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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2009

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

COMMISSION FILE NUMBER 000-51261

CALECO PHARMA CORP.(Exact name of registrant as specified in its charter)

|NEVADA                                                               | 20-1147435                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)
|                                                                     |                                     
|Suite 410-103 East Holly Street, National Bank
      Building        |                                     
|Bellingham, WA                                                       | 98225                               
|(Address of principal executive officers)                            | (Zip Code)                          

(360) 306-1133
  (Registrant's telephone number, including area code)

BLACKSTONE LAKE MINERALS INC.(Former
name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. [X] Yes[   ] No

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (s. 232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit
and post such files). [   ]Yes  
 [   ] No

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act.

|Large accelerated filer [   ] |                                               | Accelerated
      filer                     [ 
       ]
|----------------------------- | --------------------------------------------- | -------------------------------------------------------
|Non-accelerated filer   [   ] | (Do not check if a smaller reporting company) | Smaller reporting company[X]                           

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). [   ]
Yes    [X]  No

Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable date: As
of September 14, 2009, the Registrant had 70,200,000 shares of common stock
issued andoutstanding.

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PART I - FINANCIAL INFORMATION

ITEM 1.               
  FINANCIAL STATEMENTS.

The accompanying unaudited financial statements have been
prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of
Regulation S-X, and, therefore, do not include all information and footnotes
necessary for a complete presentation of financial position, results of
operations, cash flows, and stockholders' equity in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature. Operating results for the nine months ended July 31, 2009 are
not necessarily indicative of the results that can be expected for the year
ending October 31, 2009.

As used in this Quarterly Report on Form 10-Q, the terms "we,
"us, "our, Caleco and the Company mean Caleco Pharma Corp. All dollar
amounts in this Quarterly Report are in U.S. dollars unless otherwise stated.

2

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CALECO PHARMA CORP.

(formerly Blackstone Lake Minerals Inc.)

(An Exploration Stage Company)





CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)





July 31, 2009(Unaudited)



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CALECO PHARMA CORP.
  (formerly Blackstone Lake Minerals Inc.) 
  (An Exploration Stage Company)CONSOLIDATED BALANCE SHEETS
  (Expressed in U.S. Dollars) 
  (Unaudited)

|                                                                                    |   | July 31,   |   |   | October 31, |  
|----------------------------------------------------------------------------------- | - | ---------- | - | - | ----------- | -
|                                                                                    |   | 2009       |   |   | 2008        |  
|                                                                                    |   |            |   |   |             |  
|ASSETS                                                                              |   |            |   |   |             |  
|                                                                                    |   |            |   |   |             |  
|Current Assets                                                                      |   |            |   |   |             |  
|Cash and cash equivalents                                                           | $ | 15,275     |   | $ | 52          |  
|Deferred tax asset, less valuation allowance
      of $1,771,812 (2008 -$1,616,542) |   | -          |   |   | -           |  
|Total Current Assets                                                                |   | 15,275     |   |   | 52          |  
|                                                                                    |   |            |   |   |             |  
|Mineral property (Note 4)                                                           |   | 200,000    |   |   | 200,000     |  
|Intangibles (Note 5)                                                                |   | 697,331    |   |   | -           |  
|                                                                                    |   |            |   |   |             |  
|Total Assets                                                                        | $ | 912,606    |   | $ | 200,052     |  
|                                                                                    |   |            |   |   |             |  
|LIABILITIES AND STOCKHOLDERS DEFICIT                                               |   |            |   |   |             |  
|                                                                                    |   |            |   |   |             |  
|Current Liabilities                                                                 |   |            |   |   |             |  
|Accounts payable and accrued liabilities                                            | $ | 1,081,386  |   | $ | 229,363     |  
|Accounts payable and accrued
      liabilities related parties (Note 7)            |   | 69,682     |   |   | 31,886      |  
|Loans
      Payable current (Note 6)                                               |   | 722,492    |   |   | 593,481     |  
|Total Current Liabilities                                                           |   | 1,873,560  |   |   | 854,730     |  
|                                                                                    |   |            |   |   |             |  
|Commitments and Contractual Obligations
      (Note 9, 10)                          |   |            |   |   |             |  
|                                                                                    |   |            |   |   |             |  
|Stockholders Deficit                                                               |   |            |   |   |             |  
|Common stock (Note 8)                                                               |   |            |   |   |             |  
|Authorized                                                                          |   |            |   |   |             |  
|975,000,000
      common shares, par value $0.001                                   |   |            |   |   |             |  
|Issued and
      outstanding                                                        |   |            |   |   |             |  
|July
      31, 2009 -70,200,000                                                     |   |            |   |   |             |  
|October 31, 2008 -70,200,000                                                        |   | 70,200     |   |   | 70,200      |  
|Additional paid-in capital                                                          |   | 4,277,775  |   |   | 4,277,775   |  
|Subscriptions received                                                              |   | 150,400    |   |   | -           |  
|Accumulated other comprehensive loss:                                               |   |            |   |   |             |  
|Foreign
      currency cumulative translation adjustment                            |   | (174,074   | ) |   | (174,074    | )
|Deficit                                                                             |   | (718,605   | ) |   | (718,605    | )
|Deficit accumulated during the exploration
      stage                              |   | (4,566,650 | ) |   | (4,109,974  | )
|                                                                                    |   |            |   |   |             |  
|Total Stockholders Deficit                                                         |   | (960,954   | ) |   | (654,678    | )
|                                                                                    |   |            |   |   |             |  
|Total Liabilities and Stockholders Deficit                                         | $ | 912,606    |   | $ | 200,052     |  

The accompanying notes are an integral part of these consolidated
  financial statements.

F-2

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CALECO PHARMA CORP.
  (formerly Blackstone Lake Minerals Inc.) 
  (An Exploration Stage Company)CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
  (Expressed in U.S. Dollars) 
  (Unaudited)

CumulativeAmountsFrom October 19,
      
      
      Nine
      
      
      Nine
      
      
      Three
      
      
      Three2007 (start of the
      
      
      Months
      
      
      Months
      
      
      Months
      
      
      Monthsexploration stage)
      
      
      Ended
      
      
      Ended
      
      
      Ended
      
      
      Endedto July 31,
      
      
      July 31,
      
      
      July 31,
      
      
      July 31,
      
      
      July 31,2009
      
      
      2009
      
      
      2008
      
      
      2009
      
      
      2008EXPENSESManagement fees
      $
      74,002
      
      $
      22,500
      
      $
      43,592
      
      $
      7,500
      
      $
      15,000Mineral exploration costs
      
      13,710
      
      
      -
      
      
      199
      
      
      -
      
      
      -Professional fees
      
      236,655
      
      
      115,756
      
      
      76,469
      
      
      17,911
      
      
      19,734Other operating expenses
      
      322,649
      
      
      214,212
      
      
      40,550
      
      
      34,776
      
      
      13,134Foreign currency loss (gain)
      
      51,900
      
      
      60,397
      
      
      681
      
      
      49,195
      
      
      (976
      )LOSS BEFORE OTHER ITEM ANDINCOME TAXES
      
      698,916
      
      
      412,865
      
      
      161,491
      
      
      109,382
      
      
      46,892Interest expense
      
      86,629
      
      
      43,811
      
      
      30,035
      
      
      15,271
      
      
      11,364LOSS BEFORE INCOME TAXES
      
      785,545
      
      
      456,676
      
      
      191,526
      
      
      124,653
      
      
      58,256Provision for income taxes
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      -LOSS FROM CONTINUING OPERATIONS
      
      785,545
      
      
      456,676
      
      
      191,526
      
      
      124,653
      
      
      58,256Discontinued operations
      
      3,781,105
      
      
      -
      
      
      3,768,532
      
      
      -
      
      
      -NET LOSS
      
      4,566,650
      
      
      456,676
      
      
      3,960,058
      
      
      124,653
      
      
      58,256OTHER COMPREHENSIVE LOSSForeign currency translation adjustment
      
      151,900
      
      
      -
      
      
      151,900
      
      
      -
      
      
      -COMPREHENSIVE LOSS
      $
      4,718,550
      
      $
      456,676
      
      $
      4,111,958
      
      $
      124,653
      
      $
      58,256BASIC AND DILUTED NET LOSS FROM CONTINUINGOPERATIONS PER SHARE
      
      
      
      $
      (0.01
      )
      $
      (0.00
      )
      $
      (0.00
      )
      $
      (0.00
      )BASIC AND DILUTED NET LOSS FROM DISCONTINUEDOPERATIONS PER SHARE
      
      
      
      $
      (0.01
      )
      $
      (0.04
      )
      $
      (0.00
      )
      $
      (0.00
      )WEIGHTED AVERAGE NUMBER OFCOMMON SHARES OUTSTANDING
      
      
      
      
      70,200,000
      
      
      89,831,387
      
      
      70,200,000
      
      
      70,200,000


The accompanying notes are an integral part of these consolidated
  financial statements.

F-3

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CALECO PHARMA CORP.
  (formerly Blackstone Lake Minerals Inc.) 
  (An Exploration Stage Company)CONSOLIDATED STATEMENTS OF CASH FLOWS
  (Expressed in U.S. Dollars) 
  (Unaudited)

