UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549  Form 10-QSB (Mark One) xQUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMay 31, 2007 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to __________ Commission file number333-135201 AMERICAN URANIUM CORPORATION(Exact name of small business issuer as specified in its charter)  Nevada
        
        98-0491170(State or other jurisdiction of incorporation or organization)
        
        (IRS Employer Identification No.)  5 Locust Road, Orleans MA 02653(Address of principal executive offices)  508-240-1259(Issuer's telephone number)  (Former name, former address and former fiscal year, if changed since last report)  Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesxNo[   ] APPLICABLE ONLY TO CORPORATE ISSUERS State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:31,487,500 common shares issued and outstanding as of July 13, 2007 Transitional Small Business Disclosure Format (Check one):
        Yes[
        ]
        Nox  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes[
        ]
        No[ X  ]       - 2 -   Item1.Financial Statements  American Uranium Corporation (Formerly Alpine Resources Corporation) (An Exploration Stage Company)  May 31, 2007  Index  Balance Sheets
        F-1  Statements of Operations
        F-2  Statements of Cash Flows
        F-3  Statement of Stockholders Equity (Deficit)
        F-4  Notes to the Financial Statements
        F-5         - 3 -    American Uranium Corporation (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Balance Sheets (Expressed in US dollars)   May 31,
2007
$
        February 28,
2007
$(unaudited)ASSETSCurrent AssetsCash
        151,159
        27,128Total Current Assets
        151,159
        27,128Property and Equipment (Note 3)
        10,722
        Total Assets
        161,881
        27,128LIABILITIES AND STOCKHOLDERS EQUITYCurrent LiabilitiesAccounts payable
        23,869
        Accrued liabilities
        11,377
        1,500Due to related parties (Note 5(b))
        992
        15,183Total Liabilities
        36,238
        16,683Contingencies and Commitments (Notes 1 and 4)Stockholders EquityCommon Stock, 5,000,000,000 shares authorized, $0.00001 par value
276,487,500 shares issued and outstanding
        2,765
        2,765Additional Paid-in Capital
        50,215
        50,215Common Stock Subscribed
        150,000
        Donated Capital (Note 5(a))
        19,500
        17,250Deficit Accumulated During the Exploration Stage
        (96,837)
        (59,785)Total Stockholders Equity
        125,643
        10,445Total Liabilities and Stockholders Equity
        161,881
        27,128   (The Accompanying Notes are an Integral Part of These Financial Statements)  F-3     - 4 -   American Uranium Corporation (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Statements of Operations (Expressed in US dollars) (unaudited)  Accumulated From
        For the
        For theMarch 23, 2005
        Three Months
        Three Months(Date of Inception)
        Ended
        Endedto May 31,
        May 31,
        May 312007
        2007
        2006$
        $
        $Revenue
        
        
        ExpensesAccounting and legal
        64,094
        32,925
        Depreciation
        270
        270
        General and administrative
        4,223
        1,607
        61Mineral property exploration costs
        7,000
        
        Mineral property acquisition costs
        1,750
        
        Rent (Note 5)
        6,500
        750
        750Services provided by directors (Note 5)
        13,000
        1,500
        1,500Total Expenses
        96,837
        37,052
        2,311Net Loss
        96,837
        37,052
        2,311Net Loss Per Share  Basic and Diluted
        
        
        Weighted Average Shares Outstanding
        
        276,487,500
        250,000,000   (The Accompanying Notes are an Integral Part of These Financial Statements)  F-4     - 5 -   American Uranium Corporation (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Statements of Cash Flows (Expressed in US dollars) (unaudited)   Accumulated From
March 23, 2005
(Date of Inception)
to May 31,
2007
$
        For the
Three Months
Ended
May 31,
2007
$
        For the
Three Months
Ended
May 31,
2006
$Operating ActivitiesNet loss for the period
        (96,837)
        (37,052)
        (2,311)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation
        270
        270
        Donated consulting services and expenses
        19,500
        2,250
        2,250Mineral property costs
        8,750
        
        Changes in operating assets and liabilities:Accounts payable
        23,869
        23,869Accrued liabilities
        11,377
        9,877
        (3,000)Due to related party
        992
        (14,191)
        3,043Net Cash Used in Operating Activities
        (32,079)
        19,555
        (18)Investing ActivitiesPurchase of property and equipment
        (10,992)
        (10,992)Mineral property exploration costs
        (7,000)
        
        Mineral property acquisition costs
        (1,750)
        
        Net Cash Used in Investing Activities
        (19,742)
        (10,992)
        Financing ActivitiesProceeds from issue of common stock
        52,980
        
        Proceeds from common stock subscribed
        150,000
        150,000
        Net Cash Provided by Financing Activities
        202,980
        150,000
        Increase (Decrease) in Cash
        151,159
        124,031
        (18)Cash - Beginning of Period
        
        27,128
        19Cash - End of Period
        151,159
        151,159
        1Supplemental DisclosuresInterest paid
        
        
        Income taxes paid
        
        
            (The Accompanying Notes are an Integral Part of These Financial Statements)  F-5     - 6 -   American Uranium Corporation (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Statement of Stockholders Equity (Deficit) From March 23, 2005 (inception) to May 31, 2007 (Expressed in US dollars) (unaudited)   DeficitAccumulatedAdditional
        Common
        
        During theCommon Stock
        Paid-in
        Stock
        Donated
        ExplorationShares
        Amount
        Capital
        subscribed
        Capital
        Stage
        Total#
        $
        $
        $
        $
        $
        $Balance  March 23, 2005
(Date of Inception)
        
        
        
        
        
