UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K
                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURUTIES EXCHANGE ACT OF 1934

                   For the fiscal year ended February 28, 2009

                        Commission file number 333-141426


                               Elko Ventures Inc.
             (Exact Name of Registrant as Specified in Its Charter)

           Nevada                                                20-8425158
(State or Other Jurisdiction of                               (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)

                                  650 Ruby Way
                            Crescent Valley, NV 89821
               (Address of Principal Executive Offices & Zip Code)

                                  (775)201-6669
                               (Telephone Number)

           Securities registered pursuant to Section 12(b) of the Act:
                                      None

           Securities registered pursuant to section 12(g) of the Act:
                          Common Stock, $.001 par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act Yes [ ] No [X]

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

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

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

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

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

As of February 28, 2009, the registrant had 13,200,000 shares of common stock
issued and outstanding. No market value has been computed based upon the fact
that no active trading market had been established as of February 28, 2009.
<PAGE>
                               ELKO VENTURES INC.
                                TABLE OF CONTENTS

                                                                        Page No.
                                                                        --------

                                     Part I

Item 1.   Business                                                           3
Item 1A.  Risk Factors                                                       9
Item 2.   Properties                                                        11
Item 3.   Legal Proceedings                                                 11
Item 4.   Submission of Matters to a Vote of Securities Holders             11

                                     Part II

Item 5.   Market for Registrant's Common Equity, Related Stockholder
          Matters and Issuer Purchases of Equity Securities                 11
Item 7.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations                                         12
Item 8.   Financial Statements and Supplementary Data                       15
Item 9.   Changes in and Disagreements with Accountants on Accounting
          and Financial Disclosure                                          27
Item 9A.  Controls and Procedures                                           27

                                    Part III

Item 10.  Directors and Executive Officers                                  29
Item 11.  Executive Compensation                                            30
Item 12.  Security Ownership of Certain Beneficial Owners and Management
          and Related Stockholder Matters                                   31
Item 13.  Certain Relationships and Related Transactions                    32
Item 14.  Principal Accounting Fees and Services                            32

                                     Part IV

Item 15.  Exhibits                                                          33

Signatures                                                                  33

                                       2
<PAGE>
                                     PART I

ITEM 1. BUSINESS

GENERAL INFORMATION

Elko Ventures Inc. was incorporated in Nevada on February 5, 2007 to engage in
the business of acquisition, exploration and development of natural resource
properties. We are an exploration stage company with no revenues and a limited
operating history. The principal executive offices are located at 650 Ruby Way,
Crescent Valley, NV 89821. The telephone number is (775)201-6669.

As of February 28, 2009 we had generated no revenues. We have been issued an
opinion by our auditor that raises substantial doubt about our ability to
continue as a going concern based on our current financial position.

We have a total of 250,000,000 authorized common shares with a par value of
$0.001 per share and 13,200,000 common shares issued and outstanding as of
February 28, 2009.

We have completed a form SB-2 Registration Statement under the Securities Act of
1933 with the U.S. Securities and Exchange Commission registering 2,000,000
shares at a price of $0.03 per share. The offering was completed on June 28,
2007 for total proceeds to the company of $60,000.

On September 20, 2007 our common stock shares were approved for trading on the
Over-the-Counter Bulletin Board under the symbol ELKO.

On January 31, 2008, the company affected a three for one forward stock split of
our share capital such that every one share of common stock issued and
outstanding prior to the split was exchanged for three post-split shares of
common stock. The company also changed its post-split authorized capital to
250,000,000 shares of common stock with a par value of $0.001 per share. Our
issued and outstanding share capital increased from 4,400,000 shares of common
stock to 13,200,000 shares of common stock. At that time our symbol was changed
to ELKV. An 8-K disclosing this information was filed with the Securities and
Exchange Commission on January 31, 2008.

The companies mineral property, known as the Cad property consists of four
contiguous, located, lode mineral claims, Cad 1-4 comprising a total of 82.64
acres. Elko Ventures Inc., a Nevada, U.S.A. company is the beneficial owner of
the mineral claims. The Cad property lies in the west central area of the State
of Nevada, southwest of the Town of Tonopah and is accessible from Highway 95 by
traveling south of the Town for 11 miles to the Paymaster Canyon cut-off and
then traveling southwest for 6 miles to the property. There is not a plant or
any equipment currently located on the property.

At the current time the property is without known reserves and the proposed
program is exploratory in nature. The future cost of exploration work on the
property is disclosed in detail in the Plan of Operation section.

The initial exploration phase is being supported by generators, however; hydro
electrical power lines are located in the area. Water required for exploration
and development of the claim is available from the major river drainages that
flow year round as well as many subsidiary creeks.

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The geologist, James McLeod, completed Phase 1 of the exploration program on the
claims. He recommended further exploration of specific anomalies discovered in
the first phase and we directed him to proceed with Phase 1A to further examine
anomalies that were identified in the initial phase. We are currently reviewing
the results of Phase 1A to determine whether we will follow through with further
exploration. Following Phase 1A of the exploration program, if we deem the
results positive enough, we intend to proceed with Phase 2 of our exploration
program. Through February 28, 2009 we had incurred $21,111 in exploration
expense.

Following Phases 1 and 1A of the exploration program, if they prove successful
in identifying mineral deposits, we intend to proceed with phase two of our
exploration program. The estimated cost of this program is $10,500 and will take
approximately 10 days to complete and an additional one to two months for the
consulting geologist to receive the results from the assay lab and prepare his
report.

Following phase two of the exploration program, if it proves successful, we
intend to proceed with phase three of our exploration program. The estimated
cost of this program is $30,000 and will take approximately 20 days to complete
and an additional one to two months for the consulting geologist to receive the
results from the assay lab and prepare his report.

We anticipate commencing the second phase of our exploration program in summer
2009 and phase 3 in fall 2009 or spring 2010. We have a verbal agreement with
James McLeod, the consulting geologist who prepared the geology report on our
claims, to utilize his services for our exploration program. We cannot provide
investors with any assurance that we will be able to raise sufficient funds to
proceed with any work after the exploration program if we find mineralization.

The discussions contained herein are management's estimates. Because we have
only recently commenced our exploration program we cannot provide a more
detailed discussion of our plans if we find a viable store of minerals on our
property, as there is no guarantee that exploitable mineralization will be
found, the quantity or type of minerals if they are found and the extraction
process that will be required. We are also unable to assure you we will be able
to raise the additional funding necessary to proceed with any subsequent work on
the claims if mineralization is found.

ACQUISITION OF THE MINERAL CLAIMS

The Cad Mineral Claims were staked on behalf of the company and are recorded in
the name of the company. The claims are in good standing to September 1, 2009.

REQUIREMENTS OR CONDITIONS FOR RETENTION OF TITLE

The title for the claims is in good standing until September 2009. During the
first week in August 2009 a filing is to be made by the Company to the County
and Bureau of Land Management that we intend to retain the claims and to
continue performing exploration work on them. Such work will be reported and
filed at the appropriate time.

                                       4
<PAGE>
LOCATION, ACCESS, CLIMATE, LOCAL RESOURCES & INFRASTRUCTURE

The Cad property lies in the west central area of the State of Nevada, southwest
of the Town of Tonopah and is accessible from Highway 95 by traveling south of
the Town for 11 miles to the Paymaster Canyon cut-off and then traveling
southwest for 6 miles to the property.

The area experiences about 4" - 8" of precipitation annually of which about 20%
may occur as a snow equivalent. This amount of annual precipitation reflects a
climatic classification of arid to semi-arid. The summers can experience hot
weather, middle 60's to 70's F(degree) average with high spells of 100+F(degree)
while the winters are generally more severe than the dry belt to the west and
can last from December through February. Temperatures experienced during
mid-winter, average for January are from the high 20's to the low 40's F(degree)
with low spells down to -20 F(degree).

The Town of Tonopah that lies 26 miles to the north of Goldfield, NV offers much
of the necessary infrastructure required to base and carry-out an exploration
program (accommodations, communications, equipment and supplies). Larger or more
specialized equipment can likely be acquired in the City of Las Vegas lying 209
miles by paved road (Highway 95) to the south.