|                                                                            |   | Cumulative         |   |   |          |   |   |          |  
|--------------------------------------------------------------------------- | - | ------------------ | - | - | -------- | - | - | -------- | -
|                                                                            |   | Amounts            |   |   |          |   |   |          |  
|                                                                            |   | From October 19,   |   |   | Nine     |   |   | Nine     |  
|                                                                            |   | 2007(start of the  |   |   | Months   |   |   | Months   |  
|                                                                            |   | exploration stage) |   |   | Ended    |   |   | Ended    |  
|                                                                            |   | to July 31,        |   |   | July 31, |   |   | July 31, |  
|                                                                            |   | 2009               |   |   | 2009     |   |   | 2008     |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|CASH FLOWS FROM OPERATING ACTIVITIES                                        |   |                    |   |   |          |   |   |          |  
|Net loss from continuing operations                                         | $ | (785,545           | ) | $ | (456,676 | ) | $ | (191,526 | )
|Change in operating assets and liabilities:                                 |   |                    |   |   |          |   |   |          |  
|Decrease in prepaid expenses                                                |   | -                  |   |   | -        |   |   | 2,000    |  
|Increase in accounts payable
      and accrued liabilities,                 |   | 400,448            |   |   | 254,693  |   |   | 34,801   |  
|Increase in accounts payable and accrued
      liabilities related parties |   | 64,326             |   |   | 37,795   |   |   | 34,099   |  
|Increase in accrued interest
      payable                                  |   | 84,129             |   |   | 41,311   |   |   | 30,036   |  
|Net
      cash used in operating activities of discontinued operations      |   | (103,029           | ) |   | -        |   |   | (102,615 | )
|                                                                            |   |                    |   |   |          |   |   |          |  
|Net
      cash used in operating activities                                 |   | (339,671           | ) |   | (122,877 | ) |   | (193,205 | )
|                                                                            |   |                    |   |   |          |   |   |          |  
|CASH FLOWS FROM INVESTING ACTIVITIES                                        |   |                    |   |   |          |   |   |          |  
|Acquisition of mineral
      property                                       |   | (200,000           | ) |   | -        |   |   | -        |  
|Acquisition
      of intangibles                                            |   | (22,500            | ) |   | (22,500  | ) |   | -        |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|Net
      cash used in investing activities                                 |   | (222,500           | ) |   | (22,500  | ) |   | -        |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|CASH FLOWS FROM FINANCING ACTIVITIES                                        |   |                    |   |   |          |   |   |          |  
|Proceeds from loans payable,
      net of repayments                        |   | 103,300            |   |   | 10,200   |   |   | 80,200   |  
|Subscriptions received                                                      |   | 150,400            |   |   | 150,400  |   |   | -        |  
|Net cash provided by financing activities
      of discontinued operations  |   | 74,379             |   |   | -        |   |   | 74,379   |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|Net cash provided by financing activities                                   |   | 328,079            |   |   | 160,600  |   |   | 154,579  |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|EFFECT OF FOREIGN CURRENCY TRANSLATION ON                                   |   |                    |   |   |          |   |   |          |  
|CASH DURING THE
      PERIOD                                                |   | 3,755              |   |   | -        |   |   | 3,621    |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|NET INCREASE (DECREASE) IN CASH                                             |   | (230,337           | ) |   | 15,223   |   |   | (35,005  | )
|                                                                            |   |                    |   |   |          |   |   |          |  
|CASH, BEGINNING
      OF PERIOD                                             |   | 245,612            |   |   | 52       |   |   | 35,126   |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|CASH, END OF PERIOD                                                         | $ | 15,275             |   | $ | 15,275   |   | $ | 121      |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|CASH DISCONTINUED
      OPERATIONS                                         | $ | -                  |   | $ | -        |   | $ | -        |  
|CASH CONTINUING OPERATIONS                                                 | $ | 1,259              |   | $ | 1,259    |   | $ | 13,613   |  
|                                                                            |   |                    |   |   |          |   |   |          |  
|Supplemental Disclosure with Respect to
      Cash Flows (Note 11)          |   |                    |   |   |          |   |   |          |  

The accompanying notes are an integral part of these consolidated
  financial statements.

F-4

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|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|1. | HISTORY AND ORGANIZATION OF THE COMPANY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Caleco Pharma Corp. (formerly Blackstone Lake Minerals
        Inc.) (formerly Skyflyer Inc.) (originally Triton Resources, Inc.) (the
        Company) was incorporated on May 18, 2004, under the laws
        of the State of Nevada and is in the business of exploring mineral properties.
        Effective April 19, 2006, the Company acquired 100% of the issued and
        outstanding shares of Skyflyer Technology GmbH (Skyflyer Technology),
        a company engaged in the development and commercialization of a one or
        two person, recreation flying device. On October 18, 2007, the Company
        acquired a 100% interest in a mineral claim (the Blackstone Lake
        Property) in Saskatchewan, Canada. The Company is focusing its resources
        on the development and exploration of the Blackstone Lake Property and
        on April 11, 2008, the Company sold its interest in Skyflyer Technology.
        On January 27, 2009, pursuant to a technology purchase agreement with
        NY Financial (International) Corp. (`NY Financial`), the Companys
        wholly-owned subsidiary, Caleco Pharma Corp. (Caleco-Sub),
        acquired a proprietary technology and the intellectual property related
        thereto for the treatment of liver disease and other ailments, particularly
        resulting from viral infections such as the Hepatitis C virus infection
        (the Technology) (Note 10). The Company is considered to be
        an exploration stage company, as it is not in the production stage nor
        has it generated revenues from operations.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Effective April 19, 2006, the Company acquired 100%
        of the issued and outstanding shares of Skyflyer Technology from Inventa
        Holding GmbH (Inventa) in exchange for an aggregate of 33,000,000
        shares of the Companys common stock. Completion of the acquisition
        resulted in the former sole shareholder of Skyflyer Technology holding
        the majority of the Companys issued and outstanding common stock.
        As a result, the transaction was accounted for as a recapitalization of
        Skyflyer Technology. On April 11, 2008, the Company completed a share
        exchange agreement with Inventa and Skyflyer Technology, whereby the Company
        sold to Inventa all of the issued and outstanding shares of Skyflyer Technology
        in exchange for the surrender of 33,000,000 shares of the Companys
        common stock for cancellation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | The consolidated financial statements of the Company
        prior to October 19, 2007 are those of Skyflyer Inc. Prior to the disposition
        of Skyflyer Technology on April 11, 2008, the Companys date of incorporation
        was considered to be April 14, 2005. All significant inter-company balances
        were eliminated on consolidation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | These consolidated financial statements include the
        accounts of the Company and its wholly-owned subsidiary, Caleco-Sub. All
        significant inter-company balances and transactions have been eliminated
        on consolidation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Effective October 17, 2006, the Company changed its
        name from Triton Resources, Inc. to Skyflyer Inc. Effective January 23,
        2008, the Company changed its name to Blackstone Lake Minerals Inc. Effective
        August 31, 2009, the Company changed its name to Caleco Pharma Corp. To
        effect the name change, the Company completed a merger of Caleco-Sub,
        with and into the company, with the Company continuing as the sole surviving
        entity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | These unaudited financial statements have been prepared
        in conformity with generally accepted accounting principles in the United
        States of America for interim financial information. The accompanying
        unaudited financial statements do not include all information and footnote
        disclosures required for an annual set of financial statements prepared
        under United States of America generally accepted accounting principles.
        In the opinion of management, all adjustments (consisting solely of normal
        recurring accruals) considered necessary for a fair presentation of financial
        position, results of operations and cash flows as at July 31, 2009 and
        for all periods presented, have been included. Interim results for the
        period ended July 31, 2009 are not necessarily indicative of the results
        that may be expected for the fiscal year as a whole.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

F-5

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|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|2. | GOING CONCERN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | These unaudited financial statements have been prepared
        with the on-going assumption that the Company will be able to realize
        its assets and discharge its liabilities in the normal course of business.
        However, certain conditions noted below raise substantial doubt about
        the Companys ability to continue as a going concern. These financial
        statements do not include any adjustments to the amounts and classifications
        of assets and liabilities that might be necessary should the Company be
        unable to continue as a going concern.                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The operations of the Company have primarily been funded
        by the sale of common stock and loans received. Continued operations of
        the Company are dependent on the Companys ability to complete equity
        financings or generate profitable operations in the future. Managements
        plan in this regard is to secure additional funds through future equity
        financings. Such financings may not be available or may not be available
        on reasonable terms to the Company.                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|3. | SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The financial statements of the Company have been prepared
        in conformity with generally accepted accounting principles in the United
        States of America and are stated in U.S. dollars. The significant accounting
        policies adopted by the Company are as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | (a) Use of estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The preparation of financial statements in
        conformity with generally accepted accounting principles in the United
        States requires management to make estimates and assumptions that affect
        the reported amounts of assets and liabilities and the disclosure of contingent
        assets and liabilities at the date of the financial statements and the
        reported amount of revenues and expenses during the reporting period.
        Actual results could differ from these estimates.                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | (b) Foreign currency
        translation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The functional currency of the Company and
        Caleco-Sub is the U.S. dollar. The Companys former subsidiary, Skyflyer
        Technology, used the Euro as its functional currency. Accordingly, monetary
        assets and liabilities denominated in a foreign currency were translated
        at the exchange rate in effect at the balance sheet date while non-monetary
        assets and liabilities were translated at historical rates. Revenue and
        expense items denominated in a foreign currency were translated at exchange
        rates prevailing when such items are recognized in the statement of operations.
        Exchange gains and losses arising on translation of foreign currency items
        are included in the statement of operations.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The Company followed the current rate method of translation
        to U.S. dollars with respect to its former foreign subsidiary. Accordingly,
        assets and liabilities were translated into U.S. dollars at the year-end
        exchange rates while revenue and expenses were translated at the average
        exchange rates during the year. Related exchange gains and losses are
        included in a separate component of stockholders equity as accumulated
        other comprehensive loss.                                                                                                                                                                                                                                                                       

F-6

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|3. | SIGNIFICANT ACCOUNTING POLICIES (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | (c) Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The Company considers cash held at banks
        and all highly liquid investments with original maturities of three months
        or less to be cash and cash equivalents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | (d) Mineral property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The costs of acquiring mineral rights are
        capitalized at the date of acquisition. After acquisition, various factors
        can affect the recoverability of the capitalized costs. If, after review,
        management concludes that the carrying amount of a mineral property is
        impaired, it will be written down to estimated fair value. Exploration
        costs incurred on mineral properties are expensed as incurred. Development
        costs incurred on proven and probable reserves will be capitalized. Upon
        commencement of production, capitalized costs will be amortized using
        the unit-of-production method over the estimated life of the ore body
        based on proven and probable reserves (which exclude non-recoverable reserves
        and anticipated processing losses).
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | (e) Intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Intangibles are recorded at cost. Capitalized
        amounts relate to purchase costs and legal, consulting and advisory costs
        incurred in registration of the patents and intellectual property. Depreciation
        is calculated using the straight-line method over the useful lives of
        the assets. No depreciation is provided for as the patents have not yet
        been awarded and/or begun to generate revenues. No depreciation is provided
        for the intellectual property as they have indefinite lives.                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | (f) Accounting for the
        impairment of long-lived assets and long-lived assets to be disposed of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The Company reviews all long-lived assets
        for impairment whenever events or changes in circumstances indicate that
        the carrying amount of an asset may not be recoverable. Recoverability
        of assets to be held and used is measured by a comparison of the carrying
        amount of an asset to future net cash flows expected to be generated by
        the asset. If such assets are considered to be impaired, the impairment
        recognized is measured by the amount by which the carrying amount of the
        assets exceeds the fair value of the assets. Assets to be disposed of
        are reported at the lower of the carrying amount or fair value less costs
        to sell.                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | (g) Income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | A deferred tax asset or liability is recorded
        for all temporary differences between financial and tax reporting and
        net operating loss carryforwards. Deferred tax expenses (benefit) result
        from the net change during the period of deferred tax assets and liabilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Deferred tax assets are reduced by a valuation
        allowance when, in the opinion of management, it is more likely than not
        that some portion or all of the deferred tax assets will not be realized.
        Deferred tax assets and liabilities are adjusted for the effects of changes
        in tax laws and rates on the date of enactment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

