UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-Q





(X
      )
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITES EXCHANGE ACT OF
      1934





For the
      quarter period ended October 31,
2008





(  )
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE EXCHANGE
  ACT





For the
      transition period
      form                                                      
      toCommission File
      number    333-145879





SIGA RESOURCES,
      INC.


(Exact name of small
business issuer as specified in its charter)





Nevada
            74-3207964(State
      or other jurisdiction of incorporation or organization)
            (IRS Employer Identification
      No.)





8 Nairal Road, Ralwai, Suva,
      Fiji(Address
      of principal executive offices)





(679) 338-6092(Issuer’s
      telephone number)





N/A(Former
      name, former address and former fiscal year, if changed since last
      report)





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





APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY


PROCEEDINGS
DURING THE PROCEDING FIVE YEARS





Check whether the registrant filed all
documents and reports required to be filed by Section 12, 13 or 15(d) of the
Exchange Act after the distribution of securities under a plan confirmed by a
court.  Yes□No □





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





APPLICABLE
ONLY TO CORPORATE ISSUERS





State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of the latest practicable date:





November
30, 2008: 43,785,000 common shares





Transitional
Small Business Disclosure format (Check one):   Yes
[   ]  No [X]











-1-








INDEX





Page
              NumberPART
      1.
            FINANCIAL
      INFORMATIONITEM 1.
            Financial
      Statements (unaudited)
            3Balance
      Sheet as at October 31, 2008 and July 31, 2008
            4Statement
      of Operations
              For
      the three months ended October 31, 2008 and 2007 and for the period
      January 18, 2007 (Date of Inception) to October 31, 2008
            5Statement
      of Cash Flows
              For
      the three months ended October 31, 2008 and 2007 and for the period
      January 18, 2007 (Date of  Inception) to October 31,
      2008
            6Notes
      to the Financial Statements.
            7ITEM 2.
            Management’s
      Discussion and Analysis or Plan of Operations
            11ITEM 3.
            Controls
      and Procedures
            20PART
      11.
            OTHER
      INFORMATION
            21ITEM 1.
            Legal
      Proceedings
            21ITEM 2.
            Unregistered
      Sales of Equity Securities and Use of Proceeds
            21ITEM 3.
            Defaults
      Upon Senior Securities
            21ITEM 4.
            Submission
      of Matters to a Vote of Security Holders
            21ITEM 5.
            Other
      Information
            21ITEM 6.
            Exhibits
      and Reports on Form 8-K
            21SIGNATURES.
            22











-2-














PART
1 – FINANCIAL INFORMATION




ITEM
1.   FINANCIAL STATEMENTS




The
accompanying balance sheets of Siga Resources, Inc. (a pre-exploration stage
company) at October 31, 2008 (with comparative figures as at July 31, 2008) and
the statement of operations for the three months ended October 31, 2008 and 2007
and for the period from January 18, 2007 (date of incorporation) to October 31,
2008 and the statement of cash flows for the three months ended October 31, 2008
and 2007 and for the period from January 18, 2007 (date of incorporation) to
October 31, 2008 have been prepared by the Company’s management in conformity
with accounting principles generally accepted in the United States of
America.  In the opinion of management, all adjustments considered
necessary for a fair presentation of the results of operations and financial
position have been included and all such adjustments are of a normal recurring
nature.





Operating
results for the quarter ended October 31, 2008 are not necessarily indicative of
the results that can be expected for the year ending July 31, 2009.








-3-













SIGA
RESOURCES, INC.


(A
Pre-exploration Stage Company)


BALANCE
SHEETS





(Unaudited
– Prepared by Management)





October
      31,2008
            July
      31,2008ASSETSCURRENT
      ASSETSCash
            $    104
            $    2,025Total Current
    Assets
            $    104
            $      2,025LIABILITIES
      AND STOCKHOLDERS’ DEFICIENCYCURRENT
      LIABILITIESAccounts payable
            $     12,040
            $     12,076Accounts payable – related
      parties
            21,377
            17,932Total Current
      Liabilities
            33,417
            30,008STOCKHOLDERS’
      DEFICIENCYCommon
      stock500,000,000 shares authorized, at
      $0.001 par value;43,785,000 shares issued and
      outstanding
            43,785
            43,785Capital in excess of par
      value
            12,465
            8,115Deficit accumulated during the
      pre-exploration stage
            (89,563)
            (79,883)Total Stockholders’
      Deficiency
            (33,313)
            (27,983)$   104
            $     2,025










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








-4-










SIGA
RESOURCES, INC.


(A
Pre-exploration Stage Company)


STATEMENT
OF OPERATIONS


For three
months ended October 31, 2008 and 2007 and for the period from January 18, 2007
(date of inception) to October 31, 2008





(Unaudited
– Prepared by Management)





Three
      monthsended
              October
      31,2008
            Three
      monthsended
              October
      31,2007
            From
      January 18, 2007 (dated of inception) to October 31,2007REVENUES
            $
      -
            $   -
            $   -EXPENSESAccounting and
      auditing
            1,550
            1,550
            14,100Bank charges and
      interest
            22
            233
            341Consulting
            -
            7,500
            17,000Edgarizing
            250
            1,582
            2,898Exploration and
      staking
            -
            -
            5,000Filing fees
            -
            3
            1,695Incorporation
    costs
            -
            -
            720Legal
            664
            5,000
            10,482Management fees
            3,000
            3,000
            21,000Office
            154
            441
            1,870Rent
            900
            900
            6,300Telephone
            450
            450
            3,150Transfer agent’s
    fees
            2,690
            1,016
            5,007NET
      LOSS FROMOPERATIONS
            $  (9,680)
            $   (21,675)
            $  (89,563)NET
      LOSS PER COMMONSHAREBasic
      and diluted
            $  (0.00)
            $   (0.00)AVERAGE
      OUTSTANDINGSHARESBasic
            43,785,000
            43,785,000





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







-5-







SIGA
RESOURCES, INC.


