| [X]                  | ANNUAL      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934   |
|----------------------|--------------------------------------------------------------------------------------------|
|                 |                                                                                       |  For      the fiscal year ended:   December 31,      2007  |
| [        ] | TRANSITION      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE      ACT  |
|                 |                                                                                       | For      the transition period from _________ to ________  |
|                 |                                                                                       | Commission      file number:   000-31042 |

| Nevada                                                                                                               | 33-0843633                                                                |
|----------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
| (State      or other jurisdiction of incorporation or organization)                                                  | (I.R.S.      Employer Identification No.)                                 |
|   #161 - 936 Peace Portal DriveBlaine, Washington       98230(Address      of principal executive offices) |   (702)      357-8722 (Registrant's      telephone number) |

| Securities      registered under Section 12(g) of the Act: | Common Stock, par      value $0.001 per share |
|------------------------------------------------------------|-----------------------------------------------|
|                                                       | (Title      of class)                         |

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Index to Annual Report

Index to

| Part      I   |                                                                                                                      | Page     |
|---------------|---------------------------------------------------------------------------------------------------------------------------|----------|
|          |                                                                                                                      |     |
| Item      1   | Description of      Business                                                                                              | 3   |
| Item      2   | Description of      Property                                                                                              | 4   |
| Item      3   | Legal      Proceedings                                                                                                    | 4   |
| Item      4   | Submission of      Matters to a Vote of Security Holders                                                                  | 6        |
|          |                                                                                                                      |     |
| Part      II  |                                                                                                                      |     |
|          |                                                                                                                      |     |
| Item      5   | Market for Common      Equity and Related Stockholder Matters                                                             | 6   |
| Item      6   | Management's      Discussion and Analysis of Financial Condition or Plan of      Operation                                | 9   |
| Item      7   | Financial      Statements                                                                                                 | 16  |
| Item      8   | Changes In and      Disagreements With Accountants on Accounting and Financial      Disclosure                            | 17  |
| Item      8A  | Controls and      Procedures                                                                                              | 17  |
| Item      8B  | Other      Information                                                                                                    | 19  |
|          |                                                                                                                      |     |
| Part      III |                                                                                                                      |     |
|          |                                                                                                                      |     |
| Item      9   | Directors, Executive      Officers, Promoters and Control Persons; Compliance With Section 16(a) of      the Exchange Act | 19  |
| Item      10  | Executive      Compensation                                                                                               | 21  |
| Item      11  | Security Ownership      of Certain Beneficial Owners and Management and Related Stockholder      Matters                  | 22  |
| Item      12  | Certain      Relationships and Related Transactions                                                                       | 23  |
| Item      13  | Exhibits                                                                                                                  | 23  |
| Item      14  | Principal      Accountants Fees and Services                                                                              | 25       |
|          |                                                                                                                      |     |
| Signatures    | 26                                                                                                                        |
|          |                                                                                                                      |

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Index to Annual Report

ITEM1.  

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Index to Annual Report

ITEM2.    

ITEM3.         

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Index to Annual Report

ITEM4.     

ITEM5.   

|                                  |   |    |
|---------------------------------------|--------|---------|
| FISCAL      2005                      | HIGH   | LOW     |
| Quarter      Ended March 31, 2005     | $2.70  | $0.65   |
| Quarter      Ended June 30, 2005      | $1.09  | $0.39   |
| Quarter      Ended September 30, 2005 | $0.65  | $0.32   |
| Quarter      Ended December 31, 2005  | $0.53  | $0.20   |
|                                  |   |    |
| FISCAL      2006                      |   |    |
| Quarter      Ended March 31, 2006     | $0.26  | $0.05   |
| Quarter      Ended June 30, 2006      | $0.16  | $0.07   |
| Quarter      Ended September 30, 2006 | $0.12  | $0.02   |
| Quarter      Ended December 31, 2006  | $0.15  | $0.001  |
|                                  |   |    |
| FISCAL      2007                      |   |    |
| Quarter      Ended March 31, 2007     | $0.09  | $0.03   |
| Quarter      Ended June 30, 2007      | $0.04  | $0.0001 |
| Quarter      Ended September 30, 2007 | $0.035 | $0.005  |
| Quarter      Ended December 31, 2007  | $0.35  | $0.005  |

----

Index to Annual Report

|   | 1. | We      would not be able to pay our debts as they become due in the usual course      of business; or |
|--------|----|--------------------------------------------------------------------------------------------------------|

|   | 2. | Our      total assets would be less than the sum of our total liabilities, plus the      amount that would be needed to satisfy the rights of shareholders who have      preferential rights superior to those receiving the      distribution. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Index to Annual Report

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Index to Annual Report

ITEM 6.   