F-7

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|3. | SIGNIFICANT ACCOUNTING POLICIES (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | (h) Fair value of financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Company's financial instruments consist
        of cash and cash equivalents, accounts payable and accrued liabilities,
        accounts payable and accrued liabilities related parties, and loans
        payable. Unless otherwise noted, it is management's opinion that the Company
        is not exposed to significant interest, currency or credit risks arising
        from these financial instruments. The fair value of these financial instruments
        approximates their carrying values, unless otherwise noted.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | (i) Stock-based compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Effective February 1, 2006, the Company accounts
        for stock-based compensation issued to employees in accordance with the
        provisions of Statement of Financial Accounting Standards (SFAS)
        123R, Share- Based Payment.which superseded Accounting
        Principles Board (APB) Opinion 25, Accounting for
        Stock Issued to Employee.                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Company accounts for stock-based compensation
        issued to non-employees in accordance with the provisions of SFAS 123,
        Accounting for Stock-Based Compensation,and the consensus
        in EITF No. 96-18, Accounting for Equity Instruments that are Issued
        to Other Than Employees for Acquiring or in Conjunction with Selling,
        Goods or Services.                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | As of July 31, 2009 and October 31, 2008,
        there was no stock compensation granted.                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | (j) Net loss per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Basic net loss per share is computed by dividing
        the net loss for the period by the weighted average number of shares of
        common stock outstanding during the period. Diluted earnings per share
        takes into consideration shares of common stock outstanding (computed
        under basic earnings per share) and potentially dilutive shares of common
        stock. As of July 31, 2009 and 2008, there were no potentially dilutive
        securities outstanding.                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | (k) Comprehensive loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Company has adopted SFAS 130, Reporting
        of Comprehensive Income,which establishes guidelines for the
        reporting and display of comprehensive loss/and its components in financial
        statements. Comprehensive loss includes foreign currency translation adjustments.                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | (l) Exploration stage                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Company is an exploration stage company
        as defined in SFAS 7, Accounting and Reporting by Development
        Stage Enterprises,as it is devoting substantially all of its
        efforts to exploring its mineral rights.                                                                                                                                                                                                                                                                                                 

F-8

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|3. | SIGNIFICANT ACCOUNTING POLICIES (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | (m) Concentration of credit risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Cash is the only financial instrument that potentially
        subjects the Company to concentration of credit risk. The Company maintains
        cash in bank accounts that, at times, may exceed federally insured limits.
        The Company has not experienced any losses in such accounts and believes
        it is not exposed to any significant risks on its cash in bank accounts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | (n) Recent accounting pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | In December 2007, the Financial Accounting
        Standards Board (FASB) issued SFAS No. 141(R), Business
        Combinations (revised2007). SFAS No. 141(R) is a revision
        to previously existing guidance on accounting for business combinations.
        The statement retains the fundamental concept of the purchase method of
        accounting, and introduces new requirements for the recognition and measurement
        of assets acquired, liabilities assumed and noncontrolling interests.
        SFAS No. 141(R) also requires acquisition-related transaction and restructuring
        costs to be expensed rather than treated as part of the cost of the acquisition.
        SFAS No. 141(R) applies prospectively to business combinations for which
        the acquisition date is on or after the beginning of the first annual
        reporting period beginning on or after December 15, 2008. The Company
        is currently evaluating the impact this statement will have on its financial
        position and results of operations and does not expect this statement
        to have a material impact on its financial position and results of operations.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | In December 2007, the FASB issued SFAS No. 160, Noncontrolling
        Interests in Consolidated Financial Statements. The Statement
        requires that noncontrolling interests be reported as stockholders equity,
        a change that will affect the Company's financial statement presentation
        of minority interests in its consolidated subsidiaries. The Statement
        also establishes a single method of accounting for changes in a parent's
        ownership interest in a subsidiary as long as that ownership change does
        not result in deconsolidation. The statement is effective for fiscal years
        beginning after December 15, 2008. The Company is currently evaluating
        the impact of SFAS No. 160 and does not expect this statement to have
        a material impact on its financial position and results of operations.                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | In March 2008, the FASB issued SFAS No. 161, Disclosures
        about Derivative Instruments and Hedging Activities. SFAS No.
        161 changes the disclosure requirements for derivative instruments and
        hedging activities by requiring enhanced disclosures about how and why
        an entity uses derivative instruments, how derivative instruments and
        related hedged items are accounted for under SFAS No. 133, and how derivative
        instruments and related hedged items affect an entitys operating
        results, financial position, and cash flows. SFAS No. 161 is effective
        for fiscal years beginning after November 15, 2008. Earlier adoption is
        permitted. The Company is currently reviewing the provisions of SFAS No.
        161 and has not yet adopted the statement. However, as the provisions
        of SFAS No. 161 are only related to disclosure of derivative and hedging
        activities, the Company does not believe the adoption of SFAS No. 161
        will have a material impact on its consolidated operating results, financial
        position, or cash flows.                                                 

F-9

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|3. | SIGNIFICANT ACCOUNTING POLICIES (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | (n) Recent accounting pronouncements (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | In April 2008, the FASB issued FASB Staff Position (FSP)
        Financial Accounting Statements (FAS) 142- 3, Determination
        of the Useful Life of Intangible Assets. FSP FAS 142-3 amends
        the factors that should be considered in developing renewal or extension
        assumptions used to determine the useful life of a recognized intangible
        asset under SFAS No. 142, Goodwill and Other Intangible Assets.
        The intent of the position is to improve the consistency between the useful
        life of a recognized intangible asset under SFAS No. 142 and the period
        of expected cash flows used to measure the fair value of the intangible
        asset. FSP FAS 142-3 is effective for fiscal years beginning after December
        15, 2008. The Company is assessing the potential impact that the adoption
        of FSP FAS 142-3 may have on its consolidated financial position, results
        of operations or cash flows.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | In June 2008, the FASB issued FSP No. Emerging Issues
        Task Force (EITF) 03-6-1, Determining Whether Instruments
        Granted in Share-Based Payment Transactions Are Participating Securities.
        FSP EITF 03-6-1 states that unvested share-based payment awards that contain
        nonforfeitable rights to dividends or dividend equivalents (whether paid
        or unpaid) are participating securities and shall be included in the computation
        of earnings per share pursuant to the two-class method. FSP EITF 03-6-1
        is effective for fiscal years beginning after December 15, 2008. The Company
        does not believe that implementation of this standard will have a material
        impact on its consolidated financial position, results of operations or
        cash flows.                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | In June 2008, the FASB ratified EITF 07-5, Determining
        Whether an Instrument (or an Embedded Feature) Is Indexed to an Entitys
        Own Stock. EITF 07-5 provides that an entity should use a two
        step approach to evaluate whether an equity-linked financial instrument
        (or embedded feature) is indexed to its own stock, including evaluating
        the instruments contingent exercise and settlement provisions. It
        also clarifies the impact of foreign currency denominated strike prices
        and market-based employee stock option valuation instruments on the evaluation.
        EITF 07-5 is effective for fiscal years beginning after December 15, 2008.
        The adoption of EITF 07-5 is not expected to have a material effect on
        the Companys results of operations, financial position, and cash
        flows.                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | In April 2009, the FASB issued FSP FAS 115-2, FAS 124-2
        and EITF 99-20-2, Recognition and Presentation of Other-Than-Temporary
        Impairments (FSP 115-2). FSP 115-2 provides guidance
        related to determining the amount of an other-than-temporary impairment
        (OTTI) of debt securities and prescribes the method to be used to present
        information about an OTTI in the financial statements. FSP 115-2 is effective
        for all interim and annual periods ending after June 15, 2009. The adoption
        of FSP 115-2 is not expected to have a material effect on the Companys
        results of operations, financial position, and cash flows.                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | In April 2009, the FASB issued FSP FAS 107-1 and APB
        28-1, Interim Disclosures about Fair Value of Financial Instruments
        (FSP 107-1), which increases the frequency of fair value disclosures
        to a quarterly basis instead of an annual basis. The guidance relates
        to fair value disclosures for any financial instruments that are not currently
        reflected on the balance sheet at fair value. FSP 107-1 is effective for
        interim and annual periods ending after June 15, 2009. The adoption of
        FSP 107-1 is not expected to have a material effect on the Companys
        results of operations, financial position, and cash flows.                                                                                                                                                                                                                                                                                               

F-10

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|3. | SIGNIFICANT ACCOUNTING POLICIES (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | (n) Recent accounting pronouncements (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | In June 2009, the FASB issued SFAS No. 165, Subsequent
        Events. SFAS No. 165 provides guidance as to the period after the
        balance sheet date during which management must evaluate events or transactions
        that may occur for potential recognition or disclosure in the financial
        statements, the circumstances under which an entity shall recognize events
        or transactions occurring after the balance sheet date in its financial
        statements, and the disclosures that an entity must make about events
        or transactions that occurred after the balance sheet date. SFAS No. 165
        is effective for periods ending after June 15, 2009. The adoption of SFAS
        No. 165 is not expected to have a material effect on the Companys
        results of operations, financial position, and cash flows.                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | In June 2009, the FASB issued SFAS No. 168, The
        FASB Accounting Standards CodificationTMand
        the Hierarchy of Generally Accepted Accounting Principles. SFAS
        No. 168 replaces SFAS No. 162, The Hierarchy of Generally Accepted
        Accounting Principles, and establishes the FASB Accounting Standards
        CodificationTMas the source of authoritative accounting guidance
        under U.S. GAAP. The rules and interpretive releases of the Securities
        and Exchange Commission (SEC) under authority of federal securities laws
        are also sources of authoritative U.S. GAAP for SEC registrants. SFAS
        No. 168 is effective for periods ending after September 15, 2009. The
        Company does not expect SFAS No. 168 to have a material effect on its
        results of operations, financial position, and cash flows.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | (o) Reclassifications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | Certain amounts reported in the prior periods have been
        reclassified to conform to the current periods presentation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

F-11

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|3. | SIGNIFICANT ACCOUNTING POLICIES (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | (n) Recent accounting pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4. | MINERAL PROPERTY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | On October 18, 2007, the Company completed the acquisition
        of a mineral property (the Blackstone Lake Property) under
        the terms of a purchase agreement entered into by the Company on October
        3, 2007. The Blackstone Lake Property consists of two mineral claims located
        in Saskatchewan, Canada. The mineral claims were in good standing until
        August 22, 2009 and are now in default. The Company is evaluating its
        options with regard to the Blackstone Lake Property and has until November
        21, 2009 before the claims lapse.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Under the terms of the purchase agreement, the Company
        agreed to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

| | a) | pay $200,000 (paid);                 
| | -- | -------------------------------------
| |    |                                      
| | b) | pay royalties on the following basis:
| |    | i)                                   
| |    | ii)                                  

|   | In order to maintain the claims in good standing, the
        Company must complete a minimum amount of exploration work on the property
        or it may make a payment in the equivalent sum in lieu of the exploration
        work on the property. The fee is $11 (CAD -$12) per hectare each year.
        The minimum cost of compliance is $103,996 (CAD -$112,053) due by August
        22, 2009 and for each year thereafter. The Company may only make a payment
        in the equivalent sum in lieu of exploration work for three consecutive
        years beginning with August 22, 2009.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|5. | INTANGIBLES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

| |                                 |   | July 31, |  |   | October 31, | 
| | ------------------------------- | - | -------- |  | - | ----------- | 
| |                                 |   | 2009     |  |   | 2008        | 
| |                                 |   |          |  |   |             | 
| | Patents (Note 10)               | $ | 86,000   |  | $ | -           | 
| | Intellectual property (Note 10) |   | 611,331  |  |   | -           | 
| |                                 |   | 697,331  |  |   | -           | 
| | Accumulated amortization        |   | -        |  |   | -           | 
| |                                 |   |          |  |   |             | 
| | Net book value                  | $ | 697,331  |  | $ | -           | 

During the period ended July 31, 2009,
  the Company did not amortize $86,000 and $611,311 of its patents and intellectual
  property as the patents have not yet been awarded and/or they have not begun
  to generate revenues and the intellectual property has an indefinite life. Capitalized
  amounts relate to purchase costs and legal, consulting and advisory costs incurred
  in registration of the patents and intellectual property.