(A
Pre-exploration Stage Company)


STATEMENT
OF CASH FLOWS





For the
three months ended October 31, 2008 and 2007 and for the period from January 18,
2007 (date of inception) to October 31, 2008





(Unaudited
– Prepared by Management)





Three
      monthsended
              October
      31,2008
            Three
      monthsended
              October
      31,2007
            From
      January 18,2007
              (date
      of inception) to
              October 31, 2008CASH
      FLOWS FROM OPERATINGACTIVITIES:Net
      loss
            $    (9,680)
            $   (21,675)
            $  (89,563)Adjustments
      to reconcile net loss to net cashprovided
      by operating activities:Changes
      in accounts payable
            (36)
            (868)
            12,040Capital
      contributions – expenses
            4,350
            4,350
            30,450Net
      Cash  Provided (Used) in Operations
            (5,366)
            (18,193)
            (47,073)CASH
      FLOWS FROM INVESTINGACTIVITIES:
            -
            -
            -CASH
      FLOWS FROM FINANCINGACTIVITIESProceeds from loan from related
      party
            3,445
            441
            21,377Proceeds from issuance of common
      stock
            -
            -
            25,8003,445
            441
            47,177Net
      (Decrease) Increase in Cash
            (1,921)
            (17,752)
            104Cash
      at Beginning of Period
            2,025
            23,285
            -CASH
      AT END OF PERIOD
            $  104
            $    5,533
            $        104







The
accompanying notes are an integral part of these unaudited financial
statements







-6-














SIGA
RESOURCES, INC.


(A
Pre-exploration Stage Company)


NOTES
TO FINANCIAL STATEMENTS


October
31, 2008





(Unaudited
– Prepared by Management)





1.           ORGANIZATION





The
Company, Siga Resources Inc., was incorporated under the laws of the State of
Nevada on January 18, 2007 with the authorized capital stock of 300,000,000
shares at $0.001 par value.  On January 31, 2008, the Secretary of
State for Nevada approved an amendment to the Articles of Incorporation where
the total number of shares of common stock was increased to 500,000,000 shares
of common stock with a par value of $0.001 per share.





The
Company was organized for the purpose of acquiring and developing mineral
properties.  At the report date mineral claims, with unknown reserves,
had been acquired.  The Company has not established the existence of a
commercially minable ore deposit and therefore has not reached the development
stage and is considered to be in the pre-exploration stage.





2.           SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES





Accounting
Methods





The
Company recognizes income and expenses based on the accrual method of
accounting.





Dividend
Policy





The
Company has not yet adopted a policy regarding payment of
dividends.





Basic and Diluted Net
      Income (loss) Per Share





Basic
      net income (loss) per share amounts are computed based on the weighted
      average number of shares actually outstanding.   Diluted
      net income (loss) per share amounts are computed using the weighted
      average number of common and common equivalent shares outstanding as if
      shares had been issued on the exercise of the common share rights unless
      the exercise becomes antidulutive and then only the basic per share
      amounts are shown in the report.





Evaluation of Long-Lived
Assets





The
Company periodically reviews its long term assets and makes adjustments, if the
carrying value exceeds fair value.





Income
Taxes





The
Company utilizes the liability method of accounting for income
taxes.  Under the liability method deferred tax assets and liabilities
are determined based on differences between financial reporting and the tax
bases of the assets and liabilities and are measured using the enacted tax rates
and laws that will be in effect, when the differences are expected to be
reversed.   An allowance against deferred tax assets is recorded,
when it is more likely than not, that such tax benefits will not be
realized.









-7-





SIGA
RESOURCES, INC.


(A
Pre-exploration Stage Company)


NOTES
TO FINANCIAL STATEMENTS


October
31, 2008





(Unaudited
– Prepared by Management)





2.           SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES - Continued





Income Taxes -
continued





On
October 31, 2008 the Company had a net operating loss carry forward of $89,563
for income tax purposes.  The tax benefit of approximately $26,800
from the loss carry forward has been fully offset by a valuation reserve because
the future tax benefit is undeterminable since the Company is unable to
establish a predictable projection of operating profits for future
years.  Losses will expire on 2029.





Foreign Currency
Translations





Part of
the transactions of the Company were completed in Canadian dollars and have been
translated to US dollars as incurred, at the exchange rate in effect at the
time, and therefore, no gain or loss from the translation is
recognized.  The functional currency is considered to be US
dollars.





Revenue
Recognition





Revenue
is recognized on the sale and delivery of a product or the completion of a
service provided.





Advertising and Market
Development





The company expenses advertising and
market development costs as incurred.





Financial
Instruments





The
      carrying amounts of financial instruments are considered by management to
      be their fair value due to their short term
  maturities.





Estimates and
Assumptions





Management
uses estimates and assumptions in preparing financial statements in accordance
with general accepted accounting principles.  Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses.   Actual results could vary from the estimates that
were assumed in preparing these financial statements.





Statement of Cash
      Flows





For
      the purposes of the statement of cash flows, the Company considers all
      highly liquid investments with a maturity of three months or less to be
      cash equivalents.







-8-










SIGA
      RESOURCES, INC.


(A
Pre-exploration Stage Company)


NOTES
TO FINANCIAL STATEMENTS


October
31, 2008





(Unaudited
      – Prepared by Management)





2.           SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES - Continued





Unproven Mining Claim
Costs





Cost of
acquisition, exploration, carrying and retaining unproven properties are
expensed as incurred.