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Index to Annual Report

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Index to Annual Report

ITEM7.         

| Revised      Audited Financial Statements: |
|--------------------------------------------|
|                                       |   |
| F-1                                        | Revised      Independent Auditor’s Report for 2007 and 2006 |
|                                       |   |
| F-2                                        | Revised      Statement of Balance Sheets as of December 31, 2007 and      2006 |
|                                       |   |
| F-3                                        | Revised      Statements of Operations For the Years Ended December 31, 2007 and      2006 |
|                                       |   |
| F-4                                        | Revised      Statements of Stockholders’ Equity (Deficit) for the Years Ended December      31, 2007 and 2006 |
|                                       |   |
| F-7                                        | Revised      Statements of Cash Flows for the Years Ended December 31, 2007 and      2006 |
|                                       |   |
| F-8 to      F-14                      | Revised      Notes to Financial Statements |

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Index to Annual Report

----

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Index to Annual Report

| U.S.      CANADIAN MINERALS, INC.                                                    |
|--------------------------------------------------------------------------------------|
| (A      Development Stage Company)                                                   |
| Revised      Balance Sheets                                                          |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| ASSETS                                                                               |   |   |   |   |   |
|                                                                                 |   |   |   |   | December      31, |   | December      31, |
|                                                                                 |   |   |   |   | 2007 |   | 2006 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| CURRENT      ASSETS                                                                  |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 | Cash |   |   |   | $ |              4,707 |   | $ |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | Total      Current Assets |   |   |              4,707 |   |   |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | TOTAL      ASSETS |   | $ |              4,707 |   | $ |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY      (DEFICIT)                                  |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   | December      31, |   | December      31, |
|                                                                                 |   |   |   |   | 2007 |   | 2006 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| CURRENT      LIABILITIES                                                             |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 | Accounts      payable and accrued expenses | $ |                      - |   | $ |                      - |
|                                                                                 | Due      to related parties |   |   |            22,138 |   |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | Total      Current Liabilities |   |   |            22,138 |   |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| LONG      TERM LIABILITIES                                                           |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 | Due      to related parties - long term |   |   |                      - |   |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | Total      Liabilities |   |   |            22,138 |   |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS'      EQUITY (DEFICIT)                                                  |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 | Preferred      stock - Series A; $0.001 par value; |   |   |   |   |   |
|                                                                                 |    1,000,000      shares authorized; 129,849 and 184,235 shares |   |   |   |   |   |
|                                                                                 |    issued      and outstanding,respectively |   |                 131 |   |   |                 185 |
|                                                                                 | Common      stock - Series A; $0.001 par value; |   |   |   |   |   |
|                                                                                 |    200,000,000      shares authorized; 2,995,279 and 2,149,102 |   |   |   |   |   |
|                                                                                 |    shares      issued and outstanding,respectively |   |               3,995 |   |   |          107,455 |
|                                                                                 | Treasury      stock |   |   |   |              1,000 |   |   |              1,000 |
|                                                                                 | Additional      paid-in capital |   |   |     22,672,818 |   |   |      21,943,363 |
|                                                                                 | Accumulated      deficit |   |   |   |    (22,695,375) |   |   |     (22,044,232) |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | Total      Stockholders' Equity (Deficit) |   |           (17,431) |   |   |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   | TOTAL      LIABILITIES AND STOCKHOLDERS' |   |   |   |   |   |
|                                                                                 |   |   EQUITY      (DEFICIT) |   | $ |              4,707 |   | $ |              7,771 |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|        Note:  For red highlighted items see Note 6                         |
| The      accompanying notes are an integral part of these financial      statements. |