F-12

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|6. | LOANS PAYABLE - CURRENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | During the nine months ended July 31, 2009, a loan was
        granted from a third party company totaling $7,500. The loan is non-interest
        bearing and is due on demand.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | During the nine months ended July 31, 2009, a loan was
        granted from a third party company totaling $7,500. The loan is non-interest
        bearing and is due on demand.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | During the nine months ended July 31, 2009, a loan was
        granted from a third party company for $1,200. The loan bears interest
        at 10% per annum and is due on demand. Interest expense included in the
        statement of operations for the nine and three months ended July 31, 2009
        totaled $31 and $31, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | During the nine months ended July 31, 2009, a loan was
        granted from NY Financial totaling $77,500 of which $6,000 was repaid
        in the same period. The loan bears interest at 10% per annum, compounded
        monthly, beginning January 31, 2009 and is due on demand (Note 10). Interest
        expense included in the statement of operations for the nine and three
        months ended July 31, 2009 totaled $3,620 and $1,762, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | During the year ended October 31, 2008, several loans
        were granted from a third party company totaling $47,000. The loans bear
        interest at 10% per annum and are due on demand. Interest expense included
        in the statement of operations for the nine months ended July 31, 2009
        and 2008 totaled $4,157 and $1,323, respectively. Interest expense included
        in the statement of operations for the three months ended July 31, 2009
        and 2008 totaled $1,300 and $963, respectively.                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | During the year ended October 31, 2008, several loans
        were granted from a third party company totaling $28,000. The loans bear
        interest at 10% per annum and are due on demand. Interest expense included
        in the statement of operations for the nine months ended July 31, 2009
        and 2008 totaled $2,601 and $912, respectively. Interest expense included
        in the statement of operations for the three months ended July 31, 2009
        and 2008 totaled $776 and $564, respectively.                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | During the year ended October 31, 2008, several loans
        were granted from a third party company totaling $18,100. The loans bear
        interest at 10% per annum and are due on demand. Interest expense included
        in the statement of operations for the nine months ended July 31, 2009
        and 2008 totaled $1,367 and $63, respectively. Interest expense included
        in the statement of operations for the three months ended July 31, 2009
        and 2008 totaled $469 and $63, respectively.                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | During the year ended October 31, 2007, several loans
        were granted from a third party company totaling $290,000. Loans totaling
        $280,000 bear interest at 8% per annum, are compounded annually, and were
        due April 30, 2009. The loans have been verbally extended with the same
        terms and are due on demand. A loan of $10,000 was non-interest bearing
        and had no specific terms of repayment. On October 1, 2007, the Company
        agreed to begin paying interest on this loan at 8% per annum and agreed
        to repay the loan on demand. Interest expense included in the statement
        of operations for the nine months ended July 31, 2009 and 2008 totaled
        $18,741 and $17,368, respectively. Interest expense included in the statement
        of operations for the three months ended July 31, 2009 and 2008 totaled
        $6,315 and $5,832, respectively.

F-13

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|6. | LOANS PAYABLE  CURRENT (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | During the year ended October 31, 2006, two loans were
        granted from a third party company for $50,000 and $100,000. The loans
        bear interest at 8% per annum, are compounded annually, and were due May
        16, 2008 and June 19, 2008 respectively. On each of the loans due
        dates, the loans were verbally extended with the same terms and are due
        on demand. During the nine months ended July 31, 2009, $2,500 of accrued
        interest was paid. Interest expense included in the statement of operations
        for the nine months ended July 31, 2009 and 2008 totaled $13,294 and $10,369,
        respectively. Interest expense included in the statement of operations
        for the three months ended July 31, 2009 and 2008 totaled $4,618 and $3,942,
        respectively.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|7. | RELATED PARTY TRANSACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | At July 31, 2009 and October 31, 2008, included in accounts
        payable and accrued liabilities related parties is $20,758 owed
        to a former director and officer of the Company for management fees and
        reimbursement of expenses. Management fees paid to the former director
        and officer of the Company for the nine and three months ended July 31,
        2008 totaled $20,000 and $12,000, respectively. Amounts due to and from
        officers and directors are unsecured, non-interest bearing and due on
        demand.                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | At July 31, 2009 and October 31, 2008, included in accounts
        payable and accrued liabilities related parties is Euro 5,000 (US
        $7,029) and Euro 5,000 (US $6,526), respectively, owed to a company owned
        by a former officer and director of the Company for management fees. Amounts
        due to and from officers and directors are unsecured, non-interest bearing
        and due on demand. Management fees paid to a company owned by a former
        director and officer of the Company for the nine and three months ended
        July 31, 2008 totaled Euro 10,000 (US $14,592) and Euro 0 (US $0), respectively.
        Amounts due to and from officers and directors are unsecured, non-interest
        bearing and due on demand.                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | At July 31, 2009 and October 31, 2008, included in accounts
        payable and accrued liabilities related parties is $41,895 and $4,602,
        respectively, owed to officers and/or directors of the Company for management
        fees and reimbursement of expenses. Amounts due to and from officers and
        directors are unsecured, non-interest bearing and due on demand. Management
        fees paid to an officer and director of the Company for the nine months
        ended July 31, 2009 and 2008 totaled $22,500 and $9,000. Management fees
        paid to an officer and director of the Company for the three months ended
        July 31, 2009 and 2008 totaled $7,500 and $3,000 respectively.                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|8. | COMMON STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The Companys articles of incorporation allow it
        to issue up to 975,000,000 shares of common stock, par value $0.001. Effective
        September 30, 2005, the Company effected a stock split of its common stock
        by issuing thirteen new shares for each old share. Except as otherwise
        stated to the contrary in these financial statements, all references to
        shares and prices per shares have been adjusted to give retroactive effect
        to the stock split.                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | On June 14, 2004, the Company issued 39,000,000 shares
        of its common stock at $0.001 per share in a private placement transaction.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

F-14

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|8.  | COMMON STOCK (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | On July 4, 2004, the Company issued 16,250,000
        shares of its common stock at $0.01 per share in a private placement transaction.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | On October 25, 2004, the Company issued 14,950,000
        shares of its common stock at $0.05 per share in a private placement transaction.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | On April 19, 2006, the Company acquired all
        the issued and outstanding stock of Skyflyer Technology, which was accounted
        for as a recapitalization of the Company (Note 1) in exchange for 33,000,000
        shares of common stock. The issued number of shares of common stock was
        that of the Company with adjustments made for differences in par value
        between the Company and Skyflyer Technology. On April 11, 2008, the Company
        completed a share exchange agreement with Inventa and Skyflyer Technology,
        whereby the Company sold to Inventa all of the issued and outstanding
        shares of Skyflyer Technology in exchange for the surrender of 33,000,000
        shares of the Companys common stock for cancellation. On April 11,
        2008, the Company cancelled the 33,000,000 shares of its common stock.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|9.  | COMMITMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | On October 1, 2008, the Company entered into
        a management consulting agreement with a director and officer of the Company
        with an effective date of October 1, 2008 to pay monthly consulting fees
        of $2,500 per month. The contract may be cancelled by either party with
        60 days notice, in writing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|10. | TECHNOLOGY PURCHASE AGREEMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | On January 27, 2009, pursuant to a technology
        purchase agreement, Caleco-Sub acquired a proprietary technology and the
        intellectual property related thereto for the treatment of liver disease
        and other ailments, particularly resulting from viral infections such
        as the Hepatitis C virus infection (the Technology) from NY
        Financial.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | As consideration for the Technology, the Company
        and Caleco-Sub agreed to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | As further consideration, an officer and director
        of the Company transferred 32,000,000 shares of the Companys common
        stock to NY Financial on closing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Caleco-Sub has also agreed to reimburse the
        documented costs related to the Technology totaling Euro 503,700 (US $708,140)
        and $66,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

F-15

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|11. | SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
|--- | --------------------------------------------------

| |                |   | Cumulative         |  |   |          |  |   |          | 
| | -------------- | - | ------------------ |  | - | -------- |  | - | -------- | 
| |                |   | Amounts from       |  |   |          |  |   |          | 
| |                |   | October 19, 2007   |  |   | Nine     |  |   | Nine     | 
| |                |   | (start of the      |  |   | Months   |  |   | Months   | 
| |                |   | exploration stage) |  |   | Ended    |  |   | Ended    | 
| |                |   | to July 31,        |  |   | July 31, |  |   | July 31, | 
| |                |   | 2009               |  |   | 2009     |  |   | 2008     | 
| |                |   |                    |  |   |          |  |   |          | 
| | Cash paid for: |   |                    |  |   |          |  |   |          | 
| | Interest       | $ | 2,740              |  | $ | -        |  | $ | 5        | 
| | Income taxes   | $ | -                  |  | $ | -        |  | $ | -        | 
| |                |   |                    |  |   |          |  |   |          | 

|    | Non-cash Transaction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | Investing and financing activities that do not have
        an impact on current cash flows are excluded from the statement of cash
        flows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | During the period ended July 31, 2009, $597,331 in intangible
        costs was included in accounts payable and accrued liabilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | During the period ended July 31, 2009, $77,500 in intangible
        costs was included in proceeds from loans payable, net of repayments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|12. | SUBSEQUENT EVENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | Effective August 31, 2009, the Company changed its name
        to Caleco Pharma Corp. To effect the name change, the Company completed
        a merger of Caleco-Sub, with and into the company, with the Company continuing
        as the sole surviving entity. As a result of the Name Change, the Company`s
        OTC Bulletin Board symbol changed from BLLK to "CAEH" as of
        August 31, 2009.                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | On August 31, 2009, the Board of Directors approved
        a private placement offering of up to 1,500,000 shares of the Companys
        common stock at a price of $0.10 per share to accredited investors
        as such term is defined under Regulation D of the Securities Act. The
        Board of Directors also approved a foreign private placement offering
        of up to 16,000,000 shares of the Companys common stock at a price
        of $0.10 per share to persons who are not US Persons as defined
        in Regulation S of the Securities Act of 1933.                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | On September 1, 2009, the Company entered into a letter
        of intent (the Letter of Intent) with Puleva Biotech S.A.
        (Biotech), a publicly listed Spanish Corporation engaged in
        the business of research, development and commercialization of health
        related products. The Letter of Intent sets out the terms of the proposed
        license agreement whereby the Company has agreed to acquire an exclusive
        license to market and exploit Biotechs patented probiotic bacteria
        product known as Hereditum in the United States, Canada and Mexico. Under
        the terms of the proposed license agreement, the Company will be required
        to do the following:

F-16

---

|CALECO PHARMA CORP.                           
|----------------------------------------------
|(formerly Blackstone Lake Minerals Inc.)      
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in U.S. Dollars)                   
|July 31, 2009                                 
|(Unaudited)                                   
|                                              

|12. | SUBSEQUENT EVENTS (continued)                                                                                                                                                                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                           
|    | (c)                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                           
|    | (d)                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                           
|    | (e)                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                           
|    | Under the proposed license agreement, subject
        to the approval of Biotech, the Company will have the right to sub-license
        Hereditum in the United States, Canada and Mexico. The Company will also
        have the right to assign its entire interest in the proposed license agreement
        subject to the following:
|    |                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                           
|    | The terms of the Letter of Intent are non-binding
        and will expire unless a formal agreement is entered into by October 30,
        2009.                                                                                                                                                                                          

F-17

---

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

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this Quarterly Report
constitute "forward-looking statements. These statements, identified by words
such as plan, anticipate, believe, estimate, should, expect and
similar expressions include our expectations and objectives regarding our future
financial position, operating results and business strategy. These statements
reflect the current views of management with respect to future events and are
subject to risks, uncertainties and other factors that may cause our actual
results, performance or achievements, or industry results, to be materially
different from those described in the forward-looking statements. Such risks and
uncertainties include those set forth under the caption "Part II  Item 1A. Risk
Factors" and elsewhere in this Quarterly Report. We advise you to carefully
review the reports and documents, particularly our Annual Reports, Quarterly
Reports and Current Reports, that we file from time to time with the United
States Securities and Exchange Commission (the SEC).

