---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

Form 10-QSB

(Mark One)

[X]QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended November 30,
2007

[ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT

For the transition period from __________to __________

Commission file number 000-52824

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.)

1201  1166 Alberni Street, Vancouver, BC, Canada V6E
3Z3(Address of principal executive offices)

604-685-6153(Issuer's telephone number)

1600-17th Street, Suite 2800 South, Denver CO
80202(Former name, former address and former fiscal year, if changed
since last report)

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

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date: 46,207,625
common shares issued and outstanding as of January 11, 2008.

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

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

---

- 1 -

|**Item 1.** | Financial Statements
|----------- | --------------------



AMERICAN URANIUM CORPORATION 
  (An Exploration Stage Company)

FINANCIAL STATEMENTS 
  (Expressed in United States dollars)

November 30, 2007

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|BALANCE SHEETS                         

|                                                                     |   | November 30, |   |   | February 28, |  
|-------------------------------------------------------------------- | - | ------------ | - | - | ------------ | -
|                                                                     |   | 2007         |   |   | 2007         |  
|                                                                     |   | (Unaudited)  |   |   |              |  
|                                                                     |   |              |   |   |              |  
|ASSETS                                                               |   |              |   |   |              |  
|                                                                     |   |              |   |   |              |  
|Current                                                              |   |              |   |   |              |  
|Cash and cash equivalents                                            | $ | 4,625,878    |   | $ | 27,128       |  
|Prepaid expenses                                                     |   | 24,000       |   |   | -            |  
|Total current assets                                                 |   | 4,649,878    |   |   | 27,128       |  
|                                                                     |   |              |   |   |              |  
|Equipment (Note 4)                                                   |   | 9,230        |   |   | -            |  
|                                                                     |   |              |   |   |              |  
|Mineral property interests
      (Note 5)                            |   | 8,160,000    |   |   | -            |  
|                                                                     |   |              |   |   |              |  
|Total assets                                                         | $ | 12,819,108   |   | $ | 27,128       |  
|                                                                     |   |              |   |   |              |  
|                                                                     |   |              |   |   |              |  
|                                                                     |   |              |   |   |              |  
|LIABILITIES AND STOCKHOLDERS' EQUITY                                 |   |              |   |   |              |  
|                                                                     |   |              |   |   |              |  
|Current                                                              |   |              |   |   |              |  
|Accounts payable
      and accrued liabilities                       | $ | 114,252      |   | $ | 1,500        |  
|Due to related party (Note 7)                                        |   | -            |   |   | 15,183       |  
|Due to Strathmore
      Resources (US) Ltd. (Note 7)                 |   | 85,459       |   |   | -            |  
|                                                                     |   | 199,711      |   |   | 16,683       |  
|                                                                     |   |              |   |   |              |  
|Stockholders' Equity                                                 |   |              |   |   |              |  
|                                                                     |   |              |   |   |              |  
|Common stock, 5,000,000,000 shares
      authorized with a par value |   | 458          |   |   | 2,765        |  
|of
      $0.00001 (issued: November 30, 2007 - 45,832,625;           |   |              |   |   |              |  
|February 28,
      2007 - 276,487,500)                               |   |              |   |   |              |  
|Common stock subscribed                                              |   | 262,282      |   |   | -            |  
|Additional paid-in capital                                           |   | 14,000,787   |   |   | 50,215       |  
|Donated capital                                                      |   | 21,750       |   |   | 17,250       |  
|Deficit accumulated during exploration
      stage                   |   | (1,665,880   | ) |   | (59,785      | )
|                                                                     |   |              |   |   |              |  
|Total stockholders' equity                                           |   | 12,619,397   |   |   | 10,445       |  
|                                                                     |   |              |   |   |              |  
|Total liabilities
      and stockholders' equity                     | $ | 12,819,108   |   | $ | 27,128       |  

Nature of operations (Note 2)

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

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|STATEMENTS OF OPERATIONS               
|(Unaudited)                            

|                                             |   |              |   |   |              |   |   |              |   |   |              |   |   | Inception    |  
|-------------------------------------------- | - | ------------ | - | - | ------------ | - | - | ------------ | - | - | ------------ | - | - | ------------ | -
|                                             |   | Three months |   |   | Three months |   |   | Nine Months  |   |   | Nine Months  |   |   | (March 23,   |  
|                                             |   | ended        |   |   | ended        |   |   | Ended        |   |   | Ended        |   |   | 2005) to     |  
|                                             |   | November 30, |   |   | November 30, |   |   | November 30, |   |   | November 30, |   |   | November 30, |  
|                                             |   | 2007         |   |   | 2006         |   |   | 2007         |   |   | 2006         |   |   | 2007         |  
|                                             |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|Expenses                                     |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|                                             |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|Consulting fees                              | $ | 32,958       |   | $ | -            |   | $ | 52,684       |   | $ | -            |   | $ | 52,684       |  
|Depreciation                                 |   | 1,222        |   |   | -            |   |   | 1,762        |   |   | -            |   |   | 1,762        |  
|General and administrative                   |   | 35,071       |   |   | 1,683        |   |   | 51,242       |   |   | 4,466        |   |   | 59,608       |  
|Investor relations                           |   | 57,017       |   |   | -            |   |   | 70,078       |   |   | -            |   |   | 70,078       |  
|Legal and audit                              |   | 28,979       |   |   | 6,419        |   |   | 107,665      |   |   | 16,419       |   |   | 138,834      |  
|Management fees                              |   | 361,705      |   |   | 1,500        |   |   | 364,705      |   |   | 4,500        |   |   | 376,205      |  
|Mineral property
      expenditures (Note 5) |   | 1,035,459    |   |   | 7,000        |   |   | 1,035,459    |   |   | 7,000        |   |   | 1,044,209    |  
|                                             |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|Loss before other item                       |   | (1,552,411   | ) |   | (16,602      | ) |   | (1,683,595   | ) |   | (32,385      | ) |   | (1,743,380   | )
|Interest income                              |   | 56,771       |   |   | -            |   |   | 77,500       |   |   | -            |   |   | 77,500       |  
|                                             |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|Net Loss                                     |   | (1,495,640   | ) | $ | (16,602      | ) | $ | (1,606,095   | ) | $ | (32,385      | ) | $ | (1,665,880   | )
|                                             |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|                                             |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|Basic and diluted loss per share             | $ | (0.033       | ) | $ | (0.000       | ) | $ | (0.01        | ) | $ | (0.00        | ) |   |              |  
|                                             |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|Weighted average number                      |   |              |   |   |              |   |   |              |   |   |              |   |   |              |  
|of shares outstanding                        |   | 45,307,730   |   |   | 257,464,765  |   |   | 118,548,013  |   |   | 258,090,727  |   |   |              |  