        
        Issuance of common stock for cash at $0.0000002 per post-split share
        250,000,000
        2,500
        (2,450)
        
        
        
        50Donated services and expenses
        
        
        
        
        8,250
        
        8,250Net loss for the period
        
        
        
        
        
        (23,321)
        (23,321)Balance  February 28, 2006
        250,000,000
        2,500
        (2,450)
        
        8,250
        (23,321)
        (15,021)Issuance of common stock for cash at $0.002 per post-split share
        26,487,500
        265
        52,665
        
        
        
        52,930Donated services and expenses
        
        
        
        
        9,000
        
        9,000Net loss for the year
        
        
        
        
        
        (36,464)
        (36,464)Balance  February 28, 2007
        276,487,500
        2,765
        50,215
        
        17,250
        (59,785)
        10,445Common stock subscribed
        
        
        
        150,000
        
        
        Donated services and expenses
        
        
        
        
        2,250
        
        2,250Net loss for the period
        
        
        
        
        
        (37,052)
        (37,052)Balance  May 31, 2007
        276,487,500
        2,765
        50,215
        150,000
        19,500
        (96,837)
        125,643     (The Accompanying Notes are an Integral Part of These Financial Statements)  F-6     American Uranium Corporation
        - 7 - (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Notes to the Financial Statements May 31, 2007 (Expressed in US dollars)    1.
        Nature of Operations and Continuance of Business American Uranium Corporation (the Company) was incorporated in the State of Nevada on March 23, 2005 under the name Alpine Resources Corporation. On April 10, 2007, the Company changed its name to American Uranium Corporation. The Company is an Exploration Stage Company, as defined by Financial Accounting Standards Board (FASB) Statement No.7 and Securities and Exchange Commission (SEC) Industry Guide 7. The Companys principal business is the acquisition and exploration of mineral resources in the United States. The Company has not presently determined whether its properties contain mineral reserves that are economically recoverable. These financial statements have been prepared on a going concern basis, which implies the Company will continue to meet its obligations and continue its operations for the next fiscal year. Realization value may be substantially different from carrying values as shown and these financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. As at May 31, 2007, the Company has a working capital deficiency, has not generated revenues and has accumulated losses of $96,837 since inception. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the
attainment of profitable operations. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. The unaudited financial information furnished herein reflects all adjustments, which in the opinion of management are necessary to fairly state the Companys financial position and the results of its operations for the periods presented. This report on Form 10-QSB should be read in conjunction with the Companys Form 10-K for the fiscal year ended February 28, 2007. The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Companys Form 10-K for the fiscal year ended February 28, 2007, has been omitted. The results of operations for the
three-month period ended May 31, 2007 are not necessarily indicative of results for the entire year ending February 28, 2008. The Company has filed an SB-2 Registration Statement with the United States Securities and Exchange Commission and completed a public offering of 26,487,500 post-split common shares at a price of $0.002 per post-split share for proceeds of $52,930 to the Company.  2.
        Summary of Significant Accounting Policies a)
        Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Companys fiscal year-end is February 28. b)
        Use of Estimates The preparation of financial statements in conformity with US 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. c)
        Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. Cash consists of cash on deposit with a high quality major financial institution and to date, has not experienced any losses on any of its balances. d)
        Comprehensive Loss SFAS No. 130, Reporting Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at May 31, 2007 and 2006, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.      American Uranium Corporation
        - 8 - (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Notes to the Financial Statements May 31, 2007 (Expressed in US dollars)   2.Summary of Significant Accounting Policies (continued) e)
        Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with SFAS No. 128, "Earnings per Share". SFAS No. 128 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive
potential shares if their effect is anti dilutive. f)
        Mineral Property Costs The Company follows a policy of expensing exploration expenditures until a production decision is made in respect of the project and the Company is reasonably assured that it will receive regulatory approval to permit mining operations, which may include the receipt of a legally binding project approval certificate. Such expenditures include exploration and administration expenditures. Mineral property acquisition costs are capitalized when incurred and are classified as tangible assets and are evaluated for impairment and written down as required. Management periodically reviews the carrying value of its investments in mineral leases and claims with internal and external mining related professionals. A decision to abandon, reduce or expand a specific project is based upon many factors including general and specific assessments of mineral deposits, anticipated future mineral prices, anticipated future costs of exploring, developing and operating a production mine, the expiration term and ongoing expenses of maintaining mineral properties and the general likelihood that the Company will continue exploration on such project. The Company does not set a pre-determined holding period for properties with unproven deposits, however, properties which have not demonstrated suitable metal concentrations at the conclusion of each phase of an exploration program are re-evaluated to determine if future exploration is warranted,
whether there has been any impairment in value and that their carrying values are appropriate. If an area of interest is abandoned or it is determined that its carrying value cannot be supported by future production or sale, the related costs are charged against operations in the year of abandonment or determination of value. The amounts recorded as mineral leases and claims represent costs to date and do not necessarily reflect present or future values. The Companys exploration activities and proposed mine development are subject to various laws and regulations governing the protection of the environment. These laws are continually changing, generally becoming more restrictive. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The accumulated costs of properties that are developed on the stage of commercial production will be amortized to operations through unit-of-production depletion. g)