----

Index to Annual Report

| U.S.      CANADIAN MINERALS, INC.                                                    |   |
|--------------------------------------------------------------------------------------|--------|
| (A      Development Stage Company)                                                   |   |
| Revised      Statements of Operations                                                |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   | From      Inception |   |
|                                                                                 |   |   |   |   |   |   |   | on      January 1, |   |
|                                                                                 |   | For      the Year Ended |   |   | 2004      Through |   |
|                                                                                 |   | December      31, |   |   | December      31, |   |
|                                                                                 |   | 2007 |   |   | Revised      2006 |   |   | 2007 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| REVENUES                                                                             |   | $ | 25,524 |   |   | $ | - |   |   | $ | 133,524 |   |
| COST      OF REVENUES                                                                |   |   | - |   |   |   | - |   |   |   | - |   |
| GROSS      MARGIN                                                                    |   |   | 25,524 |   |   |   | - |   |   |   | 133,524 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING      EXPENSES                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| General      and administrative                                                      |   |   | 891,651 |   |   |   | 88,527 |   |   |   | 6,562,330 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Operating Expenses                                                        |   |   | 265,710 |   |   |   | 88,527 |   |   |   | 6,562,330 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME      (LOSS) FROM OPERATIONS                                                   |   |   | (240,186 | ) |   |   | (88,527 | ) |   |   | (6,428,806 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      INCOME AND (EXPENSE)                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense                                                                |   |   | - |   |   |   | (30,036 | ) |   |   | (244,951 | ) |
| Gain      on sale of assets                                                          |   |   | 214,984 |   |   |   | - |   |   |   | 41,889 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Other Income (Expense)                                                    |   |   | - |   |   |   | (30,036 | ) |   |   | (203,062 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS      FROM CONTINUING OPERATIONS                                                 |   |   | (240,186 | ) |   |   | (118,563 | ) |   |   | (6,631,868 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| GAIN      (LOSS) FROM DISCONTINUED OPERATIONS                                        |   |   | 214,984 |   |   |   | (692,960 | ) |   |   | (226,830 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      LOSS                                                                        |   | $ | (25,202 | ) |   | $ | (811,523 | ) |   | $ | (6,858,698 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC      LOSS PER SHARE                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing      Operations                                                           |   | $ | (0.2346 | ) |   | $ | (0.0560 | ) |   |   |   |   |
| Discontinued      Operations                                                         |   | $ | 0.0000 |   |   | $ | (0.3273 | ) |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED      AVERAGE NUMBER                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   OF      SHARES OUTSTANDING                                               |   |   | 2,775,334 |   |   |   | 2,117,240 |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|        Note:  For red highlighted items see Note 6                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are a integral part of these financials      statements. |   |

----

Index to Annual Report

| U.S.      CANADIAN MINERALS, INC.                                                    |
|--------------------------------------------------------------------------------------|
| (A      Development Stage Company)                                                   |
| Revised      Statements of Stockholders' Equity (Deficit)                            |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   | Additional |   |   |   |   |   |   |
|                                                                                 | Preferred      Stock |   |   |   |   | Common      Stock |   |   | Paid-In | Treasury | Accumulated |   |   |
|                                                                                 | Shares |   | Amount |   | Shares | Amount | Capital | Stock | Deficit | Total |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at January 1, 2004                                                      |     477,500 |   |  $ |        477 |   |         1,335,448 |  $ |        1,336 |  $ |    13,808,025 |  $ |                  - |  $ |     (15,016,484) |  $ |   (1,206,646) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of preferred shares                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |     114,000 |   |   |         114 |   |                         - |   |                - |   |            57,342 |   |                  - |   |                         - |   |            57,456 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |                  - |   |   |             - |   |         2,838,811 |   |       2,839 |   |        1,581,658 |   |                  - |   |                         - |   |      1,584,497 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares for                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    conversion      of preferred shares                                |  (254,050) |   |   |     (254) |   |      12,985,000 |   |      12,985 |   |             (5,182) |   |                  - |   |                         - |   |              7,549 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation      of shares                                                          |  (140,000) |   |   |      (140) |   |            (94,500) |   |           (95) |   |                  235 |   |                  - |   |                         - |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of preferred stock                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      acquisition of mineral rights                             |   330,000 |   |   |       330 |   |                         - |   |                - |   |         (156,746) |   |                  - |   |                         - |   |        (156,416) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fractional      shares issued                                                        |                  - |   |   |             - |   |                     555 |   |                - |   |               1,038 |   |                  - |   |                         - |   |              1,038 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock for cash                                               |                  - |   |   |             - |   |         9,277,508 |   |        9,277 |   |      3,274,424 |   |                  - |   |                         - |   |      3,283,701 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      acquisition of mineral rights                             |                  - |   |   |             - |   |     42,062,460 |   |    42,063 |   |      3,099,724 |   |         1,000 |   |                         - |   |      3,142,787 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Netloss      for the year ended                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   through      December 31, 2004                                           |                  - |   |   |             - |   |                         - |   |                - |   |                       - |   |                  - |   |      (5,226,338) |   |   (5,226,338) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      December 31, 2004                                                      |     527,450 |   |   |        527 |   |     68,405,282 |   |     68,405 |   |     21,660,518 |   |         1,000 |   |   (20,242,822) |   |      1,487,628 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fractional      shares issued                                                        |                  - |   |   |             - |   |              53,920 |   |             53 |   |                  (53) |   |                  - |   |                         - |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares for                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    conversion      of preferred shares                                |   (301,700) |   |   |      (301) |   |     30,470,000 |   |     30,470 |   |          (30,169) |   |                  - |   |                         - |   |                      - |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Recission      of common stock                                                       |                  - |   |   |             - |   |         (850,000) |   |         (850) |   |        (878,650) |   |                  - |   |                         - |   |       (879,500) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    for      services                                                  |                  - |   |   |             - |   |              50,000 |   |             50 |   |            40,450 |   |                  - |   |                         - |   |           40,500 |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock for cash                                               |                  - |   |   |             - |   |         4,312,534 |   |        4,313 |   |          916,988 |   |                  - |   |                         - |   |          921,301 |
| The      accompanying notes are an integral part of these financial      statements. |