Infrastructure such as highways and secondary roads, communications,
accommodations and supplies that are essential to carrying-out an exploration
and development program are at hand, between Tonopah, Goldfield and Las Vegas.

The physiography of the Cad property is rounded to rugged mountainous ranges
that in the immediate area are arcuate in topographic shape with intervening
broader and somewhat narrow valleys. Topographic variations occur in the
vicinity and Boundary Peak, the highest point in Nevada at 13,145' lies 57
airmiles to the northwest of the property. Much of this area with its broad open
valleys and spiney mountain ridges hosts sagebrush and other desert plants on
the low hill slopes. Joshua trees and cacti, such as the prickly pear grow as
far north as Goldfield. Juniper and pinon grow above 6,500' with pinon becoming
more dominant at higher elevations. At elevations in the range of 7,500' along
water courses are found small groves of trembling aspen.

                                       5
<PAGE>




                        [MAP SHOWING THE CLAIM LOCATION]




                                       6
<PAGE>
HISTORY

Mining holds an historical and contemporary place in the development and
economic well being of the area.

The recorded mining history of the general area dates from the 1860's when
prospectors passed through the area. The many significant lode gold and other
mineral product deposits developed in the area was that of the Goldfield Camp,
1905, Coaldale coal field, 1913, Divide Silver Mining District, 1921 and the
Candalaria silver - gold mine which operated as an underground lode silver-gold
deposit in 1922 and again in the 1990's as an open cut, cyanide heap leach
operation.

GEOLOGICAL SETTING

REGIONAL GEOLOGY

The regional geology map of Nevada depicts the State as being underlain by all
types of rock units. These appear to range from oldest to youngest in an east to
west direction, respectively. The oldest units are found to occur in the
southeast corner of the State along the Colorado River. The bedrock units
exhibit a north-south fabric of alternating east-west ranges and valleys
suggesting E-W compression. Faulting plays a large part in many areas of Nevada
and an even larger part in the emplacement of mineral occurrences and ore
bodies.

LOCAL GEOLOGY

The local geology to the southwest of Tonopah, NV reveals a N-S trending,
elongate or elliptical blind-basin bounded, i.e. nearly closed off around its
perimeter by rock exposures.

Throughout this outcropping ring-shaped feature are abundant, scattered rock
exposures of Lower - Middle Paleozoic carbonate and aphanitic to very fine grain
sized sediments, as quartzite, siltstone, claystone and more abundant limestone.
Some transitional metamorphic rocks are interspersed. Abundance of Tertiary
volcanic rocks and minor sedimentary units overlie the older Paleozoic units.

PROPERTY GEOLOGY

The geology of the Cad property area may be described as being underlain by
Quaternary alluvium and playa deposits and some Lower Paleozoic limestone. This
young overburden covered basin within a larger surrounding area of known mineral
occurrences exhibits a good geological setting and portrays an excellent target
area to conduct exploration. The outcroppings partially surrounding or flanking
the alluvial covered valley and possibly underlying the mineral claim area
suggests mineral occurrences or structurally prepared bedrock may be sought
after in those areas.

COMPETITION

We do not compete directly with anyone for the exploration or removal of
minerals from our property as we hold all interest and rights to the claims.
Readily available commodities markets exist in the U.S. and around the world for
the sale of gold, silver and other minerals. Therefore, we will likely be able
to sell any minerals that we are able to recover.

                                       7
<PAGE>
We will be subject to competition and unforeseen limited sources of supplies in
the industry in the event spot shortages arise for supplies such as dynamite,
and certain equipment such as bulldozers and excavators that we will need to
conduct exploration. If we are unsuccessful in securing the products, equipment
and services we need we may have to suspend our exploration plans until we are
able to do so.

BANKRUPTCY OR SIMILAR PROCEEDINGS

There has been no bankruptcy, receivership or similar proceeding.

REORGANIZATIONS, PURCHASE OR SALE OF ASSETS

There have been no material reclassifications, mergers, consolidations, or
purchase or sale of a significant amount of assets not in the ordinary course of
business.

COMPLIANCE WITH GOVERNMENT REGULATION

Our exploration programs in Nevada are subject to state and federal regulations
regarding environmental considerations. All operations involving the exploration
for the production of minerals are subject to existing laws and regulations
relating to exploration procedures, safety precautions, employee health and
safety, air quality standards, pollution of streams and fresh water sources,
odor, noise, dust and other environmental protection controls adopted by
federal, state and local governmental authorities as well as the rights of
adjoining property owners. We may be required to prepare and present to federal,
state or local authorities data pertaining to the effect or impact that any
proposed exploration for or production of minerals may have upon the
environment. All requirements imposed by any such authorities may be costly,
time consuming and may delay commencement or continuation of exploration or
production operations. Future legislation may significantly emphasize the
protection of the environment, and, as a consequence, our activities may be more
closely regulated to further the cause of environmental protection. Such
legislation, as well as further interpretation of existing laws in the United
States, may require substantial increases in equipment and operating costs and
delays, interruptions, or a termination of operations, the extent of which
cannot be predicted. Environmental problems known to exist at this time in the
United States may not be in compliance with regulations that may come into
existence in the future. This may have a substantial impact upon the capital
expenditures required of us in order to deal with such problem and could
substantially reduce earnings.

The regulatory bodies that directly regulate our activities are the Bureau of
Land Management (Federal) and the Nevada Department of Environmental Protection
(State).

PATENTS, TRADEMARKS, FRANCHISES, CONCESSIONS, ROYALTY AGREEMENTS, OR LABOR
CONTRACTS

We have no current plans for any registrations such as patents, trademarks,
copyrights, franchises, concessions, royalty agreements or labor contracts. We
will assess the need for any copyright, trademark or patent applications on an
ongoing basis.

                                       8
<PAGE>
NEED FOR GOVERNMENT APPROVAL FOR ITS PRODUCTS OR SERVICES

We are not required to apply for or have any government approval for our
products or services.

RESEARCH AND DEVELOPMENT COSTS DURING THE LAST TWO YEARS

We have not expended funds for research and development costs since inception.
We paid $3,500 for the geology report and $3,500 for the staking of the claims
and have expended an additional $14,111 in exploration costs since inception.

NUMBER OF EMPLOYEES

Our only employee is our officer, Lou Schiliro, who currently devotes 2-3 hours
per week to company matters but he will devote as much time as the board of
directors determines is necessary to manage the affairs of the company. There
are no formal employment agreements between the company and our current
employee.

REPORTS TO SECURITIES HOLDERS

We provide an annual report that includes audited financial information to our
shareholders. We make our financial information equally available to any
interested parties or investors through compliance with the disclosure rules of
Regulation S-K for a small business issuer under the Securities Exchange Act of
1934. We are subject to disclosure filing requirements including filing Form
10-K annually and Form 10-Q quarterly. In addition, we will file Form 8K and
other proxy and information statements from time to time as required. We do not
intend to voluntarily file the above reports in the event that our obligation to
file such reports is suspended under the Exchange Act. The public may read and
copy any materials that we file with the Securities and Exchange Commission,
("SEC"), at the SEC's Public Reference Room at 100 F Street NE, Washington, DC
20549. The public may obtain information on the operation of the Public
Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an
Internet site (http://www.sec.gov) that contains reports, proxy and information
statements, and other information regarding issuers that file electronically
with the SEC.

ITEM 1A. RISK FACTORS

BECAUSE OUR CONTINUATION AS A GOING CONCERN IS IN DOUBT, WE WILL BE FORCED TO
CEASE BUSINESS OPERATIONS UNLESS WE CAN GENERATE PROFIT IN THE FUTURE.

The report of our independent accountant to our audited financial statements for
the period ended February 28, 2009 indicates that there are a number of factors
that raise substantial doubt about our ability to continue as a going concern.
Such factors identified in the report are that we have no source of revenue and
our dependence upon obtaining adequate financing. If we are not able to continue
as a going concern, it is likely investors will lose all of their investment.

BECAUSE WE HAVE ONLY RECENTLY COMMENCED BUSINESS OPERATIONS, WE FACE A HIGH RISK
OF BUSINESS FAILURE.