Environmental
      Requirements





At
      the report date environmental requirements related to the mineral claim
      acquired are unknown and therefore any estimate of any future cost cannot
      be made.





Recent Accounting
Pronouncements





The
Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial
statements.





3.           AQUISITION
OF MINERAL CLAIM





On
      March 11, 2007, the Company acquired the Valolo Gold Claim located in the
      Republic of Fiji for the consideration of $5,000 including a geological
      report.  The Valolo Gold Claim is located 10 miles east of the
      town of Korovou , Fiji.  Under Fijian law, the claim remains in
      good standing as long as the Company has an interest in
      it.   There is no annual maintenance fee or minimum
      exploration work required on the
Claim.





4.           SIGNIFICANT
TRANSACTIONS WITH RELATED PARTY





Officers-directors
and their families have acquired 60% of the common stock issued and have made no
interest, demand loans to the Company of $21,377 and have made contributions to
capital of $30,450 in the form of expenses paid for the Company.





5.           CAPITAL
STOCK





On July
11, 2007, Company completed a private placement consisting of 750,000 common
shares sold to directors and officers at a price of $0.001 per share for a total
consideration of $750.  On July 31, 2007, the Company completed a
private placement of 501,000 common shares at $0.05 per share for a total
consideration of $25,050.





On
      January 16, 2008, the directors of the Company approved a resolution to
      forward split the common shares of the Company based on a 35 new shares
      for each old share held by the shareholders (“Forward
      Split”).   As a result of the Forward Split the common
      shares increased from 1,251,000 common shares with a par value of $0.001
      per share to 43,785,000 common shares with a par value of $0.001 per
      share.  The 43,785,000 post split common shares are shown as
      split from the date of inception.








-9-








SIGA
      RESOURCES, INC.


(A
Pre-exploration Stage Company)


NOTES
TO FINANCIAL STATEMENTS


October
31, 2008





(Unaudited
      – Prepared by Management)





6.
            GOING
      CONCERN





The
      Company will need additional working capital to service its debt and to
      develop the mineral claims acquired, which raises substantial doubt about
      its ability to continue as a going concern.   Continuation
      of the Company as a going concern is dependent upon obtaining additional
      working capital and the management of the Company has developed a
      strategy, which it believes will accomplish this objective through
      additional equity funding, and long term financing, which will enable the
      Company to operate for the coming
year.










-10-














ITEM
2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OR


PLAN
OF OPERATIONS





The
following discussion should be read in conjunction with the information
contained in the financial statements of Siga Resources, Inc. (“Siga”) and the
notes which form an integral part of the financial statements which are attached
hereto.





The
financial statements mentioned above have been prepared in conformity with
accounting principles generally accepted in the United States of America and are
stated in United States dollars.





We were
incorporated in the State of Nevada on January 18, 2007, and established a
fiscal year end of July 31.  We do not have any subsidiaries,
affiliated companies or joint venture partners.




We are a
start-up, pre-exploration stage company engaged in the search for gold and
related minerals and have not generated any operating revenues since
inception.  We have one claim call the Valolo Claim located in
Fiji.  We have incurred losses since inception and we must raise
additional capital to fund our operations.   There is no
assurance we will be able to raise this capital.




There is
no assurance that a commercially viable mineral deposit, a reserve, exists at
our mineral claim or can be shown to exist until sufficient and appropriate
exploration is done and a comprehensive evaluation of such work concludes
economic and legal feasibility.   Such work could take many years
of exploration and would require expenditure of very substantial amounts of
capital, capital we do not currently have and may never be able to
raise.




Our sole
holding is a 100% interest in the Valolo Gold Claim located in the Republic of
Fiji. Siga acquired the Valolo Claim for the sum of $5,000. We own no property
other than the Valolo Claim.




As of the
date of this Form 10-Q, we have not conducted any exploration work on the Valolo
Claim.We do not
have funds sufficient to complete Phase 1 of a two-phase exploration program
recommended for the Valolo Claim.  Nevertheless, we are hoping to
start Phase I by no later than the Spring of 2009 through advances from our
directors.





We have
no full time employees and our management devotes a small percentage of their
time to the affairs of Siga.





Our
administrative office is located at 8 Nairal Road, Ralwai, Suva, Fiji.Our
telephone number is (679) 338-6092.




DESCRIPTION
OF THE PROPERTY




Particulars
of the Valolo Claim, our sole mineral property follows.




Location
and Access




The
Valolo Claim is located approximately 15 kilometers (9 miles) south of Korovou,
Fiji.  The area covered by the Claim is an active mineral exploration
and development region with plenty of heavy equipment and operators available
for hire.  Korovou provides all necessary amenities and supplies
including, fuel, helicopter services, hardware, drilling companies and assay
services.  Access to our Claim is via major highway west from
Korovou.   No water is required for the purposes of our planned
exploration work.  No electrical power is required at this stage of
exploration.  Any electrical power that might be required in the
foreseeable future could be supplied by gas powered portable
generators.





The
claim’s terrain is rugged with elevations ranging from of 1,420 feet to 2,650
feet.  Tropical mountain forests grow at lower elevations in the
northeast corner of the claim and good rock exposure is found along the peaks
and ridges in the eastern portion of the claim. The climate is mild year round
with the rainy season falling from May to October.






-11-






Property
Geology





A belt of
volcanic rocks, of the Savura Volcanic Group, underlies the
property.  These volcanic rocks are exposed along a wide axial zone of
a broad complex.  The presence of these rocks is on our property is
relevant to us as gold mineralization, at the nearby (approximately 20 miles to
the west of our claim) Nasoata Gold Mine, a past producer of gold in commercial
quantities, is generally concentrated within extrusive volcanic rocks (of the
Savura Volcanic Group) on the walls of large volcanic caldera.