----

Index to Annual Report

| Issuance      of common shares                                                       |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |
|--------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|--------|--------|--------|--------|-------------|--------|--------|--------|---------|--------|--------|--------|------------|--------|--------|--------|--------|--------|
|    for      acquisition of mineral rights                             |   |   | -        |   |   |   | -      |   |   |   | 139,534     |   |   |   | 140     |   |   |   | 44,860     |   |   |   | -      |   |   |   | - |   |   |   | 45,000 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Recission      of common stock                                                       |   |   |     |   |   |   |   |   |   |   | (828,000    | )      |   |   | (828    | )      |   |   |       |   |   |   |   |   |   |   |   |   |   |   | (828 | ) |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss for the year                                                           |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ended      December 31, 2005                                             |   |   | -        |   |   |   | -      |   |   |   | -           |   |   |   | -       |   |   |   | -          |   |   |   | -      |   |   |   | (989,887 | ) |   |   | (989,887 | ) |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      January 1, 2006                                                        |   |   | 225,750  |   |   |   | 226    |   |   |   | 101,753,270 |   |   |   | 101,753 |   |   |   | 21,753,944 |   |   |   | 1,000  |   |   |   | (21,232,709 | ) |   |   | 624,214 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock for cash                                               |   |   |     |   |   |   |   |   |   |   | 500,000     |   |   |   | 500     |   |   |   | 19,500     |   |   |   |   |   |   |   |   |   |   |   | 20,000 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock for cash                                               |   |   |     |   |   |   |   |   |   |   | 320,000     |   |   |   | 320     |   |   |   | 14,680     |   |   |   |   |   |   |   |   |   |   |   | 15,000 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares for                                                   |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   conversion      of preferred shares                                      |   |   | (121,515 | )      |   |   | (121   | )      |   |   | 1,215,150   |   |   |   | 1,215   |   |   |   | (1,094     | )      |   |   |   |   |   |   |   |   |   |   | - |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common shares                                                       |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |   |   |     |   |   |   |   |   |   |   | 2,000,000   |   |   |   | 2,000   |   |   |   | 98,000     |   |   |   |   |   |   |   |   |   |   |   | 100,000 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of common stock for cash                                               |   |   |     |   |   |   |   |   |   |   | 1,666,667   |   |   |   | 1,667   |   |   |   | 58,333     |   |   |   |   |   |   |   |   |   |   |   | 60,000 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of prefered stock                                                      |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |   |   | 40,000   |   |   |   | 40     |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   | 40 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of prefered stock                                                      |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |   |   | 40,000   |   |   |   | 40     |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   | 40 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss for the year                                                           |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ended      December 31, 2006                                             |   |   | -        |   |   |   | -      |   |   |   | -           |   |   |   | -       |   |   |   | -          |   |   |   | -      |   |   |   | (811,523 | ) |   |   | (811,523 | ) |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,      December 31, 2006                                                      |   |   | 184,235  |   |   | $      | 185    |   |   |   | 2,149,102   |   |   | $      | 107,455 |   |   | $      | 21,943,363 |   |   | $      | 1,000  |   |   | $ | (22,044,232 | ) |   | $ | 7,771 |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation      of common shares                                                   |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   issued      for services                                                 |   |   | -        |   |   |   | -      |   |   |   | (628,000    | )      |   |   | (628    | )      |   |   | 628        |   |   |   | -      |   |   |   | - |   |   |   | - |   |
|                                                                                 |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of prefered stock                                                      |   |   |     |   |   |   |   |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for      services                                                        |   |   | 9,333    |   |   |   | 9      |   |   |   |        |   |   |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   | 9 |   |
| The      accompanying notes are an integral part of these financial      statements. |   |

