McGovern, Hurley, Cunningham, LLP
Chartered Accountants

Page 1

AUDITORS’ REPORT

To the Shareholders of
NORTHWESTERN MINERAL VENTURES INC.
(An Exploration Stage Company)

We have audited the consolidated balance sheets of Northwestern Mineral Ventures Inc. (An Exploration Stage Company) as at December 31, 2006 and 2005 and the consolidated statements of operations and deficit, shareholders’ equity and cash flows for each of the years in the three-year period ended December 31, 2006, and the cumulative period from inception (September 26, 2003) to December 31, 2006. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). These standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2006 and 2005 and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2006, and the cumulative period from inception (September 26, 2003) to December 31, 2006 in accordance with Canadian generally accepted accounting principles.

McGOVERN, HURLEY, CUNNINGHAM, LLP


/s/ McGovern, Hurley, Cunningham, LLP


Chartered Accountants
Licensed Public Accountants


TORONTO, Canada
April 18, 2007

---

NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

CONSOLIDATED FINANCIAL
		STATEMENTS

AS AT DECEMBER 31,
		2006 AND 2005 AND FOR THE

YEARS ENDED DECEMBER
		31, 2006, 2005 AND 2004

(Expressed in Canadian
		Dollars)





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)



Consolidated Balance
		Sheets

(Expressed in Canadian
		Dollars)

As at December
				  31
			 
			 2006
			 
			 2005AssetsCurrentCash
			 
			 $
			 5,482,407
			 
			 $
			 1,681,524Short term investment
				  (Note 2)
			 
			 
			 9,426,384
			 
			 
			 Amounts receivable and
				  prepaid expenses
			 
			 
			 118,174
			 
			 
			 92,76915,026,965
			 
			 
			 1,774,293Property expenditures
				  advances
			 
			 
			 133,092
			 
			 
			 Fixed assets (Note
				  3)
			 
			 
			 143,219
			 
			 
			 6,706Interest in exploration
				  properties anddeferred exploration
				  expenditures (Note 4 and statement)
			 
			 
			 4,187,430
			 
			 
			 1,075,701$
			 19,490,706
			 
			 $
			 2,856,700Liabilities
				  and Shareholders EquityCurrentAccounts payable and
				  accrued liabilities (Note 8)
			 
			 $
			 383,366
			 
			 $
			 170,817Shareholders
				  equityCommon
				  shares(Note 5 and
				  statement)
			 
			 
			 18,478,026
			 
			 
			 4,329,779Warrants(Note 6
				  and statement)
			 
			 
			 3,949,982
			 
			 
			 417,084Contributed
				  surplus(Note 7 and
				  statement)
			 
			 
			 2,035,447
			 
			 
			 873,651Accumulated
				  deficit
			 
			 
			 (5,356,115)
			 
			 
			 (2,934,631)19,107,340
			 
			 
			 2,685,883$
			 19,490,706
			 
			 $
			 2,856,700




COMMITMENTS(Notes 4 and 12)

APPROVED ON BEHALF OF THE
		BOARD:

Signed
			 Marek
				  Kreczmer
			 , DirectorSigned
			 Simon
				  Lawrence
			 , Director


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







---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Operations and Deficit

(Expressed in Canadian
		Dollars)



For the years ended
				  December 31
			 
			 2006
			 
			 2005
			 
			 2004
			 
			 Cumulative
				  frominceptionto December 31,2006ExpensesStock based
				  compensation expense (Note 7)
			 
			 $
			 1,146,144
			 
			 $
			 493,468
			 
			 
			 424,183
			 
			 $
			 2,063,795Investor relations and
				  promotion
			 
			 
			 366,021
			 
			 
			 302,828
			 
			 
			 367,200
			 
			 
			 1,036,049Shareholders
				  information
			 
			 
			 53,947
			 
			 
			 46,248
			 
			 
			 
			 
			 
			 100,195Management and
				  administrative services
			 
			 
			 560,289
			 
			 
			 129,183
			 
			 
			 135,000
			 
			 
			 824,472Professional
				  fees
			 
			 
			 178,797
			 
			 
			 58,730
			 
			 
			 83,607
			 
			 
			 321,134Regulatory fees
			 
			 
			 49,740
			 
			 
			 83,351
			 
			 
			 65,140
			 
			 
			 198,231Office and
				  administration
			 
			 
			 97,447
			 
			 
			 67,072
			 
			 
			 45,699
			 
			 
			 243,315Travel expenses
			 
			 
			 117,361
			 
			 
			 38,811
			 
			 
			 
			 
			 
			 156,172Government fees and
				  taxes
			 
			 
			 19,503
			 
			 
			 
			 
			 
			 
			 
			 
			 19,503Foreign exchange (gain)
				  loss
			 
			 
			 (11,483)
			 
			 
			 1,575
			 
			 
			 
			 
			 
			 (9,908)Amortization
			 
			 
			 3,826
			 
			 
			 1,815
			 
			 
			 631
			 
			 
			 6,2722,581,592
			 
			 
			 1,223,081
			 
			 
			 1,121,460
			 
			 
			 4,959,230Net loss for the
				  year and from inception before the following:
			 
			 
			 2,581,592
			 
			 
			 1,223,081
			 
			 
			 1,121,460
			 
			 
			 4,959,230Exploration properties
				  and deferred exploration expenditures written-off
			 
			 
			 208,748
			 
			 
			 602,193
			 
			 
			 
			 
			 
			 810,941Net loss for the
				  year and from inception before taxes:
			 
			 
			 2,790,340
			 
			 
			 1,825,274
			 
			 
			 1,121,460
			 
			 
			 5,770,171Future income tax
				  (recovery) (Note 9)
			 
			 
			 (368,856)
			 
			 
			 (45,200)
			 
			 
			 
			 
			 
			 (414,056)Net loss for the
				  year and from inception
			 
			 
			 2,421,484
			 
			 
			 1,780,074
			 
			 
			 1,121,460
			 
			 
			 5,356,115ACCUMULATED DEFICIT,
				  beginning of period
			 
			 
			 2,934,631
			 
			 
			 1,154,557
			 
			 
			 33,097
			 
			 
			 ACCUMULATED DEFICIT,
				  end of period
			 
			 $
			 5,356,115
			 
			 $
			 2,934,631
			 
			 $
			 1,154,557
			 
			 $
			 5,356,115Basic and diluted loss
				  per share
			 
			 
			 0.03
			 
			 
			 0.02
			 
			 
			 0.02Weighted average number
				  of common shares
			 
			 
			 95,891,751
			 
			 
			 79,916,314
			 
			 
			 63,312,328


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





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Cash Flows

(Expressed in Canadian
		Dollars)



For the years ended
				  December 31
			 
			 2006
			 
			 2005
			 
			 2004
			 
			 Cumulative
				  frominceptionto December 31,2006Cash provided by
				  (used in)OPERATING
				  ACTIVITIESNet (loss) for the year
				  and from inception
			 
			 $
			 (2,421,484)
			 
			 $
			 (1,780,074)
			 
			 $
			 (1,121,460)
			 
			 $
			 (5,356,115)Stock based
				  compensation expense (Note 7)
			 
			 
			 1,146,144
			 
			 
			 493,468
			 
			 
			 424,183
			 
			 
			 2,063,795Future income tax
				  recovery (Note 9)
			 
			 
			 (368,856)
			 
			 
			 (45,200)
			 
			 
			 
			 
			 
			 (414,056)Amortization
			 
			 
			 3,826
			 
			 
			 1,815
			 
			 
			 631
			 
			 
			 6,272Exploration properties
				  and deferred exploration expenditures written-off
			 
			 
			 208,748
			 
			 
			 602,193
			 
			 
			 
			 
			 
			 810,941Changes in non-cash
				  working capital itemsAmounts receivable and
				  prepaid expenses
			 
			 
			 (25,405)
			 
			 
			 (14,784)
			 
			 
			 (77,985)
			 
			 
			 (118,073)Accounts payable and
				  accrued liabilities
			 
			 
			 101,936
			 
			 
			 (109,415)
			 
			 
			 187,625
			 
			 
			 190,146(1,355,091)
			 
			 
			 (851,997)
			 
			 
			 (587,006)
			 
			 
			 (2,817,090)FINANCING
				  ACTIVITIESIssue of common shares,
				  net of issue costs
			 
			 
			 13,098,845
			 
			 
			 1,672,179
			 
			 
			 1,986,734
			 
			 
			 16,757,758Issue of
				  warrants
			 
			 
			 3,909,113
			 
			 
			 206,622
			 
			 
			 246,540
			 
			 
			 4,362,275Exercise of
				  warrants
			 
			 
			 732,976
			 
			 
			 220,875
			 
			 
			 
			 
			 
			 953,851Exercise of
				  options
			 
			 
			 273,200
			 
			 
			 57,500
			 
			 
			 
			 
			 
			 330,700Issue of special
				  warrants, net of issue costs
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 195,40918,014,134
			 
			 
			 2,157,176
			 
			 
			 2,233,274
			 
			 
			 22,599,993INVESTING
				  ACTIVITIESFixed asset
				  purchases
			 
			 
			 (157,092)
			 
			 
			 (4,946)
			 
			 
			 (4,206)
			 
			 
			 (166,244)Interest in exploration
				  properties and deferred exploration
			 
			 
			 (3,451,068)
			 
			 
			 (702,384)
			 
			 
			 (730,800)
			 
			 
			 (4,884,252)Short term
				  investment
			 
			 
			 (9,250,000)
			 
			 
			 
			 
			 
			 
			 
			 
			 (9,250,000)(12,858,160)
			 
			 
			 (707,330)
			 
			 
			 (735,006)
			 
			 
			 (14,300,496)Increase in
				  cash
			 
			 
			 3,800,883
			 
			 
			 597,849
			 
			 
			 911,262
			 
			 
			 5,482,407Cash, beginning of
				  year
			 
			 
			 1,681,524
			 
			 
			 1,083,675
			 
			 
			 172,413
			 
			 
			 Cash, end of
				  year
			 
			 $
			 5,482,407
			 
			 $
			 1,681,524
			 
			 $
			 1,083,675
			 
			 $
			 5,482,407SUPPLEMENTAL
				  INFORMATIONInterest paid
			 
			 
			 
			 
			 
			 
			 
			 
			 2,979
			 
			 
			 2,979Warrants issued for
				  services provided
			 
			 
			 770,214
			 
			 
			 16,127
			 
			 
			 10,395
			 
			 
			 796,736Change in accrued
				  exploration expenditures
			 
			 
			 110,613
			 
			 
			 62,710
			 
			 
			 
			 
			 
			 173,323Change in accrued share
				  issue costs
			 
			 
			 (19,897)
			 
			 
			 19,897
			 
			 
			 
			 
			 
			 Conversion of special
				  warrants into common shares
			 
			 
			 
			 
			 
			 
			 
			 
			 195,409
			 
			 
			 195,409Value of shares and
				  options issued to acquire exploration properties
			 
			 
			 521,119
			 
			 
			 182,000
			 
			 
			 
			 
			 
			 703,119Accrued capitalized
				  interest
			 
			 
			 176,384
			 
			 
			 
			 
			 
			 
			 
			 
			 176,384


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





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Shareholders Equity

(Expressed in Canadian
		Dollars)

From Commencement of
		Operations (September 26, 2003) to December 31, 2006



Common shares
			 
			 SpecialWarrants
			 
			 Warrants
			 
			 ContributedSurplus
			 
			 AccumulatedDeficit
			 
			 Total#
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $Issue of shares for
				  cash
			 
			 4,000,000
			 
			 101
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 101Issue of special
				  warrants for cash
			 
			 
			 
			 
			 
			 195,409
			 
			 
			 
			 
			 
			 
			 
			 195,409Loss for the
				  year
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (33,097)
			 
			 (33,097)Balance, December 31,
				  2003
			 
			 4,000,000
			 
			 101
			 
			 195,409
			 
			 
			 
			 
			 
			 (33,097)
			 
			 162,413Public offering, net of
				  issue costs
			 
			 60,000,000
			 
			 1,321,537
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 1,321,537Conversion of special
				  warrants
			 
			 8,000,000
			 
			 195,409
			 
			 (195,409)
			 
			 
			 
			 
			 
			 
			 
			 Flow through private
				  placement, net of issue costs
			 
			 412,000
			 
			 114,891
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 114,891Stock based
				  compensation
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 424,183
			 
			 
			 
			 424,183Private placement, net
				  of issue costs
			 
			 2,909,000
			 
			 539,911
			 
			 
			 
			 256,935
			 
			 
			 
			 
			 
			 796,846Loss for the
				  year
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (1,121,460)
			 
			 (1,121,460)Balance, December 31,
				  2004
			 
			 75,321,000
			 
			 2,171,849
			 
			 
			 
			 256,935
			 
			 424,183
			 
			 (1,154,557)
			 
			 1,698,410Private placement, net
				  of issue costs
			 
			 3,950,090
			 
			 1,636,155
			 
			 
			 
			 222,749
			 
			 
			 
			 
			 
			 1,858,904Exercise of stock
				  options
			 
			 200,000
			 
			 101,500
			 
			 
			 
			 
			 
			 (44,000
			 )
			 
			 
			 57,500Flow through tax effect
				  on date of renunciation
			 
			 
			 
			 (45,200)
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (45,200)Stock based
				  compensation
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 493,468
			 
			 
			 
			 493,468Exercise of
				  warrants
			 
			 455,000
			 
			 283,475
			 
			 
			 
			 (62,600)
			 
			 
			 
			 
			 
			 220,875Shares issued for
				  interest in exploration properties and deferred exploration expenditures
			 
			 300,000
			 
			 182,000
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 182,000Loss for the
				  year
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (1,780,074)
			 
			 (1,780,074)Balance, December 31,
				  2005
			 
			 80,226,090
			 
			 4,329,779
			 
			 
			 
			 417,084
			 
			 873,651
			 
			 (2,934,631)
			 
			 2,685,883


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





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Shareholders Equity

From Commencement of
		Operations (September 26, 2003) to December 31, 2006 (Continued)



Common shares
			 
			 SpecialWarrants
			 
			 Warrants
			 
			 ContributedSurplus
			 
			 AccumulatedDeficit
			 
			 Total#
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $Balance, December 31,
				  2005
			 
			 80,226,090
			 
			 4,329,779
			 
			 
			 
			 417,084
			 
			 873,651
			 
			 (2,934,631)
			 
			 2,685,883Private placement, net
				  of issue costs
			 
			 21,144,027
			 
			 12,555,474
			 
			 
			 
			 3,982,884
			 
			 
			 
			 
			 
			 16,538,358Exercise of stock
				  options
			 
			 920,000
			 
			 476,800
			 
			 
			 
			 
			 
			 (203,600)
			 
			 
			 
			 273,200Flow through tax effect
				  on date of renunciation
			 
			 
			 
			 (295,085)
			 
			 
			 
			 (73,771)
			 
			 
			 
			 
			 
			 (368,856)Stock based
				  compensation
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 1,197,663
			 
			 
			 
			 1,197,663Shares issued for
				  interest in exploration properties and deferred exploration expenditures
			 
			 640,000
			 
			 469,600
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 469,600Exercise of
				  warrants
			 
			 1,559,636
			 
			 941,458
			 
			 
			 
			 (208,482)
			 
			 
			 
			 
			 
			 732,976Expired warrants
			 
			 
			 
			 
			 
			 
			 
			 (167,733)
			 
			 167,733
			 
			 
			 
			 Loss for the
				  year
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (2,421,484)
			 
			 (2,421,484)Balance, December
				  31, 2006
			 
			 104,489,753
			 
			 18,478,026
			 
			 
			 
			 3,949,982
			 
			 2,035,447
			 
			 (5,356,115)
			 
			 19,107,340


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





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Interest in Exploration Properties and Deferred ExplorationExpenditures

(Expressed in Canadian
		Dollars)



For the years ended
				  December 31
			 
			 2006
			 
			 2005
			 
			 Cumulative
				  frominception of
				  projectto December
				  31,2006Bear Project, Canada(Note 4(a))Opening balance
			 
			 $
			 
			 
			 $
			 560,767
			 
			 $
			 Transportation
			 
			 
			 
			 
			 
			 11,290
			 
			 
			 222,287Drilling
			 
			 
			 
			 
			 
			 
			 
			 
			 85,865Acquisition
				  costs
			 
			 
			 
			 
			 
			 11,006
			 
			 
			 62,506Camp costs
			 
			 
			 