The main
igneous intrusions consist of  ‘Medrausucu’ consisting of tholetic
gabbros, tonalities and tondjhemites.




Theoletic
Gabbros, for example, are generally are a greenish or dark coloured fine to
coarse grained rock. Irregular shaped masses of so called "soda granite" are
seen in both sharp and gradational contact with the diorite. The different
phases of Medrausucu are exposed from north of the Valolo Gold Claim to
just east of the town of Korovou and are principal host rocks for gold veins at
the previously mentioned Nasoata Gold Mine.




On a
regional basis the area of Fiji in which the Valolo Claim is located is notable
for epi-thermal type gold deposits such as that exploited at the previously
mentioned Nasoata Gold Mine. While no mineralization has been reported for the
area covered by the Valolo Claim, structures and shear zones affiliated with
mineralization on adjacent properties pass through the claim.




Previous
Exploration





To our
knowledge based on examination by our geologist of available records, no
detailed exploration has previously been undertaken on the area covered by the
Valolo Claim.





However,
numerous showings of mineralization have been discovered in the area and several
prospects in the area have achieved significant gold production (an aggregate of
1.11 million ounces of gold reported between 1956 and 2002) in the
past.  The same rock units, of the Savura Volcanic Group that are
found at those mineral occurrences underlie our claim. The Bhatt’ Report has
concluded that further exploration of the Valolo Claim is
warranted.





No
assurance, however, can be given that any mineralization will found on the
Valolo Claim.




Proposed Exploration
Work – Plan of Operation




The
Bhatt’ Report recommends a phased exploration program to properly evaluate the
potential of the Valolo Claim.  Mr.
Bhatt is a registered member in good standing of the Geological Society of
Fiji.  He is a graduate of University of Queensland, Brisbane,
Australia with both a Bachelor of Science degree, Geology (1971) and a Master of
Science (1975).  Mr. Bhatt has practiced his profession as a geologist
for over 33 years.  He visited our claim in March 2007.




We must
conduct exploration to determine what minerals exist on our property and whether
they can be economically extracted and profitably processed. We plan to proceed
with exploration of the Valolo Claim by completing Phase I of the work
recommended in the Bhatt Report, in order to begin determining the potential for
discovering commercially exploitable deposits of gold on our claim.




We have
not discovered any ores or reserves on the Valolo Claim, our sole mineral
property. Our planned Phase I work is exploratory in nature.




The Bhatt
Report recommends a two-phase exploration program to properly evaluate the
potential of the claim.  Phase I work will consist of geological
mapping and geophysical surveying.  This will involve, among other
things, establishing a grid and the creation of maps showing all features of the
terrain of our claim. We will create an actual grid on the ground whereby items
can be related one to another more easily and with greater accuracy. When we
map, we will actually draw a scale map of the area and make notes on it as to
the location where anything (e.g. potential mineralization) was found that was
of interest.  In the process we will also identify any showings which
appear to warrant sampling, i.e. any rock








-12-






formations
that appear to warrant our taking soil and rock samples from the claims to a
laboratory where a determination of the elemental make-up of the sample and the
exact concentrations of gold and other indicator minerals can be made. We
anticipate, based on the estimate contained in the Bhatt Report, that Phase I
work will cost approximately$10,900 (Fiji $17,800).  The Valolo Claim
is located in a tropical climatic area so the claim can be worked year round. We
anticipate starting Phase I before the end of the Spring of 2009.




Should
Phase I results warrant further work, and provided we are able to raise
additional funds to undertake additional work on the Valolo Claim, we would
undertake the Phase II work recommended in the Bhatt’ Report. The Phase II
geochemical and surface sampling work would be designed to compare the relative
concentrations of gold and other indicator minerals in samples so the results
from different samples can be compared in a more precise manner and plotted on a
map to evaluate their significance.




If an
apparent mineralized zone(s) is identified and narrowed down to a specific area
by the Phase I & II work, we would then consider (again subject to our
ability to raise additional funds to do so) the feasibility of diamond drilling
selected targets to test the apparent mineralized zones.  The cost of
such a program, assuming it is warranted, cannot be estimated at this
time.




The
recommended Phase II work is estimated to cost a further $13,860 (Fiji
$22,700).  At this point we have funds available to complete part of
Phase I only.  We will have to raise additional capital in order to
carry out Phase II, work or any other work beyond Phase I. Particularly since we
have a limited operating history, no reserves and no revenue, our ability to
raise additional funds might be limited.  If we are unable to raise
the necessary funds, we would be required to suspend Siga’s operations and
liquidate our company.




There are
no permanent facilities, plants, buildings or equipment on the Valolo
Claim.




Competitive
Factors




The
mining industry is highly fragmented. We are competing with many other
exploration companies looking for gold. We are among the smallest exploration
companies in existence and are an infinitely small participant in the mining
business which is the cornerstone of the founding and early stage development of
the mining industry. While we generally compete with other exploration
companies, there is no competition for the exploration or removal of minerals
from our claims. Readily available markets exist for the sale of gold.
Therefore, we will likely be able to sell any gold that we are able to recover,
in the event commercial quantities are discovered on the Valolo
Claims.  There is no ore body on the Valolo Claims.




Government
Regulation




Exploration
activities are subject to various national, state, foreign and local laws and
regulations in Fiji, which govern prospecting, development, mining, production,
exports, taxes, labor standards, occupational health, waste disposal, protection
of the environment, mine safety, hazardous substances and other matters. We
believe that we are in compliance in all material respects with applicable
mining, health, safety and environmental statutes and the regulations passed
thereunder in Fiji.