                                       9
<PAGE>
We have only commenced exploration on the Cad 1-4 claims. Accordingly, we have
no way to evaluate the likelihood that our business will be successful. We have
not earned any revenues as of the date of this report.

Potential investors should be aware of the difficulties normally encountered by
new mineral exploration companies and the high rate of failure of such
enterprises. The likelihood of success must be considered in light of the
problems, expenses, difficulties, complications and delays encountered in
connection with the exploration of the mineral property. These potential
problems include, but are not limited to, unanticipated problems relating to
exploration, and additional costs and expenses that may exceed current
estimates.

OUR MINERAL EXPLORATION EFFORTS MAY BE UNSUCCESSFUL RESULTING IN ANY FUNDS SPENT
ON EXPLORATION BEING LOST.

No known bodies of commercial ore or economic deposits have been established on
our properties. Even in the event commercial quantities of minerals are
discovered, the exploration property might not be brought into a state of
commercial production. Finding mineral deposits is dependent on a number of
factors, including the technical skill of exploration personnel involved. The
commercial viability of a mineral deposit once discovered is also dependent on a
number of factors, some of which are particular attributes of the deposit, such
as size, grade and proximity to infrastructure, as well as metal prices.

BECAUSE OF THE INHERENT DANGERS INVOLVED IN MINERAL EXPLORATION, THERE IS A RISK
THAT WE MAY INCUR LIABILITY OR DAMAGES, WHICH COULD HURT OUR FINANCIAL POSITION
AND POSSIBLY RESULT IN THE FAILURE OF OUR BUSINESS.

The search for valuable minerals involves numerous hazards. As a result, we may
become subject to liability for such hazards, including pollution, cave-ins and
other hazards against which we cannot insure or against which we may elect not
to insure. The payment of such liabilities may have a material adverse effect on
our financial position.

EVEN IF WE DISCOVER COMMERCIAL RESERVES OF PRECIOUS METALS ON THE CAD 1-4
CLAIMS, WE MAY NOT BE ABLE TO SUCCESSFULLY COMMENCE COMMERCIAL PRODUCTION.

The Cad 1-4 claims do not contain any known bodies of mineralization. If our
exploration programs are successful in establishing silver and gold of
commercial tonnage and grade, we will require additional funds in order to place
the Cad 1-4 claims into commercial production. We may not be able to obtain such
financing.

GOVERNMENT REGULATION OR OTHER LEGAL UNCERTAINTIES MAY INCREASE COSTS AND OUR
BUSINESS WILL BE NEGATIVELY AFFECTED.

Laws and regulations govern the exploration, development, mining, production,
importing and exporting of minerals; taxes; labor standards; occupational
health; waste disposal; protection of the environment; mine safety; toxic
substances; and other matters. In many cases, licenses and permits are required
to conduct mining operations. Amendments to current laws and regulations

                                       10
<PAGE>
governing operations and activities of mining companies or more stringent
implementation thereof could have a substantial adverse impact on the Company.
Applicable laws and regulations will require the Company to make certain capital
and operating expenditures to initiate new operations. Under certain
circumstances, the Company may be required to stop its exploration activities
once it is started until a particular problem is remedied or to undertake other
remedial actions.

BECAUSE OUR DIRECTOR HAS OTHER BUSINESS INTERESTS, HE MAY NOT BE ABLE OR WILLING
TO DEVOTE A SUFFICIENT AMOUNT OF TIME TO OUR BUSINESS OPERATIONS, CAUSING OUR
BUSINESS TO FAIL.

Our president and director, Mr. Lou Schiliro devotes approximately 5% of his
business time (2-3 hours per week). While our director presently possesses
adequate time to attend to our interests, it is possible that the demands on our
director from his other obligations could increase with the result that he would
no longer be able to devote sufficient time to the management of our business.

ITEM 2. PROPERTIES

We do not currently own any property. Our office facilities at 650 Ruby Way,
Crescent Valley, NV 89821. The facilities include telephone, fax, a reception
area and office and meeting facilities. Management believes the current premises
are sufficient for its needs at this time.

We currently have no investment policies as they pertain to real estate, real
estate interests or real estate mortgages.

ITEM 3. LEGAL PROCEEDINGS

We are not currently involved in any legal proceedings and we are not aware of
any pending or potential legal actions.

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

There were no matters submitted to a vote of the security holders during the
year ended February 28, 2009.

                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Since September 20, 2007 our common stock has been listed for quotation on the
Over-the-Counter Bulletin Board. The original symbol assigned was ELKO and
subsequent to a forward stock split in January 2008 the symbol was changed to
ELKV. There has been no active trading market and thus no high and low sales
prices to report.

SHARES AVAILABLE UNDER RULE 144

There are currently 7,200,000 shares of common stock that are considered
restricted securities under Rule 144 of the Securities Act of 1933. All
7,200,000 shares are held by a former officer and director of the company. In

                                       11
<PAGE>
general, under Rule 144 as amended, a person who has beneficially owned and held
restricted securities for at least six months, including affiliates, may sell
publicly without registration under the Securities Act, within any three-month
period, assuming compliance with other provisions of the Rule, a number of
shares that do not exceed the greater of(i) one percent of the common stock then
outstanding or, (ii) the average weekly trading volume in the common stock
during the four calendar weeks preceding such sale.

HOLDERS

As of February 28, 2009, we have 13,200,000 Shares of $0.001 par value common
stock issued and outstanding held by 28 shareholders of record.

The stock transfer agent for our securities is Holladay Stock Transfer, 2939
North 67th Place, Scottsdale, Arizona 85251, telephone (480)481-3940.

DIVIDENDS

We have never declared or paid any cash dividends on our common stock. For the
foreseeable future, we intend to retain any earnings to finance the development
and expansion of our business, and we do not anticipate paying any cash
dividends on its common stock. Any future determination to pay dividends will be
at the discretion of the Board of Directors and will be dependent upon then
existing conditions, including our financial condition and results of
operations, capital requirements, contractual restrictions, business prospects,
and other factors that the board of directors considers relevant.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

RESULTS OF OPERATIONS

We have generated no revenue since inception and have incurred $47,795 in
expenses through February 28, 2009. For the year ended February 28, 2009 we
incurred operating expenses of $24,756. For the same period ended February 29,
2008 we had operating expenses of $15,524.

Our cash in the bank at February 28, 2009 was $27,350, with total assets being
$27,585. Our outstanding liabilities were $3,380. Cash provided by financing
activities since inception is as follows:

     1.   On February 5, 2007, a total of 2,400,000 shares of common stock were
          issued in exchange for $12,000 US, or $.005 per share. These
          securities were issued to an officer and director of the company.

     2.   On June 28, 2007, we completed and closed our offering pursuant to a
          Registration Statement on Form SB-2 selling a total of 2,000,000
          shares at $.03 per share to raise $60,000.

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<PAGE>
On January 31, 2008, the company affected a three for one forward stock split of
our share capital such that every one share of common stock issued and
outstanding prior to the split was exchanged for three post-split shares of
common stock. The company also changed its post-split authorized capital to
250,000,000 shares of common stock with a par value of $0.001 per share. Our
issued and outstanding share capital increased from 4,400,000 shares of common
stock to 13,200,000 shares of common stock. An 8-K disclosing this information
was filed with the Securities and Exchange Commission on January 31, 2008.

Our plan of operation for the next twelve months is to complete phase two of our
exploration program. In addition to the $10,500 we anticipate spending for the
second phase of the exploration program, we anticipate spending an additional
$8,000 on professional fees, including fees associated with reporting obligation
compliance, and general administrative costs. If the results of phase two
warrant our proceeding to phase three of the exploration program we will be
required to raise additional funding to cover the cost of $30,000. If we
experience a shortfall of operating capital our directors have agreed to loan us
the funds to continue operations.

We do not intend to purchase any significant property or equipment, nor incur
any significant changes in employees during the next 12 months.

GOING CONCERN

We are an exploration stage company and currently have no operations. Our
independent auditor has issued an audit opinion for Elko Ventures which includes
a statement expressing substantial doubt as to our ability to continue as a
going concern.