			 
			 
			 
			 
			 
			 60,671Project management
				  fees
			 
			 
			 
			 
			 
			 
			 
			 
			 40,759Labour
			 
			 
			 
			 
			 
			 
			 
			 
			 29,741Geological, reports and
				  maps
			 
			 
			 
			 
			 
			 9,223
			 
			 
			 9,223Consulting fees
			 
			 
			 
			 
			 
			 10,019
			 
			 
			 23,613General
			 
			 
			 
			 
			 
			 2,325
			 
			 
			 63,004Analysis and
				  assays
			 
			 
			 
			 
			 
			 1,458
			 
			 
			 12,466Interest income
			 
			 
			 
			 
			 
			 (3,895)
			 
			 
			 (7,942)Activity during the
				  year
			 
			 
			 
			 
			 
			 41,426
			 
			 
			 602,193Write-off of Bear
				  Project
			 
			 
			 
			 
			 
			 (602,193)
			 
			 
			 (602,193)Closing balance
			 
			 $
			 
			 
			 $
			 
			 
			 $
			 Picachos Project,
				  Mexico(Note 4(b))Opening balance
			 
			 $
			 750,906
			 
			 $
			 154,764
			 
			 $
			 Geological, reports and
				  maps
			 
			 
			 65,994
			 
			 
			 69,938
			 
			 
			 201,545Labour
			 
			 
			 
			 
			 
			 
			 
			 
			 8,830Earthwork and
				  roads
			 
			 
			 6,017
			 
			 
			 
			 
			 
			 6,017Line and grid
				  cutting
			 
			 
			 15,121
			 
			 
			 
			 
			 
			 15,121Geophysic
			 
			 
			 87,756
			 
			 
			 
			 
			 
			 87,756Camp costs
			 
			 
			 21,202
			 
			 
			 
			 
			 
			 27,142Transportation
			 
			 
			 1,022
			 
			 
			 1,528
			 
			 
			 6,386Management fees
			 
			 
			 
			 
			 
			 
			 
			 
			 8,965Professional
				  fees
			 
			 
			 3,604
			 
			 
			 
			 
			 
			 12,139Drilling
			 
			 
			 2,285
			 
			 
			 
			 
			 
			 5,690Option payments
			 
			 
			 403,904
			 
			 
			 114,000
			 
			 
			 517,904Staking
			 
			 
			 
			 
			 
			 15,926
			 
			 
			 15,926General
			 
			 
			 689
			 
			 
			 11,173
			 
			 
			 29,210Analysis and
				  assaying
			 
			 
			 
			 
			 
			 91,008
			 
			 
			 127,346Exploration
				  advance
			 
			 
			 
			 
			 
			 297,739
			 
			 
			 297,739Interest income
			 
			 
			 (97,836)
			 
			 
			 (5,170)
			 
			 
			 (107,052)Activity during the
				  year
			 
			 
			 509,758
			 
			 
			 596,142
			 
			 
			 1,260,664Closing balance
			 
			 $
			 1,260,664
			 
			 $
			 750,906
			 
			 $
			 1,260,664


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





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Interest in Exploration Properties and Deferred ExplorationExpenditures (Continued)

(Expressed in Canadian
		Dollars)



For the years ended
				  December 31
			 
			 2006
			 
			 2005
			 
			 Cumulative
				  frominception of
				  projectto December
				  31,2006Waterbury Project,
				  Canada(Note 4(c))Opening balance
			 
			 $
			 169,747
			 
			 $
			 
			 
			 $
			 Assays
			 
			 
			 5,464
			 
			 
			 
			 
			 
			 5,464Geological, reports and
				  maps
			 
			 
			 4,597
			 
			 
			 76,697
			 
			 
			 81,294Drilling
			 
			 
			 221,912
			 
			 
			 
			 
			 
			 221,912Geophysics
			 
			 
			 328,996
			 
			 
			 
			 
			 
			 328,996Labour
			 
			 
			 69,500
			 
			 
			 
			 
			 
			 69,500Professional
				  fees
			 
			 
			 10,799
			 
			 
			 
			 
			 
			 10,799Management fees
			 
			 
			 73,478
			 
			 
			 
			 
			 
			 73,478Operating costs
			 
			 
			 118,846
			 
			 
			 
			 
			 
			 118,846Option payment
			 
			 
			 79,000
			 
			 
			 93,050
			 
			 
			 172,050Government
				  assistance
			 
			 
			 (44,536)
			 
			 
			 
			 
			 
			 (44,536)Interest income
			 
			 
			 (97,836)
			 
			 
			 
			 
			 
			 (97,836)Activity during the
				  year
			 
			 
			 770,220
			 
			 
			 169,747
			 
			 
			 939,967Closing balance
			 
			 $
			 939,967
			 
			 $
			 169,747
			 
			 $
			 939,967Fire Fly Project,
				  United States(Note
				  4(d))Opening balance
			 
			 $
			 114,697
			 
			 $
			 
			 
			 $
			 Geological, reports and
				  maps
			 
			 
			 16,226
			 
			 
			 18,466
			 
			 
			 34,692Professional
				  fees
			 
			 
			 
			 
			 
			 8,173
			 
			 
			 8,173Option payment
			 
			 
			 
			 
			 
			 58,485
			 
			 
			 58,485Exploration
				  advance
			 
			 
			 
			 
			 
			 7,500
			 
			 
			 7,500Consulting
			 
			 
			 20,727
			 
			 
			 2,980
			 
			 
			 23,707Claim staking
			 
			 
			 4,384
			 
			 
			 17,854
			 
			 
			 22,238Field expenses
			 
			 
			 1,659
			 
			 
			 
			 
			 
			 1,659Geotechnician
			 
			 
			 8,588
			 
			 
			 
			 
			 
			 8,588General
			 
			 
			 8,017
			 
			 
			 85
			 
			 
			 8,102Travel and
				  accommodation
			 
			 
			 3,537
			 
			 
			 1,154
			 
			 
			 4,691Rentals
			 
			 
			 4,586
			 
			 
			 
			 
			 
			 4,586Interest income
			 
			 
			 (19,175)
			 
			 
			 
			 
			 
			 (19,175)Activity during the
				  year
			 
			 
			 48,549
			 
			 
			 114,697
			 
			 
			 163,246Write-off of Fire Fly
				  Project
			 
			 
			 (163,246)
			 
			 
			 
			 
			 
			 (163,246)Closing balance
			 
			 $
			 
			 
			 $
			 114,697
			 
			 $
			 


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





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Interest in Exploration Properties and Deferred ExplorationExpenditures (Continued)

(Expressed in Canadian
		Dollars)



For the years ended
				  December 31
			 
			 2006
			 
			 2005
			 
			 Cumulative
				  frominception of
				  projectto December
				  31,2006Irhazer and In Gall
				  Projects, Niger(Note
				  4(e))Opening balance
			 
			 $
			 40,351
			 
			 $
			 15,269
			 
			 $
			 Project administration
				  costs
			 
			 
			 284,828
			 
			 
			 25,082
			 
			 
			 325,179Acquisition
				  costs
			 
			 
			 223,848
			 
			 
			 
			 
			 
			 223,848Camp costs
			 
			 
			 6,606
			 
			 
			 
			 
			 
			 6,606Enviromental
			 
			 
			 96,516
			 
			 
			 
			 
			 
			 96,516Geological
			 
			 
			 17,248
			 
			 
			 
			 
			 
			 17,248Geophysical
			 
			 
			 98,982
			 
			 
			 
			 
			 
			 98,982Line and grid
				  cutting
			 
			 
			 4,390
			 
			 
			 
			 
			 
			 4,390Surveys
			 
			 
			 422,666
			 
			 
			 
			 
			 
			 422,666Interest income
			 
			 
			 (97,836)
			 
			 
			 
			 
			 
			 (97,836)Activity during the
				  year
			 
			 
			 1,057,248
			 
			 
			 25,082
			 
			 
			 1,097,599Closing balance
			 
			 $
			 1,097,599
			 
			 $
			 40,351
			 
			 $
			 1,097,599North Rae Uranium
				  Project, Canada(Note
				  4(f))Opening balance
			 
			 $
			 
			 
			 $
			 
			 
			 $
			 Geophysical
			 
			 
			 11,802
			 
			 
			 
			 
			 
			 11,802Exploration
			 
			 
			 716,190
			 
			 
			 
			 
			 
			 716,190Staking
			 
			 
			 81,950
			 
			 
			 
			 
			 
			 81,950Acquisition
				  costs
			 
			 
			 97,084
			 
			 
			 
			 
			 
			 97,084Professional
				  fees
			 
			 
			 56,806
			 
			 
			 
			 
			 
			 56,806General
			 
			 
			 4,023
			 
			 
			 
			 
			 
			 4,023Interest income
			 
			 
			 (78,655)
			 
			 
			 
			 
			 
			 (78,655)Activity during the
				  year
			 
			 
			 889,200
			 
			 
			 
			 
			 
			 889,200Closing balance
			 
			 $
			 889,200
			 
			 $
			 
			 
			 $
			 889,200TOTAL
			 
			 $
			 4,187,430
			 
			 $
			 1,075,701
			 
			 $
			 4,187,430


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





---



NORTHWESTERN MINERAL
				  VENTURES INC.(AN EXPLORATION STAGE COMPANY)Notes to Consolidated Financial
				  Statements(Expressed in Canadian
				  Dollars)For the years ended
				  December 31, 2006, 2005 and 2004


1.
			 NATURE OF
				  OPERATIONS


Northwestern Mineral Ventures
		Inc. (the Company or Northwestern) was incorporated
		under the laws of the Province of Ontario, Canada by Articles of Incorporation
		dated September 26, 2003. The Company, which is in the exploration stage, is
		engaged in the acquisition, exploration and development of mining properties
		with a focus on uranium. Currently it has interests in Canada, Mexico and
		Niger. The Company is in the process of exploring its exploration properties
		for mineral resources and has not determined whether the properties contain
		economically recoverable reserves. The recovery of the amounts shown for the
		exploration properties and the related deferred expenditures is dependent upon
		the existence of economically recoverable reserves, confirmation of the
		Companys interest in the underlying mineral claims, the ability of the
		Company to obtain necessary financing to complete the exploration, and upon
		future profitable production. Northwestern is listed on the NASD Bulletin Board
		under the symbol NWTMF, the TSX Venture Exchange under the symbol
		NWT and on the Frankfurt Stock Exchange as NMV.

The business of mining and
		exploring for minerals involves a high degree of risk and there can be no
		assurance that current exploration programs will result in profitable mining
		operations. The recoverability of the carrying value of exploration properties
		and the Companys continued existence is dependent upon the preservation
		of its interest in the underlying properties, the discovery of economically
		recoverable reserves, the achievement of profitable operations and the ability
		of the Company to raise alternative financing, if necessary, or alternatively
		upon the Companys ability to dispose of its interests on an advantageous
		basis. Changes in future conditions could require material write downs of the
		carrying values. Some of the Companys exploration properties are located
		outside of Canada and are subject to the risk of foreign investment, including
		increases in taxes and royalties, renegotiation of contracts, currency exchange
		fluctuations and political uncertainty.

Although the Company has taken
		steps to verify title to the properties on which it is conducting exploration
		and in which it has an interest, in accordance with industry standards for the
		current stage of exploration of such properties, these procedures do not
		guarantee the Companys title. Property title may be subject to
		unregistered prior agreements and non-compliance with regulatory
		requirements.

As at December 31, 2006 the
		Company had cash and short-term investments of $14,908,791 and working capital
		of $14,643,599. Management of the Company believes that it has sufficient funds
		to pay its ongoing administrative expenses and to meet its liabilities for the
		ensuing year as they fall due.

2.
			 SUMMARY OF
				  SIGNIFICANT ACCOUNTING POLICIES


The accounting policies of the
		Company are in accordance with Canadian generally accepted accounting
		principles and their basis of application is consistent with that of the
		previous year. These policies conform, in all material respects, with United
		States generally accepted accounting principles (US GAAP), except
		as discussed in Note 13. Outlined below are those policies considered
		particularly significant.

Basis of
		Consolidation

The consolidated financial
		statements include the accounts of the Company and its wholly-owned
		subsidiaries Northwestern Mineral Ventures (USA) Inc. and Northwest Mineral
		Mexico, S.A. de C.V. All material inter-company balances and transactions have
		been eliminated. All references to the Company should be treated as references
		to the Company and its subsidiaries.





---



NORTHWESTERN MINERAL
				  VENTURES INC.(AN EXPLORATION STAGE COMPANY)Notes to Consolidated Financial
				  Statements(Expressed in Canadian
				  Dollars)For the years ended
				  December 31, 2006, 2005 and 2004


2.
			 SUMMARY OF
				  SIGNIFICANT ACCOUNTING POLICIES (continued)


Short term
		investment

Short-term investments comprise
		of highly liquid Canadian dollar denominated guaranteed investment certificates
		with terms to maturity of greater than 90 days but not more than one year.
		Short-term investments are carried at the lower of cost or recoverable amount.
		As at December 31, 2006, the short term investment consisted of a guaranteed
		investment certificate bearing interest at 4.00% maturing July 10, 2007. The
		carrying value of the short term investment approximates its market
		value.

Fixed
		assets

Fixed assets are recorded at
		cost. Amortization is recorded on the declining balance basis at the following
		annual rates:



Computer
				  equipment
			 
			 30%Furniture and
				  fixtures
			 
			 20%Leasehold
				  improvements
			 
			 20%Field equipment
			 
			 20%Vehicle
			 
			 30%


Amortization of assets used in
		exploration are capitalized to deferred exploration expenditures.

Interest in
		Exploration Properties and Deferred Exploration Expenditures

The Company accounts for
		exploration property costs in accordance with the Canadian Institute of
		Chartered Accountants (CICA) Handbook Section 3061, Property,
		plant and equipment (CICA 3061), and abstract EIC 126,
		Accounting by Mining Enterprises for Exploration Costs (EIC
		126) of the Emerging Issues Committee. CICA 3061 provides for the
		capitalization of acquisition and exploration costs of an exploration property
		where such costs are considered to have the characteristics of property, plant
		and equipment. EIC 126 provides that a mining enterprise is not precluded from
		considering exploration costs to have the characteristics of property, plant
		and equipment, when it has not established mineral reserves objectively and
		therefore does not have a basis for preparing a projection of the estimated
		future net cash flows from the property.

Interest in exploration
		properties and deferred exploration expenditures are carried at cost until they
		are brought into production, at which time they are depleted on a unit-of
		production method based on proven and probable reserves. If a property is
		subsequently determined not to be economic, the property and related deferred
		costs are written down to net realizable value. Other general exploration
		expenses are charged to operations as incurred. The cost of exploration
		properties abandoned or sold and their related deferred exploration costs are
		charged to operations in the current year.

Costs include the cash
		consideration and the fair market value of the shares issued for the
		acquisition of exploration properties. The carrying value is reduced by option
		proceeds received until such time as the property cost and deferred
		expenditures are reduced to nominal amounts. Properties acquired under option
		agreements or by joint ventures, whereby payments are made at the sole
		discretion of the Company, are recorded in the accounts at the time of
		payment.

EIC 126 provides that an
		exploration stage enterprise with initially capitalized exploration costs but
		that has not objectively established mineral reserves and therefore does not
		have a basis for preparing a projection of the estimated future cash flow from
		a property, is not obliged to conclude that the capitalized costs have been
		impaired. However, EIC 126 references certain conditions that should be
		considered in determining subsequent write downs, such as changes or
		abandonment of a work program or poor exploration results, and management
		reviews such conditions to determine whether a write down of capitalized costs
		is required. When the carrying value of a property exceeds its net recoverable
		amount, provision is made for the impairment in value.

The Company qualifies for
		mineral exploration assistance programs associated with the exploration and
		development of mineral properties located in Quebec. Recoverable amounts are
		offset against deferred exploration costs incurred when the Company has
		complied with the terms and conditions of the program and the recovery is
		reasonably assured.





---



NORTHWESTERN
				  MINERAL VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to
				  Consolidated Financial Statements(Expressed in Canadian Dollars)For the years ended December 31, 2006, 2005 and
				  2004


2.
			 SUMMARY OF
				  SIGNIFICANT ACCOUNTING POLICIES (continued)


Asset Retirement
		Obligations

The fair values of asset
		retirement obligations are recorded as liabilities on a discounted basis when
		they are incurred. Amounts recorded for the related assets are increased by the
		amount of these obligations. Over time, the liabilities will be accreted for
		the change in their present value and the initial capitalized costs will be
		depleted and amortized over the useful lives of the related assets. The Company
		did not have any asset retirement obligations as at December 31, 2006 and
		2005.