        Property and Equipment Property and equipment consists of office equipment and computer hardware and is recorded at cost. Office equipment and computer hardware is being amortized on the straight line basis over the estimated life of five years and three years, respectively. h)
        Long-lived Assets In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the carrying value of long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.      American Uranium Corporation
        - 9 - (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Notes to the Financial Statements May 31, 2007 (Expressed in US dollars)   2.Summary of Significant Accounting Policies (continued) i)
        Financial Instruments The fair values of financial instruments, which include cash, accounts payable, accrued liabilities and amounts due to related parties, were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. The Companys operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. j)
        Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted SFAS No. 109 Accounting for Income Taxes as of its inception. Pursuant to SFAS No. 109 the Company is required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. k)
        Foreign Currency Translation The Companys functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with SFAS No. 52 Foreign Currency Translation, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. l)
        Recent Accounting Pronouncements In February 2007, the Financial Accounting Standards Board (FASB) issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities  Including an Amendment of FASB Statement No. 115.  This statement permits entities to choose to measure many financial instruments and certain other items at fair value. Most of the provisions of SFAS No. 159 apply only to entities that elect the fair value option. However, the amendment to SFAS No. 115 Accounting for Certain Investments in Debt and Equity Securities applies to all entities with available-for-sale and trading securities. SFAS No. 159 is effective as of the beginning of an entitys first fiscal year that begins
after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provision of SFAS No. 157, Fair Value Measurements.The adoption of this statement is not expected to have a material effect on the Company's financial statements. In September 2006, the SEC issued Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 addresses how the effects of prior year uncorrected misstatements should be considered when quantifying misstatements in current year financial statements. SAB No. 108 requires companies to quantify misstatements using a balance sheet and income statement approach and to evaluate whether either approach results in quantifying an error that is material in light of relevant quantitative an qualitative factors. SAB No. 108 is effective for fiscal years ending after November 15, 2006. The adoption of SAB No. 108 did not have a material effect on the Companys reported
financial position or results of operations. In September 2006, the FASB issued SFAS No. 158, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans  an amendment of FASB Statements No. 87, 88, 106, and 132(R). This statement requires employers to recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through comprehensive income of a business entity or changes in unrestricted net assets of a not-for-profit organization. This statement also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions.
The provisions of SFAS No. 158 are effective for employers with publicly traded equity securities as of the end of the fiscal year ending after December 15, 2006. The adoption of this statement in fiscal 2007 did not have a material effect on the Company's financial statements.      American Uranium Corporation
        - 10 - (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Notes to the Financial Statements May 31, 2007 (Expressed in US dollars)   2.Summary of Significant Accounting Policies (continued) l)
        Recent Accounting Pronouncements (continued) In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. The objective of SFAS No. 157 is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements. SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS No. 157 applies under other accounting pronouncements that require or permit fair value measurements and does not require any new fair value measurements. The provisions of SFAS No. 157 are effective for fair value measurements made in fiscal years beginning after November 15, 2007. The adoption of this statement is not expected to have a material effect on the Company's future
reported financial position or results of operations. In June 2006, the FASB issued FASB Interpretation No. 48,Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statements No. 109(FIN 48). FIN 48 clarifies the accounting for uncertainty in income taxes by prescribing a two-step method of first evaluating whether a tax position has met a more likely than not recognition threshold and second, measuring that tax position to determine the amount of benefit to be recognized in the financial statements. FIN 48 provides guidance on the presentation of such positions within a classified statement of financial position as well as on derecognition, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The adoption of
this statement in fiscal 2007 did not have a material effect on the Company's financial statements. In March 2006, the FASB issued SFAS No. 156, "Accounting for Servicing of Financial Assets, an amendment of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities". This statement requires all separately recognized servicing assets and servicing liabilities be initially measured at fair value, if practicable, and permits for subsequent measurement using either fair value measurement with changes in fair value reflected in earnings or the amortization and impairment requirements of Statement No. 140. The subsequent measurement of separately recognized servicing assets and servicing liabilities at fair value eliminates the necessity for entities that manage the risks inherent in servicing assets and servicing liabilities with derivatives to
qualify for hedge accounting treatment and eliminates the characterization of declines in fair value as impairments or direct write-downs. SFAS No. 156 is effective for an entity's first fiscal year beginning after September 15, 2006. The adoption of this statement in fiscal 2007 did not have a material effect on the Company's financial statements. In February 2006, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid Financial Instruments-an amendment of FASB Statements No. 133 and 140", to simplify and make more consistent the accounting for certain financial instruments. SFAS No. 155 amends SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities", to permit fair value re-measurement for any hybrid financial instrument with an embedded derivative that otherwise would require bifurcation, provided that the whole instrument is accounted for on a fair value basis. SFAS No. 155 amends SFAS No. 140, "Accounting for the Impairment or Disposal of Long-Lived Assets", to allow a