PLAN OF OPERATION

Following is an outline of our exploration program:

PHASE 1 (COMPLETED)

Detailed prospecting, mapping and soil geochemistry.
The estimated cost for this program is all inclusive              $ 8,500

PHASE 1A (COMPLETED)

Detailed prospecting and soil geochemistry in the specific
areas where anomalies were identified in Phase 1.
The estimated cost for this program is all inclusive              $ 9,500

PHASE 2

Magnetometer and VLF electromagnetic, grid controlled
surveys over the areas of interest determined by the
Phase 1 survey. Included in this estimated cost is
transportation, accommodation, board, grid installation,
two geophysical surveys, maps and report                           10,500

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<PAGE>
PHASE 3

Induced polarization survey over grid controlled anomalous
area of interest outlined by Phase 1&2 fieldwork. Hoe or
bulldozer trenching, mapping and sampling of bedrock
anomalies. Includes assays, detailed maps and reports              30,000
                                                                  -------

                                  Total                           $58,500
                                                                  =======

Each phase following phase 1 is contingent upon favorable results from the
previous phase.

The above program costs are management's estimates based upon the
recommendations of the professional geologist's report and the actual project
costs may exceed our estimates.

After completing Phase 1 of the exploration program on the claim the geologist
recommended a continuation of Phase 1 (Phase 1A) to further examine anomalies
that were identified in the initial phase. We directed him to proceed with Phase
1A, which he completed and we are currently reviewing the results to determine
whether we will follow through with further exploration. Following Phase 1A of
the exploration program, if we deem the results positive enough, we intend to
proceed with Phase 2 of our exploration program. The estimated cost of this
program is $10,500 and will take approximately 10 days to complete and an
additional one to two months for the consulting geologist to receive the results
from the assay lab and prepare his report.

Following phase two of the exploration program, if it proves successful, we
intend to proceed with phase three of our exploration program. The estimated
cost of this program is $30,000 and will take approximately 20 days to complete
and an additional one to two months for the consulting geologist to receive the
results from the assay lab and prepare his report.

We anticipate commencing the second phase of our exploration program in summer
2009 and phase 3 in fall 2009 or spring 2010. We have a verbal agreement with
James McLeod, the consulting geologist who prepared the geology report on our
claims, to utilize his services for our exploration program. We cannot provide
investors with any assurance that we will be able to raise sufficient funds to
proceed with any work after the exploration program if we find mineralization.

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements.

                                       14
<PAGE>
ITEM 8. FINANCIAL STATEMENTS


MOORE & ASSOCIATES, CHARTERED
  ACCOUNTANTS AND ADVISORS
     PCAOB REGISTERED


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors
Elko Ventures, Inc.
(An Exploration Stage Company)

We have  audited the  accompanying  balance  sheets of Elko  Ventures,  Inc. (An
Exploration  Stage  Company) as of February 28, 2009 and February 29, 2008,  and
the related  statements of operations,  stockholders'  equity (deficit) and cash
flows for the  years  ended  February  28,  2009,  February  29,  2008 and since
inception  on  February 5, 2007  through  February  28,  2008.  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 conduct  our  audits in  accordance  with  standards  of the  Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and  perform  the  audits to  obtain  reasonable  assurance  about  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,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position of Elko  Ventures,  Inc.  (An
Exploration  Stage  Company) as of February 28, 2009 and February 29, 2008,  and
the related  statements of operations,  stockholders'  equity (deficit) and cash
flows for the years ended  February 28, 2009 and since  inception on February 5,
2007  through  February 28,  2009,  in  conformity  with  accounting  principles
generally accepted in the United States of America.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue  as a  going  concern.  As  discussed  in  Note 3 to the
financial  statements,  the Company has an accumulated  deficit of $47,795 since
inception,  which  raises  substantial  doubt about its ability to continue as a
going concern. Management's plans concerning these matters are also described in
Note 3. The  financial  statements  do not  include any  adjustments  that might
result from the outcome of this uncertainty.


/s/ Moore & Associates, Chartered
------------------------------------------
Moore & Associates, Chartered
Las Vegas, Nevada
May 18, 2009



 6490 West Desert Inn Rd, Las Vegas, NV 89146 (702) 253-7499 Fax (702) 253-7501

                                       15
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                                 Balance Sheets
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                        As of              As of
                                                                     February 28,       February 29,
                                                                         2009               2008
                                                                       --------           --------
<S>                                                                    <C>                <C>
                                     ASSETS

CURRENT ASSETS
  Cash                                                                 $ 27,350           $ 51,661
  Deposits                                                                  235                 --
                                                                       --------           --------
TOTAL CURRENT ASSETS                                                     27,585             51,661
                                                                       --------           --------

      TOTAL ASSETS                                                     $ 27,585           $ 51,661
                                                                       ========           ========

                       LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Due to a Director                                                    $     --           $  1,200
  Accounts Payable                                                        3,380              1,500
                                                                       --------           --------
TOTAL CURRENT LIABILITIES                                                 3,380              2,700
                                                                       --------           --------

      TOTAL LIABILITIES                                                   3,380              2,700
                                                                       --------           --------

STOCKHOLDERS' EQUITY
  Common stock, ($0.001 par value, 250,000,000
   shares authorized; 13,200,000 shares issued and
   outstanding as of February 28, 2009 and February 29, 2008)            13,200             13,200
  Additional paid-in capital                                             58,800             58,800
  Deficit accumulated during exploration stage                          (47,795)           (23,039)
                                                                       --------           --------
TOTAL STOCKHOLDERS' EQUITY                                               24,205             48,961
                                                                       --------           --------

      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                         $ 27,585           $ 51,661
                                                                       ========           ========
</TABLE>


  The accompanying footnotes are an integral part of these financial Statements

                                       16
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                            Statements of Operations
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                 February 5, 2007
                                                                                   (inception)
                                        Year ended            Year ended             through
                                       February 28,          February 29,          February 28,
                                          2009                  2008                  2009
                                       -----------           -----------           -----------
<S>                                    <C>                   <C>                   <C>
REVENUES
  Revenues                             $        --           $        --           $        --
                                       -----------           -----------           -----------
TOTAL REVENUES                                  --                    --                    --

OPERATIONG EXPENSES
  Mineral Exploration Expense               13,361                   750                21,111
  Office and Administration                  3,568                 6,438                10,522
  Professional Fees                          7,827                 8,335                16,163
                                       -----------           -----------           -----------
TOTAL OPERATING EXPENSES                   (24,756)              (15,524)              (47,795)

PROVISION FOR INCOME TAXES                      --                    --                    --
                                       -----------           -----------           -----------

NET INCOME (LOSS)                      $   (24,756)          $   (15,524)          $   (47,795)
                                       ===========           ===========           ===========

BASIC EARNINGS PER SHARE               $     (0.00)          $     (0.00)
                                       ===========           ===========
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING              13,200,000            11,249,180
                                       ===========           ===========
</TABLE>


  The accompanying footnotes are an integral part of these financial Statements

                                       17
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                  Statements of Stockholders' Equity (Deficit))
          From February 5, 2007 (Inception) through February 28, 2009
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                                                         Deficit
                                                                                       Accumulated
                                                             Common      Additional      During
                                                Common       Stock        Paid-in      Exploration
                                                Stock        Amount       Capital         Stage        Total
                                                -----        ------       -------         -----        -----
<S>                                          <C>           <C>           <C>          <C>           <C>
BALANCE, FEBRUARY 5, 2007                            --     $     --     $     --      $      --     $     --

Stock issued for cash on February 5,
 2007 @ $0.005 per share                      7,200,000        7,200        4,800                      12,000

Net loss, February 28, 2007                                                               (7,515)      (7,515)
                                             ----------     --------     --------      ---------     --------

BALANCE, FEBRUARY 28, 2007                    7,200,000     $  7,200     $  4,800      $  (7,515)    $  4,485
                                             ==========     ========     ========      =========     ========
Stock issued for cash on June 28, 2007
 @ $0.03 per share                            6,000,000        6,000       54,000                      60,000

Net loss, February 29, 2008                                                              (15,524)     (15,524)
                                             ----------     --------     --------      ---------     --------

BALANCE, FEBRUARY 29, 2008                   13,200,000     $ 13,200     $ 58,800      $ (23,039)    $ 48,961
                                             ==========     ========     ========      =========     ========

Net loss, February 28, 2009                                                              (24,756)     (24,756)
                                             ----------     --------     --------      ---------     --------

BALANCE, FEBRUARY 28, 2009                   13,200,000     $ 13,200     $ 58,800      $ (47,795)    $ 24,205
                                             ==========     ========     ========      =========     ========
</TABLE>


Note:   On Janaury 31, 2008 the Company  effected a 3 for 1 forward split of its
        share  capital  such that  every one share of common  stock  issued  and
        outstanding prior to the split was exchanged for three post-split shares
        of common stock. This forward split has been  retro-actively  applied to
        all previous periods.