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

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|STATEMENT OF STOCKHOLDERS' EQUITY      
|(Unaudited)                            

|                               |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   | Deficit     |   |   |               |  
|------------------------------ |  | ------------- | - | - | --------- | - | - | --------------- | - | - | ---------- |  | - | ------- |  | - | ----------- | - | - | ------------- | -
|                               |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   | Accumulated |   |   |               |  
|                               |  |               |   |   |           |   |   |                 |   |   | Common     |  |   |         |  |   | During the  |   |   | Total         |  
|                               |  | Number of     |   |   |           |   |   | Additional      |   |   | Stock      |  |   | Donated |  |   | Exploration |   |   | Stockholders' |  
|                               |  | common shares |   |   | Par Value |   |   | Paid-in Capital |   |   | Subscribed |  |   | Capital |  |   | Stage       |   |   | Equity        |  
|                               |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   |             |   |   |               |  
|Balance, March 23, 2005        |  |               |   | $ | -         |   | $ | -               |   | $ | -          |  | $ | -       |  | $ | -           |   | $ | -             |  
|(date of inception)            |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   |             |   |   |               |  
|Shares issued:                 |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   |             |   |   |               |  
|Initial capitalization         |  | 250,000,000   |   |   | 2,500     |   |   | (2,450          | ) |   | -          |  |   | -       |  |   | -           |   |   | 50            |  
|Donated services               |  | -             |   |   | -         |   |   | -               |   |   | -          |  |   | 8,250   |  |   | -           |   |   | 8,250         |  
|Net 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       | )
|Shares issued:                 |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   |             |   |   |               |  
|Private placement              |  | 26,487,500    |   |   | 265       |   |   | 52,665          |   |   | -          |  |   | -       |  |   | -           |   |   | 52,930        |  
|Donated services               |  | -             |   |   | -         |   |   | -               |   |   | -          |  |   | 9,000   |  |   | -           |   |   | 9,000         |  
|Net loss for the period        |  | -             |   |   | -         |   |   | -               |   |   |            |  |   |         |  |   | (36,464     | ) |   | (36,464       | )
|                               |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   |             |   |   |               |  
|Balance, February 28, 2007     |  | 276,487,500   |   |   | 2,765     |   |   | 50,215          |   |   | -          |  |   | 17,250  |  |   | (59,785     | ) |   | 10,445        |  
|Common stock subscribed        |  | -             |   |   | -         |   |   | -               |   |   | 150,000    |  |   | -       |  |   | -           |   |   | 150,000       |  
|Donated services               |  | -             |   |   | -         |   |   | -               |   |   | -          |  |   | 2,250   |  |   | -           |   |   | 2,250         |  
|Net 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       |  
|Shares issued:                 |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   |             |   |   |               |  
|For purchase of mineral rights |  | 6,000,000     |   |   | 60        |   |   | 7,859,940       |   |   | -          |  |   | -       |  |   | -           |   |   | 7,860,000     |  
|Common stock subscribed        |  | -             |   |   | -         |   |   | -               |   |   | 5,037,404  |  |   | -       |  |   | -           |   |   | 5,037,404     |  
|Shares returned to treasury    |  | (245,000,000  | ) |   | (2,450    | ) |   | 2,450           |   |   | -          |  |   | -       |  |   | -           |   |   | -             |  
|Donated services               |  | -             |   |   | -         |   |   | -               |   |   | -          |  |   | 2,250   |  |   | -           |   |   | 2,250         |  
|Stock-based compensation       |  |               |   |   |           |   |   | 19,726          |   |   |            |  |   |         |  |   |             |   |   | 19,726        |  
|Net loss for the period        |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   | (73,403     | ) |   | (73,403       | )
|                               |  |               |   |   |           |   |   |                 |   |   |            |  |   |         |  |   |             |   |   |               |  
|Balance, August 31, 2007       |  | 37,487,500    |   | $ | 375       |   | $ | 7,932,331       |   | $ | 5,187,404  |  | $ | 21,750  |  | $ | (170,240    | ) | $ | 12,971,620    |  

-continued-

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|STATEMENT OF STOCKHOLDERS' EQUITY      
|(Unaudited)                            

|                                    |  |               |  |   |           |  |   |                 |   |   |            |   |   |         |  |   | Deficit     |   |   |               |  
|----------------------------------- |  | ------------- |  | - | --------- |  | - | --------------- | - | - | ---------- | - | - | ------- |  | - | ----------- | - | - | ------------- | -
|                                    |  |               |  |   |           |  |   |                 |   |   |            |   |   |         |  |   | Accumulated |   |   |               |  
|                                    |  |               |  |   |           |  |   |                 |   |   | Common     |   |   |         |  |   | During the  |   |   | Total         |  
|                                    |  | Number of     |  |   |           |  |   | Additional      |   |   | Stock      |   |   | Donated |  |   | Exploration |   |   | Stockholders' |  
|                                    |  | common shares |  |   | Par Value |  |   | Paid-in Capital |   |   | Subscribed |   |   | Capital |  |   | Stage       |   |   | Equity        |  
|                                    |  |               |  |   |           |  |   |                 |   |   |            |   |   |         |  |   |             |   |   |               |  
|                                    |  |               |  |   |           |  |   |                 |   |   |            |   |   |         |  |   |             |   |   |               |  
|Balance, August 31, 2007, continued |  | 37,487,500    |  | $ | 375       |  | $ | 7,932,331       |   | $ | 5,187,404  |   | $ | 21,750  |  | $ | (170,240    | ) | $ | 12,971,620    |  
|Shares issued:                      |  |               |  |   |           |  |   |                 |   |   |            |   |   |         |  |   |             |   |   |               |  
|Private placements                  |  | 8,086,829     |  |   | 81        |  |   | 6,065,041       |   |   | (5,187,404 | ) |   | -       |  |   | -           |   |   | 877,718       |  
|Share issue costs                   |  | -             |  |   | -         |  |   | (275,710        | ) |   | -          |   |   | -       |  |   | -           |   |   | (275,710      | )
|Finders' fee                        |  | 258,296       |  |   | 2         |  |   | (2              | ) |   |            |   |   |         |  |   |             |   |   | -             |  
|Common stock subscribed             |  | -             |  |   | -         |  |   | -               |   |   | 262,282    |   |   | -       |  |   | -           |   |   | 262,282       |  
|Stock-based compensation            |  | -             |  |   | -         |  |   | 279,127         |   |   | -          |   |   | -       |  |   | -           |   |   | 279,127       |  
|Net loss
      for the period       |  | -             |  |   | -         |  |   | -               |   |   | -          |   |   | -       |  |   | (1,495,640  | ) |   | (1,495,640    | )
|Balance, November 30, 2007          |  | 45,832,625    |  | $ | 458       |  | $ | 14,000,787      |   | $ | 262,282    |   | $ | 21,750  |  | $ | (1,665,880  | ) | $ | 12,619,397    |  

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

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|STATEMENTS OF CASH FLOWS               
|(Unaudited)                            