qualifying special-purpose entity to hold a derivative financial instrument that pertains to a beneficial interest other than another derivative financial instrument. SFAS No. 155 applies to all financial instruments acquired or issued after the beginning of an entity's first fiscal year that begins after September 15, 2006, with earlier application allowed. The adoption of this statement in fiscal 2007 did not have a material effect on the Company's financial statements.  3.
        Property and EquipmentCost
$
        Accumulated
Amortization
$
        May 31,
2007
Net Carrying
Value
$
        February 28,
2007
Net Carrying
Value
$Computer hardware
        7,839
        218
        7,621
        Office equipment
        3,153
        52
        3,101
        10,992
        270
        10,722
               American Uranium Corporation
        - 11 - (Formerly Alpine Resources Corporation) (An Exploration Stage Company) Notes to the Financial Statements May 31, 2007 (Expressed in US dollars)   4.Mineral Properties a)
        On March 23, 2005 the Company acquired a 100% interest in one-24 unit mineral claims in the Nanaimo Mining Division, British Columbia, Canada, in consideration for $1,750. The claims are registered in the name of the President of the Company, who has executed a trust agreement whereby the President agreed to hold the claims in trust on behalf of the Company. The company has not determined whether the mineral claim contains mineralized material and has consequently written off all mineral right acquisition costs to operations in the 2006 fiscal year. b)
        On May 12, 2007, the Company entered into a non-binding Letter of Intent (LOI) with Strathmore Resources (US) Ltd. (Strathmore) for an option to earn-in a 60% interest in the Pinetree-Reno Creek uranium properties located in Campbell County, Wyoming. Under the terms of the LOI, the Company will: 
        Issue 6,000,000 shares of common stock to Strathmore; 
        Reimburse Strathmore 100% of its expenditures incurred by Strathmore for the property, up to a maximum of $300,000, plus any funds spent by Strathmore to acquire additional uranium leases (which will then form part of the property); and 
        Incur a total of $33,000,000 in expenditures on the property over a six year period, of which $1,500,000 must be incurred in the first year.   5.
        Related Party Transactions a)
        During the three month period ended May 31, 2007, the Company recognized a total of $1,500 (2006 - $1,500) for donated services at $500 per month and $750 (2006 - $750) for donated rent at $250 per month provided by the President and Director of the Company. These transactions are recorded at the exchange amount which is the amount agreed to by the transacting parties. b)
        As at May 31, 2007, the Company owed the former President and Director of the Company $992 for expenses paid on behalf of the Company and for cash advances. This amount is unsecured, non-interest bearing, and has no specific terms for repayment. c)
        On February 28, 2006, the Company entered into a trust agreement with the former President of the Company. Refer to Note 4.  6.
        Common Stock a)
        On April 10, 2007, the Company effected a 50:1 forward stock split of the authorized, issued and outstanding common stock. As a result, the authorized share capital increased from 100,000,000 shares of common stock to 5,000,000,000 shares of common stock with no change in par value. The issued and outstanding share capital increased from 5,529,750 shares of common stock to 276,487,500 shares of common stock. All share amounts have been retroactively adjusted for all periods presented. b)
        The Company accepted stock subscriptions for 200,000 shares of common stock at $0.75 per share for cash proceeds of $150,000.  The shares have not yet been issued. Refer to Note 7(c). 7.
        Subsequent Events a)
        On June 1, 2007, the President of the Company returned, for no consideration, 245,000,000 post-split shares of common stock to treasury for cancellation. b)
        The Company entered into an investor relations agreement (the Agreement) on June 15, 2007, for the provision of investor relations and marketing services. Under the terms of the Agreement, the Company will pay a monthly fee of US$2,000. The Company will also grant 75,000 stock options exercisable at $1.50 per share for a period of five years. c)
        The Company is in the process of raising funds through a private placement offering of units at $0.75 per unit. Up to this point, the Company has received stock subscriptions for 2,841,333 units at $0.75 per unit for cash proceeds of $2,131,000. Each unit will consist of one share of common stock and one-half of one share purchase warrant. One whole warrant will entitle the holder to purchase an additional share of common stock at $1.25 per share for a period of two years from the closing date. The units have not yet been issued.     - 12 -    Item2.Management's Discussion and Analysis or Plan of Operation. FORWARD-LOOKING STATEMENTS  This quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as may, should,  expects, plans, anticipates, believes, estimates, predicts, potential or continue or the negative of these terms or other comparable terminology.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled Risk Factors and the risks set out below, any of which may cause our or our industrys actual results, levels
of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.  These risks include, by way of example and not in limitation: 
        risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits;
        results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with our expectations;
        mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in production;
        the potential for delays in exploration or development activities or the completion of feasibility studies;
        risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses;
        risks related to commodity price fluctuations;
        the uncertainty of profitability based upon our history of losses;
        risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned exploration and development projects;
        risks related to environmental regulation and liability;
        risks that the amounts reserved or allocated for environmental compliance, reclamation, post-closure control measures, monitoring and on-going maintenance may not be sufficient to cover such costs;
        risks related to tax assessments;
        political and regulatory risks associated with mining development and exploration; and