Flow-Through
		Financing

The Company has financed a
		portion of its exploration activities through the issue of flow-through shares,
		which transfers the tax deductibility of exploration expenditures to the
		investor. Proceeds received on the issue of such shares have been credited to
		share capital and the related exploration costs have been charged to
		exploration properties.

Resource expenditure deductions
		for income tax purposes related to exploration and development activities
		funded by flow-through share arrangements are renounced to investors in
		accordance with income tax legislation. When these expenditures are renounced,
		temporary taxable differences created by the renunciation will reduce share
		capital.

Stock Based
		Compensation Plan

The Company has a stock option
		plan that is described in Note 7(a). The fair value of any stock options
		granted to directors, officers, consultants and employees is recorded as an
		expense over the vesting period with a corresponding increase recorded to
		contributed surplus. The fair value of the stock based compensation is
		determined using the Black-Scholes option pricing model and managements
		assumptions are disclosed in Note 7(a). Upon exercise of the stock options,
		consideration paid by the option holder together with the amount previously
		recognized in contributed surplus is recorded as an increase to share
		capital.

Income
		Taxes

The Company uses the future
		income tax asset and liability method of accounting for income taxes. Under
		this method of tax allocation, future income taxes are determined based on the
		differences between the financial reporting and tax bases of assets and
		liabilities. These income tax assets and liabilities are measured using the
		substantively enacted tax rates in which the income tax assets or liabilities
		are expected to be settled or realized. A valuation allowance is provided to
		the extent that it is more likely than not that future income tax assets will
		not be realized.

Loss Per Common Share

Basic loss per share is
		calculated using the weighted average number of shares outstanding. Diluted
		loss per share is calculated using the treasury stock method. In order to
		determine diluted loss per share, the treasury stock method assumes that any
		proceeds from the exercise of dilutive stock options and warrants would be used
		to repurchase common shares at the average market price during the period, with
		the incremental number of shares being included in the denominator of the
		diluted loss per share calculation. The diluted loss per share calculation
		excludes any potential conversion of options and warrants that would decrease
		loss per share. At December 31, 2006, 3,580,000 (2005 - 3,900,000; 2004 -
		1,060,000) stock options and 12,506,638 (2005 - 3,364,015; 2004 - Nil) warrants
		and broker warrants could potentially be dilutive in the future.

Foreign Currency
		Translation

The Companys functional
		and reporting currency is the Canadian dollar. All of the Companys
		subsidiary operations are classified as integrated for foreign currency
		translation purposes. Foreign currency monetary assets and liabilities are
		translated at the period end exchange rate. Non-monetary assets and
		liabilities, as well as revenue and expense transactions denominated in foreign
		currencies are translated at the rate prevailing at the time of the
		transaction. Translation gains or losses are recognized in the period in which
		they occur. Unless otherwise stated, all amounts are in Canadian
		dollars.





---



NORTHWESTERN
				  MINERAL VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to
				  Consolidated Financial Statements(Expressed in Canadian Dollars)For the years ended December 31, 2006, 2005 and
				  2004


2.
			 SUMMARY OF
				  SIGNIFICANT ACCOUNTING POLICIES (continued)


Measurement
		Uncertainty

The preparation of consolidated
		financial statements in conformity with Canadian generally accepted accounting
		principles requires management to make estimates and assumptions that affect
		the reported amounts of assets and liabilities and disclosure of contingent
		assets and liabilities at the date of the financial statements and the related
		reported amounts of revenue and expense during the report period. The most
		significant estimates are related to the recoverability of exploration
		expenditures, valuation of asset retirement obligations, stock based
		compensation, and future tax assets and liabilities. Actual results could
		differ from those estimates. Management believes that the estimates are
		reasonable.

3.
			 FIXED
				  ASSETS




Cost
			 
			 AccumulatedDepreciation
			 
			 Net CarryingValue2006
			 
			 Cost
			 
			 AccumulatedAmortization
			 
			 Net CarryingValue2005Computer
				  equipment
			 
			 $
			 34,120
			 
			 $
			 6,413
			 
			 $
			 27,707
			 
			 $
			 9,152
			 
			 $
			 2,446
			 
			 $
			 6,706Furniture and
				  fixtures
			 
			 
			 11,598
			 
			 
			 585
			 
			 
			 11,013
			 
			 
			 
			 
			 
			 
			 
			 
			 Leasehold
				  improvements
			 
			 
			 1,283
			 
			 
			 106
			 
			 
			 1,177
			 
			 
			 
			 
			 
			 
			 
			 
			 Field equipment
			 
			 
			 40,591
			 
			 
			 994
			 
			 
			 39,597
			 
			 
			 
			 
			 
			 
			 
			 
			 Vehicle
			 
			 
			 78,652
			 
			 
			 14,927
			 
			 
			 63,725
			 
			 
			 
			 
			 
			 
			 
			 
			 $
			 166,244
			 
			 $
			 23,025
			 
			 $
			 143,219
			 
			 $
			 9,152
			 
			 $
			 2,446
			 
			 $
			 6,706


4.
			 INTEREST IN
				  EXPLORATION PROPERTIES AND DEFERRED EXPLORATION EXPENDITURES


(a) Bear Project,
		Canada

The Company and Fronteer
		Development Group Inc. (Fronteer) executed a definitive formal
		agreement (the Agreement) along with several amending agreements
		covering the Conjuror, Achook, McPhoo, and Longtom claims in the Northwest
		Territories (collectively, the Bear Project). Pursuant to the
		Agreement, the Company may acquire the right to earn up to 50% interest in the
		Bear Project for the following consideration:

(i)
			 an initial payment to
				  Fronteer of $20,000 cash (paid);


(ii)
			 completion of
				  exploration expenditures by the Company in the amount of $5,000,000 over a
				  five-year period ending September 26, 2008.


(iii)
			 annual cash payments to
				  Fronteer, commencing on the first year anniversary of the Option Agreement of
				  $30,000 (paid), $40,000, $50,000, $60,000 and $70,000 respectively over a
				  five-year period.


During the year ended December
		31, 2005, management decided to terminate the Bear Project and focus on other
		projects. There were no financial penalties associated with the termination of
		the Bear Project. As a result, capitalized costs of $602,193 were written-off
		in 2005.





---



NORTHWESTERN
				  MINERAL VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to
				  Consolidated Financial Statements(Expressed in Canadian Dollars)For the years ended December 31, 2006, 2005 and
				  2004


4.
			 INTEREST IN
				  EXPLORATION PROPERTIES AND DEFERRED EXPLORATION EXPENDITURES(continued)


(b) Picachos
		Project, Mexico

On July 14, 2004 the Company
		entered into an option agreement with RNC Gold Inc. (RNC) to
		acquire a 50% undivided interest in the 6,700 hectare silver-gold Picachos
		property in Durango, Mexico. In order to earn its interest, the Company had to
		incur $500,000 in exploration expenditures on or before December 31, 2005 and
		$1 million on or before December 31, 2006. The Company also had to generate a
		feasibility study for the production of a minimum of 25,000 ounces of gold per
		year. The Chairman and CEO of the Company was also a director of RNC at the
		time the Option Agreement was signed. On January 12, 2005, the Chairman
		resigned as director of RNC. During the year ended December 31, 2005, a
		director of the Company was also a director of RNC. On February 28, 2006, this
		individual resigned as a director of RNC.

On October 14, 2005 the Company
		completed another agreement with RNC, granting the Company the right to acquire
		a 100% interest in the property portfolio. Under the terms of this agreement,
		the Company was granted the right at feasibility to acquire RNCs
		remaining 50% stake in the Picachos Project. The purchase price of $20 million
		is payable as: $3 million at the completion of a feasibility study, then $9
		million at the commencement of commercial production, and then $2 million on
		each of the first through fourth anniversaries of the commencement of
		commercial production. The Company issued 200,000 common shares valued at
		$114,000 from its treasury to RNC as consideration for entering into this
		agreement.

In February 2006, RNC was
		acquired by Yamana Gold Inc. (Yamana).

After signing a Letter of
		Intent dated July 12, 2006 with Yamana Gold Inc. and Minera Tango, S.A. de
		C.V., a wholly owned subsidiary of Yamana Gold Inc. (collectively,
		Yamana), the Company and Yamana entered into an Option Agreement
		dated December 22, 2006, whereby Northwestern can earn an undivided 70%
		interest in the Picachos Project.

To earn a 70% interest in the
		project, Northwestern has to incur US$3,000,000 in exploration expenditures
		over the three year period ended December 22, 2009, of which the Company has
		committed to incur US$500,000 on or before December 22, 2007. In addition the
		Company is required to make cash payments of US$400,000, including US$100,000
		(paid) on the signing of a definitive option agreement (signed), and issue
		1,000,000 common shares over a three-year period, including 400,000 common
		shares within 30 days of signing of the agreement (issued and valued at
		$272,000) and which are subject to a four-month hold period. The remaining
		shares will be issued in stages and will be subject to all required regulatory
		hold periods.

Northwestern will act as
		operator of the project. Northwestern and Yamana terminated the prior option
		agreement pertaining to the Picachos Project that was signed between
		Northwestern and RNC Gold Inc.





---



NORTHWESTERN
				  MINERAL VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to
				  Consolidated Financial Statements(Expressed in Canadian Dollars)For the years ended December 31, 2006, 2005 and
				  2004


4.
			 INTEREST IN
				  EXPLORATION PROPERTIES AND DEFERRED EXPLORATION EXPENDITURES(continued)


(c) Waterbury
		Project, Canada

On November 9, 2005, the
		Company completed a formal option agreement with CanAlaska Uranium Ltd.
		(formerly CanAlaska Ventures Ltd.) (CanAlaska) to
		acquire up to a 75% ownership interest in nine uranium claims, collectively
		called the Waterbury Project, in the eastern Athabasca Basin,
		Saskatchewan, Canada. Under the terms of the formal option agreement, the
		Company will pay, in installments, a total of $150,000 ($25,000 paid in each of
		years 2005 and 2006 for a total of $50,000) to acquire an initial 50% interest
		in the Waterbury Project from CanAlaska. In addition, CanAlaska will receive a
		3% net smelter royalty (NSR) and 300,000 common shares (100,000 issued in each
		of years 2005 and 2006, valued at $68,000 and $54,000 respectively) from the
		Companys treasury to be released in stages. The Company has agreed to
		spend a minimum of $2 million on the Waterbury Project prior to April 1,
		2008.

The Company can increase its
		ownership to 60% by spending an additional $2 million on the property within
		two years of vesting its 50% interest. Thereafter, the Company can increase its
		stake to 75% by completing a Bankable Feasibility Study within two years from
		the date it vests its 60% interest. During this development stage, the Company
		would spend an annual minimum of $500,000 on the Waterbury Project. CanAlaska
		would also receive an additional 200,000 common shares from the Companys
		treasury.

CanAlaska will act as operator
		of the property until the Company has a vested 60% interest, at which time the
		Company may become the operator. See Note 12(c).

(d) Fire Fly
		Project, United States

On December 9, 2005, the
		Company signed an option agreement to acquire 100% ownership of two
		uranium-vanadium mines, collectively called the Firefly Project, in
		the La Sal uranium district in southeastern Utah from GeoXplor Corp.
		(GeoXplor).

Under the terms of the option
		agreement, the Company will pay US$5,100,000 to acquire the Firefly Project
		from GeoXplor, which included an initial payment of US$50,000 (paid) and
		payment of US$50,000 upon receipt of board and regulatory approval, issue
		300,000 common shares, and spend a minimum of US$700,000.

The Companys management
		team has elected not to proceed with the Firefly Project during the year ended
		December 31, 2006 as management believes that other projects have greater
		exploration potential. Accordingly, all costs related to the project have been
		written off.





---



NORTHWESTERN
				  MINERAL VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to
				  Consolidated Financial Statements(Expressed in Canadian Dollars)For the years ended December 31, 2006, 2005 and
				  2004


4.
			 INTEREST IN
				  EXPLORATION PROPERTIES AND DEFERRED EXPLORATION EXPENDITURES(continued)


(e) Irhazer and In
		Gall Projects, Niger

On March 8, 2006, the Company
		acquired prospecting permits for two uranium properties, Irhazer and In Gall,
		located in the West African country of Niger. The Government of Niger has
		entered into a mining convention with the Company for the two uranium
		properties for a term of thirty (30) years. Each property consists of 2,000
		square kilometres (500,000 acres) of mineral rights. The Company has the
		obligation to expand an aggregate of US$2.2 million in exploration expenditures
		on each of the properties over a period of three years. The Government of Niger
		is entitled to a 5.5% mining royalty, a 10% retained interest and up to a 20%
		participating interest on production.

Finders fees of 40,000
		common shares valued at $49,600 were issued to a consultant during the year
		ended December 31, 2006.

(f) North Rae
		Uranium Project, Canada

On March 2, 2006, the Company
		signed a letter agreement to acquire a controlling interest in an uranium
		project located in the Ungava Bay region of northern Quebec, Canada from Azimut
		Exploration Inc. (Azimut). The North Rae Uranium
		Project consists of three blocks representing 668 claims with a total
		area of 298.9 square kilometres or 73,835 acres (29,880 hectares). Under the
		terms of the agreement, the Company will pay $210,000 in cash installments over
		four years, and will issue 150,000 common shares (100,000 issued, valued at
		$94,000). The Company will also spend a total of $2.9 million in exploration
		expenditures over five years to earn an initial 50% interest in the project
		from Azimut, at which stage Azimut would retain a 2% yellow cake royalty. The
		Company can increase its ownership to 65% by issuing an additional 100,000
		shares and paying an additional $100,000 in cash over five years from the date
		the Company earned its 50% interest. To earn its 65% interest, the Company must
		also incur a minimum of $1 million in exploration expenditures over five years
		from the date the Company earned its 50% interest, and produce a bankable
		feasibility study. The Company is the operator of the project. See Note 12(d).

The Company is in the process
		of filing for approximately $318,900 of government assistance related to
		exploration expenditures in the province of Quebec that have not been
		recognized in the accounts. Upon receipt, the assistance will be applied to the
		exploration properties to which they pertain.





---





NORTHWESTERN MINERAL
				  VENTURES INC.
				(AN EXPLORATION STAGE
				  COMPANY)
				Notes to Consolidated
				  Financial Statements
				(Expressed in
				  Canadian Dollars)
				For the years ended
				  December 31, 2006, 2005 and 2004


5.
			 SHARE
				  CAPITAL


a)
			 Authorized


Unlimited number of common
		shares

b)
			 Issued and
				  outstanding


(i)
			 On December 21, 2005,
				  the Company completed a private placement of 1,707,665 flow-through common
				  shares at a price of $0.60 per share, and 909,091 units (the Units)
				  at a price of $0.55 per Unit. Each Unit consisted of one common share and
				  one-half of one common share purchase warrant exercisable at a price of $0.70
				  until December 21, 2006. The proceeds of $1,024,599 from the flow through
				  shares were renounced subsequent to December 31, 2005. The renunciation created
				  a future income tax liability of $368,856, which was allocated as a cost of
				  issuing the flow-through shares. In connection with the private placement, the
				  Company paid Toll Cross Securities Inc. (Toll Cross) a commission
				  of approximately $106,700 and issued to Toll Cross broker warrants entitling it
				  to acquire 63,636 Units at an exercise price of $0.55 per Unit.


(ii)
			 On January 27, 2005,
				  the Company issued 1,333,334 units in a non-brokered private placement at a
				  price of $0.375 per unit for gross proceeds of $500,000. Each unit consists of
				  one common share and one common share purchase warrant exercisable at a price
				  of $0.465 until July 27, 2006.


The warrants and broker
		warrants issued in2005 were valued using the Black-Scholes
		option-pricing model. The assumptions used for the valuation were:

(a)
			 Warrants issued on
				  private placement(1):
				  expected dividend yield 0%, expected volatility 100%, risk-free interest rate
				  4% and an expected life of 12 months. Value assigned to 454,545 warrants is
				  $48,282 before issue costs.


(b)
			 Broker warrants issued
				  on private placement(1):
				  expected dividend yield 0%, expected volatility 100%, risk-free interest rate
				  4% and an expected life of 12 months. Value assigned to 63,636 broker warrants
				  is $16,127 before issue costs.