----

Index to Annual Report

|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|--------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|--------|---------|---------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------------------------------------------------------------------------------------------|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------------------------------------------------------------------------------------------------------|--------|---------|-----------------------------------------------------------------------|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|
| Issuance      of common stock                                                        |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   for      services                                                        |                                                                                                    |   |    |                                                                      |   |            339,167                                                                         |   |    |          339                                   |   |    |               9,836                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |             10,175                                                  |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Issuance      of prefered stock                                                      |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   for      services                                                        |       16,666                                                              |   |    |           17            |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                    17            |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Recission      of common stock                                                       |                                                                                                    |   |    |                                                                      |   |   (39,000,500)                                                                                                                          |   |    |   (39,001)                                                                        |   |    |            39,001                                                              |   |    |                                                                                                    |   |    |                                                                  |   |    |                      - |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Issuance      of common stock                                                        |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   bonus      for recession of Nevada minerals stock                        |                                                                                                    |   |    |                                                                      |   |       3,900,400                                                                                                     |   |    |       3,900                                                   |   |    |           210,622                                                                        |   |    |                                                                                                    |   |    |                                                                  |   |    |         214,522                                                                         |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Issuance      of common stock                                                        |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   for      services                                                        |                                                                                                    |   |    |                                                                      |   |        2,000,000                                                                                                    |   |    |       2,000                                                   |   |    |           118,000                                                                   |   |    |                                                                                                    |   |    |                                                                  |   |    |         120,000                                                                         |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Issuance      of common shares for                                                   |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   conversion      of preferred shares                                      |     (79,885)                                                                        |   |    |       (80)                                  |   |              83,500                                                              |   |    |             84                  |   |    |                    (4)                 |   |    |                                                                                                    |   |    |                                                                  |   |    |                      - |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Issuance      of common stock                                                        |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   for      services                                                        |                                                                                                    |   |    |                                                                      |   |          2,655,172                                                                                   |   |    |        2,655                                             |   |    |             10,620                                                             |   |    |                                                                                                    |   |    |                                                                  |   |    |            13,275                                                        |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Issuance      of common stock                                                        |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   stock      based compensation                                            |                                                                                                    |   |    |                                                                      |   |      34,482,758                                                                                                          |   |    |    34,483                                                                    |   |    |            137,931                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |          172,414                                                                   |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Issuance      of commons stock                                                       |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   stock      based compensation                                            |                                                                                                    |   |    |                                                                      |   |      34,482,758                                                                                                          |   |    |    34,483                                                                    |   |    |            137,931                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |          172,414                                                                   |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Issuance      of common shares for                                                   |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   conversion      of preferred shares                                      |          (500)                                             |   |    |           (1)           |   |              50,000                                                              |   |    |             50                  |   |    |                  (50)                            |   |    |                                                                                                    |   |    |                                                                  |   |    |                      - |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Reverse      stock split 50 to 1                                                     |                                                                                                    |   |    |                                                                      |   |   (141,825,063)                                                                                                                         |   |    |  (141,825)                                                                             |   |    |           64,940                                                                    |   |    |                                                                                                    |   |    |                                                                  |   |    |         (76,885)                                                                        |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Net      loss for the year                                                           |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
|   ended      December 31, 2007                                             |                  - |   |    |             - |   |                         - |   |    |                - |   |    |                       - |   |    |                  - |   |    |           (651,143) |   |    |        (651,143)                                                                             |
|                                                                                 |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Balance,      December 31, 2007                                                      |    129,849                                                                               |   |  $ |         131                       |   |        2,995,279                                                                                               |   |  $ |       3,995                                                   |   |  $ |    22,672,818                                                                                                          |   |  $ |         1,000                                                   |   |  $ |    (22,695,375)                                        |   |  $ |           (17,431)                                                            |
| Note:       See Note 6                                                          |                                                                                                    |   |    |                                                                      |   |                                                                                                                                              |   |    |                                                                                        |   |    |                                                                                                                                  |   |    |                                                                                                    |   |    |                                                                  |   |    |                                                                                                                            |
| Note:       For red highlighted items see Note 6                                |
| The      accompanying notes are an integral part of these financial      statements. |