|                                                     |   | Three      |   |   | Three    |   |   |             |   |   |                 |   |   | Inception  |  
|---------------------------------------------------- | - | ---------- | - | - | -------- | - | - | ----------- | - | - | --------------- | - | - | ---------- | -
|                                                     |   | months     |   |   | months   |   |   | Nine Months |   |   | **Nine Months** |   |   | (March 23, |  
|                                                     |   | ended      |   |   | ended    |   |   | Ended       |   |   | Ended           |   |   | 2005) to   |  
|                                                     |   | November   |   |   | November |   |   | November    |   |   | November        |   |   | November   |  
|                                                     |   | 30, 2007   |   |   | 30, 2006 |   |   | 30, 2007    |   |   | 30, 2006        |   |   | 30, 2007   |  
|                                                     |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|CASH FLOWS FROM OPERATING ACTIVITIES                 |   |            |   |   |          |   |   |             |   |   |                 |   |  
|Net loss                                             | $ | (1,495,640 | ) | $ | (16,602  | ) | $ | (1,606,095  | ) | $ | (32,385         | ) | $ | (1,665,880 | )
|Items not affecting cash:                            |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|Depreciation                                         |   | 1,222      |   |   | -        |   |   | 1,762       |   |   | -               |   |   | 1,762      |  
|Donated rent and
      consulting services           |   | -          |   |   | 2,250    |   |   | 4,500       |   |   | 6,750           |   |   | 21,750     |  
|Stock-based compensation (Note 6)                    |   | 279,127    |   |   | -        |   |   | 298,853     |   |   | -               |   |   | 298,853    |  
|Changes in assets and liabilities:                   |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|Prepaid expenses                                     |   | 9,000      |   |   | -        |   |   | (24,000     | ) |   | -               |   |   | (24,000    | )
|Due to Strathmore
      Resources (US) Ltd.          |   | 85,459     |   |   | -        |   |   | 85,459      |   |   | -               |   |   | 85,459     |  
|Due to related party                                 |   | 108        |   |   |          |   |   | (15,183     | ) |   | 3,143           |   |   | -          |  
|Accounts payable
      and accrued liabilities       |   | 82,574     |   |   | (389     | ) |   | 112,752     |   |   | (2,179          | ) |   | 114,252    |  
|Net cash used in operating activities                |   | (1,038,150 | ) |   | (14,741  | ) |   | (1,141,952  | ) |   | (24,671         | ) |   | (1,167,804 | )
|                                                     |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|CASH FLOWS FROM FINANCING ACTIVITIES                 |   |            |   |   |          |   |   |             |   |   |                 |   |  
|Proceeds from issuance of capital
      stock        |   | 877,718    |   |   | -        |   |   | 6,065,122   |   |   | 52,930          |   |   | 6,118,102  |  
|Cost of share issuance                               |   | (275,710   | ) |   | -        |   |   | (275,710    | ) |   | -               |   |   | (275,710   | )
|Proceeds of common stock subscribed                  |   | 262,282    |   |   | -        |   |   | 262,282     |   |   | -               |   |   | 262,282    |  
|Net cash provided by financing activities            |   | 864,290    |   |   | -        |   |   | 6,051,694   |   |   | 52,930          |   |   | 6,104,674  |  
|                                                     |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|CASH FLOWS FROM INVESTING ACTIVITIES                 |   |            |   |   |          |   |   |             |   |   |                 |   |  
|Acquisition of mineral rights                        |   | (300,000   | ) |   | -        |   |   | (300,000    | ) |   | -               |   |   | (300,000   | )
|Purchase of equipment                                |   | -          |   |   | -        |   |   | (10,992     | ) |   | -               |   |   | (10,992    | )
|Net cash used in investing activities                |   | (300,000   | ) |   | -        |   |   | (310,992    | ) |   | -               |   |   | (310,992   | )
|                                                     |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|Change in cash and cash equivalents                  |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|during the period                                    |   | (473,860   | ) |   | (14,741  | ) |   | 4,598,750   |   |   | 28,259          |   |   | 4,625,878  |  
|                                                     |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|Cash and cash equivalents,
      beginning of period |   | 5,099,738  |   |   | 42,919   |   |   | 27,128      |   |   | 19              |   |   | -          |  
|                                                     |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|Cash and cash equivalents,
      end of period       | $ | 4,625,878  |   | $ | 28,178   |   | $ | 4,625,878   |   | $ | 28,278          |   | $ | 4,625,878  |  
|                                                     |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|Cash paid for interest
      during the period       | $ | -          |   | $ | -        |   | $ | -           |   | $ | -               |   |   |            |  
|                                                     |   |            |   |   |          |   |   |             |   |   |                 |   |   |            |  
|Cash paid for income
      taxes during the period   | $ | -          |   | $ | -        |   | $ | -           |   | $ | -               |   |   |            |  

The accompanying notes are an integral part of these consolidated
  financial statements.
  Supplemental disclosure with respect to cash flows (Note 9)

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|NOTES TO THE FINANCIAL STATEMENTS      
|November 30, 2007                      
|(Unaudited)                            

|1. | BASIS OF PRESENTATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The interim period financial statements have been prepared
        by the Company in conformity with generally accepted accounting principles
        in the United States of America. The preparation of financial data is
        based on accounting principles and practices consistent with those used
        in the preparation of annual financial statements, and in the opinion
        of management these financial statements contain all adjustments necessary
        (consisting of normally recurring adjustments) to present fairly the financial
        information contained therein. Certain information and footnote disclosure
        normally included in the financial statements prepared in conformity with
        generally accepted accounting principles in the United States of America
        have been condensed or omitted. These interim period statements should
        be read together with the most recent audited financial statements and
        the accompanying notes for the year ended February 28, 2007. The results
        of operations for the nine period ended November 30, 2007 are not necessarily
        indicative of the results to be expected for the year ending February
        29, 2008.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2. | NATURE OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | 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 by merging with its wholly
        owned subsidiary named American Uranium Corporation, a Nevada
        Corporation formed specifically for that purpose. 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 and per share amounts have been retroactively
        adjusted for all periods presented.                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The Company is an Exploration Stage Company, as defined
        by Financial Accounting Standards Board (FASB) Statement No.7
        and Securities and Exchange Commission 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 November 30, 2007, the Company has not generated
        revenues and has accumulated losses of $1,665,880 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.                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|3. | SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | These consolidated financial statements follow the same
        significant accounting principles as those outlined in the notes to the
        audited consolidated financial statements for the year ended February
        28, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | New Accounting Policies:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Equipment consists of office equipment and computer
        hardware and is recorded at cost. Office equipment and computer hardware
        is being amortized on the declining balance method at rates ranging from
        20% to 30% per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|NOTES TO THE FINANCIAL STATEMENTS      
|November 30, 2007                      
|(Unaudited)                            

|3. | SIGNIFICANT ACCOUNTING POLICIES (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Asset retirement obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | The Company records the fair value of the liability
        for closure and removal costs associated with the legal obligations upon
        retirement or removal of any tangible long-lived assets in accordance
        with Statements of Financial Accounting Standards No. 143, "Accounting
        for Asset Retirement Obligations". The initial recognition of any liability
        will be capitalized as part of the asset cost and depreciated over its
        estimated useful life. To date, the Company has not incurred any asset
        retirement obligations.                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Stock-based compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | The Company records stock-based compensation in accordance
        with SFAS No. 123R Accounting for Stock-based Compensation
        (SFAS 123R), and applies the recommendations of this standard
        using the modified prospective method. Under this application, the Company
        is required to record compensation expense, based on the fair value of
        the awards, for all awards granted after the date of the adoption and
        for the unvested portion of previously granted awards that remain outstanding
        as at the date of adoption. Prior to the adoption of SAFS 123R, the Company
        did not issue any compensation awards.                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | 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.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4. | EQUIPMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

| |                    |   |        |  |   | November 30, |  |   |          |  |   | February 28, | 
| | ------------------ | - | ------ |  | - | ------------ |  | - | -------- |  | - | ------------ | 
| |                    |   |        |  |   | 2007         |  |   |          |  |   | 2007         | 
| |                    |   |        |  |   | Accumulated  |  |   | Net Book |  |   | Net Book     | 
| |                    |   | Cost   |  |   | Depreciation |  |   | Value    |  |   | Value        | 
| |                    |   |        |  |   |              |  |   |          |  |   |              | 
| | Office equipment   | $ | 3,153  |  | $ | 379          |  | $ | 2,774    |  | $ | -            | 
| | Computer equipment |   | 7,839  |  |   | 1,383        |  |   | 6,456    |  |   | -            | 
| |                    | $ | 10,992 |  | $ | 1,762        |  | $ | 9,230    |  | $ | -            | 

|5. | MINERAL PROPERTY INTERESTS
|-- | --------------------------
|   |                           
|   | a)                        
|   |                           
|   | b)                        

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|NOTES TO THE FINANCIAL STATEMENTS      
|November 30, 2007                      
|(Unaudited)                            

|5. | MINERAL PROPERTY INTERESTS (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | Under the terms of the agreement, the Company
        will:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | The Company will have earned a 22.5% interest
        once $5,000,000 of the required expenditures has been incurred (subsequently
        amended to $12,375,000). The remaining 37.5% interest will be earned upon
        incurring the balance of $28,000,000 in required expenditures (subsequently
        amended to $20,625,000). The subsequent amendment in January, 2008 resulted
        in the deletion of Strathmores right to earn back an 11% interest
        in the property for $14,000,000 within 90 days of the delivery of a feasibility
        report. Strathmore will be the operator until the Company earns a 60%
        interest in the property.