        other risks and uncertainties related to our prospects, properties and business strategy. This list is not an exhaustive list of the factors that may affect any of our forward-looking statements.  These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements.  Forward looking statements are made based on managements beliefs, estimates and opinions on the date the statements are made and we undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change.  Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.      - 13 -    Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.  In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock.  As used in this quarterly report, the terms "we", "us", "our", and "American Uranium" mean American Uranium Corporation, unless the context clearly requires otherwise. Corporate History We were incorporated in the State of Nevada on March 23, 2005 under the name Alpine Resources Corporation with an authorized capital of 100,000,000 shares of common stock with a par value of $0.00001.  On April 10, 2007, we changed our name to American Uranium Corporation.  We effected this name change by merging with our wholly owned subsidiary, named American Uranium Corporation, a Nevada corporation that we formed specifically for this purpose.  We changed the name of our company to better reflect the direction and business of our company. In addition, effective April 10, 2007, we effected a 50 for one stock split of our authorized, issued and outstanding common stock. As a result, our authorized capital has increased from 100,000,000 shares of common stock with a par value of $0.00001 to 5,000,000,000 shares of common stock with a par value of $0.00001. Our issued and outstanding share capital has increased from 5,529,750 shares of common stock to 276,487,500 shares of common stock. On April 19, 2007, Robert Rich, our President and sole director, acquired 250,000,000 shares of our common stock from Mir Huculak, our former President and director, for an aggregate purchase price of $50,000. On June 1, 2007, the President of our company, Mr. Rich, returned, for no consideration, 245,000,000 post-split shares of our common stock to treasury for cancellation.  As at July 13, 2007, we have 31,487,500 shares of our common stock issued and outstanding. Our Current Business We are in the mineral resource business. On May 12, 2007, we entered into a non-binding letter of intent with Strathmore Resources (US) Ltd., pursuant to which we will negotiate the terms of a formal joint venture agreement to explore and, if warranted, develop and mine, Strathmore Resources (US) Ltd.s Pinetree-Reno Creek uranium properties located in Campbell County, Wyoming (the Property). The letter of intent contemplates that we will have the sole and exclusive right to earn-in up to a 60% interest in the property upon reimbursement to Strathmore Resources (US) Ltd.  of 100% of all incurred expenses up to a maximum of $300,000 plus any funds spent by Strathmore Resources (US) Ltd. to acquire additional uranium leases (which will then form part of the Property), the issuance of 6,000,000 common shares of our company and upon spending a total of $33,000,000 in expenditures on the property over a period of six years.  Additionally, we will earn a 25% interest in the property once we have spent a total of $5,000,000 in expenditures on the property.  Effective June 15, 2007 we entered into an investor relations agreement (the Agreement) with Carson Seabolt to provide investor relations and marketing services to the Company.  Under the terms of the Agreement, Mr. Seabolt will be paid a monthly fee of US $2,000.  Pursuant to the Agreement, Mr. Seabolt will also receive 75,000 stock options for shares of our common stock.      - 14 -    In April, 2005, Mir Huculak, our former president and director acquired one mineral property containing 24 mining claim units in British Columbia, Canada by arranging the staking of the same through Lloyd Brewer, a non affiliated third party. Mr. Brewer is a self-employed contract staker and field worker residing in Vancouver, British Columbia.  We refer to this property as the Copper Creek Project. To date we have not performed any work on the property. We are presently in the exploration stage and we cannot guarantee that a commercially viable mineral deposit, a reserve, exists in the property until further exploration is done and a comprehensive evaluation concludes economic and legal feasibility. Plan of Operations Overview You should read the following discussion of our financial condition together with the unaudited financial statements and notes to the unaudited financial statements included elsewhere in this filing prepared in accordance with accounting principles generally accepted in the United States.  This discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those anticipated in these forward-looking statements. Plan of Operation  We are a junior exploration stage company that has not yet generated or realized any revenues from our business operations.  We currently hold an interest in a mineral property located in British Columbia, Canada.  On May 12, 2007, we entered into a non-binding letter of intent with Strathmore Resources (US) Ltd., pursuant to which we will negotiate the terms of a formal joint venture agreement to explore and, if warranted, develop and mine, Strathmore Resources (US) Ltd.s Pinetree-Reno Creek uranium properties located in Campbell County, Wyoming (the Property).  The letter of intent contemplates that we will have the sole and exclusive right to earn-in up to a 60% interest in the property upon reimbursement to Strathmore Resources (US) Ltd. of 100% of all incurred expenses up to a maximum of $300,000 plus any funds spent by Strathmore Resources (US) Ltd. to acquire additional uranium leases (which will then form part of the Property), the issuance of 6,000,000 common shares of our company and upon spending a total of $33,000,000 in expenditures on the property over a period of six years.  Additionally, we will earn a 25% interest in the property once we have spent a total of $5,000,000 in expenditures on the property.  There is no assurance that a commercially viable mineral deposit exists on our property or that we will be able to identify any mineral resource on this property that can be developed profitably.  Even if we do discover commercially exploitable levels of mineral resources on our property there can be no assurance that we will be able to enter into commercial production of our mineral property.  Over the next twelve months we do not plan to conduct any exploration activities on our Copper Creek Project.  Our plan of operations over the next twelve months involves completing the terms of the letter of intent and entering into a definitive joint venture agreement with Strathmore Resources (US) Ltd.  Subsequent to entering into the joint venture agreement, we intend to acquire property, integrate and analyze existing drill data for the joint venture property and add fill-in property to the joint venture lands in order to increase our resource base.  We do not claim to have any minerals or reserves whatsoever at this time on any of the properties.  Over the next 12 months we anticipate that we will incur the following operating expenses:      - 15 -     SEC Registration Fee
        $
        100Printing Expenses
        