 The accompanying footnotes are an integral part of these financial Statements

                                       18
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                            Statements of Cash Flows
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                                     February 5, 2007
                                                                                                       (inception)
                                                                  Year ended         Year ended          through
                                                                 February 28,       February 29,       February 28,
                                                                    2009               2008               2009
                                                                  --------           --------           --------
<S>                                                               <C>                <C>                <C>
OPERATING ACTIVITIES
  Net income (loss)                                               $(24,756)          $(15,524)          $(47,795)
  Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:

  Changes in operating assets and liabilities:
    (Increase) Decrease in Deposits                                   (235)                --               (235)
    Increase (Decrease) in Due to a Director                        (1,200)             1,200                 --
    Increase (Decrease) in Accounts Payable                          1,880              1,500              3,380
                                                                  --------           --------           --------
          NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES      (24,311)           (12,824)           (44,650)

INVESTING ACTIVITIES

          NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES           --                 --                 --

FINANCING ACTIVITIES
  Issuance of common stock                                              --              6,000             13,200
  Additional paid-in capital                                            --             54,000             58,800
                                                                  --------           --------           --------
          NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES           --             60,000             72,000
                                                                  --------           --------           --------

NET INCREASE (DECREASE) IN CASH                                    (24,311)            47,176             27,350

CASH AT BEGINNING OF PERIOD                                         51,661              4,485                 --
                                                                  --------           --------           --------

CASH AT END OF PERIOD                                             $ 27,350           $ 51,661           $ 27,350
                                                                  ========           ========           ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during period for:
  Interest                                                        $     --           $     --           $     --
                                                                  ========           ========           ========

  Income Taxes                                                    $     --           $     --           $     --
                                                                  ========           ========           ========
</TABLE>


  The accompanying footnotes are an integral part of these financial Statements

                                       19
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                February 28, 2009
--------------------------------------------------------------------------------

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Elko Ventures Inc. (the Company) was incorporated under the laws of the State of
Nevada on February 5, 2007. The Company was formed to engage in the acquisition,
exploration and development of natural resource properties.

The  Company  is in the  exploration  stage.  Its  activities  to date have been
limited to capital formation, organization and development of its business plan.
The Company has commenced limited exploration  activities on its Cad 1-4 Mineral
Claims in the Paymaster Canyon Area of Esmeralda County, Nevada.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. BASIS OF ACCOUNTING

The Company's  financial  statements  are prepared  using the accrual  method of
accounting. The Company has elected a February 28, year-end.

B. BASIC EARNINGS PER SHARE

In February  1997,  the FASB issued SFAS No. 128,  "Earnings  Per Share",  which
specifies the computation, presentation and disclosure requirements for earnings
(loss) per share for entities  with  publicly  held common  stock.  SFAS No. 128
supersedes the provisions of APB No. 15, and requires the  presentation of basic
earnings (loss) per share and diluted earnings (loss) per share. The Company has
adopted the provisions of SFAS No. 128 effective July 10, 2006 (inception).

Basic net loss per share  amounts is computed  by  dividing  the net loss by the
weighted average number of common shares outstanding. Diluted earnings per share
are the same as basic  earnings per share because there are no dilutive items in
the Company.

C. CASH AND CASH EQUIVALENTS

Cash and cash  equivalents  include  cash in  banks,  money  market  funds,  and
certificates  of term  deposits  with  maturities of less than three months from
inception,  which are readily convertible to known amounts of cash and which, in
the  opinion of  management,  are  subject to an  insignificant  risk of loss in
value.  The Company had  $27,350  and  $51,661 in cash and cash  equivalents  at
February 28, 2009 and February 29, 2008, respectively.

The Company  maintains its cash in  institutions  insured by the Federal Deposit
Insurance Corporation (FDIC). This government corporation insured balances up to
$100,000  through  October 13,  2008.  As of October  14, 2008 all  non-interest
bearing transaction deposit accounts at an FDIC-insured  institution,  including
all personal and business  checking  deposit accounts that do not earn interest,

                                       20
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                February 28, 2009
--------------------------------------------------------------------------------

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

are fully insured for the entire amount in the deposit  account.  This unlimited
insurance  coverage is  temporary  and will  remain in effect for  participating
institutions until December 31, 2009.

All other deposit  accounts at  FDIC-insured  institutions  are insured up to at
least $250,000 per depositor  until December 31, 2009. On January 1, 2010,  FDIC
deposit  insurance  for all  deposit  accounts,  except for  certain  retirement
accounts, will return to at least $100,000 per depositor.

D. USE OF ESTIMATES AND ASSUMPTIONS

The preparation of financial  statements in conformity  with 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  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual results could differ from those estimates. In accordance with FASB 16 all
adjustments are normal and recurring.

E. INCOME TAXES

Income taxes are provided in accordance  with Statement of Financial  Accounting
Standards No. 109 (SFAS 109),  Accounting for Income Taxes. A deferred tax asset
or liability is recorded for all temporary differences between financial and tax
reporting and net operating loss  carryforwards.  Deferred tax expense (benefit)
results  from  the net  change  during  the  year of  deferred  tax  assets  and
liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management,  it is more likely than not that some portion of all of the deferred
tax assets will be realized.  Deferred tax assets and  liabilities  are adjusted
for the effects of changes in tax laws and rates on the date of enactment.

F. ADVERTISING COSTS

The  Company's  policy  regarding  advertising  is to expense  advertising  when
incurred.  The Company had not incurred any  advertising  expense as of February
28, 2009.

G. REVENUE AND COST RECOGNITION

The Company has no current source of revenue;  therefore the Company has not yet
adopted any policy regarding the recognition of revenue or cost.

                                       21
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                February 28, 2009
--------------------------------------------------------------------------------

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

NEW ACCOUNTING PRONOUNCEMENTS:

In June 2008,  the FASB  issued FASB Staff  Position  EITF  03-6-1,  DETERMINING
WHETHER   INSTRUMENTS   GRANTED  IN   SHARE-BASED   PAYMENT   TRANSACTIONS   ARE
PARTICIPATING SECURITIES, ("FSP EITF 03-6-1"). FSP EITF 03-6-1 addresses whether
instruments  granted  in  share-based  payment  transactions  are  participating
securities  prior  to  vesting,  and  therefore  need  to  be  included  in  the
computation  of earnings  per share under the  two-class  method as described in
FASB Statement of Financial  Accounting Standards No. 128, "Earnings per Share."
FSP EITF 03-6-1 is effective  for financial  statements  issued for fiscal years
beginning on or after December 15, 2008 and earlier  adoption is prohibited.  We
are not required to adopt FSP EITF  03-6-1;  neither do we believe that FSP EITF
03-6-1 would have material  effect on our  consolidated  financial  position and
results of operations if adopted.

In May 2008, the Financial  Accounting  Standards Board ("FASB") issued SFAS No.
163, "Accounting for Financial Guarantee Insurance Contracts-and  interpretation
of FASB  Statement  No. 60".  SFAS No. 163 clarifies how Statement 60 applies to
financial   guarantee  insurance   contracts,   including  the  recognition  and
measurement  of premium  revenue and claims  liabilities.  This  statement  also
requires expanded  disclosures about financial  guarantee  insurance  contracts.
SFAS No. 163 is effective  for fiscal years  beginning on or after  December 15,
2008, and interim periods within those years.  SFAS No. 163 has no effect on the
Company's  financial position,  statements of operations,  or cash flows at this
time.