Mineral property interests are summarized
  as follows:

| |                                                   |   | November 30, |  |   |                   | 
| | ------------------------------------------------- | - | ------------ |  | - | ----------------- | 
| |                                                   |   | 2007         |  |   | February 28, 2007 | 
| | Pinetree/Reno Creek                               |   |              |  |   |                   | 
| | Balance, February 28, 2007                        | $ | -            |  | $ | -                 | 
| | Issuance of 6,000,000 common shares               |   | 7,860,000    |  |   | -                 | 
| | Payment of expenditures
      incured by optionor |   | 300,000      |  |   | -                 | 
| | Balance, November 30, 2007                        | $ | 8,160,000    |  | $ | -                 | 

Mineral property expenditures are summarized
  as follows:

| |                                |  |              |  |  |              |  |   |              |  |   |              |  |   | Inception    | 
| | ------------------------------ |  | ------------ |  |  | ------------ |  | - | ------------ |  | - | ------------ |  | - | ------------ | 
| |                                |  | Three months |  |  | Three months |  |   | Nine Months  |  |   | Nine Months  |  |   | (March 23,   | 
| |                                |  | ended        |  |  | ended        |  |   | Ended        |  |   | Ended        |  |   | 2005) to     | 
| |                                |  | November 30, |  |  | November 30, |  |   | November 30, |  |   | November 30, |  |   | November 30, | 
| |                                |  | 2007         |  |  | 2006         |  |   | 2007         |  |   | 2006         |  |   | 2007         | 
| |                                |  |              |  |  |              |  |   |              |  |   |              |  |   |              | 
| |                                |  |              |  |  |              |  |   |              |  |   |              |  |   |              | 
| | Pinetree/Reno Creck            |  |              |  |  |              |  |   |              |  |   |              |  |   |              | 
| | Claim maintenance              |  | 80,443       |  |  | -            |  | $ | 80,443       |  | $ | -            |  | $ | 80,443       | 
| | Geological and geophysical (1) |  | 953,308      |  |  | -            |  |   | 953,308      |  |   | -            |  |   | 953,308      | 
| | Travel and accommodation       |  | 1,708        |  |  | -            |  |   | 1,708        |  |   | -            |  |   | 1,708        | 
| |                                |  | 1,035,459    |  |  | -            |  |   | 1,035,459    |  |   | -            |  |   | 1,035,459    | 
| |                                |  |              |  |  |              |  |   |              |  |   |              |  |   |              | 
| | Other                          |  | -            |  |  | 7,000        |  |   |              |  |   | 7,000        |  |   | 8,750        | 
| |                                |  |              |  |  |              |  |   |              |  |   |              |  |   |              | 
| |                                |  | 1,035,459    |  |  | 7,000        |  | $ | 1,035,459    |  | $ | 7,000        |  | $ | 1,044,209    | 

| | (1) | In October, 2007, the Company purchased certain drill
        data relating to its Reno Creek uranium property. The data for the property
        was acquired for $950,000 pursuant to a data purchase agreement with Power
        Resources, Inc.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Subsequent to the agreement with Strathmore,
  a director of Strathmore became a director of the Company. .

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|NOTES TO THE FINANCIAL STATEMENTS      
|November 30, 2007                      
|(Unaudited)                            

|6. | COMMON STOCK
|-- | ------------

On March 23, 2005, the Company issued
  250,000,000 founder shares (post split) to the former President of the Company
  at a price of $0.0000002 per share for cash proceeds of $50.

On September 8, 2006, the Company issued
  26,487,500 shares of common stock (post split) at a price of $0.0019983 per
  share for proceeds of $52,930.

On June 1, 2007, the current President
  of the Company returned, for no consideration, 245,000,000 post-split shares
  of common stock to treasury for cancellation.

In August, 2007, the Company issued 6,000,000
  shares of common stock pursuant to an option agreement with Strathmore Resources
  (US) Ltd. (Note 5). The shares were valued at $1.31 per share which was based
  on the average closing price around August 20, 2007, the effective date of the
  agreement.

On September 4, 2007, the Company completed
  a private placement consisting of 8,086,829 units at a price of $0.75 per unit
  for aggregate proceeds of $6,065,125. Each unit consisted of one common share
  and one-half of one share purchase warrant, One whole warrant is exercisable
  into one additional common share at a price of $1.25 per share until August
  23, 2009. The Company agreed to pay finders fees of 7.5%, up to half in
  stock issued at a price of $0.75 and the remainder in cash.

In September, 2007, the Company issued
  258,296 common shares for finders fees with a fair value of $193,722 of
  which $2 was credited to common stock and $193,720 was credited to additional
  paid-in capital. The fair value of $193,722 was also charged to additional paid-in
  capital as a cost of share issuance. The cash portion of finders fees
  paid amounted to $243,348 and was also charged to additional paid-in capital
  as a cost of share issuance.

Share purchase warrants

Share purchase warrant transactions are
  summarized as follows:

| |                                            |           |  |   | Weighted | 
| | ------------------------------------------ | --------- |  | - | -------- | 
| |                                            |           |  |   | Average  | 
| |                                            | Number of |  |   | Exercise | 
| |                                            | Warrants  |  |   | Price    | 
| |                                            |           |  |   |          | 
| | Balance at Feburary 28 and August 31, 2007 | -         |  | $ | -        | 
| | Issued                                     | 4,043,415 |  |   | 1.25     | 
| | Balance at November 30,2007                | 4,043,415 |  | $ | 1.25     | 

At November 30, 2007, the following share
  purchase warrants were outstanding:

| |                    |   | Exercise |  |  |                 | 
| | ------------------ | - | -------- |  |  | --------------- | 
| | Number of Warrants |   | Price    |  |  | Expiry Date     | 
| |                    |   |          |  |  |                 | 
| | 4,043,415          | $ | 1.25     |  |  | August 23, 2009 | 

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|NOTES TO THE FINANCIAL STATEMENTS      
|November 30, 2007                      
|(Unaudited)                            

|6. | COMMON STOCK (continued)
|-- | ------------------------

Stock options

The Company adopted a Stock Option Plan
  dated September 15, 2007 under which the Company is authorized to grant stock
  options to acquire up to a total of 5,000,000 shares of common stock. At November
  30, 2007, the Company had 4,125,000 shares of common stock available to be issued
  under the Plan.

Stock option transactions are summarized
  as follows:

| |                                         |  |           |  |  | Weighted Average | 
| | --------------------------------------- |  | --------- |  |  | ---------------- | 
| |                                         |  | Number of |  |  | Exercise Price   | 
| |                                         |  | Options   |  |  |                  | 
| |                                         |  |           |  |  |                  | 
| | Balance at February 28 and May 31, 2007 |  | -         |  |  | -                | 
| | Granted                                 |  | 75,000    |  |  | 1.50             | 
| |                                         |  |           |  |  |                  | 
| | Balance at August 31, 2007              |  | 75,000    |  |  | 1.50             | 
| | Granted                                 |  | 800,000   |  |  | 1.20             | 
| | Balance at November
      30, 2007      |  | 875,000   |  |  | 1.23             | 

The weighted average fair value per stock
  option granted during the nine months ended November 30, 2007 was $1.02 (November
  30, 2006 - $Nil).