        300Accounting Fees and Expenses
        
        8,500Legal Fees and Expenses
        
        40,000Blue Sky Fees/Expenses
        
        500Transfer Agent Fees
        
        600Expenditures on the Pinetree-Reno Creek Property
        
        1,500,000TOTAL
        $
        1,550,000  We believe that we will require additional funds to implement our growth strategy in exploration operations.  These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares.  There is no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on his investment in our common stock.  Further, we may continue to be unprofitable. Purchase of Significant Equipment  We do not anticipate the purchase or sale of any plant or significant equipment during the next 12 months. Personnel Plan  Over the next twelve months we intend to hire one or more employees.  Off-Balance Sheet Arrangements  There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. Liquidity And Capital Resources  We had cash of $151,159 as of May 31, 2007 compared to cash of $27,128 as of February 28, 2007.  We had a working capital surplus of $114,921 as of May 31, 2007 compared to a working capital surplus of $10,445 as of February 28, 2007. Going Concern  Due to the uncertainty of our ability to meet our current operating and capital expenses, in their report on the annual financial statements for the year ended February 28, 2007, our independent auditors included an explanatory paragraph regarding concerns about our ability to continue as a going concern.  There is substantial doubt about our ability to continue as a going concern as the continuation of our business is dependent upon our company locating, acquiring and developing a mineral or oil and gas property, and achieving a profitable level of operation.  The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current shareholders.  Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.      - 16 -    APPLICATION OF CRITICAL ACCOUNTING POLICIES  The financial statements of our company have been prepared in accordance with generally accepted accounting principles in the United States.  Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgement.  The financial statements have, in managements opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below: Recently Issued Accounting Standards  In February 2007, the Financial Accounting Standards Board (FASB) issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities  Including an Amendment of FASB Statement No. 115.  This statement permits entities to choose to measure many financial instruments and certain other items at fair value. Most of the provisions of SFAS No. 159 apply only to entities that elect the fair value option. However, the amendment to SFAS No. 115 Accounting for Certain Investments in Debt and Equity Securities applies to all entities with available-for-sale and trading securities. SFAS No. 159 is effective as of the beginning of an entitys first fiscal year that begins after November 15, 2007. Early adoption is permitted as of the
beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provision of SFAS No. 157, Fair Value Measurements.The adoption of this statement is not expected to have a material effect on the Company's financial statements. In September 2006, the SEC issued Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 addresses how the effects of prior year uncorrected misstatements should be considered when quantifying misstatements in current year financial statements. SAB No. 108 requires companies to quantify misstatements using a balance sheet and income statement approach and to evaluate whether either approach results in quantifying an error that is material in light of relevant quantitative an qualitative factors. SAB No. 108 is effective for fiscal years ending after November 15, 2006. The adoption of SAB No. 108 did not have a material effect on the Companys reported financial position or results of operations. In September 2006, the FASB issued SFAS No. 158, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans  an amendment of FASB Statements No. 87, 88, 106, and 132(R). This statement requires employers to recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through comprehensive income of a business entity or changes in unrestricted net assets of a not-for-profit organization. This statement also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions. The provisions of SFAS No. 158 are
effective for employers with publicly traded equity securities as of the end of the fiscal year ending after December 15, 2006. The adoption of this statement in fiscal 2007 did not have a material effect on the Company's financial statements. In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. The objective of SFAS No. 157 is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements. SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS No. 157 applies under other accounting pronouncements that require or permit fair value measurements and does not require any new fair value measurements. The provisions of SFAS No. 157 are effective for fair value measurements      - 17 -   made in fiscal years beginning after November 15, 2007. The adoption of this statement is not expected to have a material effect on the Company's future reported financial position or results of operations. In June 2006, the FASB issued FASB Interpretation No. 48,Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statements No. 109(FIN 48). FIN 48 clarifies the accounting for uncertainty in income taxes by prescribing a two-step method of first evaluating whether a tax position has met a more likely than not recognition threshold and second, measuring that tax position to determine the amount of benefit to be recognized in the financial statements. FIN 48 provides guidance on the presentation of such positions within a classified statement of financial position as well as on derecognition, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The adoption of this statement in fiscal 2007 did not
have a material effect on the Company's financial statements. In March 2006, the FASB issued SFAS No. 156, "Accounting for Servicing of Financial Assets, an amendment of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities". This statement requires all separately recognized servicing assets and servicing liabilities be initially measured at fair value, if practicable, and permits for subsequent measurement using either fair value measurement with changes in fair value reflected in earnings or the amortization and impairment requirements of Statement No. 140. The subsequent measurement of separately recognized servicing assets and servicing liabilities at fair value eliminates the necessity for entities that manage the risks inherent in servicing assets and servicing liabilities with derivatives to qualify for hedge accounting treatment
and eliminates the characterization of declines in fair value as impairments or direct write-downs. SFAS No. 156 is effective for an entity's first fiscal year beginning after September 15, 2006. The adoption of this statement in fiscal 2007 did not have a material effect on the Company's financial statements. In February 2006, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid Financial Instruments-an amendment of FASB Statements No. 133 and 140", to simplify and make more consistent the accounting for certain financial instruments. SFAS No. 155 amends SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities", to permit fair value re-measurement for any hybrid financial instrument with an embedded derivative that otherwise would require bifurcation, provided that the whole instrument is accounted for on a fair value basis. SFAS No. 155 amends SFAS No. 140, "Accounting for the Impairment or Disposal of Long-Lived Assets", to allow a qualifying special-purpose entity to hold a derivative financial instrument that pertains to a
beneficial interest other than another derivative financial instrument. SFAS No. 155 applies to all financial instruments acquired or issued after the beginning of an entity's first fiscal year that begins after September 15, 2006, with earlier application allowed. The adoption of this statement in fiscal 2007 did not have a material effect on the Company's financial statements.  Item3.Controls and Procedures. Evaluation of Disclosure Controls and Procedures  Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports filed under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our