In May 2008, the Financial  Accounting  Standards Board ("FASB") issued SFAS No.
162, "The Hierarchy of Generally Accepted Accounting  Principles".  SFAS No. 162
sets  forth  the  level of  authority  to a given  accounting  pronouncement  or
document by  category.  Where there might be  conflicting  guidance  between two
categories,  the more  authoritative  category will  prevail.  SFAS No. 162 will
become  effective 60 days after the SEC approves  the PCAOB's  amendments  to AU
Section 411 of the AICPA Professional  Standards.  SFAS No. 162 has no effect on
the Company's  financial  position,  statements of operations,  or cash flows at
this time.

In March 2008, the Financial  Accounting  Standards Board, or FASB,  issued SFAS
No. 161,  Disclosures  about Derivative  Instruments and Hedging  Activities--an
amendment of FASB Statement No. 133. This standard requires companies to provide
enhanced   disclosures   about  (a)  how  and  why  an  entity  uses  derivative
instruments,  (b) how  derivative  instruments  and  related  hedged  items  are
accounted for under Statement 133 and its related  interpretations,  and (c) how
derivative  instruments  and related  hedged items affect an entity's  financial
position, financial performance, and cash flows. This Statement is effective for
financial statements issued for fiscal years and interim periods beginning after

                                       22
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                February 28, 2009
--------------------------------------------------------------------------------

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

November 15, 2008, with early  application  encouraged.  The Company has not yet
adopted  the  provisions  of SFAS No.  161,  but does  not  expect  it to have a
material impact on its consolidated financial position, results of operations or
cash flows.

In  December  2007,  the SEC  issued  Staff  Accounting  Bulletin  (SAB) No. 110
regarding  the use of a  "simplified"  method,  as discussed in SAB No. 107 (SAB
107),  in  developing  an  estimate of expected  term of "plain  vanilla"  share
options in accordance with SFAS No. 123 (R), Share-Based Payment. In particular,
the staff  indicated in SAB 107 that it will accept a company's  election to use
the  simplified  method,  regardless  of  whether  the  company  has  sufficient
information to make more refined estimates of expected term. At the time SAB 107
was issued,  the staff believed that more detailed  external  information  about
employee exercise behavior (e.g.,  employee exercise patterns by industry and/or
other categories of companies)  would,  over time,  become readily  available to
companies.  Therefore,  the staff  stated in SAB 107 that it would not  expect a
company to use the simplified  method for share option grants after December 31,
2007.  The staff  understands  that such  detailed  information  about  employee
exercise behavior may not be widely available by December 31, 2007. Accordingly,
the staff will continue to accept, under certain  circumstances,  the use of the
simplified  method  beyond  December 31, 2007.  The Company  currently  uses the
simplified  method for "plain  vanilla"  share  options and  warrants,  and will
assess the impact of SAB 110 for fiscal year 2009.  It is not believed that this
will have an impact on the Company's consolidated financial position, results of
operations or cash flows.

In December  2007,  the FASB issued SFAS No. 160,  Noncontrolling  Interests  in
Consolidated  Financial  Statements--an  amendment of ARB No. 51. This statement
amends  ARB  51  to  establish   accounting  and  reporting  standards  for  the
noncontrolling  interest  in a  subsidiary  and  for  the  deconsolidation  of a
subsidiary.  It clarifies that a  noncontrolling  interest in a subsidiary is an
ownership interest in the consolidated  entity that should be reported as equity
in the  consolidated  financial  statements.  Before this  statement was issued,
limited guidance existed for reporting  noncontrolling  interests.  As a result,
considerable  diversity in practice existed.  So-called  minority interests were
reported in the consolidated  statement of financial  position as liabilities or
in the mezzanine section between liabilities and equity. This statement improves
comparability  by eliminating  that  diversity.  This statement is effective for
fiscal years,  and interim  periods  within those fiscal years,  beginning on or
after  December 15, 2008 (that is,  January 1, 2009,  for entities with calendar
year-ends). Earlier adoption is prohibited. The effective date of this statement
is the same as that of the related  Statement  141 (revised  2007).  The Company
will adopt this Statement  beginning March 1, 2009. It is not believed that this
will have an impact on the Company's consolidated financial position, results of
operations or cash flows.

In  December  2007,  the FASB,  issued  FAS No.  141  (revised  2007),  Business
Combinations.'This   Statement   replaces  FASB  Statement  No.  141,   Business
Combinations,  but retains the  fundamental  requirements in Statement 141. This
Statement  establishes  principles and  requirements  for how the acquirer:  (a)

                                       23
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                February 28, 2009
--------------------------------------------------------------------------------

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

recognizes  and measures in its financial  statements  the  identifiable  assets
acquired,  the  liabilities  assumed,  and any  noncontrolling  interest  in the
acquiree;  (b)  recognizes  and measures  the goodwill  acquired in the business
combination  or a  gain  from  a  bargain  purchase;  and  (c)  determines  what
information to disclose to enable users of the financial  statements to evaluate
the nature and financial  effects of the business  combination.  This  statement
applies prospectively to business combinations for which the acquisition date is
on or after the beginning of the first annual  reporting  period beginning on or
after  December  15,  2008.  An entity may not apply it before  that  date.  The
effective  date of this  statement  is the  same  as  that of the  related  FASB
Statement  No.  160,   Noncontrolling   Interests  in   Consolidated   Financial
Statements. The Company will adopt this statement beginning March 1, 2009. It is
not  believed  that  this will  have an  impact  on the  Company's  consolidated
financial position, results of operations or cash flows.

In February  2007,  the FASB,  issued SFAS No.  159,  The Fair Value  Option for
Financial Assets and  Liabilities--Including  an Amendment of FASB Statement No.
115.  This  standard  permits  an entity to choose  to  measure  many  financial
instruments  and certain other items at fair value.  This option is available to
all  entities.  Most of the  provisions  in FAS 159 are  elective;  however,  an
amendment  to FAS 115  Accounting  for  Certain  Investments  in Debt and Equity
Securities   applies  to  all  entities  with  available  for  sale  or  trading
securities.  Some requirements  apply differently to entities that do not report
net income.  SFAS No. 159 is effective as of the beginning of an entities  first
fiscal year that begins after November 15, 2007.  Early adoption is permitted as
of the beginning of the previous fiscal year provided that the entity makes that
choice in the first 120 days of that  fiscal  year and also  elects to apply the
provisions of SFAS No. 157 Fair Value Measurements.  The Company will adopt SFAS
No. 159 beginning March 1, 2008 and is currently evaluating the potential impact
the  adoption  of this  pronouncement  will have on its  consolidated  financial
statements.

In September  2006, the FASB issued SFAS No. 157, Fair Value  Measurements  This
statement  defines fair value,  establishes a framework for measuring fair value
in generally accepted  accounting  principles  (GAAP),  and expands  disclosures
about fair value  measurements.  This statement  applies under other  accounting
pronouncements that require or permit fair value measurements,  the Board having
previously  concluded in those accounting  pronouncements that fair value is the
relevant measurement attribute. Accordingly, this statement does not require any
new fair value measurements. However, for some entities, the application of this
statement  will  change  current  practice.  This  statement  is  effective  for
financial  statements issued for fiscal years beginning after November 15, 2007,
and  interim  periods  within  those  fiscal  years.   Earlier   application  is
encouraged,  provided  that the  reporting  entity has not yet issued  financial
statements for that fiscal year,  including financial  statements for an interim
period within that fiscal year. The Company will adopt this  statement  March 1,
2008,  and it is not  believed  that this  will have an impact on the  Company's
consolidated financial position, results of operations or cash flows.

                                       24
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                February 28, 2009
--------------------------------------------------------------------------------

NOTE 3. GOING CONCERN

The  accompanying  financial  statements are presented on a going concern basis.
The  Company  had limited  operations  during the period  from  February 5, 2007
(inception)  to February 28, 2009 and has  generated an  accumulated  deficit of
$47,795.  This condition raises substantial doubt about the Company's ability to
continue as a going concern. Because the Company is currently in the exploration
stage and has minimal expenses,  management  believes that the company's current
cash of $27,350 is  sufficient  to cover the expenses they will incur during the
next  twelve  months  in a  limited  operations  scenario  or until  they  raise
additional funding.

NOTE 4. WARRANTS AND OPTIONS

There are no warrants or options outstanding to acquire any additional shares of
common.