(c)
			 Warrants issued on
				  private placement(2):
				  expected dividend yield 0%, expected volatility 100%, risk-free interest rate
				  4% and an expected life of 18 months. Value assigned to 1,333,334 warrants is
				  $158,340 before issue costs.








---





NORTHWESTERN MINERAL
				  VENTURES INC.
				(AN EXPLORATION STAGE
				  COMPANY)
				Notes to Consolidated
				  Financial Statements
				(Expressed in
				  Canadian Dollars)
				For the years ended
				  December 31, 2006, 2005 and 2004


5.
			 SHARE CAPITAL
				  (continued)


b)
			 Issued and
				  outstanding (continued)


(iii)
			 The Company issued
				  412,000 flow-through common shares for proceeds of $125,660 in 2004. This
				  amount was renounced subsequent to December 31, 2004. The renunciation created
				  a future income tax liability of $45,200, which was allocated as a cost of
				  issuing the flow-through shares.


(iv)
			 Effective September 6,
				  2005, the Company completed a stock split, where-by each issued common share of
				  the Company was subdivided into two common shares. Each registered shareholder
				  of the Company received one additional new share for every common share held.
				  No action was required by the shareholders. The outstanding warrants and stock
				  options were also subdivided at the same ratio as the common shares. The
				  exercise prices of the warrants and stock options were adjusted to reflect the
				  stock split. Shares and per share amounts presented in these consolidated
				  financial statements have been retroactively adjusted to reflect this stock
				  split.


(v)
			 On May 5, 2006, the
				  Company completed a private placement financing of 21,144,027 units for gross
				  proceeds of $17,972,423. Each unit (priced at $0.85 per unit) consists of one
				  common share and one half of one common share purchase warrant. Each whole
				  warrant entitles the holder to purchase one additional common share of the
				  Company at a price of $1.15 until either (i) May 5, 2008; or (ii) in the event
				  that the common shares of Northwestern commence trading on either Tier 1 of the
				  TSX Venture Exchange or the Toronto Stock Exchange prior to May 5, 2008, then
				  May 5, 2011. In addition, Northwestern granted the agents to the financing an
				  option to purchase up to 5,882,353 additional units at $0.85 per unit that
				  expire on the date that is the earlier of 30 days following the closing date of
				  the private placement and June 5, 2006. The option to purchase the additional
				  units expired unexercised.


On closing, Northwestern paid
		the agents an aggregate commission of $1,258,070 cash and 1,480,082 broker
		warrants. Each broker warrant is exercisable into one common share at a price
		of $1.15 until November 5, 2007. Other cash costs related to the private
		placement amounted to $175,994.

The warrants and broker
		warrants issued in2006 were valued using the Black-Scholes
		option-pricing model. The assumptions used for the valuation were:

(a)
			 Warrants issued on
				  private placement(v):
				  expected dividend yield 0%; expected volatility - 100%; risk-free interest rate
				  - 4.3%; and an expected life of 2 years. The value assigned to 10,572,013
				  warrants is $3,653,500 less issue costs of $514,600.


(b)
			 Broker warrants issued
				  on private placement(v):
				  expected dividend yield - 0%; expected volatility - 100%; risk-free interest
				  rate - 4.3%; and an expected life of 18 months. The value assigned to 1,480,082
				  broker warrants is $762,800.


(c)
			 Broker warrants issued
				  on private placement(i):
				  expected dividend yield 0%, expected volatility 79.6%, risk-free interest rate
				  3.96% and an expected life of 12 months. The value assigned to 31,818 broker
				  warrants is $7,414.






---





NORTHWESTERN MINERAL
				  VENTURES INC.
				(AN EXPLORATION STAGE
				  COMPANY)
				Notes to Consolidated
				  Financial Statements
				(Expressed in
				  Canadian Dollars)
				For the years ended
				  December 31, 2006, 2005 and 2004


6.
			 COMMON SHARE
				  PURCHASE WARRANTS AND BROKER WARRANTS


The following table represents
		a continuity of warrants for the years ended December 31, 2005 and 2006. All
		numbers shown in the chart below have been adjusted to account for the 2:1
		stock split that occurred on September 6, 2005 (Note 5(b)(iv)):



Expiry Date
			 
			 ExercisePrice
			 
			 January 1,2006Balance
			 
			 Issued
			 
			 Exercised
			 
			 Expired
			 
			 December 31,2006Balance
			 
			 December 31,2006Black- ScholesValue ($)WarrantsApril 15, 2006
			 
			 $
			 0.475
			 
			 
			 500,000
			 
			 
			 
			 (500,000)
			 
			 
			 
			 
			 
			 April 15, 2006
			 
			 $
			 0.35
			 
			 
			 63,000
			 
			 
			 
			 (63,000)
			 
			 
			 
			 
			 
			 June 3, 2006
			 
			 $
			 0.475
			 
			 
			 949,500
			 
			 
			 
			 (933,000)
			 
			 (16,500)
			 
			 
			 
			 July 27, 2006
			 
			 $
			 0.465
			 
			 
			 1,333,334
			 
			 
			 
			 
			 
			 (1,333,334)
			 
			 
			 
			 December 21,
				  2007(*)
			 
			 $
			 0.70
			 
			 
			 454,543
			 
			 
			 
			 
			 
			 
			 
			 454,543
			 
			 48,282May 5, 2008
			 
			 $
			 1.15
			 
			 
			 
			 
			 10,572,013
			 
			 
			 
			 
			 
			 10,572,013
			 
			 3,138,9003,300,377
			 
			 10,572,013
			 
			 (1,496,000)
			 
			 (1,349,834)
			 
			 11,026,556
			 
			 3,187,182Broker
				  WarrantsDecember 21, 2006
			 
			 $
			 0.55
			 
			 
			 63,636
			 
			 
			 
			 (63,636)
			 
			 
			 
			 
			 
			 December 21, 2006
			 
			 $
			 0.70
			 
			 
			 
			 
			 31,818
			 
			 
			 
			 (31,818)
			 
			 
			 
			 November 5, 2007
			 
			 $
			 1.15
			 
			 
			 
			 
			 1,480,082
			 
			 
			 
			 
			 
			 1,480,082
			 
			 762,80063,636
			 
			 1,511,900
			 
			 (63,636)
			 
			 (31,818)
			 
			 1,480,082
			 
			 762,8003,364,013
			 
			 12,083,913
			 
			 (1,559,636)
			 
			 (1,381,652)
			 
			 12,506,638
			 
			 3,949,982


(*)
			 The term of the share
				  purchase warrants that were originally issued in connection with a private
				  placement that closed on December 21, 2005, which would have expired on
				  December 21, 2006, will now expire on December 21, 2007.




Expiry Date
			 
			 ExercisePrice
			 
			 January 1,2005Balance
			 
			 Issued
			 
			 Exercised
			 
			 Expired
			 
			 December 31,2005Balance
			 
			 December 31,2005Black- ScholesValue ($)WarrantsApril 15, 2006
			 
			 $
			 0.475
			 
			 
			 900,000
			 
			 
			 
			 (400,000)
			 
			 
			 
			 500,000
			 
			 70,000April 15, 2006
			 
			 $
			 0.35
			 
			 
			 63,000
			 
			 
			 
			 
			 
			 
			 
			 63,000
			 
			 10,395June 3, 2006
			 
			 $
			 0.475
			 
			 
			 1,004,500
			 
			 
			 
			 (55,000)
			 
			 
			 
			 949,500
			 
			 113,940July 27, 2006
			 
			 $
			 0.465
			 
			 
			 
			 
			 1,333,334
			 
			 
			 
			 
			 
			 1,333,334
			 
			 158,340December 21, 2007
			 
			 $
			 0.70
			 
			 
			 
			 
			 454,543
			 
			 
			 
			 
			 
			 454,543
			 
			 48,2821,967,500
			 
			 1,787,877
			 
			 (455,000)
			 
			 
			 
			 3,300,377
			 
			 400,957Broker
				  WarrantsDecember 21, 2006
			 
			 $
			 0.55
			 
			 
			 
			 
			 63,636
			 
			 
			 
			 
			 
			 63,636
			 
			 16,1271,967,500
			 
			 1,851,513
			 
			 (455,000)
			 
			 
			 
			 3,364,013
			 
			 417,084








---





NORTHWESTERN MINERAL
				  VENTURES INC.
				(AN EXPLORATION STAGE
				  COMPANY)
				Notes to Consolidated
				  Financial Statements
				(Expressed in
				  Canadian Dollars)
				For the years ended
				  December 31, 2006, 2005 and 2004


7.
			 STOCK OPTIONS AND
				  CONTRIBUTED SURPLUS


(a)
			 Stock
				  Options


The Company has a stock option
		plan for the purchase of common shares for its directors, officers, employees
		and other service providers. The aggregate number of common shares reserved for
		issuance under the stock option plan is the lesser of 7,200,000 common shares
		and 10% of the issued and outstanding common shares of the Company. The options
		are non-assignable and non-transferable and may be granted for a term not
		exceeding five years. The exercise price of the options is fixed by the board
		of directors of the Company at the time of grant, subject to all applicable
		regulatory requirements.

The following table represents
		a continuity of stock options for the year ended December 31, 2005 and 2006.
		All numbers shown in the chart below have been adjusted to account for the 2:1
		stock split that occurred on September 6, 2005 (Note 5(b)(iv)):



Number ofStock Options
			 
			 Weighted
				  AverageExercise
				  Price2006
			 
			 2005
			 
			 2006 $
			 
			 2005 $Opening Balance
			 
			 3,900,000
			 
			 2,120,000
			 
			 0.526
			 
			 0.305Options granted
			 
			 1,300,000
			 
			 1,980,000
			 
			 0.645
			 
			 0.739Options
				  exercised
			 
			 (920,000)
			 
			 (200,000)
			 
			 0.297
			 
			 0.288Options
				  cancelled
			 
			 (700,000)
			 
			 
			 
			 0.516
			 
			 Ending Balance
			 
			 3,580,000
			 
			 3,900,000
			 
			 0.630
			 
			 0.526


During 2006, 1,300,000 (2005 -
		1,980,000) stock options were granted to consultants, directors and employee of
		the Company. The following weighted average assumptions were used under the
		Black-Scholes option-pricing model:



2006
			 
			 2005Expected dividend yield
			 
			 0%
			 
			 0%Expected
				  volatility
			 
			 97%
			 
			 100%Risk-free interest
				  rate
			 
			 4%
			 
			 4%Expected life
			 
			 5.0 years
			 
			 4.9 years


These stock options have
		vesting terms as follows:

In 2005, 1,900,000 stock
		options vest in four equal tranches every 3 months and 80,000 stock options
		vested as a result of the successful application of two prospecting permits in
		Niger as described in Note 4(e).

In 2006, 950,000 stock options
		vested immediately at date of grant and 350,000 stock options vest in four
		equal tranches every 6 months.

Unexercised stock options at
		September 6, 2005 were adjusted to account for the 2:1 one stock split that
		occurred on September 6, 2005 (Note 5(b)(iv)).





---







NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Notes to Consolidated Financial
		Statements

(Expressed in Canadian
		Dollars)

For the years ended December
		31, 2006, 2005 and 2004




7.
			 STOCK OPTIONS AND
				  CONTRIBUTED SURPLUS (continued)


(a)
			 Stock Options
				  (continued)


As at December 31, 2006, the
		Company had the following stock options outstanding:



Number ofOptions
			 
			 ExercisableOptions
			 
			 ExercisePrice ($)
			 
			 ExpiryDate600,000
			 
			 600,000
			 
			 
			 0.3375
			 
			 April 23, 2007 (Note
				  12(e))80,000
			 
			 80,000
			 
			 
			 0.47
			 
			 August 2, 20081,900,000
			 
			 1,900,000
			 
			 
			 0.75
			 
			 October 14, 2010650,000
			 
			 650,000
			 
			 
			 0.68
			 
			 May 25, 2011250,000
			 
			 
			 
			 
			 0.44
			 
			 September 6,
				  2011100,000
			 
			 
			 
			 
			 0.40
			 
			 September 20,
				  20113,580,000
			 
			 3,230,000


(b)
			 Contributed
				  surplus


The following table reflects
		the continuity of contributed surplus for the years ended December 31, 2005 and
		2006.

AmountBalance, December 31,
				  2004
			 $
			 424,183Stock based
				  compensation expense
			 
			 493,468Stock options
				  exercised
			 
			 (44,000)Balance, December 31,
				  2005
			 
			 873,651Warrants expired
			 
			 167,733Stock based
				  compensation expense
			 
			 1,146,144Stock based
				  compensation charged to the Irhazer and In Gall Project
			 
			 51,519Stock options
				  exercised
			 
			 (203,600)Balance, December
				  31, 2006
			 $
			 2,035,447


8.
			 RELATED PARTY
				  TRANSACTIONS


The Company incurred $556,633
		in fiscal 2006 (2005 - $129,183; 2004 - $144,000) for consulting and directors
		fees rendered by directors and officers of the Company. The entire amount has
		been expensed in the statement of operations and deficit. Included in accounts
		payable and accrued liabilities at December 31, 2006 is $52,911 (2005 -
		$14,301) owing to these related parties.

During the year ended December
		31, 2006, 1,200,000 (2005 - 1,900,000; 2004 - 1,400,000) stock options were
		granted to directors and/or officers of the Company.

See Note 4(b) with respect to
		certain officers and directors of the Company being directors of RNC.

These transactions are in the
		normal course of operations and are measured at the exchange amount which is
		the consideration established and agreed to by the related parties.





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Notes to Consolidated Financial
		Statements

(Expressed in Canadian
		Dollars)

For the years ended December
		31, 2006, 2005 and 2004




9.
			 INCOME
				  TAXES


The following table reconciles
		the expected income tax recovery at the statutory income tax rate of 36% (2005
		- 36%; 2004 - 36%) to the amounts recognized in the statements of
		operations:



2006
			 
			 2005
			 
			 2004Loss before
				  taxes
			 
			 $
			 (2,790,340)
			 
			 $
			 (1,825,274)
			 
			 $
			 (1,121,460)Expected income tax
				  recovery at statutory rate
			 
			 
			 (1,004,500)
			 
			 
			 (657,100)
			 
			 
			 (403,700)Share issue
				  costs
			 
			 
			 (516,300)
			 
			 
			 (37,800)
			 
			 
			 (25,900)Exploration properties
				  and deferred exploration expenditures written-off
			 
			 
			 75,100
			 
			 
			 216,800
			 
			 
			 Stock based
				  compensation
			 
			 
			 412,600
			 
			 
			 177,600
			 
			 
			 152,700Exploration
				  overhead
			 
			 
			 
			 
			 
			 75,000
			 
			 
			 187,100Other
			 
			 
			 (35,156)
			 
			 
			 4,300
			 
			 
			 Change in valuation
				  allowance
			 
			 
			 699,400
			 
			 
			 176,000
			 
			 
			 89,800Income tax (recovery)
			 
			 $
			 (368,856)
			 
			 $
			 (45,200)
			 
			 $
			 


The following table reflects
		the future income tax assets and liabilities at December 31, 2006 and
		2005:



2006
			 
			 2005Future income tax
				  assets (liabilities):Non-capital
				  losses
			 
			 $
			 730,000
			 
			 $
			 330,800Exploration
				  properties
			 
			 
			 354,400
			 
			 
			 437,700Share issue
				  costs
			 
			 
			 500,700
			 
			 
			 125,500Fixed assets
			 
			 
			 8,300
			 
			 
			 1,593,400
			 
			 
			 894,000Less: valuation
				  allowance
			 
			 
			 (1,593,400)
			 
			 
			 (894,000)$
			 
			 
			 $
			 


The Company has unclaimed share
		issue costs of $1,390,700 and non-capital losses of $1,973,000 available to
		reduce future taxable income. Of these losses, $33,100 expire in 2010, $246,300
		expire in 2014, $614,500 expire in 2015 and $1,079,100 expire in 2026. The
		Company also has Canadian exploration expenditures totaling approximately
		$2,319,200, Canadian development expenses of $458,600, and foreign exploration
		and development expenditures of $2,394,100, which under certain circumstances,
		may be utilized to reduce taxable income in future years. Management believes
		that it is not considered more likely than not that it will create sufficient
		taxable income to realize its future tax assets. As a result, a full valuation
		allowance has been recognized.





