTERIM      STATEMENT OF STOCKHOLDERS’ EQUITY**

**FOR      THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO January 31,      2008**

**(unaudited)**

|                                                          |   | Preferred                Stock,Series                B |        | Common                Stock |   | AdditionalPaid                inCapital |   | Accumulated                Earnings (Deficit) (Restated Note -10) |           | Share                Subscriptions Received in Advance |   | Subscription                Receivable |   | Stockholders’                Equity (Restated Note - 11) |          |
|---------------------------------------------------------------|--------|--------------------------------------------------------|-------------|-----------------------------|--------|-----------------------------------------|--------|-------------------------------------------------------------------|----------------|--------------------------------------------------------|--------|----------------------------------------|--------|----------------------------------------------------------------|---------------|
|                                                          |   | NumberofShares                                         |        | ParValue                    |   | Number                of shares         |   | ParValue                                                          |           |                                                   |   |                                   |   |                                                           |          |   |   |   |   |
|                                                          |   |                                                   |        | $                      |   |                                    |   | $                                                                 |           |                  $                                |   | $                                      |   | $                                                              |          | $ |   | $ |   |
| **Balance**October                31, 2007                    |   |                                                   | **100,000** |                        |   | **100**                                 |   |                                                              | **83,250,000** |                                                   |   | **83,250**                             |   |                                                           | **7,469,436** |   |   | (6,429,723 | ) |   | **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** |   |
| Net                loss for the period ended January 31, 2008 |   |                                                   |             |                        |   |                                    |   |                                                              |                |                                                   |   |                                        |   |                                                           |               |   |   | (832,655 | ) |   |  |   |   |  |   |   | (832,655 | ) |
| **Balance**January                31, 2008                    |   |                                                   |             |                        |   |                                    |   |                                                              | **92,430,000** |                                                   |   | **92,430**                             |   |                                                           | **8,761,000** |   |   | **7,262,378** |   |   | **25,000** |   |   | (420,000 | ) |   | **1,196,152** |   |

----

**CANAM      URANIUM CORP.**

**INTERIM      STATEMENTS OF CASH FLOWS**

**(unaudited)**

|                                                                                                  |   | For the three month period ended January 31, 2008 |     | For the three month period ended January 31,2007 |   |  June 7, 2004 (inception) to January                31,2008 |   |
|-------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|----------|-------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|--------|
|                                                                                                  |   |                                                                                      |     |                                                                                |   |                                                                                      |   |
|                                                                                                  |   |                                                                                      |     |                                                                                |   |                                                                                      |   |
| **CASH                FLOWS USED IN OPERATING ACTIVITIES**                                            |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| Net                loss for the period                                                                |   | $                                                                                         | (832,655 | )                                                                                   | $      | (552,953                                                                                  | )      | $ | (7,262,378 | ) |
| Adjustment                to reconcile net loss to net cash from operating                activities: |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| - stock                option benefit                                                            |   |                                                                                      | 8,426    |                                                                                |   | -                                                                                         |   |   | 2,243,091 |   |
| -                debenture option                                                                     |   |                                                                                      | -        |                                                                                |   | -                                                                                         |   |   | 302,673 |   |
| - depreciation                                                                                   |   |                                                                                      | 80       |                                                                                |   | 60                                                                                        |   |   | 785 |   |
| - Stock                issued for financing fees                                                 |   |                                                                                      | 67,398   |                                                                                |   | -                                                                                         |   |   | 716,898 |   |
| -                stock issued for services                                                            |   |                                                                                      | 277,000  |                                                                                |   | 147,500                                                                                   |   |   | 1,339,847 |   |
| -                interest                                                                             |   |                                                                                      | 9,094    |                                                                                |   | 2,084                                                                                     |   |   | 9,094 |   |
| -                other non cash expenditures                                                          |   |                                                                                      | 288,071  |                                                                                |   | -                                                                                         |   |   | 288,071 |   |
| Increase                (decrease) in prepaid expense                                                 |   |                                                                                      | 55,189   |                                                                                |   | 2,500                                                                                     |   |   | - |   |
| Increase                (decrease) in accounts payable and accrued liabilities                        |   |                                                                                      | (72,515  | )                                                                                   |   | 19,390                                                                                    |   |   | 378,023 |   |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                              |   |                                                                                      | (199,912 | )                                                                                   |   | (381,419                                                                                  | )      |   | (1,983,896 | ) |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **CASH                FLOWS USED IN INVESTING ACTIVITY**                                              |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| Acquisition                of fixed assets                                                            |   |                                                                                      | -        |                                                                                |   | -                                                                                         |   |   | (1,200 | ) |
| Acquisition                of mineral properties                                                      |   |                                                                                      | -        |                                                                                |   | -                                                                                         |   |   | (291,069 | ) |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **NET                CASH FLOWS USED IN INVESTING ACTIVITY**                                          |   |                                                                                      | -        |                                                                                |   | -                                                                                         |   |   | (292,269 | ) |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES**                                               |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| Proceeds                on issuance of common stock                                                   |   |                                                                                      | 102,000  |                                                                                |   | 54,250                                                                                    |   |   | 877,550 |   |
| Proceeds                on exercise of option                                                         |   |                                                                                      | -        |                                                                                |   | -                                                                                         |   |   | 600,000 |   |
| Increase                in note and debentures payable                                                |   |                                                                                      | -        |                                                                                |   | -                                                                                         |   |   | 795,000 |   |
| Related                party advances                                                                 |   |                                                                                      | -        |                                                                                |   | -                                                                                         |   |   | 5,720 |   |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **NET                CASH PROVIDED BY FINANCING ACTIVITIES**                                          |   |                                                                                      | 102,000  |                                                                                |   | 54,250                                                                                    |   |   | 2,278,270 |   |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **(DECREASE)                INCREASE IN CASH**                                                        |   |                                                                                      | (97,912  | )                                                                                   |   | (327,169                                                                                  | )      |   | 2,105 |   |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **CASH,                BEGINNING OF PERIOD**                                                          |   |                                                                                      | 100,017  |                                                                                |   | 306,921                                                                                   |   |   | - |   |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **CASH,                END OF PERIOD**                                                                |   | $                                                                                         | 2,105    |                                                                                | $      | (20,248                                                                                   | )      | $ | 2,105 |   |
|                                                                                                  |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |   |   |
| **SUPPLEMENTAL                CASH FLOW INFORMATION:**                                                |   |                                                                                      |          |                                                                                |   |                                                                                           |   |   |  |   |
| Cash                paid for interest                                                                 |   | $                                                                                         | -        |                                                                                | $      | -                                                                                         |   | $ | - |   |
| Cash                paid for income taxes                                                             |   | $                                                                                         | -        |                                                                                | $      | -                                                                                         |   | $ | - |   |