----

Index to Annual Report

| U.S.      CANADIAN MINERALS, INC.                                                    |   |
|--------------------------------------------------------------------------------------|--------|
| (A      Development Stage Company)                                                   |   |
| Revised      Statements of Cash Flows                                                |   |
|                                                                                 |   |   |   |   |   |   |   | From      Inception |   |
|                                                                                 |   |   |   |   |   |   |   | on      January 1, |   |
|                                                                                 |   | For      the Years Ended |   |   |   |   |   | 2004      Through |   |
|                                                                                 |   | December      31, |   |   |   |   |   | December      31, |   |
|                                                                                 |   | 2007 |   |   | Revised      2006 |   |   | 2007 |   |
| CASH      FLOWS FROM   OPERATING ACTIVITIES                           |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                        |   | $ | (240,186 | ) |   | $ | (118,563 | ) |   | $ | (6,575,802 | ) |
| Discontinued      operations                                                         |   |   | 214,984 |   |   |   | (692,960 | ) |   |   | (1,149,801 | ) |
| Adjustments      to reconcile net loss to                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|   net      cash used by operating activities:                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation      expense                                                            |   |   | - |   |   |   | - |   |   |   | 14,976 |   |
| Stock  issued      for services                                            |   |   | - |   |   |   | - |   |   |   | 1,000,632 |   |
| Stock      based compensation                                                        |   |   | - |   |   |   | - |   |   |   | 531,781 |   |
| Changes      in operating assets and liabilities                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| (Increase)      decrease in deposits                                                 |   |   | - |   |   |   | - |   |   |   | (5,227 | ) |
| Increase      (decrease) in accounts payable                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   and      accrued expenses                                                |   |   | - |   |   |   | - |   |   |   | 386,900 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Used by                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|    Operating      Activities                                          |   |   | (25,202 | ) |   |   | (811,523 | ) |   |   | (5,796,541 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to property and equipment                                             |   |   | - |   |   |   | - |   |   |   | (1,785,299 | ) |
| Loans      made                                                                      |   |   | - |   |   |   | - |   |   |   | (915,239 | ) |
| Proceeds      from mineral properties                                                |   |   | - |   |   |   | 62,227 |   |   |   | 551,227 |   |
| Proceeds      from investments                                                       |   |   | - |   |   |   | - |   |   |   | 704,783 |   |
| Additions      to investments                                                        |   |   | - |   |   |   | - |   |   |   | (1,517,163 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Used by Investing Activities                                           |   |   | - |   |   |   | 62,227 |   |   |   | (2,961,691 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds      from loans                                                             |   |   | 22,138 |   |   |   | 555,162 |   |   |   | 2,242,247 |   |
| Repayment      of loans                                                              |   |   | - |   |   |   | - |   |   |   | (140,936 | ) |
| Recission      of common stock                                                       |   |   | - |   |   |   | - |   |   |   | (879,500 | ) |
|          Stock based compensation                                     |   |   | 384,828  |   |   |   | - |   |   |   | 856,609  |   |
|     Stock      issued for services                               |   |   | 317,972  |   |   |   | - |   |   |   | 1,318,604   |   |
| Proceeds      from common stock and preferred stock                                  |   |   | - |   |   |   | 195,080 |   |   |   | 7,541,128 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Cash Provided by                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|    Financing      Activities                                          |   |   | 22,138 |   |   |   | 750,242 |   |   |   | 8,762,939 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      DECREASE IN CASH                                                            |   |   | (3,064 | ) |   |   | 946 |   |   |   | 4,707 |   |
| CASH      AT BEGINNING OF PERIOD                                                     |   |   | 7,771 |   |   |   | 6,825 |   |   |   | - |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      AT END OF PERIOD                                                           |   | $ | 4,707 |   |   | $ | 7,771 |   |   | $ | 4,707 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| SUPPLIMENTAL      DISCLOSURES OF                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      FLOW INFORMATION                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      PAID FOR:                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                                                                             |   | $ | - |   |   | $ | 30,036 |   |   | $ | 161,832 |   |
| Income      Taxes                                                                    |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NON      CASH FINANCING ACTIVITIES                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock      issued for mineral properties                                             |   | $ | - |   |   | $ | - |   |   | $ | 45,000 |   |
|   Note:       For red highlighted items see Note 6                         |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these financial      statements. |