CORPORATE OVERVIEW

We were incorporated on May 18, 2004 under the laws of the
State of Nevada.

Our business plan is to develop our proprietary technology
designed to treat moderate to severe liver maladies, such as elevated liver
enzymes and the Hepatitis C viral infection, (the Liver Health Formula) as an
over-the-counter medication and as a United States Food and Drug Administration
(FDA) approved pharmaceutical. To date, our intellectual property covering the
Liver Health Formula comprises of patent applications in the United States,
Europe and Canada and four European Drug Master File applications.

We have also entered into a letter of intent (the Letter of
Intent) with Puleva Biotech S.A. (Biotech), a publicly listed Spanish
Corporation engaged in the business of research, development and
commercialization of health related products. The Letter of Intent sets out the
terms of the proposed license agreement whereby we agreed to acquire an
exclusive license to market and exploit Biotechs patented probiotic bacteria
product known as Hereditum in the United States, Canada and Mexico. The details
of the Letter of Intent are set out below under the heading Letter of Intent
with Biotech.

We are also engaged in the exploration and development of a
mineral property that we call the Blackstone Lake Property located in
north-central Saskatchewan, Canada. On August 22, 2009, we were required to
spend $115,200 CDN (approximately $106,800) on exploration activities in order
to maintain the Blackstone Lake Property in good standing. Due to our limited
financial resources, we were unable to carry out our exploration program on the
Blackstone Lake Property. As a result, we have ninety days from August 22, 2009
to make a non-refundable cash payment or lodge a deficiency cash deposit in the
amount of $115,200 CDN (approximately $106,800). If we are unable to make the
payment or lodge the deposit, our interest in the Blackstone Lake Property will
lapse on November 20, 2009.

RECENT CORPORATE DEVELOPMENTS

|1. | Effective August 31, 2009, we changed our name from
      Blackstone Lake Minerals Inc. to Caleco Pharma Corp. (the Name Change).
      To effect the Name Change, we completed a merger of Caleco Pharma Corp.,
      our wholly owned subsidiary, with and into the Company, with the Company
      continuing as the sole surviving entity. Other than the Name Change, no
      other changes were made to our articles of incorporation. Pursuant to
      92A.180 of the Nevada Revised Statutes, shareholder approval for the
      merger was not required.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|2. | As a result of the Name Change, our OTC Bulletin Board
      symbol changed from BLLK to "CAEH" as of August 31,
  2009.                                                                                                                                                                                                                                                                                                                                                                                                                                           

3

---

|3. | Also on August 31, 2009, our Board of Directors approved
      a private placement offering of up to 1,500,000 shares of our common stock
      at a price of $0.10 US per share to accredited investors as such term is
      defined under Regulation D of the Securities Act (the "U.S. Private
      Placement"). We also approved a foreign private placement of up to
      16,000,000 shares of our common stock at a price of $0.10 US per share to
      persons who are not U.S. Persons as defined in Regulation S of the
      Securities Act of 1933 (the "Foreign Private Placement"). The proceeds of
      the U.S. Private Placement and the Foreign Private Placement offerings
      will be used for general corporate purposes and to retire corporate
      indebtedness. There is no assurance that the U.S. Private Placement or the
      Foreign Private Placement offerings or any part of them will be
      completed.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|4. | On September 1, 2009, we entered into a Letter of Intent
      with Biotech. See Letter of Intent with Biotech
below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

LIVER HEALTH FORMULA

We acquired the Liver Health Formula pursuant to the terms and
conditions of a technology purchase agreement dated December 19, 2008 (the
Technology Purchase Agreement) among NY Financial (International) Corp. (NY
Financial), the Company, Caleco Pharma Corp., formerly our wholly owned
subsidiary, and John Boschert, our sole executive officer and a director. Under
the terms of the Technology Purchase Agreement, NY Financial assigned and
transferred the Liver Health Formula to us in consideration of the
following:

|(a) | we paid $22,500 in cash to NY Financial; and                                                                                                                                                                                                                                                                                                                                                                           
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        
|(b) | we issued a non-interest bearing promissory note in the
      amount of $77,500 to NY Financial. On January 31, 2009, we became in
      default of the promissory note as we were unable to pay the $77,500. Under
      the terms of the promissory note, the unpaid portion of the promissory
      note, being $71,500, bears interest at a rate of ten per cent (10%) per
      annum commencing January 31, 2009.

As further consideration, Mr. Boschert transferred 32,000,000
shares of our common stock to NY Financial, which resulted in a change in
control. We also appointed F. Javier Benedi Garcia, the sole director of NY
Financial, to our Board of Directors.

Following closing, we agreed to reimburse the documented costs
related to the recording of the patent applications and the filing of the
European Drug Master File applications, which amount is not to exceed 590,000
EUR. In addition, the parties also agreed that:

|(a) | we will use our best efforts to raise financing of
      $2,500,000. In connection with this financing, we have agreed that we will
      not issue more than 20,000,000 shares of our common stock unless we obtain
      NY Financials consent; and
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                       
|(b) | we are restricted from assigning or transferring the
      Liver Health Formula until January 1, 2011. Notwithstanding this
      restriction, we will have the right to license the Liver Health
      Formula.                                      

LETTER OF INTENT WITH BIOTECH

On September 1, 2009, we entered into the Letter of Intent with
Biotech. The Letter of Intent sets out the proposed terms of the license
agreement whereby we have agreed to acquire an exclusive license to market and
exploit Biotechs patented probiotic bacteria product known as Hereditum in the
United States, Canada and Mexico. Under the terms of the proposed license
agreement, we will be required to do the following:

|(a) | pay 1,000,000 Euros (the Cash Purchase Price) to
      Biotech on the later of 120 days from execution of the proposed license
      agreement or five business days following delivery to us of
  a
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

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|    | Generally Recognized as Safe (GRAS) authorization from
      the U.S. Food and Drug Administration (the FDA);                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                            
|(b) | pay a royalty of 5% of our gross sales of Hereditum to
      Biotech;                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                            
|(c) | conduct a clinical trial, at our expense, on the
      effectiveness of Hereditum in preventing Mastitis. If the clinical trial
      fails to establish a substantial difference between Hereditum and a
      placebo, we may terminate the proposed license agreement and be entitled
      to a payment of 1,000,000 Euros from Biotech;               
|    |                                                                                                                                                                                                                                                                                                                                                            
|(d) | achieve sales of Hereditum at reasonable commercial
      levels within three years following payment of the Cash Purchase Price. If
      we are unable to obtain sales at reasonable commercial levels, the license
      will become a non-exclusive license and Biotech may grant other licenses
      within the United States, Canada and Mexico; and
|    |                                                                                                                                                                                                                                                                                                                                                            
|(e) | achieve gross revenues of $40,000,000 from the sale of
      Hereditum within five years following payment of the Cash Purchase Price.
      If we are unable to achieve these revenues, Biotech will have the right to
      terminate the proposed license agreement.                                                                                    

Under the proposed license agreement, subject to the approval
of Biotech, we will have the right to sub-license Hereditum in the United
States, Canada and Mexico. We will also have the right to assign our entire
interest in the proposed license agreement subject to the following:

|(a) | if the assignment is for a combination of a cash payment
      and royalties, we will be entitled to retain the cash payment and 50% of
      the royalty. If the royalty is less than 5%, Biotech will be entitled to a
      minimum royalty of 2.5% and we will be entitled to the balance of the
      royalty; and
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                        
|(b) | if the assignment is for cash consideration only, we will
      be entitled to retain 70% of the cash payment and Biotech will be entitled
      to 30% of the cash payment.                                                                                                                                           

The terms of the Letter of Intent are non-binding and will
expire unless a formal agreement is entered into by October 30, 2009. The above
is subject to the conclusion of a formal agreement. There is no assurance that a
formal agreement will be concluded or that the terms will not change from those
described above.

Hereditum

Hereditum is a product developed by Biotech for the treatment
of Mastitis. Mastitis is an infection of the tissue of the breast that occurs
during breastfeeding. This infection causes pain, swelling, redness and
increased temperature of the breast. In treating Mastitis, Hereditum utilizes
two probiotic bacteria strains derived from human milk, Lactobacillus
gasseri and Lactobacillus fermentum, to help prevent and reduce the
infection. These probiotics have been isolated from human breast milk. Biotech
has patented Hereditum in the United States and Canada.

5

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PLAN OF OPERATION

We currently do not have sufficient capital resources to meet
all of the anticipated costs of our plan of operation for the next twelve
months. Our ability to complete our plan of operation is subject to our
obtaining substantial financing. In addition, we will require substantial
financing in order to meet our obligations under the proposed license agreement
with Biotech. In order to meet our anticipated expenditures for our plan of
operation, our Board of Directors approved the U.S. Private Placement of up to
1,500,000 shares at a price of $0.10 per share and the Foreign Private Placement
of up to 16,000,000 shares at a price of $0.10 per share. There is no assurance
that the U.S. Private Placement or the Foreign Private Placement or any part of
them will be completed.

Over-the-Counter and Pharmaceutical Business

Subject to our ability to obtaining financing, we plan to
simultaneously develop our Liver Health Formula along two distinct pathways: (i)
as an over-the-counter medication; and (ii) as a FDA approved pharmaceutical.
There is no assurance that we will be able to develop, market and manufacture
our Liver Health Formula as an over-the-counter medication or that we will be
able to obtain FDA approval of our Liver Health Formula as a pharmaceutical.