Environmental
Regulation




Our
exploration activities are subject to various federal, state and local laws and
regulations governing protection of the environment. These laws are continually
changing and, as a general matter, are becoming more restrictive. Our policy is
to conduct business in a way that safeguards public health and the environment.
We believe that our exploration activities are conducted in material compliance
with applicable laws and regulations. Changes to current local, state or federal
laws and regulations in the jurisdictions where we operate could require
additional capital expenditures and increased operating and/or reclamation
costs. Although we are unable to predict what additional legislation, if any,
might be proposed or enacted, additional regulatory requirements could render
certain exploration activities uneconomic.






-13-






Employees




Initially,
we intend to use the services of subcontractors for labor exploration work on
our claim.  At present, we have no employees as such although each of
our officers and directors devotes a portion of his time to the affairs of
Siga.  None of our officers and directors has an employment agreement
with us. We presently do not have pension, health, annuity, insurance, profit
sharing or similar benefit plans; however, we may adopt such plans in the
future. There are presently no personal benefits available to any
employee.




As
indicated above we will hire subcontractors on an as needed basis. We have not
entered into negotiations or contracts with any of potential
subcontractors.  We do not intend to initiate negotiations or hire
anyone until we are nearing the time of commencement of our planned exploration
activities.




LIQUIDITY
AND CAPITAL RESOURCES




We have not generated any revenues and
no revenues are anticipated until we begin removing and selling minerals, if
ever. Accordingly, we must raise cash from sources other than the sale of
minerals found on the Valolo Claim. That cash must be raised from other sources.
Our only other source for cash at this time is investment by others in
Siga.  We must raise cash to implement our planned exploration program
and stay in business.




Since our
business activity is related solely to the exploration and evaluation of the
Valolo Claim, it is the opinion of management that the most meaningful financial
information relates primarily to current liquidity and
solvency.   As at October 31, 2008, we had working capital
deficiency of $33,313.  As can be determined from the following table
Siga will require cash injections of $34,541 to enable Siga to meet its
anticipated expenses over the next twelve months.   The directors
and officers have committed to advance up to a further $25,000 cash in order
that we are adequately funded for the forthcoming twelve months.





Our
future financial success will be dependent on the success of the exploration
work on the Valolo Claim.   Such exploration may take years to
complete and future cash flows, if any, are impossible to predict at this
time.   The realization value from any mineralization, if any,
which may be discovered by us is largely dependent on factors beyond our control
such as the market value of metals produced, mining regulations in the Republic
of Fiji and foreign exchange rates.





Our
capital commitments for the next twelve months consist of expenses associated
with the completion of Phase I of our exploration program, estimated at
$10,900.   Including Phase I work, we will have to incur the
following estimated expenses over the next twelve months:





Expenses
            Amount
            DescriptionAccounting
      & Audit
            $  4,750
            Fees to
      the internal accountant for preparing the quarter and annual working
      papers for the financial statements to be reviewed and examined by the
      independent accountants.Audit
            4,000
            Review
      of the quarterly financial statements and examination of the annual
      financial statements and rendering an opinion thereon.Bank
      charges
            180
            Estimated bank
      chargesExploration
            10,900
            Completion
      of Phase IFiling
      fees
            275
            Annual
      fee to the Secretary of State for NevadaOffice
            1,000
            Photocopying,
      delivery and fax expensesTransfer
      agent’s fees
            1,500
            Preparation of
      share certificates and other documents periodically required by the
      CompanyEstimated
      expenses
            22,605Accounts
      Payable–
      October 31, 2008
            12,040
            Represents the
      amounts owed to third party creditors.Total
      estimated cash needed
            34,645Less:
      cash on hand –October
      31, 2008
            (104)Additional
      cash required
            $  34,541









-14-






As
indicated above, we intend to offset the cash shortfall of $34,541 by future
advances of cash of approximately $25,000 to the Company committed to by our
directors and officers.  Nevertheless, the amount advanced by the
directors will not be sufficient to ensure all our accounts payable are paid on
a timely basis.




We have
no plant or significant equipment to sell, nor are we going to buy any plant or
significant equipment during the next twelve months. We will not buy any
equipment until we have located a body of ore and we have determined it is
economical to extract the ore from our claim.




We may
attempt to interest other companies to undertake exploration work on the Valolo
Claim through joint venture arrangement or even the sale of part of the Valolo
Claim.  Neither of these avenues has been pursued as of the date of
this Form 10-Q.




Our
engineer has recommended a two-phase exploration program for the Valolo
Claim.  However, even if Phase I results suggest Phase II work is
warranted, we do not presently have the requisite funds and so will be unable to
complete anything beyond Phase I of the recommended exploration program until we
raise more money or find a joint venture partner to complete the exploration
work.  If we cannot find a joint venture partner and do not raise more
money, we will be unable to complete any work beyond Phase I of the exploration
program recommended by our engineer.  If we are unable to finance
additional exploration activities, we have no other plans.  We do not
intend to hire any employees at this time. All of the work on the Valolo Claim
will be conducted by unaffiliated independent contractors that we will hire. The
independent contractors will be responsible for surveying, exploration, and
excavation.  We may engage a geologist to assist in evaluating the
information derived from the exploration and excavation including advising us on
the economic feasibility of removing any mineralized material we may
discover.




Limited Operating History; Need for
Additional Capital




There is
no historical financial information about us upon which to base an evaluation of
our performance as an exploration corporation. We are a pre-exploration stage
company and have not generated any revenues from our exploration activities.
Further, we have not generated any revenues since our formation on January 18,
2007.  We cannot guarantee we will be successful in our exploration
activities. Our business is subject to risks inherent in the establishment of a
new business enterprise, including limited capital resources, possible delays in
the exploration of our properties, and possible cost overruns due to price and
cost increases in services.