At November 30, 2007, the following stock
  options were outstanding:

| |                         |  | Exerciseable at   |  |   | Exercise |  |                    | 
| | ----------------------- |  | ----------------- |  | - | -------- |  | ------------------ | 
| | Number
      of Options |  | November 30, 2007 |  |   | Price    |  | Expiry Date        | 
| |                         |  |                   |  |   |          |  |                    | 
| | 75,000                  |  | 18,750            |  | $ | 1.50     |  | June 16, 2012      | 
| | 500,000                 |  | 125,000           |  | $ | 1.20     |  | September 15, 2012 | 
| | 300,000                 |  | 75,000            |  | $ | 1.20     |  | September 20, 2012 | 
| | 875,000                 |  | 218,750           |  |   |          |  |                    | 

Stock-based compensation

The fair value of stock options granted
  during the three months ended November 30, 2007 was $798,595 (November 30, 2006
  - $Nil). The fair value of stock options granted during the nine months ended
  November 30, 2007 was $892,201 (November 30, 2006 - $Nil) . The fair value of
  stock options granted is being recognized over the options vesting periods
  as stock-based compensation which has been recorded in the statements of operations
  as follows with a corresponding credit to additional paid-in capital:

| |                 |   | Three    |  |   | Three    |  |   | Nine     |  |   |              |  |   | Inception    | 
| | --------------- | - | -------- |  | - | -------- |  | - | -------- |  | - | ------------ |  | - | ------------ | 
| |                 |   | months   |  |   | months   |  |   | Months   |  |   | Nine Months  |  |   | (March 23,   | 
| |                 |   | ended    |  |   | ended    |  |   | Ended    |  |   | Ended        |  |   | 2005) to     | 
| |                 |   | November |  |   | November |  |   | November |  |   | November 30, |  |   | November 30, | 
| |                 |   | 30, 2007 |  |   | 30, 2006 |  |   | 30, 2007 |  |   | 2006         |  |   | 2007         | 
| |                 |   |          |  |   |          |  |   |          |  |   |              |  |   |              | 
| | Expenses        |   |          |  |   |          |  |   |          |  |   |              |  |   |              | 
| | Consulting fees | $ | 4,923    |  | $ | -        |  | $ | 24,649   |  | $ | -            |  | $ | 24,649       | 
| | Management fees |   | 274,204  |  |   | -        |  |   | 274,204  |  |   | -            |  |   | 274,204      | 
| |                 | $ | 279,127  |  |   | -        |  | $ | 298,853  |  | $ | -            |  | $ | 298,853      | 

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|NOTES TO THE FINANCIAL STATEMENTS      
|November 30, 2007                      
|(Unaudited)                            

|6. | COMMON STOCK (continued)
|-- | ------------------------

Stock-based compensation (continued)

The following weighted-average assumptions
  were used for the Black-Scholes valuation of stock options granted:

| |                                  |  | Nine
      Months |  |  | Nine
      Months | 
| | -------------------------------- |  | ----------------- |  |  | ----------------- | 
| |                                  |  | Ended             |  |  | Ended             | 
| |                                  |  | November 30,      |  |  | November 30,      | 
| |                                  |  | 2007              |  |  | 2006              | 
| |                                  |  |                   |  |  |                   | 
| | Risk-free interest rate          |  | 4.24%             |  |  | 0.00%             | 
| | Expected life of options (years) |  | 5.0               |  |  | 0                 | 
| | Annualized volatility            |  | 118%              |  |  | 0%                | 
| | Dividend rate                    |  | 0%                |  |  | 0%                | 

|7. | RELATED PARTY TRANSACTIONS
|-- | --------------------------

The Company entered into the following
  transactions with related parties during the nine months ended November 30,
  2007:

Paid or accrued management fees of $90,500
  (2006 - $Nil) to directors and officers of the Company.

Recognized a total of $3,000 (2006 -
  $4,500) for donated services at $500 per month and $1,500 (2006 - $2,250) for
  donated rent at $250 per month provided by the former President and Director
  of the Company.

As at February 28, 2007, the Company
  owed the former President and Director of the Company $15,183 for expenses paid
  on behalf of the Company.

As at November 30, 2007, the Company
  owed $85,459 to Strathmore Resources (US) Ltd., a related party because of a
  common director, for exploration expenditures on the Pinetree/Reno Creek mineral
  property.

On February 28, 2006, the Company entered
  into a trust agreement with the former President of the Company. (Note 5).

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

|8. | SEGMENT INFORMATION
|-- | -------------------

The Company operates in one business segment
  being the exploration of mineral property interests.

Geographic information is as follows:

| |                     |   | November 30, |  |  | February 28, | 
| | ------------------- | - | ------------ |  |  | ------------ | 
| |                     |   | 2007         |  |  | 2007         | 
| |                     |   |              |  |  |              | 
| | Identifiable assets |   |              |  |  |              | 
| | Canada              | $ | 4,625,878    |  |  | -            | 
| | United States       |   | 8,193,230    |  |  | 27,128       | 
| |                     | $ | 12,819,108   |  |  | 27,128       | 

---

|AMERICAN URANIUM CORPORATION           
|---------------------------------------
|(Formerly Alpine Resources Corporation)
|(An Exploration Stage Company)         
|NOTES TO THE FINANCIAL STATEMENTS      
|November 30, 2007                      
|(Unaudited)                            

|8. | SEGMENT INFORMATION (continued)
|-- | -------------------------------

| |                     |   | Three Months |  |   | Three months |  |  | Nine
      Months |  |  | Nine
      Months | 
| | ------------------- | - | ------------ |  | - | ------------ |  |  | ----------------- |  |  | ----------------- | 
| |                     |   | ended        |  |   | ended        |  |  | Ended             |  |  | Ended             | 
| |                     |   | November 30, |  |   | November 30, |  |  | November 30,      |  |  | November 30,      | 
| |                     |   | 2007         |  |   | 2006         |  |  | 2007              |  |  | 2006              | 
| |                     |   |              |  |   |              |  |  |                   |  |  |                   | 
| | Loss for the period |   |              |  |   |              |  |  |                   |  |  |                   | 
| | Canada              | $ | 341,960      |  | $ | -            |  |  | 380,806           |  |  | -                 | 
| | United States       |   | 1,153,680    |  |   | 16,602       |  |  | 1,225,289         |  |  | 32,385            | 
| |                     | $ | 1,495,640    |  | $ | 16,602       |  |  | 1,606,095         |  |  | 32,385            | 

|9. | SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH
      FLOWS
|-- | --------------------------------------------------------

The significant non-cash transaction
  for the nine months ended November 30, 2007 consisted of:

| | a) | the issuance of 6,000,000 common shares in payment of
        mineral property interests with an estimated fair value of $7,860,000
        (Note 5) and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                         
| | b) | the issuance of 258,296 common shares for findersfees
        with an estimated fair value of $193,272 (Note 6)                                        

There were no significant non-cash transaction
  for the nine months ended November 30, 2006.

Cash and cash equivalents consisted of
  cash on hand of $4,625,878 (February 28, 2007 - $27,128).

|10. | SUBSEQUENT EVENTS
|--- | -----------------

Subsequent to November 30, 2007, the
  Company completed a private placement consisting of 375,000 units at a price
  of $0.75 per unit for aggregate proceeds of $281,250. Each unit consisted of
  one common share and one-half of one share purchase warrant. One whole warrant
  is exercisable into one additional common share at a price of $1.25 per share
  until August 23, 2009. Subscription proceeds of $262,200 had been received as
  of November 30, 2007.

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- 2 -

|**ITEM 2.** | 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.

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- 3 -

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.

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.

Introduction

We are in the mineral resource business. Effective August 20,
2007 we entered into an option and joint venture agreement with Strathmore
Resources (US) Ltd. Pursuant to the agreement, we have an option to earn-in a
60% interest in Strathmores Pinetree-Reno Creek uranium properties located in
Campbell County, Wyoming. The property is located in the central Powder River
Basin, within the Pumpkin Buttes Uranium District, and encompasses approximately
16,000 acres. Under the terms of the agreement, we have issued six million
shares of common stock of our company to Strathmore and have reimbursed
Strathmore 100% of its expenditures incurred by Strathmore for the Property, in
the amount of $300,000. We are required to reimburse funds spent by Strathmore
to acquire additional uranium leases (which will then form part of the
property); and incur a total of $33 million in expenditures on the Property over
a six year period.