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Notes to Consolidated Financial
		Statements

(Expressed in Canadian
		Dollars)

For the years ended December
		31, 2006, 2005 and 2004




10.
			 SEGMENTED
				  INFORMATION


The Companys principal
		operations are the acquisition, exploration and development of mineral
		properties. All exploration properties are situated in Canada, Mexico, Niger
		and the United States of America (see Note 4). Cash and short-term investments
		of $14,910,959 (2005 - $1,681,524) are held in Canadian chartered banks and a
		cash deficit of $2,168 (2005 - $Nil) is held in Niger.



2006
			 
			 2005Canada
			 
			 $16,992,448
			 
			 $1,950,746Mexico
			 
			 1,278,025
			 
			 750,906United States of
				  America
			 
			 
			 
			 114,697Niger
			 
			 1,220,233
			 
			 40,351$19,490,706
			 
			 $2,856,700


Substantially all of the
		Companys operating expenses are incurred in Canada.

11.
			 FINANCIAL
				  INSTRUMENTS


Fair Value

Canadian generally accepted
		accounting principles require that the Company disclose information about the
		fair value of its financial assets and liabilities. Fair value estimates are
		made at the balance sheet date, based on relevant market information and
		information about the financial instrument. These estimates are subjective in
		nature and involve uncertainties in significant matters of judgment and
		therefore cannot be determined with precision. Changes in assumptions could
		significantly affect these estimates.

At December 31, 2006, the
		Companys financial instruments consisted of cash, short-term investment,
		amounts receivable, and accounts payables and accrued liabilities. Unless
		otherwise noted, it is managements opinion that the Company is not
		exposed to significant interest, currency or credit risks arising from these
		financial instruments. The Company estimates that the fair value of these
		financial instruments approximate the carrying values.

Foreign Exchange
		Risk

The Companys financings
		are in Canadian dollars. Certain of the Companys expenses are incurred in
		U.S., Mexican and West African (Niger) currencies and are therefore subject to
		gains or losses due to fluctuations in exchange rates.

Commodity Price
		Risk

The future profitability of the
		Company is directly related to the market prices of gold, copper, uranium and
		other minerals.





---



NORTHWESTERN MINERAL
				  VENTURES INC.(AN EXPLORATION STAGE COMPANY)Notes to Consolidated Financial
				  Statements(Expressed in Canadian
				  Dollars)For the years ended
				  December 31, 2006, 2005 and 2004


12.
			 SUBSEQUENT
				  EVENTS


a)
			 Daniel Lake
				  Uranium Project


On January 24, 2007, the
		Company entered into a definitive option agreement with Azimut Exploration Inc.
		(Azimut) to expand their uranium project in the Ungava Bay region
		of northern Quebec. Under the terms of the agreement, Northwestern will acquire
		controlling interest in a second property that is contiguous with its North Rae
		Uranium Project disclosed in Note 4(f). This new property, Daniel Lake Uranium
		Project, consists of an additional two blocks representing 862 claims with a
		total area of 390.3Km2 or 96,445 acres (39,030 hectares).

Under the terms of the
		definitive option agreement, Northwestern will pay $230,000 in cash
		installments over a four-year period and issue 200,000 common shares. An
		initial payment of $50,000 is due within 15 days of the option agreement and
		$30,000 is payable upon the first anniversary of the option agreement.
		Northwestern will also spend a total of $2.6 million in exploration
		expenditures on the property in tranches over five years, of which the Company
		has committed to incur expenditrues of $300,000 during the first year of the
		agreement to earn an initial 50% interest in the project from Azimut, at which
		stage Azimut would retain a 2% yellow cake royalty. Shares will be issued in
		two stages with 100,000 common shares to be issued upon the first anniversary
		of the option agreement (subject in each case to TSX Venture Exchange
		approval). Shares are subject to all required regulatory hold periods.
		Northwestern can subsequently increase its ownership to 65% by issuing an
		additional 100,000 common shares and paying an additional $150,000 in cash over
		an additional five years. To earn its 65% interest, Northwestern must also
		incur a minimum additional $1.0 million in exploration expenditures over five
		years and produce a bankable feasibility study during the five-year period,
		subject to extension in certain circumstances. In the event Northwestern does
		not elect to increase its interest in the property up to 65% once it has fully
		exercised its 50% option, it shall pay Azimut a final cash payment of
		$100,000.

b)
			 Dissolution of
				  Subsidiary


Subsequent to year end,
		Northwestern Mineral Ventures (USA) Inc. was dissolved.

c)
			 Waterbury
				  Property Agreement


On March 30, 2007, the option
		agreement with CanAlaska described in Note 4(c) was amended. The new terms
		require the Company to make a cash payment of $25,000 (paid March 30, 2007)
		instead of $50,000 by April 1, 2007 and $75,000 instead of $50,000 by April 1,
		2008. The Northwestern shares that were to be issued to CanAlaska by April 1,
		2007 can now be issued on or before April 1, 2008. The Company has agreed to
		commit to an additional $511,000 for the 2007 exploration program, resulting in
		a total exploration expenditure commitment of $1,200,000 on the property for
		2007.





---



NORTHWESTERN MINERAL
				  VENTURES INC.(AN EXPLORATION STAGE COMPANY)Notes to Consolidated Financial
				  Statements(Expressed in Canadian
				  Dollars)For the years ended
				  December 31, 2006, 2005 and 2004


12.
			 SUBSEQUENT
				  EVENTS (continued)


d)
			 North Rae
				  Uranium Project


The Company finalized the North
		Rae Option Agreement with Azimut Exploration Inc. (Azimut) on
		January 9, 2007 following a Letter of Intent dated March 2, 2006. Under the
		terms of the agreement, the Company can earn an initial 50% in the property by
		incurring $2.9 million in work expenditures, paying $210,000 cash and issuing
		150,000 common shares over the next five years. Northwestern can subsequently
		increase its interest to 65% by making cash payments totaling $100,000, issuing
		100,000 common shares, incurring $1,000,000 ($200,000/year) in work
		expenditures over the next five years and delivering a bankable feasibility
		study. Azimut retains a 2% yellow cake royalty.

On April 17, 2007, 50,000
		common shares of the Company valued at $40,500, were issued to Azimut as per
		the letter of agreement described in Note 4(f).

e)
			 Stock
				  Options


Effective January 1, 2007, the
		Company entered into two consulting agreements pursuant to which it granted a
		total of 450,000 stock options, 250,000 stock options exercisable at $0.84 per
		share and 200,000 stock options exercisable at $0.81, for a period of 5 years.
		The options vest over a two-year period.

Subsequent to year-end, 600,000
		options exercisable at $0.3375 per share were exercised.





---



NORTHWESTERN
				  MINERAL VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to
				  Consolidated Financial Statements(Expressed in Canadian Dollars)For the years ended December 31, 2006, 2005 and
				  2004


13.
			 DIFFERENCES
				  BETWEEN CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING
				  PRINCIPLES


These consolidated financial
		statements have been prepared in accordance with generally accepted accounting
		principles in Canada (Canadian GAAP). The following represents the
		material adjustments to the consolidated financial statements as at December
		31, 2006 and 2005 and for the years ended December 31, 2006, 2005 and 2004 in
		order to conform to accounting principles generally accepted in the United
		States (US GAAP).



As at December
				  31
			 2006
			 
			 2005$
			 
			 $AssetsCanadian GAAP
			 19,490,706
			 
			 2,856,700Exploration properties
				  and deferred exploration expenditures (a)
			 (4,187,430)
			 
			 (1,075,701)US GAAP
			 15,303,276
			 
			 1,780,999Accounts Payable and
				  Accrued LiabilitiesCanadian GAAP
			 383,366
			 
			 170,817Flow through shares
				  (b)
			 
			 
			 166,667US GAAP
			 383,366
			 
			 337,484Future Income
				  TaxesCanadian GAAP
			 
			 
			 Exploration properties
				  and deferred exploration expenditures expensed (a)
			 1,120,200
			 
			 387,000Increase in valuation
				  allowance
			 (1,120,200)
			 
			 (387,000)US GAAP
			 
			 
			 Capital
				  StockCanadian GAAP
			 18,478,026
			 
			 4,329,779Flow through shares
				  (b)
			 247,389
			 
			 (121,467)US GAAP
			 18,725,415
			 
			 4,208,312DeficitCanadian GAAP
			 (5,356,115)
			 
			 (2,934,631)Cumulative exploration
				  properties adjustment (a)
			 (4,187,430)
			 
			 (1,075,701)Flow-through
				  shares
			 (247,389)
			 
			 (45,200)US GAAP
			 (9,790,934)
			 
			 (4,055,532)






---



NORTHWESTERN MINERAL
				  VENTURES INC.(AN EXPLORATION STAGE COMPANY)Notes to Consolidated Financial
				  Statements(Expressed in Canadian
				  Dollars)For the years ended
				  December 31, 2006, 2005 and 2004


13.
			 DIFFERENCES
				  BETWEEN CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
				  (continued)




For the years ended
				  December 31
			 
			 2006
			 
			 2005
			 
			 2004Statement of
				  OperationsNet (loss) under
				  Canadian GAAP
			 
			 (2,421,484)
			 
			 (1,780,074)
			 
			 (1,121,460)Exploration properties
				  and deferred exploration expenditures (a)
			 
			 (3,111,729)
			 
			 (344,901)
			 
			 (730,800)Flow-through shares
				  (b)
			 
			 (202,189)
			 
			 (45,200)
			 
			 Net (loss) and
				  comprehensive loss under US GAAP
			 
			 (5,735,402)
			 
			 (2,170,175)
			 
			 (1,852,260)Basic and diluted loss
				  per share - US GAAP
			 
			 0.05
			 
			 0.03
			 
			 0.03Statement of Cash
				  FlowsCash flows from
				  operating activities under Canadian GAAP
			 
			 (1,355,091)
			 
			 (851,997)
			 
			 (587,006)Exploration properties
				  and deferred exploration expenditures (a)
			 
			 (3,451,068)
			 
			 (702,384)
			 
			 (730,800)Cash flows from
				  operating activities under US GAAP
			 
			 (4,806,159)
			 
			 (1,554,381)
			 
			 (1,317,806)Cash flows from
				  investing activities under Canadian GAAP
			 
			 (12,858,160)
			 
			 (707,330)
			 
			 (735,006)Exploration properties
				  and deferred exploration expenditures (a)
			 
			 3,451,068
			 
			 702,384
			 
			 730,800Cash flows from
				  investing activities under US GAAP
			 
			 (9,407,092)
			 
			 (4,946)
			 
			 (4,206)


(a)
			 Exploration
				  Properties and Deferred Exploration Expenditures


Under Canadian GAAP, resource
		property acquisition costs and exploration costs may be deferred and amortized
		during the search for a commercially mineable body of ore. Under US GAAP,
		expenditures on exploration properties can only be deferred subsequent to the
		determination that proven or probable mineral reserves exist at which time
		costs incurred to bring the mine into production are capitalized as development
		costs. Capitalized costs are then amortized on a unit-of-production basis based
		on proven and probable reserves. An additional depletion and exploration
		expense is required to be recognized under US GAAP. For the purposes of the
		consolidated statements of cash flows, these costs are classified as cash used
		in investing activities under Canadian GAAP and cash used in operations under
		US GAAP. Under US GAAP, the property expenditure advances would be classified
		as current assets on the balance sheet and included in the amounts receivable
		and prepaid expenses. In the statement of cash flows, these expenditures would
		be classified as cash flows from operations in lieu of cash flows from
		investing activities for Canadian GAAP.

(b)
			 Flow-through
				  Shares


Under Canadian GAAP,
		flow-through shares are recorded at their face value, net of related issuance
		costs. When eligible expenditures are made, the carrying value of these
		expenditures may exceed their tax value due to the renunciation of the tax
		benefit by the Company. The tax effect of this temporary difference is recorded
		as a cost of issuing the shares.

The Financial Accounting
		Standards Board (FASB) staff has taken the view that under SFAS
		109, Accounting for Income Taxes, the proceeds from issuance should
		be allocated between the offering of shares and the sale of tax benefits. The
		allocation is made based on the difference between the quoted price of the
		existing shares and the amount the investor pays for the shares. A liability is
		recognized for this difference. The liability is reversed, when tax benefits
		are renounced and a deferred tax liability is recognized at that time. Income
		tax expense is the difference between the amount of deferred tax liability





---



and the liability recognized on
		issuance. Under US GAAP, the amounts received from the issuance of flow-through
		shares and not yet expended on the related exploration costs are separately
		classified as restricted cash. At December 31, 2006, the Company had restricted
		cash of $Nil (2005 - $1,024,599).





---



NORTHWESTERN MINERAL
				  VENTURES INC.(AN EXPLORATION STAGE COMPANY)Notes to Consolidated Financial
				  Statements(Expressed in Canadian
				  Dollars)For the years ended
				  December 31, 2006, 2005 and 2004


13.
			 DIFFERENCES
				  BETWEEN CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
				  (continued)


(c)
			 Income
				  Taxes


Under Canadian GAAP, future
		income taxes are calculated based on enacted or substantively enacted tax rates
		applicable to future years. Under US GAAP, only enacted rates are used in the
		calculation of future income taxes. This difference in GAAP did not result in a
		difference in the financial position, results of operations or cash flows of
		the Company for the years ended December 31, 2006, 2005, and 2004.

(d)
			 Stock-Based
				  Employee Compensation


On September 26, 2003 (date of
		incorporation), the Company prospectively adopted the fair value based method
		for its employee options. In December 2004, FASB issued SFAS 123(R),
		Share-Based Payment, which is a revision of SFAS 123,
		Accounting for Stock Based Compensation, eliminating the intrinisic
		value for accounting of equity based transactions primarily with employee based
		services. SFAS 123(R) requires all share based payments to employees, including
		grants of employee stock options, to be recognized in the income statement
		based on their fair values. Pro forma disclosure is no longer an alternative.
		Effective January 1, 2006, the Company adopted SFAS 123(R). As the Company
		currently uses the fair value method to account for all stock option grants,
		there were no differences between Canadian and US GAAP with respect to options
		granted since inception.

(e)
			 Comprehensive
				  Income


Effective for fiscal years
		beginning after December 15, 1997, SFAS 130 Reporting Comprehensive
		Income, is applicable for U.S. GAAP purposes. SFAS 130 establishes
		standards for the reporting and display of comprehensive income and its
		components in a full set of general purpose financial statements. SFAS 130
		requires that all items that are required to be recognized under accounting
		standards as components of comprehensive income be reported in a financial
		statement. No material difference arises from the application of SFAS
		130.

(f)
			 Recent
				  Accounting Pronouncements


Comprehensive
		Income

In April 2005, the CICA issued
		Handbook Section 1530 Comprehensive Income, which exposes reporting
		and disclosure recommendations with respect to comprehensive income and its
		components. Comprehensive income is the change in shareholders equity,
		which results from transactions and events from sources other than the
		Companys shareholders. These transactions and events include unrealized
		gains and losses resulting from changes in the fair value of certain financial
		instruments. This section applies to fiscal years commencing on or after
		October 1, 2006.

Financial
		Instruments

In April 2005, the CICA issued
		Handbook Section 3855 Financial Instruments - Recognition and
		Measurement. It exposes the standards for recognizing and measuring
		financial instrument on the balance sheet and the standards for reporting gains
		and losses in the financial statements. Financial assets available for sale,
		assets and liabilities held for trading, and derivative instruments, whether
		part of hedging relationship or not, have to be measured at fair value. This
		section applies to fiscal years commencing on or after October 1, 2006. The
		Company is currently evaluating the impact of adopting these recommendations,
		on its consolidated financial statements.

Hedge
		Accounting

In April 2005, the CICA issued
		Handbook Section 3865 Hedges, which describes when and how hedge
		accounting can be applied as well as the disclosure requirements. Hedge
		accounting enables the recording of gains, losses, revenues and expenses from
		the derivative financial instruments in the same period as for those related to
		the hedged item. This section applies to fiscal years commencing on or after
		October 1, 2006. The Company does not currently have any hedging
		relationships.





---



NORTHWESTERN
				  MINERAL VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to
				  Consolidated Financial Statements(Expressed in Canadian Dollars)For the years ended December 31, 2006, 2005 and
				  2004


13.
			 DIFFERENCES
				  BETWEEN CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
				  (continued)


(f)
			 Recent
				  Accounting Pronouncements (continued)


Changes in
		Accounting Policies and Estimates

In July 2006, the CICA issued
		section 1506, Changes in Accounting Policies and Estimates, and
		Errors to replace the existing Section 1506, Accounting Changes. This
		section applies to fiscal years beginning on or after January 1, 2007, and is
		therefore effective for the Company in fiscal 2008.