disclosure controls and procedures.     - 18 -   Based upon and as of the date of that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports our files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required. Changes in Internal Control over Financial Reporting  There were no changes in our internal control over financial reporting identified in connection with our evaluation of these controls as of the end of the period covered by this report that could have affected those controls subsequent to the date of the evaluation referred to in the previous paragraph, including any correction action with regard to deficiencies and material weakness. PART II-OTHER INFORMATION Item1.Legal Proceedings.  As of July 13, 2007, we were not aware of any material, existing or pending legal proceedings against our company, nor were we involved as a plaintiff in any material proceeding or pending litigation.  There were no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, was an adverse party or had a material interest adverse to our interest. Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds  On June 15, 2007, we granted up to 75,000 stock options exercisable for five years at an exercise price of $1.50 per share to Mr. Seabolt, the new Investor Relations and Marketing Advisor of the Company.  Item 3.  Defaults Upon Senior Securities.  None. Item 4.  Submission of Matters to a Vote of Security Holders.  None. Item 5.Other Information We are currently in the process of raising funds through a private placement offering of units at $0.75 per unit. Up to this point, we have received stock subscriptions for 2,841,333 units at $0.75 per unit for cash proceeds of $2,131,000. Each unit will consist of one share of common stock and one-half of one share purchase warrant. One whole warrant will entitle the holder to purchase an additional share of common stock at $1.25 per share for a period of two years from the closing date. The units have not yet been issued. RISK FACTORS  Our common shares are considered speculative. Prospective investors should consider carefully the risk factors set out below.      - 19 -    RISKS ASSOCIATED WITH MINING Our properties are in the exploration stage.  There is no assurance that we can establish the existence of any mineral resource on any of our properties in commercially exploitable quantities.  Until we can do so, we cannot earn any revenues from operations and if we do not do so we will lose all of the funds that we expend on exploration.  If we do not discover any mineral resource in a commercially exploitable quantity, our business could fail. A mineral reserve is defined by the Securities and Exchange Commission in its Industry Guide 7 (which can be viewed over the Internet athttp://www.sec.gov/divisions/corpfin/forms/industry.htm#secguide7) as that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.  The probability of an individual prospect ever having a "reserve" that meets the requirements of the Securities and Exchange Commission's Industry Guide 7 is extremely remote; in all probability our mineral resource property does not contain any 'reserve' and any funds that we spend on exploration will probably be lost. Even if we do eventually discover a mineral reserve on one or more of our properties, there can be no assurance that we will be able to develop our properties into producing mines and extract those resources.  Both mineral exploration and development involve a high degree of risk and few properties which are explored are ultimately developed into producing mines. The commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade and other attributes of the mineral deposit, the proximity of the resource to infrastructure such as a smelter, roads and a point for shipping, government regulation and market prices.  Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral resource unprofitable. Mineral operations are subject to applicable law and government regulation.  Even if we discover a mineral resource in a commercially exploitable quantity, these laws and regulations could restrict or prohibit the exploitation of that mineral resource.  If we cannot exploit any mineral resource that we might discover on our properties, our business may fail. Both mineral exploration and extraction require permits from various foreign, federal, state, provincial and local governmental authorities and are governed by laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters.  There can be no assurance that we will be able to obtain or maintain any of the permits required for the continued exploration of our mineral properties or for the construction and operation of a mine on our properties at economically viable costs.  If we cannot accomplish these objectives, our business could fail. We believe that we are in compliance with all material laws and regulations that currently apply to our activities but there can be no assurance that we can continue to remain in compliance.  Current laws and regulations could be amended and we might not be able to comply with them, as amended.  Further, there can be no assurance that we will be able to obtain or maintain all permits necessary for our future operations, or that we will be able to obtain them on reasonable terms.  To the extent such approvals are required and are not obtained, we may be delayed or prohibited from proceeding with planned exploration or development of our mineral properties.      - 20 -    If we establish the existence of a mineral resource on any of our properties in a commercially exploitable quantity, we will require additional capital in order to develop the property into a producing mine.  If we cannot raise this additional capital, we will not be able to exploit the resource, and our business could fail. If we do discover mineral resources in commercially exploitable quantities on any of our properties, we will be required to expend substantial sums of money to establish the extent of the resource, develop processes to extract it and develop extraction and processing facilities and infrastructure.  Although we may derive substantial benefits from the discovery of a major deposit, there can be no assurance that such a resource will be large enough to justify commercial operations, nor can there be any assurance that we will be able to raise the funds required for development on a timely basis.  If we cannot raise the necessary capital or complete the necessary facilities and infrastructure, our business may fail. Mineral exploration and development is subject to extraordinary operating risks.  We do not currently insure against these risks.  In the event of a cave-in or similar occurrence, our liability may exceed our resources, which would have an adverse impact on our company. Mineral exploration, development and production involve many risks which even a combination of experience, knowledge and careful evaluation may not be able to overcome.  Our operations will be subject to all the hazards and risks inherent in the exploration for mineral resources and, if we discover a mineral resource in commercially exploitable quantity, our operations could be subject to all of the hazards and risks inherent in the development and production of resources, including liability for pollution, cave-ins or similar hazards against which we cannot insure or against which we may elect not to insure.  Any such event could result in work stoppages and damage to property, including damage to the environment.  We do not currently maintain any insurance coverage against these operating hazards.  The payment of any liabilities that arise from any such occurrence would have a material adverse impact on our company. Mineral prices are subject to dramatic and unpredictable fluctuations. We expect to derive revenues, if any, either from the sale of our mineral resource properties or from the extraction and sale of these mineral resources.  The price of those commodities has fluctuated widely in recent years, and is affected by numerous factors beyond our control, including international, economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global or regional consumptive patterns, speculative activities and increased production due to new extraction developments and improved extraction and production methods.  The effect of these factors on the price of mineral resources, and therefore the economic viability of any of our exploration properties and projects, cannot accurately be predicted. The mining industry is highly competitive and there is no assurance that we will continue to be successful in acquiring mineral claims.  If we cannot continue to acquire properties to explore for mineral resources, we may be required to reduce or cease operations. The mineral exploration, development, and production industry is largely unintegrated.  We compete with other exploration companies looking for mineral resource properties.  