Development as an Over-the-Counter Medication

We initially plan to conduct a clinical trial of our Liver
Health Formula, which is derived from our naturally sourced HP-201 proprietary
compound. This initial clinical trial will assist us in determining the
effectiveness of our Liver Health Formula in treating moderate to severe liver
maladies, such as elevated liver enzymes and Hepatitis C viral infection. We
anticipate that the clinical trial will be a two site, double blind study
consisting of forty to fifty patients per site. This clinical trial is expected
to occur in the fourth quarter of 2009 at an estimated cost of $350,000 to
$450,000. Our ability to conduct the clinical trial is subject to our obtaining
substantial financing, of which there is no assurance.

If the results of the clinical trial indicate that our Liver
Health Formula is effective in treating moderate to severe liver maladies, of
which there is no assurance, we intend to commence the development, marketing
and manufacturing of our Liver Health Formula as an over-the-counter medication.
We estimate that the initial development, marketing and manufacturing of our
Liver Health Formula as an over-the-counter medication will cost approximately
$800,000 to $1,200,000.

Development as a FDA approved Pharmaceutical

We plan to use the results from the above clinical trial as our
foundation for the development of our Liver Health Formula as a pharmaceutical.
Subject to our ability to obtaining substantial financing, we plan to conduct
additional testing and research in developing a pharmaceutical strength
synthetic molecule based on our Liver Health Formula. This additional testing
and research will assist us in applying for a New Drug Application (NDA) with
the FDA. There are no assurances that we will be able to apply for a NDA or that
a NDA will be granted to us.

In addition to the clinical trial, we also intend to conduct
additional testing and development of our Liver Health Formula over the next
twelve months. This additional research is estimated to cost between $250,000 to
$350,000. We anticipate that this research will assist us in the development of
our over-the-counter medication pathway.

6

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Blackstone Lake Property Activities

Subject to our ability to maintain the Blackstone Lake Property
in good standing and obtaining additional financing, over the next twelve
months, we intend to proceed with an exploration program on the Blackstone Lake
Property that is expected to involve:

| | 1. | The compilation and review of all historic data on the
        Blackstone Lake Property and the surrounding area; and
| | -- | ---------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                      
| | 2. | Airborne electromagnetic and radiometric surveys.                                                                    

The cost of this exploration work is expected to be
approximately $200,000. Depending upon the results of this exploration program,
we may conduct a ground follow-up program consisting of geologic mapping, supply
and ground geophysical surveys. This second phase is expected to cost
approximately $400,000 to complete.

RESULTS OF OPERATIONS

Nine Months and Third Quarter Summary

Nine
        Months Ended July 31,
      
      
      Three
        Months Ended July 31,Percentage
      
      
      
      
      
      
      
      
      PercentageIncrease /
      
      
      
      
      
      
      
      
      Increase /2009
      
      
      2008
      
      
      (Decrease)
      
      
      2009
      
      
      2008
      
      
      (Decrease)Revenue
      $
      -
      
      $
      -
      
      
      n/a
      
      $
      -
      
      $
      -
      
      
      n/aExpenses
      
      (412,865
      )
      
      (161,491
      )
      
      155.7%
      
      
      (109,382
      )
      
      (46,892
      )
      
      133.3%Interest Expense
      
      (43,811
      )
      
      (30,035
      )
      
      45.9%
      
      
      (15,271
      )
      
      (11,364
      )
      
      34.4%Discontinued Operations
      
      -
      
      
      (3,768,532
      )
      
      (100)%
      
      
      -
      
      
      -
      
      
      n/aNet (Loss)
      $
      (456,676
      )
      $
      (3,960,058
      )
      
      (88.5%
      )
      $
      (124,653
      )
      $
      (58,256
      )
      
      114.0%


Revenues

We have not earned any revenues since our inception and we do
not anticipate earning revenues in the foreseeable future. Our ability to earn
revenues in the future is dependent upon: (i) the development and manufacturing
of our Liver Health Formula as an over-the-counter medication; and (ii) the
discovery of commercially exploitable mineral reserves on the Blackstone Lake
Property. There is no assurance that we will be able to develop and manufacture
our Liver Health Formula as an over-the-counter medication or discover
commercially exploitable mineral reserves on the Blackstone Lake Property.

ExpensesNine
        Months Ended July 31,
      
      
      Three
        Months Ended July 31,Percentage
      
      
      
      
      
      
      
      
      PercentageIncrease /
      
      
      
      
      
      
      
      
      Increase /2009
      
      
      2008
      
      
      (Decrease)
      
      
      2009
      
      
      2008
      
      
      (Decrease)Management fees
      $
      22,500
      
      $
      43,592
      
      
      (48.4)%
      
      $
      7,500
      
      $
      15,000
      
      
      (50.0)%Mineral exploration costs
      
      -
      
      
      199
      
      
      (100)%
      
      
      -
      
      
      -
      
      
      n/aProfessional fees
      
      115,756
      
      
      76,469
      
      
      51.4%
      
      
      17,911
      
      
      19,734
      
      
      (9.2)%Other operating expenses
      
      214,212
      
      
      40,550
      
      
      428.3%
      
      
      34,776
      
      
      13,134
      
      
      164.8%Foreign currency loss (gain)
      
      60,397
      
      
      681
      
      
      8,768.9%
      
      
      49,195
      
      
      (976
      )
      
      5,140.5%Total Expenses
      $
      412,865
      
      $
      161,491
      
      
      155.7%
      
      $
      109,382
      
      $
      46,892
      
      
      133.3%


7

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Our expenses increased from $46,892, during the quarter ended
July 31, 2008, to $109,382, during the quarter ended July 31, 2009. The increase
in our expenses is primarily attributable to an increase in other operating
expenses and foreign currency loss expenses.

Management fees include amounts paid as compensation to our
officers and directors. During the quarter ended July 31, 2009, we incurred
management fees of $2,500 per month to our sole executive officer.

Professional fees consist of consulting, legal and accounting
fees incurred in connection with meeting our reporting obligations under the
Exchange Act.

The increase in foreign currency loss primarily relates to
unfavorable exchange rates in connection with our outstanding accounts payable.

If we are able to obtain sufficient financing to undertake our
proposed business plan for our over-the-counter and pharmaceutical business, of
which there is a substantial doubt, our expenses are anticipated to increase
significantly.

LIQUIDITY AND CAPITAL RESOURCES

|Working Capital         |   |                        |   |   |                           |   |  |                       | 
|----------------------- | - | ---------------------- | - | - | ------------------------- | - |  | --------------------- | 
|                        |   |                        |   |   |                           |   |  | Percentage            | 
|                        |   | At
      July 31, 2009 |   |   | At
      October 31, 2008 |   |  | Increase / (Decrease) | 
|Current Assets          | $ | 15,275                 |   | $ | 52                        |   |  | 29,275.0%             | 
|Current Liabilities     |   | (1,873,560             | ) |   | (854,730                  | ) |  | 119.2%                | 
|Working Capital Deficit | $ | (1,858,285             | ) | $ | (854,678                  | ) |  | 117.4%                | 

|Cash Flows                                                  |   |                                  |   |   |          |  
|----------------------------------------------------------- | - | -------------------------------- | - | - | -------- | -
|                                                            |   | Nine
      Months Ended July 31, |  
|                                                            |   | 2009                             |   |   | 2008     |  
|Cash Flows used in (provided by) Operating
      Activities | $ | 122,877                          |   | $ | (193,205 | )
|Cash Flows used in Investing Activities                     |   | (22,500                          | ) |   | -        |  
|Cash Flows from Financing Activities                        |   | 160,600                          |   |   | 154,579  |  
|Effect of Foreign Currency Translations                     |   | -                                |   |   | 3,621    |  
|Net Decrease in Cash During Period                          | $ | 15,223                           |   | $ | (35,005  | )

The significant increase in our working capital deficit at July
31, 2009 from October 31, 2008 is primarily a result of: (i) an increase in our
accounts payable due to our lack of capital to meet our ongoing expenditures;
and (ii) an increase in our accounts payable in connection with our acquisition
of the Liver Health Formula.

During the nine months ended July 31, 2009, we recorded
subscriptions received of $150,400 as we have not yet issued the securities.

Future Financings

As at July 31, 2009, we had cash on hand of $15,275. Currently,
we do not have sufficient financial resources to complete our plan of operation
for the next twelve months. We have not earned any revenues to date and we do
not anticipate earning revenues in the near future. As such, our ability to
complete our plan of operation is dependent upon our ability to obtain
substantial financing in the near term.

8

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Our Board of Directors approved a U.S. Private Placement of up
to 1,500,000 shares at a price of $0.10 per share and a concurrent Foreign
Private Placement of up to 16,000,000 shares at a price of $0.10 per share.
However, there is no assurance that the U.S. Private Placement and the Foreign
Private Placement or any part of them will be completed. If we are not
successful in raising sufficient financing, we will not be able to complete our
plan of operation. We do not have any specific alternatives to our current plan
of operation and have not planned for any such contingency. If we are not
successful in raising sufficient financing, our business may fail and our
shareholders may lose all or part of their investment.

OFF-BALANCE SHEET ARRANGEMENTS

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with
generally accepted accounting principles requires our management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
Our management routinely makes judgments and estimates about the effects of
matters that are inherently uncertain.

Our significant accounting policies are described in Note 3 to
our consolidated financial statements for the period ended July 31, 2009
included in this Quarterly Report on Form 10-Q.

ITEM
3.              
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

ITEM 4T.             CONTROLS
  AND PROCEDURES.

We carried out an evaluation of the effectiveness of our
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of July 31, 2009 (the Evaluation Date). This evaluation was
carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer. Based upon that evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were not effective as of the Evaluation Date
as a result of the material weaknesses in internal control over financial
reporting discussed in our Annual Report on Form 10-K for our year ended October
31, 2008 (the 2008 Annual Report).

Disclosure controls and procedures are those controls and
procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act are recorded,
processed, summarized and reported within the time periods specified in the
SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed in our reports filed under the Exchange Act is accumulated and
communicated to management, including our Chief Executive Officer and Chief
Financial Officer, to allow timely decisions regarding required disclosure.

Notwithstanding the assessment that our internal control over
financial reporting was not effective and that there were material weaknesses as
identified in our 2008 Annual Report, we believe that our financial statements
contained in our Quarterly Report on Form 10-Q for the quarter ended July 31,
2009 fairly present our financial condition, results of operations and cash
flows in all material respects.

9

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Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial
reporting that occurred during the quarter ended July 31, 2009 that have
materially affected, or that are reasonably likely to materially affect, our
internal control over financial reporting.

10

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PART II - OTHER INFORMATION

ITEM
1.              
LEGAL PROCEEDINGS.

None.

ITEM
1A.            RISK
FACTORS.

The following are some of the important factors that could
affect our financial performance or could cause actual results to differ
materially from estimates contained in our forward-looking statements. We may
encounter risks in addition to those described below. Additional risks and
uncertainties not currently known to us, or that we currently deem to be
immaterial, may also impair or adversely affect our business, financial
condition or results of operation.

We require additional financing.