Accounting
		Standards in Canada

For the next five years, CICA
		will adopt its new strategic plan for the direction of accounting standards in
		Canada, which was ratified in January 2006. As part of that plan, accounting
		standards in Canada for public companies will converge with International
		Financial Reporting Standards (IFRS) over the next five years. The
		Company continues to monitor and assess the impact of convergence of Canadian
		GAAP and IFRS.

Accounting for
		Stripping Costs Incurred during Production in the Mining
		Industry

In January 2006, the FASB
		ratified the consensus reached by the Emerging Issues Task Force on Issue No.
		04-6, Accounting for Stripping Costs Incurred during Production in the
		Mining Industry (EITF 04-6), which requires that stripping costs be
		included in costs of sales as incurred beginning in fiscal 2007. The Company
		believes this consensus will have no effect on the financial statements until
		such time as the Company has a mine or mines in production.

Accounting for
		Uncertainty in Income Taxes

In June 2006, the FASB issued
		FASB Interpretation No.48, Accounting for Uncertainty in Income
		Taxes (FIN 48). FIN 48 prescribes a recognition threshold and measurement
		attribute for the financial statement recognition and measurement of a tax
		position taken or expected to be taken in a tax return. The Interpretation also
		provides guidance on derecognition, classification, interest and penalties,
		accounting in interim periods, disclosure, and transition. FIN 48 is effective
		in fiscal years beginning after December 15, 2006. The provisions of FIN 48 are
		to be applied to all tax positions upon initial adoption, with the cumulative
		effect adjustment reported as an adjustment to the opening balance of retained
		earnings. The Company is currently evaluating the potential impact, if any,
		that the adoption of FIN 48 will have on the financial statements.

Fair Value
		Measurements

In September 2006, the FASB
		issued SFAS 157 Fair Value Measurements. SFAS 157 will become
		effective for financial statements issued for fiscal years beginning after
		November 15, 2007, and interim periods within those fiscal years. This
		statement defines fair value, establishes a framework for measuring fair value
		in generally accepted accounting principles and expands disclosures about fair
		value measurements. The Company is currently evaluating the potential impact,
		if any, that the adoption of SFAS 157 Fair Value Measurements will
		have on the financial statements.

Prior Year
		Misstatements

In September 2006, the
		Securities and Exchange Commission issued Staff Accounting Bulletin No. 108
		(SAB 108). SAB 108 provides guidance on the consideration of the
		effects of prior year misstatements in quantifying current year misstatements
		for the purpose of a materiality assessment. SAB 108 permits existing public
		companies to record the cumulative effect of initially applying this approach
		in the fiscal year ending after November 15, 2006 by recording necessary
		correcting adjustments to the carrying values of assets and liabilities as of
		the beginning of that year with the offsetting adjustment recorded to the
		opening balance of retained earnings. The adoption of SAB 108 did not have a
		material impact on the Companys financial condition or results of
		operations.





---



NORTHWESTERN
				  MINERAL VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to
				  Consolidated Financial Statements(Expressed in Canadian Dollars)For the years ended December 31, 2006, 2005 and
				  2004


13.
			 DIFFERENCES
				  BETWEEN CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
				  (continued)


(f)
			 Recent
				  Accounting Pronouncements (continued)


Fair Value Option for
		Financial Assets and Financial Liabilities

In February 2007, the FASB
		issued SFAS 159, The Fair Value Option for Financial Assets and Financial
		Liabilities including an amendment to SFAS 115. This standard permits a
		company to choose to report certain financial assets, financial liabilities and
		firm commitments at fair value. The standard is effective for fiscal years
		beginning after November 15, 2007. The Company is currently evaluation the
		impact of SFAS 159 will have on its financial condition and results of
		operations.

Accounting for
		Derivative Instruments and Hedging Activities

The Securities and Exchange
		Commission (SEC) and the FASB have issued recent interpretations
		for U.S. GAAP that suggest that warrants with an exercise price that is
		different from the entitys functional currency cannot be classified as
		equity. As a result, these instruments should be treated as derivatives and
		recorded as liabilities which and are carried at their fair value, with changes
		in the fair value from period to period recorded as a gain or loss in the
		statement of operations. The Companys functional currency is the Canadian
		dollar and it has issued and outstanding warrants that have an exercise price
		that is denominated in Canadian dollars. Under Canadian GAAP, warrants to
		purchase common shares are accounted for as a component of shareholders
		equity.

The recent SEC and FASB
		interpretations relate to FASB Statement No. 133 Accounting for
		Derivative Instruments and Hedging Activities and EITF 00-19
		Accounting for Derivative Financial Instruments Indexed to and
		Potentially Settled in a Companys Own Stock. The FASB has initiated
		a project to determine the accounting treatment for certain equity instruments
		with elements of foreign currency risk. The project is expected to provide
		further guidance with respect to U.S. GAAP accounting for such items. The
		Company expects the adoption of this guidance will not have a material impact
		on its results of operations.





---

NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

CONSOLIDATED FINANCIAL
		STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS ENDED
		MARCH 31, 2007

(Expressed in Canadian
		Dollars)





---








NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

(Unaudited)

Three Months Ended March 31,
		2007




Responsibility for
		Consolidated Financial Statements

The accompanying unaudited
		interim consolidated financial statements for Northwestern Mineral Ventures
		Inc. have been prepared by management in accordance with Canadian generally
		accepted accounting principles consistently applied. The most significant of
		these accounting principles have been set out in the December 31, 2006 audited
		consolidated financial statements. Only changes in accounting information have
		been disclosed in these interim consolidated financial statements. These
		statements are presented on the accrual basis of accounting. Accordingly, a
		precise determination of many assets and liabilities is dependent upon future
		events. Therefore, estimates and approximations have been made using careful
		judgment. Recognizing that the Company is responsible for both the integrity
		and objectivity of the consolidated financial statements, management is
		satisfied that these consolidated interim financial statements have been fairly
		presented.

The independent auditor of
		Northwestern Mineral Ventures Inc. has not performed a review of the unaudited
		interim consolidated financial statements for the three months ended March 31,
		2007 and March 31, 2006.





---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Balance
		Sheets

(Expressed in Canadian
		Dollars)

(Unaudited)

As at March
				  31
			 
			 2007
			 
			 2006AssetsCurrentCash
			 
			 $
			 13,542,269
			 
			 $
			 5,482,407Short term investment
			 
			 
			 
			 
			 
			 9,426,384Amounts receivable and
				  prepaid expenses
			 
			 
			 168,749
			 
			 
			 118,17413,711,018
			 
			 
			 15,026,965Property expenditures
				  advances
			 
			 
			 696,422
			 
			 
			 133,092Fixed assets (Note
				  3)
			 
			 
			 129,015
			 
			 
			 143,219Interest in exploration
				  properties and deferred exploration expenditures (Note 4 and statement)
			 
			 
			 4,623,509
			 
			 
			 4,187,430$
			 19,159,964
			 
			 $
			 19,490,706Liabilities and
				  Shareholders EquityCurrentAccounts payable and
				  accrued liabilities
			 
			 $
			 290,981
			 
			 $
			 383,366Shareholders
				  equityCommon
				  shares(statement)
			 
			 
			 18,553,026
			 
			 
			 18,478,026Warrants(Note 5 and statement)
			 
			 
			 3,949,982
			 
			 
			 3,949,982Contributed
				  surplus(Note 6 and
				  statement)
			 
			 
			 2,091,765
			 
			 
			 2,035,447Accumulated
				  deficit
			 
			 
			 (5,725,790)
			 
			 
			 (5,356,115)18,868,983
			 
			 
			 19,107,340$
			 19,159,964
			 
			 $
			 19,490,706


NATURE OF OPERATIONS(Note 1)

COMMITMENTS(Note 4 and Note 4 of the December 31,
		2006 audited consolidated financial statements)

SUBSEQUENT EVENTS(Note 9)

APPROVED ON BEHALF OF THE
		BOARD:

SignedMarek Kreczmer, Director

SignedSimon Lawrence, Director

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





-2-



---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Operations, Comprehensive Loss and Deficit

(Expressed in Canadian
		Dollars)

(Unaudited)



For the three months
				  ended March 31,
			 
			 2007
			 
			 2006
			 
			 Cumulative
				  frominceptionto March 31,2007ExpensesStock based
				  compensation expense (Note 6)
			 
			 $
			 56,318
			 
			 $
			 400,912
			 
			 $
			 2,120,113Investor relations and
				  promotion
			 
			 
			 79,475
			 
			 
			 113,137
			 
			 
			 1,115,524Shareholders
				  information
			 
			 
			 21,149
			 
			 
			 12,173
			 
			 
			 121,344Management and
				  administrative services
			 
			 
			 121,235
			 
			 
			 53,500
			 
			 
			 945,707Professional
				  fees
			 
			 
			 20,800
			 
			 
			 7,574
			 
			 
			 341,934Regulatory fees
			 
			 
			 12,300
			 
			 
			 23,202
			 
			 
			 210,531Office and
				  administration
			 
			 
			 38,425
			 
			 
			 20,890
			 
			 
			 281,740Travel expenses
			 
			 
			 19,020
			 
			 
			 17,084
			 
			 
			 175,192Government fees and
				  taxes
			 
			 
			 
			 
			 
			 
			 
			 
			 19,503Foreign exchange (gain)
				  loss
			 
			 
			 (474)
			 
			 
			 
			 
			 
			 (10,382)Amortization
			 
			 
			 1,427
			 
			 
			 503
			 
			 
			 7,699369,675
			 
			 
			 648,975
			 
			 
			 5,328,905Net loss for the
				  period and from inception before the following:
			 
			 
			 369,675
			 
			 
			 648,975
			 
			 
			 5,328,905Exploration properties
				  and deferred exploration expenditures written-off
			 
			 
			 
			 
			 
			 
			 
			 
			 810,941Net loss for the
				  period and from inception before taxes:
			 
			 
			 369,675
			 
			 
			 648,975
			 
			 
			 6,139,846Future income tax
				  (recovery)
			 
			 
			 
			 
			 
			 (368,856)
			 
			 
			 (414,056)Net loss and
				  comprehensive loss for the period and from inception
			 
			 
			 369,675
			 
			 
			 280,119
			 
			 
			 5,725,790ACCUMULATED DEFICIT,
				  beginning of period
			 
			 
			 5,356,115
			 
			 
			 2,934,631
			 
			 
			 ACCUMULATED DEFICIT,
				  end of period
			 
			 $
			 5,725,790
			 
			 $
			 3,214,750
			 
			 $
			 5,725,790Basic and diluted loss
				  per share
			 
			 $
			 0.00
			 
			 $
			 0.00Weighted average number
				  of common shares
			 
			 
			 104,545,643
			 
			 
			 80,787,273


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





-3-



---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Cash Flows

(Expressed in Canadian
		Dollars)

(Unaudited)



For the three months
				  ended March 31,
			 
			 2007
			 
			 2006
			 
			 Cumulative
				  frominceptionto March 31,2007Cash provided by
				  (used in)OPERATING
				  ACTIVITIESNet loss for the period
				  and from inception
			 
			 $
			 (369,675)
			 
			 $
			 (280,119)
			 
			 $
			 (5,725,790)Stock based
				  compensation expense (Note 6)
			 
			 
			 56,318
			 
			 
			 400,912
			 
			 
			 2,120,113Future income tax
				  recovery
			 
			 
			 
			 
			 
			 (368,856)
			 
			 
			 (414,056)Amortization
			 
			 
			 1,427
			 
			 
			 503
			 
			 
			 7,699Exploration properties
				  and deferred exploration expenditures written-off
			 
			 
			 
			 
			 
			 
			 
			 
			 810,941Changes in non-cash
				  working capital itemsAmounts receivable and
				  prepaid expenses
			 
			 
			 (50,575)
			 
			 
			 33,900
			 
			 
			 (168,648)Accounts payable and
				  accrued liabilities
			 
			 
			 (92,385)
			 
			 
			 (44,131)
			 
			 
			 97,761(454,890)
			 
			 
			 (257,791)
			 
			 
			 (3,271,980)FINANCING
				  ACTIVITIESIssue of common shares,
				  net of issue costs
			 
			 
			 
			 
			 
			 (9,985)
			 
			 
			 16,757,758Issue of
				  warrants
			 
			 
			 
			 
			 
			 
			 
			 
			 4,362,275Exercise of
				  warrants
			 
			 
			 
			 
			 
			 543,363
			 
			 
			 953,851Exercise of
				  options
			 
			 
			 
			 
			 
			 43,200
			 
			 
			 330,700Issue of special
				  warrants, net of issue costs
			 
			 
			 
			 
			 
			 
			 
			 
			 195,409
			 
			 
			 576,578
			 
			 
			 22,599,993INVESTING
				  ACTIVITIESFixed asset
				  purchases
			 
			 
			 (10,537)
			 
			 
			 
			 
			 
			 (176,781)Interest in exploration
				  properties and deferred exploration
			 
			 
			 (724,711)
			 
			 
			 (692,828)
			 
			 
			 (5,608,963)Redemption of short
				  term investment
			 
			 
			 9,250,000
			 
			 
			 
			 
			 
			 8,514,752
			 
			 
			 (692,828)
			 
			 
			 (5,785,744)Increase in cash
			 
			 
			 8,059,862
			 
			 
			 (374,041)
			 
			 
			 13,542,269Cash, beginning of
				  period
			 
			 
			 5,482,407
			 
			 
			 1,681,524
			 
			 
			 Cash, end of
				  period
			 
			 $
			 13,542,269
			 
			 $
			 1,307,483
			 
			 $
			 13,542,269


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





-4-



---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Shareholders Equity

(Expressed in Canadian
		Dollars)

(Unaudited)

From Commencement of
		Operations (September 26, 2003) to March 31, 2007



Common
				  shares
			 
			 SpecialWarrants
			 
			 Warrants
			 
			 Contributed
				  Surplus
			 
			 Accumulated
				  Deficit
			 
			 Total#
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $Issue of shares for
				  cash
			 
			 4,000,000
			 
			 101
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 101Issue of special
				  warrants for cash
			 
			 
			 
			 
			 
			 195,409
			 
			 
			 
			 
			 
			 
			 
			 195,409Loss for the
				  year
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (33,097)
			 
			 (33,097)Balance, December 31,
				  2003
			 
			 4,000,000
			 
			 101
			 
			 195,409
			 
			 
			 
			 
			 
			 (33,097)
			 
			 162,413Public offering, net of
				  issue costs
			 
			 60,000,000
			 
			 1,321,537
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 1,321,537Conversion of special
				  warrants
			 
			 8,000,000
			 
			 195,409
			 
			 (195,409)
			 
			 
			 
			 
			 
			 
			 
			 Flow through private
				  placement, net of issue costs
			 
			 412,000
			 
			 114,891
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 114,891Stock based
				  compensation
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 424,183
			 
			 
			 
			 424,183Private placement, net
				  of issue costs
			 
			 2,909,000
			 
			 539,911
			 
			 
			 
			 256,935
			 
			 
			 
			 
			 
			 796,846Loss for the
				  year
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (1,121,460)
			 
			 (1,121,460)Balance, December 31,
				  2004
			 
			 75,321,000
			 
			 2,171,849
			 
			 
			 
			 256,935
			 
			 424,183
			 
			 (1,154,557)
			 
			 1,698,410Private placement, net
				  of issue costs
			 
			 3,950,090
			 
			 1,636,155
			 
			 
			 
			 222,749
			 
			 
			 
			 
			 
			 1,858,904Exercise of stock
				  options
			 
			 200,000
			 
			 101,500
			 
			 
			 
			 
			 
			 (44,000)
			 
			 
			 
			 57,500Flow through tax effect
				  on date of renunciation
			 
			 
			 
			 (45,200)
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (45,200)Stock based
				  compensation
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 493,468
			 
			 
			 
			 493,468Exercise of
				  warrants
			 
			 455,000
			 
			 283,475
			 
			 
			 
			 (62,600)
			 
			 
			 
			 
			 
			 220,875Shares issued for
				  interest in exploration properties and deferred exploration expenditures
			 
			 300,000
			 
			 182,000
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 182,000Loss for the
				  year
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (1,780,074)
			 
			 (1,780,074)Balance, December 31,
				  2005
			 
			 80,226,090
			 
			 4,329,779
			 
			 
			 