While we compete with other exploration companies in the effort to locate and acquire mineral resource properties, we will not compete with them for the removal or sales of mineral products from our properties if we should eventually discover the presence of them in quantities sufficient to make production economically feasible.  Readily available markets exist worldwide for the sale of mineral products.  Therefore, we will likely be able to sell any mineral products that we identify and produce. In identifying and acquiring mineral resource properties, we compete with many companies possessing greater financial resources and technical facilities.  This competition could adversely affect our ability to acquire suitable prospects for exploration in the future.  Accordingly, there can be no assurance that we will     - 21 -   acquire any interest in additional mineral resource properties that might yield reserves or result in commercial mining operations. RISKS RELATED TO OUR COMPANY Because we may never earn revenues from our operations, our business may fail and then investors may lose all of their investment in our company. We have no history of revenues from operations. We have never had significant operations and have no significant assets. We have yet to generate positive earnings and there can be no assurance that we will ever operate profitably. Our company has a limited operating history and is in the exploration stage. The success of our company is significantly dependent on the uncertain events of the discovery and exploitation of mineral reserves on our properties or selling the rights to exploit those mineral reserves. If our business plan is not successful and we are not able to operate profitably, then our stock may become worthless and investors may lose all of their investment in our company. Prior to completion of our exploration stage, we anticipate that we will incur increased operating expenses without realizing any revenues. We therefore expect to incur significant losses into the foreseeable future. We recognize that if we are unable to generate significant revenues from the exploration of our mineral claims in the future, we will not be able to earn profits or continue operations. There is no history upon which to base any assumption as to the likelihood that we will prove successful, and we can provide no assurance that we will generate any revenues or ever achieve profitability. If we are unsuccessful in addressing these risks, our business will fail and investors may lose all of their investment in our company. We have a history of losses and have a deficit, which raises substantial doubt about our ability to continue as a going concern. We have not generated any revenues since our incorporation and we will continue to incur operating expenses without revenues until we are in commercial deployment. Our net loss from inception (March 23, 2005) to May 31, 2007 was $96,837. We had cash in the amount of $151,159 as of May 31, 2007. We cannot provide assurances that we will be able to successfully explore our properties and develop our business. These circumstances raise substantial doubt about our ability to continue as a going concern as described in an explanatory paragraph to our independent auditors report on our audited financial statements, dated April 4, 2007. If we are unable to continue as a going concern, investors will likely lose all of their investments in our company. RISKS ASSOCIATED WITH OUR COMMON STOCK Trading on the OTC Bulletin Board may be volatile and sporadic, which could depress the market price of our common stock and make it difficult for our stockholders to resell their shares. Our common stock is quoted on the OTC Bulletin Board service of the National Association of Securities Dealers.  Trading in stock quoted on the OTC Bulletin Board is often thin and characterized by wide fluctuations in trading prices due to many factors that may have little to do with our operations or business prospects.  This volatility could depress the market price of our common stock for reasons unrelated to operating performance.  Moreover, the OTC Bulletin Board is not a stock exchange, and trading of securities on the OTC Bulletin Board is often more sporadic than the trading of securities listed on a quotation system like Nasdaq or a stock exchange like the American Stock Exchange.  Accordingly, our shareholders may have difficulty reselling any of their shares.      - 22 -    Our stock is a penny stock.  Trading of our stock may be restricted by the SECs penny stock regulations and the NASDs sales practice requirements, which may limit a stockholders ability to buy and sell our stock. Our stock is a penny stock.  The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines penny stock to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions.  Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and accredited investors.  The term accredited investor refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse.  The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized
risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market.  The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customers account.  The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customers confirmation.  In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive
the purchasers written agreement to the transaction.  These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules.  Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities.  We believe that the penny stock rules discourage investor interest in, and limit the marketability of, our common stock. In addition to the penny stock rules promulgated by the Securities and Exchange Commission, the National Association of Securities Dealers has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer.  Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customers financial status, tax status, investment objectives and other information.  Under interpretations of these rules, the National Association of Securities Dealers believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers.  The National Association of Securities Dealers requirements make it more difficult for
broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock.      - 23 -    Item6.Exhibits.  Exhibit No.
        Description3.1
        Articles of Incorporation of the Registrant, filed as an exhibit to the registration statement on Form SB-2 filed with the Commission on June 21, 2006 and incorporated herein by reference.3.2
        By-laws of the Registrant, filed as an exhibit to the registration statement on Form SB-2 filed with the Commission on June 21, 2006 and incorporated herein by reference.3.3
        Certificate of Change filed with the Nevada Secretary of State on March 27, 2007 to be effective on April 10, 2007, filed as an exhibit to the current report on Form 8-K filed with the Commission on April 12, 2007 and incorporated herein by reference.3.4
        Articles of Merger filed with the Nevada Secretary of State on March 27, 2007 to be effective on April 10, 2007, filed as an exhibit to the current report on Form 8-K filed with the Commission on April 23, 2007 and incorporated herein by reference.4.1
        Specimen Stock Certificate, filed as an exhibit to the registration statement on Form SB-2 filed with the Commission on June 21, 2006 and incorporated herein by reference.10.1
        Mining Claim, filed as an exhibit to the registration statement on Form SB-2 filed with the Commission on June 21, 2006 and incorporated herein by reference.10.2
        Affiliate Stock Purchase Agreement, filed as an exhibit to the current report on Form 8-K filed with the Commission on April 23, 2007 and incorporated herein by reference.10.3
        Letter of Intent, filed as an exhibit to the current report on Form 8-K filed with the Commission on May 18, 2007 and incorporated herein by reference.10.4
        Investor Relations Agreement, filed as an exhibit to the current report on Form 8-K filed with the Commission on July 5, 2007 and incorporated herein by reference.10.5
        Stock Option and Subscription Agreement, filed as an exhibit to the current report on Form 8-K filed with the Commission on July 5, 2007 and incorporated herein by reference.21.1
        Subsidiaries of American Uranium Corporation  None31.1*
        Certification pursuant to, Section 302 of the Sarbanes-Oxley Act Of 200232.1*
        Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002  *filed herewith      - 24 -    SIGNATURES  Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  AMERICAN URANIUM CORPORATION  By:  /s/ Robert A. Rich  Robert A. Rich President, Secretary, Treasurer and sole Director (Principal executive officer and principal financial officer)  July 23, 2007