----

**CANAM      URANIUM CORP.**

**NOTES      TO FINANCIAL STATEMENTS**

**JANUARY      31, 2008**

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

**Going      concern**

|                                                            |   | January                31, 2008 |      | October                31,2006 |   |
|-----------------------------------------------------------------|--------|--------------------------------------|-----------|--------------------------------|--------|
| Deficit                accumulated during the exploration stage |   | $                                    | 7,262,378 |                           | $      | 6,429,723 |   |
| Working                capital (deficiency)                     |   | $                                    | (614,537  | )                              | $      | (854,706 | ) |

**Unaudited      Interim Financial Statements**

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

----

**Organization**

**Basis      of presentation**

**Exploration      stage company**

*Accounting      and Reporting for Development Stage Enterprises*

----

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

----

**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**

**Financial      instruments**

*Disclosures      about Fair Value of Financial Instruments”*

**Loss      per common share**

**Foreign      currency translation**

----

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

----

**Income      taxes**

**Stock-based      Compensation**

**Comprehensive      Income**

**RECENT      ACCOUNTING PRONOUNCEMENTS**

*Accounting      for Servicing of Financial Assets*
*Accounting      for Transfers and Servicing of Financial Assets and Extinguishments of      Liabilities*

----

**NOTE      3 -RESOURCE PROPERTY ACQUISITION COSTS**

----

|                          |   | **January 31, 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**

----

**BANCROFT      claims**

**BALD      and OYAMA claims**

**WHEELER-BECKETT      claims**

**DON      MCCARTHY claims**

----

**REILLY      URANIUM claims**

**NOTE      4 - STOCKHOLDERS’ EQUITY**

----

|   | - | 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 |

**NOTE      5 - RELATED PARTY TRANSACTIONS**

----

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

----

**NOTE      7 - NOTE PAYABLE**

----

----

**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 |

----

**NOTE      9 - SUBSEQUENT EVENTS **

----

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

**MANAGEMENT’S      DISCUSSION AND ANALYSIS**

**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 $452,716 in the period ending                January                31, 2007, to $55,597 in the period ending January 31, 2008, a decrease                of                $397,119, or 88 %. This was due to the fact that the company significantly                decreased its property acquisition and expenditure activity during                the                quarter. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Professional                fees increased to $438,548 for the quarter ended January 31, 2008                as                compared to $68,594 for the quarter ended January 31, 2007, an increase                of                $369,954 or 540%. This increase is primarily related to an increase                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. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Interest                Expense was $13,714 or for the quarter ended January 31, 2008 as                compared                to none in the quarter ended January 31, 2007 which reflects an increase                in our notes payable to certain security                holders. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

**PLAN      OF OPERATIONS**

----

**Bancroft      Properties**

----

**Wheeler-Beckett      Properties**

**Other      Claims**

**Subsequent      Events**

**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**

|                                | Canam                Uranium Corp.  |
|-------------------------------------|-------------------------------------|
|                                | (Name                of Registrant) |
|                                |                                |   |
| Date:                April 22, 2008 | By:                                 | /s/                David C. Hayes |
|                                |                                | Name:                David C. Hayes |
|                                |                                | Title:                President and Chief Executive                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 purasuant 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.                                                                                                                   |
|          |   |                                                                                                                                                                                                                                                                                                   |
| 99.1          |   | Press                release on March 18, 2008 announcing the public availability of the                airborne EM survey images of the Wheeler-Beckett and Don McCarthy                Properties with comments on the Survey by third party geologist Peter                Wallcott and Associates. |

----