			 417,084
			 
			 873,651
			 
			 (2,934,631)
			 
			 2,685,883




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





-5-



---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Shareholders Equity (Continued)

(Expressed in Canadian
		Dollars)

(Unaudited)

From Commencement of
		Operations (September 26, 2003) to March 31, 2007



Common
				  shares
			 
			 Special
				  Warrants
			 
			 Warrants
			 
			 Contributed
				  Surplus
			 
			 Accumulated
				  Deficit
			 
			 Total#
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $Balance, December 31,
				  2005
			 
			 80,226,090
			 
			 4,329,779
			 
			 
			 
			 417,084
			 
			 873,651
			 
			 (2,934,631)
			 
			 2,685,883Private placement, net
				  of issue costs
			 
			 21,144,027
			 
			 12,555,474
			 
			 
			 
			 3,982,884
			 
			 
			 
			 
			 
			 16,538,358Exercise of stock
				  options
			 
			 920,000
			 
			 476,800
			 
			 
			 
			 
			 
			 (203,600)
			 
			 
			 
			 273,200Flow through tax effect
				  on date of renunciation
			 
			 
			 
			 (295,085)
			 
			 
			 
			 (73,771)
			 
			 
			 
			 
			 
			 (368,856)Stock based
				  compensation
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 1,197,663
			 
			 
			 
			 1,197,663Shares issued for
				  interest in exploration properties and deferred exploration expenditures
			 
			 640,000
			 
			 469,600
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 469,600Exercise of
				  warrants
			 
			 1,559,636
			 
			 941,458
			 
			 
			 
			 (208,482)
			 
			 
			 
			 
			 
			 732,976Expired warrants
			 
			 
			 
			 
			 
			 
			 
			 (167,733)
			 
			 167,733
			 
			 
			 
			 Loss for the
				  year
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (2,421,484)
			 
			 (2,421,484)Balance, December 31,
				  2006
			 
			 104,489,753
			 
			 18,478,026
			 
			 
			 
			 3,949,982
			 
			 2,035,447
			 
			 (5,356,115)
			 
			 19,107,340Shares issued for
				  interest in exploration properties and deferred exploration expenditures (Note
				  4(a))
			 
			 100,000
			 
			 75,000
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 75,000Stock-based
				  compensation (Note 6)
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 56,318
			 
			 
			 
			 56,318Loss for the
				  period
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (369,675)
			 
			 (369,675)Balance, March 31,
				  2007
			 
			 104,589,753
			 
			 18,553,026
			 
			 
			 
			 3,949,982
			 
			 2,091,765
			 
			 (5,725,790)
			 
			 18,868,983


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





-6-



---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Shareholders Equity (Continued)

(Expressed in Canadian
		Dollars)

(Unaudited)

Three months ended March 31,
		2006



Common
				  shares
			 
			 Special
				  Warrants
			 
			 Warrants
			 
			 Contributed
				  Surplus
			 
			 Accumulated
				  Deficit
			 
			 Total#
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $
			 
			 $Balance, December 31,
				  2005
			 
			 80,226,090
			 
			 4,329,779
			 
			 
			 
			 417,084
			 
			 873,651
			 
			 (2,934,631)
			 
			 2,685,883Exercise of stock
				  options
			 
			 120,000
			 
			 70,800
			 
			 
			 
			 
			 
			 (27,600)
			 
			 
			 
			 43,200Cost of issue
			 
			 
			 
			 (9,985)
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (9,985)Flow through tax effect
				  on date ofrenunciation
			 
			 
			 
			 (368,856)
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (368,856)Stock based
				  compensation
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 452,431
			 
			 
			 
			 452,431Exercise of
				  warrants
			 
			 1,170,500
			 
			 696,658
			 
			 
			 
			 (153,295)
			 
			 
			 
			 
			 
			 543,363Loss for the
				  period
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 
			 (280,119)
			 
			 (280,119)Balance, March 31,
				  2006
			 
			 81,516,590
			 
			 4,718,396
			 
			 
			 
			 263,789
			 
			 1,298,482
			 
			 (3,214,750)
			 
			 3,065,917


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





-7-



---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Interest in Exploration Properties and Deferred Exploration

Expenditures

(Expressed in Canadian
		Dollars)

(Unaudited)



For the three months
				  ended March 31,
			 
			 2007
			 
			 2006
			 
			 Cumulative
				  frominceptionto March 31,2007Picachos Project,
				  MexicoOpening balance
			 
			 $
			 1,260,664
			 
			 $
			 750,906
			 
			 $
			 Geological, reports and
				  maps
			 
			 
			 119
			 
			 
			 
			 
			 
			 201,664Labour
			 
			 
			 
			 
			 
			 
			 
			 
			 8,830Earthwork and
				  roads
			 
			 
			 1,923
			 
			 
			 
			 
			 
			 7,940Line and grid
				  cutting
			 
			 
			 
			 
			 
			 
			 
			 
			 15,121Geophysics
			 
			 
			 43,669
			 
			 
			 
			 
			 
			 131,425Camp costs
			 
			 
			 1,947
			 
			 
			 
			 
			 
			 29,089Transportation
			 
			 
			 
			 
			 
			 
			 
			 
			 6,386Management fees
			 
			 
			 
			 
			 
			 
			 
			 
			 8,965Professional
				  fees
			 
			 
			 
			 
			 
			 
			 
			 
			 12,139Drilling
			 
			 
			 
			 
			 
			 
			 
			 
			 5,690Option payments
			 
			 
			 
			 
			 
			 
			 
			 
			 517,904Staking
			 
			 
			 
			 
			 
			 
			 
			 
			 15,926General
			 
			 
			 18,946
			 
			 
			 1,022
			 
			 
			 48,156Analysis and
				  assaying
			 
			 
			 
			 
			 
			 
			 
			 
			 127,346Exploration
				  advance
			 
			 
			 
			 
			 
			 37,206
			 
			 
			 297,739Interest income
			 
			 
			 (17,507)
			 
			 
			 (2,965)
			 
			 
			 (124,559)Activity during the
				  period
			 
			 
			 49,097
			 
			 
			 35,263
			 
			 
			 1,309,761Closing balance
			 
			 $
			 1,309,761
			 
			 $
			 786,169
			 
			 $
			 1,309,761Waterbury Project,
				  CanadaOpening balance
			 
			 $
			 939,967
			 
			 $
			 169,747
			 
			 $
			 Assays
			 
			 
			 
			 
			 
			 
			 
			 
			 5,464Geological, reports and
				  maps
			 
			 
			 810
			 
			 
			 
			 
			 
			 82,104Drilling
			 
			 
			 
			 
			 
			 125,000
			 
			 
			 221,912Geophysics
			 
			 
			 810
			 
			 
			 231,849
			 
			 
			 329,806Labour
			 
			 
			 
			 
			 
			 
			 
			 
			 69,500Professional
				  fees
			 
			 
			 
			 
			 
			 
			 
			 
			 10,799Management fees
			 
			 
			 
			 
			 
			 43,355
			 
			 
			 73,478Operating costs
			 
			 
			 
			 
			 
			 
			 
			 
			 118,846Option payment
			 
			 
			 25,000
			 
			 
			 
			 
			 
			 197,050Administration
			 
			 
			 150
			 
			 
			 
			 
			 
			 150Government
				  assistance
			 
			 
			 (3,378)
			 
			 
			 
			 
			 
			 (47,914)Interest income
			 
			 
			 (6,149)
			 
			 
			 (2,965)
			 
			 
			 (103,985)Activity during the
				  period
			 
			 
			 17,243
			 
			 
			 397,239
			 
			 
			 957,210Closing balance
			 
			 $
			 957,210
			 
			 $
			 566,986
			 
			 $
			 957,210






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

-8-



---



NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Interest in Exploration Properties and Deferred Exploration

Expenditures

(Expressed in Canadian
		Dollars)

(Unaudited)



For the three months
				  ended March 31,
			 
			 2007
			 
			 2006
			 
			 Cumulative
				  frominceptionto March 31,2007Fire Fly Project,
				  United StatesOpening balance
			 
			 $
			 
			 
			 $
			 114,697
			 
			 $
			 Geological, reports and
				  maps
			 
			 
			 
			 
			 
			 3,506
			 
			 
			 34,692Professional
				  fees
			 
			 
			 
			 
			 
			 
			 
			 
			 8,173Option payment
			 
			 
			 
			 
			 
			 
			 
			 
			 58,485Exploration
				  advance
			 
			 
			 
			 
			 
			 
			 
			 
			 7,500Consulting
			 
			 
			 
			 
			 
			 10,295
			 
			 
			 23,707Claim staking
			 
			 
			 
			 
			 
			 
			 
			 
			 22,238Field expenses
			 
			 
			 
			 
			 
			 
			 
			 
			 1,659Geotechnician
			 
			 
			 
			 
			 
			 
			 
			 
			 8,588General
			 
			 
			 
			 
			 
			 2,916
			 
			 
			 8,102Travel and
				  accommodation
			 
			 
			 
			 
			 
			 4,047
			 
			 
			 4,691Rentals
			 
			 
			 
			 
			 
			 
			 
			 
			 4,586Interest income
			 
			 
			 
			 
			 
			 (2,965)
			 
			 
			 (19,175)Activity during the
				  period
			 
			 
			 
			 
			 
			 17,799
			 
			 
			 163,246Write-off of Fire Fly
				  Project
			 
			 
			 
			 
			 
			 
			 
			 
			 (163,246)Closing balance
			 
			 $
			 
			 
			 $
			 132,496
			 
			 $
			 Irhazer and In Gall
				  Projects, NigerOpening balance
			 
			 $
			 1,097,599
			 
			 $
			 40,351
			 
			 $
			 Project administration
				  costs
			 
			 
			 42,786
			 
			 
			 81,168
			 
			 
			 367,965Acquisition
				  costs
			 
			 
			 
			 
			 
			 213,818
			 
			 
			 223,848Camp costs
			 
			 
			 6,846
			 
			 
			 
			 
			 
			 13,452Environmental
			 
			 
			 54,056
			 
			 
			 
			 
			 
			 150,572Geological
			 
			 
			 9,852
			 
			 
			 
			 
			 
			 27,100Geophysical
			 
			 
			 173,973
			 
			 
			 
			 
			 
			 272,955Line and grid
				  cutting
			 
			 
			 9,235
			 
			 
			 
			 
			 
			 13,625Surveys
			 
			 
			 
			 
			 
			 
			 
			 
			 422,666Interest income
			 
			 
			 (78,009)
			 
			 
			 (2,963)
			 
			 
			 (175,845)Activity during the
				  period
			 
			 
			 218,739
			 
			 
			 292,023
			 
			 
			 1,316,338Closing balance
			 
			 $
			 1,316,338
			 
			 $
			 332,374
			 
			 $
			 1,316,338


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





-9-



---







NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Consolidated Statements of
		Interest in Exploration Properties and Deferred Exploration

Expenditures

(Expressed in Canadian
		Dollars)

(Unaudited)



For the three months
				  ended March 31,
			 
			 2007
			 
			 2006
			 
			 Cumulative
				  frominceptionto March 31,2007North Rae Uranium
				  Project, CanadaOpening balance
			 
			 $
			 889,200
			 
			 $
			 
			 
			 $
			 Acquisition
				  costs
			 
			 
			 80,000
			 
			 
			 
			 
			 
			 80,000Geophysical
			 
			 
			 3,360
			 
			 
			 
			 
			 
			 15,162Environmental
			 
			 
			 
			 
			 
			 
			 
			 
			 Exploration
			 
			 
			 
			 
			 
			 
			 
			 
			 716,190Staking
			 
			 
			 
			 
			 
			 
			 
			 
			 81,950Acquisition
				  costs
			 
			 
			 
			 
			 
			 51,623
			 
			 
			 97,084Professional
				  fees
			 
			 
			 1,658
			 
			 
			 
			 
			 
			 58,464Administration
			 
			 
			 5,104
			 
			 
			 
			 
			 
			 9,127Interest income
			 
			 
			 (23,691)
			 
			 
			 
			 
			 
			 (102,346)Activity during the
				  period
			 
			 
			 66,431
			 
			 
			 51,623
			 
			 
			 955,631Closing balance
			 
			 $
			 955,631
			 
			 $
			 51,623
			 
			 $
			 955,631Daniel Lake Uranium
				  Project, Canada (Note 4(a))Opening balance
			 
			 $
			 
			 
			 $
			 
			 
			 $
			 Staking
			 
			 
			 37,044
			 
			 
			 
			 
			 
			 37,044Professional
				  fees
			 
			 
			 2,285
			 
			 
			 
			 
			 
			 2,285Acquisition
				  costs
			 
			 
			 75,000
			 
			 
			 
			 
			 
			 75,000Geophysical
			 
			 
			 400
			 
			 
			 
			 
			 
			 400Interest income
			 
			 
			 (30,160)
			 
			 
			 
			 
			 
			 (30,160)Activity during the
				  period
			 
			 
			 84,569
			 
			 
			 
			 
			 
			 84,569Closing balance
			 
			 $
			 84,569
			 
			 $
			 
			 
			 $
			 84,569TOTAL
			 
			 $
			 4,623,509
			 
			 $
			 1,869,648
			 
			 $
			 4,623,509








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



-10-



---



NORTHWESTERN MINERAL
				  VENTURES INC.
				(AN EXPLORATION STAGE
				  COMPANY)
				Notes to
				  Consolidated Financial Statements
				(Expressed in
				  Canadian Dollars)
				(Unaudited)
				Three months ended
				  March 31, 2007


1.
			 NATURE OF
				  OPERATIONS


Northwestern Mineral Ventures
		Inc. (the Company or Northwestern) was incorporated
		under the laws of the Province of Ontario, Canada by Articles of Incorporation
		dated September 26, 2003. The Company, which is in the exploration stage, is
		engaged in the acquisition, exploration and development of mining properties
		with a focus on uranium. Currently it has interests in Canada, Mexico and
		Niger. The Company is in the process of exploring its exploration properties
		for mineral resources and has not determined whether the properties contain
		economically recoverable reserves. The recovery of the amounts shown for the
		exploration properties and the related deferred expenditures is dependent upon
		the existence of economically recoverable reserves, confirmation of the
		Companys interest in the underlying mineral claims, the ability of the
		Company to obtain necessary financing to complete the exploration, and upon
		future profitable production. Northwestern is listed on the NASD Bulletin Board
		under the symbol NWTMF, the TSX Venture Exchange under the symbol
		NWT and on the Frankfurt Stock Exchange as NMV.

The business of mining and
		exploring for minerals involves a high degree of risk and there can be no
		assurance that current exploration programs will result in profitable mining
		operations. The recoverability of the carrying value of exploration properties
		and the Companys continued existence is dependent upon the preservation
		of its interest in the underlying properties, the discovery of economically
		recoverable reserves, the achievement of profitable operations and the ability
		of the Company to raise alternative financing, if necessary, or alternatively
		upon the Companys ability to dispose of its interests on an advantageous
		basis. Changes in future conditions could require material write downs of the
		carrying values. Some of the Companys exploration properties are located
		outside of Canada and are subject to the risk of foreign investment, including
		increases in taxes and royalties, renegotiation of contracts, currency exchange
		fluctuations and political uncertainty.

Although the Company has taken
		steps to verify title to the properties on which it is conducting exploration
		and in which it has an interest, in accordance with industry standards for the
		current stage of exploration of such properties, these procedures do not
		guarantee the Companys title. Property title may be subject to
		unregistered prior agreements and non-compliance with regulatory
		requirements.

As at March 31, 2007 the
		Company had cash of $13,542,269 and working capital of $13,420,037. Management
		of the Company believes that it has sufficient funds to pay its ongoing
		administrative expenses and to meet its liabilities for the ensuing period as
		they fall due.

2.
			 BASIS OF
				  PRESENTATION AND ACCOUNTING POLICIES


The unaudited consolidated
		financial statements have been prepared in accordance with Canadian generally
		accepted accounting principles for interim financial information. Accordingly,
		they do not include all of the information and notes to the consolidated
		financial statements required by Canadian generally accepted accounting
		principles for annual consolidated financial statements. In the opinion of
		management, all adjustments considered necessary for a fair presentation have
		been included. Operating results for the three month period ended March 31,
		2007 may not necessarily be indicative of the results that may be expected for
		the year ended December 31, 2007.