We will have earned a 22.5% interest in the property once we
have incurred $12,375,000 of our required expenditures, and at that point will
become a joint venture partner with Strathmore. Until we have earned our 60%
interest in the property, Strathmore will be the operator.

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. On April 19, 2007, Robert Rich, our President and sole
director, acquired 250,000,000 shares

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- 4 -

of our common stock from Mir Huculak, our former President and
director, for an aggregate purchase price of $50,000. Subsequently, on June 1,
2007, Mr. Rich, returned, for no consideration, 245,000,000 post-split shares of
our common stock to treasury for cancellation.

Recent Corporate Developments

Since the filing of our last quarterly report, we have
completed the following the following significant corporate developments:

|1. | We completed the acquisition of all historic drill data
      for our joint venture land holdings at the Reno Creek uranium deposit in
      Campbell County, Wyoming. The data for the property was acquired pursuant
      to our data purchase agreement with Power Resources, Inc. The data package
      contains digitized and paper logs for about 1,100 drill holes as well as
      related testing and permitting documents. The Pinetree-Reno Creek
      properties have been joint-ventured with Strathmore Minerals
  Corp.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | The joint venture with Strathmore controls a total of
      16,000 acres in the Reno Creek area. Drilling, geologic/hydrologic
      testing, and permitting activities are planned for 2008.                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2. | Effective December 31, 2007, we entered into an amendment
      to our option and joint venture agreement with Strathmore Resources (US)
      Ltd. (Strathmore) through which we have the option to earn-in a 60%
      interest in Strathmores Pinetree-Reno Creek uranium properties located in
      Campbell County, Wyoming.                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Under the terms of the agreement, Strathmore had a right
      to retain or earn back an 11% interest in the properties. We have amended
      the original agreement to remove Strathmores right to retain or earn back
      the 11% interest in the properties.                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4. | Effective October 6, 2007, Telford Sadovnick, P.L.L.C.
      resigned as our companys auditors.                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Telford Sadovnick stated that they were resigning as our
      independent auditor due to the fact that they had withdrawn their
      registration with the Public Company Accountability Oversight Board and
      are no longer able to audit U.S. issuers.                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Telford Sadovnicks reports on the financial statements
      of our Company for the year ended February 28, 2007 and the period from
      inception (March 23, 2005) to February 28, 2006 did not contain an adverse
      opinion or disclaimer of opinion, nor were they modified or qualified as
      to uncertainty, audit scope or accounting principles with the exception of
      a statement regarding the uncertainty of our companys ability to continue
      as a going concern.                                        

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- 5 -

During this period and the subsequent
interim periods through August 31, 2007, there were no disagreements with
Telford Sadovnick on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure, which disagreements if not
resolved to Telford Sadovnicks satisfaction would have caused Telford Sadovnick
to make reference to the subject matter of the disagreement in connection with
their report for the financial statements for the past year.

On January 7, 2008, our board of
directors appointed Davidson & Company LLP, Chartered Accountants as our
companys new independent registered public accounting firm following the
dismissal of Telford. Prior to its appointment as independent accountants, our
company did not consult Davidson & Company LLP on any of the matters
referenced in Item 304(a)(2) of Regulation S-B.

Plan of Operation

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.

Current Status of Exploration Projects

American Uranium Corporation has announced an aggressive
development program at its cornerstone Reno Creek deposit in Wyoming. Analysis
of historical data (including 1,100 drill holes) acquired from Power Resources
Inc. convinced American that exploration at the Reno Creek deposit is concluded
and a vigorous development program should begin early in 2008. We anticipate
moving this property toward future operation as expeditiously as is feasible
given the time required of the permitting process.

Planned work for 2008 includes:

- Complete geological report for Reno Creek deposit.
- Obtain permit to drill hydrologic test wells, and commence WY DEQ
  permitting
- Begin environmental and related work need for State and federal
  permits/licenses.
- Acquire additional property
- Commence Pinetree exploration drilling

Management believes previously completed work on Reno Creek
coupled with its relatively shallow depth make this deposit an ideal candidate
for near-term development.

Anticipated Cash Requirements

Over the next 12 months we anticipate that we will incur the
following operating expenses:

| | General and administrative         | $ | 832,000   |  
| | ---------------------------------- | - | --------- | -
| | Investor relations                 |   | 250,000   |  
| | Mineral property exploration costs |   | 2,650,000 |  
| | Interest income                    |   | (83,000   | )
| | TOTAL                              | $ | 3,649,000 |  

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- 6 -

At December 31, we had cash resources of approximately
$4,426,000. We believe that we may 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.

Liquidity and Financial Condition

|Working Capital     |   |                 |  |   |                 | 
|------------------- | - | --------------- |  | - | --------------- | 
|                    |   | At November 30, |  |   | At February 28, | 
|                    |   | 2007            |  |   | 2007            | 
|Current assets      | $ | 4,649,878       |  | $ | 27,128          | 
|Current liabilities |   | 199,711         |  |   | 16,683          | 
|Working capital     | $ | 4,450,167       |  | $ | 10,445          | 

|Cash Flows                                    |   |                   |   |   |                   |  
|--------------------------------------------- | - | ----------------- | - | - | ----------------- | -
|                                              |   | Nine Months Ended |  
|                                              |   | November 30, 2007 |   |   | November 30, 2006 |  
|Cash flows used in operating activities       | $ | (1,141,952        | ) | $ | (24,671           | )
|Cash flows used in investing activities       |   | (310,992          | ) |   | --                |  
|Cash flows provided by financing activities   |   | 6,051,694         |   |   | 52,930            |  
|Net increase (decrease) in cash during period | $ | 4,598,750         |   | $ | 28,259            |  

Working Capital. The increase in our working capital
from $10,445 as at February 28, 2007 to $4,450,167 as at November 30, 2007 was
primarily due to the issuance of common stock in the amount of $6,065,122 offset
by cash used in operations of which $950,000 was incurred to purchase historical
drilling data related to our Pinetree/RenoCreek property.

Future Financings

Our plan of operation calls for significant expenses in
connection with our properties. We recorded a net operating loss of $1,606,095
for the nine months ended November 30, 2007 and have an accumulated deficit of
$1,665,880 since inception. As at November 30, 2007 we had cash of approximately
$4,626,000 and for the next 12 months, management anticipates that the minimum
cash requirements to fund our proposed exploration program and our continued
operations will be approximately $3,649,000, not including additional
expenditures that may be required for potential acquisitions to expand our
property portfolio or an expanded exploration program. Accordingly we believe we
may need to seek additional financing to meet future expenditures.

Obtaining additional financing is subject to a number of
factors, including the market prices for uranium. These factors may make the
timing, amount, terms or conditions of additional financing unavailable to us.
Since our inception, we have used our common stock to raise money for our
operations and for our property acquisitions. We have not attained profitable
operations and are dependent upon obtaining financing to pursue our plan of
operation. For these reasons, our independent auditors believe there exists a
substantial doubt about our ability to continue as a going concern.

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.

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- 7 -

Application of Critical Accounting Estimates

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:

Mineral Property and Exploration Costs

Exploration costs are expensed as incurred. Development costs
are expensed until it has been established that a mineral deposit is
commercially mineable and a production decision has been made by our company to
implement a mining plan and develop a mine, at which point the costs
subsequently incurred to develop the mine on the property prior to the start of
mining operations are capitalized.