We do not currently have the financial resources to complete
our plan of operation for the next twelve months. We anticipate that we will
require substantial financing over the next twelve months in order to complete
our business plan of our over-the-counter and pharmaceutical business and our
exploration program on the Blackstone Lake Property.

Our Board of Directors approved a U.S. Private Placement of up
to 1,500,000 shares at a price of $0.10 per share and a concurrent Foreign
Private Placement of up to 16,000,000 shares at a price of $0.10 per share.
However, there is no assurance that the U.S. Private Placement and the Foreign
Private Placement or any part of them will be completed. If we are not
successful in raising sufficient financing, we will not be able to complete our
plan of operation. We do not have any specific alternatives to our current plan
of operation and have not planned for any such contingency. If we are not
successful in raising sufficient financing, our business may fail and our
shareholders may lose all or part of their investment.

If we are unable to hire and retain key personnel, then we
may not be able to implement our business plan.

We depend on the services of our senior management and key
technical personnel. In particular, our future success will depend on the
continued efforts of John Boschert, our sole executive officer and a member of
our Board of Directors, James Sandino, a member of our Board of Directors, and
F. Javier Benedi Garcia, a member of our Board of Directors. The loss of the
services of any of these gentlemen and the further erosion of staff could have
an adverse effect on our business, financial condition and results of
operations.

The quotation price of our common stock may be volatile,
with the result that an investor may not be able to sell any shares acquired at
a price equal to or greater than the price paid by the investor.

Our common shares are quoted on the OTC Bulletin Board.
Companies quoted on the OTC Bulletin Board have traditionally experienced
extreme price and volume fluctuations. In addition, our stock price may be
adversely affected by factors that are unrelated or disproportionate to our
operating performance. Market fluctuations, as well as general economic,
political and market conditions such as recessions, interest rates or
international currency fluctuations may adversely affect the market price of our
common stock. In addition, to date, the trading volume for our shares on the OTC
Bulletin Board has been limited. As a result of this potential volatility and
potential lack of a trading market, an investor may not be able to sell any of
our common stock that they acquire that a price equal or greater than the price
paid by the investor.

We may conduct further offerings of our equity securities in
the future, in which case your shareholdings will be diluted.

Since our inception, we have been reliant upon sales of our
common stock to fund our operations. We may conduct further equity offerings in
the future to finance our current projects or to finance subsequent

11

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projects that we decide to undertake. If common stock is issued
in return for additional funds, the price per share could be lower than that
paid by our current stockholders. We anticipate continuing to rely on equity
sales of our common stock in order to fund our business operations. If we issue
additional stock, investors' percentage interest in us will be diluted.

Risks Related to our Over-the-Counter and Pharmaceutical
Business

Our inability to complete our product development activities
successfully may severely limit our ability to operate and finance
operations.

The development of our technology as an over-the-counter
medication and a FDA approved pharmaceutical will require significant financing
and additional research and development as well as substantial clinical trials.
We believe that the United States, Europe and Canada will be the principal
markets for our technology, as will any country in the world where the need for
the treatment of liver diseases, including the Hepatitis C virus, exists. We may
not be able to successfully complete development of our technology, or
successfully market our technology. We, and any of our potential collaborators,
may encounter problems and delays relating to research and development,
regulatory approval and intellectual property rights of our technology. Our
research and development programs may not be successful. Our technology may not
prove to be safe and efficacious in clinical trials, and we may not obtain the
intended regulatory approvals for our technology. Whether or not any of these
events occur, we may not have adequate resources to continue operations for the
period required to resolve the issue delaying development and we may not be able
to raise capital to finance our operation during the period required for
resolution of that issue.

We may lose our competitiveness if we are not able to
protect our proprietary technology and intellectual property rights against
infringement, and any related litigation may be time-consuming and costly.

Our success and ability to compete depends to a significant
degree on our proprietary technology. If any of our competitors copy or
otherwise gain access to our proprietary technology or develop similar
technologies independently, we may not be able to compete as effectively. The
measures we have implemented to protect our proprietary technology and other
intellectual property rights are currently based upon patent applications filed
in the United States, Europe and Canada and European Drug Master File
applications. This, however, may not be adequate to prevent the unauthorized use
of our proprietary technology and our other intellectual property rights.
Further, the laws of foreign countries may provide inadequate protection of such
intellectual property rights. We may need to bring legal claims to enforce or
protect such intellectual property rights. Any litigation, whether successful or
unsuccessful, may result in substantial costs and a diversion of our company's
resources. In addition, notwithstanding our rights to our intellectual property,
other persons may bring claims against us alleging that we have infringed on
their intellectual property rights or claims that our intellectual property
rights are not valid. Any claims against us, with or without merit, could be
time consuming and costly to defend or litigate, divert our attention and
resources, result in the loss of goodwill associated with our business or
require us to make changes to our technology.

We may become subject to intellectual property litigation
which may harm our business.

Our success depends in part on our ability to develop
commercially viable products without infringing the proprietary rights of
others. Although we have not been subject to any filed infringement claims,
other patents or patent applications could exist or could be filed which may
prohibit or limit our ability to market our products or maintain a competitive
position. In the event of an intellectual property dispute, we may be forced to
litigate. Intellectual property litigation may divert management's attention
from developing our technology and may force us to incur substantial costs
regardless of whether we are successful. An adverse outcome could subject us to
significant liabilities to third parties, and force us to curtail or cease the
development and commercialization of our technology.

12

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If we commercialize or test our technology, we will be
subject to potential product liability claims which may affect our financial
condition.

We face an inherent business risk of exposure to product
liability claims in the event that the use of our technology during research and
development efforts, including clinical trials, or after commercialization,
results in adverse affects. As a result, we may incur significant product
liability exposure, which may exceed any insurance coverage that we obtain in
the future. Even if we elect to purchase such issuance in the future, we may not
be able to maintain adequate levels of insurance at reasonable cost and/or
reasonable terms. Excessive insurance costs or uninsured claims may increase our
operating loss and affect our financial condition.

If we fail to effectively manage the growth of our company
and the commercialization or licensing of our technology, our future business
results could be harmed and our managerial and operational resources may be
strained.

As we proceed with the development of our technology and the
expansion of our marketing and commercialization efforts, we expect to
experience significant growth in the scope and complexity of our business. We
will need to add staff to manage operations, handle business development efforts
and perform finance and accounting functions. We anticipate that we will be
required to hire a broad range of additional personnel in order to successfully
advance our operations. This growth is likely to place a strain on our
management and operational resources. The failure to develop and implement
effective systems, or to hire and retain sufficient personnel for the
performance of all of the functions necessary to effectively service and manage
our potential business, or the failure to manage growth effectively, could have
a material adverse effect on our business and financial condition.

Failure to obtain and maintain required regulatory approvals
will severely limit our ability to commercialize our technology.

We will need to obtain the approval of the FDA before we
commence commercialization of our technology as a pharmaceutical in the United
States. We may also be required to obtain additional approvals from foreign
regulatory authorities to apply for any sales activities we may carry out in
those jurisdictions. If we cannot demonstrate the safety, reliability and
efficacy of our technology, the FDA or other regulatory authorities could delay
or withhold regulatory approval of our technology.

Even if we obtain regulatory approval of our technology, that
approval may be subject to limitations on the indicated uses for which it may be
marketed. Even after granting regulatory approval, the FDA and other regulatory
agencies and governments in other countries will continue to review and inspect
any future marketed products as well as any manufacturing facilities that we may
establish in the future. Later discovery of previously unknown problems with a
product or facility may result in restrictions on the product, including a
withdrawal of the product from the market. Further, governmental regulatory
agencies may establish additional regulations which could prevent or delay
regulatory approval of our technology.

Even if we obtain regulatory approval to commercialize our
products, lack of commercial acceptance may impair our business.

Our product development efforts are primarily directed toward
obtaining regulatory approval for our liver disease product treatments. Our
products may not be employed in all potential applications being investigated,
and any reduction in applications may limit the market acceptance of our
products and our potential revenues. As a result, even if our products are
developed into marketable products and we obtain all required regulatory
approvals, we cannot be certain that our products will be adopted at a level
that would allow us to operate profitably.

13

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If we do not keep pace with our competitors, technological
advancements and market changes, our technology may become obsolete and our
business may suffer.

The market for our technology is very competitive, is subject
to rapid technological changes and varies for different individual products. We
believe that there are potentially many competitive approaches being pursued
that compete with our technology, including some by private companies for which
information is difficult to obtain.

Many of our competitors have significantly greater resources
and have developed products and processes that directly compete with our
technology. Our competitors may develop, or may in the future develop, new
technologies that directly compete with our technology or even render our
technology obsolete. Our technology is designed to treat moderate to severe
liver maladies, such as elevated liver enzymes and the Hepatitis C viral
infection. Even if we are able to demonstrate improved or equivalent results
from our technology, researchers and practitioners may not use our technology
and we may suffer a competitive disadvantage. Finally, to the extent that others
develop new technologies that address the targeted application for our current
technology, our business will suffer.

We may not be able to finalize a formal license agreement
with Puleva Biotech S.A.

On September 1, 2009, we entered into a Letter of Intent with
Puleva Biotech S.A. (Biotech) whereby we agreed to acquire an exclusive
license to market and exploit Biotechs patented probiotic bacteria product
known as Hereditum in the United States, Canada and Mexico. However, there is no
assurance that the proposed license agreement will be formalized as planned or
at all. In the event that we are able to formalize the proposed license
agreement, of which there is no assurance, we will be required to raise
substantial financing in order to satisfy the terms of the license
agreement.

Risks Related to the Blackstone Lake
Property

We have no known mineral reserves and if we cannot find any,
we will have to cease operations.

We have no mineral reserves. If we do not find a mineral
reserve or if we cannot complete the exploration of the mineral reserve, either
because we do not have the money to do it or because it will not be economically
feasible to do it, we will have to cease operations and investors will lose
their investment. Mineral exploration is highly speculative endeavor. It
involves many risks and is often non-productive. Even if we are able to find
mineral reserves on our property our production capability is subject to further
risks including:

|- | Costs of bringing the property into production including
      exploration work, preparation of production feasibility studies, and
      construction of production facilities, all of which we have not budgeted
      for;
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|- | Availability and costs of financing;                                                                                                                                                                                         
|- | Ongoing costs of production; and                                                                                                                                                                                             
|- | Environmental compliance regulations and restraints.                                                                                                                                                                         

The marketability of any minerals acquired or discovered may be
affected by numerous factors which are beyond our control and which cannot be
accurately predicted, such as market fluctuations, the lack of milling
facilities and processing equipment near the Blackstone Lake Property, and such
other factors as government regulations, including regulations relating to
allowable production, importing and exporting of minerals, and environmental
protection.

Because of the inherent dangers involved in mineral
exploration, there is a risk that we may incur liability or damages as we
conduct our business.

The search for valuable minerals involves numerous hazards. As
a result, we may become subject to liability for such hazards, including
pollution, cave-ins and other hazards against which we cannot insure or against
which we may elect not to insure. At the present time we have no insurance to
cover against these

14

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hazards. The payment of such liabilities may result in our
inability to complete our planned exploration program and/or obtain additional
financing to fund our exploration program.