----

Index to Annual Report

----

Index to Annual Report

|                      |   | For      the Year Ended   December      31, 2007 |      |   | For      the Year Ended December 31, 2006 |   |
|---------------------------|--------|-------------------------------------------------------|-----------|--------|-------------------------------------------|--------|
| Loss      (numerator)     |   | $                                                     | (651,143  | )      |                                      | $      | (811,523 | ) |
| Shares      (denominator) |   |                                                  | 2,765,615 |   |                                      |   | 2,117,241 |   |
| Per      share amount     |   | $                                                     | (0.2354   | )      |                                      | $      | (0.0560 | ) |

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Index to Annual Report

|                                      |   | 2007   |      |   | 2006   |   |
|-------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Book      income (Loss)                   |   | $      | (651,143  | )      |   | $      | (811,523 | ) |
| Common      stock issued for compensation |   |   | (384,828  | )      |   |   |   |   |
| Common      stock issued for services     |   |   | (317,972  | )      |   |   | (100,000 | ) |
| Valuation      allowance                  |   | $      | 1,353,943 |   |   | $      | 911,523 |   |

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| 1.   | Reference      to the going concern footnote in the auditors report has been corrected to      reflect the correct notenumber. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Stockholders’      equity section of the balance sheet Common stock shares issued for 2006      now reflects the retroactive carry back of the 50-to-one reverse stock      split. Generally Accepted Accounting Principles requires the all stock      figures disclosed on comparative financial statements to retroactively      reflect any stock splits. Common stock issued and outstanding as of      December 31, 2006 has been changed from 107,455,087 to      2,149,102. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Additional      paid in capital section of the balance sheet has been changed for the year      ending December 31, 2007 to reflect the issuance of stock for services and      compensation at the market value of the shares on the date of issue.      Previously reported common stock issuances for shares and compensation had      been recorded at par value.  This revision changed the      Additional paid in capital from $22,047,878 to      $22,672,818. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Other      additional procedures were applied to the shares issued for services to      recalculate the cost of issuing those shares and disclosing the      appropriate amounts for expenses related to those services. The previously      issued report recorded the shares at par value. Per accounting standards,      if the shares of a corporation are issued in exchange for services or      property rather than for cash, the transaction should be reflected at the      fair value of the property or services received. If this information is      not readily available, then |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 4.   the      transaction should be recorded at the fair value of the shares that were      issued. During   the 2007 year the Company issued      73,859,885 shares of common stock for services. All issuances were      previously recorded at par value with expense of $76,860 being recorded.      Applying the quoted market price at the time of issuance of the stock for      services increased additional paid in capital and operating expenses      reported for services by$317,972. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Stock      based Compensation issued to employees as compensation for services      rendered should be accounted for at the fair value of the services      performed, if determinable, or the value of the shares issued. The      previously issued financial statements recorded the stock issued as      compensation at par value. We have corrected this error by recording the      stock issued as compensation at the quoted market price on the date of      issuance. This correction of an error has increased additional paid in      capital and General and Administrative expenses by      $384,828. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | The      amount previously reported as gain (loss) from discontinued operations has      been reclassed to gain on sale of assets. This amount is from the sale of      the Company’s 80% interest in a mining company. Statement of Financial      Accounting Standards No. 95, Statement of Cash Flows,      states that receipts from sales of property, plant and equipment      and other productive assets are cash inflows from investing activities.      This reclassification changed the net loss from continuing operations from      $214,984 to $0 and the gain on sale of assets from $0 to $214,894. This      also changed the net loss from continuing operations by increasing other      income, thus reducing the net loss from operations by      $214,984. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Basic      loss per share disclosures for 2006 have been changed to reflect the      retroactive treatment of the 50-to-1 reverse stock split. The originally      reported weighted average number of shares outstanding has been changed      from 107,455,087 to 2,177,241. This changed the basic loss per shares      disclosure for 2006 from (.0011) per share to (.0560) per share for      continuing operations and (.0064) per share to (.3273) per share for      discontinued operations. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Basic      loss per share disclosures for 2007 have been changed to reflect the      recalculation of the weighted average number of shares due to the omission      of 1,000,000 shares issued on February 15, 2007 and the miscalculation of      the figure. The weighted average number of shares changed from 2,995,279      to 2,765,615. This changed the basic loss per shares disclosure for 2007      from (.0802) per share to (.2354) per share for continuing operations and      (.0718) per share to (.0000) per share for discontinued      operations. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | The      statement of cash flows has changed to reflect the correct treatment of      the recorded stock based compensation and stock issued for services. Both      of these items had previously been reported in the cash flows from      continuing operations section of the cash flows statement. Statement of      Financial Accounting Standards No. 95, Statement of Cash Flows,      states that receipts from sales of property, plant and equipment      and other productive assets are cash inflows from investing      activities. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | The      statement of stockholders equity has been expanded to disclose activity      from January 1, 2004 to December 31, 2007.  Disclosure of this      information allows the stockholder to evaluate the activity of the company      since the change of its business focus on January 1,    2004. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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ITEM8. 