Our company capitalizes the cost of acquiring mineral property
interests, including undeveloped mineral property interests, until the viability
of the mineral interest is determined. Capitalized acquisition costs are
expensed if it is determined that the mineral property has no future economic
value. Exploration stage mineral interests represent interests in properties
that are believed to potentially contain (i) other mineralized material such as
measured, indicated or inferred resources with insufficient drill hole spacing
to qualify as proven and probable mineral reserves and (ii) other mine-related
or greenfield exploration potential that are not an immediate part of measured
or indicated resources. Our companys mineral rights are generally enforceable
regardless of whether proven and probable reserves have been established. Our
company has the ability and intent to renew mineral rights where the existing
term is not sufficient to recover undeveloped mineral interests.

Capitalized amounts (including capitalized development costs)
are also written down if future cash flows, including potential sales proceeds,
related to the mineral property are estimated to be less than the propertys
total carrying value. Management of our company reviews the carrying value of
each mineral property periodically, and whenever events or changes in
circumstances indicate that the carrying value may not be recoverable.
Reductions in the carrying value of a property would be recorded to the extent
that the total carrying value of the mineral property exceeds its estimated fair
value. No write downs of mineral property interests were recorded in the period
ended November 30, 2007.

Asset Retirement Obligations

In accordance with Statement of Financial Accounting Standards
No. 143, Accounting for Asset Retirement Obligations (''SFAS 143''), the fair
value of an asset retirement cost, and corresponding liability, should be
recorded as part of the cost of the related long-lived asset and subsequently
allocated to expense using a systematic and rational method. Our company will
record an asset retirement obligation to reflect its legal obligations related
to future abandonment of its mineral property interests using estimated expected
cash flow associated with the obligation and discounting the amount using a
credit-adjusted, risk-free interest rate. At least annually, our company will
reassess the obligation to determine whether a change in any estimated
obligation is necessary. Our company will evaluate whether there are indicators
that suggest the estimated cash flows underlying the obligation have materially
changed. Should those indicators suggest the estimated obligation has materially
changed, our company will accordingly update its assessment. At November 30,
2007, our company had not undertaken any drilling activity on its properties had
not incurred significant reclamation obligations. Under Wyoming regulations, a
claim may not be abandoned without state approval of any required
reclamation.

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- 8 -

Consequently, no asset retirement obligation accrual was made
in the November 30, 2007 financial statements.

Stock-based Compensation

Management has made significant assumptions and estimates
determining the fair market value of stock-based compensation granted to
employees and non-employees. These estimates have an effect on the stock-based
compensation expense recognized and the additional paid-in capital and share
capital balances on our companys Balance Sheet. The value of each option award
is estimated on the date of grant using the Black-Scholes option-pricing model.
To date, substantially all of our stock option grants have been to directors and
employees. The Black-Scholes option-pricing model requires the input of
subjective assumptions, including the expected term of the option award and
stock price volatility. These estimates involve inherent uncertainties and the
application of management judgment. An expected forfeiture rate of nil was used
in the recognition of compensation expense for those options not yet vested at
November 30, 2007.

New Accounting Pronouncement

In June 2006, the Financial Accounting Standards Board (FASB)
issued interpretation No. 48, Accounting for Uncertainty in Income Taxes-an
interpretation of FASB Statement No. 109 (FAS No. 109) (FIN 48). This
interpretation prescribes a recognition threshold and measurement attribute for
tax positions taken or expected to be taken in a tax return. This interpretation
also provides guidance on de-recognition, classification, interest and
penalties, accounting in interim periods, disclosure and transition. The
evaluation of a tax position in accordance with this interpretation is a
two-step process. In the first step, recognition, the Company determines whether
it is more-likely-than-not that a tax position will be sustained upon
examination, including resolution of any related appeals or litigation
processes, based on the technical merits of the position. The second step
addresses measurement of a tax position that meets the more-likely-than-not
criteria. The tax position is measured at the largest amount of benefit that is
greater than 50 percent likely of being realized upon ultimate settlement.
Differences between tax positions taken in a tax return and amounts recognized
in the financial statements will generally result in (a) an increase in a
liability for income taxes payable or a reduction of an income tax refund
receivable, (b) a reduction in a deferred tax asset or an increase in a deferred
tax liability or c) both a and b. Tax positions that previously failed to meet
the more-likely-than-not recognition threshold should be recognized in the first
subsequent financial reporting period in which that threshold is met. Previously
recognized tax positions that no longer meet the more-likely-than-not
recognition threshold should be de-recognized in the first subsequent financial
reporting period in which that threshold is no longer met. Use of a valuation
allowance as described in FAS No. 109 is not an appropriate substitute for the
de-recognition of a tax position. The requirement to assess the need for a
valuation allowance for deferred tax assets based on sufficiency of future
taxable income is unchanged by this interpretation. This Interpretation is
effective for fiscal years beginning after December 15, 2006.

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.

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- 9 -

RISKS AND UNCERTAINTIES

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 at
http://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.

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- 10 -

As we undertake exploration of our mineral claims, we will
be subject to compliance with government regulation that may increase the
anticipated cost of our exploration program.

There are several governmental regulations that materially
restrict mineral exploration. We will be subject to the laws of the State of
Wyoming as we carry out our exploration program. We may be required to obtain
work permits, post bonds and perform remediation work for any physical
disturbance to the land in order to comply with these laws. While our planned
exploration program budgets for regulatory compliance, there is a risk that new
regulations could increase our costs of doing business and prevent us from
carrying out our exploration program.

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.

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Uranium prices are highly volatile; if a profitable market
does not exist, we may have to cease operations.

Uranium prices have been highly volatile, and are affected by
numerous international economic and political factors over which American
Uranium has no control. The price of uranium has varied over the last five years
from approximately US $10.00 per pound to a high of US $138.00 per pound, to the
current price of approximately US $90.00 per pound. Uranium is primarily used
for power generation in nuclear power plants, and the number of customers is
somewhat limited in comparison to other global commodities. The price of uranium
is affected by numerous factors beyond our control, including the demand for
nuclear power, increased supplies from both existing and new uranium mines,
sales of uranium from existing government stockpiles, and political and economic
conditions. The Companys long-term success is highly dependent upon the price
of uranium, as the economic feasibility of any ore body discovered on its
properties would in large part be determined by the prevailing market price of
uranium. If a profitable market does not exist, we may have to cease operations.

The uranium exploration and mining industry is highly
competitive.

The uranium industry is highly competitive, and Strathmore is
required to compete with other corporations that may have greater resources than
ours. Such corporations could outbid us for potential projects or produce
minerals at lower costs which would have a negative effect on our operations.

Operating hazards and risks associated with the mining
industry could result in Strathmore having to cease operations.

Resource exploration activities generally involve a high degree
of risk. Hazards such as unusual or unexpected formations and other conditions
are involved. Operations in which we have a direct or indirect interest will be
subject to all the hazards and risks normally incidental to exploration,
development and production of precious and base metals, any of which could
result in work stoppages, damage to or destruction of exploration facilities,
damage to life and property, environmental damage and legal liability for any or
all damage. We may become subject to liability for cave-ins and other hazards
for which it cannot insure or against which it may elect not to insure where
premium costs are disproportionate to our perception of the relevant risks. The
payment of such insurance premiums and of such liabilities would reduce the
funds available for exploration activities and could force Strathmore to cease
operations.

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 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

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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 November
30, 2007 was $1,665,880. We had cash in the amount of $4,625,878 as of November
30, 2007 which is not expected to meet our planned cash requirements for the
ensuing year. 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, November 30, 2007. If we are unable to continue as a going
concern, investors will likely lose all of their investments in our company.

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 Financial Industry Regulatory Authority (FINRA). 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.

Our stock is a penny stock. Trading of our stock may be
restricted by the SECs penny stock regulations and FINRA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

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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.

FINRAs sales practice requirements may also limit a
stockholders ability to buy and sell our stock.