Should we
be successful in our initial exploration activities, in order to become
profitable and competitive, we anticipate the need to invest considerable time
and capital in the exploration of our property before we could start production
of any minerals we may find. We must obtain additional equity or debt financing
to provide the capital required to fully implement our phased exploration
program.We
have no assurance that financing will be available to us on acceptable terms. If
financing is not available on satisfactory terms, we may be unable to commence,
continue, develop or expand our exploration activities. Even if available,
equity financing could result in additional dilution to existing
shareholders.




Overview




Our
financial statements contained herein have been prepared on a going concern
basis, which assumes that we will be able to realize our assets and discharge
our obligations in the normal course of business. We incurred a net loss, for
the period from the inception of our business on January 18, 2007 to October 31,
2008 of $89,563.  We did not earn any revenues during the
aforementioned period.






-15-






Our
financial statements included in this Form 10-Q have been prepared without any
adjustments that would be necessary if we become unable to continue as a going
concern and are therefore required to realize upon our assets and discharge our
liabilities in other than the normal course of operations.




We are
presently in the pre-exploration stage and there is no assurance that a
commercially viable mineral deposit, a reserve, exits in the Valolo Claim until
further exploration work is done and a comprehensive evaluation concludes
economic and legal feasibility.




Results
of Operations - three months ended October 31, 2008.




For the
period from January 18, 2007 (date of inception) to October 31, 2008, we had a
net loss of $89,563 and for the three months ended October 31, 2008 we had a net
loss of $9,680.  Our loss and the individual expenses incurred are
more fully described in the attached Statement of Operations as at October 31,
2008.




Balance
Sheet as at October 31, 2008




Total
cash and cash equivalents, as at October 31, 2008, was $104.  Our
working capital deficit as at October 31, 2008 was $33,313 when taking into
consideration $21,377 owed to related parties.




Our
working capital was derived from the completion of an initial seed capital
offering to directors, which raised $750 and a second private placement on July
31, 2007 raising a further $25,050.    No revenue was
generated during these periods.




Total
shareholders’ equity as at October 31, 2008 was a deficiency of
$33,313.  Total shares outstanding as at October 31, 2008 was
43,785,000.




No shares
have been issued subsequent to October 31, 2008.




RISK
FACTORS




An
investment in our common stock involves an exceptionally high degree of risk and
is extremely speculative. In addition to the other information regarding Siga
contained in this Form 10-Q, you should consider many important factors in
determining whether to purchase the shares in our Company.  The
following risk factors reflect the potential and substantial material risks
which could be involved if you decide to purchase shares.






We
lack an operating history and have losses, which we expect to continue into the
future. As a result, we may have to suspend or cease exploration activity or
cease operations.




While we
were incorporated in 2007, we have not yet conducted any exploration
activities.  We have not generated any revenues. We have no
exploration history upon which you can evaluate the likelihood of our future
success or failure.  Our net loss from inception to October 31, 2008,
the date of our most recent financial statements is $89,563.  Our
ability to achieve profitability and positive cash flow in the future is
dependent upon




*
            our
      ability to locate a profitable mineral property*
            our
      ability to locate an economic ore reserve*
            our
      ability to develop and profitably mine a mineral
  property*
            our
      ability to generate revenues*
            our
      ability to reduce exploration
costs.






-16-






Based
upon current plans, we expect to incur operating losses in future periods. This
will happen because there are expenses associated with the research and
exploration of our mineral property. We cannot guarantee we will be successful
in generating revenues in the future. Failure to generate revenues may cause us
to go out of business.




We have no known
ore reserves and we cannot guarantee we will find any gold and/or silver
mineralization
or, if we find gold and/or silver mineralization, that it may be economically
extracted. If we fail to find any gold and/or silver mineralization or if we are
unable to find gold and/or silver mineralization that may be economically
extracted, we will have to cease operations.




We have
no known ore reserves. Even if we find gold and/or silvermineralizationwe
cannot guarantee that any gold and/or silver mineralizationwill
be of sufficient quantity so as to warrant recovery. Additionally, even if we
find gold and/or silver mineralizationin
sufficient quantity to warrant recovery, we cannot guarantee that the ore will
be recoverable. Finally, even if any gold and/or silvermineralizationis
recoverable, we cannot guarantee that this can be done at a profit. Failure to
locate gold deposits in economically recoverable quantities will cause us to
cease operations.




Because
the probability of an individual prospect ever having reserves is extremely
remote, in all probability our property does not contain any reserves, and any
funds spent on exploration will be lost.




Because
the probability of an individual prospect ever having reserves is extremely
remote, in all probability our sole property, the Valolo Claim, does not contain
any reserves, and any funds spent on exploration will be lost. If we cannot
raise further funds as a result, we may have to suspend or cease operations
entirely which would result in the loss of our shareholders’
investment.




Because
our officers and directors do not have technical training or experience in
starting, and operating an exploration company nor in managing a public company,
we will have to hire qualified personnel to fulfill these functions. If we lack
funds to retain such personnel, or cannot locate qualified personnel, we may
have to suspend or cease exploration activity or cease operations which will
result in the loss of your investment.




None of
our management team has experience exploring for minerals, starting and
operating a mineral exploration company, nor do they have training in these
areas.  As a result their decisions and choices may not take into
account standard managerial approaches mineral exploration companies commonly
use. Consequently our ultimate financial success could suffer irreparable harm
due to certain of management's lack of experience.  Additionally, our
officers and directors have no direct training or experience in managing and
fulfilling the regulatory reporting obligations of a ‘public company’ like
Siga.  We will have to hire professionals to undertake these filing
requirements for Siga and this will increase the overall cost of operations. As
a result we may have to suspend or cease exploration activity, or cease
operations altogether, which will result in the loss of your
investment.