NOTE 5. RELATED PARTY TRANSACTIONS

The Company neither owns nor leases any real or personal property. Between March
1, 2007 and  September  31, 2008 the Company paid a director  $100 per month for
use of office space and  services.  The sole officer and director of the Company
is involved in other business activities and may, in the future, become involved
in other business opportunities as they become available.

Thus he may face a conflict  in  selecting  between  the  Company  and his other
business  interests.  The Company has not formulated a policy for the resolution
of such conflicts.

NOTE 6. INCOME TAXES

                                                         As of February 28, 2009
                                                         -----------------------
     Deferred tax assets:
     Net operating tax carryforwards                            $ 47,795
     Other                                                             0
                                                                --------
     Gross deferred tax assets                                    16,250
     Valuation allowance                                         (16,250)
                                                                --------

     Net deferred tax assets                                    $      0
                                                                ========

Realization of deferred tax assets is dependent upon  sufficient  future taxable
income during the period that deductible temporary differences and carryforwards
are expected to be available to reduce  taxable  income.  As the  achievement of
required  future taxable income is uncertain,  the Company  recorded a valuation
allowance.

                                       25
<PAGE>
                               ELKO VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                February 28, 2009
--------------------------------------------------------------------------------

NOTE 7. NET OPERATING LOSSES

As of February 28, 2009,  the Company has a net operating loss  carryforward  of
approximately $47,795. Net operating loss carryforward expires twenty years from
the date the loss was incurred.

NOTE 8. STOCK TRANSACTIONS

Transactions,  other than  employees'  stock  issuance,  are in accordance  with
paragraph 8 of SFAS 123. Thus issuances shall be accounted for based on the fair
value of the consideration received. Transactions with employees' stock issuance
are in accordance with paragraphs  (16-44) of SFAS 123. These issuances shall be
accounted for based on the fair value of the consideration  received or the fair
value  of  the  equity   instruments   issued,  or  whichever  is  more  readily
determinable.

On  February 5, 2007 the Company  issued a total of  7,200,000  shares of common
stock to one director for cash at $0.00167 per share for a total of $12,000.

On June 28, 2007 the Company completed its SB-2 registered offering and issued a
total of 6,000,000 shares of common stock to 27 unrelated third parties for cash
at $0.01 per share for a total of $60,000.

On January 31, 2008 the  Company  effected a 3 for 1 forward  split of its share
capital such that every one share of common stock issued and  outstanding  prior
to the split was exchanged  for three  post-split  shares of common  stock.  The
number of shares referred to in the previous  paragraphs is post-split number of
shares.   The  Company  also  changed  its  post-split   authorized  capital  to
250,000,000  shares of common  stock with a par value of $0.001  per share.  All
share amounts have been retroactively adjusted for all periods presented.

As of February 28, 2009 the Company had 13,200,000 shares of common stock issued
and outstanding.

NOTE 9. STOCKHOLDERS' EQUITY

The  stockholders'  equity section of the Company contains the following classes
of capital stock as of February 28, 2009:

     *    Common  stock,  $ 0.001  par  value:  250,000,000  shares  authorized;
          13,200,000 shares issued and outstanding.

                                       26
<PAGE>
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including
our principal executive officer and the principal financial officer (our
president), we have conducted an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures, as defined in Rules
13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as of the
end of the period covered by this report. Based on this evaluation, our
principal executive officer and principal financial officer concluded as of the
evaluation date that our disclosure controls and procedures were effective such
that the material information required to be included in our Securities and
Exchange Commission reports is accumulated and communicated to our management,
including our principal executive and financial officer, recorded, processed,
summarized and reported within the time periods specified in Securities and
Exchange Commission rules and forms relating to our company, particularly during
the period when this report was being prepared.

MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act, for the company.

Internal control over financial reporting includes those policies and procedures
that: (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of our assets;
(2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that our receipts and expenditures are being made
only in accordance with authorizations of its management and directors; and (3)
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of our assets that could have a
material effect on the financial statements.

Management recognizes that there are inherent limitations in the effectiveness
of any system of internal control, and accordingly, even effective internal
control can provide only reasonable assurance with respect to financial
statement preparation and may not prevent or detect material misstatements. In
addition, effective internal control at a point in time may become ineffective
in future periods because of changes in conditions or due to deterioration in
the degree of compliance with our established policies and procedures.

                                       27
<PAGE>
A material weakness is a significant deficiency, or combination of significant
deficiencies, that results in there being a more than remote likelihood that a
material misstatement of the annual or interim financial statements will not be
prevented or detected.

Under the supervision and with the participation of our president, management
conducted an evaluation of the effectiveness of our internal control over
financial reporting, as of February 28, 2009, based on the framework set forth
in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on our evaluation under
this framework, management concluded that our internal control over financial
reporting was not effective as of the evaluation date due to the factors stated
below.

Management assessed the effectiveness of the Company's internal control over
financial reporting as of evaluation date and identified the following material
weaknesses:

INSUFFICIENT RESOURCES: We have an inadequate number of personnel with requisite
expertise in the key functional areas of finance and accounting.

INADEQUATE SEGREGATION OF DUTIES: We have an inadequate number of personnel to
properly implement control procedures.

LACK OF AUDIT COMMITTEE & OUTSIDE DIRECTORS ON THE COMPANY'S BOARD OF DIRECTORS:
We do not have a functioning audit committee or outside directors on our board
of directors, resulting in ineffective oversight in the establishment and
monitoring of required internal controls and procedures.

Management is committed to improving its internal controls and will (1) continue
to use third party specialists to address shortfalls in staffing and to assist
the Company with accounting and finance responsibilities, (2) increase the
frequency of independent reconciliations of significant accounts which will
mitigate the lack of segregation of duties until there are sufficient personnel
and (3) may consider appointing outside directors and audit committee members in
the future.

Management, including our president, has discussed the material weakness noted
above with our independent registered public accounting firm. Due to the nature
of this material weakness, there is a more than remote likelihood that
misstatements which could be material to the annual or interim financial
statements could occur that would not be prevented or detected.

This annual report does not include an attestation report of our registered
public accounting firm regarding internal control over financial reporting.
Management's report was not subject to attestation by the our registered public
accounting firm pursuant to temporary rules of the SEC that permit us to provide
only management's report in this annual report.

                                       28
<PAGE>
CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting that
occurred during the last fiscal quarter for our fiscal year ended February 28,
2009 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.

                                    PART III

ITEM 10.  DIRECTOR AND EXECUTIVE OFFICER

The officer and director of Elko Ventures Inc., whose one year terms will expire
3/1/10, or at such a time as their successor(s) shall be elected and qualified
are as follows:

Name & Address              Age    Position    Date First Elected   Term Expires
--------------              ---    --------    ------------------   ------------

Lou Schiliro                 37    President,        9/10/08           3/1/10
650 Ruby Way                       Treasurer,
Crescent Valley, NV 89701          Secretary,
                                   CFO, CEO &
                                   Sole Director

The foregoing persons are promoters of Elko Ventures Inc., as that term is
defined in the rules and regulations promulgated under the Securities and
Exchange Act of 1933.

Directors are elected to serve until the next annual meeting of stockholders and
until their successors have been elected and qualified. Officers are appointed
to serve until the meeting of the board of directors following the next annual
meeting of stockholders and until their successors have been elected and
qualified.

Mr. Schiliro currently devotes 2-3 hours per week to company matters. He will
devote as much time as the board of directors deems necessary to manage the
affairs of the company.

No executive officer or director of the corporation has been the subject of any
order, judgment, or decree of any court of competent jurisdiction, or any
regulatory agency permanently or temporarily enjoining, barring, suspending or
otherwise limiting him or her from acting as an investment advisor, underwriter,
broker or dealer in the securities industry, or as an affiliated person,
director or employee of an investment company, bank, savings and loan
association, or insurance company or from engaging in or continuing any conduct
or practice in connection with any such activity or in connection with the
purchase or sale of any securities.

No executive officer or director of the corporation has been convicted in any
criminal proceeding (excluding traffic violations) or is the subject of a
criminal proceeding which is currently pending.