ITEM8A.    

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ITEM 8B.   

ITEM9. 

| Name                                         | Age        | Office(s)      Held                                                                                                                                   |
|----------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Adam      Jenn Van      der Bok Busboom | 51 52 | Chief      Executive Officer, President and Chairman of the Board of      Directors. Chief      Financial Officer ,Secretary and Treasurer,  Director |

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| 1.   | Reviewed      and discussed the audited financial statements with management,      and |
|----------------|----------------------------------------------------------------------------------------|

| 2.   | Reviewed      and discussed the written disclosures and the letter from our independent      auditors on the matters relating to the auditor's      independence. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Name      and principal position | Number      oflate      reports | Transactions      nottimely      reported | Known      failures tofile      a required form |
|----------------------------------|---------------------------------|-------------------------------------------|-------------------------------------------------|
| Adam      Jenn                   | 0                               | 0                                         | 0                                               |
| Van      der Bok Busboom         | 0                               | 0                                         | 0                                               |

ITEM10. 

|                                                                                    | SUMMARY      COMPENSATION TABLE |                 |
|-----------------------------------------------------------------------------------------|---------------------------------|----------------------|
| NameandprincipalPosition                                                                | Year                            | Salary ($)      | Bonus($) |  StockAwards($) | OptionAwards($) | Non-EquityIncentive      PlanCompensation($) | NonqualifiedDeferredCompensationEarnings      ($) | All      Other Compensation($) | Total($) |
| Adam      JennCEO  and      DirectorVan      der Bok BusboomCFO      Director |  20072007                  |  180,000180,000 |  -- |  -- |  -- |  -- |  -- |  -- |  180,000180,000  |

| 1)   | Compensation      to CEO and CFO in 2007 consisted of $45,000 each in Cash , the balance is      still owed by the Company.                                                            |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2)   | Consulting      Agreements with both the CEO and the CFO provide for bonuses of 1,000,000      common shares each for the completion of the 2004 and the completion of      the 2005 audit. |

| 3)   | Consulting      agreements with both the CEO and the CFO provide for a bonus of 10% of any      Capital or value brought into the Company by  them.  |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

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ITEM11.  

|  Title      of class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Name      and addressof      beneficial owner                                                                                                                                                                                    | Amount      ofbeneficial      ownership      | Percentof      class                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|--------------------------------------------|
| Executive      Officers & Directors:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Common   Preferred      “A”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Adam      Jenn (First Star Strategies Inc) Van      der Bok Busboom (Maria Regina Caeli Management Corp) Adam      Jenn (First Star Strategies Inc) Van      der Bok Busboom (Maria Regina Caeli Management Corp) | 767,579 767,579 56,666 49,333 | 25.62% 25.62% 43.64% 37.99% |
| Total      of All Directors and Executive Officers:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1,535,158      common105,999      Preferred “A”                                                                                                                                                                      | 51.24%81.63%                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| More      Than 5% Beneficial      Owners:                                                                                                                                                                                          NIL |
| Total      of More Than 5% Beneficial Owners:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | NIL                                                                                                           |                                         |

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ITEM 12. 

ITEM13.  

| Exhibit      Number | Description                                                                                                                                                                                 |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1                | Certification      of Chief Executive Officer pursuant to Securities Exchange Act Rule      13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002  |
| 31.2                | Certification      of Chief Financial Officer pursuant to Securities Exchange Act Rule      13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002  |
| 32.1                | Certification      of Chief Executive Officer and Chief Financial Officer pursuant to 18      U.S.C. Section 1350, as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of2002 |

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ITEM14.     

| Calendar      Year-end | Audit      Services                                       | Audit      Related Fees | Tax      Fees | Other      Fees |
|------------------------|-----------------------------------------------------------|-------------------------|---------------|-----------------|
| 2005                   | $38,000      *                                            |  -0-               | -0-           | -0-             |
| 2006                   | $3,000      **                                            |  -0-               | -0-           | -0-             |
| 2007                   |      $4,500   *** |  -0-               |  -0-     | -0-             |

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| U.S.      CANADIAN MINERALS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                             |
| By:      /s/    Adam      Jenn                                                                                        | Date:       August 20, 2008 |
| Adam      Jenn                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                             |
| President,      CEO, Director                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                             |

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