If
we don't raise enough capital for exploration, we will have to delay exploration
or go out of business, which will result in the loss of our shareholders’
investment.




We
estimate that, with funding committed by our management combined with our cash
on hand, we do not have sufficient cash to continue operations for twelve months
even if we only carry out Phase I of our planned exploration
activity.  We are in the pre-exploration stage.  We need to
raise additional capital to undertake Phase I.  We may not be able to
raise additional funds.  If that occurs we will have to delay
exploration or cease our exploration activity and go out of business which will
result in the loss of our shareholders’ entire investment in our
Company.




Since we are
small and have limited capital, we must limit our exploration and as a result
may not find an ore body. Without an ore
body, we cannot generate revenues.




The
possibility of development of and production from our exploration property
depends upon the results of exploration programs and/or feasibility studies and
the recommendations of duly qualified professional engineers and
geologists.  We are small company and do not have much
capital.  We must limit our exploration activity unless and until we
raise additional






-17-






capital.  Any
decision to expand our operations on our exploration property will involve the
consideration and evaluation of several significant factors beyond our
control.  These factors include, but are not limited to:




●
            Market
      prices for the minerals to be produced;●
            Costs
      of bringing the Valolo into production including exploration preparation
      of production feasibility studies and construction of production
      facilities;●
            Political
      climate and/or governmental regulations and
  controls;




●
            Ongoing
      costs of production;●
            Availability
      and cost of financing; and●
            Environmental
      compliance regulations and
restraints.




These
types of programs require substantial capital. Because we may have to limit our
exploration, we may not find an ore body, even though our property may contain
mineralized material. Without an ore body, we cannot generate
revenues.




Because our
officers and directors have other outside business activities and may not be in
a position to devote a majority of their time to our exploration activity, our
exploration activity may be sporadic which may result in periodic interruptions
or suspensions of exploration.




Our
President will be devoting only 15% of his time, approximately 24 hours per
month, to our business.  Our Chief Financial Officer and
Secretary-Treasurer will be devoting only approximately 10% of his time, or 16
hours per month to our operations. As a consequence of the limited devotion of
time to the affairs of our Company expected from management, our business may
suffer.  For example,  because our officers and directors
have other outside business activities and may not be in a position to devote a
majority of their time to our exploration activity, our exploration activity may
be sporadic or may be periodically interrupted or
suspended.   Such suspensions or interruptions may cause us to
cease operations altogether and go out of business.




We
may not have access to all of the supplies and materials we need to begin
exploration which could cause us to delay or suspend exploration
activity.




We have
made no attempt to locate or negotiate with any suppliers of products, equipment
or materials. We will attempt to locate products, equipment and materials as and
when we begin to undertake exploration activity, expected later this year.
Competition and unforeseen limited sources of supplies in the industry could
result in occasional spot shortages of equipment and/or supplies we need to
conduct our planned exploration work.  If we cannot find the products
and equipment we need, we will have to suspend our exploration plans until we do
find the products and equipment we need.




No
matter how much money is spent on the Valolo Claim, the risk is that we might
never identify a commercially viable ore reserve.





Over the
coming years, we might expend considerable capital on exploration of the Valolo
Claim without finding anything of value.  It is very likely the Valolo
Claim does not contain any reserves so any funds spent on exploration will
probably be lost.  No matter how much money is spent on the Valolo
Claim, we might never be able to find a commercially viable ore
reserve.







-18-




Even
if our property were found to contain a deposit, since we have not put a mineral
deposit into production before, we will have to acquire outside expertise. If we
are unable to acquire such expertise we may be unable to put our property into
production and our shareholders will loss their entire investment.




We have
no experience in placing mineral deposit properties into production, and our
ability to do so will be dependent upon using the services of appropriately
experienced personnel or entering into agreements with other major resource
companies that can provide such expertise. There can be no assurance that we
will have available to us the necessary expertise when and if we place a mineral
deposit into production.




Mineral
exploration and development activities are inherently risky and we may be
exposed to environmental liabilities. If such an event were to occur it may
result in a loss of your investment.




The
business of mineral exploration and extraction involves a high degree of risk.
Few properties that are explored are ultimately developed into
production.  Most exploration projects do not result in the discovery
of commercially mineable deposits of ore.  The Valolo Claim, our sole
property, does not have a known body of commercial ore. Should our mineral claim
be found to have commercial quantities of ore, we would be subject to additional
risks respecting any development and production activities. Unusual or
unexpected formations, formation pressures, fires, power outages, labour
disruptions, flooding, explosions, cave-ins, landslides and the inability to
obtain suitable or adequate machinery, equipment or labour are other risks
involved in extraction operations and the conduct of exploration programs. We do
not carry liability insurance with respect to our mineral exploration operations
and we may become subject to liability for damage to life and property,
environmental damage, cave-ins or hazards. There are also physical risks to the
exploration personnel working in the rugged terrain of our claim. Previous
mining exploration activities may have caused environmental damage to the Valolo
Claim. It may be difficult or impossible to assess the extent to which such
damage was caused by us or by the activities of previous operators, in which
case, any indemnities and exemptions from liability may be
ineffective.




Even
with positive results during exploration, the Valolo Claim might never be put
into commercial production due to inadequate tonnage, low metal prices or high
extraction costs.





We might
be successful, during future exploration programs, in identifying a source of
minerals of good grade but not in the quantity, the tonnage, required to make
commercial production feasible.  If the cost of extracting any
minerals that might be found on the Valolo Claim is in excess of the selling
price of such minerals, we would not be able to develop the
claim.  Accordingly even if ore reserves were found on the Valolo
Claim, without sufficient tonnage we would still not be able to economically
extract the minerals from the claim in which case we would have to abandon the
Valolo Claim and seek another mineral property to develop, or cease operations
altogether.