                                       29
<PAGE>
RESUME

Lou Schiliro has been President, Secretary, Treasurer and sole Director of Elko
Ventures, Inc. since September 10, 2008. Mr. Schiliro began working for the US
Department of Commerce, International Trade Administration in 1995 as a Trade
Specialist. As a Trade Specialist his job was to create distribution and sales
opportunities for US manufactures. In 1997 he was hired to create an
International Sales program for SAFECO inc. SAFECO was a safety Equipment
Distributor of personal protective equipment. In 1999 he co-founded Global
Protection, which is a Homeland Security equipment company. Since 1999 Mr.
Schiliro has served Global Protection as its Director of Operations and has seen
sales grow from $45,000 in 1999 to in excess of $50 million in 2007. Since
September 12, 2008 Mr. Schiliro has been a director of Baron Energy a public
company engaged in the acquisition, exploration and development of natural
resource properties.

Mr. Schiliro graduated from West Virginia University, with a Bachelors Degree in
International Relations in 1993. He then attended George Mason University and
received a Masters Degree in International Transactions in 1995.

ITEM 11. EXECUTIVE COMPENSATION

                           SUMMARY COMPENSATION TABLE

<TABLE>
<CAPTION>
                                                                                 Change in
                                                                                  Pension
                                                                                 Value and
                                                                   Non-Equity   Nonqualified
                                                                   Incentive     Deferred       All
 Name and                                                            Plan         Compen-      Other
 Principal                                   Stock       Option     Compen-       sation       Compen-
 Position       Year   Salary     Bonus      Awards      Awards     sation       Earnings      sation     Totals
------------    ----   ------     -----      ------      ------     ------       --------      ------     ------
<S>             <C>       <C>       <C>          <C>        <C>        <C>           <C>         <C>        <C>

Lou Schiliro,   2008     0         0           0            0          0            0             0         0
CEO, CFO,
President &
Director
</TABLE>

                  OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END

<TABLE>
<CAPTION>
                                      Option Awards                                             Stock Awards
          -----------------------------------------------------------------   ----------------------------------------------
                                                                                                                    Equity
                                                                                                                   Incentive
                                                                                                       Equity        Plan
                                                                                                      Incentive     Awards:
                                                                                                        Plan       Market or
                                                                                                       Awards:      Payout
                                          Equity                                                      Number of    Value of
                                         Incentive                            Number                  Unearned     Unearned
                                        Plan Awards;                            of         Market      Shares,      Shares,
           Number of      Number of      Number of                            Shares      Value of    Units or     Units or
          Securities     Securities     Securities                           or Units    Shares or     Other         Other
          Underlying     Underlying     Underlying                           of Stock     Units of     Rights       Rights
          Unexercised    Unexercised    Unexercised   Option      Option       That      Stock That     That         That
          Options (#)    Options (#)     Unearned     Exercise  Expiration   Have Not     Have Not    Have Not     Have Not
Name      Exercisable   Unexercisable   Options (#)    Price       Date      Vested(#)     Vested      Vested       Vested
----      -----------   -------------   -----------    -----       ----      ---------     ------      ------       ------
<S>            <C>            <C>            <C>         <C>         <C>         <C>          <C>         <C>         <C>
Lou           0              0              0           0           0           0            0           0            0
Schiliro
</TABLE>

                                       30
<PAGE>
                              DIRECTOR COMPENSATION

<TABLE>
<CAPTION>
                                                                     Change in
                                                                      Pension
                                                                     Value and
                   Fees                            Non-Equity       Nonqualified
                  Earned                            Incentive        Deferred
                 Paid in      Stock     Option        Plan         Compensation     All Other
    Name           Cash      Awards     Awards     Compensation      Earnings      Compensation     Total
    ----           ----      ------     ------     ------------      --------      ------------     -----
<S>             <C>       <C>        <C>           <C>             <C>            <C>              <C>
Lou Schiliro        0         0           0            0                0               0            0
</TABLE>

There are no current employment agreements between the company and its executive
officer.

On February 5, 2007, a total of 2,400,000 shares of common stock were issued to
Mr. Wolfin, a director of the company at that time in exchange for cash in the
amount of $12,000 U.S., or $.005 per share. On January 31, 2008, pursuant to a
three for one forward stock split, the number of shares held by Mr. Wolfin was
increased to 7,200,000.

The terms of these stock issuances were as fair to the company, in the opinion
of the board of directors, as could have been made with an unaffiliated third
party.

Mr. Schiliro currently devotes 2-3 hours per week to the company. He has agreed
to work with no remuneration until such time as the company receives sufficient
revenues necessary to provide management salaries. At this time, we cannot
accurately estimate when sufficient revenues will occur to implement this
compensation, or what the amount of the compensation will be.

There are no annuity, pension or retirement benefits proposed to be paid to
officers, directors or employees in the event of retirement at normal retirement
date pursuant to any presently existing plan provided or contributed to by the
company or any of its subsidiaries, if any.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth information on the ownership of Elko Ventures'
voting securities by officers, directors and major shareholders as well as those
who own beneficially more than five percent of our common stock:

          Name of                        No. of            Percentage
     Beneficial Owner(1)                 Shares           of Ownership
     -------------------                 ------           ------------

     Lou Schiliro                          0                   0%

     All Officers and
     Directors as a Group                  0                   0%

----------
(1)  Each of the persons named above may be deemed to be a "parent" and
     "promoter" of the Company, within the meaning of such terms under the
     Securities Act of 1933, as amended, by virtue of his direct holdings in the
     Company.

                                       31
<PAGE>
          Name of                        No. of            Percentage
     Beneficial Owner(1)                 Shares           of Ownership
     -------------------                 ------           ------------

     David Wolfin                      7,200,000              55%

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

On February 5, 2007, a total of 2,400,000 shares of Common Stock were issued to
Mr. Wolfin, a director of the company at that time, in exchange for $12,000 US,
or $.005 per share. On January 31, 2008, pursuant to a three for one forward
stock split, the number of shares held by Mr. Wolfin was increased to 7,200,000.

All of such shares are "restricted" securities, as that term is defined by the
Securities Act of 1933, as amended, and are held by a former officer and
director of the company.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The total fees charged to the company for audit services were $7,500, for
audit-related services were $Nil, for tax services were $Nil and for other
services were $Nil during the year ended February 28, 2009.

For the year ended February 29, 2008, the total fees charged to the company for
audit services were $6,500, for audit-related services were $Nil, for tax
services were $Nil and for other services were $Nil.

                                       32
<PAGE>
                                     PART IV

ITEM 15. EXHIBITS

<TABLE>
<CAPTION>
                                                                           Incorporated by Reference
Exhibit No.                 Exhibit                                            or Filed Herewith
-----------                 -------                                            -----------------
<S>            <C>                                                 <C>
   3.1         Articles of Incorporation                           Incorporated by reference to the Registration
                                                                   Statement  on Form SB-2 filed with the SEC on
                                                                   3/20/07 and subsequently amended and filed on
                                                                   Form 8-K on 1/31/08, File No. 333-141426

   3.2         Bylaws                                              Incorporated by reference to the Registration
                                                                   Statement on Form SB-2 filed with the SEC on
                                                                   3/20/07, File No. 333-141426

   31          Section 302 Certification of Chief Executive        Filed herewith
               Officer and Chief Financial Officer

   32          Section 906 Certification of Chief Executive        Filed herewith
               Officer and Chief Financial Officer
</TABLE>

                                   SIGNATURES

In accordance with the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe it meets all of
the requirements for filing Form 10-K and authorized this registration statement
to be signed on its behalf by the undersigned, in the city of Las Vegas, state
of Nevada.

May 26, 2009           Elko Ventures Inc., Registrant


                       By: /s/ Lou Schiliro
                           -----------------------------------------------------
                           Lou Schiliro, President, Chief Executive Officer,
                           Principal Accounting Officer, Chief Financial Officer
                           & Sole Director

In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

May 26, 2009           Elko Ventures Inc., Registrant


                       By: /s/ Lou Schiliro
                           -----------------------------------------------------
                           Lou Schiliro, President, Chief Executive Officer,
                           Principal Accounting Officer, Chief Financial Officer
                           & Sole Director

                                       33