If we undertake exploration of our mineral claim, we will be
subject to compliance with government regulation that may increase the
anticipated cost of an exploration program.

There are several governmental regulations that materially
restrict mineral exploration. We will be subject to the laws of the Province of
Saskatchewan if we carry out an exploration program. We may be required to
obtain work permits, post bonds and perform remediation work for any physical
disturbance to the land in order to comply with these laws. If we enter the
production phase, the cost of complying with permit and regulatory environment
laws will be greater because the impact on the project area is greater. Permits
and regulations will control all aspects of the production program if the
project continues to that stage. Examples of regulatory requirements include:

|- | Water discharge will have to meet drinking water
      standards;                                                                         
|- | ------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                           
|- | Dust generation will have to be minimal or otherwise
      re-mediated;                                                                   
|  |                                                                                                                                           
|- | Dumping of material on the surface will have to be
      re-contoured and re-vegetated with natural vegetation;                           
|  |                                                                                                                                           
|- | An assessment of all material to be left on the surface
      will need to be environmentally benign;                                     
|  |                                                                                                                                           
|- | Ground water will have to be monitored for any potential
      contaminants;                                                              
|  |                                                                                                                                           
|- | The socio-economic impact of the project will have to be
      evaluated and if deemed negative, will have to be remediated; and          
|  |                                                                                                                                           
|- | There will have to be an impact report of the work on the
      local fauna and flora including a study of potentially endangered species.

In order to maintain our rights to the Blackstone Lake Property
in the Province of Saskatchewan, we were required to spend approximately
$115,200 CDN ($96,480 US) by August 22, 2009 on exploration activities. We were
unable to meet the payments on the Blackstone Lake Property due to our inability
to raise sufficient financing to carry out our exploration program. As a result,
we have ninety days from August 22, 2009 to make a non-refundable cash payment
or lodge a deficiency cash deposit in the amount of $115,200 CDN (approximately
$106,800). If we are unable to make the payment or lodge the deposit, our
interest in the Blackstone Lake Property will lapse on November 20, 2009.

There is a risk that new regulations could increase our costs
of doing business and prevent us from carrying out our exploration program. We
will also have to sustain the cost of reclamation and environmental remediation
for all exploration work undertaken. Both reclamation and environmental
remediation refer to putting disturbed ground back as close to its original
state as possible. Other potential pollution or damage must be cleaned-up and
renewed along standard guidelines outlined in the usual permits. Reclamation is
the process of bringing the land back to its natural state after completion of
exploration activities. Environmental remediation refers to the physical
activity of taking steps to remediate, or remedy, any environmental damage
caused. The amount of these costs is not known at this time as we do not know
the extent of the exploration program that will be undertaken beyond completion
of the recommended work program. If remediation costs exceed our cash reserves
we may be unable to complete our exploration program and have to abandon our
operations.

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

None.

15

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ITEM
3.              
DEFAULTS UPON SENIOR SECURITIES.

None.

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

None.

ITEM
5.              
OTHER INFORMATION.

None.

ITEM
6.              
EXHIBITS.

|Exhibit |                                                                                                                                                                                                     
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibits                                                                                                                                                                             
|        |                                                                                                                                                                                                     
|2.1     | Agreement and
        Plan of Merger dated July 24, 2009 between the Company (as parent surviving
        company) and Caleco Pharma Corp. (as subsidiary merging entity).(20)                      
|3.1     | Articles of
        Incorporation.(1)                                                                                                                                                               
|3.2     | Certificate
        of Change  13-for-1 Stock Split effective September 30, 2005.(7)                                                                                                               
|3.3     | Certificate
        of Amendment to Articles  Name Change from Triton Resources, Inc.
        to Skyflyer Inc. effective October 17, 2006.(7)                                                      
|3.4     | Certificate
        of Amendment to Articles of Incorporation  Name Change from Skyflyer
        Inc. to Blackstone Lake Minerals Inc. effective January 23, 2008.(10)                             
|3.5     | Certificate
        of Merger.(20)                                                                                                                                                                  
|3.6     | Articles of
        Merger between the Company (as surviving entity) and Caleco Pharma Corp.
        (as merging entity), with surviving entity changing its name to Caleco
        Pharma Corp.(20)
|3.7     | Bylaws.(1)                                                                                                                                                                                          
|10.1    | Share Purchase
        Agreement among the Company, Inventa Holding GmbH, Skyflyer Technology
        GmbH and Perry Augustson, dated for reference the 31stday
        of March, 2006.(3)          
|10.2    | Agreement and
        Deed of Transfer between Inventa Holding GmbH and the Company dated for
        reference as of the 19thday of April, 2006.(4)                                                
|10.3    | Patent Transfer
        Agreement between Dieter Wagels and Skyflyer Technology GmbH, dated effective
        as of April 17, 2006.(4)                                                              
|10.4    | Loan Agreement
        between Dast GmbH and Skyflyer Technology GmbH dated December 8, 2006.(5)                                                                                                    
|10.5    | Employment contract
        between Skyflyer Technology GmbH and Dr. Manfred Sappok, dated for reference
        as of June 1, 2005 (translated from German to English).(6)                         
|10.6    | Employment contract
        between Skyflyer Technology GmbH and Dieter Wagels, dated for reference
        as of January 1, 2006 (translated from German to English).(6)                           
|10.7    | Purchase Agreement
        dated October 3, 2007 between American Yellowcake Resources Inc. and Skyflyer
        Inc.(8)                                                                            
|10.8    | Loan Agreement
        dated October 17, 2007 between the Company and Black Pointe Holdings Inc.(9)                                                                                                 
|10.9    | Extension to
        Loan Agreement between Dast GmbH and Skyflyer Technology GmbH, dated July
        30, 2007 (translated from German to English).(12)                                            
|10.10   | Second Extension
        to Loan Agreement between Dast GmbH and Skyflyer Technology GmbH, dated
        December 31, 2007 (translated from German to English).(12)                                 

16

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|Exhibit |                                                                                                                                                                                                                                           
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibits                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                           
|10.11   | Loan Agreement
        between Dast GmbH and Skyflyer Technology GmbH dated November 28, 2007
        (translated from German to English).(12)                                                                                            
|10.12   | Loan Agreement
        between Dast GmbH and Skyflyer Technology GmbH dated December 6, 2007
        (translated from German to English).(12)                                                                                             
|10.13   | Loan Agreement
        between Dast GmbH and Skyflyer Technology GmbH dated December 7, 2007
        (translated from German to English).(12)                                                                                             
|10.14   | Management Consultant
        Agreement dated March 1, 2008 between the Company and Dr. Rudolf Mauer.(11)                                                                                                                                 
|10.15   | Share Exchange
        Agreement dated for reference as of March 31, 2008 among Blackstone Lake
        Minerals Inc., Inventa Holding GmbH and Skyflyer Technology GmbH.(13)                                                             
|10.16   | Management Consultant
        Agreement dated October 1, 2008 between the Company and John Boschert.(14)                                                                                                                                  
|10.17   | Technology Purchase
        Agreement dated October 16, 2008 among the Company, NY Financial (International)
        Corp., Caleco Pharma Corp. (our former wholly owned subsidiary) and John
        Boschert.(15)                       
|10.18   | Amendment Agreement
        to Technology Purchase Agreement dated October 16, 2008 among the Company,
        NY Financial (International) Corp., Caleco Pharma Corp. (our former wholly
        owned subsidiary) and John Boschert.(16)
|10.19   | Technology Purchase
        Agreement dated December 19, 2008 among the Company, NY Financial (International)
        Corp., Caleco Pharma Corp. (our former wholly owned subsidiary) and John
        Boschert.(17)                      
|10.20   | Promissory Note
        between Caleco Pharma Corp. (our former wholly owned subsidiary) and NY
        Financial (International) Inc.(18)                                                                                                
|14.1    | Code of Ethics.(2)                                                                                                                                                                                                                        
|31.1    | Certification
        of Chief Executive Officer and Chief Financial Officer as adopted pursuant
        to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                
|32.1    | Certification
        of Chief Executive Officer and Chief Financial Officer as adopted pursuant
        to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                

Notes:

|(1)  | Filed as an exhibit to our Registration Statement on Form
      SB-2 originally filed on January 14, 2005, as amended.
|---- | ----------------------------------------------------------------------------------------------------------------------
|(2)  | Filed as an exhibit to our Annual Report on Form 10-KSB
      filed on January 30, 2006.                              
|(3)  | Filed as an exhibit to our Current Report on Form 8-K
      filed on April 10, 2006.                                  
|(4)  | Filed as an exhibit to our Current Report on Form 8-K
      filed on April 26, 2006.                                  
|(5)  | Filed as an exhibit to our Current Report on Form 8-K
      filed on December 15, 2006.                               
|(6)  | Filed as an exhibit to our Annual Report on Form 10-KSB
      filed on January 30, 2007.                              
|(7)  | Filed as an exhibit to our Quarterly Report on Form
      10-QSB filed on September 19, 2007.                         
|(8)  | Filed as an exhibit to our Current Report on Form 8-K
      filed on October 11, 2007.                                
|(9)  | Filed as an exhibit to our Current Report on Form 8-K
      filed on October 23, 2007.                                
|(10) | Filed as an exhibit to our Current Report on Form 8-K
      filed on January 25, 2008.                                
|(11) | Filed as an exhibit to our Current Report on Form 8-K
      filed on March 13, 2008.                                  
|(12) | Filed as an exhibit to our Quarterly Report on Form
      10-QSB filed on March 21, 2008.                             
|(13) | Filed as an exhibit to our Current Report on Form 8-K
      filed on April 8, 2008.                                   
|(14) | Filed as an exhibit to our Current Report on Form 8-K
      filed on October 7, 2008.                                 
|(15) | Filed as an exhibit to our Current Report on Form 8-K
      filed on October 22, 2008.                                
|(16) | Filed as an exhibit to our Current Report on Form 8-K
      filed on December 2, 2008.                                
|(17) | Filed as an exhibit to our Current Report on Form 8-K
      filed on December 29, 2008.                               
|(18) | Filed as an exhibit to our Current Report on Form 8-K
      filed on January 27, 2009.                                
|(19) | Filed as an exhibit to our Annual Report on Form 10-K
      filed on February 13, 2009.                               
|(20) | Filed as an exhibit to our Current Report on Form 8-K
      filed on September 4, 2009.                               

17

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|      |                    |     | CALECO PHARMA CORP.                                    
|----- | ------------------ | --- | -------------------------------------------------------
|      |                    |     |                                                        
|      |                    |     |                                                        
|Date: | September 21, 2009 | By: |                                                        
|      |                    |     | /s/
      John Boschert                                
|      |                    |     | JOHN BOSCHERT                                          
|      |                    |     | Chief Executive Officer, Chief Financial
      Officer,
|      |                    |     | President, Secretary & Treasurer                       
|      |                    |     | (Principal Executive Officer                           
|      |                    |     | and Principal Accounting Officer)                      

---