Risks
Associated with our Shares:




Our
officers and directors own a substantial amount of our common stock and will
have substantial influence over our operations.




Our
directors and officers currently own 26,250,000 shares of common stock
representing approximately 60% of our outstanding shares.  Our
directors and officers have registered for resale under an effective
registration statement 2,625,000 of their shares.  Assuming that such
directors and officers sell their 2,625,000 shares, they will still own
23,625,000 shares of common stock representing approximately 54% of our
outstanding shares.  As a result, they will have substantial influence
over our operations and can effect certain corporate transaction without further
shareholder approval.  This concentration of ownership may also have
the effect of delaying or preventing a change in control.











-19-








We
anticipate the need to sell additional treasury shares in the future meaning
that there will be a dilution to our existing shareholders resulting in their
percentage ownership in the Company being reduced accordingly.





We may
seek additional funds through the sale of our common stock.  This will
result in a dilution effect to our shareholders whereby their percentage
ownership interest in our Company is reduced.  The magnitude of this
dilution effect will be determined by the number of shares we will have to issue
in the future to obtain the funds required.




Since our securities are
subject to penny stock rules, you may have difficulty reselling your
shares.




Our
shares are "penny stocks" and are covered by Section 15(g) of the Securities
Exchange Act of 1934 which imposes additional sales practice requirements on
broker/dealers who sell the Company's securities including the delivery of a
standardized disclosure document; disclosure and confirmation of quotation
prices; disclosure of compensation the broker/dealer receives; and, furnishing
monthly account statements. For sales of our securities, the broker/dealer must
make a special suitability determination and receive from its customer a written
agreement prior to making a sale. The imposition of the foregoing additional
sales practices could adversely affect a shareholder's ability to dispose of his
stock.





Forward
Looking Statements





In
addition to the other information contained in this Form 10-Q, it contains
forward-looking statements which involve risk and uncertainties.  When
used in this prospectus, the words “may”, “will”, “expect”, “anticipate”,
“continue”, “estimate”, “project”, “intend”, “believe” and similar expressions
are intended to identify forward-looking statements regarding events, conditions
and financial trends that may affect our future plan of operations, business
strategy, operating results and financial position.  Readers are
cautioned that any forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties and that actual result
could differ materially from the results expressed in or implied by these
forward-looking statements as a result of various factors, many of which are
beyond our control.  Any reader should review in detail this entire
Form 10-Q including financial statements, attachments and risk factors before
considering an investment.





ITEM
3.                      CONTROLS
AND PROCEDURES





(a)           Evaluation of Disclosure
Controls and Procedures





Our Chief
Executive Officer and our Chief Financial Officer, after evaluating the
effectiveness of Siga’s controls and procedures (as defined in the Securities
Exchange Act of 1934 Rule 13a, 14(c) and 15d 14(c) as of the end of the period
of the filing of this quarterly report on Form 10-Q (the “Evaluation Date”),
have concluded that as of the Evaluation Date, Siga’s disclosure and procedures
were adequate and effective to ensure that material information relating to it
would be made known to it by others, particularly during the period in which
this quarterly report on Form 10-Q was being prepared.





(b)           Changes in Internal
Controls





There
were no material changes in Siga’s internal controls or in other factors that
could materially affect Siga’s disclosure controls and procedures subsequent to
the Evaluation Date, nor any significant deficiencies or material weaknesses in
such disclosure controls and procedures requiring corrective
actions.











-20-











PART
11 – OTHER INFORMATION





ITEM
1.                      LEGAL
PROCEEDINGS





There are
no legal proceedings to which Siga or is a party or to which the Valolo Gold
Claim is subject, nor to the best of management’s knowledge are any material
legal proceedings contemplated.





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





There has been no change in our
securities since the fiscal year ended July 31, 2008.





ITEM
3.                      DEFAULTS
UPON SENIOR SECURITIES





None





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





There have been no matters brought
forth to the securities holders to vote upon during this quarter.





ITEM
5.                      OTHER
INFORMATION





None





ITEM
6.                      EXHIBITS
AND REPORTS ON FORM 8-K





(a)  (3)   Exhibits





The
following exhibits are included as part of this report by
reference:





3.1
            
            Certificate
      of Incorporation (incorporated by reference from Siga’s Registration
      Statement on Form SB-2 filed on September 5, 2007, Registration No.
      333-145879)3.2
            
            Articles
      of Incorporation (incorporated by reference from Siga’s Registration
      Statement on Form SB-2 filed on September 5, 2007, Registration
      No.333-145879)3.3
            
            By-laws
      (incorporated by reference from Siga’s Registration Statement on Form SB-2
      filed on September 5, 2007, Registration No.
333-145879)4
            
            Stock
      Specimen (incorporated by reference from Siga’s Registration Statement on
      Form SB-2 filed on September 5, 2007, Registration No.
      333-145879)10.1
            
            Transfer
      Agent and Registrar Agreement (incorporated by reference from Siga’s
      Registration Statement on Form SB-2 filed on September 5, 2007
      Registration No. 333-145879)











-21-








SIGNATURES








In accordance with the requirements of
the Exchange Act, the registrant caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.





SIGA RESOURCES, INC.(Registrant)Date: 
      December 5, 2008
            ARUN
      KUMARChief
      Executive Officer, President and DirectorDate: 
      December 5, 2008
            ROHIT SINGHChief
      Financial Officer, Chief Accounting
              Officer,
      Secretary and Director







-22-