In addition to the penny stock rules promulgated by the
Securities and Exchange Commission (see above for a discussion of penny stock
rules), FINRA rules 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, FINRA believes that there is a high probability that speculative
low priced securities will not be suitable for at least some customers. FINRA
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 and have an adverse effect on the market for our shares.

|**ITEM 3.** | CONTROLS AND PROCEDURES.
|----------- | ------------------------

As required by Rule 13a-15 under the Securities Exchange Act of
1934, as of the end of the period covered by the quarterly report, being
November 30, 2007, we have carried out an evaluation of the effectiveness of the
design and operation of our companys disclosure controls and procedures. This
evaluation was carried out by our principal executive officer and our principal
financial officer. Based upon the results of that evaluation, principal
executive officer and our principal financial officer have concluded that, as of
the end of the period covered by this quarterly report, our companys disclosure
controls and procedures were effective and provide reasonable assurance that
material information related to our company and our subsidiary is recorded,
processed and reported in a timely manner.

Our companys management, is responsible for the design of
internal controls over financial reporting. The fundamental issue is to ensure
all transactions are properly authorized and identified and entered into a
well-designed, robust and clearly understood system on a timely basis to
minimize risk of inaccuracy, failure to fairly reflect transactions, failure to
fairly record transactions necessary to present financial statements in
accordance with generally accepted account principles, unauthorized receipts and
expenditures, or the inability to provide assurance that unauthorized
acquisitions or dispositions of assets can be detected. The small size of our
company makes the identification and authorization process relatively simple and
efficient and a process for reviewing internal controls over financial reporting
has been developed. To the extent possible given our companys small size, the
internal control procedures provide for separation of duties for handling,
approving and coding invoices, entering transactions into the accounts, writing
checks and requests for wire transfers and also require two signatures on
significant payments. As of November 30, 2007, our companys board of directors
conclude that our companys system of internal controls is adequate and
comparable to those of issuers of a similar size and nature. There were no
significant changes to our companys internal controls or in other factors that
could significantly affect these controls during the most recent quarter ended
November 30, 2007, including any significant deficiencies or material weaknesses
of internal controls that would require corrective action.

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PART II - OTHER INFORMATION

|**ITEM 1.** | LEGAL PROCEEDINGS.
|----------- | ------------------

As of November 30, 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
|----------- | -----------------------------------------------------------------

|1. | On September 4, 2007, we closed a private placement of
      8,086,829 units of our stock. for gross proceeds of $6,065,125. Pursuant
      to the private placement, on September 18, 2007 we issued a total of
      258,296 shares of our common stock and paid $243,348.45 to various
      investors as finders fees.                                                                                                                                                              
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | We issued 5,625 common shares to one US person to an
      exemption from registration provided for under Rule 506 of Regulation D,
      promulgated under the United States Securities Act of 1933, as
    amended.                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | We issued 252,672 common shares to six non-US persons
      pursuant to an offshore transaction relying on Regulation S and/or Section
      4(2) of the Securities Act of 1933, as amended.                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2. | On December 20, 2007, we closed a private placement
      consisting of 375,000 units of our securities (the Units) at a price of
      US $0.75 per Unit for aggregate proceeds of US $281,250. Each Unit
      consists of one common share and one-half of one share purchase warrant (a
      Warrant), one whole Warrant shall be exercisable into one additional
      common share (a Warrant Share) at a price of US $1.25 per Warrant Share
      until December 20, 2009.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | We issued 275,000 Units to 10 non-US persons pursuant to
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933, as amended.                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | We issued 100,000 Units were issued to one US person
      pursuant to the exemption from registration provided for under Rule 506 of
      Regulation D, promulgated under the United States Securities Act of 1933,
      as amended.                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | We will use the proceeds of the transaction to fund our
      joint venture obligations and for working
capital.                                                                                                                                                                                                                                                                                                                                                                         

|**ITEM 3.** | DEFAULTS UPON SENIOR SECURITIES.
|----------- | --------------------------------

None

|**ITEM 4.** | SUBMISSION OF MATTERS TO A VOTE OF SECURITY
      HOLDERS.
|----------- | ----------------------------------------------------------

None.

|**ITEM 5.** | OTHER INFORMATION
|----------- | -----------------

Effective December 31, 2007, we entered into an amendment to
our option and joint venture agreement with Strathmore Resources (US) Ltd.
(Strathmore) through which we have the option to earn-in a 60% interest in
Strathmores Pinetree-Reno Creek uranium properties located in Campbell County,
Wyoming.

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- 15 -

Under the terms of the agreement, Strathmore had a right to
retain or earn back an 11% interest in the properties. We have amended the
original agreement to remove Strathmores right to retain or earn back the 11%
interest in the properties.

A copy of the amendment to the option agreement described
above is incorporated by reference into this Form 10-QSB. The foregoing summary
of the amendment to the option agreement is qualified in its entirety by
reference to the amendment to the option agreement itself.

|**ITEM 6.** | 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.10.6
    Option and Joint Venture Agreement dated August 20, 2007,
      filed as an exhibit to the current report on Form 8-K with the Commission
      on September 5, 2007 and incorporated herein by reference.10.7
    Form of Subscription Agreement Offshore subscribers,
      filed as an exhibit to the current report on Form 8-K with the Commission
      on September 5, 2007 and incorporated herein by reference.10.8
    Form of Subscription Agreement US subscribers, filed as
      an exhibit to the current report on Form 8-K with the Commission on
      September 5, 2007 and incorporated herein by reference.10.9
    Form of Warrant certificate Offshore subscribers, filed
      as an exhibit to the current report on Form 8-K with the Commission on
      September 5, 2007 and incorporated herein by reference.10.10
    Form of Warrant certificate Canadian subscribers, filed
      as an exhibit to the current report on Form 8-K with the Commission on
      September 5, 2007 and incorporated herein by reference.10.11
    Form of Warrant US subscribers, filed as an exhibit to
      the current report on Form 8-K with the Commission on September 5, 2007
      and incorporated herein by reference.


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- 16 -

10.12
      Consulting Agreement with Hamish
          Malkin, dated effective September 15, 2007, filed as an exhibit to the
          current report on Form 8-K with the Commission on September 24, 2007
          and incorporated herein by reference.10.13
      Stock Option Agreement with
          Hamish Malkin dated effective September 15, 2007, filed as an exhibit
          to the current report on Form 8-K with the Commission on September 24,
          2007 and incorporated herein by reference.10.14
      Stock Option Agreement with
          Hamish Malkin dated effective September 15, 2007, filed as an exhibit
          to the current report on Form 8-K with the Commission on September 24,
          2007 and incorporated herein by reference.10.15
      Stock Option Agreement with
          Devinder Randhawa dated effective September 15, 2007, filed as an exhibit
          to the quarterly report on Form 10-QSB with the Commission on October
          22, 2007 and incorporated herein by reference.10.16
      2007 Stock Option Plan, filed
          as an exhibit to the current report on Form 8-K with the Commission
          on September 24, 2007 and incorporated herein by reference.10.17
      Purchase Agreement with Power
          Resources, Inc., dated October 10, 2007, filed as an exhibit to the
          current report on Form 8-K with the Commission on October 10, 2007 and
          incorporated herein by reference.10.18*
      Pinetree-Reno
          Creek ISR Property Amendment to Option and Joint Venture Agreement.16.1
      Letter from Telford Sadovnick,
          P.L.L.C. regarding change in certifying accountant filed as an exhibit
          to the current report on Form 8-K with the Commission on January 14,
          2008 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 200231.2*
      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 200232.2*
      Certification
          pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
          of the Sarbanes- Oxley Act Of 2002


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- 17 -

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. RichPresident, Secretary and Director
(Principal executive officer)

January 21, 2008

By:/s/ Hamish Malkin

Hamish MalkinCFO, Treasurer and Director (Principal
financial officer)

January 21, 2008

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