The consolidated balance sheet
		at December 31, 2006 has been derived from the audited consolidated financial
		statements at that date but does not include all of the information and
		footnotes required by Canadian generally accepted accounting principles for
		annual consolidated financial statements. The interim consolidated financial
		statements have been prepared by management in accordance with the accounting
		policies described in the Companys annual audited consolidated financial
		statements for the year ended December 31, 2006, except as noted below. For
		further information, refer to the audited consolidated financial statements and
		notes thereto for the year ended December 31, 2006.



-11-



---





NORTHWESTERN MINERAL
				  VENTURES INC.
				(AN EXPLORATION STAGE
				  COMPANY)
				Notes to
				  Consolidated Financial Statements
				(Expressed in
				  Canadian Dollars)
				(Unaudited)
				Three months ended
				  March 31, 2007


2.
			 BASIS OF
				  PRESENTATION AND ACCOUNTING POLICIES (Continued)


Financial instruments,
		comprehensive income (loss) and hedges

In January 2005, the Canadian
		Institute of Chartered Accountants (CICA) issued Handbook Sections
		3855, Financial Instruments  Recognition and Measurement,
		1530, Comprehensive Income, and 3865, Hedges. These new
		standards are effective for interim and annual financial statements relating to
		fiscal years commencing on or after October 1, 2006 on a prospective basis;
		accordingly, comparative amounts for prior periods have not been restated. The
		Company has adopted these new standards effective January 1, 2007.

(a) Financial instruments -
		recognition and measurement

Section 3855 prescribes when a
		financial instrument is to be recognized on the balance sheet and at what
		amount. It also specifies how financial instrument gains and losses are to be
		presented. This Section requires that:


			 All financial assets be
				  measured at fair value on initial recognition and certain financial assets to
				  be measured at fair value subsequent to initial recognition;



			 All financial
				  liabilities be measured at fair value if they are classified as held for
				  trading purposes. Other financial liabilities are measured at amortized cost
				  using the effective interest method; and



			 All derivative
				  financial instruments be measured at fair value on the balance sheet, even when
				  they are part of an effective hedging relationship.


(b) Comprehensive income
		(loss)

Section 1530 introduces a new
		requirement to temporarily present certain gains and losses from changes in
		fair value outside net income. It includes unrealized gains and losses, such
		as: changes in the currency translation adjustment relating to self-sustaining
		foreign operations; unrealized gains or losses on available-for-sale
		investments; and the effective portion of gains or losses on derivatives
		designated as cash flow hedges or hedges of the net investment in
		self-sustaining foreign operations.

(c) Hedges

Section 3865 provides
		alternative treatments to Section 3855 for entities which choose to designate
		qualifying transactions as hedges for accounting purposes. It replaces and
		expands on Accounting Guideline 13 Hedging Relationships, and the
		hedging guidance in Section 1650 Foreign Currency Translation by
		specifying how hedge accounting is applied and what disclosures are necessary
		when it is applied.

(d) Impact upon adoption of
		Sections 1530, 3855 and 3865

Under adoption of these new
		standards, the Company designated its cash as held-for-trading, which is
		measured at fair value. Amounts receivable is classified as loans and
		receivables, which are measured at amortized cost. Accounts payable and accrued
		liabilities are classified as other financial liabilities, which are measured
		at amortized cost.

The adoption of these Handbook
		Sections had no impact on opening deficit.





-12-



---





NORTHWESTERN MINERAL
				  VENTURES INC.(AN
				  EXPLORATION STAGE COMPANY)Notes to Consolidated Financial
				  Statements(Expressed in Canadian Dollars)(Unaudited)Three months ended March 31,
				  2007


2.
			 BASIS OF
				  PRESENTATION AND ACCOUNTING POLICIES (Continued)


Future accounting
		changes

Capital Disclosures and
		Financial Instruments  Disclosures and Presentation

On December 1, 2006, the CICA
		issued three new accounting standards: Handbook Section 1535, Capital
		Disclosures, Handbook Section 3862, Financial Instruments  Disclosures,
		and Handbook Section 3863, Financial Instruments  Presentation. These
		standards are effective for interim and annual financial statements for the
		Companys reporting period beginning on January 1, 2008.

Section 1535 specifies the
		disclosure of (i) an entitys objectives, policies and processes for
		managing capital; (ii) quantitative data about what the entity regards as
		capital; (iii) whether the entity has complied with any capital requirements;
		and (iv) if it has not complied, the consequences of such
		non-compliance.

The new Sections 3862 and 3863
		replace Handbook Section 3861, Financial Instruments  Disclosure and
		Presentation, revising and enhancing its disclosure requirements, and carrying
		forward unchanged its presentation requirements. These new sections place
		increased emphasis on disclosures about the nature and extent of risks arising
		from financial instruments and how the entity manages those risks.

The Company is currently
		assessing the impact of these new accounting standards on its consolidated
		financial statements.

3.
			 FIXED
				  ASSETS




Cost
			 
			 AccumulatedDepreciation
			 
			 Net
				  CarryingValueMarch 31,2007
			 
			 Cost
			 
			 AccumulatedAmortization
			 
			 Net
				  CarryingValueDecember 31,2006Computer
				  equipment
			 
			 $
			 38,654
			 
			 $
			 8,374
			 
			 $
			 30,280
			 
			 $
			 34,120
			 
			 $
			 6,413
			 
			 $
			 27,707Furniture and
				  fixtures
			 
			 
			 11,598
			 
			 
			 1,076
			 
			 
			 10,522
			 
			 
			 11,598
			 
			 
			 585
			 
			 
			 11,013Leasehold
				  improvements
			 
			 
			 1,283
			 
			 
			 170
			 
			 
			 1,113
			 
			 
			 1,283
			 
			 
			 106
			 
			 
			 1,177Field equipment
			 
			 
			 46,594
			 
			 
			 1,738
			 
			 
			 44,856
			 
			 
			 40,591
			 
			 
			 994
			 
			 
			 39,597Vehicle
			 
			 
			 78,652
			 
			 
			 36,408
			 
			 
			 42,244
			 
			 
			 78,652
			 
			 
			 14,927
			 
			 
			 63,725$
			 176,781
			 
			 $
			 47,766
			 
			 $
			 129,015
			 
			 $
			 166,244
			 
			 $
			 23,025
			 
			 $
			 143,219


4.
			 INTEREST IN
				  EXPLORATION PROPERTIES AND DEFERRED EXPLORATION EXPENDITURES


On a quarterly basis,
		management of the Company review exploration costs to ensure deferred
		expenditures included only costs and projects that are eligible for
		capitalization. Specific changes to mineral properties that occurred from
		January 1, 2007 to March 31, 2007 are as follows:

a)
			 Daniel Lake Uranium
				  Project


On January 24, 2007, the
		Company entered into a definitive option agreement with Azimut Exploration Inc.
		(Azimut) to expand their uranium project in the Ungava Bay region
		of northern Quebec. Under the terms of the agreement, Northwestern will acquire
		controlling interest in a second property that is contiguous with its North Rae
		Uranium Project disclosed in Note 4(f) of the December 31, 2006 audited
		consolidated financial statements. This new property, Daniel Lake Uranium
		Project, consists of an additional two blocks representing 862 claims with a
		total area of 390.3Km2 or 96,445 acres (39,030 hectares).



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NORTHWESTERN MINERAL
				  VENTURES INC.
				(AN EXPLORATION STAGE
				  COMPANY)
				Notes to
				  Consolidated Financial Statements
				(Expressed in
				  Canadian Dollars)
				(Unaudited)
				Three months ended
				  March 31, 2007


4.
			 INTEREST IN
				  EXPLORATION PROPERTIES AND DEFERRED EXPLORATION EXPENDITURES
				  (Continued)


a)
			 Daniel Lake Uranium
				  Project (Continued)


Under the terms of the
		definitive option agreement, Northwestern will pay $230,000 in cash
		installments over a four-year period and issue 200,000 common shares (100,000
		issued and valued at $75,000). An initial payment of $50,000 is due within 15
		days of the option agreement and $30,000 is payable upon the first anniversary
		of the option agreement. Northwestern will also spend a total of $2.6 million
		in exploration expenditures on the property in tranches over five years, of
		which the Company has committed to incur expenditures of $300,000 during the
		first year of the agreement to earn an initial 50% interest in the project from
		Azimut, at which stage Azimut would retain a 2% yellow cake royalty. Shares
		will be issued in two stages with 100,000 common shares to be issued upon the
		first anniversary of the option agreement (subject in each case to TSX Venture
		Exchange approval). Shares are subject to all required regulatory hold periods.
		Northwestern can subsequently increase its ownership to 65% by issuing an
		additional 100,000 common shares and paying an additional $150,000 in cash over
		an additional five years. To earn its 65% interest, Northwestern must also
		incur a minimum additional $1.0 million in exploration expenditures over five
		years and produce a bankable feasibility study during the five-year period,
		subject to extension in certain circumstances. In the event Northwestern does
		not elect to increase its interest in the property up to 65% once it has fully
		exercised its 50% option, it shall pay Azimut a final cash payment of
		$100,000.

b)
			 Waterbury Property
				  Agreement


On March 30, 2007, the option
		agreement with CanAlaska described in Note 4(c) of the December 31, 2006
		audited consolidated financial statements was amended. The new terms require
		the Company to make a cash payment of $25,000 (paid March 30, 2007) instead of
		$50,000 by April 1, 2007 and $75,000 instead of $50,000 by April 1, 2008. The
		Northwestern shares that were to be issued to CanAlaska by April 1, 2007 can
		now be issued on or before April 1, 2008. The Company has agreed to commit to
		an additional $511,000 for the 2007 exploration program, resulting in a total
		exploration expenditure commitment of $1,200,000 on the property for
		2007.

c)
			 North Rae Uranium
				  Project


The Company finalized the North
		Rae Option Agreement with Azimut on January 9, 2007 following a Letter of
		Intent dated March 2, 2006. Under the terms of the agreement, the Company can
		earn an initial 50% in the property by incurring $2.9 million in work
		expenditures, paying $210,000 cash and issuing 150,000 common shares over the
		next five years. Northwestern can subsequently increase its interest to 65% by
		making cash payments totaling $100,000, issuing 100,000 common shares,
		incurring $1,000,000 ($200,000/year) in work expenditures over the next five
		years and delivering a bankable feasibility study. Azimut retains a 2% yellow
		cake royalty.

On April 17, 2007, 50,000
		common shares of the Company valued at $40,500, were issued to Azimut as per
		the letter of agreement described in Note 4(f) of the December 31, 2006 audited
		consolidated financial statements.





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NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Notes to Consolidated
		Financial Statements

(Expressed in Canadian
		Dollars)

(Unaudited)

Three months ended March 31,
		2007

5.
			 COMMON SHARE
				  PURCHASE WARRANTS AND BROKER WARRANTS


The following table represents
		a continuity of warrants for the three months ended March 31, 2007:



Expiry Date
			 
			 ExercisePrice
			 
			 January 1,2007Balance
			 
			 Issued
			 
			 Exercised
			 
			 Expired
			 
			 March 31,2007Balance
			 
			 March 31,2007FairValue
				  ($)WarrantsDecember 21,
				  2007
			 
			 $
			 0.70
			 
			 454,543
			 
			 
			 
			 
			 
			 
			 
			 454,543
			 
			 48,282May 5, 2008
			 
			 $
			 1.15
			 
			 10,572,013
			 
			 
			 
			 
			 
			 
			 
			 10,572,013
			 
			 3,138,90011,026,556
			 
			 
			 
			 
			 
			 
			 
			 11,026,556
			 
			 3,187,182Broker
				  WarrantsNovember 5, 2007
			 
			 $
			 1.15
			 
			 1,480,082
			 
			 
			 
			 
			 
			 
			 
			 1,480,082
			 
			 762,80012,506,638
			 
			 
			 
			 
			 
			 
			 
			 12,506,638
			 
			 3,949,982


6.
			 STOCK
				  OPTIONS


The following table represents
		a continuity of stock options for the three months ended March 31, 2007:



Number ofStock Options
			 
			 Weighted AverageExercise Price$Opening Balance
			 
			 3,580,000
			 
			 0.630Options granted
				  (1)
			 
			 250,000
			 
			 0.840Ending Balance
			 
			 3,830,000
			 
			 0.644


(1) On January 1, 2007, the
		Company granted 250,000 incentive stock options to a consultant, pursuant to
		the Companys Stock Option Plan, at an exercise price of $0.84 per share.
		The options are exercisable for a period of five years. The fair value of each
		option was estimated on the date of grant using the Black-Scholes option
		pricing model with the following assumptions: dividend yield of 0%; expected
		volatility of 84.81%; risk-free interest rate of 3.90% and an expected average
		life of 3.5 years. The estimated value of $125,750 will be classified as stock
		based compensation and credited to contributed surplus as the options vest. The
		options vest over a two-year period. For the three months ended March 31, 2007,
		the impact on earnings was $32,747.

(2) During the period, $23,571
		in stock based compensation from previously issued stock options were
		expensed.





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NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Notes to Consolidated
		Financial Statements

(Expressed in Canadian
		Dollars)

(Unaudited)

Three months ended March 31,
		2007

6.
			 STOCK OPTIONS
				  (Continued)


As at March 31, 2007, the
		Company had the following stock options outstanding:



Number ofOptions
			 
			 ExercisableOptions
			 
			 ExercisePrice ($)
			 
			 ExpiryDate600,000
			 
			 600,000
			 
			 0.3375
			 
			 April 23, 2007 (Note
				  9(d))80,000
			 
			 80,000
			 
			 0.47
			 
			 
			 August 2, 20081,900,000
			 
			 1,900,000
			 
			 0.75
			 
			 
			 October 14, 2010650,000
			 
			 650,000
			 
			 0.68
			 
			 
			 May 25, 2011250,000
			 
			 62,500
			 
			 0.44
			 
			 
			 September 6,
				  2011100,000
			 
			 25,000
			 
			 0.40
			 
			 
			 September 20,
				  2011250,000
			 
			 
			 
			 0.84
			 
			 
			 January 1, 20123,830,000
			 
			 3,317,500


7.
			 RELATED PARTY
				  TRANSACTIONS


For the three months ended
		March 31, 2007, the Company incurred $92,500 (March 31, 2006 - $53,500) for
		consulting and directors fees rendered by directors and officers of the
		Company. The entire amount has been expensed in the statement of operations and
		deficit. Included in accounts payable and accrued liabilities at March 31, 2007
		is $12,556 (March 31, 2006 - $8,145) owing to these related parties.

See Note 4(b) of the audited
		December 31, 2006 consolidated financial statements with respect to certain
		officers and directors of the Company being directors of RNC.

These transactions are in the
		normal course of operations and are measured at the exchange amount which is
		the consideration established and agreed to by the related parties.

8.
			 SEGMENTED
				  INFORMATION


The Companys principal
		operations are the acquisition, exploration and development of mineral
		properties. All exploration properties are situated in Canada, Mexico and
		Niger.



March 31,2007
			 
			 December 31,2006Canada
			 
			 $
			 16,410,318
			 
			 $
			 16,992,448Mexico
			 
			 
			 1,328,330
			 
			 
			 1,278,025Niger
			 
			 
			 1,421,316
			 
			 
			 1,220,233$
			 19,159,964
			 
			 $
			 19,490,706


Substantially all of the
		Companys operating expenses are incurred in Canada.





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NORTHWESTERN MINERAL
		VENTURES INC.

(AN EXPLORATION STAGE
		COMPANY)

Notes to Consolidated
		Financial Statements

(Expressed in Canadian
		Dollars)

(Unaudited)

Three months ended March 31,
		2007

9.
			 SUBSEQUENT
				  EVENTS


a) On April 17, 2007, Primoris
		Group Inc. have been granted an option to purchase an additional 200,000 shares
		of the Company at an exercise price of C$0.81 per share for a period of up to
		five years, expiring April 17, 2012. The options will vest in tranches over 12
		months, with no more than 25% vesting in any single three-month period.

b) On April 30, 2007, 100,000
		stock options have been granted to one of its officers, each such option
		entitling the holder thereof to acquire one common share of the Company at an
		exercise price of C$0.77. The options will vest in stages over two years and
		expire on April 30, 2012.

c) On May 8, 2007, 25,000 stock
		options have been granted to an employee, each such option entitling the holder
		thereof to acquire one common share of the Company at an exercise price of
		C$0.85. The options will vest in stages over two years and expire on May 8,
		2012.

d) Subsequent to March 31,
		2007, 600,000 options exercisable at $0.3375 per share were exercised.





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